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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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that the Servicer deems it advisable to cause the i5giran+:n of a <br />Series A GNMA Ceit.ificate or Fannie Mae Security. The Nervi-er is <br />required to ensure that no Series A (-=IVhA Certificate or Fannie van <br />Security will lir issued in such an amount which would either- (i) <br />preclude the origination of subsequent Series A Mort -gage Ioans, or <br />hi) if Series A Mortgage Loans are originated and a mortgage pool <br />is comprised of such Series A Mortgage Loans, preclude the issuance <br />of a GNMA Certificate or Fannie Mae Security backed by such <br />mortgage pool. The total principal face amount of any issue of <br />Series A GNMA Certificates or Fannie Mae Securities shall not <br />exceed the aggregate unpaid principal balances of Series A Mortgage <br />Loans in the mortgage pool. <br />The Servicer must notify the Trustee before each proposed <br />delivery thereto of a Series A GNMA Certificate or Fannie Mae <br />Security of the aggregate principal amount of the Series A GNMA <br />Certificate or Fannie Mae Security to be acquired. The Trustee <br />shall disburse Mone}'S for the acquisition of a Series A GNMA <br />Certificate or Fannie Mae Security only upon delivery of the Series <br />A GNMA Certificate or Fannie Mae Security. <br />Upon delivery of a Series A GNMA Certificate or Fannie Vitae <br />Security, the Servicer shall be entitled to receive as payment <br />therefor an amount equal to the Certificate Purchase Price. <br />Subsequent to the purchase by the Trustee of the Series A <br />Mortgage Certificates on behalf of the Authority, the Servicer is <br />required to remit to the Trustee all scheduled payments of <br />principal, interest and any principal prepayments that are payable <br />with respect to th'. Series A Mortgage Loans which back the <br />applicable Series A GNM,A Certificate or Fannie Mae Security when <br />any of the sastte shall be due and payable (net of the Servicing Fee <br />and Excess Service Fee, if any, and excluding the scheduled <br />interest on a Series A GNMA Certificate or Fannie Mae Security <br />received in th,� month such Series A GNIMA Certificate or Fannie Mae <br />!.ecurity is purchased) and to Meet all its obligations under the <br />GNMA Guid#,, the G 4A Guaranty Agrees—nts, the Fannie Mae Guides and <br />the metol Purchase (ontract or contractualagreementsagreements to be entered <br />into betwe.=n the :vie+^r and GNMA or Fannie Mae. <br />T'he Participants: <br />TU* terthc:ity W(Aicity-d Lllera to orlgioat• Mortgage Loans <br />11COR lend q hast i t kt i una k ,j r*9 business in the Counties. The <br />ftllowt" lending i nal at ut : ems havo been tpigned Program <br />Allsostione. including but l4or Waservat tans. in the Count iso <br />tsdicated below for which ttry will pay the Lata CoURitow" <br />rhes to the Authority (provided. that the ==1t"@h7 to its <br />dLOWMtLOW . It t to pair a prat Lan of the Cositennt 1 <br />1i <br />
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