EXHIBIT 1.1
BEAR XXXXXXX MORTGAGE SECURITIES INC.
Pass-Through Certificates
TERMS AGREEMENT
Dated: March 26, 1997
To: BEAR XXXXXXX MORTGAGE SECURITIES INC.
Re: Underwriting Agreement dated June 25, 1996
Series Designation: Series 1997-1
Class Designation Schedule: Class A-1
TERMS OF THE CERTIFICATES:
Original Principal Pass-Through
Class Amount Interest Rate
A-1 $50,254,761 (1)
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(1) The effective per annum interest rate borne by the
Certificates during each Interest Accrual Period with
respect to a Distribution Date will equal a fraction,
expressed as a percentage truncated at the fourth decimal
place, the numerator of which is equal to the aggregate
amount in respect of interest received by the Trustee on
the Pooled Certificates, for the related Interest Accrual
Period (net of the related Trustee Fee) multiplied by 12,
and the denominator of which is the principal amount of
the Certificates immediately prior to such Distribution
Date.
DISTRIBUTION DATES: With respect to each month, the 25th day of such month, or,
if such is not a Business Day (as defined herein), then on the next successive
Business Day. A "Business Day" means a day other than a Saturday, a Sunday or a
day on which banking institutions in New York, New York or the city in which the
corporate trust office of the Trustee is located are authorized or obligated by
law or executive order to be closed.
CERTIFICATE RATING: "Aaa" by Xxxxx'x Investors Service, Inc. and "AAA" by Fitch
Investors Service, L.P.
FORM OF CERTIFICATES: Book-entry (Depository Trust Company).
TRUST FUND ASSETS: The Pooled Certificates to be included in the Trust Fund are
as described in Schedule A hereto.
PURCHASE PRICE: The aggregate purchase price payable by the Underwriter for the
Certificates covered by this Agreement will be 99.88% of the principal balance
of the Certificates plus accrued interest from March 25, 1997 to, but not
including, the Closing Date.
CLOSING DATE: March 31, 1997, 9:00 a.m., New York time
MISCELLANEOUS MATTERS: (a) The Pooling and Servicing Agreement and the Mortgage
Loan Schedule referred to in the Underwriting Agreement shall be deemed to be
references to the Pooling Agreement and the Pooled Certificates Schedule,
respectively;
(b) notices to the Underwriter shall be to the attention of Xxxxxxx Xxxxx and
notices to the Company shall be to the attention of Xxxxxx X. Xxxxxxxxx, Xx.
The undersigned, as sole Underwriter, agrees, subject to the terms and
provisions of the above- referenced Underwriting Agreement, which is
incorporated herein in its entirety and made a part hereof, to purchase the
principal amount of the Class of the above-referenced Series of Certificates set
forth herein.
BEAR, XXXXXXX & CO. INC.
By: /s/ Xxxxxxxx Xxxxxx
Name: Xxxxxxxx Xxxxxx
Title: Sr. Managing Director
Accepted:
BEAR XXXXXXX MORTGAGE SECURITIES INC.
By: /s/ Xxxxxx Xxxxxxxxx
Name: Xxxxxx Xxxxxxxxx
Title: Vice President
SCHEDULE A
POOLED CERTIFICATES
CLASS %
FULL NAME OF SERIES 1 IN TRUST
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Federal National Mortgage Association Guaranteed
REMIC Pass-Through Certificates, Xxxxxx Xxx XXXXX 52.73%
Trust 1993-256, Class F
Federal National Mortgage Association Guaranteed 59.70%
REMIC Pass-Through Certificates, Xxxxxx Xxx XXXXX
Trust 1997-17, Class SA
Federal Home Loan Mortgage Corporation Multiclass
Mortgage Participation Certificates, Series 1846, 17.79%
Class S
Federal Home Loan Mortgage Corporation Multiclass
Mortgage Participation Certificates, Series 1933, 8.42%
Class SG
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1 Unless otherwise specified in a footnote to this Schedule A, the entire
series was issued in book entry form.
