pages,   construction   defects,   inclement weather, completion of or delays in the cost certification process and changes in contrac- tors, owners and architects related to the multifamily project. During any such delay, the trust will not be entitled to any principal payments that may have been made by the borrower on the related underlying mortgage loan. The distribution of any such principal payments will not occur until the earliest of (1) the liquidation of the mortgage loan, (2) at the related Ginnie Mae Issuer's op- tion, either (a) the first Ginnie Mae certifi- cate payment date of the Ginnie Mae project loan certificate following the conversion of the Ginnie Mae construction loan certificate or (b) the date of conversion of the Ginnie Mae construction loan certificate to a Ginnie Mae project loan certificate, and (3) the ma- turity date (as adjusted for any previously granted extensions) of the Ginnie Mae con- struction loan certificate. However, the hold- ers of the securities will not receive any such amounts until the next distribution date on the securities and will not be entitled to receive any interest on such amount. The yield on securities that would benefit from a faster than expected payment of principal (such as securities purchased at a discount) may be adversely affected if the underlying mortgage loan begins to amortize prior to the conversion of a Gin- nie Mae construction loan certificate to a Ginnie Mae project loan certificate. As holders of Ginnie Mae construction loan cer- tificates are entitled only to interest, any scheduled payments of principal received with respect to the mortgage loans underly- ing the Ginnie Mae construction loan certifi- cate will not be passed through to the trust. Any such amounts will be deposited into a non-interest bearing, custodial account main- tained by the related Ginnie Mae issuer and will be distributed to the trust (unless other- wise negotiated between the Ginnie Mae Is- suer and the contracted security purchaser) on the earliest of (1) the liquidation of the mortgage loan, (2) at the related Ginnie Mae Issuer's option, either (a) the first Ginnie Mae certificate payment date of the Ginnie Mae project loan certificate following the conversion of the Ginnie Mae construction loan certificate or (b) the date of conversion of the Ginnie Mae construction loan certifi- cate to a Ginnie Mae project loan certificate, and (3) the maturity date (as adjusted for any previously granted extensions) of the Ginnie  Mae  construction  loan  certificate. However, the holders of the securities will not receive any such amounts until the next distribution date on the securities and will not be entitled to receive any interest on such amount. The delay in payment of the scheduled principal may affect, perhaps sig- nificantly, the yield on those securities that would benefit from a higher than anticipated rate of prepayment of principal. If the amount of the underlying mortgage loan at final endorsement by FHA is less than the aggregate principal amount of the Ginnie Mae construction loan certifi- cates upon completion of the particular multifamily project, the Ginnie Mae con- struction loan certificates must be prepaid in the amount equal to the difference be- tween the aggregate principal balance of the Ginnie Mae construction loan certifi- cates and the principal balance of the Gin- nie Mae project loan certificates issued upon conversion. The reduction in the underlying mortgage loan amount could oc- cur as a result of the cost certification process that takes place prior to the conversion to a Ginnie Mae project loan certificate. In such a case, the rate of prepayment on your securi- ties may be higher than expected. Available information about the mortgage loans is limited.    Generally, neither audited financial statements nor recent appraisals are available with respect to the mortgage loans, the mortgaged properties, or the operating revenues, expenses and values of the mort- gaged  properties.  Certain  default,  delin- quency and other information relevant to the likelihood of prepayment of the multifamily mortgage loans underlying the Ginnie Mae multifamily  certificates  is  made  generally available to the public and holders of the securities should consult such information. S-10