Base Offering Circular – Multifamily 18 servicing and guaranty fees.  Holders of Ginnie Mae Construction Loan Certificates are not entitled to receive any payments of principal collected on the Mortgage Loan as long as the Ginnie Mae Construction Loan Certificates are outstanding.  During such period, any prepayments and other recoveries of principal (other than proceeds from the liquidation of the related Mortgage Loan) or any Prepayment Penalties on the underlying Mortgage Loan received by the Ginnie Mae Issuer will be deposited into a non-interest bearing escrow account (the “P&I Custodial Account”).  Any such amounts will be held for distribution to the related Ginnie Mae REMIC Trust (unless otherwise negotiated between the Ginnie Mae Issuer and the contracted security purchaser) on the earliest of (i) the liquidation of the Mortgage Loan, (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. At any time following the final endorsement of a Mortgage Loan and upon satisfaction of the prerequisites for conversion outlined in Chapter 32 of the MBS Guide, Ginnie Mae Construction Loan Certificates shall be redeemed for Ginnie Mae Project Loan Certificates.  The principal amount of the Ginnie Mae Project Loan Certificates may be less than or equal to the amount of advances that has been disbursed and insured on the Mortgage Loan underlying the related Ginnie Mae Construction Loan Certificates.  Any difference between the principal balance of the Ginnie Mae Construction Loan Certificates and the principal balance of the Ginnie Mae Project Loan Certificates issued at conversion will be disbursed to the holders of the Ginnie Mae Construction Loan Certificates as principal upon conversion.  To the extent the underlying Mortgage Loan begins to amortize prior to the conversion of the Ginnie Mae Construction Loan Certificates to Ginnie Mae Project Loan Certificate, the related Ginnie Mae Issuer will be required to pay, at its option, any such prepayments (i) on the date of the conversion of the Ginnie Mae Construction Loan Certificates or (ii) on the Ginnie Mae Certificate Payment Date of the Ginnie Mae Project Loan Certificate following conversion. The related Offering Circular Supplement will describe certain characteristics of the Ginnie Mae Construction Loan Certificates and the underlying Mortgage Loans. Although the Trust may receive principal payments, unscheduled recoveries of principal and Prepayment Penalties, if any, in connection with the liquidation of a Mortgage Loan or following conversion of a Ginnie Mae Construction Loan Certificate prior to the Ginnie Mae Certificate Payment Date, the Trust will not distribute any such amounts until the Distribution Date immediately following receipt of such amounts.  The Holders of the Securities will not be entitled to receive any interest on such amounts. The Ginnie Mae Project Loan Certificates All Ginnie Mae Project Loan Certificates issued prior to March 1, 1997 will have an original term to maturity of not more than 40 years and will be based on and backed by one multifamily Mortgage Loan.  Ginnie Mae Project Loan Certificates issued after March 1, 1997, may be based or backed by more than one multi-family Mortgage Loan.  Some outstanding Ginnie Mae Project Loan Certificates, issued  pursuant to a Ginnie Mae program (the “Tandem Program”) that has been discontinued, are based on and backed by two or more multifamily