EXHIBIT 10.3
ORIGINAL MPF(R)
MORTGAGE PARTNERSHIP FINANCE(R) - MASTER COMMITMENT FORM
[MPF LOGO]
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MASTER COMMITMENT NO.: SELLING PFI: PFI NUMBER: THIS MASTER COMMITMENT MADE
AND ACCEPTED ON:
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MASTER COMMITMENT AMOUNT: SERVICING PFI: PFI NUMBER: ESTIMATED COMPLETION DATE:
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FIRST LOSS ACCOUNT: [ ] UPFRONT [ ] ACTUAL [ ] SCHEDULED [ ] CLOSED
/ACTUAL SRM /SCHEDULED MORTGAGES
bps [ ] ANNUAL [ ] ACTUAL
/ACTUAL
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CREDIT ENHANCEMENT FEE: MAXIMUM PFI CREDIT ESTIMATED PFI
ENHANCEMENT AMOUNT: CREDIT
ENHANCEMENT %:
bps
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The purpose of this communication is to set forth the terms and conditions of
the MORTGAGE PARTNERSHIP FINANCE(R) Master Commitment made by the undersigned
Participating Financial Institution ("PFI") to the Federal Home Loan Bank
pursuant to the Participating Financial Institution Agreement ("PFI Agreement")
and the Guides that form a contract between the parties hereto.
The terms of this Master Commitment, including those identified above, are
binding on the parties hereto. The definitions and provisions contained in the
PFI Agreement and the Guides are incorporated into this Master Commitment. In
the event of any inconsistencies between those definitions and provisions and
this Master Commitment, this Master Commitment will govern. The amount of the
PFI's Credit Enhancement obligation will be re-evaluated in ten years, or as
otherwise agreed by the parties.
This is a best efforts Master Commitment for any amounts not subject to
outstanding Delivery Commitments. Only loans meeting characteristics of above
selections are eligible for this commitment. The Servicing Fee is 25 basis
points (0.25%) annually, determined each month based on the aggregate unpaid
principal balances of the Mortgages on the last day of the preceding month.
FEDERAL HOME LOAN BANK OF NEW YORK
_______________________________________
(Selling PFI Name)
By: ___________________________________ By: ________________________________
(Signature) (Signature)
Name: _________________________________ Name: ______________________________
(Typed Name of Signer) (Typed Name of Signer)
Title: ________________________________ Title: _____________________________
By: ___________________________________ By: ________________________________
(Signature) (Signature)
Name: _________________________________ Name: ______________________________
(Typed Name of Signer) (Typed Name of Signer)
Title: ________________________________ Title: _____________________________
The "MPF" logo, "MORTGAGE PARTNERSHIP FINANCE" and "MPF" are registered
trademarks of the Federal Home Loan Bank of Chicago
Form OG 2-1
