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					Exhibit V-12

Late Payment-No Fees

INSTRUCTIONS LATE PAYMENT-NO FEES FORM LETTER*

[This form letter may not be modified without the approval of the Property Regional Office's regional counsel.] This form letter will be sent out by the Lender to a Borrower who pays its full monthly installment after the date that a late charge can be imposed. This letter advises the Borrower that although late fees and default interest can be charged (if only one or the other can be charged pursuant to the Loan Documents, then delete the nonapplicable reference), they will not be charged at this time. The letter does, however, preserve the noteholder's right to charge such fees and interest and pursue any other remedies available at any time. The Lender must send this letter or the form letter described in Exhibit 13 every time the Borrower makes a late payment, provided, however, that once joint outside counsel is engaged, any such further correspondence should come from outside counsel. __________________ *Payments under the standard note are due on the first day of the month. However, late fees are not assessable until generally the tenth of the month (this period can be shortened at the Lender's discretion when making the initial loan). Consequently, practically speaking, this form letter will not be sent until after the tenth of the month (or such earlier date as is provided in the note for the assessment of a late charge).

Fannie Mae DUS Guide

Page 1 09/03/96

Late Payment-No Fees

Exhibit V-12

[LATE PAYMENT-NO FEES] [Lender's Letterhead] [Date]

[Borrower's Name & Address] Attn: _______________ Re: $_____________ loan to ______________________ [Borrower] secured by certain real property and improvements located in ________________________________; Loan #____________ (the "Loan")

Dear [Borrower]: We received a payment in the amount of $__________ for the above-referenced Loan on _____________. The monthly payment for this Loan is due on the first day of each month. Although your Loan documents provide for the assessment of a late fee and the imposition of a default rate of interest, such fee and interest will not be charged at this time. Please be sure to timely remit your payments in the future. Notwithstanding the foregoing, please be advised that acceptance of this payment shall not be deemed to be a waiver of any of the rights or remedies of the noteholder set forth in the Loan documents or at law or in equity with respect to this or any other payment. No failure or delay on the part of the noteholder in exercising any right or remedy shall operate as a waiver of any of such rights or remedies. Acceptance of the payment does not imply that any future late payments will be accepted by the noteholder, and shall not be deemed a waiver of the noteholder's right to reject late payments, assess late charges, charge a default rate of interest, or take any other actions permitted by the Loan documents or at law or in equity. Sincerely, [Lender]

Page 2 09/03/96

Fannie Mae DUS Guide