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 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 October 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 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 in October 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 September 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 October 1999in November 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 September 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 October 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 II and REMIC II. I. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is September 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 October 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 II and REMIC II. I. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is September 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 October 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 and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is September 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 October 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 and REMIC II. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is September 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 October 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 September 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 October 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 II and REMIC II. I. Credit Enhancement: Senior/Subordinated: Shifting interest Cut-off Date: The Cut-off Date is September 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 October April 1999.