RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
--------------------
AMENDMENT NO. 5 dated as of
July 16, 1998 to the
Pooling and Servicing Agreement
Dated as of March 1, 1996
--------------------
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1996-KS1
-1-
AMENDMENT No. 5 made as of this 16th day of July 1998, among
Residential Asset Securities Corporation, as depositor (the "Depositor"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
The First National Bank of Chicago, as trustee (the "Trustee").
W I T N E S S E T H
WHEREAS, the Depositor, the Trustee and the Master Servicer entered
into a Pooling and Servicing Agreement (the "Agreement") dated as of March 1,
1996, relating to the issuance of Residential Asset Securities Corporation,
Mortgage Pass-Through Certificates, Series 1996-KS1; and
WHEREAS, the Depositor, the Master Servicer and the Trustee desire
to amend the terms of the Agreement pursuant to and in accordance with Section
11.01(a)(vi) of the Agreement for the purpose of adding a provision to Section
4.07 of the Agreement.
NOW, THEREFORE, in consideration of the mutual premises and
agreements herein, the Depositor, the Master Servicer and the Trustee agree as
follows:
1. Capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in the Agreement.
2. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 4 and Schedule A to Amendment No. 5" after
the words "Amendment No. 3" in the fifth sentence of such section.
3. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 4 and Schedule A to Amendment No. 5" after
the words "Amendment No. 3" in the sixth sentence of such section.
4. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 4 and Schedule A to Amendment No. 5" after
the words "Amendment No. 3" in the last sentence of such section.
IN WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee
have caused their duly authorized representatives to execute and deliver this
instrument as of the date first above written.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By:
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
By:
Name:
Title:
THE FIRST NATIONAL
BANK OF CHICAGO
By:
Name:
Title:
CONSENTED TO:
MBIA INSURANCE COMPANY
By:
Name:
Title:
SCHEDULE A
RASC SERIES 1996-KS1
MORTGAGE LOAN/REO REPURCHASES
LOAN Status
NUMBER
1397608 FCLS
1462895 FCLS
1466660 FCLS
