Base Offering Circular – Multifamily 17 · institution of all actions necessary to foreclose on, or take other appropriate action with respect to, loans in default; and · collection of insurance and guaranty benefits. The Trust Asset Depository or its nominees, as registered holder (on behalf of the Trustee) of the related Trust MBS, will have the right to proceed directly against Ginnie Mae under the terms of the related Trust MBS for any amounts that are not paid when due. Ginnie Mae Multifamily Certificates are issued under the Ginnie Mae I Program. The Ginnie Mae Construction Loan Certificates Each Ginnie Mae Construction Loan Certificate is based on and backed by a single Mortgage Loan secured by a multifamily project under construction and insured by FHA pursuant to an FHA Insurance Program described in the related Offering Circular Supplement.   Ginnie Mae Construction Loan Certificates are generally issued monthly by the related Ginnie Mae Issuer as construction progresses on the related multifamily project and as advances are insured by FHA.  Prior to the issuance of Ginnie Mae Construction Loan Certificates, the Ginnie Mae Issuer must provide Ginnie Mae with supporting documentation regarding advances and disbursements on the Mortgage Loan and must satisfy the prerequisites for issuance as described in Chapter 32 of the Ginnie Mae Mortgage-Backed Securities Guide (the “MBS Guide”).  Each Ginnie Mae Construction Loan Certificate upon conversion will be redeemed for a pro rata share of a Ginnie Mae Project Loan Certificate. The original maturity of a Ginnie Mae Construction Loan Certificate is at least 200% of the construction period for the multifamily project anticipated by FHA.  The stated maturity of a Ginnie Mae Construction Loan Certificate may be extended after issuance at the request of the related Ginnie Mae Issuer with the prior written approval of Ginnie Mae. With respect to Ginnie Mae Construction Loan Certificates issued prior to December 31, 2002, prior to approving any extension request, Ginnie Mae requires that all of the holders of all related Ginnie Mae Construction Loan Certificates related to a particular multifamily project consent to the extension of the maturity date.  With respect to Ginnie Mae Construction Loan Certificates issued after December 31, 2002, prior to approving any extension request, Ginnie Mae requires that the contracted security purchaser, the entity bound under contract with the related Ginnie Mae issuer to purchase all of the Ginnie Mae construction Loan Certificates relating to a particular project, consent to the extension of the maturity date. Upon the maturity of any Ginnie Mae Construction Loan Certificate, the related Ginnie Mae Issuer must retire the Ginnie Mae Construction Loan Certificate by the payment of cash to the holders provided that (i) no extension has been granted and (ii) the Ginnie Mae Construction Loan Certificate has failed to convert prior to that time. In addition if the underlying Mortgage Loan is liquidated prior to maturity, the related Ginnie Mae Issuer must retire the Ginnie Mae Construction Loan Certificates by the payment of cash to the holders. Each Ginnie Mae Construction Loan Certificate will provide for the payment to the holder of that Ginnie Mae Construction Loan Certificate of monthly payments of interest equal to a pro rata share of the interest payments on the underlying Mortgage Loan, less applicable