Form Hud-11715 - Master Custodial Agreement Page 2
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27.
Within no more than 12 months from the date of issue of the
11. Upon representation to the Custodian by Ginnie Mae that a
securities, all the documents described in paragraph 2b.
default has occurred under a Contractual Agreement or Guar-
above shall be delivered to the Custodian by the Issuer. Upon
anty Agreement between the Issuer and Ginnie Mae, the
receipt and review of the documents, the Custodian shall
Custodian shall comply with all Ginnie Mae demands,
make its final certification on a copy of the Schedule of
including, but not limited to, the delivery to Ginnie Mae or
Pooled Mortgages and shall forward that Schedule to Ginnie
its designee of all loan documents in the Custodian's custody.
Mae or its agent either itself or through the Issuer and shall
Such demands shall be in Ginnie Mae's sole discretion.
sign another copy and deliver it to the Issuer.
12. If, following such a default, Ginnie Mae elects to assume or
8.
The Custodian shall segregate and maintain continuous cus-
transfer the duties and obligations of the Issuer and elects to
tody and control of all documents deposited with it on behalf
continue the custodial relationship, the Custodian agrees to
of Ginnie Mae until the mortgage notes are paid in full, and
continue its obligations herein for Ginnie Mae for a reason-
shall hold the documents in secure and fireproof facilities, in
able time on the same terms and conditions as set forth in this
accordance with customary standards for such storage. (The
Agreement, provided that in no event shall Ginnie Mae be
Custodian may rely on information received from the Issuer
obligated to pay compensation or a fee for the holding or
pertaining to the payment of the mortgage notes absent
release of any documents pertaining to any loan or loans,
evidence or knowledge to the contrary.)
during such reasonable period. If, however, Ginnie Mae
elects to terminate such Agreement, Custodian shall comply
9.
The Custodian, only upon presentation by the Issuer of a
with this election to terminate without charge to Ginnie
Request for Release of Documents (form HUD-11708), shall
Mae.
release to the Issuer the appropriate documents in custody of
the Custodian, and shall retain the Request as a receipt from
13. Issuer and Custodian agree that this Agreement is for the
the Issuer. The Issuer shall make such request only when it
benefit of and enforceable by Ginnie Mae. The Custodian
is necessary for carrying out the Issuer's responsibilities to
agrees to comply with the terms of the Ginnie Mae Mortgage-
service, collect prepayment in full, or foreclose mortgage
Backed Securities Guide, including the Document Custodian
loans in the pools or loan packages.
Manual, except to the extent inconsistent with this Agree-
ment.
10. At any reasonable time, the Custodian shall make available
for examination and audit by representatives of the Issuer or
14. Consideration for services to be performed by the Custodian
Ginnie Mae all documents in its custody, as well as the
under this Agreement shall be:
accounts and records pertaining to the mortgage pools or
loan packages.
In Witness Whereof the parties duly executed this Agreement on the date reflected above:
Attest: (Signature and Title)
Name of Issuer
(Authorized signature and Title)
Attest (Signature and Title)
Name of Document Custodian
(Authorized signature and Title)
form HUD-11715 (10/2000)
Page 2 of 2
Previous editions are obsolete; replaces HUD-11715-M
ref Ginnie Mae Handbook 5500.3
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