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1995-152
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1995-152
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Last modified
3/11/2019 3:08:10 PM
Creation date
3/11/2019 3:00:22 PM
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Resolutions
Resolution Number
1995-152
Approved Date
12/05/1995
Resolution Type
Housing
Entity Name
Escambia County Housing Finance Authority
Interlocal Agreement
Subject
TEFRA single Family Mortgage Revenue Bonds
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pursuant to the atonies A Pr -gram Ad° initiation And ervirinrr <br />Agreements, the Seavic¢r- I's required to take steps, ar tions ar: i <br />other l.roceedings Consistent with custo—Ary practice in thr <br />mortgage servicing industry for the ^nforcemnnt of all tPrr-g, <br />covenant:.-; and conditions of all Series A Mortgage Loans, i.racleading <br />the prompt payment. of all Series A Mortgage Loan principal and <br />interest payments and all other amounts due thereunder. The <br />Servicer shall establish and maintain a separate account or, <br />accounts (collectively, the "Escrow Account"), to be maintained in <br />accordance with GNMA and Fannie Mae requirements and shall deposit <br />therein all moneys received by it as escrow payments, including <br />amounts representing collections of real estate taxes, assessments, <br />premiums of any standard hazard insurance policy and comparable <br />items. <br />The Series A Program Administration and Servicing Agreements <br />provide that the Servicer may not assign or transfer its rights and <br />duties thereunder without the express written consent of GNMA and <br />Fannie Mae and if required by the GNMA Guide or Fannie Mae Guides, <br />the Authority. The Series A Servicing Agreement provides that the <br />Authority, with the prior written approval of GNMA and Fannie Mae, <br />may terminate the Series A Servicing Agreement at any time if the <br />Servicer is no longer a GNMA-approved issuer -servicer and Fannie <br />Mae approved seller -servicer. <br />Under certain circumstances, as described in the Series A <br />Program Administration and Servicing Agreements, by notice in <br />writing to the Authority and with the written consent. of GNMA and <br />Fannie Mae, the Authority may terminate the Servicer after which a <br />substitute servicer shall succeed to All rights and obligations of <br />the Servicer concerning the servicing of the Series A Mortgage <br />Loans (which substitute servicer may, but need not, be the Trustee, <br />must be acceptable to GNMA, Frannie Mae .and the Authority and must <br />be a Gh'N.A--approved issuAr-servic•-r of FHA insured, VA Guaranteed <br />and RECD -guaranteed Mortgage Loans and ,an .authorized issuer of ';NKA <br />Certificates and a Fannie Mae approve=d seller -servicer). <br />A &uzaption Roatrictione <br />It, any case in which a Single Family Residence subject to a <br />M,,itgage has been or is about to be conveyed by the Mortqagos and <br />} ),� l,urchaser d"Ime to assume all the rigfrt a and obligations of <br />i he teortgagor unlet the Series A Mortgage f., sat. the Servicer may <br />t «lease (subject to any required OMtll. Faun.+ Mae. PMI Insurer. <br />s'RA, VA or WSW alrproval . as applicable. and 1n accordance rrttb <br />•appl i r. ablm Pft. VA or R!CD rules and regulations. as the ease may <br />) w�) the Ortgfef I ttoetgagor and take or sinter into an assUrpt ton <br />asre*etent from or with the person to %line wed Property hu boom or <br />a atxsut to beooawy+edt �a�o�rLbed. bow V. that welt asaarpttom <br />may only be permitted it til tr porchow r is se S.I ivt,bi• Nagano or <br />AMM l Y. f 111 glen pusC660es artll 000rpy tlra Sugl. Pat ly tweadomos <br />a :this 40 dam at the asnrort ioni r tis pltrcoag . • ps ►ac teal <br />r�&adeaoa MW latwra to mo atais Un 8"Ote Pauly widowe sa <br />M <br />
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