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t 7) sot r a¢ A Priarcipel P.epsVENCte find ftee" dal r omee
<br />will be usrd t ' , put chase or - N LW - series A Dom" at per in
<br />acroosdance with the Indenture, It is anticipated that a
<br />portion of the atria A bonds will be mandatorily a do -sad
<br />without premium beginning May if , 1991, the first scheduled
<br />special wdatory redesiption date. because of non -origination
<br />of Series A Mortgage Moans, prepsylue+nt of Series A Nastgfige
<br />Loans of the application of twoes Revenues. goo *TM
<br />Ap�B,�,�,� F-4eeption Provisions
<br />,,���t7�cia1 Manda��..
<br />at i. " hr nin,
<br />(A) t -e tc:5 the differing irntetest- rates on the Series A
<br />M-1 t ,aa,�e S.F-;kn8 as deprril--d tsndl,r the heading •?Hili PROOBAN --
<br />1 TIt."t est k, -Ates on t h- r=ter i A M,�rtgage Loans, • Serifs A
<br />N r t �ar�e L_-ann which Swat int -7 est at the higher interest
<br />rates r.,ay ,-- Perion— hitt-,-r rates of prepayment than other
<br />Series A M rtaage Idoati__.;
<br />In x eachi nq the that- such revenues azo- expected
<br />10 bet sufficient 1-y def -;t service f --)n the Series „ Bonds and
<br />iDther llrogram F.xp-nses, the Authority has reviewed cash flow
<br />)inalyses which assu-te the different cirru-st-anres described below:
<br />(1) on the Si>1irs A Y --i+ ,,ire Certificates are
<br />received c n t t:a t hi it ieth ll y of t"n, -- r,th in which they are
<br />due.
<br />(2) 1 he Series A Mortgage Loans will Prepay at various
<br />speedy of FHA experience, including (1) 0%, (2) 100%, (3)
<br />d00V, or (4) t00% until the Outstanding Bonds maturing April
<br />1, ;'.()1t3 ate retired and ti% thereafter.
<br />(l) 'Sherr will be various levels at origination of
<br />Series A M -r t gage Loans including (1) 100% origination, (2 )
<br />SO% origination, (3) origination of =250,004 in Mlortgage
<br />t,,..,r;r, or (4) origination of no Series A Mortgage Larne.
<br />I)l — 1 -n t , yr*lowntat ions made and information provided to it by tim
<br />111ridet-wt it o -t a at -A Participants. time Authority believes it is
<br />pl+aa xiat i- t -, n.a t t,," assowVt-ione but there cyan be no amaaramos
<br />what poevat t t.at events will correspond to the to -you*
<br />ilkswuntj t i r �nx .
<br />110.99, i a l Caws i ds o a t., ,r a l a l.attwo to
<br />)I }.r (.'I i Italatiori = t :, i � x A W I i aaat• 9900
<br />r. ata rya 4106416100 saw iii W • $be%~ lafame aw an
<br />II: ;.at WIS. +•fia+M w 06241IpW df:&Ctan"M mint d to
<br />6 -- weet a aa, :.t unfit to t 1w amo'M of trAeft fieot i1 Gor GINI&
<br />4", dw. vd t*0 Mae 1 fasten as aaeaaslt tai weal 404as•
<br />,4 : -a:.a to t#s 00611.4d" twrdr is eaMs wry teams SMR tMeglaw
<br />Mhwr+ee awd ase etaw tafee sora age 6".+we• eiaea fittt«o
<br />t ie f, Osis � tAlat Y on i we arm..gs t rwr •
<br />21
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