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<br />'.�';���� " • MICHAEL H. SOROKA, as Racaiver, appainted pureuant to aourt order issued by
<br />�,— ' the U.S. District Court, Eastern Distriat of New York, of The New York
<br /> � �. _� •�. GuArdian Mortgagee Corporation, a aorporation orqanized and existing under
<br />:�.,-� � ..
<br /> J,�. �� � the laws of thn state of New York ("Guardian"), hereby aonetitutes and
<br /> �= �- � appoints ITT Bowast Corporr�tion, a aorporation organized and exiating under
<br /> -_— � the laws of the state o! California ("ITT Bowest•') , its true and lawful
<br /> - � � �.t attarney-in-laat, in �.ta nama, plaae aa d s tea d, ao lo l y f o r p u r p o s e a o f: _
<br /> =��-?�`��=' -._�-_`._-„� (s) endorsinq Pr�missory Notes from Guardian to Ciovernment National Mortgage
<br /> :�t� . _. - Association �::��,::) �r �v iTT BowBSt, and
<br /> v # °� '� (b� executing Assiqnments from Guardiars to GNMA or �o ITT 8owest, oP
<br />--- "��� " Mort ga ges, Deeds of Trust, Daeds to Seaure Debt and other security
<br /> - �'- �� =� instrwaents securing Promissory Notes aad c�u�sing said Assiqmaents to
<br />- �,�� . be reaorded in coun�y land reccrds ofPiaes, and
<br /> _ �� . � j�'� (c) executing and delivering Deeds� to real property which trans�er title
<br /> , • ��°,.-,. from Guardian to GNMA or to ITT Bowest and causinq the same to be
<br /> :;.
<br /> -�-^' � � reccrded in aounty land records offices, and
<br />�"� �� (d) executing and delivering Deeds to real prcperty which transfer title
<br /> - �`• �w=�� �• `°^ �� from Guardian to the Searetary oP Housing and Urban Development, or to ,
<br /> •:W:M� rt/ -
<br /> - _ ....,;_,�_...._...� , the Administrator oE Veterans APPairs, and causing same to be recorded
<br /> - , .r�,�. �. in aounty land reaords offiaes, and
<br /> . ;•
<br /> . (e) selling, �ransterring or dispoainq of real property acquired through
<br /> foreclosure or otherwise and exeauting all contracte, agreements, deeds,
<br />- � � � assignments and other instruments necessary to effect any such sale,
<br /> -�`'~. ° , '� • transPer or diaposition and to receive proceeds cheaks made payable to
<br /> the order of ITT Bowesti, GNMA or Guardian; assfgning the riqht to any
<br />:�:,, :; . , detiaiency judgmant and/or any detiaiency claim inoidant to a
<br /> . foreclosure or defaulted loan, and
<br /> �
<br /> : � (f) preparing, executing and deliverfng satiisfactions, cancellations,
<br /> � • � discharges, full or partial reconveyances, or full or partial releases
<br /> _ of lien; appointing substitute trustee(s) ; and entering into asaumption
<br /> .. agreements
<br /> ' � only in connection with those residential real estate loans and the property
<br /> � � derived therefrom, which loans are described in the 1989 Sub-Servicing
<br /> �, Agreement entered into by and between GNMA and Bowest Corporation, and which �
<br /> • � loans aonatituted the GNMA portfolio previously serviaed by Guardian.
<br /> mti,o »„�ercie�rno�i uiva� to said attoY'�1ev-�ri-fBCt full poWeL' and authority to
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<br /> � execute all instruments for and on behalf of Guardian and to perform all acts
<br /> , neceseary and proper to carry into effect the powers qranted in subparagraphs
<br /> (a)-(f) above as fully as Guardian might or could do with the same validity
<br /> ` as if all and every such act had been herefn particularly stated, expressed,
<br /> and especially provided for, and hereby ratifies and confirms all that ITT
<br /> ' � Bowest shall lawfully do or cause to be done by virtue of the authority and
<br /> � . powers set foxth in subparagraphs (a)-(f) above. This Limited Power of
<br /> � . Attornsy does not desiqnate, make, constitute or appoint ITT Sowest as
<br /> corporate successor in interest to Guardian.
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