Deposit Agreement
U.S. Department of Housing
and Urban Development
Government National Mortgage Association
Issuer ID Number Ginnie Mae Pool or Loan Package Number
This Deposit Agreement, made in triplicate originals this _________________ day of _______________________, 20_____, by and
between ___________________________________________________________________________ (hereinafter called the “Bank”)
and ______________________________________________________________________________(hereinafter called “Mortgagee”);
Witnesseth
Whereas, Bank has issued its Certificate of Deposit in the amount of ________________________ Dollars ($ ________________),
dated as of the ______________________ (issue date of securities) and with a maturity date of _______________________________
and payable to Government National Mortgage Association (hereinafter called “Ginnie Mae”), a reproduced copy of which is affixed
hereto for identification (said Certificate of Deposit being hereinafter called the “Original CD”); and
Whereas, Bank will issue additional Certificates of Deposit representing reinvestments of the principal amount of the proceeds of said
Original CD in accordance with the provisions hereof (each such additional Certificate of Deposit being hereinafter called a “Renewal
CD”), if the maturity date of the Original CD is less than three (3) years from the date hereof.
Now, Therefore,
In Consideration of the premises and other good and valuable
consideration, the parties hereto agree as follows:
1. That all right, title and interest in and to said Original CD and
each Renewal CD is owned by Ginnie Mae, and that the
principal amount of the proceeds thereof shall be payable
solely to Ginnie Mae or its endorsee;
2. That Bank shall hold said Original CD and each Renewal CD
in safekeeping for the account of Ginnie Mae; shall furnish to
Ginnie Mae appropriate receipt therefor; and shall surrender
and relinquish said Original CD or any Renewal CD unto
Ginnie Mae upon written request therefor;
3. That Bank shall issue successive Renewal CD's payable to
Ginnie Mae, each in the amount of the Original CD, the first
such Renewal CD to be issued and dated as of the date
following the maturity date of the Original CD and each
succeeding Renewal CD to be issued and dated as of the
date following the maturity date of the latest maturing
Renewal CD previously issued, and each Renewal CD to
bear the identical terms provided by the Original CD except
that each such Renewal CD shall provide interest at the
Bank's posted rate for such certificates of deposit, at the date
thereof;
4. That Bank shall furnish reproduced copies of each Renewal
CD to Ginnie Mae and Mortgagee, and upon the issuance of
a Renewal CD shall cancel the Original CD or the latest
maturing Renewal CD previously issued, as the case may be,
and shall furnish reproduced copies thereof to Ginnie Mae
and Mortgagee, showing such cancellation;
5. That upon surrender and relinquishment of the Original CD or
any Renewal CD unto Ginnie Mae, as hereinabove provided,
the Deposit Agreement shall cease and terminate, and shall
be of no further force or effect whatever; and
6. Notwithstanding paragraph 1 hereof, interest on the Original
and any Renewal CD will accrue to and be paid to the
Mortgagee.
In Witness Whereof, The parties hereto have caused this Deposit Agreement to be executed and delivered in triplicate originals as of
the date above written.
Bank By (Title)
Mortgagee By (Title)
form HUD-11738 (01/2006)
Previous editions are obsolete. Page 1 of 1 ref. Ginnie Mae Handbook 5500.3, Rev. 1
