1995-152 - Laserfiche WebLink

Home Browse Search

"Fixet Time Homebuyer" —mans a Mt,rtga aor w1:t> has n r. )ia i an Ownership intelest in a ],rir;cipal feesidence at any tip- di.;rin•I the three-year period ending on the date: the Mortgage is executed, as more fully described in the Origination Agreement. OOMMA" means the Government National Mortgage Association, a wholly-owned corporate instrumentality of the United States within the Department of Housing and ilrban Development, Its powers are prescribed generally by Title III of the National Housing Act, as amended (12 U.S.C., 5§ 1716 et seq.). "GNMA Certificate" or "Certificate" means the fully modified GNMA II Mortgage Pass -Through Certificate (or the electronically transmitted confirmation provided for hereinafter), issued by the Servicer in exchange for Mortgage Loans and in the Form of Appendix 39 "Single Family Mortgage -Backed Certificate" of the GUM Guide, as defined in the Indenture and registered in the name of the Trustee or its nominee and guaranteed as to timely payment of principal and interest by GNMA pursuant to Section 306(8) of Title III of the National Housing Act of 1934, as amended, and the regulations promulgated thereunder and based on and backed by FHA Insured Mortgage Loans, VA Guaranteed Mortgage Loans or RECD - guaranteed Mortgage Loans made by the Participants with a final maturity date not later than May 31, 2027 (June 30, 2027 as to Mortgage Loans from Targeted Proceeds). In the event the Servicer so elects by notice to th=e Trustee, "GNMA Certificate" shall also mean fully modified GNMA I Mortgage Pass -Through Certificates (or the electronically transmitted confirmation thereof). if the Servicer delivers a GNMA Certificate which is in a denomination that is les: than $250,000, the Trustee may conclude that GNMA has approved such lesser amount. In the event- GN14A so requires, pursuant to GNMA's bc:ok-entry system, in lieu of the aforesaid certificate, the confirmation of GNMA's quaranty obligation shall be t:ranssmitt(,cd to the Tiust-ee, or it:; nominee, e1mc-tronica11y. "GNKA Guaranty" means the on._- nr more guaranty a<ireements of GNM.A s"t iotth on ,-act, of the GNMA Certificates (unless in book entry forth) pursuant to which GNHA has agreed to guarantee the t imwly payment of (sNYA cast t if icates. "GNNA Guide" --Anti the GNM 1 or COM 11 Mortgtge-sacked Securities Guidr c;r 4uides then in off --t on the date of its application, it any, under the Indentur-, •Oowrxcmarsatal Obitgations" i- i; —_•t general obi igat ions of , of abligattone the tin* ly t ,, r.t of the prtocspa I of aM Titof a e:t tart atsi r!s aT• un -e=dit d, t..r l l y guaranteed by. the United :'t at : � t t. at the t ler• are 140941 investments under t ho ! awa , t t }„ <. ±or the w10Myo p r.opoeed to be taMeeted 6s