SUBSEQUENT TRANSFER AGREEMENT

 SUBSEQUENT TRANSFER AGREEMENT

     IMC Securities,  Inc. (the  "Depositor"),  Industry Mortgage Company,  L.P.
(the "Seller"), and IMC Home Equity Loan Trust 1996-3 (the "Purchaser") pursuant
to the  Pooling  and  Servicing  Agreement  dated as of July 1,  1996  among the
Depositor,  the Seller,  as Seller and Servicer and The Chase Manhattan Bank, as
Trustee  (the  "Pooling  and  Servicing   Agreement"),   hereby   confirm  their
understanding  with  respect to the sale by the Seller and the  purchase  by the
Depositor  and the sale by the  Depositor  and the purchase by the  Purchaser of
those Home  Equity  Loans (the  "Subsequent  Home Equity  Loans")  listed on the
attached Schedule of Home Equity Loans.

     Conveyance  of  Subsequent  Home  Equity  Loans.  As of July 30,  1996 (the
"Subsequent  Transfer  Date"),  the Seller  does  hereby  irrevocably  transfer,
assign,  setover and otherwise  convey to the  Depositor and the Depositor  does
hereby  irrevocably  transfer,  assign,  set over and  otherwise  convey  to the
Purchaser, without recourse (except as otherwise explicitly provided for herein)
all right,  title and interest in and to any and all benefits  accruing from the
Subsequent  Home Equity  Loans (other than any  principal  received and interest
payments due thereon on or prior to July 1, 1996 whether or not received)  (such
date,  the  "Subsequent  Cut-Off  Date") which are delivered to the Custodian on
behalf of the Trustee  herewith (and all  substitutions  therefor as provided by
Sections 3.03, 3.04 and 3.06 of the Pooling and Servicing  Agreement),  together
with the related  Subsequent  Home Equity Loan documents and the interest in any
Property which secured a Subsequent Home Equity Loan but which has been acquired
by  foreclosure  or deed in lieu of  foreclosure,  and all payments  thereon and
proceeds of the  conversion,  voluntary or  involuntary,  of the foregoing;  and
proceeds of all the  foregoing  (including,  but not by way of  limitation,  all
proceeds of any mortgage insurance,  hazard insurance and title insurance policy
relating to the Subsequent Home Equity Loans, cash proceeds,  accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
rights to payment of any and every  kind,  and other  forms of  obligations  and
receivables  which at any time  constitute all or part of or are included in the
proceeds  of any of the  foregoing).  The  Seller  shall  deliver  the  original
Mortgage or mortgage  assignment  with evidence of recording  thereon (except as
otherwise  provided by the Pooling and Servicing  Agreement)  and other required
documentation  in accordance  with the terms set forth in Sections 3.05 and 3.07
of the Pooling and Servicing Agreement.

     The costs  relating to the  delivery  of the  documents  specified  in this
Subsequent  Transfer Agreement and the Pooling and Servicing  Agreement shall be
borne by the Seller.

     The Seller hereby affirms the  representations  and warranties set forth in
the Pooling and Servicing Agreement that relate to the Seller and the Subsequent
Home Equity Loans as of the date hereof.  The Seller hereby  delivers notice and
confirms that each of the conditions set forth in Section 3.07(b) and 3.07(c) to
the Pooling and Servicing Agreement are satisfied as of the date hereof.

     Pursuant to Section  3.07(a) of the Pooling and  Servicing  Agreement,  the
Seller  hereby  instructs  the  Trustee  to release  one-hundred  percent of the
aggregate  principal balances of the Subsequent Home Equity Loans so transferred
from the Pre-Funding  Account,  $64,470.28  pursuant to this Subsequent Transfer
Agreement.

     All terms and conditions of the Pooling and Servicing  Agreement are hereby
ratified,  confirmed and incorporated herein,  provided that in the event of any
conflict the provisions of this Subsequent Transfer Agreement shall control over
the conflicting provisions of the Pooling and Servicing Agreement.

     Terms capitalized herein and not defined herein shall have their respective
meanings as set forth in the Pooling and Servicing Agreement.

                                    IMC SECURITIES, INC.

                                    as Depositor

                                    By: __________________________________
                                          Name:
                                          Title:

                                    INDUSTRY MORTGAGE COMPANY, L.P.

                                    as Seller

                                    By:   Industry Mortgage Corporation, its
                                          general partner

                                    By: __________________________________
                                          Name:
                                          Title:

                                    IMC HOME EQUITY LOAN TRUST 1996-3,
                                    by The Chase Manhattan Bank, as Trustee

                                    By: __________________________________
                                          Name:
                                          Title:

Dated:  July 30, 1996

 

Basic Info X:

Name: SUBSEQUENT TRANSFER AGREEMENT
Type: Subsequent Transfer Agreement
Date: Aug. 14, 1996
Company: IMC HOME EQUITY LOAN TRUST 1996-3
State: Delaware

Other info:

Date:

  • July 1 , 1996
  • July 30 , 1996 2

Organization:

  • IMC Securities , Inc.
  • IMC Home Equity Loan Trust
  • Schedule of Home Equity Loans
  • Subsequent Home Equity Loans
  • Subsequent Transfer Agreement
  • Industry Mortgage Corporation
  • Chase Manhattan Bank

Location:

  • L.P.

Money:

  • $ 64,470.28

Percent:

  • one-hundred percent