Loans" in, in the case of the Group 1 Securities, Exhibit A to this Supplement and in the case of
the Group 2 Securities, the Updated Exhibits A in Exhibit D to this Supplement.
In the case of Group 1 Securities, Exhibit A and, in the case of the Group 2 Securities,
Exhibit D, to this Supplement set forth, for each Mortgage Loan, as applicable, a description of
the related Prepayment Penalty, the period during which the Prepayment Penalty applies and
the first month in which the borrower may prepay the Mortgage Loan.
Notwithstanding the foregoing, FHA guidelines require all of the FHA-insured Mortgage
Loans to include a provision that allows FHA to override any lockout and/or Prepayment
Penalty provisions if FHA determine that it is in the best interest of the federal government to
allow the mortgagor to refinance or partially prepay the Mortgage Loan without restrictions or
penalties and any such payment will avoid or mitigate an FHA insurance claim.
Notwithstanding the foregoing, the Trust will not be entitled to receive any principal
prepayments or any applicable Prepayment Penalties with respect to the Trust CLC Mortgage
Loans until the earliest of (i) the liquidation of such Mortgage Loans, (ii) 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 Certificate to a
Ginnie Mae Project Loan Certificate, and (iii) the applicable Maturity Date. However, the
Holders of the Securities will not receive any such amounts until the next Distribution Date and
will not be entitled to receive any interest on such amount.
Coinsurance.
Certain of the Mortgage Loans may be federally insured under FHA coinsur-
ance programs that provide for the retention by the mortgage lender of a portion of the
mortgage insurance risk that otherwise would be assumed by FHA under the applicable
insurance program. As part of such coinsurance programs, FHA delegate to mortgage lenders
approved by FHA for participation in such coinsurance programs certain underwriting functions
generally performed by FHA. Accordingly, there can be no assurance that such mortgage loans
were underwritten in conformity with FHA underwriting guidelines applicable to mortgage
loans that were solely federally insured or that the default risk with respect to coinsured
mortgage loans is comparable to that of FHA-insured mortgage loans generally. As a result,
there can be no assurance that the likelihood of future default or the rate of prepayment on
coinsured Mortgage Loans will be comparable to that of FHA-insured mortgage loans generally.
The Trustee Fee
On each Distribution Date, the Trustee will retain a fixed percentage of all principal and
interest distributions received on specified Trust Assets in payment of its fee (the "Trustee
Fee").
GINNIE MAE GUARANTY
The Government National Mortgage Association ("Ginnie Mae"), a wholly-owned corpo-
rate instrumentality of the United States of America within HUD, guarantees the timely payment
of principal and interest on the Securities. The General Counsel of HUD has provided an
opinion to the effect that Ginnie Mae has the authority to guarantee multiclass securities and
that Ginnie Mae guaranties will constitute general obligations of the United States, for which
the full faith and credit of the United States is pledged. See "Ginnie Mae Guaranty" in the
Multifamily Base Offering Circular. Ginnie Mae does not guarantee the collection or the
payment to Holders of any Prepayment Penalties.
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