Document:

EXHIBIT 4.2

                            FORM OF SERIES SUPPLEMENT

                RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,

                                    Company,

                        RESIDENTIAL FUNDING COMPANY, LLC,

                                Master Servicer,

                                       and

                       [________________________________],

                                     Trustee

                               SERIES SUPPLEMENT,

                    Dated as of [_________________] 1, 20[__]

                                       TO

                                STANDARD TERMS OF

                         POOLING AND SERVICING AGREEMENT

                    Dated as of [_________________] 1, 20[__]

                       Mortgage Pass-Through Certificates

                              Series 20[__]-S[___]

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                Page
<S>                                                                                                             <C>
ARTICLE I             DEFINITIONS...............................................................................  3

         Section 1.01          Definitions......................................................................  3

         Section 1.02          Use of Words and Phrases......................................................... 12

ARTICLE II            ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES................ 13

         Section 2.01          Conveyance of Mortgage Loans..................................................... 13

         Section 2.02          Acceptance by Trustee............................................................ 13

         Section 2.03          Representations, Warranties and Covenants of the Master Servicer and the
                               Company.......................................................................... 13

         Section 2.04          Representations and Warranties of Residential Funding............................ 15

         Section 2.05          Execution and Authentication of Class R Certificates............................. 16

         Section 2.06          [RESERVED]....................................................................... 16

         Section 2.07          [RESERVED]....................................................................... 16

         Section 2.08          Purposes and Powers of the Trust................................................. 16

         Section 2.09          Agreement Regarding Ability to Disclose.......................................... 16

ARTICLE III           ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............................................ 17

         Section 3.01          Master Servicer to Act as Servicer............................................... 17

         Section 3.02          Subservicing Agreements Between Master Servicer and Subservicers;
                               Enforcement of Subservicers' and Sellers' Obligations............................ 17

         Section 3.03          Successor Subservicers........................................................... 18

         Section 3.04          Liability of the Master Servicer................................................. 18

         Section 3.05          No Contractual Relationship Between Subservicer and Trustee or
                               Certificateholders............................................................... 18

         Section 3.06          Assumption or Termination of Subservicing Agreements by Trustee.................. 18

         Section 3.07          Collection of Certain Mortgage Loan Payments; Deposits to Custodial
                               Account.......................................................................... 18

         Section 3.08          Subservicing Accounts; Servicing Accounts........................................ 18

         Section 3.09          Access to Certain Documentation and Information Regarding the Mortgage
                               Loans............................................................................ 18

         Section 3.10          Permitted Withdrawals from the Custodial Account................................. 18
</TABLE>

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                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                                                Page
<S>                                                                                                             <C>
         Section 3.11          Maintenance of the Primary Insurance Policies; Collections Thereunder............ 18

         Section 3.12          Maintenance of Fire Insurance and Omissions and Fidelity Coverage................ 18

         Section 3.13          Enforcement of Due-on-Sale Clauses; Assumption and Modification
                               Agreements; Certain Assignments.................................................. 18

         Section 3.14          Realization Upon Defaulted Mortgage Loans........................................ 18

         Section 3.15          Trustee to Cooperate; Release of Custodial Files................................. 18

         Section 3.16          Servicing and Other Compensation; Compensating Interest.......................... 18

         Section 3.17          Reports to the Trustee and the Company........................................... 18

         Section 3.18          Annual Statement as to Compliance................................................ 19

         Section 3.19          Annual Independent Public Accountants' Servicing Report.......................... 19

         Section 3.20          Rights of the Company in Respect of the Master Servicer.......................... 19

         Section 3.21          Administration of Buydown Funds.................................................. 19

         Section 3.22          Advance Facility................................................................. 19

ARTICLE IV            PAYMENTS TO CERTIFICATEHOLDERS............................................................ 20

         Section 4.01          Certificate Account.............................................................. 20

         Section 4.02          Distributions.................................................................... 20

         Section 4.03          Statements to Certificateholders; Statements to Rating Agencies; Exchange
                               Act Reporting.................................................................... 28

         Section 4.04          Distribution of Reports to the Trustee and the Company; Advances by the
                               Master Servicer.................................................................. 28

         Section 4.05          Allocation of Realized Losses.................................................... 28

         Section 4.06          Reports of Foreclosures and Abandonment of Mortgaged Property.................... 29

         Section 4.07          Optional Purchase of Defaulted Mortgage Loans.................................... 29

         Section 4.08          Surety Bond...................................................................... 29

ARTICLE V             THE CERTIFICATES (SEE ARTICLE V OF THE STANDARD TERMS).................................... 30

ARTICLE VI            THE COMPANY AND THE MASTER SERVICER (SEE ARTICLE VI OF THE STANDARD TERMS)................ 31

ARTICLE VII           DEFAULT (SEE ARTICLE VII OF THE STANDARD TERMS)........................................... 32
</TABLE>

                                      -ii-
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<TABLE>
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<S>                   <C>                                                                                        <C>
ARTICLE VIII          CONCERNING THE TRUSTEE (SEE ARTICLE VIII OF THE STANDARD TERMS)........................... 33

ARTICLE IX            TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES (SEE ARTICLE IX OF THE
                      STANDARD TERMS)........................................................................... 34

ARTICLE X             REMIC PROVISIONS.......................................................................... 35

         Section 10.01         REMIC Administration............................................................. 35

         Section 10.02         Master Servicer; REMIC Administrator and Trustee Indemnification................. 35

         Section 10.03         Designation of REMIC(s).......................................................... 35

         Section 10.04         Distributions on the Uncertificated Class A-V REMIC Regular Interests............ 35

         Section 10.05         Compliance with Withholding Requirements......................................... 36

ARTICLE XI            MISCELLANEOUS PROVISIONS.................................................................. 37

         Section 11.01         Amendment........................................................................ 37

         Section 11.02         Recordation of Agreement, Counterparts........................................... 37

         Section 11.03         Limitation on Rights of Certificateholders....................................... 37

         Section 11.04         Governing Laws................................................................... 37

         Section 11.05         Notices.......................................................................... 37

         Section 11.06         Required Notices to Rating Agency and Subservicer................................ 38

         Section 11.07         Severability of Provisions....................................................... 38

         Section 11.08         Supplemental Provisions for Resecuritization..................................... 38

         Section 11.09         Allocation of Voting Rights...................................................... 38

         Section 11.10         No Petition...................................................................... 38

ARTICLE XII           COMPLIANCE WITH REGULATION AB (SEE ARTICLE XII OF THE STANDARD TERMS)..................... 39
</TABLE>

                                     -iii-
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EXHIBITS

Exhibit One:   Mortgage Loan Schedule (Available from the Company upon request.)
Exhibit Two:   Schedule of Discount Fractions (Available from the Company upon
               request.)
Exhibit Three: Information to be Included in Monthly Distribution Date Statement
Exhibit Four:  Standard Terms of Pooling and Servicing Agreement dated as of
               [___________________] 1, 20[__]

                                      -iv-
<PAGE>

      This  is a  Series  Supplement,  dated  as of [ ] 1,  20[ ]  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of [ ] 1, 20[ ] and attached as Exhibit Four hereto (the  "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL  FUNDING  COMPANY,  LLC,  as  master  servicer  (together  with  its
permitted  successors and assigns,  the "Master Servicer"),  and [ ], as Trustee
(together with its permitted successors and assigns, the "Trustee").

                              PRELIMINARY STATEMENT

      The   Company   intends  to  sell   Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition of Trust Fund, and subject to this Agreement  (including the Mortgage
Loans but excluding the Initial Monthly Payment Fund), as a real estate mortgage
investment conduit (the "REMIC") for federal income tax purposes.

      The terms and provisions of the Standard Terms are hereby  incorporated by
reference  herein as though set forth in full  herein.  If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

      The following table sets forth the designation,  type,  Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

<PAGE>

<TABLE>
<CAPTION>
                             Aggregate
                              Initial
                 Pass-      Certificate
                Through     Principal                                            Maturity                         Minimum
Designation      Rate         Balance              Features(1)                     Date          [S&P/Fitch]  Denominations(2)
-----------      ----         -------              -----------              -------------------  -----------  ----------------
<S>            <C>         <C>           <C>                                <C>                  <C>          <C>
[Class A-1     [       ]%  $[         ]         Senior/Fixed Rate           [          ] 20[  ]     AAA/AAA     $[100,000.00
 Class A-2     [       ]%  $[         ]         Senior/Fixed Rate           [          ] 20[  ]     AAA/AAA     $100,000.00
 Class A-3     [       ]%  $[         ]         Senior /Fixed Rate          [          ] 20[  ]     AAA/AAA     $100,000.00
 Class A-4     [       ]%  $[              Senior/Lockout/Fixed Rate        [          ] 20[  ]     AAA/AAA     $100,000.00
 Class A-P       0.00%     $[         ]        Senior/Principal Only        [          ] 20[  ]     AAA/AAA     $100,000.00
 Class A-V     Variable       Notional   Senior/Interest Only/Variable Rate [          ] 20[  ]     AAA/AAA    $2,000,000.00
                 Rate
  Class R      [       ]%  $[               Senior/Residual/Fixed Rate      [          ] 20[  ]     AAA/AAA          (3)
 Class M-1     [       ]%  $[         ]        Mezzanine/Fixed Rate         [          ] 20[  ]      NA/AA      $100,000.00
 Class M-2     [       ]%  $[         ]        Mezzanine/Fixed Rate         [          ] 20[  ]      NA/A       $250,000.00
 Class M-3     [       ]%  $[         ]        Mezzanine/Fixed Rate         [          ] 20[  ]     NA/BBB      $250,000.00
 Class B-1     [       ]%  $[         ]      Subordinate/Fixed Rate         [          ] 20[  ]      NA/BB      $250,000.00
 Class B-2     [       ]%  $[         ]      Subordinate/Fixed Rate         [          ] 20[  ]      NA/B       $250,000.00
Class B-3]     [       ]%  $[         ]      Subordinate/Fixed Rate         [          ] 20[  ]      NA/NA]     $250,000.00]
</TABLE>

      The Mortgage Loans have an aggregate  principal  balance as of the Cut-off
Date of $[          ].

      In consideration of the mutual agreements  herein contained,  the Company,
the Master Servicer and the Trustee agree as follows:

--------
(1)   The Certificates, other than the Class B and Class R Certificates shall be
      Book-Entry  Certificates.  The  Class  B  Certificates  and  the  Class  R
      Certificates shall be delivered to the holders thereof in physical form.
(2)   The Certificates,  other than the Class R Certificates,  shall be issuable
      in  minimum  dollar  denominations  as  indicated  above  (by  Certificate
      Principal   Balance  or  Notional  Amount,  as  applicable)  and  integral
      multiples  of $1 (or  $1,000 in the case of the Class  B-1,  Class B-2 and
      Class B-3 Certificates) in excess thereof,  except that one Certificate of
      any of the Class B-1, Class B-2 and Class B-3 Certificates that contain an
      uneven  multiple of $1,000 shall be issued in a denomination  equal to the
      sum of the related  minimum  denomination  set forth above and such uneven
      multiple  for such Class or the sum of such  denomination  and an integral
      multiple of $1,000.
(3)   The Class R Certificates shall be issuable in minimum denominations of not
      less than a 20% Percentage Interest;  provided,  however, that one Class R
      Certificate  will be  issuable  to  Residential  Funding  as "tax  matters
      person"  pursuant to Section  10.01(c)  and (e) in a minimum  denomination
      representing a Percentage Interest of not less than 0.01%

                                      -2-
<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

      Section 1.01 Definitions.

      Whenever used in this Agreement,  the following words and phrases,  unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

      Bankruptcy  Amount:  As of any date of  determination  prior to the  first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$[        ] over (B) the aggregate amount of Bankruptcy  Losses allocated solely
to one or more specific  Classes of Certificates in accordance with Section 4.05
of this Series Supplement. As of any date of determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

            (1) the lesser of (a) the  Bankruptcy  Amount  calculated  as of the
      close of business  on the  Business  Day  immediately  preceding  the most
      recent  anniversary of the Cut-off Date  coinciding with or preceding such
      date of determination (or, if such date of determination is an anniversary
      of the Cut-off Date, the Business Day  immediately  preceding such date of
      determination)   (for   purposes  of  this   definition,   the   "Relevant
      Anniversary") and (b) the greater of

                  (A) the  greater  of (i) [            ]  times  the  aggregate
            principal  balance of all the Mortgage Loans in the Mortgage Pool as
            of the Relevant Anniversary (other than Additional Collateral Loans,
            if any) having a  Loan-to-Value  Ratio at origination  which exceeds
            75% and (ii) $[           ]; and

                  (B) the greater of (i) the  product of (x) an amount  equal to
            the  largest  difference  in the  related  Monthly  Payment  for any
            Non-Primary  Residence  Loan  remaining in the Mortgage  Pool (other
            than  Additional  Collateral  Loans,  if any) which had an  original
            Loan-to-Value  Ratio of 80% or greater  that would result if the Net
            Mortgage  Rate thereof was equal to the weighted  average  (based on
            the  principal  balance  of the  Mortgage  Loans as of the  Relevant
            Anniversary)  of the Net Mortgage  Rates of all Mortgage Loans as of
            the Relevant Anniversary less 1.25% per annum, (y) a number equal to
            the weighted average  remaining term to maturity,  in months, of all
            Non-Primary Residence Loans remaining in the Mortgage Pool as of the
            Relevant Anniversary, and (z) one plus the quotient of the number of
            all  Non-Primary  Residence  Loans  remaining in the  Mortgage  Pool
            divided by the total  number of  Outstanding  Mortgage  Loans in the
            Mortgage Pool as of the Relevant Anniversary, and (ii) $[        ],

            over

            (2) the aggregate  amount of Bankruptcy  Losses  allocated solely to
      one or more specific  Classes of  Certificates  in accordance with Section
      4.05 since the Relevant Anniversary.

                                      -3-
<PAGE>

      The  Bankruptcy  Amount  may be further  reduced  by the  Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

      Business  Day: Any day other than (i) a Saturday or a Sunday or (ii) a day
on which banking  institutions  in the State of New York, the State of Michigan,
the  State of  California,  the  State  of  Illinois  or the  City of St.  Paul,
Minnesota (and such other state or states in which the Custodial  Account or the
Certificate  Account are at the time  located) are required or authorized by law
or executive order to be closed.

      Certificate: Any Class A, Class M, Class B or Class R Certificate.

      Certificate   Account:  The  separate  account  or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "[ ], as trustee,  in trust for the  registered  holders of Residential
Funding Mortgage Securities I, Inc., Mortgage Pass-Through Certificates,  Series
20[ ]-S[ ]" and which must be an Eligible Account.

      Class A  Certificate:  Any one of the Class  [A-1,  Class A-2,  Class A-3,
Class A-4,  Class A-P or Class A-V]  Certificates,  executed  by the Trustee and
authenticated by the Certificate Registrar  substantially in the form annexed to
the Standard Terms as Exhibit A.

      Class A-P Principal Distribution Amount: As defined in Section 4.02(b)(i).

      Class R Certificate:  Any one of the Class R Certificates  executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed to the Standard Terms as Exhibit D and evidencing an interest designated
as a  "residual  interest"  in the  related  REMIC  for  purposes  of the  REMIC
Provisions.

      Closing Date:  [                    ], 20[  ].

      Corporate  Trust Office:  The principal  office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
Agreement  is  located  at  [               ],  [Trustee  Address],   Attention:
Structured Finance/RFMSI 2006-S11.

      Cut-off Date:  [                   ] 1, 20[  ].

      Determination  Date:  With respect to any  Distribution  Date,  the second
Business Day prior to such Distribution Date.

      Discount Net Mortgage Rate:  [          ]% per annum.

      Due Period:  With respect to each Distribution Date and any Mortgage Loan,
the calendar month of such Distribution Date.

                                      -4-
<PAGE>

      Eligible  Funds:  On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate  amount  of
Accrued  Certificate   Interest  on  the  Class  M,  Class  B-1  and  Class  B-2
Certificates.

      Fraud Loss Amount: As of any date of determination after the Cut-off Date,
an amount equal to: (X) prior to the first  anniversary  of the Cut-off Date, an
amount equal to [    ]% of the aggregate  outstanding  principal  balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such  date of  determination,  (Y)  prior to the  second  anniversary  of the
Cut-off   Date,  an  amount  equal  to [    ]%  of   the  aggregate  outstanding
principal  balance of all of the Mortgage Loans as of the Cut-off Date minus the
aggregate  amount  of Fraud  Losses  allocated  solely  to one or more  specific
Classes  of  Certificates  in  accordance  with  Section  4.05  of  this  Series
Supplement since the Cut-off Date up to such date of determination  and (Z) from
the third to the fifth  anniversary  of the Cut-off Date, an amount equal to (1)
the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the
Cut-off Date and (b) [     ]% of the aggregate  outstanding principal balance of
all of the Mortgage Loans as of the most recent  anniversary of the Cut-off Date
minus (2) the aggregate  amount of Fraud Losses  allocated solely to one or more
specific  Classes of Certificates in accordance with Section 4.05 of this Series
Supplement since the most recent anniversary of the Cut-off Date up to such date
of  determination.  On and after the fifth  anniversary of the Cut-off Date, the
Fraud Loss Amount shall be zero.

      The Fraud  Loss  Amount may be  further  reduced  by the  Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

      Initial  Monthly  Payment  Fund:  $[            ]  representing  scheduled
principal amortization and interest at the Net Mortgage Rate during the month of
[          ] 20[   ], for those  Mortgage  Loans for which the Trustee  will not
be entitled to receive such payment in accordance  with the definition of "Trust
Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

      Initial  Notional  Amount:  With respect to any Class A-V  Certificates or
Subclass thereof issued pursuant to Section 5.01(c),  the aggregate Cut-off Date
Principal Balance of the Mortgage Loans relating to the Uncertificated Class A-V
REMIC Regular Interests corresponding to such Class or Subclass on such date.

      Initial  Subordinate  Class  Percentage:  With  respect  to each  Class of
related  Subordinate  Certificates,  an  amount  which is  equal to the  initial
aggregate Certificate Principal Balance of

                                      -5-
<PAGE>

such related Class of Subordinate  Certificates  divided by the aggregate Stated
Principal Balance of all the Mortgage Loans as of the Cut-off Date as follows:

         Class M-1:  [      ]%                   Class B-1:  [      ]%
         Class M-2:  [      ]%                   Class B-2:  [      ]%
         Class M-3:  [      ]%                   Class B-3:  [      ]%

      Interest  Accrual  Period:  With  respect  to  any  Certificates  and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

      Interest Only  Certificates:  Any one of the Class A-V  Certificates.  The
Interest Only Certificates will have no Certificate Principal Balance.

      Lockout Amount:  With respect to any Distribution Date, an amount equal to
the product of (i) the Lockout  Percentage for that Distribution  Date, (ii) the
Lockout Priority Percentage for that Distribution Date, and (iii) the portion of
the Senior Principal  Distribution Amount available for distribution pursuant to
Section 4.02(b)(ii)(B).

      Lockout  Percentage:  With respect to any  Distribution  Date, a fraction,
expressed  as a  percentage,  (i) the  numerator  of  which  is the  Certificate
Principal  Balance of the Class A-4  Certificates  and (ii) the  denominator  of
which is the aggregate Certificate Principal Balance of the Class A-2, Class A-3
and Class A-4 Certificates.

      Lockout Priority Percentage:  For any Distribution Date occurring prior to
the  Distribution  Date in [          ] 20[   ], 0%. For any  Distribution  Date
occurring  after the first five years  following  the Closing Date, a percentage
determined as follows: (i) for any Distribution Date during the sixth year after
the Closing Date,  [30]%; (ii) for any Distribution Date during the seventh year
after the Closing Date, [40]%; (iii) for any Distribution Date during the eighth
year after the Closing Date,  [60]%;  (iv) for any Distribution  Date during the
ninth year after the Closing  Date,  [80]%;  and (v) for any  Distribution  Date
thereafter, 100%.

      Maturity  Date:   With  respect  to  each  Class  of   Certificates,   the
Distribution  Date in [      ] 20[   ],  which is the  Distribution  Date in the
month immediately  following the latest scheduled  maturity date of any Mortgage
Loan.

      Mortgage Loan  Schedule:  The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

      (a)   the Mortgage Loan identifying number ("RFC LOAN #");
      (b)   the maturity of the Mortgage Note ("MATURITY DATE");
      (c)   the Mortgage Rate ("ORIG RATE");
      (d)   the Subservicer pass-through rate ("CURR NET");
      (e)   the Net Mortgage Rate ("NET MTG RT");
      (f)   the Pool Strip Rate ("STRIP");

                                      -6-
<PAGE>

      (g)   the initial  scheduled  monthly  payment of  principal,  if any, and
            interest ("ORIGINAL P & I");
      (h)   the Cut-off Date Principal Balance ("PRINCIPAL BAL");
      (i)   the Loan-to-Value Ratio at origination ("LTV");
      (j)   the rate at which the Subservicing  Fee accrues  ("SUBSERV FEE") and
            at which the Servicing Fee accrues ("MSTR SERV FEE");
      (k)   a code "T," "BT" or "CT" under the column "LN  FEATURE,"  indicating
            that the Mortgage Loan is secured by a second or vacation residence;
            and
      (l)   a code  "N"  under  the  column  "OCCP  CODE,"  indicating  that the
            Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

      Non-Discount  Mortgage  Loan:  The mortgage  loans other than the Discount
Mortgage Loans.

      Notional Amount: As of any Distribution Date with respect to any Class A-V
Certificates,  an amount equal to the aggregate Stated Principal  Balance of the
Mortgage Loans as of the day immediately  preceding such  Distribution Date (or,
with respect to the initial  Distribution  Date, at the close of business on the
Cut-off Date).  For federal income tax purposes,  as of any  Distribution  Date,
with respect to any Class A-V  Certificates or Subclass  thereof issued pursuant
to Section 5.01(c), the aggregate Stated Principal Balance of the Mortgage Loans
corresponding  to  the   Uncertificated   Class  A-V  REMIC  Regular   Interests
corresponding to such Class or Subclass as of the day immediately preceding such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of business on the Cut-off Date).

      Pass-Through  Rate:  With respect to the Class A Certificates  (other than
the  Class  A-V  Certificates  and the  Principal  Only  Certificates),  Class M
Certificates, Class B Certificates and Class R Certificates and any Distribution
Date, the per annum rates set forth in the Preliminary  Statement  hereto.  With
respect to the Class A-V Certificates  (other than any Subclass thereof) and any
Distribution Date other than the initial  Distribution Date, a rate equal to the
weighted  average,  expressed  as a  percentage,  of the Pool Strip Rates of all
Mortgage  Loans as of the Due Date in the related  Due  Period,  weighted on the
basis of the respective  Stated Principal  Balances of such Mortgage Loans as of
the day immediately  preceding such Distribution Date. With respect to the Class
A-V  Certificates   and  the initial  Distribution  Date, the Pass-Through  Rate
is  equal  to [     ]%  per  annum.   With respect to any Subclass of Class A-V
Certificates  and any Distribution  Date, a rate equal to the weighted  average,
expressed  as a  percentage,  of the  Pool  Strip  Rates of all  Mortgage  Loans
corresponding  to  the   Uncertificated   Class  A-V  REMIC  Regular   Interests
represented  by such  Subclass  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution  Date (or
with respect to the initial  Distribution  Date, at the close of business on the
Cut-Off Date). The Principal Only Certificates have no Pass-Through Rate and are
not entitled to Accrued Certificate Interest.

      Pool Strip Rate:  With  respect to each  Mortgage  Loan,  a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

                                      -7-
<PAGE>

      Prepayment Assumption: A prepayment assumption of [350]% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of Mortgage Loans of [0.2]% per annum of the then outstanding  principal balance
of such  Mortgage  Loans in the first month of the life of the  Mortgage  Loans,
increasing by an additional  [0.2]% per annum in each succeeding month until the
thirtieth month, and a constant [6]% per annum rate of prepayment thereafter for
the life of the Mortgage Loans.

      Prepayment Distribution Percentage:  With respect to any Distribution Date
and each Class of Subordinate  Certificates,  under the applicable circumstances
set forth below, the respective percentages set forth below:

      (i)   For any Distribution  Date prior to the Distribution Date in [     ]
            20[  ] (unless  the Certificate  Principal  Balances  of the  Senior
            Certificates  (other  than the  Class  A-P  Certificates)  have been
            reduced to zero), 0%.

      (ii)  For any Distribution Date for which clause (i) above does not apply,
            and on which any Class of  Subordinate  Certificates  is outstanding
            with a Certificate Principal Balance greater than zero:

                  (a) in the case of the Class of Subordinate  Certificates then
            outstanding  with  the  Highest  Priority  and each  other  Class of
            Subordinate   Certificates   for   which  the   related   Prepayment
            Distribution Trigger has been satisfied, a fraction,  expressed as a
            percentage,  the  numerator  of which is the  Certificate  Principal
            Balance  of  such  Class  immediately  prior  to such  date  and the
            denominator  of  which  is  the  sum of  the  Certificate  Principal
            Balances  immediately  prior  to  such  date  of (1)  the  Class  of
            Subordinate  Certificates then outstanding with the Highest Priority
            and (2) all other Classes of Subordinate  Certificates for which the
            respective Prepayment Distribution Triggers have been satisfied; and

                  (b)  in  the  case  of  each   other   Class  of   Subordinate
            Certificates for which the Prepayment Distribution Triggers have not
            been satisfied, 0%; and

      (iii) Notwithstanding  the foregoing,  if the application of the foregoing
            percentages on any Distribution  Date as provided in Section 4.02 of
            this Series Supplement  (determined without regard to the proviso to
            the definition of "Subordinate Principal Distribution Amount") would
            result in a  distribution  in respect of  principal  of any Class or
            Classes of  Subordinate  Certificates  in an amount greater than the
            remaining  Certificate  Principal Balance thereof (any such class, a
            "Maturing Class"), then: (a) the Prepayment  Distribution Percentage
            of each  Maturing  Class  shall be  reduced  to a level  that,  when
            applied as described  above,  would exactly  reduce the  Certificate
            Principal  Balance  of  such  Class  to  zero;  (b)  the  Prepayment
            Distribution   Percentage   of  each  other  Class  of   Subordinate
            Certificates  (any such  Class,  a  "Non-Maturing  Class")  shall be
            recalculated  in accordance  with the  provisions in paragraph  (ii)
            above, as if the Certificate

                                      -8-
<PAGE>

            Principal  Balance of each  Maturing  Class had been reduced to zero
            (such percentage as recalculated,  the  "Recalculated  Percentage");
            (c)  the  total  amount  of  the   reductions   in  the   Prepayment
            Distribution  Percentages of the Maturing Class or Classes  pursuant
            to  clause  (a)  of  this   sentence,   expressed  as  an  aggregate
            percentage,  shall be allocated  among the  Non-Maturing  Classes in
            proportion to their respective Recalculated Percentages (the portion
            of such aggregate  reduction so allocated to any Non-Maturing Class,
            the  "Adjustment   Percentage");   and  (d)  for  purposes  of  such
            Distribution  Date, the Prepayment  Distribution  Percentage of each
            Non-Maturing  Class shall be equal to the sum of (1) the  Prepayment
            Distribution  Percentage thereof,  calculated in accordance with the
            provisions in paragraph (ii) above as if the  Certificate  Principal
            Balance of each  Maturing  Class had not been reduced to zero,  plus
            (2) the related Adjustment Percentage.

      Principal Only Certificates: Any one of the Class A-P Certificates.

      Record  Date:  With  respect to each  Distribution  Date and each Class of
Certificates,  the close of business on the last  Business Day of the month next
preceding the month in which the related Distribution Date occurs.

      Senior  Certificate:  Any  one of the  Class  A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

      Senior  Percentage:  As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

      Senior Principal  Distribution  Amount:  As to any Distribution  Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i)  and  Section  4.02(a)(ii)(X)  (excluding  any  amount  distributable
pursuant to Section 4.02(b)(i)(E)) (or, on or after the Credit Support Depletion
Date, the amount required to be distributed to the Class A-P  Certificateholders
pursuant  to Section  4.02(c))  and (b) the sum of the  amounts  required  to be
distributed to the Senior  Certificateholders on such Distribution Date pursuant
to Section 4.02(a)(ii)(Y).

      Special  Hazard  Amount:  As of any Distribution  Date, an amount equal to
$[         ] minus the sum of (i) the aggregate  amount of Special Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the  product of [        ]%  multiplied  by  the

                                      -9-
<PAGE>

outstanding  principal  balance of all Mortgage Loans on the  Distribution  Date
immediately  preceding  such  anniversary  and (iii) the  aggregate  outstanding
principal  balance (as of the immediately  preceding  Distribution  Date) of the
Mortgage  Loans in any  single  five-digit  California  zip code  area  with the
largest  amount of  Mortgage  Loans by  aggregate  principal  balance as of such
anniversary  and (B) the  greater of (i) the product of [     ]%  multiplied  by
the outstanding principal balance of all Mortgage Loans on the Distribution Date
immediately preceding such anniversary  multiplied by a fraction,  the numerator
of which is equal to the  aggregate  outstanding  principal  balance  (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans secured by
Mortgaged Properties located in the State of California divided by the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date)  of all  of  the  Mortgage  Loans,  expressed  as a  percentage,  and  the
denominator  of  which is equal  to [   ]%  (which  percentage  is  equal to the
percentage of Mortgage Loans initially secured by Mortgaged  Properties  located
in the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged Property located in the State of California.

      The Special  Hazard Amount may be further  reduced by the Master  Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

      Subordinate   Principal   Distribution   Amount:   With   respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates  minus (b) the sum of (i)
with respect to the Class of Subordinate  Certificates with the Lowest Priority,
any Excess Subordinate Principal Amount for such Distribution Date; and (ii) the
Capitalization  Reimbursement  Amount for such Distribution Date, other than the
related Discount Fraction of any portion of that amount related to each Discount
Mortgage  Loan,  multiplied  by a  fraction,  the  numerator  of  which  is  the
Subordinate  Principal   Distribution  Amount  for  such  Class  of  Subordinate
Certificates,  without giving effect to this

                                      -10-
<PAGE>

clause  (b)(ii),  and the  denominator  of  which  is the  sum of the  principal
distribution  amounts for all Classes of  Certificates  other than the Class A-P
Certificates,  without giving effect to any  reductions  for the  Capitalization
Reimbursement Amount.

      Trust Fund: The segregated pool of assets consisting of:

      (i)   the Mortgage  Loans and the related  Mortgage  Files and  collateral
            securing such Mortgage Loans,

      (ii)  all payments on and collections in respect of the Mortgage Loans due
            after the Cut-off Date (other than Monthly Payments due in the month
            of the Cut-off Date) as shall be on deposit in the Custodial Account
            or in the  Certificate  Account and  identified  as belonging to the
            Trust Fund but not  including  amounts  on  deposit  in the  Initial
            Monthly Payment Fund,

      (iii) property that secured a Mortgage Loan and that has been acquired for
            the benefit of the Certificateholders by foreclosure or deed in lieu
            of foreclosure,

      (iv)  the hazard insurance  policies and Primary  Insurance  Policies,  if
            any,

      (v)   the Initial Monthly Payment Fund, and

      (vi)  all proceeds of clauses (i) through (vi) above.

      Uncertificated  Accrued Interest:  With respect to each Distribution Date,
as to each Uncertificated  Class A-V REMIC Regular Interest,  an amount equal to
the aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition  thereof on the related  classes of  Certificates if the
Pass-Through Rate on such Classes were equal to the related Uncertificated Class
A-V REMIC  Pass-Through  Rate and the  notional  amount  of such  uncertificated
interest  were  equal to the  related  Uncertificated  Class A-V REMIC  Notional
Amount,  and  any  reduction  in the  amount  of  Accrued  Certificate  Interest
resulting from the allocation of Prepayment Interest Shortfalls, Realized Losses
or other  amounts to the Class A-V  Certificateholders  pursuant to Section 4.05
hereof  shall  be  allocated  to the  Uncertificated  Class  A-V  REMIC  Regular
Interests  pro rata in  accordance  with the  amount of  interest  accrued  with
respect  to  each  related   Uncertificated   REMIC  Notional  Amount  and  such
Distribution Date.

      Uncertificated  Class A-V REMIC  Notional  Amount:  With  respect  to each
Uncertificated Class A-V REMIC Regular Interest, the Stated Principal Balance of
the related Mortgage Loan.

      Uncertificated  Class A-V REMIC  Pass-Through  Rate:  With respect to each
Uncertificated  Class A-V REMIC Regular Interest,  a per annum rate equal to the
Pool Strip Rate with respect to the related Mortgage Loan.

      Uncertificated Class A-V REMIC Regular Interest Distribution Amounts: With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on the  Uncertificated  Class A-V REMIC Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

                                      -11-
<PAGE>

      Uncertificated   Class   A-V   REMIC   Regular   Interests:   The   [1161]
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from [1 to 1161], each relating to the particular
Non-Discount  Mortgage Loan identified by sequential number on the Mortgage Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

      Section 1.02 Use of Words and Phrases.

      "Herein," "hereby," "hereunder," "hereof,"  "hereinbefore,"  "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

      References  in the Pooling and  Servicing  Agreement to  "interest" on and
"principal"  of the  Mortgage  Loans  shall  mean,  with  respect  to the Sharia
Mortgage Loans,  amounts in respect profit  payments and  acquisition  payments,
respectively.

                                      -12-
<PAGE>

                                   ARTICLE II

                    ARTICLE II CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

      Section  2.01  Conveyance  of Mortgage  Loans.  (See  Section  2.01 of the
                     Standard Terms)

      Section  2.02  Acceptance  by Trustee.  (See  Section 2.02 of the Standard
                     Terms)

      Section  2.03  Representations,  Warranties  and  Covenants  of the Master
                     Servicer and the Company.

      (a) For representations,  warranties and covenants of the Master Servicer,
see Section 2.03(a) of the Standard Terms.

      (b) The  Company  hereby  represents  and  warrants to the Trustee for the
benefit of  Certificateholders  that as of the Closing  Date (or,  if  otherwise
specified below, as of the date so specified):

            (i) No  Mortgage  Loan is 30 or more days  Delinquent  in payment of
      principal  and  interest as of the Cut-off  Date and no Mortgage  Loan has
      been so  Delinquent  more than once in the  12-month  period  prior to the
      Cut-off Date;

            (ii) The information set forth in Exhibit One hereto with respect to
      each Mortgage Loan or the Mortgage  Loans, as the case may be, is true and
      correct in all  material  respects at the date or dates  respecting  which
      such information is furnished;

            (iii) The Mortgage Loans are  fully-amortizing  (subject to interest
      only periods, if applicable), fixed-rate mortgage loans with level Monthly
      Payments  due,  with respect to a majority of the Mortgage  Loans,  on the
      first  day  of  each  month  and  terms  to  maturity  at  origination  or
      modification of not more than 30 years;

            (iv) To the best of the Company's  knowledge,  if a Mortgage Loan is
      secured by a Mortgaged Property with a Loan-to-Value  Ratio at origination
      in excess of 80%, such Mortgage Loan is the subject of a Primary Insurance
      Policy that insures that (a) at least 30% of the Stated Principal  Balance
      of the Mortgage Loan at origination if the Loan-to-Value  Ratio is between
      95.00% and 90.01%,  (b) at least 25% of such balance if the  Loan-to-Value
      Ratio is between  90.00% and 85.01%,  and (c) at least 12% of such balance
      if the  Loan-to-Value  Ratio is between 85.00% and 80.01%.  To the best of
      the Company's  knowledge,  each such Primary  Insurance  Policy is in full
      force and effect and the Trustee is entitled to the benefits thereunder;

            (v) The  issuers of the Primary  Insurance  Policies  are  insurance
      companies whose claims-paying  abilities are currently  acceptable to each
      Rating Agency;

                                      -13-
<PAGE>

            (vi) No more than [   ]% of the Mortgage Loans by aggregate  Cut-off
      Date Principal Balance are secured by Mortgaged  Properties located in any
      one zip code area in the State of [Virginia] and no more than [  ]% of the
      Mortgage Loans by aggregate  Cut-off Date Principal Balance are secured by
      Mortgaged Properties located in any one zip code area outside the State of
      [Virginia];

            (vii) The  improvements  upon the Mortgaged  Properties  are insured
      against loss by fire and other  hazards as required by the Program  Guide,
      including  flood  insurance if required under the National Flood Insurance
      Act of 1968, as amended.  The Mortgage  requires the Mortgagor to maintain
      such casualty insurance at the Mortgagor's expense, and on the Mortgagor's
      failure  to do so,  authorizes  the holder of the  Mortgage  to obtain and
      maintain  such   insurance  at  the   Mortgagor's   expense  and  to  seek
      reimbursement therefore from the Mortgagor;

            (viii)  Immediately prior to the assignment of the Mortgage Loans to
      the  Trustee,  the  Company  had good title to, and was the sole owner of,
      each  Mortgage  Loan free and clear of any pledge,  lien,  encumbrance  or
      security   interest   (other   than  rights  to   servicing   and  related
      compensation)  and such  assignment  validly  transfers  ownership  of the
      Mortgage  Loans  to the  Trustee  free  and  clear  of any  pledge,  lien,
      encumbrance or security interest;

            (ix) No more than [   ]% of the Mortgage Loans by aggregate  Cut-off
      Date   Principal   Balance   were   underwritten   under  a  reduced  loan
      documentation program;

            (x)  [Each]  Mortgagor  represented  in its  loan  application  with
      respect to the related Mortgage Loan that the Mortgaged  Property would be
      owner-occupied  and therefore would not be an investor  property as of the
      date of  origination  of such Mortgage Loan. No Mortgagor is a corporation
      or a partnership;

            (xi) [None] of the Mortgage Loans are Buydown Mortgage Loans;

            (xii) Each Mortgage  Loan  constitutes  a qualified  mortgage  under
      Section  860G(a)(3)(A)  of  the  Code  and  Treasury  Regulations  Section
      1.860G-2(a)(1);

            (xiii) A policy of title  insurance  was effective as of the closing
      of each  Mortgage  Loan and is valid and binding and remains in full force
      and effect,  unless the Mortgaged  Properties  are located in the State of
      Iowa and an attorney's  certificate  has been provided as described in the
      Program Guide;

            (xiv)  Except with  respect to approximately [   ]% of the  Mortgage
      Loans, none of the Mortgage Loans are Cooperative Loans;

            (xv)  Except  with  respect to approximately [   ]% of the  Mortgage
      Loans,  none of the Mortgage Loans were  originated  under a "streamlined"
      Mortgage  Loan  program  (through  which no new or updated  appraisals  of
      Mortgaged  Properties  are  obtained in  connection  with the  refinancing
      thereof),  the related Seller has represented that either (a) the value of
      the  related  Mortgaged  Property  as of the  date the  Mortgage  Loan was
      originated  was not less than the appraised  value of such property at the
      time  of  origination   of  the  refinanced   Mortgage  Loan  or  (b)  the
      Loan-to-Value  Ratio of the

                                      -14-
<PAGE>

      Mortgage Loan as of the date of origination of the Mortgage Loan generally
      meets the Company's underwriting guidelines;

            (xvi) Interest on each Mortgage Loan is calculated on the basis of a
      360-day year consisting of twelve 30-day months;

            (xvii) [None] of the Mortgage Loans contains in the related Mortgage
      File a Destroyed Mortgage Note; and

            (xviii)  [None] of the  Mortgage  Loans are  Pledged  Asset Loans or
      Additional Collateral Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Custodial Files to
the Trustee or the Custodian.

      Upon discovery by any of the Company, the Master Servicer, the Trustee, or
the Custodian of a breach of any of the representations and warranties set forth
in this Section 2.03(b) that  materially and adversely  affects the interests of
the  Certificateholders  in any Mortgage Loan, the party discovering such breach
shall give prompt written  notice to the other parties (any  Custodian  being so
obligated under a Custodial Agreement);  provided, however, that in the event of
a breach of the representation  and warranty set forth in Section  2.03(b)(xii),
the party  discovering  such breach  shall give such notice  within five days of
discovery.  Within 90 days of its  discovery or its receipt of notice of breach,
the Company  shall either (i) cure such breach in all material  respects or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in  Section  2.02;  provided  that the  Company  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered.  Any such  substitution  shall be effected by the Company
under  the  same  terms  and   conditions   as  provided  in  Section  2.04  for
substitutions  by  Residential  Funding.  It is  understood  and agreed that the
obligation  of the Company to cure such  breach or to so purchase or  substitute
for any Mortgage  Loan as to which such a breach has occurred and is  continuing
shall  constitute  the sole  remedy  respecting  such  breach  available  to the
Certificateholders   or  the  Trustee  on  behalf  of  the   Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

      Section 2.04 Representations and Warranties of Residential  Funding.  (See
                   Section 2.04 of the Standard Terms)

                                      -15-
<PAGE>

      Section 2.05 Execution and Authentication of Class R Certificates.

      The Trustee  acknowledges  the  assignment to it of the Mortgage Loans and
the  delivery  of the  Custodial  Files to it, or any  Custodian  on its behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets  included  in the Trust  Fund,  receipt of which is hereby  acknowledged.
Concurrently with such delivery and in exchange therefore, the Trustee, pursuant
to the written request of the Company  executed by an officer of the Company has
executed and caused to be  authenticated  and  delivered to or upon the order of
the Company the Class R Certificates in authorized  denominations which evidence
ownership of the entire Trust Fund.

      Section 2.06 [RESERVED].

      Section 2.07 [RESERVED].

      Section 2.08  Purposes  and Powers of the Trust.  (See Section 2.08 of the
                    Standard Terms).

      Section 2.09 Agreement Regarding Ability to Disclose.

      The  Company,   the  Master   Servicer  and  the  Trustee   hereby  agree,
notwithstanding any other express or implied agreement to the contrary, that any
and all Persons,  and any of their respective  employees,  representatives,  and
other agents may disclose,  immediately upon commencement of discussions, to any
and all Persons,  without  limitation  of any kind,  the tax  treatment  and tax
structure of the transaction  and all materials of any kind (including  opinions
or other tax  analyses)  that are  provided to any of them  relating to such tax
treatment  and tax  structure.  For purposes of this  paragraph,  the terms "tax
treatment"  and "tax  structure"  are  defined  under  Treasury  Regulation  ss.
1.6011-4(c).

                                      -16-
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING
                             OF MORTGAGE LOANS

      Section 3.01 Master Servicer to Act as Servicer.  (See Section 3.01 of the
                   Standard Terms)

      Section 3.02 Subservicing    Agreements    Between   Master  Servicer  and
                   Subservicers; Enforcement of Subservicers' and Sellers'
                   Obligations.

      (a) The Master  Servicer  may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer shall be either (i) an institution the accounts
of which are  insured by the FDIC or (ii)  another  entity  that  engages in the
business of originating or servicing mortgage loans, and in either case shall be
authorized  to  transact  business  in the state or states in which the  related
Mortgaged  Properties  it is to  service  are  situated,  if and  to the  extent
required by applicable law to enable the  Subservicer to perform its obligations
hereunder and under the  Subservicing  Agreement,  and in either case shall be a
Freddie Mac,  Fannie Mae or HUD approved  mortgage  servicer.  In addition,  any
Subservicer  of a  Mortgage  Loan  insured  by the FHA  must be an  FHA-approved
servicer,  and any Subservicer of a Mortgage Loan guaranteed by the VA must be a
VA-approved  servicer.  Each Subservicer of a Mortgage Loan shall be entitled to
receive and retain,  as provided in the related  Subservicing  Agreement  and in
Section 3.07, the related Subservicing Fee from payments of interest received on
such Mortgage  Loan after payment of all amounts  required to be remitted to the
Master  Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is
a Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are generally required by, permitted by or consistent with the Program Guide and
are not  inconsistent  with this  Agreement  and as the Master  Servicer and the
Subservicer have agreed;  provided that, the Subservicing  Agreement between the
Master  Servicer  and  [Wells  Fargo],  if  any,  will be upon  such  terms  and
conditions as are consistent  with this Agreement and as the Master Servicer and
the Subservicer have agreed, which may not be consistent with the Program Guide.
With the  approval  of the Master  Servicer,  a  Subservicer  may  delegate  its
servicing obligations to third-party servicers, but such Subservicer will remain
obligated under the related  Subservicing  Agreement.  The Master Servicer and a
Subservicer  may  enter  into   amendments   thereto  or  a  different  form  of
Subservicing  Agreement,  and the form  referred  to or  included in the Program
Guide is merely provided for information and shall not be deemed to limit in any
respect the discretion of the Master  Servicer to modify or enter into different
Subservicing  Agreements;   provided,  however,  that  any  such  amendments  or
different  forms shall be  consistent  with and not violate  the  provisions  of
either this  Agreement or the Program  Guide in a manner which would  materially
and adversely affect the interests of the Certificateholders.  The Program Guide
and any other  Subservicing  Agreement  entered into between the Master Servicer
and any

                                      -17-
<PAGE>

Subservicer  shall require the  Subservicer  to accurately  and fully report its
borrower credit files to each of the Credit Repositories in a timely manner.

      (b) (See Section 3.02(b) of the Standard Terms)

      Section 3.03 Successor  Subservicers.  (See Section 3.03 of the Standard
                   Terms)

      Section 3.04 Liability  of the Master  Servicer.  (See Section 3.04 of the
                   Standard Terms)

      Section 3.05 No Contractual  Relationship  Between Subservicer and Trustee
                   or  Certificateholders.  (See  Section  3.05  of the Standard
                   Terms)

      Section 3.06 Assumption  or  Termination  of   Subservicing  Agreements by
                   Trustee. (See Section 3.06 of the Standard Terms)

      Section 3.07 Collection  of Certain  Mortgage Loan  Payments;  Deposits to
                   Custodial Account. (See Section 3.07 of the Standard Terms)

      Section 3.08 Subservicing Accounts;  Servicing Accounts. (See Section 3.08
                   of the Standard Terms)

      Section 3.09 Access to Certain Documentation and Information Regarding the
                   Mortgage Loans. (See Section 3.09 of the Standard Terms)

      Section 3.10 Permitted  Withdrawals  from   the  Custodial  Account.  (See
                   Section 3.10 of the Standard Terms)

      Section 3.11 Maintenance of the Primary  Insurance  Policies;  Collections
                   Thereunder. (See Section 3.11 of the Standard Terms)

      Section 3.12 Maintenance  of  Fire  Insurance  and  Omissions and Fidelity
                   Coverage. (See Section 3.12 of the Standard Terms)

      Section 3.13 Enforcement   of    Due-on-Sale   Clauses;    Assumption  and
                   Modification    Agreements;     Certain   Assignments.   (See
                   Section 3.13 of the Standard Terms)

      Section 3.14 Realization Upon Defaulted  Mortgage Loans. (See Section 3.14
                   of the Standard Terms)

      Section 3.15 Trustee  to  Cooperate;  Release  of  Custodial  Files.  (See
                   Section 3.15 of the Standard Terms)

      Section 3.16 Servicing and Other Compensation; Compensating Interest. (See
                   Section 3.16 of the Standard Terms)

      Section 3.17 Reports to the Trustee and the Company.  (See Section 3.17 of
                   the Standard Terms)

                                      -18-
<PAGE>

      Section 3.18 Annual  Statement as to Compliance.  (See Section 3.18 of the
                   Standard Terms)

      Section 3.19 Annual Independent Public Accountants' Servicing Report. (See
                   Section 3.19 of the Standard Terms)

      Section 3.20 Rights of the Company in Respect of the Master Servicer. (See
                   Section 3.20 of the Standard Terms)

      Section 3.21 Administration  of  Buydown  Funds.  (See Section 3.21 of the
                   Standard Terms)

      Section 3.22 Advance Facility. (See Section 3.22 of the Standard Terms)

                                      -19-
<PAGE>

                                   ARTICLE IV

                                   PAYMENTS TO
                               CERTIFICATEHOLDERS

      Section 4.01 Certificate Account. (See Section 4.01 of the Standard Terms)

      Section 4.02 Distributions.

      (a) On each  Distribution  Date, (x) the Master  Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee,  shall  distribute (I)
to the Master Servicer or a sub-servicer, in the case of a distribution pursuant
to Section  4.02(a)(iii)  below,  the amount  required to be  distributed to the
Master Servicer or a sub-servicer  pursuant to Section  4.02(a)(iii)  below, and
(II) to each  Certificateholder  of record  on the next  preceding  Record  Date
(other than as  provided in Section  9.01  respecting  the final  distribution),
either (1) in immediately available funds (by wire transfer or otherwise) to the
account of such  Certificateholder  at a bank or other entity having appropriate
facilities  therefore,  if such  Certificateholder  has so  notified  the Master
Servicer   or  the  Paying   Agent,   as  the  case  may  be,  or  (2)  if  such
Certificateholder has not so notified the Master Servicer or the Paying Agent by
the Record  Date,  by check mailed to such  Certificateholder  at the address of
such Holder  appearing in the  Certificate  Register,  such  Certificateholder's
share (which share (A) with  respect to each Class of  Certificates  (other than
any Subclass of the Class A-V Certificates),  shall be based on the aggregate of
the Percentage  Interests  represented by Certificates  of the applicable  Class
held by such  Holder  or (B) with  respect  to any  Subclass  of the  Class  A-V
Certificates,  shall be equal to the amount  (if any)  distributed  pursuant  to
Section  4.02(a)(i) below to each Holder of a Subclass thereof) of the following
amounts,  in the  following  order of  priority  (subject to the  provisions  of
Section 4.02(b) below), in each case to the extent of the Available Distribution
Amount:

            (i) to the  Senior  Certificates  (other  than  the  Principal  Only
      Certificates)  on a pro  rata  basis  based  on  the  Accrued  Certificate
      Interest payable on such  Certificates  with respect to such  Distribution
      Date,  Accrued  Certificate  Interest on such Classes of Certificates  (or
      Subclasses,  if any, with respect to the Class A-V  Certificates) for such
      Distribution Date, plus any Accrued Certificate Interest thereon remaining
      unpaid from any previous Distribution Date, except as provided in the last
      paragraph of this Section 4.02(a);

            (ii)  (X) to the Class  A-P Certificates,  the  Class A-P  Principal
      Distribution Amount (as defined in Section 4.02(b)(i)  herein),  until the
      Certificate  Principal  Balance  of the  Class A-P  Certificates  has been
      reduced to zero; and

                  (Y) to the  Senior  Certificates  (other  than the  Class  A-P
            Certificates),  in the  priorities and amounts set forth in Sections
            4.02(b)(ii)  through 4.02(d),  the sum of the following  (applied to
            reduce  the   Certificate   Principal   Balances   of  such   Senior
            Certificates, as applicable):

                                      -20-
<PAGE>

                  (A) the Senior Percentage for such Distribution Date times the
            sum of the following:

                        (1) the  principal  portion of each Monthly  Payment due
                  during the  related  Due Period on each  Outstanding  Mortgage
                  Loan  (other  than  the  related  Discount   Fraction  of  the
                  principal  portion of such  payment with respect to a Discount
                  Mortgage  Loan),  whether or not  received  on or prior to the
                  related Determination Date, minus the principal portion of any
                  Debt  Service  Reduction  (other  than  the  related  Discount
                  Fraction  of  the  principal  portion  of  such  Debt  Service
                  Reductions with respect to each Discount  Mortgage Loan) which
                  together with other  Bankruptcy  Losses exceeds the Bankruptcy
                  Amount;

                        (2) the Stated  Principal  Balance of any Mortgage  Loan
                  repurchased  during the preceding calendar month (or deemed to
                  have been so repurchased in accordance with Section 3.07(b) of
                  the Standard Terms)  pursuant to Sections 2.02,  2.03, 2.04 or
                  4.07  and  the  amount  of  any  shortfall  deposited  in  the
                  Custodial  Account in connection  with the  substitution  of a
                  Deleted  Mortgage Loan pursuant to Section 2.03 or 2.04 during
                  the preceding  calendar month (other than the related Discount
                  Fraction of such Stated  Principal  Balance or shortfall  with
                  respect to each Discount Mortgage Loan); and

                        (3)  the  principal  portion  of all  other  unscheduled
                  collections  (other  than  Principal  Prepayments  in Full and
                  Curtailments  and amounts  received in connection  with a Cash
                  Liquidation or REO Disposition of a Mortgage Loan described in
                  Section   4.02(a)(ii)(Y)(2)(B)   of  this  Series  Supplement,
                  including without limitation  Insurance Proceeds,  Liquidation
                  Proceeds and REO  Proceeds)  including  Subsequent  Recoveries
                  received  during the  preceding  calendar  month (or deemed to
                  have been so received in  accordance  with Section  3.07(b) of
                  the  Standard  Terms)  to the  extent  applied  by the  Master
                  Servicer as  recoveries  of principal of the related  Mortgage
                  Loan  pursuant to Section  3.14 of the  Standard  Terms (other
                  than the related Discount Fraction of the principal portion of
                  such  unscheduled  collections,  with respect to each Discount
                  Mortgage Loan);

                                      -21-
<PAGE>

                  (B)  with  respect  to each  Mortgage  Loan  for  which a Cash
            Liquidation  or a REO  Disposition  occurred  during  the  preceding
            calendar month (or was deemed to have occurred during such period in
            accordance  with Section  3.07(b) of the Standard Terms) and did not
            result in any Excess  Special  Hazard  Losses,  Excess Fraud Losses,
            Excess Bankruptcy Losses or Extraordinary Losses, an amount equal to
            the lesser of (a) the Senior  Percentage for such  Distribution Date
            times the Stated Principal Balance of such Mortgage Loan (other than
            the related Discount Fraction of such Stated Principal Balance, with
            respect  to  each  Discount   Mortgage  Loan)  and  (b)  the  Senior
            Accelerated Distribution Percentage for such Distribution Date times
            the related  unscheduled  collections  (including without limitation
            Insurance  Proceeds,  Liquidation  Proceeds and REO Proceeds) to the
            extent applied by the Master  Servicer as recoveries of principal of
            the related  Mortgage  Loan pursuant to Section 3.14 of the Standard
            Terms (in each  case  other  than the  portion  of such  unscheduled
            collections,  with respect to a Discount Mortgage Loan,  included in
            Section 4.02(b)(i)(C) of this Series Supplement);

                  (C) the Senior  Accelerated  Distribution  Percentage for such
            Distribution  Date times the aggregate of all Principal  Prepayments
            in Full received in the related  Prepayment  Period and Curtailments
            received in the  preceding  calendar  month  (other than the related
            Discount  Fraction  of  such  Principal   Prepayments  in  Full  and
            Curtailments, with respect to each Discount Mortgage Loan);

                  (D)  any  Excess   Subordinate   Principal   Amount  for  such
            Distribution Date;

                  (E) any amounts described in subsection (ii)(Y),  clauses (A),
            (B) and (C) of this Section 4.02(a),  as determined for any previous
            Distribution  Date, which remain unpaid after application of amounts
            previously  distributed  pursuant  to this  clause (E) to the extent
            that such amounts are not attributable to Realized Losses which have
            been allocated to the Subordinate Certificates; minus

                  (F)  the   Capitalization   Reimbursement   Amount   for  such
            Distribution  Date, other than the related Discount  Fraction of any
            portion of that  amount  related  to each  Discount  Mortgage  Loan,
            multiplied  by a  fraction,  the  numerator  of which is the  Senior
            Principal  Distribution Amount, without giving effect to this clause
            (F),  and the  denominator  of  which  is the  sum of the  principal
            distribution  amounts for all Classes of Certificates other than the
            Class A-P Certificates,  without giving effect to any reductions for
            the Capitalization Reimbursement Amount;

                                      -22-
<PAGE>

            (iii)  if the  Certificate  Principal  Balances  of the  Subordinate
      Certificates  have not been reduced to zero,  to the Master  Servicer or a
      Sub-Servicer,  by remitting for deposit to the Custodial  Account,  to the
      extent of and in reimbursement  for any Advances or Sub-Servicer  Advances
      previously  made with respect to any Mortgage  Loan or REO Property  which
      remain  unreimbursed in whole or in part following the Cash Liquidation or
      REO  Disposition  of such Mortgage  Loan or REO  Property,  minus any such
      Advances  that were made with  respect to  delinquencies  that  ultimately
      constituted  Excess  Special Hazard  Losses,  Excess Fraud Losses,  Excess
      Bankruptcy Losses or Extraordinary Losses;

            (iv) to the  Holders  of the Class  M-1  Certificates,  the  Accrued
      Certificate  Interest thereon for such Distribution Date, plus any Accrued
      Certificate   Interest   thereon   remaining   unpaid  from  any  previous
      Distribution Date, except as provided below;

            (v) to the Holders of the Class M-1 Certificates, an amount equal to
      (x) the  Subordinate  Principal  Distribution  Amount  for  such  Class of
      Certificates for such Distribution Date, minus (y) the amount of any Class
      A-P Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii), (xiv)
      and (xv) of this Series Supplement are insufficient therefore,  applied in
      reduction  of  the  Certificate   Principal   Balance  of  the  Class  M-1
      Certificates;

            (vi) to the  Holders  of the Class  M-2  Certificates,  the  Accrued
      Certificate  Interest thereon for such Distribution Date, plus any Accrued
      Certificate   Interest   thereon   remaining   unpaid  from  any  previous
      Distribution Date, except as provided below;

            (vii) to the Holders of the Class M-2 Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such Distribution Date, minus (y) the amount of any Class
      A-P Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections  4.02(a)(ix),  (xi), (xiii),  (xiv) and
      (xv) of this Series  Supplement  are  insufficient  therefore,  applied in
      reduction  of  the  Certificate   Principal   Balance  of  the  Class  M-2
      Certificates;

            (viii) to the  Holders of the Class M-3  Certificates,  the  Accrued
      Certificate  Interest thereon for such Distribution Date, plus any Accrued
      Certificate   Interest   thereon   remaining   unpaid  from  any  previous
      Distribution Date, except as provided below;

            (ix) to the Holders of the Class M-3  Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-P Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections 4.02(a)(xi),  (xiii), (xiv) and (xv) of
      this Series Supplement are insufficient therefore, applied in reduction of
      the Certificate Principal Balance of the Class M-3 Certificates;

            (x) to the  Holders  of the  Class  B-1  Certificates,  the  Accrued
      Certificate  Interest thereon for such Distribution Date, plus any Accrued
      Certificate   Interest   thereon   remaining   unpaid  from  any  previous
      Distribution Date, except as provided below;

                                      -23-
<PAGE>

            (xi) to the Holders of the Class B-1  Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-P Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant to clause (x) of Sections  4.02(a)(xiii),  (xiv) and (xv) of this
      Series Supplement are insufficient therefore,  applied in reduction of the
      Certificate Principal Balance of the Class B-1 Certificates;

            (xii) to the  Holders  of the Class B-2  Certificates,  the  Accrued
      Certificate  Interest thereon for such Distribution Date, plus any Accrued
      Certificate   Interest   thereon   remaining   unpaid  from  any  previous
      Distribution Date, except as provided below;

            (xiii) to the Holders of the Class B-2 Certificates, an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-P Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for all previous  Distribution  Dates, to the extent the amounts available
      pursuant  to clause (x) of Sections  4.02(a)(xiv)  and (xv) of this Series
      Supplement  are  insufficient  therefore,  applied  in  reduction  of  the
      Certificate Principal Balance of the Class B-2 Certificates;

            (xiv) to the Holders of the Class B-3 Certificates,  an amount equal
      to (x) the Accrued  Certificate  Interest  thereon  for such  Distribution
      Date, plus any Accrued Certificate  Interest thereon remaining unpaid from
      any previous  Distribution  Date, except as provided below,  minus (y) the
      amount of any Class A-P Collection  Shortfalls for such  Distribution Date
      or remaining unpaid for all previous Distribution Dates, to the extent the
      amounts  available  pursuant to clause (x) of Section  4.02(a)(xv) of this
      Series Supplement are insufficient therefore;

            (xv) to the Holders of the Class B-3  Certificates,  an amount equal
      to (x) the  Subordinate  Principal  Distribution  Amount for such Class of
      Certificates for such  Distribution Date minus (y) the amount of any Class
      A-P Collection  Shortfalls for such  Distribution Date or remaining unpaid
      for  all  previous   Distribution  Dates,  applied  in  reduction  of  the
      Certificate Principal Balance of the Class B-3 Certificates;

            (xvi) to the  Senior  Certificates,  in the  priority  set  forth in
      Section  4.02(b) of this Series  Supplement,  the portion,  if any, of the
      Available Distribution Amount remaining after the foregoing distributions,
      applied  to reduce  the  Certificate  Principal  Balances  of such  Senior
      Certificates,  but in no event more than the aggregate of the  outstanding
      Certificate  Principal Balances of each such Class of Senior Certificates,
      and thereafter, to each Class of Subordinate Certificates then outstanding
      beginning  with such Class with the Highest  Priority,  any portion of the
      Available Distribution Amount remaining after the Senior Certificates have
      been retired,  applied to reduce the Certificate Principal Balance of each
      such  Class of  Subordinate  Certificates,  but in no event  more than the
      outstanding   Certificate   Principal   Balance  of  each  such  Class  of
      Subordinate Certificates; and

            (xvii) to the Class R  Certificates,  the  balance,  if any,  of the
      Available Distribution Amount.

                                      -24-
<PAGE>

      Notwithstanding  the foregoing,  on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent  that (1) a  shortfall  in the  amounts  available  to pay Accrued
Certificate  Interest on any Class of Certificates results from an interest rate
reduction  in  connection  with a  Servicing  Modification,  or (2) such  unpaid
Accrued Certificate Interest was attributable to interest shortfalls relating to
the  failure  of the  Master  Servicer  to make  any  required  Advance,  or the
determination  by the  Master  Servicer  that any  proposed  Advance  would be a
Nonrecoverable  Advance  with  respect to the related  Mortgage  Loan where such
Mortgage  Loan  has  not yet  been  the  subject  of a Cash  Liquidation  or REO
Disposition  or the related  Liquidation  Proceeds,  Insurance  Proceeds and REO
Proceeds have not yet been distributed to the Certificateholders.

      (b)  Distributions  of  principal  on  the  Senior  Certificates  on  each
Distribution  Date occurring prior to the Credit Support  Depletion Date will be
made as follows:

            (i) to the Class A-P Certificates,  until the Certificate  Principal
      Balance  thereof is reduced to zero,  an amount (the "Class A-P  Principal
      Distribution Amount") equal to the aggregate of:

                  (A) the related Discount  Fraction of the principal portion of
            each Monthly  Payment on each Discount  Mortgage Loan due during the
            related  Due  Period,  whether  or not  received  on or prior to the
            related  Determination  Date,  minus the  Discount  Fraction  of the
            principal  portion  of any  related  Debt  Service  Reduction  which
            together with other Bankruptcy Losses exceeds the Bankruptcy Amount;

                  (B) the related Discount  Fraction of the principal portion of
            all unscheduled  collections on each Discount Mortgage Loan received
            during the  preceding  calendar  month or, in the case of  Principal
            Prepayments  in Full,  during the related  Prepayment  Period (other
            than amounts  received in connection with a Cash  Liquidation or REO
            Disposition  of a Discount  Mortgage  Loan  described  in clause (C)
            below),  including  Principal  Prepayments  in  Full,  Curtailments,
            Subsequent Recoveries and repurchases  (including deemed repurchases
            under Section  3.07(b) of the Standard  Terms) of Discount  Mortgage
            Loans (or, in the case of a substitution of a Deleted Mortgage Loan,
            the Discount  Fraction of the amount of any  shortfall  deposited in
            the Custodial Account in connection with such substitution);

                  (C) in connection with the Cash Liquidation or REO Disposition
            of a  Discount  Mortgage  Loan  that did not  result  in any  Excess
            Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses
            or  Extraordinary  Losses,  an amount equal to the lesser of (1) the
            applicable Discount Fraction of the Stated Principal Balance of such
            Discount  Mortgage Loan immediately  prior to such Distribution Date
            and (2) the  aggregate  amount of the  collections  on such Discount
            Mortgage Loan to the extent applied as recoveries of principal;

                                      -25-
<PAGE>

                  (D) any  amounts  allocable  to  principal  for  any  previous
            Distribution  Date  (calculated  pursuant to clauses (A) through (C)
            above) that remain undistributed; and

                  (E) the amount of any Class A-P Collection Shortfalls for such
            Distribution  Date  and  the  amount  of any  Class  A-P  Collection
            Shortfalls remaining unpaid for all previous Distribution Dates, but
            only to the extent of the Eligible Funds for such Distribution Date;
            minus

                  (F)  the  related  Discount  Fraction  of the  portion  of the
            Capitalization  Reimbursement  Amount for such Distribution Date, if
            any, related to each Discount Mortgage Loan; and

            (ii) the Senior Principal  Distribution  Amount shall be distributed
      in the following manner and priority:

                  (A) first, to the Class R Certificates,  until the Certificate
            Principal Balance thereof has been reduced to zero;

                  (B) second,  the balance of the Senior Principal  Distribution
            Amount  remaining  after the  distributions,  if any,  described  in
            section  4.02(b)(ii)(A)  above will be distributed  concurrently  as
            follows:

                        (1)  [  ]%  of   the   amount   described   in   Section
                  4.02(b)(ii)(B)   will  be   distributed   to  the   Class  A-1
                  Certificates  until the Certificate  Principal Balance thereto
                  has been reduced to zero; and

                        (2)  [  ]%  of   the   amount   described   in   Section
                  4.02(b)(ii)(B) will be distributed in the following manner and
                  priority:

                              i. first, to the Class A-4 Certificates, an amount
                              up to the  Lockout  Amount  for that  Distribution
                              Date,  until  the  Certificate  Principal  Balance
                              thereof has been reduced to zero;

                              ii.  second,  to  the  Class  A-2  and  Class  A-3
                              Certificates,  sequentially,  in that order, until
                              the Certificate  Principal  Balances  thereof have
                              been reduced to zero; and

                              iii. third, to the Class A-4 Certificates, without
                              regard to the Lockout Amount for that distribution
                              date,  until  the  Certificate  Principal  Balance
                              thereof has been reduced to zero.

                                      -26-
<PAGE>

      (c) On or after the occurrence of the Credit Support  Depletion  Date, all
priorities  relating to  distributions  as described in Section  4.02(b) of this
Series Supplement in respect of principal among the Senior  Certificates  (other
than the Class A-P Certificates) will be disregarded, and (i) an amount equal to
the  Discount  Fraction  of the  principal  portion of  scheduled  payments  and
unscheduled collections received or advanced in respect of the Discount Mortgage
Loans  minus  the  Discount  Fraction  of  the  portion  of  the  Capitalization
Reimbursement Amount for such Distribution Date will be distributed to the Class
A-P  Certificates,  (ii)  the  Senior  Principal  Distribution  Amount  will  be
distributed  to the  remaining  Senior  Certificates  (other  than the Class A-P
Certificates)   pro  rata  in  accordance  with  their  respective   outstanding
Certificate  Principal  Balances  and (iii)  the  amount  set  forth in  Section
4.02(a)(i) herein will be distributed as set forth therein.

      (d) After the  reduction  of the  Certificate  Principal  Balances  of the
Senior Certificates (other than the Class A-P Certificates) to zero but prior to
the Credit Support Depletion Date, the Senior Certificates (other than the Class
A-P  Certificates)  will be entitled to no further  distributions  of  principal
thereon and the Available Distribution Amount will be paid solely to the holders
of the Class A-P Certificates,  Class A-V Certificates, Class M Certificates and
Class B Certificates, in each case as described herein.

      (e) In  addition  to the  foregoing  distributions,  with  respect  to any
Subsequent  Recoveries,  the Master  Servicer  shall deposit such funds into the
Custodial  Account  pursuant  to Section  3.07(b)(iii).  If,  after  taking into
account such  Subsequent  Recoveries,  the amount of a Realized Loss is reduced,
the  amount of such  Subsequent  Recoveries  will be  applied  to  increase  the
Certificate Principal Balance of the Class of Subordinate  Certificates with the
Highest Priority to which Realized Losses,  other than Excess Bankruptcy Losses,
Excess Fraud Losses, Excess Special Hazard Losses and Extraordinary Losses, have
been allocated,  but not by more than the amount of Realized  Losses  previously
allocated to that Class of Certificates  pursuant to Section 4.05. The amount of
any remaining Subsequent  Recoveries will be applied to increase the Certificate
Principal Balance of the Class of Certificates with the next Lower Priority,  up
to the amount of such  Realized  Losses  previously  allocated  to that Class of
Certificates  pursuant to Section 4.05. Any remaining Subsequent Recoveries will
in turn be applied to increase the Certificate Principal Balance of the Class of
Certificates  with the next Lower  Priority  up to the  amount of such  Realized
Losses  previously  allocated to that Class of Certificates  pursuant to Section
4.05,  and so on.  Holders  of such  Certificates  will not be  entitled  to any
payment  in  respect  of  Accrued  Certificate  Interest  on the  amount of such
increases for any Interest  Accrual Period  preceding the  Distribution  Date on
which  such  increase  occurs.  Any  such  increases  shall  be  applied  to the
Certificate  Principal  Balance of each  Certificate of such Class in accordance
with its respective Percentage Interest.

      (f) Each  distribution  with respect to a Book-Entry  Certificate shall be
paid to the Depository,  as Holder thereof,  and the Depository  shall be solely
responsible for crediting the amount of such distribution to the accounts of its
Depository   Participants  in  accordance  with  its  normal  procedures.   Each
Depository  Participant shall be responsible for disbursing such distribution to
the  Certificate  Owners that it represents  and to each indirect  participating
brokerage firm (a "brokerage firm" or "indirect  participating  firm") for which
it acts as agent.  Each brokerage firm shall be responsible for disbursing funds
to  the  Certificate  Owners  that  it  represents.  None  of the  Trustee,  the
Certificate  Registrar,  the  Company  or the  Master  Servicer

                                      -27-
<PAGE>

shall have any  responsibility  therefore  except as otherwise  provided by this
Series Supplement or applicable law.

      (g) Except as otherwise  provided in Section 9.01, if the Master  Servicer
anticipates that a final  distribution with respect to any Class of Certificates
will be made on a future  Distribution Date, the Master Servicer shall, no later
than 40 days  prior to such  final  distribution,  notify  the  Trustee  and the
Trustee shall,  not earlier than the 15th day and not later than the 25th day of
the month next preceding the month of such final  distribution,  distribute,  or
cause to be distributed to each Holder of such Class of Certificates a notice to
the effect that: (i) the Trustee  anticipates that the final  distribution  with
respect to such Class of Certificates will be made on such Distribution Date but
only upon  presentation and surrender of such  Certificates at the office of the
Trustee or as otherwise specified therein,  and (ii) no interest shall accrue on
such Certificates from and after the end of the related Interest Accrual Period.
In the event that  Certificateholders  required to surrender their  Certificates
pursuant  to  Section  9.01(c) do not  surrender  their  Certificates  for final
cancellation,  the Trustee shall cause funds  distributable with respect to such
Certificates  to be  withdrawn  from the  Certificate  Account and credited to a
separate escrow account for the benefit of such  Certificateholders  as provided
in Section 9.01(d).

      Section  4.03  Statements  to  Certificateholders;  Statements  to  Rating
                     Agencies;  Exchange Act  Reporting.  (See  Section 4.03  of
                     the Standard Terms and Exhibit Three hereto)

      Section  4.04  Distribution  of Reports to the  Trustee  and the  Company;
                     Advances  by  the Master Servicer. (See Section 4.04 of the
                     Standard Terms)

      Section 4.05 Allocation of Realized Losses.

      Prior to each  Distribution  Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-V  Certificates  and
Class A-P  Certificates) in the case of the principal  portion of such loss on a
pro rata basis and among all of

                                      -28-
<PAGE>

the Senior  Certificates  (other than the Class A-P Certificates) in the case of
the interest portion of such loss on a pro rata basis, as described below.

      On any Distribution  Date,  Realized Losses will be allocated as set forth
herein after distributions of principal on the Certificates as set forth herein.

      As used herein,  an  allocation  of a Realized  Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation shall be deemed to have occurred on such Distribution Date;  provided
that no such reduction shall reduce the aggregate  Certificate Principal Balance
of the Certificates below the aggregate Stated Principal Balance of the Mortgage
Loans.  Any allocation of the principal  portion of Realized  Losses (other than
Debt Service  Reductions) to the Subordinate  Certificates then outstanding with
the Lowest Priority shall be made by operation of the definition of "Certificate
Principal  Balance"  and by  operation  of the  provisions  of Section  4.02(a).
Allocations of the interest portions of Realized Losses (other than any interest
rate  reduction  resulting  from a  Servicing  Modification)  shall  be  made in
proportion to the amount of Accrued Certificate Interest and by operation of the
definition of "Accrued Certificate  Interest" and by operation of the provisions
of Section  4.02(a).  Allocations  of the  interest  portion of a Realized  Loss
resulting  from an  interest  rate  reduction  in  connection  with a  Servicing
Modification  shall be made by operation of the  provisions of Section  4.02(a).
Allocations of the principal portion of Debt Service Reductions shall be made by
operation of the  provisions  of Section  4.02(a).  All Realized  Losses and all
other losses  allocated to a Class of  Certificates  hereunder will be allocated
among the  Certificates of such Class in proportion to the Percentage  Interests
evidenced thereby; provided that if any Subclasses of the Class A-V Certificates
have been issued  pursuant to Section  5.01(c),  such Realized  Losses and other
losses  allocated to the Class A-V  Certificates  shall be allocated  among such
Subclasses  in  proportion  to the  respective  amounts of  Accrued  Certificate
Interest payable on such  Distribution Date that would have resulted absent such
reductions.

      Section 4.06 Reports  of  Foreclosures   and  Abandonment  of  Mortgaged
                    Property. (See Section 4.06 of the Standard Terms)

      Section 4.07 Optional   Purchase   of   Defaulted   Mortgage  Loans.  (See
                   Section 4.07 of the Standard Terms)

      Section 4.08 Surety Bond. (See Section 4.08 of the Standard Terms)

                                      -29-
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                      -30-
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER
                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                      -31-
<PAGE>

                                  ARTICLE VII

                                     DEFAULT
                     (See Article VII of the Standard Terms)

                                      -32-
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE
                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                      -33-
<PAGE>

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
                     (See Article IX of the Standard Terms)

                                      -34-
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

      Section 10.01 REMIC  Administration.  (See Section  10.01 of the Standard
                    Terms).

      Section 10.02 Master    Servicer;    REMIC   Administrator   and   Trustee
                    Indemnification. (See Section 10.02 of the Standard Terms).

      Section 10.03 Designation of REMIC(s).

      The  REMIC  Administrator  will  make an  election  to  treat  the  entire
segregated  pool of assets  (including  the  Mortgage  Loans but  excluding  the
Initial  Monthly  Payment Fund)  described in the  definition of Trust Fund, and
subject to this Agreement, as a REMIC for federal income tax purposes.

      The Class [A-1,  Class A-2,  Class A-3,  Class A-4,  Class A-P, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3]  Certificates  and the
Uncertificated  Class A-V REMIC  Regular  Interests,  the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in the REMIC,  and the Class R Certificates  will be the sole class of "residual
interests"  therein  for  purposes  of the REMIC  Provisions  (as defined in the
Standard  Terms) under federal income tax law. On and after the date of issuance
of any  Subclass of Class A-V  Certificates  pursuant to Section  5.01(c) of the
Standard Terms,  any such Subclass will represent the  Uncertificated  Class A-V
REMIC Regular Interest or Interests specified by the initial Holder of the Class
A-V Certificates pursuant to said Section.

      Section 10.04 Distributions on the Uncertificated  Class A-V REMIC Regular
Interests.

      (a) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the  Uncertificated  Class A-V REMIC Regular Interests,
Uncertificated  Accrued Interest on the  Uncertificated  Class A-V REMIC Regular
Interests for such Distribution Date, plus any  Uncertificated  Accrued Interest
thereon remaining unpaid from any previous Distribution Date.

      (b) In determining  from time to time the  Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V Certificates  under Section 4.05 shall be deemed allocated to Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
Uncertificated  Class A-V REMIC  Accrued  Interest for the related  Distribution
Date.

      (c) On each  Distribution  Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 10.04. The amount
deemed distributable  hereunder with respect to the Class A-V Certificates shall
equal 100% of the amounts payable with respect to the  Uncertificated  Class A-V
REMIC Regular Interests.

                                      -35-
<PAGE>

      (d) Notwithstanding the deemed  distributions on the Uncertificated  Class
A-V REMIC Regular  Interests  described in this Section 10.04,  distributions of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

      Section 10.05 Compliance with Withholding Requirements.

      Notwithstanding any other provision of this Agreement,  the Trustee or any
Paying  Agent,  as  applicable,   shall  comply  with  all  federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  issue  discount  payments or advances  thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                      -36-
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

      Section 11.01 Amendment. (See Section 11.01 of the Standard Terms)

      Section 11.02 Recordation of Agreement,  Counterparts.  (See Section 11.02
                    of the Standard Terms)

      Section 11.03 Limitation    on    Rights    of   Certificateholders.  (See
                    Section 11.03 of the Standard Terms)

      Section 11.04 Governing Laws. (See Section 11.04 of the Standard Terms)

      Section 11.05 Notices.

      All demands and notices  hereunder shall be in writing and shall be deemed
to have been duly given if personally delivered at or mailed by registered mail,
postage prepaid (except for notices to the Trustee which shall be deemed to have
been duly  given  only  when  received),  to the  appropriate  address  for each
recipient  listed in the table below or, in each case, such other address as may
hereafter be furnished  in writing to the Master  Servicer,  the Trustee and the
Company, as applicable:

          Recipient                           Address
---------------------------- ---------------------------------------
Company                      8400 Normandale Lake Boulevard
                             Suite 250, Minneapolis, Minnesota 55437,
                             Attention: President

Master Servicer              2255 N. Ontario Street, Suite 400
                             Burbank, California 91504-2130,
                             Attention: Managing Director/Master Servicing

Trustee                      [________________]
                             [Trustee Address]
                             Attention:  Structured Finance/RFMSI 2006-S11

[Fitch Ratings               One State Street Plaza
                             New York, New York  10004

Standard & Poor's            55 Water Street
                             New York, New York 10041]

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown  in the  Certificate  Register.  Any  notice  so  mailed  within  the time
prescribed in this Agreement  shall be  conclusively  presumed to have been duly
given, whether or not the Certificateholder receives such notice.

                                      -37-
<PAGE>

      Section 11.06  Required  Notices to  Rating Agency and  Subservicer.  (See
                     Section 11.06 of the Standard Terms)

      Section 11.07  Severability  of  Provisions.  (See  Section  11.07  of the
                     Standard Terms)

      Section 11.08  Supplemental Provisions for  Resecuritization. (See Section
                     11.08 of the Standard Terms)

      Section 11.09  Allocation of Voting Rights.

      [98.0]%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,  other  than  the  Interest  Only  Certificates  and  the  Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  [1.0]% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-V  Certificates  in  accordance  with  their
respective  Percentage  Interests  and  [1.0]%  of all  Voting  Rights  shall be
allocated  among the  Holders  of the  Class R  Certificates,  respectively,  in
accordance with their respective Percentage Interests.

      Section 11.10 No Petition. (See Section 11.10 of the Standard Terms).

                                      -38-
<PAGE>

                                  ARTICLE XII

                          COMPLIANCE WITH REGULATION AB
                     (SEE ARTICLE XII OF THE STANDARD TERMS)

                                      -39-
<PAGE>

      IN WITNESS WHEREOF,  the Company, the Master Servicer and the Trustee have
caused their names to be signed hereto by their  respective  officers  thereunto
duly  authorized  and their  respective  seals,  duly  attested,  to be hereunto
affixed, all as of the day and year first above written.

[Seal]                                  RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC.

Attest:                                 By:
       ------------------------------       --------------------------------
Name:                                   Name:
Title:                                  Title:

[Seal]                                  RESIDENTIAL FUNDING COMPANY, LLC

Attest:                                 By:
       ------------------------------       --------------------------------
Name:                                   Name:
Title:                                  Title:

[Seal]                                  [_________________],
                                        as Trustee

Attest:                                 By:
       ------------------------------       --------------------------------
Name:                                   Name:
Title:                                  Title:

<PAGE>

STATE OF MINNESOTA                 )
                                   ) ss.:
COUNTY OF HENNEPIN                 )

      On the _____ day of [_______]  20[__]before me, a notary public in and for
said  State,  personally  appeared  __________________,  known  to  me  to  be a
____________  of  Residential  Funding  Mortgage  Securities I, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

      IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                      Notary Public

                                      -----------------------------------

[Notarial Seal]

                                      -40-
<PAGE>

STATE OF MINNESOTA                 )
                                   ) ss.:
COUNTY OF HENNEPIN                 )

      On the ____ day of  [_________]  20[__]  before me, a notary public in and
for  said  State,  personally  appeared  ____________,  known  to  me  to  be an
____________  of  Residential  Funding  Company,  LLC, one of the companies that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said company,  and acknowledged to me that such company
executed the within instrument.

      IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                      Notary Public

                                      -----------------------------------

[Notarial Seal]

<PAGE>

STATE OF                           )
                                   ) ss.:
COUNTY OF                          )

      On the ___ day of [_________] 20[__] before me, a notary public in and for
said State, personally appeared ____________, known to me to be an ____________
of [_________________], a [national banking association that executed the within
instrument, and also known to me to be the person who executed it on behalf of
said [national banking association] and acknowledged to me that such [national
banking association] executed the within instrument.

      IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                      Notary Public

                                      -----------------------------------

[Notarial Seal]

<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

                    (Available from the Company upon request)

                                   EXHIBIT 1

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

                    (Available from the Company upon request)

                                   EXHIBIT 2

<PAGE>

                                  EXHIBIT THREE
                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

      (i) the applicable Record Date, Determination Date and Distribution Date;

      (ii) the  aggregate  amount  of  payments  received  with  respect  to the
Mortgage Loans, including prepayment amounts;

      (iii)  the  Servicing  Fee and  Subservicing  Fee  payable  to the  Master
Servicer and the Subservicer;

      (iv) the amount of any other fees or expenses paid;

      (v) (a) the amount of such distribution to the  Certificateholders of such
Class applied to reduce the Certificate  Principal Balance thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

      (vi)  the  amount  of  such  distribution  to  Holders  of such  Class  of
Certificates allocable to interest;

      (vii) if the  distribution to the Holders of such Class of Certificates is
less than the full amount that would be  distributable  to such Holders if there
were sufficient funds available therefore, the amount of the shortfall;

      (viii)  the  aggregate  Certificate  Principal  Balance  of each  Class of
Certificates  and the Senior  Percentage,  before and after giving effect to the
amounts  distributed  on such  Distribution  Date,  separately  identifying  any
reduction  thereof  due to  Realized  Losses  other than  pursuant  to an actual
distribution of principal;

      (ix) the weighted average remaining term to maturity of the Mortgage Loans
after giving effect to the amounts distributed on such Distribution Date;

      (x) the weighted average Mortgage Rates of the Mortgage Loans after giving
effect to the amounts distributed on such Distribution Date;

      (xi) if  applicable,  the  Special  Hazard  Amount,  Fraud Loss Amount and
Bankruptcy  Amount as of the close of  business on the  applicable  Distribution
Date;

      (xii) the number and Stated Principal  Balance of the Mortgage Loans after
giving effect to the distribution of principal on such Distribution Date and the
number of Mortgage Loans at the beginning and end of the preceding Due Period;

      (xiii)  on the  basis  of  the  most  recent  reports  furnished  to it by
Sub-Servicers,  the number and Stated Principal  Balances of Mortgage Loans that
are  Delinquent  (A) 30-59 days,  (B) 60-89 days and (C) 90 or more days and the
number and Stated Principal Balance of Mortgage Loans that are in foreclosure;

                                  EXHIBIT 3-1
<PAGE>

      (xiv) the aggregate amount of Realized Losses for such Distribution Date;

      (xv) the amount,  terms and  general  purpose of any Advance by the Master
Servicer pursuant to Section 4.04;

      (xvi) any material  modifications,  extensions  or waivers to the terms of
the  Mortgage  Loans  during  the Due  Period or that have  cumulatively  become
material over time;

      (xvii)  any  material  breaches  of  Mortgage  Loan   representations   or
warranties or covenants in the Agreement.

      (xviii) the related Subordinate Principal Distribution Amount;

      (xix) the number, Stated Principal Balance and actual principal balance of
REO Properties;

      (xx) the aggregate Accrued Certificate  Interest remaining unpaid, if any,
for each Class of Certificates,  after giving effect to the distribution made on
such Distribution Date;

      (xxi) the Pass-Through Rate with respect to the Class A-V Certificates;

      (xxii) the  Notional  Amount with  respect to each class of Interest  Only
Certificates;

      (xxiii) the occurrence of the Credit Support Depletion Date;

      (xxiv) the Senior  Accelerated  Distribution  Percentage for applicable to
such distribution;

      (xxv) the Senior Percentage for such Distribution Date; and

      (xxvi) the aggregate  amount of any  recoveries  on previously  foreclosed
loans from Sellers.

In the case of information furnished pursuant to clauses (v) and (vi) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
[______________].com.  To receive this statement via first class mail, telephone
the Trustee at 1 (800) [_________].

                                  EXHIBIT 3-2
<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
               AGREEMENT DATED AS OF [______________] 1, 20[____]

                                  EXHIBIT 4-1EXHIBIT 10.1

                   FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

      ASSIGNMENT AND ASSUMPTION AGREEMENT, dated [           ], 20[   ], between
Residential  Funding Company,  LLC, a Delaware limited liability company ("RFC")
and Residential Funding Mortgage Securities I, Inc., a Delaware corporation (the
"Company").

                                    Recitals

      I. RFC has  entered  into  contracts  ("Seller  Contracts")  with  various
seller/servicers,  pursuant to which such  seller/servicers sell to RFC mortgage
loans.

      II. The Company  wishes to purchase  from RFC certain  Mortgage  Loans (as
hereinafter defined) sold to RFC pursuant to the Seller Contracts.

      III.  The  Company,  RFC,  as master  servicer  and [       ], as  trustee
(the "Trustee"), are entering into a Series Supplement, dated as of [       ] 1,
20[  ] (the "Series Supplement"), to the Standard Terms of Pooling and Servicing
Agreement, dated as of [        ] 1, 20[ ] (together with the Series Supplement,
the "Pooling and Servicing  Agreement"),  pursuant to which the Company proposes
to  issue   Mortgage   Pass-Through   Certificates,   Series  20[  ]-S[  ]  (the
"Certificates")  consisting of classes  designated as the Class [A-1, Class A-2,
Class  A-3,   Class  A-4,   Class  A-V,  Class  A-P  and  Class  R  Certificates
(collectively,  the "Senior Certificates"),  Class M-1, Class M-2 and Class M-3]
Certificates  (collectively,  the "Class M Certificates")  and Class [B-1, Class
B-2 and Class B-3]  Certificates  (collectively,  the  "Class B  Certificates"),
representing beneficial ownership interests in a trust fund consisting primarily
of a pool of mortgage loans  identified in Exhibit One to the Series  Supplement
(the "Mortgage Loans").

      IV. In  connection  with the purchase of the Mortgage  Loans,  the Company
will assign to RFC the Class [A-P Certificates,  Class A-V Certificates and a de
minimis  portion  of the  Class  R]  Certificates  (collectively  the  "Retained
Certificates").

      V. In connection  with the purchase of the Mortgage Loans and the issuance
of the Certificates,  RFC wishes to make certain  representations and warranties
to the Company and to assign certain of its rights under the Seller Contracts to
the Company, and the Company wishes to assume certain of RFC's obligations under
the Seller Contracts.

      VI. The Company and RFC intend that the  conveyance  by RFC to the Company
of all its right,  title and interest in and to the Mortgage  Loans  pursuant to
this Agreement shall constitute a purchase and sale and not a loan.

      NOW THEREFORE,  in  consideration  of the recitals and the mutual promises
herein and other good and valuable consideration, the parties agree as follows:

      Section 1. All  capitalized  terms used but not defined  herein shall have
the meanings assigned thereto in the Pooling and Servicing Agreement.

<PAGE>

      Section 2. Concurrently with the execution and delivery hereof, RFC hereby
assigns to the Company without recourse all of its right,  title and interest in
and to the  Mortgage  Loans,  including  all interest  and  principal,  and with
respect to any Sharia Mortgage Loans,  all amounts in respect of profit payments
and  acquisition  payments,  received on or with respect to the  Mortgage  Loans
after [      ] 1, 20[ ] (other than  payments of  principal  and  interest,  and
with  respect to any Sharia  Mortgage  Loans,  all  amounts in respect of profit
payments and acquisition payments, due on the Mortgage Loans in [     ] 20[  ]).
In consideration  of such assignment,  RFC or its designee will receive from the
Company in  immediately  available  funds an amount equal to $[           ] plus
the Class A-P  Certificates,  Class A-V Certificates and a de minimis portion of
the  Retained  Certificates.  In  connection  with  such  assignment  and at the
Company's  direction,  RFC has in respect of each  Mortgage  Loan  endorsed  the
related  Mortgage Note (other than any Destroyed  Mortgage Note) to the order of
the Trustee and delivered an assignment of mortgage or security  instrument,  as
applicable,  in  recordable  form to the  Trustee  or its  agent.  A  "Destroyed
Mortgage Note" means a Mortgage Note the original of which was permanently  lost
or destroyed.

      Section 3. RFC and the Company  agree that the sale of each Pledged  Asset
Loan pursuant to this  Agreement  will also  constitute  the  assignment,  sale,
setting-over,  transfer and  conveyance  to the Company,  without  recourse (but
subject to RFC's covenants, representations and warranties specifically provided
herein),  of all of RFC's obligations and all of RFC's right, title and interest
in, to and under,  whether now existing or  hereafter  acquired as owner of such
Pledged  Asset  Loan with  respect to any and all  money,  securities,  security
entitlements,  accounts, general intangibles, payment intangibles,  instruments,
documents, deposit accounts, certificates of deposit, commodities contracts, and
other  investment  property and other  property of whatever kind or  description
consisting  of,  arising  from or  related  to, (i) the  Credit  Support  Pledge
Agreement,  the Funding and Pledge Agreement among the Mortgagor or other Person
pledging the related Pledged Assets (the  "Customer"),  Combined  Collateral LLC
and National  Financial  Services  Corporation,  and the  Additional  Collateral
Agreement  between  GMAC  Mortgage,  LLC and  the  Customer  (collectively,  the
"Assigned  Contracts"),  (ii) all rights, powers and remedies of RFC as owner of
such Pledged  Asset Loan under or in  connection  with the  Assigned  Contracts,
whether arising under the terms of such Assigned  Contracts,  by statute, at law
or in equity,  or otherwise arising out of any default by the Mortgagor under or
in connection with the Assigned Contracts,  including all rights to exercise any
election  or  option  or to make any  decision  or  determination  or to give or
receive any notice,  consent,  approval or waiver thereunder,  (iii) the Pledged
Amounts and all money,  securities,  security  entitlements,  accounts,  general
intangibles,  payment  intangibles,  instruments,  documents,  deposit accounts,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever kind or  description  and, all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
secures a Pledged Asset Loan, (iv) all documents,  books and records  concerning
the foregoing  (including all computer programs,  tapes, disks and related items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer, sale, assignment and conveyance does not

                                     - 2 -
<PAGE>

constitute  and is not intended to result in the  creation,  or an assumption by
the Company,  of any  obligation of RFC, or any other Person in connection  with
the  Pledged  Assets or under any  agreement  or  instrument  relating  thereto,
including any  obligation to the  Mortgagor,  other than as owner of the Pledged
Asset Loan.

         The Company and RFC intend that the conveyance by RFC to the Company of
all its right,  title and interest in and to the Mortgage Loans pursuant to this
Section 2 shall be, and be construed as, a sale of the Mortgage  Loans by RFC to
the Company. It is, further, not intended that such conveyance be deemed to be a
pledge of the  Mortgage  Loans by RFC to the  Company  to secure a debt or other
obligation of RFC. However,  in the event that the Mortgage Loans are held to be
property of RFC, or if for any reason this Agreement is held or deemed to create
a security  interest in the Mortgage  Loans,  then it is intended  that (a) this
Agreement shall be a security  agreement  within the meaning of Articles 8 and 9
of the Minnesota Uniform  Commercial Code and the Uniform Commercial Code of any
other applicable  jurisdiction;  (b) the conveyance provided for in this Section
shall be  deemed  to be,  and  hereby  is, a grant  by RFC to the  Company  of a
security interest in all of RFC's right,  title and interest,  whether now owned
or  hereafter  acquired,  in and to any and  all  general  intangibles,  payment
intangibles,  accounts,  chattel paper, instruments,  documents,  money, deposit
accounts,  certificates of deposit,  goods, letters of credit, advices of credit
and  investment  property  consisting of, arising from or relating to any of the
following: (A) the Mortgage Loans, including (i) with respect to any Cooperative
Loan, the related Mortgage Note, Security  Agreement,  Assignment of Proprietary
Lease, Cooperative Stock Certificate,  Cooperative Lease, any insurance policies
and all other  documents in the related  Mortgage  File (ii) with respect to any
Sharia  Mortgage  Loan, the related  Sharia  Mortgage Loan Security  Instrument,
Sharia  Mortgage Loan  Co-Ownership  Agreement,  Obligation  to Pay,  Assignment
Agreement and Amendment of Security  Instrument,  any insurance policies and all
other  documents  in the related  Mortgage  File and (iii) with  respect to each
Mortgage Loan other than a Cooperative Loan or Sharia Mortgage Loan, the related
Mortgage Note, the Mortgage,  any insurance  policies and all other documents in
the related  Mortgage  File, (B) all monies due or to become due pursuant to the
Mortgage Loans in accordance  with the terms thereof and (C) all proceeds of the
conversion,  voluntary or involuntary,  of the foregoing into cash, instruments,
securities or other property, including without limitation all amounts from time
to time held or invested in the  Certificate  Account or the Custodial  Account,
whether in the form of cash, instruments,  securities or other property; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
payment intangibles,  negotiable documents,  goods, deposit accounts, letters of
credit,  advices of credit investment  property or chattel paper shall be deemed
to be possession by the secured party,  or possession by a purchaser or a person
designated  by such  secured  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial  Code  of  any  other  applicable  jurisdiction  (including,  without
limitation,  Sections 8-106, 9-313 and 9-106 thereof);  and (d) notifications to
persons holding such property,  and  acknowledgments,  receipts or confirmations
from  persons  holding  such  property,  shall be  deemed  notifications  to, or
acknowledgments  receipts  or  confirmations  from,  securities  intermediaries,
bailees or agents of, or persons holding for (as applicable) the Trustee for the
purpose of perfecting such security interest under applicable law. RFC shall, to
the extent consistent with this Agreement,  take such reasonable  actions as may
be necessary to ensure  that,  if this  Agreement  were  determined  to create a
security interest in the Mortgage Loans and the

                                     - 3 -
<PAGE>

other property described above, such security interest would be determined to be
a perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.  Without  limiting the
generality  of the  foregoing,  RFC shall prepare and deliver to the Company not
less than 15 days prior to any filing date, and the Company shall file, or shall
cause to be filed, at the expense of RFC, all filings  necessary to maintain the
effectiveness  of any original  filings  necessary under the Uniform  Commercial
Code as in effect in any jurisdiction to perfect the Company's security interest
in or lien on the Mortgage Loans,  including without limitation (x) continuation
statements, and (y) such other statements as may be occasioned by (1) any change
of name of RFC or the  Company,  (2) any  change  of  location  of the  place of
business  or the chief  executive  office  of RFC or,  (3) any  transfer  of any
interest of RFC in any Mortgage Loan.

      Notwithstanding  the foregoing,  (i) the Master  Servicer shall retain all
servicing rights (including,  without  limitation,  primary servicing and master
servicing)  relating to or arising out of the Mortgage Loans,  and all rights to
receive servicing fees, servicing income and other payments made as compensation
for such  servicing  granted to it under the  Pooling  and  Servicing  Agreement
pursuant  to the  terms and  conditions  set forth  therein  (collectively,  the
"Servicing  Rights")  and (ii) the  Servicing  Rights  are not  included  in the
collateral in which RFC grants a security  interest  pursuant to the immediately
preceding paragraph.

      Section 4.  Concurrently  with the  execution  and  delivery  hereof,  the
Company  hereby  assigns to RFC  without  recourse  all of its right,  title and
interest  in and to the Class A-P and Class A-V  Certificates  and a de  minimis
portion of the Retained Certificates as part of the consideration payable to RFC
by the Company pursuant to this Agreement.

      Section 5. RFC  represents and warrants to the Company that on the date of
execution  hereof  (or,  if  otherwise  specified  below,  as  of  the  date  so
specified):

      (i) The information set forth in Exhibit One to the Series Supplement with
respect to each Mortgage Loan or the Mortgage Loans, as the case may be, is true
and correct,  in all material  respects,  at the date or dates  respecting which
such information is furnished;

      (ii) Except in the case of no more than [   ]% of the Mortgage Loans, each
mortgage loan with a  Loan-to-Value  Ratio at origination in excess of 80%, will
be insured by a primary mortgage insurance policy (a "Primary Insurance Policy")
covering  at  least  30% of  the  principal  balance  of the  Mortgage  Loan  at
origination if the  Loan-to-Value  Ratio is between 95.00% and 90.01%,  at least
25% of the balance of the  mortgage  loan at  origination  if the  Loan-to-Value
Ratio is  between  90.00%  and  85.01%,  and at least 12% of the  balance of the
mortgage loan at  origination if the  Loan-to-Value  Ratio is between 85.00% and
80.01%.  To the best of the  Company's  knowledge,  each such Primary  Insurance
Policy is in full force and effect and the Trustee is  entitled to the  benefits
thereunder;

      (iii) Each  Primary  Insurance  Policy  insures the named  insured and its
successors  and assigns,  and the issuer of the Primary  Insurance  Policy is an
insurance  company whose  claims-paying  ability is currently  acceptable to the
Rating Agencies;

                                     - 4 -
<PAGE>

      (iv)  Immediately  prior to the  assignment  of the Mortgage  Loans to the
Company,  RFC had good title to, and was the sole owner of, each  Mortgage  Loan
free and clear of any pledge, lien, encumbrance or security interest (other than
rights to  servicing  and  related  compensation  and,  with  respect to certain
Mortgage  Loans,  the monthly  payment due on the first Due Date  following  the
Cut-off  Date),  and no action  has been taken or failed to be taken by RFC that
would materially adversely affect the enforceability of any Mortgage Loan or the
interests therein of any holder of the Certificates;

      (v) No  Mortgage  Loan is 30 or more days  delinquent  in the  payment  of
principal  and interest as of the Cut-off Date and no Mortgage  Loan has been so
Delinquent more than once in the 12 month period prior to the Cut-off Date.

      (vi)  Subject to clause (v) above as respects  delinquencies,  there is no
default,  breach, violation or event of acceleration existing under any Mortgage
Note or Mortgage and no event which,  with notice and expiration of any grace or
cure  period,  would  constitute  a  default,  breach,  violation  or  event  of
acceleration,  and no such default,  breach,  violation or event of acceleration
has been waived by the Seller or by any other entity  involved in originating or
servicing a Mortgage Loan;

      (vii) There is no delinquent tax or assessment  lien against any Mortgaged
Property;

      (viii) No Mortgagor has any right of offset, defense or counterclaim as to
the  related  Mortgage  Note or  Mortgage  except as may be  provided  under the
Servicemembers Civil Relief Act;

      (ix) [None] of the Mortgage Loans are Buy-Down Mortgage Loans;

      (x) There are no  mechanics'  liens or claims for work,  labor or material
affecting any Mortgaged  Property  which are or may be a lien prior to, or equal
with,  the lien of the related  Mortgage,  except such liens that are insured or
indemnified  against by a title  insurance  policy  described  under clause (xv)
below;

      (xi) Each  Mortgaged  Property is free of damage and in good repair and no
notice of  condemnation  has been given with  respect  thereto  and RFC knows of
nothing  involving any Mortgaged  Property that could  reasonably be expected to
materially  adversely  affect  the  value  or  marketability  of  any  Mortgaged
Property;

      (xii) Each  Mortgage Loan at the time it was made complied in all material
respects with all applicable local, state and federal laws,  including,  but not
limited to, all applicable anti-predatory lending laws;

      (xiii) Each Mortgage contains  customary and enforceable  provisions which
render the rights and remedies of the holder adequate to realize the benefits of
the security  against the  Mortgaged  Property,  including  (i) in the case of a
Mortgage  that  is  a  deed  of  trust,  by  trustee's  sale,  (ii)  by  summary
foreclosure,   if  available  under  applicable  law,  and  (iii)  otherwise  by
foreclosure,  and there is no  homestead  or other  exemption  available  to the
Mortgagor  that would  interfere  with such right to sell at a trustee's sale or
right to foreclosure, subject in each case to

                                     - 5 -
<PAGE>

applicable  federal  and state  laws and  judicial  precedents  with  respect to
bankruptcy and right of redemption;

      (xiv) With  respect to each  Mortgage  that is a deed of trust,  a trustee
duly  qualified  under  applicable  law to  serve  as  such is  properly  named,
designated  and serving,  and except in connection  with a trustee's  sale after
default by a Mortgagor,  no fees or expenses are payable by the Seller or RFC to
the trustee under any Mortgage that is a deed of trust;

      (xv) A policy of title  insurance  in the form and amount  required by the
Program Guide was  effective as of the closing of each  Mortgage  Loan, is valid
and  binding  and  remains  in full  force  and  effect,  unless  the  Mortgaged
Properties  are located in the State of Iowa and an attorney's  certificate  has
been provided as described in the Program Guide;

      (xvi) The Mortgage Loans are conventional,  fixed rate,  fully-amortizing,
(subject to interest  only periods,  if  applicable)  first lien mortgage  loans
having terms to maturity of not more than 30 years, from the date of origination
or  modification  with monthly  payments  due, with respect to a majority of the
Mortgage Loans, on the first day of each month;

      (xvii) No  Mortgage  Loan  provides  for  deferred  interest  or  negative
amortization;

      (xviii) The improvements upon the Mortgaged Properties are insured against
loss by fire and other hazards as required by the Program Guide  including flood
insurance  if  required  under the  National  Flood  Insurance  Act of 1968,  as
amended. The Mortgage requires the Mortgagor to maintain such casualty insurance
at the Mortgagor's  expense,  and on the Mortgagor's failure to do so, authorize
the  holder of the  Mortgage  to  obtain  and  maintain  such  insurance  at the
Mortgagor's expense and to seek reimbursement therefore from the Mortgagor;

      (xix) If any of the  Mortgage  Loans are secured by a leasehold  interest,
with  respect to each  leasehold  interest:  the use of  leasehold  estates  for
residential  properties  is an  accepted  practice in the area where the related
Mortgaged Property is located;  residential  property in such area consisting of
leasehold estates is readily  marketable;  the lease is recorded and no party is
in any way in breach of any  provision of such lease;  the  leasehold is in full
force and effect and is not  subject to any prior lien or  encumbrance  by which
the leasehold  could be terminated or subject to any charge or penalty;  and the
remaining  term of the lease does not  terminate  less than ten years  after the
maturity date of such Mortgage Loan;

      (xx) Each  Assigned  Contract  relating  to each  Pledged  Asset Loan is a
valid,  binding  and legally  enforceable  obligation  of the  parties  thereto,
enforceable  in accordance  with their terms,  except as limited by  bankruptcy,
insolvency  or  other  similar  laws  affecting  generally  the  enforcement  of
creditor's rights;

      (xxi) The  Assignor is the holder of all of the right,  title and interest
as owner of each  Pledged  Asset Loan in and to each of the  Assigned  Contracts
delivered and sold to the Company  hereunder,  and the assignment  hereof by RFC
validly  transfers such right,  title and interest to the Company free and clear
of any pledge, lien, or security interest or other encumbrance of any Person;

                                     - 6 -
<PAGE>

      (xxii) The full amount of the Pledged  Amount with respect to such Pledged
Asset  Mortgage  Loan has been  deposited  with the  custodian  under the Credit
Support  Pledge  Agreement  and is on  deposit  in the  custodial  account  held
thereunder as of the date hereof;

      (xxiii) RFC is a member of MERS, in good standing,  and current in payment
of all fees and assessments imposed by MERS, and has complied with all rules and
procedures of MERS in connection  with its assignment to the Trustee as assignee
of the Company of the Mortgage relating to each Mortgage Loan that is registered
with MERS,  including,  among other  things,  that RFC shall have  confirmed the
transfer to the  Trustee,  as assignee of the  Company,  of the  Mortgage on the
MERS(R) System;

      (xxiv) No  instrument of release or waiver has been executed in connection
with the Mortgage Loans, and no Mortgagor has been released, in whole or in part
from its obligations in connection with a Mortgage Loan;

      (xxv) With respect to each Mortgage Loan,  either (i) the Mortgage Loan is
assumable  pursuant to the terms of the Mortgage  Note or (ii) the Mortgage Loan
contains a customary provision for the acceleration of the payment of the unpaid
principal  balance  of the  Mortgage  Loan in the  event the  related  Mortgaged
Property is sold without the prior consent of the mortgagee thereunder;

      (xxvi) The proceeds of the Mortgage Loan have been fully disbursed,  there
is no requirement for future advances thereunder and any and all requirements as
to completion of any on-site or off-site improvements and as to disbursements of
any escrow  funds  therefor  (including  any escrow  funds held to make  Monthly
Payments pending  completion of such  improvements) have been complied with. All
costs, fees and expenses  incurred in making,  closing or recording the Mortgage
Loans were paid;

      (xxvii) Except with respect to  approximately  [ ]% of the Mortgage Loans,
the appraisal was made by an appraiser who meets the minimum  qualifications for
appraisers as specified in the Program Guide;

      (xxviii)  To  the  best  of  RFC's  knowledge,   any  escrow  arrangements
established  with  respect  to any  Mortgage  Loan  are in  compliance  with all
applicable local, state and federal laws and are in compliance with the terms of
the related Mortgage Note;

      (xxix)  Each  Mortgage  Loan  was  originated  (1) by a  savings  and loan
association,  savings bank, commercial bank, credit union,  insurance company or
similar  institution  that is  supervised  and  examined  by a federal  or state
authority,  (2) by a mortgagee  approved  by the  Secretary  of HUD  pursuant to
Sections  203  and 211 of the  National  Housing  Act,  as  amended  or (3) by a
mortgage broker or  correspondent  lender in a manner such that the Certificates
would  qualify as "mortgage  related  securities"  within the meaning of Section
3(a)(41) of the Securities Exchange Act of 1934, as amended;

                                     - 7 -
<PAGE>

      (xxx) All improvements  which were considered in determining the Appraised
Value of the  Mortgaged  Properties  lie wholly  within the  boundaries  and the
building restriction lines of the Mortgaged  Properties,  or the policy of title
insurance  affirmatively  insures  against  loss  or  damage  by  reason  of any
violation,  variation,  encroachment  or  adverse  circumstance  that  either is
disclosed or would have been disclosed by an accurate survey;

      (xxxi) Each  Mortgage  Note and Mortgage  constitutes  a legal,  valid and
binding  obligation of the  borrower,  or the consumer in the case of any Sharia
Mortgage  Loans,  enforceable in accordance  with its terms except as limited by
bankruptcy, insolvency or other similar laws affecting generally the enforcement
of creditor's rights;

      (xxxii) None of the Mortgage  Loans are subject to the Home  Ownership and
Equity Protection Act of 1994;

      (xxxiii) None of the Mortgage Loans are loans that, under applicable state
or local law in effect at the time of  origination  of the loan, are referred to
as (1)  "high-cost" or "covered"  loans or (2) any other similar  designation if
the  law  imposes  greater   restrictions  or  additional  legal  liability  for
residential mortgage loans with high interest rates, points and/or fees;

      (xxxiv) No Mortgage  Loan was  originated  on or after October 1, 2002 and
before  March 7,  2003,  which is secured  by  property  located in the State of
Georgia;

      (xxxv) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable
(as such terms are defined in the Appendix E of the  Standard & Poor's  Glossary
For File Format For LEVELS(R)  Version 5.7 Revised  (attached  hereto as Exhibit
A);  provided  that no Qualified  Substitute  Mortgage Loan shall be a High Cost
Loan or  Covered  Loan (as such  terms are  defined  in  Appendix E of the S&P's
Glossary For File Format For  LEVELS(R) in effect on the date of  substitution),
unless the Company shall have received  from S&P written  confirmation  that the
inclusion of any such Mortgage  Loan will not adversely  affect the then current
ratings assigned to any of the Certificates by S&P;

      (xxxvi) Each mortgage loan constitutes a qualified  mortgage under Section
860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(A)(1);

      (xxxvii) With respect to any Sharia Mortgage Loan,  mortgage  pass-through
certificates or notes  representing  interests in mortgage loans that are in all
material  respects  of the  same  type as the  Mortgage  Loans,  and  which  are
structured to be  permissible  under  Islamic law utilizing a declining  balance
co-ownership  structure,  have  been,  for a least  one  year  prior to the date
hereof,  (a) held by investors other than employee  benefit plans, and (b) rated
at least BBB- or Baa3, as applicable, by a Rating Agency; and

      (xxxviii) No fraud or misrepresentation has taken place in connection with
the origination of any Mortgage Loan.

                                     - 8 -
<PAGE>

      RFC shall provide written notice to GMAC Mortgage, LLC of the sale of each
Pledged  Asset Loan to the Company  hereunder  and by the Company to the Trustee
under the Pooling and Servicing  Agreement,  and shall  maintain the Schedule of
Additional  Owner  Mortgage  Loans (as  defined  in the  Credit  Support  Pledge
Agreement),  showing the Trustee as the  Additional  Owner of each such  Pledged
Asset Loan,  all in  accordance  with Section 7.1 of the Credit  Support  Pledge
Agreement.

      Upon  discovery by RFC or upon notice from the Company or the Trustee of a
breach  of the  foregoing  representations  and  warranties  in  respect  of any
Mortgage  Loan which  materially  and  adversely  affects the  interests  of any
holders of the  Certificates or of the Company in such Mortgage Loan or upon the
occurrence of a Repurchase Event (hereinafter  defined),  notice of which breach
or  occurrence  shall be given to the Company by RFC, if it discovers  the same,
RFC shall,  within 90 days  after the  earlier  of its  discovery  or receipt of
notice  thereof,  either cure such breach or  Repurchase  Event in all  material
respects  or,  except as  otherwise  provided in Section 2.04 of the Pooling and
Servicing Agreement,  either (i) purchase such Mortgage Loan from the Trustee or
the Company, as the case may be, at a price equal to the Purchase Price for such
Mortgage Loan or (ii) substitute a Qualified  Substitute  Mortgage Loan or Loans
for such Mortgage Loan in the manner and subject to the limitations set forth in
Section  2.04  of  the  Pooling  and  Servicing  Agreement.  If  the  breach  of
representation  and warranty  that gave rise to the  obligation to repurchase or
substitute a Mortgage Loan pursuant to this Section 4 was the representation set
forth in clause  (xii) or (xxxviii) of this Section 4, then RFC shall pay to the
Trust Fund,  concurrently  with and in addition to the remedies  provided in the
preceding  sentence,  an amount equal to any liability,  penalty or expense that
was actually  incurred and paid out of or on behalf of the Trust Fund,  and that
directly  resulted  from such breach,  or if incurred and paid by the Trust Fund
thereafter, concurrently with such payment.

      Section 6. With respect to each  Mortgage  Loan,  a first lien  repurchase
event  ("Repurchase  Event") shall have occurred if it is discovered that, as of
the date thereof, the related Mortgage was not a valid first lien on the related
Mortgaged  Property  subject  only to (i) the lien of real  property  taxes  and
assessments  not  yet  due  and  payable,   (ii)  covenants,   conditions,   and
restrictions,  rights of way, easements and other matters of public record as of
the date of recording of such Mortgage and such permissible  title exceptions as
are listed in the Program Guide and (iii) other matters to which like properties
are commonly subject which do not materially  adversely  affect the value,  use,
enjoyment or marketability of the Mortgaged Property. In addition,  with respect
to any Mortgage Loan listed on the attached Schedule A with respect to which any
document or documents  constituting  a part of the Mortgage  File are missing or
defective  in any  material  respect  as to which the  Company  delivers  to the
Trustee or the Custodian an affidavit certifying that the original Mortgage Note
has been lost or destroyed, if such Mortgage Loan subsequently is in default and
the  enforcement  thereof or of the  related  Mortgage is  materially  adversely
affected by the absence or  defectiveness  of any such  document or documents of
the original  Mortgage Note, a Repurchase Event shall be deemed to have occurred
and RFC will be obligated to repurchase or substitute  for such Mortgage Loan in
the manner set forth in Section 4 above.

      Section 7. This  Agreement  shall  inure to the  benefit of and be binding
upon the parties  hereto and their  respective  successors  and assigns,  and no
other person shall have any right or obligation hereunder.

                                     - 9 -
<PAGE>

      IN WITNESS  WHEREOF,  the parties have entered  into this  Assignment  and
Assumption Agreement on the date first written above.

                                       RESIDENTIAL FUNDING COMPANY, LLC

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title:

                                       RESIDENTIAL FUNDING MORTGAGE
                                       SECURITIES I, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title:

<PAGE>
                                   SCHEDULE A

                         Schedule of Mortgage Loans with
                            Defective Mortgage Files

<PAGE>

                                    EXHIBIT A

APPENDIX E - Standard & Poor's Predatory Lending Categories

Standard & Poor's has categorized loans governed by anti-predatory  lending laws
in the Jurisdictions listed below into three categories based upon a combination
of factors  that  include (a) the risk  exposure  associated  with the  assignee
liability and (b) the tests and  thresholds  set forth in those laws.  Note that
certain  loans  classified  by the  relevant  statute as Covered are included in
Standard & Poor's High Cost Loan Category  because they included  thresholds and
tests  that  are  typical  of  what is  generally  considered  High  Cost by the
industry.

<TABLE>
<CAPTION>
                                                                                          REVISED October 20, 2006
------------------------------------------------------------------------------------------------------------------
                                 Standard & Poor's High Cost Loan Categorization
------------------------------------------------------------------------------------------------------------------
       State/Jurisdiction                Name of Anti-Predatory Lending             Category under Applicable
                                               Law/Effective Date                  Anti-Predatory Lending Law
------------------------------------------------------------------------------------------------------------------
<S>                               <C>                                              <C>
Arkansas                          Arkansas Home Loan Protection Act, Ark.          High Cost Home Loan
                                  Code Ann. ss.ss. 23-53-101 et seq.

                                  Effective July 16, 2003
------------------------------------------------------------------------------------------------------------------
Cleveland Heights, OH             Ordinance No. 72-2003 (PSH), Mun. Code ss.ss.    Covered Loan
                                  757.01 et seq.

                                  Effective June 2, 2003
------------------------------------------------------------------------------------------------------------------
Colorado                          Consumer Equity Protection, Colo. Stat.          Covered Loan
                                  Ann.  ss.ss.  5-3.5-101 et seq.

                                  Effective for covered loans offered or entered
                                  into on or after January 1, 2003.
                                  Other provisions of the Act took effect on
                                  June 7, 2002
------------------------------------------------------------------------------------------------------------------
Connecticut                       Connecticut Abusive Home Loan Lending            High Cost Home Loan
                                  Practices Act, Conn. Gen. Stat. ss.ss. 36a-746
                                  et seq.

                                  Effective October 1, 2001
------------------------------------------------------------------------------------------------------------------
District of Columbia              Home Loan Protection Act, D.C. Code ss.ss.       Covered Loan
                                  26-1151.01 et seq.

                                  Effective for loans closed on or after
                                  January 28, 2003
------------------------------------------------------------------------------------------------------------------
Florida                           Fair Lending Act, Fla. Stat. Ann. ss.ss.         High Cost Home Loan
                                  494.0078 et seq.

                                  Effective October 2, 2002
------------------------------------------------------------------------------------------------------------------
Georgia (Oct. 1, 2002 - Mar. 6,   Georgia Fair Lending Act, Ga. Code Ann. ss.ss.   High Cost Home Loan
2003)                             7-6A-1 et seq.

                                  Effective October 1, 2002 - March 6, 2003
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S>                               <C>                                               <C>
Georgia as amended (Mar. 7,       Georgia Fair Lending Act, Ga. Code Ann. ss.ss.    High Cost Home Loan
2003 - current)                   7-6A-1 et seq.

                                  Effective for loans closed on or after
                                  March 7, 2003
------------------------------------------------------------------------------------------------------------------
HOEPA Section 32                  Home Ownership and Equity Protection Act of      High Cost Loan
                                  1994, 15 U.S.C. ss. 1639, 12 C.F.R. ss.ss.
                                  226.32 and 226.34

                                  Effective October 1, 1995, amendments
                                  October 1, 2002
------------------------------------------------------------------------------------------------------------------
</TABLE>

Standard & Poor's High Cost Loan Categorization State/Jurisdiction Name of
Anti-Predatory Lending Law/Effective Date Category under Applicable
Anti-Predatory Lending Law

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S>                                <C>                                             <C>
Illinois                           High Risk Home Loan Act, Ill. Comp. Stat.       High Risk Home Loan
                                   tit.  815,  ss.ss.  137/5  et seq.

                                   Effective January 1, 2004 (prior to this date,
                                   regulations under Residential Mortgage License
                                   Act effective from May 14, 2001)

------------------------------------------------------------------------------------------------------------------
Indiana                            Indiana Home Loan Practices Act, Ind. Code      High Cost Home Loans
                                   Ann.  ss.ss.   24-9-1-1  et  seq.

                                   Effective January  1,  2005;  amended  by
                                   2005 HB 1179, effective July 1, 2005.
------------------------------------------------------------------------------------------------------------------
Kansas                             Consumer Credit Code, Kan. Stat. Ann. ss.ss.    High Loan to Value Consumer Loan
                                   16a-1-101 et seq.                               (id. ss. 16a-3-207) and;

                                   Sections 16a-1-301 and 16a-3-207 became
                                   effective April 14, 1999; Section
                                   16a-3-308a became effective July 1, 1999
                                                                                   -------------------------------
                                                                                   High APR Consumer Loan (id. ss.
                                                                                   16a-3-308a)
------------------------------------------------------------------------------------------------------------------
Kentucky                           2003 KY H.B. 287 - High Cost Home Loan          High Cost Home Loan
                                   Act, Ky. Rev. Stat. ss.ss. 360.100 et seq.

                                   Effective June 24, 2003
------------------------------------------------------------------------------------------------------------------
Maine                              Truth in Lending, Me. Rev. Stat. tit. 9-A,      High Rate High Fee Mortgage
                                   ss.ss. 8-101 et seq.

                                   Effective September 29, 1995 and as
                                   amended from time to time
------------------------------------------------------------------------------------------------------------------
Massachusetts                      Part 40 and Part 32, 209 C.M.R. ss.ss. 32.00     High Cost Home Loan
                                   et seq. and 209 C.M.R. ss.ss. 40.01 et seq.

                                   Effective March 22, 2001 and amended from
                                   time to time
------------------------------------------------------------------------------------------------------------------
Nevada                             Assembly Bill No. 284, Nev. Rev. Stat. ss.ss.    Home Loan
                                   598D.010 et seq.

                                   Effective October 1, 2003
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S>                                <C>                                             <C>
New Jersey                         New Jersey Home Ownership Security Act of       High Cost Home Loan
                                   2002, N.J. Rev. Stat. ss.ss. 46:10B-22 et seq.

                                   Effective for loans closed on or after
                                   November 27, 2003
------------------------------------------------------------------------------------------------------------------
New Mexico                         Home Loan Protection Act, N.M. Rev. Stat.       High Cost Home Loan
                                   ss.ss. 58-21A-1 et seq.

                                   Effective as of January 1, 2004; Revised
                                   as of February 26, 2004
------------------------------------------------------------------------------------------------------------------
New York                           N.Y. Banking Law Article 6-l                    High Cost Home Loan

                                   Effective for applications made on or
                                   after April 1, 2003
------------------------------------------------------------------------------------------------------------------
North Carolina                     Restrictions and Limitations on High Cost       High Cost Home Loan
                                   Home Loans, N.C. Gen. Stat. ss.ss. 24-1.1E
                                   et seq.

                                   Effective  July 1, 2000;  amended  October 1,
                                   2003 (adding open-end lines of credit)
------------------------------------------------------------------------------------------------------------------
</TABLE>

Standard & Poor's High Cost Loan Categorization State/Jurisdiction Name of
Anti-Predatory Lending Law/Effective Date Category under Applicable
Anti-Predatory Lending Law

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S>                                <C>                                             <C>
Ohio                               H.B. 386 (codified in various sections of       Covered Loan
                                   the Ohio Code), Ohio Rev. Code Ann. ss.ss.
                                   1349.25 et seq.

                                   Effective May 24, 2002
------------------------------------------------------------------------------------------------------------------
Oklahoma                           Consumer Credit Code (codified in various       Subsection 10 Mortgage
                                   sections of Title 14A)

                                   Effective July 1, 2000; amended effective
                                   January 1, 2004
------------------------------------------------------------------------------------------------------------------
Rhode Island                       Rhode Island Home Loan Protection Act,          High Cost Home Loan
                                   R.I. Gen. Laws ss.ss. 34-25.2-1 et seq.

                                   Effective December 31, 2006.
------------------------------------------------------------------------------------------------------------------
South Carolina                     South Carolina High Cost and Consumer Home      High Cost Home Loan
                                   Loans Act, S.C. Code Ann. ss.ss. 37-23-10
                                   et seq.

                                   Effective for loans taken on or after
                                   January 1, 2004
------------------------------------------------------------------------------------------------------------------
Tennessee                          Tennessee Home Loan Protection Act, Tenn.       High Cost Home Loan
                                   Code Ann. ss.ss. 45-20-101 et seq.

                                   Effective January 1, 2007.
------------------------------------------------------------------------------------------------------------------
West Virginia                      West Virginia Residential Mortgage Lender,      West Virginia Mortgage Loan Act
                                   Broker and Servicer Act, W. Va. Code Ann.       Loan
                                   ss.ss. 31-17-1 et seq.

                                   Effective June 5, 2002
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                  Standard & Poor's Covered Loan Categorization
------------------------------------------------------------------------------------------------------------------
     State/Jurisdiction                  Name of Anti-Predatory Lending            Category under Applicable
                                               Law/Effective Date                  Anti-Predatory Lending Law
------------------------------------------------------------------------------------------------------------------
<S>                            <C>                                                 <C>
Georgia (Oct. 1, 2002 - Mar.   Georgia Fair Lending Act, Ga. Code Ann. ss.ss.      Covered Loan
6, 2003)                       7-6A-1 et seq.

                               Effective October 1, 2002 - March 6, 2003
------------------------------------------------------------------------------------------------------------------
New Jersey                     New Jersey Home Ownership Security Act of           Covered Home Loan
                               2002, N.J. Rev. Stat. ss.ss. 46:10B-22 et seq.

                               Effective November 27, 2003 - July 5, 2004
------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                     Standard & Poor's Home Loan Categorization
------------------------------------------------------------------------------------------------------------------
<S>                            <C>                                                 <C>
    State/Jurisdiction                 Name of Anti-Predatory Lending              Category under Applicable
                                             Law/Effective Date                    Anti-Predatory Lending Law
------------------------------------------------------------------------------------------------------------------
Georgia (Oct. 1, 2002 -        Georgia Fair Lending Act, Ga. Code Ann. ss.ss.      Home Loan
Mar. 6, 2003)                  7-6A-1 et seq.

                               Effective October 1, 2002 - March 6, 2003
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Standard & Poor's Home Loan Categorization State/Jurisdiction Name of
Anti-Predatory Lending Law/Effective Date Category under Applicable
Anti-Predatory Lending Law

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
<S>                          <C>                                                   <C>
New Jersey                   New Jersey Home Ownership Security Act of 2002,       Home Loan
                             N.J. Rev. Stat. ss.ss. 46:10B-22 et seq.

                             Effective for loans closed on or after
                             November 27, 2003
------------------------------------------------------------------------------------------------------------------
New Mexico                   Home Loan Protection Act, N.M. Rev. Stat. ss.ss.      Home Loan
                             58-21A-1 et seq.

                             Effective as of January 1, 2004; Revised as of
                             February 26, 2004
------------------------------------------------------------------------------------------------------------------
North Carolina               Restrictions and Limitations on High Cost Home        Consumer Home Loan
                             Loans, N.C. Gen. Stat. ss.ss. 24-1.1E et seq.

                             Effective July 1, 2000; amended October 1, 2003
                             (adding open-end lines of credit)
------------------------------------------------------------------------------------------------------------------
South Carolina               South Carolina High Cost and Consumer Home Loans      Consumer Home Loan
                             Act, S.C. Code Ann. ss.ss. 37-23-10 et seq.

                             Effective for loans taken on or after January 1,
                             2004
------------------------------------------------------------------------------------------------------------------
</TABLE>

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