Common use of REMIC Election Clause in Contracts

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October 1, 1999. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November 1999.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October September 1, 19992001. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November 1999in October 2001.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I II and REMIC II. Credit EnhancementI. CREDIT ENHANCEMENT: Senior/Subordinated: Shifting interest CutCUT-off DateOFF DATE: The Cut-off Date is October August 1, 19991998. Distribution DateREMITTANCE DATE: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November 1999September 1998.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I II and REMIC II. I. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October April 1, 1999. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November May 1999.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I II and REMIC II. I. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October February 1, 1999. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November March 1999.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October August 1, 19992001. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November 1999in September 2001.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October November 1, 1999. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November December 1999.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I II and REMIC II. I. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October March 1, 1999. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November April 1999.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October 1, 19992001. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing in November 19992001.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October November 1, 19992000. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November 1999December 2000.

REMIC Election. The Company intends to cause an election to be made to treat REMIC I and REMIC II as "real estate mortgage investment conduits" (each, a "REMIC") for federal income tax purposes. All of the Certificates issued by REMIC I and REMIC II, other than the Class R Certificate, will represent ownership of REMIC "regular interests". The Class R Certificate will represent ownership of the REMIC "residual interest" in REMIC I and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is October September 1, 1999. Distribution Date: The 25th day of each month (or, if such 25th day is not a business day, the business day immediately following) commencing November October 1999.