Conveyance of Mortgage Loans. The Seller, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX): (i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee; (ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording; (iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"; (iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee; (v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan; (vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any; (vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto; (viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument); (ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any; (x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager; (xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any; (xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee; (xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders); (xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing; (xv) [Reserved]; (xvi) any letters of credit and other written agreements related to the Mortgage Loan; and (xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee Trust, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor’s rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The REMIC 1 Regular Interests, REMIC 1 Regular Interest IX and the Class R‑1 Interest shall collectively be a separate series of beneficial interests in the assets of the Trust consisting of the Trust Fund assets included in the definition of REMIC 1 pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, andthe Trustee shall execute the PMI Letter Agreement and the Depositor hereby directs the Trustee to do so. In addition, with respect on or prior to the GSMC Retained Interest LoansClosing Date, the Supplemental Interest Trust Trustee shall execute the Swap Agreement and the Depositor hereby directs the Supplemental Interest Trust Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trust pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trust as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut‑off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) unless the Mortgage Loan is registered on the MERS® System, an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof originator to the Trustee;
(v) a copy of Person assigning the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the security interest in MIN) as contemplated by the personal property immediately preceding clause (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrumentc);
(ixe) the original or copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loaneach assumption, modification, written assurance or substitution agreement, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xviif) as an original, photocopy or in electronic form, the lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Americold Pool LoanMortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Co-Lender Agreement. On or Servicer, in its capacity as Seller, shall promptly following the Closing Date (but and in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust, the Trustee, the Delaware Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Notwithstanding the foregoing, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates and the Mezzanine Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment shall be submitted for recording by the Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust, the Trustee shall, promptly or the Delaware Trustee upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and in no event later than five (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust Fund Expense. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it shall cause, within 30 Business Days following after the Closing Date, the MERS® System to indicate that such receipt) deliver such original Mortgage Loans have been assigned by the Depositor to the CustodianTrust in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. Notwithstanding anything to The Depositor further agrees that it shall not, and shall not permit the contrary contained Servicer to, and the Servicer agrees that it shall not, alter the codes referenced in this Section 2.01paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any of the documents referred to in Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Trustee or the applicable Custodian within one year after the Closing Date, the Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each the Depositor or the Servicer, as the case may be, in trust for the benefit of the Americold Pool Loan and Trust. In the Other Americold Pool Loan event that any such original document is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant required pursuant to the terms of the GSMC Loan Sale Agreementthis Section to be a part of a Mortgage File, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement such document shall be delivered promptly to the Trustee on behalf or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the Certificateholders. Nothing Seller that no Mortgage Loan is a “high-cost” or “predatory” loan under any state or local law or regulation applicable to the originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein shall be deemed and referred to override in the provisions Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the CoSeller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-Lender Agreement Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Series 1998Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-XX XX Pooling Agreement9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-8), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-7)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and to under (i) the Mortgage Loans identified on the Mortgage Loan Schedule including the related Mortgage Notes, Mortgages, security agreements and title, hazard and other insurance policies, including all Qualifying Substitute Mortgage Loans, including all rights to payment in distributions with respect thereofthereto payable after the Cut-Off Date, except as set forth belowthe Mortgage File and all rights, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor if any, of the SellerDepositor in the Distribution Account, and all Reserve Accounts, Lock-Box REO Accounts, the Goldman Group GuarantyCertificate Account, the Reinvestment Enhancement InstrumentReserve Account and the Interest Reserve Account, (ii) the Co-Lender Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Trustee pursuant to Section 14 thereof, (iii) the Initial Deposit, (iv) the Depositor's rights under any Intercreditor Agreement and (v) all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly interest accruing on the Master Servicer Remittance Date immediately following receipt. The Certificates from and after the Cut-Off Date.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed hereunder, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." Each Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related applicable Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) deliver to the original Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse"the Fiscal Agent, "Pay to the order of LaSalle National BankPaying Agent, as any Custodian, without recourse", "Pay the Master Servicer or the Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the order document delivery requirements of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;Purchase Agreements and this Section 2.1(b).
(iic) The applicable Seller shall, at the original recorded expense of such Seller as to each of its respective Mortgage or counterpart thereof showing Loans, promptly (and in any event within 45 days following the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified receipt thereof) cause to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation recording or filing, as the case may be, in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankappropriate public office for real property records or UCC financing statements, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesappropriate, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the each assignment to the Trustee referred to in clauses (iv), (vi)(B) and (ix)(B) of the security interest in definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument public recording office to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage following recording or Loan Agreement, a copy thereoffiling; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder of the applicable Seller shall be deemed to have been satisfied upon delivery to the Custodian of obtain therefrom a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereoforiginal. The applicable Seller shall forward copies thereof to the Trustee and the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has defect therein, the applicable Seller shall, pursuant to the applicable Mortgage Loan Purchase Agreement, promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the applicable Seller shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate. The parties acknowledge the obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the Trustee, on or before the fifth Business Day after the Closing Date, five limited powers of attorney substantially in the form attached as Exhibit C to the Primary Servicing Agreements in favor of the Trustee and the Special Servicer to empower the Trustee and, in the event of the failure or incapacity of the Trustee, the Special Servicer, to submit for recording, at the expense of the applicable Seller, any mortgage loan documents required to be recorded as described in the preceding paragraph and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have previously been delivered to the Custodian Trustee). The Sellers agree to reasonably cooperate with the Trustee and the Special Servicer in lieu connection with any additional powers of an original title insurance policyattorney or revisions thereto that are requested by such parties for purposes of such recordation. The Trustee and each other party hereto agrees that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except that to the extent that the absence of a document described in the second preceding sentence with respect to such Mortgage Loan remains unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related Seller, but in no event earlier than 18 months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The Trustee shall submit such documents for recording, at the related Seller's expense, after the periods set forth above; provided, however, the Trustee shall not submit such assignments for recording if the applicable Seller will promptly deliver produces evidence that it has sent any such assignment for recording and certifies that it is awaiting its return from the applicable recording office.
(d) All relevant servicing or loan documents and records in the possession of the Depositor or the Sellers that relate to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)Mortgage Loans, if Companion Loans or B Notes and that are not already filed, required to be filed a part of a Mortgage File in accordance with the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents definition thereof shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, ifrelated Primary Servicer on its behalf, on or before the date that is 45 days following the Closing Date as to any Mortgage Loan, and shall be held by the Seller cannot deliver in complete and recordable form any one of the assignments in favor Master Servicer or related Primary Servicer on behalf of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) trust for the benefit of the definition of "Mortgage File" solely because of Certificateholders. To the unavailability of recording information as extent delivered to any existing document the Master Servicer or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made related Primary Servicer by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender AgreementSeller, the servicer of the Series 1998-XX XX Servicer Mortgage File, will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willinclude, to the extent necessaryrequired to be (and actually) delivered to the applicable Seller pursuant to the applicable Mortgage Loan documents, specially service both copies of the Americold Pool Loan following items: the Mortgage Note, any Mortgage, the Assignment of Leases and the Other Americold Pool LoanAssignment of Mortgage, any guaranty/indemnity agreement, any loan agreement, the insurance policies or certificates (as applicable), the property inspection reports, any financial statements on the property, any escrow analysis, the tax bills, the Appraisal, the environmental report, the engineering report, the asset summary, financial information on the Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor agreement and any Environmental Insurance Policies. Delivery of any of the foregoing documents to the applicable Primary Servicer (or sub-servicer) shall be deemed delivery to the Master Servicer and satisfy the Depositor's obligations under this Section 2.1(d). None of the Master Servicer, the Special Servicer or any Primary Servicer shall have any liability for the absence of any of the foregoing items from the Servicing Mortgage File if such item was not delivered by the related Seller.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each case related Mortgage Loan as of the Closing Date.
(f) In connection herewith, the Depositor has acquired the Principal Loans from Principal, the Xxxxx Fargo Loans from Xxxxx Fargo, the BSCMI Loans from BSCMI, the JHREF Loans from JHREF and the MSDWMC Loans from MSDWMC. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Principal Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Xxxxx Fargo Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the BSCMI Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSDWMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the JHREF Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, Principal, Xxxxx Fargo, BSCMI, JHREF and MSDWMC, as applicable, are required under the terms Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements naming the Trustee, on behalf of the Co-Lender Agreement Certificateholders, as assignee. Notwithstanding the fact that the assignments shall name the Trustee, on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the Principal Loans shall be deemed to have been transferred from Principal to the Depositor, the Xxxxx Fargo Loans shall be deemed to have been transferred from Xxxxx Fargo to the Depositor, the BSCMI Loans shall be deemed to have been transferred from BSCMI to the Depositor, the JHREF Loans shall be deemed to have been transferred from JHREF to the Depositor and the Series 1998-XX XX Pooling Agreement. Pursuant MSDWMC Loans shall be deemed to have been transferred from MSDWMC to the terms of Depositor, and all Mortgage Loans shall be deemed to have been transferred from the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Ser 2003 Top9)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiii) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Depositor's rights under each Co-Lender Agreement Agreement, (iv) with respect to the Class A-MFL Certificates, the Class A-MFL Swap Contract, the Class A-MFL Regular Interest and funds or assets from time to time on deposit in the Class A-MFL Floating Rate Account, and (v) all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the purchase price to be paid includes a portion attributable to interest accruing on the Certificates from and after the Cut-Off Date. The Trustee, by the execution and delivery of this Agreement, hereby agrees that each Senior Mortgage Loan and each Serviced Companion Loan remains subject to its related Co-Lender Agreement.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall make a cash deposit pursuant to the Collection Account in an amount equal applicable Mortgage Loan Purchase Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed hereunder, on or before the Closing Date, the Mortgage Note for each Mortgage Loan so assigned, endorsed to the Cash DepositTrustee as specified in clause (i) of the definition of "Mortgage File." Each Seller is required, pursuant to the applicable Mortgage Loan Purchase Agreement, to deliver to the Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. The None of the Trustee, the Paying Agent, any Custodian, any Master Servicer or any Special Servicer shall remit be liable for any GSMC Retained Interest Amounts failure by any Seller or the Depositor to GSMC comply with the document delivery requirements of the Mortgage Loan Purchase Agreements and this Section 2.1(b).
(c) Each Seller other than Mass Mutual, at its own expense, for the Mortgage Loans sold to the Depositor by such Seller, and the Trustee, at the expense of Mass Mutual, as applicable, for the Mass Mutual Loans sold to the Depositor by Mass Mutual, shall promptly (and in immediately available funds any event within 90 days following the receipt of all recording information necessary to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall record such document) cause the Reserve Accounts and Lock-Box Accounts to be transferred submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC financing statements, as appropriate, each assignment to the Trustee referred to in clauses (iv), (vi) and held (ix)(B) of the definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the public recording office to the Trustee following recording or filing or such party responsible for recording such assignment shall be responsible for forwarding such assignment to the Trustee (except with respect to any Mortgage File document recorded in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (MERS or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation); and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder Trustee shall obtain therefrom, at the expense of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of applicable Seller, a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereofand shall forward copies thereof to the applicable Master Servicer and the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has defect therein, the Trustee shall promptly notify the applicable Seller and the applicable Seller for its respective Mortgage Loans shall promptly prepare or cause to be prepared and delivered to the Trustee a substitute therefor or cure such defect, as the case may be, and thereafter the Trustee shall upon receipt thereof from such Seller cause the same to be duly recorded or filed, as appropriate. The parties acknowledge the obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the Trustee, on or before the fifth Business Day after the Closing Date, five limited powers of attorney substantially in the form attached as Exhibit C to the Primary Servicing Agreements or Exhibit 5 to the Mortgage Loan Purchase Agreements in favor of the Trustee, the applicable Master Servicer and the Special Servicer to empower the Trustee, such Master Servicer and, in the event of the failure or incapacity of the Trustee and such Master Servicer, the Special Servicer, to submit for recording, at the expense of the applicable Seller, any mortgage loan documents required to be recorded as described in the preceding paragraph and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have previously been delivered to the Custodian in lieu of an original title insurance policyTrustee). The Sellers agree to reasonably cooperate with the Trustee, the Seller will promptly deliver Master Servicer and the Special Servicer in connection with any additional powers of attorney or revisions thereto that are requested by such parties for purposes of such recordation. The Trustee and each other party hereto agrees that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except that to the Custodian extent that the absence of a document described in the second preceding sentence with respect to such Mortgage Loan remains unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related original title insurance policy upon receipt thereofSeller, but in no event earlier than 18 months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The Trustee shall submit such documents for recording, at the related Seller's expense, after the periods set forth above; provided, however, the Trustee shall not submit such assignments for recording if the applicable Seller shall promptly cause produces evidence that it has sent any such assignment for recording and certifies that it is awaiting its return from the UCC-1's referred applicable recording office.
(d) All relevant servicing or loan documents and records in the possession of the Depositor or the Sellers that relate to in Section 2.01(v), if the servicing of any Mortgage Loans or Serviced Companion Loan and that are not already filed, required to be filed a part of a Mortgage File in accordance with the definition thereof and are reasonably necessary for the ongoing administration and/or servicing of the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Loan shall be delivered to the Master Servicer (with a copy to the related Primary Servicer, if applicable), on or before the date that is 75 days following the Closing Date and shall be held by the Seller such Master Servicer or the Trusteerelated Primary Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. To the extent delivered to the Master Servicer and the related Sub-Servicer or the related Primary Servicer, as applicable. Notwithstanding anything to , by the contrary contained related Seller, the Servicer Mortgage File will consist of the documents listed in this Section 2.01the definition of Mortgage File; provided, if, on the Closing Date as to any Mortgage Loanhowever, the Seller canshall not be required to deliver in complete and recordable form any one draft documents, privileged or other communications, credit, underwriting, legal or other due diligence, analyses, credit committee briefs or memoranda or other internal approval documents or drafts or internal worksheets, memoranda, communications or evaluations, to the extent created for internal use. Delivery of any of the assignments in favor of foregoing documents to the Trustee referred applicable Primary Servicer (or sub-servicer) shall be deemed delivery to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally applicable Master Servicer and satisfy the delivery requirements of Depositor's obligations under this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"2.1(d). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received foregoing items may be delivered in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willelectronic form, to the extent necessarysuch document is available in such form and such form is reasonably acceptable to the applicable Master Servicer. None of any Master Servicer, specially service both any Special Servicer or any Primary Servicer shall have any liability for the Americold Pool Loan absence of any of the foregoing items from the Servicing Mortgage File if such item was not delivered by the related Seller.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee and the Other Americold Pool LoanMaster Servicer on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each case related Mortgage Loan as of the Closing Date.
(f) In connection herewith, the Depositor has acquired the LaSalle Seller Loans from LaSalle Seller, the MSMC Loans from MSMC, the SunTrust Loans from SunTrust, the Prudential Loans from Prudential and the MM Loans from MM. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the LaSalle Seller Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the SunTrust Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Prudential Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Note, as described in the definition of Mortgage File) relating to the MM Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, LaSalle Seller, MSMC, SunTrust, Prudential, and MM, as applicable, are required under the terms Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements in blank or naming the Trustee, on behalf of the Co-Lender Agreement Certificateholders, as assignee. Notwithstanding the fact that the assignments shall be in blank or name the Trustee, on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the Series 1998-XX XX Pooling Agreement. Pursuant LaSalle Loans shall be deemed to have been transferred from LaSalle Seller to the terms of Depositor, the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement MSMC Loans shall be deemed to have been transferred from MSMC to the Seller. The Seller hereby assigns its rights Depositor, the SunTrust Loans shall be deemed to have been transferred from SunTrust to the Depositor, the Prudential Loans shall be deemed to have been transferred from Prudential to the Depositor, the MM Loans shall be deemed to have been transferred from MM to the Depositor, and obligations under all Mortgage Loans shall be deemed to have been transferred from the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12), Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq12)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-off Date Principal Balance, all interest accruing thereon on and after the Cut-off Date and all collections in respect of interest and principal due after the Cut-off Date; (ii) property which secured each such Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure; (iii) its interest in any insurance policies (including the PMI Policy) in respect of the Mortgage Loans; (iv) the rights of the Depositor under the Mortgage Loan Purchase Agreement, including (v) all rights to payment of the Depositor’s right, title and interest in respect thereof, except as set forth below, any Subsequent Mortgage Loan and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of rights conveyed by the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor to the Goldman Group Guaranty, the Reinvestment Enhancement Trustee under any related Subsequent Transfer Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for Fund, (vii) payments made to the benefit Trustee by the Swap Administrator under the Swap Administration Agreement and the Swap Account and (viii) all proceeds of any of the Certificateholdersforegoing. Such transfer and assignment includes all interest and principal due on and collected by the Depositor or the Servicer after the Cut-off Date with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, on or prior to the Closing Date, does hereby deliver to, and deposit with, the Custodian (on behalf of with the Trustee, or its designated agent (the “Custodian”), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Initial Mortgage Loan so transferred and assigned (other than and the Americold Pool LoanOriginator, on behalf of the Depositor shall, in accordance with Section 2.08, deliver or caused to be delivered to the Trustee with respect to items each Subsequent Mortgage Loan, the following documents or instruments (ii), (iii), (va “Mortgage File”) with respect to each Mortgage Loan so transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of either (A) in blank, in which case the Trustee shall cause the endorsement to be completed or (B) in one of the following formsform: "“Pay to the order of LaSalle National Wxxxx Fargo Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National BankN.A., as Trustee, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bankthe related mortgage note; provided, however, that such substitutions of Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the aggregate Cut-off Date Principal Balance or the Subsequent Cut-off Date Principal Balance, as Custodianapplicable, without recourse", "Pay of which is less than or equal to 1.00% of the order Pool Balance as of LaSalle National Bankthe Cut-off Date or the Subsequent Cut-off Date Principal Balance, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteeapplicable;
(ii) the original Mortgage with evidence of recording thereon, and the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee orpower of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(iii) an original Assignment. The Mortgage shall be assigned either (A) in blank or (B) to “Wxxxx Fargo Bank, N.A., as Trustee, without recourse”;
(iv) an original of any such intervening assignment of Mortgage showing a complete chain of assignments;
(v) the original or a certified copy of lender's title insurance policy; and
(vi) the original or copies of each assumption, modification, written assurance or substitution agreement, if any. The Trustee agrees to execute and deliver (or cause the Custodian to execute and deliver) to the Depositor and the NIMS Insurer on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (with any exceptions noted), substantially in the form attached as Exhibit F-3 hereto. If any of the documents referred to in Section 2.01(ii), (iii) or (iv) above has as of the Closing Date (or Subsequent Transfer Date, with respect to Subsequent Mortgage Loans) been submitted for recording but either (x) has not been returned from the applicable public recording officeoffice or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Depositor to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trustee or the Custodian no later than the Closing Date (or Subsequent Closing Date, with respect to Subsequent Mortgage Loans), of a copy thereof of each such document certified by the Servicer, in its capacity as Originator, in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original thereof that was submitted for recording;
recording and (iii2) an executed Assignment of Mortgage if such copy is certified by the Servicer, in suitable form for recordation in its capacity as Originator, delivery to the jurisdiction in which Trustee or the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, promptly upon receipt thereof of either the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of such document certified by the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in applicable public recording office to be a form suitable for filing, disclosing the assignment to the Trustee true and complete copy of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) original. If the original lender's title insurance policy (policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(v) above, the Servicer, in its capacity as Originator, shall deliver or cause to be delivered to the Trustee or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the MortgageCustodian, the original executed versionor a copy of a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company or an original attorney's opinion of title, together with an executed reassignment of such instrument the original or a certified copy thereof to be delivered to the Trustee (or the Custodian, promptly upon receipt thereof. The Servicer or the Depositor shall deliver or cause to be delivered to the Trustee or the Custodian promptly upon receipt thereof any other documents constituting a "Reassignment part of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of a Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection File received with origination of the respect to any Mortgage Loan, if anyincluding, and copies but not limited to, any original documents evidencing an assumption or modification of the original environmental indemnitiesany Mortgage Loan. Upon discovery or receipt of notice of any materially defective document in, if any;
(x) copies of the original Management Agreementsor that a document is missing from, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the MortgageMortgage File, the original executed version of Servicer, in its capacity as Originator, shall have 120 days to cure such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage defect or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning deliver such security interest missing document to the Trustee on behalf or the Custodian. If the Originator does not cure such defect or deliver such missing document within such time period, the Servicer, in its capacity as Originator, shall either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03. The Depositor (at the expense of the Certificateholders);
(xivServicer, in its capacity as Originator) any shall cause the Assignments which were delivered in blank to be completed and shall cause all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage Assignments referred to in Section 2.01(iii) which has hereof and, to the extent necessary, in Section 2.01(iv) hereof to be recorded. The Depositor shall be required to deliver such Assignments for recording within 90 days of the Closing Date (or Subsequent Transfer Date, with respect to a Subsequent Mortgage Loan). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be submitted for recording (except with respect to any Mortgage Loan located in Maryland) unless the Trustee and the Depositor receive notice that such failure to record would result in a withdrawal or a downgrading by any Rating Agency of the rating on any Class of Certificates; provided, however, each Assignment shall be submitted for recording by the Depositor in the manner described above, at no expense to the Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Servicer, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof, (v) if the Originator is not the Servicer and with respect to any one Assignment the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage, (vi) any Mortgage Loan that is 90 days or more Delinquent and such recordation would be necessary to facilitate conversion of the Mortgaged Property in accordance with Section 3.16 and (vii) reasonable direction by the NIMS Insurer. Upon (a) receipt of written notice from the Trustee that recording of the Assignments is required pursuant to one or more of the conditions (excluding (v) and (vi) above) set forth in the preceding sentence or (b) each Reassignment upon the occurrence of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) condition (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(vv) or (xiiivi) which has in the preceding sentence, the Depositor shall be required to deliver such Assignments for recording as provided above, promptly and in any event within 30 days following receipt of such notice. Notwithstanding the foregoing, if the Originator fails to pay the cost of recording the Assignments, such expense will be paid by the Trustee and the Trustee shall be reimbursed for such expenses by the Trust. To the extent not yet been previously delivered to the Trustee by the Depositor, the Depositor shall furnish the Trustee, or its designated agent, with a copy of each Assignment submitted for filingrecording. In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Depositor shall use its best efforts to promptly prepare have a substitute document for signature by Assignment prepared or have such defect cured, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Depositor herewith delivers to the Trustee shall, promptly upon receipt an executed copy of the original recorded copy (Mortgage Loan Purchase Agreement and in no event later than five Business Days following such receipt) deliver such original to the CustodianPMI Policy. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller The Servicer shall be deemed to have been satisfied upon delivery forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within two weeks of their execution; provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall provide the original of any document submitted for recordation or a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the appropriate public recording office to be a true and complete copy of the original within 365 days of its submission for recordation. In the event that the Servicer cannot provide a copy of such document certified by the public recording office within such 365 day period, an Officers' Certificate of the Servicer which shall (A) identify the recorded original thereof. If a pro forma title insurance policy document, (B) state that the recorded document has not been delivered to the Custodian in lieu due solely to a delay caused by the public recording office, (C) state the amount of an original title insurance policy, time generally required by the Seller will promptly deliver applicable recording office to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)record and return a document submitted for recordation, if not already filed, to be filed in known and (D) specify the date the applicable public recording office and upon filing will promptly deliver recorded document is expected to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Custodian, and, upon receipt of a copy of such document certified by the Seller or public recording office, the Trustee, as applicable. Notwithstanding anything Servicer shall immediately deliver such document to the contrary contained in this Section 2.01, if, on Custodian. In the Closing Date event the appropriate public recording office will not certify as to any Mortgage Loanthe accuracy of such document, the Seller cannot Servicer shall deliver in complete and recordable form any one a copy of such document certified by an officer of the assignments in favor Servicer to be a true and complete copy of the Trustee referred original to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to Custodian. The parties hereto understand and agree that it is not intended that any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially mortgage loan be included in the form of Exhibit P; provided Trust that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered is a high-cost home loan as defined by the Seller for recording within 180 days of the Closing Date (HOEPA or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and any other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement applicable predatory or the Series 1998-XX XX Pooling Agreementabusive lending laws.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2006-3), Pooling and Servicing Agreement (Option One Mortgage Loan Trust 2006-3)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes including all interest and principal due received on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off off Date (other than Scheduled Payments due on the Mortgage Loans on or before the Cut-off Date). Concurrently with the execution of this Agreement, and, with respect the Derivative Agreements shall be delivered to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest AmountsSecurities Administrator. In connection with such transfer and assignmenttherewith, the Seller shall make a cash deposit to Depositor hereby directs the Collection Account Securities Administrator (solely in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name its capacity as securities administrator of the Master Servicer Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements on behalf of the Trustee Supplemental Interest Trust, for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Mortgage Loan Seller and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as successor securities administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the applicable OriginatorTrustee all of its rights and interest under the Purchase Agreement, including the right to enforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, and as set forth herein in Section 2.03(k), shall be entitled to exercise all the rights of the Depositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shall, on Depositor has delivered or prior caused to be delivered to the Closing Date, deliver to, and deposit with, Custodian for the Custodian (on behalf benefit of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Mortgage Loan Seller shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Mortgage Loan Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Mortgage Loan Seller, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Mortgage Loan Seller; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Mortgage Loan Seller shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Mortgage Loan Seller, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Mortgage Loan Seller shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Mortgage Loan Seller and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Mortgage Loan Seller, at the expense of the Mortgage Loan Seller, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of August 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingFirst Franklin Mortgage Loan Trust 2006-FF11”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Mortgage Loan Seller shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Mortgage Loan Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Mortgage Loan Seller at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Mortgage Loan Seller cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Mortgage Loan Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Mortgage Loan Seller, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Mortgage Loan Seller shall be deemed to have been satisfied upon delivery by the Mortgage Loan Seller to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “First Franklin Mortgage Loan Trust 2006-XX XX Pooling FF11” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Wxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders and the Certificate Insurer all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and to the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for Fund; provided that such assignment shall not include any Servicing Rights with respect to the benefit of the CertificateholdersSRO Mortgage Loans. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. In exchange for such transfer and principal due on or prior assignment, the Depositor shall receive the Certificates. Notwithstanding anything provided herein to the Cut-Off Datecontrary, andeach of the parties hereto agrees and acknowledges that, notwithstanding the transfer, conveyance and assignment of the Mortgage Loans from the Depositor to the Trustee pursuant to this Agreement, the Servicing Rights Owner remains the sole and exclusive owner of the related Servicing Rights with respect to the GSMC Retained Interest SRO Mortgage Loans. Concurrently with the execution and delivery of this Agreement, the applicable GSMC Retained Interest AmountsDepositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under the Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of the Mortgage Loans. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS DSLA Mortgage Securities Corporation II Commercial Loan Trust 2006-AR1, Mortgage Loan Pass-Through Certificates, Series 19982006-C1AR1, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original Mortgage Note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related OriginatorMortgage Note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a certified copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original or copy of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed Assignment Officer’s Certificate of Mortgage in suitable form for recordation the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its custodian) on behalf of the Trust Fund is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the jurisdiction case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment, in which the Mortgaged Property is located form and substance acceptable for recording. The Mortgage shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS DSLA Mortgage Securities Corporation II Commercial Loan Trust 2006-AR1, Mortgage Loan Pass-Through Certificates, Series 19982006-C1AR1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment of Mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee of that such original intervening Assignment is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, together the Seller agrees that it will take (or shall cause the Servicer to take), at the expense of the Seller (with an executed reassignment the cooperation of the Depositor, the Trustee and the Master Servicer), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such instrument Mortgage Loans to the Trust Fund. Notwithstanding anything herein to the contrary, the Master Servicer and Securities Administrator are not responsible for monitoring any MERS Mortgage Loans. With respect to each Cooperative Loan, the Seller, on behalf of the Depositor, does hereby deliver to the Trustee (a "Reassignment or Custodian) the related Cooperative Loan Documents and the Seller shall take (or cause the Servicer to take), at the expense of Assignment the Seller (with the cooperation of Leasesthe Depositor, Rents the Trustee and Profits"the Master Servicer) such actions as are necessary under applicable law (including but not limited to the relevant UCC) in suitable form for recordation order to perfect the interest of the Trustee in the jurisdiction in which the related Mortgaged Property Property. Assignments of each Mortgage with respect to each Mortgage Loan that is located not a MERS Mortgage Loan (which reassignmentother than a Cooperative Loan) shall be recorded; provided, however, may be included in the Assignment of Mortgage and that such assignments need not be a separate instrument);
recorded if, in the Opinion of Counsel (ix) copies which must be from Independent Counsel and not at the expense of the original Environmental Reports of Trust Fund or the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(xTrustee) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof acceptable to the Trustee;
(xiii) if any related Lock-Box Agreement , each Rating Agency and the Master Servicer, recording in such states is separate from not required to protect the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security Trust Fund’s interest in the Reserve Accounts related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the Servicer to submit each such assignment for recording), at the cost and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest expense of the Seller, in the manner described above, at no expense to the Trustee on behalf Trust Fund or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders);
, (xiv2) any and all amendments, modifications and supplements to, and waivers related to, any the occurrence of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related a bankruptcy or insolvency relating to the Mortgage Loan; and
Seller or the Depositor, or (xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor, (1) record (a) the Trustee and the Master Servicer), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(vii) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designeein lieu of delivering the above documents, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Trustee, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian on behalf of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything an Officer’s Certificate which shall include a statement to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust Fund shall be held by the Master Servicer or the Servicer in trust for the Trustee, for the benefit of the Trust Fund and the Certificateholders. Nothing herein Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the Seller shall be deemed have 90 days to override cure such defect or deliver such missing document to the provisions Trustee. If the Seller does not cure such defect or deliver such missing document within such time period, the Seller shall either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03 hereof. The Depositor herewith delivers to the Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1), Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. The Seller confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptMortgage Loans. The Seller shall further agrees to assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Confirmation And Agreements , and to cause the Reserve Accounts and Lock-Box Accounts all of its obligations in respect of such transactions to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor Trust Fund, on the terms and conditions set forth in the Corridor Contract Assignment Agreements.
(b) [reserved]
(c) The Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a) or (b).
(d) [reserved]
(e) [reserved]
(f) [reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateTrustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the TrusteeSeller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to "Asset-Backed Certificates, Series 2004-BC3, CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of July 1, 2004, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan the Seller cannot deliver the original recorded Mortgage or counterpart all interim recorded assignments of the Mortgage satisfying the requirements of clause (ii), (iii) or (iv) concurrently with the execution and delivery hereof, the Seller shall deliver or cause to be delivered to the Trustee a true copy of such Mortgage and of each such undelivered interim assignment of the Mortgage each certified by the Seller, the applicable title company, escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original Mortgage or assignment of Mortgage submitted for recording. For any such Mortgage Loan that is not a MERS Mortgage Loan the Seller shall promptly deliver or cause to be delivered to the Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof showing from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date the Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each interim assignment, because the related Originator Mortgage has not been returned by the appropriate recording office, the Seller shall deliver or cause to be delivered such documents to the Trustee as mortgagee orpromptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of such Mortgage or assignment, a copy of the original Mortgage or assignment so retained, with evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy the Seller's obligations in Section 2.01. If any document submitted for recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with the foregoing or (y) lost after recording, the Seller shall deliver to the Trustee a copy of such document certified by the applicable public recording office to be a true and complete copy of the original recorded document. The Seller shall promptly forward or cause to be forwarded to the Trustee (x) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (y) any other documents required to be delivered by the Depositor or the Master Servicer to the Trustee within the time periods specified in this Section 2.01. With respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the related Mortgaged Property and Mortgage File are located in (a) the State of California or (b) any other jurisdiction under the laws of which the recordation of the assignment specified in clause (iii) above is not necessary to protect the Trustee's and the Certificateholders' interest in the related Mortgage Loan, as evidenced by an Opinion of Counsel, delivered by the Seller to the Trustee and a copy to the Rating Agencies, in lieu of recording the assignment specified in clause (iii) above, the Seller may deliver an unrecorded assignment in blank, in form otherwise suitable for recording to the Trustee; provided that if any such original the related Mortgage has not been returned from the applicable public recording office, a such assignment, or any copy thereof certified thereof, of the Mortgage may exclude the information to be provided by the recording office. As to any Mortgage Loan other than a true and complete copy MERS Mortgage Loan, the procedures of the original thereof submitted for recording;
(iii) an executed Assignment of preceding sentence shall be applicable only so long as the related Mortgage in suitable form for recordation File is maintained in the possession of the Trustee in the State or jurisdiction described in which such sentence. In the Mortgaged Property is located event that with respect to either "LaSalle National Bank, as Trustee for Mortgage Loans other than MERS Mortgage Loans (i) the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the MortgageSeller, the original executed version Depositor or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Master Servicer gives written notice to the Trustee that recording is required to protect the right, title and interest of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
Certificateholders in and to any Mortgage Loan, (xivii) a court recharacterizes the sale of the Mortgage Loans as a financing, or (iii) as a result of any change in or amendment to the laws of the State or jurisdiction described in the first sentence of this paragraph or any applicable political subdivision thereof, or any change in official position regarding application or interpretation of such laws, including a holding by a court of competent jurisdiction, such recording is so required, the Trustee shall complete the assignment in the manner specified in clause (iii) of the second paragraph of this Section 2.01 and all amendmentsthe Seller shall submit or cause to be submitted for recording as specified above or, modifications should the Seller fail to perform such obligations, the Trustee shall cause the Master Servicer, at the Master Servicer's expense, to cause each such previously unrecorded assignment to be submitted for recording as specified above. In the event a Mortgage File is released to the Master Servicer as a result of the Master Servicer's having completed a Request for Release in the form of Exhibit M, the Trustee shall complete the assignment of the related Mortgage in the manner specified in clause (iii) of the second paragraph of this Section 2.01. So long as the Trustee maintains an office in the State of California, the Trustee shall maintain possession of and supplements to, and waivers related to, not remove or attempt to remove from the State of California any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related Mortgage Files as to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to Mortgaged Property is located in Section 2.01(v) or (xiii) which has not yet been submitted for filingsuch State. In the event that any such document is lost or returned unrecorded because the Seller fails to record an assignment of a defect thereinMortgage Loan as herein provided within 90 days of notice of an event set forth in clause (i), the Seller, (ii) or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt (iii) of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01above paragraph, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trusteeshall prepare and, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01if required hereunder, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the file such assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially for recordation in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (appropriate real property or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Sellerrecords office. The Seller hereby assigns appoints the Master Servicer (and any successor servicer hereunder) as its rights attorney-in-fact with full power and obligations under authority acting in its stead for the Co-Lender Agreement to the Trustee on behalf purpose of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementsuch preparation, execution and filing.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CWABS Asset Backed Certificates Trust 2004-Bc3), Pooling and Servicing Agreement (CWABS Asset Backed Certificates Trust 2004-Bc3)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-off Date Principal Balance, all interest accruing thereon on and after the Cut-off Date and all collections in respect of interest and principal due after the Cut-off Date; (ii) property which secured each such Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure; (iii) its interest in any insurance policies in respect of the Mortgage Loans, including all ; (iv) the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement, and all Reserve Accounts, Lock-Box Accounts, (v) the Goldman Group Guaranty, right to receive any amounts payable under the Reinvestment Enhancement Instrument, the Co-Lender Agreement and Cap Contract (vi) all other assets included or to be included in the Trust Fund for the benefit and (vii) all proceeds of any of the Certificateholdersforegoing. Such transfer and assignment includes all interest and principal due on and collected by the Depositor or the Servicer after the Cut-off Date with respect to the Mortgage Loans other than interest Loans. The Depositor hereby directs the Trustee to execute, deliver and principal due perform its obligations under the Cap Contract on or prior to the Cut-Off Date, and, with respect to Closing Date and thereafter on behalf of the GSMC Retained Interest LoansHolders of the Class A Certificates, the applicable GSMC Retained Interest AmountsMezzanine Certificates and the Class B Certificates. The Seller, the Depositor, the Servicer and the Holders of the Class A Certificates, the Mezzanine Certificates and the Class B Certificates by their acceptance of such Certificates acknowledge and agree that the Trustee shall execute, deliver and perform its obligations under the Cap Contract and shall do so solely in its capacity as Trustee of the Trust Fund and not in its individual capacity. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, on or prior to the Closing Date, does hereby deliver to, and deposit with, the Custodian (on behalf of with the Trustee, or its designated agent (the "Custodian"), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Initial Mortgage Loan so transferred and assigned (other than and shall, in accordance with Section 2.08, deliver or caused to be delivered to the Americold Pool Loan, Trustee with respect to items each Subsequent Mortgage Loan, the following documents or instruments (ii)with respect to each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(i) the original of the Mortgage Note, endorsed without recourse to the order of either (A) in blank, in which case the Trustee shall cause the endorsement to be completed or (B) in one of the following formsform: "Pay to the order of LaSalle Deutsche Bank National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National BankTrust Company, as Trustee, without recourse"" or with respect to any lost Mortgage Note, "Pay to an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the related Originator aggregate Cut-off Date Principal Balance of which is less than or equal to 1.00% of the TrusteePool Balance as of the Cut-off Date;
(ii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy thereof of such Mortgage or power of attorney, as the case may be, certified to be a true and complete copy of the original thereof submitted for recording;
(iii) unless the Mortgage Loan is registered on the MERS(R) System, an executed Assignment of original Assignment, in form and substance acceptable for recording. The Mortgage shall be assigned either (A) in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located blank or (B) to either "LaSalle Deutsche Bank National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National BankTrust Company, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) an original copy of any intervening assignment of Mortgage showing a complete chain of assignments (or to MERS, if the related security agreement Mortgage Loan is separate from registered on the Mortgage, MERS(R) System and noting the original executed version or counterpart thereof presence of such security agreement and the assignment thereof to the TrusteeMIN);
(v) the original or a certified copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;lender's title insurance policy; and
(vi) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;
. The Depositor herewith also delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement. If any of the documents referred to in Section 2.01(ii), (viiiii) or (iv) above has as of the Closing Date (or Subsequent Transfer Date, with respect to Subsequent Mortgage Loans) been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Depositor to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trustee or the Custodian no later than the Closing Date (or Subsequent Transfer Date, with respect to Subsequent Mortgage Loans), of a copy of each such document certified by the Originator in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Trustee or the Custodian, promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. If the original lender's title insurance policy (policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(v) above, the Depositor shall deliver or cause to be delivered to the Trustee or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the MortgageCustodian, the original executed versionor a copy of a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, together with an executed reassignment of such instrument the original or a certified copy thereof to be delivered to the Trustee (or the Custodian, promptly upon receipt thereof. The Servicer or the Depositor shall deliver or cause to be delivered to the Trustee or the Custodian promptly upon receipt thereof any other documents constituting a "Reassignment part of Assignment a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of Leasesany Mortgage Loan. Upon discovery or receipt of notice of any materially defective document in, Rents or that a document is missing from, a Mortgage File, the Trustee shall notify the Servicer and Profits") shall enforce the obligations of the Seller or the Originator, as applicable, under the Mortgage Loan Purchase Agreement to cure such defect or deliver such missing document to the Trustee or the Custodian within 90 days. If the Seller or the Originator, as applicable, does not cure such defect or deliver such missing document within such time period, the Trustee shall enforce the obligations of the Seller or the Originator, as applicable, to either repurchase or substitute for such Mortgage Loan in suitable form accordance with Section 2.03. If the Seller or the Originator, as applicable, fails to either repurchase or substitute for recordation such Mortgage Loan in accordance with its respective obligations under the Mortgage Loan Purchase Agreement, the Trustee and the Depositor shall consult on further actions to be taken against the Originator or the Seller, as applicable. In connection with the foregoing, it is understood that the Trustee shall have no duty to discover any such defects except in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment course of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination performing its review of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof Files to the Trustee;
(xiii) if extent set forth herein. Except with respect to any related Lock-Box Agreement Mortgage Loan for which MERS is separate from identified on the Mortgage or Loan Agreement, on a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy properly recorded assignment of the UCC-1 financing statementsMortgage as the mortgagee of record, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf shall enforce the obligations of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to Originator under the Mortgage Loan; and
(xvii) with respect Loan Purchase Agreement to cause the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but Assignments which were delivered in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below blank to be completed and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) to record (a) each Assignment of Mortgage all Assignments referred to in Section 2.01(iii) which has not yet been submitted hereof and, to the extent necessary, in Section 2.01(iv) hereof. The Trustee shall enforce the obligations of the Originator under the Mortgage Loan Purchase Agreement to deliver such assignments for recording and within 180 days of the Closing Date (b) each Reassignment of Assignment of Leasesor Subsequent Transfer Date, Rents and Profits referred with respect to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingSubsequent Mortgage Loans). In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at Trustee shall enforce the Seller's expense shall use its best efforts obligations of the Originator under the Mortgage Loan Purchase Agreement to promptly prepare have a substitute document for signature by Assignment prepared or have such defect cured, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, the Depositor further agrees that it will cause, within 30 Business Days after the Closing Date (or Subsequent Transfer Date, with respect to Subsequent Mortgage Loans), the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Trustee shallDepositor further agrees that it will not, and will not permit the Servicer to, and the Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that any Mortgage Note is endorsed in blank as of the Closing Date, promptly upon receipt of following the original recorded copy Closing Date, the Trustee shall cause (and in no event later than five Business Days following at the Seller's expense) to be completed such receipt) deliver such original endorsements "Pay to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01order of Deutsche Bank National Trust Company, in those instances where the public recording office retains the original Mortgageas Trustee, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller without recourse." The Servicer shall be deemed to have been satisfied upon delivery forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within two weeks of their execution; provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall provide the original of any document submitted for recordation or a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the appropriate public recording office to be a true and complete copy of the original within 365 days of its submission for recordation. In the event that the Servicer cannot provide a copy of such document certified by the public recording office within such 365 day period, the Servicer shall deliver to the Custodian, within such 365 day period, an Officers' Certificate of the Servicer which shall (A) identify the recorded original thereof. If a pro forma title insurance policy document, (B) state that the recorded document has not been delivered to the Custodian in lieu due solely to a delay caused by the public recording office, (C) state the amount of an original title insurance policy, time generally required by the Seller will promptly deliver applicable recording office to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)record and return a document submitted for recordation, if not already filed, to be filed in known and (D) specify the date the applicable public recording office and upon filing will promptly deliver recorded document is expected to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Custodian, and, upon receipt of a copy of such document certified by the Seller or public recording office, the Trustee, as applicable. Notwithstanding anything Servicer shall immediately deliver such document to the contrary contained in this Section 2.01, if, on Custodian. In the Closing Date event the appropriate public recording office will not certify as to the accuracy of such document, the Servicer shall deliver a copy of such document certified by an officer of the Servicer to be a true and complete copy of the original to the Custodian. The parties hereto understand and agree that it is not intended that any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially be included in the form of Exhibit P; provided Trust that all required original assignments with respect to such Mortgage is a "High-Cost Home Loan, in fully complete and recordable form, are delivered " as defined by the Seller for recording within 180 days Homeownership and Equity Protection Act of the Closing Date (1994 or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and any other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement applicable predatory or the Series 1998-XX XX Pooling Agreementabusive lending laws.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Meritage Mortgage Loan Trust 2005-1 Asset-Backed Certificates, Series 2005-1), Pooling and Servicing Agreement (Meritage Mortgage Loan Trust 2005-2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shalladdition, on or prior to the Closing Date, the Depositor shall cause the Yield Maintenance Provider to enter into the Yield Maintenance Agreements with the Securities Administrator. The Depositor hereby directs the Securities Administrator to execute, not in its individual capacity, but solely as Securities Administrator on behalf of the Trust, and deliver the Yield Maintenance Agreements.
(b) Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under the Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of defective Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein.
(c) In connection with such transfer, conveyance and assignment of the Mortgage Loans, the Seller does hereby deliver to, and deposit with, or cause to be delivered to and deposited with, the Custodian (acting on behalf of the Trustee)’s behalf, the Mortgage Files with copies respect to the Master Servicer Mortgage Loan so transferred and Special Servicer, the following documents or instruments assigned.
(d) Assignments of each Mortgage with respect to each Mortgage Loan so assigned that is not a MERS Mortgage Loan shall be recorded; provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (other than which must be from Independent Counsel and not at the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original expense of the Note, endorsed without recourse to Trust or the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator ) acceptable to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement Rating Agency and the assignment thereof Master Servicer, recording in such states is not required to protect the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security ’s interest in the personal property (if any) constituting security related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for repayment of recording by the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy Seller (or the original pro forma title insurance policySeller will cause the Servicer to submit each such assignment for recording), together with any endorsements thereto;
(viii) if any related Assignment at the cost and expense of Leasesthe Seller, Rents and Profits is separate from in the Mortgagemanner described above, the original executed version, together with an executed reassignment of such instrument at no expense to the Trustee Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof bankruptcy or insolvency relating to the Trustee;
Seller or the Depositor, or (xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), and to the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment extent recordation is required under the laws of Mortgage referred the applicable jurisdiction to in Section 2.01(iii) which has not yet been submitted for recording protect the Trustee’s and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included the Certificateholders’ interest in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one shall properly record (or the Seller will cause the Servicer to properly record), at the expense of the assignments in favor Seller (with the cooperation of the Trustee referred to in clauses (iiiDepositor, the Master Servicer and the Trustee), (v)in each public recording office where the related Mortgages are recorded, (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering each assignment with respect to such a Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such is not a MERS Mortgage Loan, in fully complete and recordable form, are .
(e) The Seller shall deliver or cause to be delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessaryCustodian, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee acting on behalf of the CertificateholdersTrustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan.
(f) For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, herewith delivers to the Custodian on behalf of the Trustee, an Officer’s Certificate which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to be deposited in the Distribution Account have been so deposited. Nothing herein All original documents that are not delivered to the Custodian on behalf of the Trust shall be deemed to override held by the provisions Servicer in trust for the Trustee, for the benefit of the Co-Lender Agreement or Trust and the Series 1998-XX XX Pooling Certificateholders.
(g) The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below(iii) the Initial Deposit, (iv) the Depositor's rights under the Intercreditor Agreements and any security interest thereunder (whether in real or personal property and whether tangible or intangiblev) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly interest accruing on the Master Servicer Remittance Date immediately following receipt. The Certificates from and after the Cut-Off Date.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed hereunder, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." Each Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related applicable Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) deliver to the original Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse"the Fiscal Agent, "Pay to the order of LaSalle National BankPaying Agent, as any Custodian, without recourse", "Pay the Master Servicer or the Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the order document delivery requirements of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;Purchase Agreements and this Section 2.1(b).
(iic) The applicable Seller shall, at its expense as to each Mortgage Loan, promptly (and in any event within 45 days following the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified receipt thereof) cause to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation recording or filing, as the case may be, in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankappropriate public office for real property records or UCC financing statements, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesappropriate, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the each assignment to the Trustee referred to in clauses (iv), (vi)(B) and (ix)(B) of the security interest in definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument public recording office to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage following recording or Loan Agreement, a copy thereoffiling; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder of the applicable Seller shall be deemed to have been satisfied upon delivery to the Custodian of obtain therefrom a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereoforiginal. The applicable Seller shall forward copies thereof to the Trustee and the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has defect therein, the applicable Seller shall, pursuant to the applicable Mortgage Loan Purchase Agreement, promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the applicable Seller shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate. The parties acknowledge the obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the Trustee, on or before the fifth Business Day after the Closing Date, five limited powers of attorney substantially in the form attached as Exhibit C to the Primary Servicing Agreements in favor of the Trustee and the Special Servicer to empower the Trustee and, in the event of the failure or incapacity of the Trustee, the Special Servicer, to submit for recording, at the expense of the applicable Seller, any mortgage loan documents required to be recorded as described in the preceding paragraph and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have previously been delivered to the Custodian Trustee). The Sellers agree to reasonably cooperate with the Trustee and the Special Servicer in lieu connection with any additional powers of an original title insurance policyattorney or revisions thereto that are requested by such parties for purposes of such recordation. The Trustee and each other party hereto agrees that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except that to the extent that the absence of a document described in the second preceding sentence with respect to such Mortgage Loan remains unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related Seller, but in no event earlier than 18 months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The Trustee shall submit such documents for recording, at the related Seller's expense, after the periods set forth above provided, however, the Trustee shall not submit such assignments for recording if the applicable Seller will promptly deliver produces evidence that it has sent any such assignment for recording and certifies that it is awaiting its return from the applicable recording office.
(d) All relevant servicing or loan documents and records in the possession of the Depositor or the Sellers that relate to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Mortgage Loans or Companion Loans and that are not already filed, required to be filed a part of a Mortgage File in accordance with the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents definition thereof shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, ifPrimary Servicer on its behalf, on or before the date that is 45 days following the Closing Date as to any Mortgage Loan, and shall be held by the Seller cannot deliver in complete and recordable form any one of the assignments in favor Master Servicer or Primary Servicer on behalf of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) trust for the benefit of the definition Certificateholders. The Depositor shall deliver or cause the related Seller to deliver to the Special Servicer a copy of "each Mortgage File" solely because of File to the unavailability of recording information as extent that (i) such copy has not previously been delivered to any existing document or instrument, the Seller may provisionally satisfy Special Servicer and (ii) the delivery requirements of this Section 2.01(bSpecial Servicer requests (in writing) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording copy within 180 days of following the Closing Date (or within such longer period as the Trustee in its discretion may permit)Date. The Americold Pool Loan is secured Depositor shall deliver or cause the related Seller to deliver such copy within a reasonable period following such request by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan")Special Servicer. The Other Americold Pool Loan is included in a trust fund created in connection with To the issuance of extent delivered to the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made Master Servicer or related Primary Servicer by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender AgreementSeller, the servicer of the Series 1998-XX XX Servicer Mortgage File, will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willinclude, to the extent necessaryrequired to be (and actually) delivered to the applicable Seller pursuant to the applicable Mortgage Loan documents, specially service both copies of the Americold Pool Loan following items: the Mortgage Note, any Mortgage, the Assignment of Leases and the Other Americold Pool LoanAssignment of Mortgage, any guaranty/indemnity agreement, any loan agreement, the insurance policies or certificates (as applicable), the property inspection reports, any financial statements on the property, any escrow analysis, the tax bills, the Appraisal, the environmental report, the engineering report, the asset summary, financial information on the Mortgagor/sponsor and any guarantors, any letters of credit and any Environmental Insurance Policies. Delivery of any of the foregoing documents to the applicable Primary Servicer (or sub-servicer) shall be deemed delivery to the Master Servicer and satisfy the Depositor's obligations under this Section 2.1(d). None of the Master Servicer, the Special Servicer or any Primary Servicer shall have any liability for the absence of any of the foregoing items from the Servicing Mortgage File if such item was not delivered by the related Seller.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each case related Mortgage Loan as of the Closing Date.
(f) In connection herewith, the Depositor has acquired the Principal Loans from Principal, the JHREF Loans from JHREF, the Xxxxx Fargo Loans from Xxxxx Fargo, the BSF Loans from BSF and the MSDWMC Loans from MSDWMC. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Principal Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with a copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the JHREF Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Xxxxx Fargo Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the BSF Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSDWMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, Principal, JHREF, Xxxxx Fargo, BSF and MSDWMC, as applicable, are required under the terms Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements naming the Trustee, on behalf of the Co-Lender Agreement Certificateholders, as assignee. Notwithstanding the fact that the assignments shall name the Trustee, on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the Principal Loans shall be deemed to have been transferred from Principal to the Depositor, the JHREF Loans shall be deemed to have been transferred from JHREF to the Depositor, the Xxxxx Fargo Loans shall be deemed to have been transferred from Xxxxx Fargo to the Depositor, the BSF Loans shall be deemed to have been transferred from BSF to the Depositor and the Series 1998-XX XX Pooling Agreement. Pursuant MSDWMC Loans shall be deemed to have been transferred from MSDWMC to the terms of Depositor, and all Mortgage Loans shall be deemed to have been transferred from the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Seller Depositor in and to (i) the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off off Date (other than Monthly Payments due on the Mortgage Loans in the month of the Cut-off Date); and (ii) all proceeds of the foregoing. In addition, on the Closing Date, and, the Trustee is hereby directed to enter into the Yield Maintenance Agreement on behalf of the Trust Fund with respect to the GSMC Retained Interest LoansYield Maintenance Agreement Provider. The Depositor, the applicable GSMC Retained Interest Amounts. Master Servicer and the Trustee agree that it is not intended that any mortgage loan be included in the Trust Fund that is either (i) a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Security Act effective November 27, 2003, (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a "High Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as defined in the Indiana Home Loan Practices Act effective as of January 1, 2005.
(b) In connection with such transfer and assignment, and contemporaneously with the Seller shall make a cash deposit delivery of this Agreement, the Depositor delivered or caused to be delivered hereunder to the Collection Account in an amount equal to Trustee, the Cash Deposit. The Master Servicer Yield Maintenance Agreement (the delivery of which shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on evidence that the Master Servicer Remittance Date immediately following receipt. The Seller shall cause fixed payment for the Reserve Accounts Yield Maintenance Agreement has been paid and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee and the Trust Fund shall have no further payment obligation thereunder and that such fixed payment has been authorized hereby), and except as successor set forth in Section 2.01(c) below and subject to the applicable Originator. In connection with such transfer and assignmentSection 2.01(d) below, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian (on behalf Trustee, or to and with one or more Custodians, as the duly appointed agent or agents of the Trustee), with copies to the Master Servicer and Special ServicerTrustee for such purpose, the following documents or instruments (or copies thereof as permitted by this Section) with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the The original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one and showing an unbroken chain of endorsements from the following forms: "Pay originator thereof to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay Person endorsing it to the order of LaSalle National Bank, as Trustee, without recourse"or with respect to any Destroyed Mortgage Note, "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement an original lost note affidavit from the related Originator to Seller or Residential Funding stating that the Trusteeoriginal Mortgage Note was lost, misplaced or destroyed, together with a copy of the related Mortgage Note;
(ii) The original Mortgage, noting the original recorded presence of the MIN of the Mortgage or counterpart thereof showing Loan (if the related Originator as mortgagee Mortgage Loan is Registered on the MERS(R)System) and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon or, if any such the original Mortgage has not yet been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recordingMortgage with evidence of recording indicated thereon;
(iii) an executed Unless the Mortgage Loan is registered on the MERS(R)System, the Assignment (which may be included in one or more blanket assignments if permitted by applicable law) of the Mortgage in suitable form for recordation in to the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" with evidence of recording indicated thereon or "LaSalle National Bank, as Custodial Agent, without recourse"a copy of such assignment with evidence of recording indicated thereon;
(iv) The original recorded assignment or assignments of the Mortgage showing an unbroken chain of title from the originator to the Person assigning it to the Trustee (or to MERS, if the related security agreement Mortgage Loan is separate from registered on the MortgageMERS(R)System and noting the presence of a MIN) with evidence of recordation noted thereon or attached thereto, the original executed version or counterpart thereof a copy of such security agreement and assignment or assignments of the assignment thereof to the Trustee;Mortgage with evidence of recording indicated thereon; and
(v) a copy The original of the UCC-1 financing statementeach modification, together with an original executed UCC-2 assumption agreement or UCC-3 financing statementpreferred loan agreement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof , relating to such Mortgage Loan, if any;
(vii) or a copy of each modification, assumption agreement or preferred loan agreement. The Depositor may, in lieu of delivering the original lender's title insurance policy of the documents set forth in Section 2.01(b)(ii), (iii), (iv) and (v) (or the original pro forma title insurance policycopies thereof as permitted by Section 2.01(b), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment or the Custodian, deliver such documents to the Master Servicer, and the Master Servicer shall hold such documents in trust for the use and benefit of Assignment of Leases, Rents all present and Profits") in suitable form for recordation future Certificateholders until such time as is set forth in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreementnext sentence. On or promptly following the Closing Date (but in no event later than (x) Within thirty Business Days following the Closing Date in earlier of (i) the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy of all of the documents or instruments set forth in Section 2.01(b)(ii), (iii), (iv) and in no event later than five Business Days following (v) (or copies thereof as permitted by such receiptSection) for any Mortgage Loan and (ii) a written request by the Trustee to deliver those documents with respect to any or all of the Mortgage Loans then being held by the Master Servicer, the Master Servicer shall deliver a complete set of such original documents to the Custodian. Trustee or the Custodian that is the duly appointed agent of the Trustee.
(c) Notwithstanding anything to the contrary contained in this provisions of Section 2.012.01(b), in those instances where the event that in connection with any Mortgage Loan, if the Depositor cannot deliver the original of the Mortgage, any assignment, modification, assumption agreement or preferred loan agreement (or copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon concurrently with the execution and delivery of this Agreement because of (i) a delay caused by the public recording office retains the original where such Mortgage, Assignment of Mortgage assignment, modification, assumption agreement or Reassignment of Assignment of Leasespreferred loan agreement as the case may be, Rents and Profits, if applicable, after any has been recordeddelivered for recordation, or (ii) a delay in the receipt of certain information necessary to prepare the related assignments, the obligations hereunder of the Seller Depositor shall deliver or cause to be deemed to have been satisfied upon delivery delivered to the Trustee or the respective Custodian of a copy of such Mortgage, assignment, modification, assumption agreement or preferred loan agreement. The Depositor shall promptly cause to be recorded in the appropriate public office for real property records the Assignment referred to in clause (iii) of Section 2.01(b), except (a) in states where, in the Opinion of Counsel acceptable to the Master Servicer, such recording is not required to protect the Trustee's interests in the Mortgage Loan or (b) if MERS is identified on the Mortgage or Reassignment on a properly recorded assignment of the Mortgage as the mortgagee of record solely as nominee for Residential Funding and its successors and assigns. If any Assignment is lost or returned unrecorded to the Depositor because of Leasesany defect therein, Rents the Depositor shall prepare a substitute Assignment or cure such defect, as the case may be, and Profitscause such Assignment to be recorded in accordance with this paragraph. The Depositor shall promptly deliver or cause to be delivered to the Trustee or the respective Custodian such Mortgage or Assignment, if applicableas applicable (or copy thereof as permitted by Section 2.01(b)), certified by with evidence of recording indicated thereon upon receipt thereof from the public recording office or from the related Subservicer or Seller. If the Depositor delivers to be a true and the Trustee or Custodian any Mortgage Note or Assignment of Mortgage in blank, the Depositor shall, or shall cause the Custodian to, complete copy the endorsement of the recorded original thereof. If a pro forma title insurance policy has been delivered to Mortgage Note and the Custodian in lieu Assignment of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed Mortgage in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor name of the Trustee referred to in clauses conjunction with the Interim Certification issued by the Custodian, as contemplated by Section 2.02. Any of the items set forth in Sections 2.01(b)(ii), (iii), (iv) and (v)) that may be delivered as a copy rather than the original may be delivered to the Trustee or the Custodian. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, (viii) or (xiii) the Depositor further agrees that it will cause, at the Depositor's own expense, within 30 Business Days after the Closing Date, the MERS(R)System to indicate that such Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the definition Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Mortgage FilePool Field" solely because which identifies the series of the unavailability of recording information as to any existing document or instrumentCertificates issued in connection with such Mortgage Loans. The Depositor further agrees that it will not, and will not permit the Seller may provisionally satisfy Master Servicer to, and the delivery requirements of Master Servicer agrees that it will not, alter the codes referenced in this Section 2.01(b) by delivering paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan on is repurchased in accordance with the Closing Date an omnibus assignment terms of this Agreement.
(d) It is intended that the conveyances by the Depositor to the Trustee of the Mortgage Loans as provided for in this Section 2.01 be construed as a sale by the Depositor to the Trustee of the Mortgage Loans for the benefit of the Certificateholders. Further, it is not intended that any such conveyance be deemed to be a pledge of the Mortgage Loan substantially Loans by the Depositor to the Trustee to secure a debt or other obligation of the Depositor. However, in the event that the Mortgage Loans are held to be property of the Depositor or of Residential Funding, 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 also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyances provided for in this Section 2.01 shall be deemed to be (1) a grant by the Depositor to the Trustee of a security interest in all of the Depositor's right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to (A) the Mortgage Loans, including (a) the related Mortgage Note and Mortgage, and (b) any insurance policies and all other documents in the related Mortgage File, (B) all amounts payable pursuant to the Mortgage Loans or the Yield Maintenance Agreement in accordance with the terms thereof and (C) 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 and other property of whatever kind or description now existing or hereafter acquired consisting of, arising from or relating to any of the foregoing, and 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 Exhibit P; provided that cash, instruments, securities or other property and (2) an assignment by the Depositor to the Trustee of any security interest in any and all required original assignments with respect of Residential Funding's right (including the power to such Mortgage Loanconvey title thereto), title and interest, whether now owned or hereafter acquired, in fully complete and recordable formto the property described in the foregoing clauses (1)(A), are delivered (B) and (C) granted by Residential Funding to the Depositor pursuant to the Assignment Agreement; (c) the possession by the Seller for recording within 180 days Trustee, the Custodian or any other agent of the Closing Date Trustee of Mortgage Notes or such other items of property as they constitute instruments, money, payment intangibles, negotiable documents, goods, deposit accounts, letters of credit, advices of credit, investment property, certificated securities 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 Uniform Commercial Code as in effect in the States of New York and Minnesota and any other applicable jurisdiction; and (d) notifications to persons holding such property, and acknowledgments, receipts or within confirmations from persons holding such longer period 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 in its discretion may permit)for the purpose of perfecting such security interest under applicable law. The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (Depositor and, at the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the SellerDepositor's Commercial Mortgage Pass-Through Certificatesdirection, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan Residential Funding and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willTrustee shall, to the extent necessaryconsistent with this Agreement, specially service both take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Americold Pool Loan Mortgage Loans and the Other Americold Pool Loanother property described above, in each case such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the terms term of this Agreement. Without limiting the generality of the Co-Lender Agreement foregoing, the Depositor shall prepare and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement deliver to the Trustee on behalf not less than 15 days prior to any filing date and, the Trustee shall forward for filing, or shall cause to be forwarded for filing, at the expense of the Certificateholders. Nothing herein Depositor, 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 Trustee's security interest in or lien on the Mortgage Loans, as evidenced by an Officers' Certificate of the Depositor, including without limitation (x) continuation statements, and (y) such other statements as may be occasioned by (1) any change of name of Residential Funding, the Depositor or the Trustee (such preparation and filing shall be deemed to override at the provisions expense of the Co-Lender Agreement Trustee, if occasioned by a change in the Trustee's name), (2) any change of location of the place of business or the Series 1998-XX XX Pooling Agreementchief executive office of Residential Funding or the Depositor or (3) any transfer of any interest of Residential Funding or the Depositor in any Mortgage Loan.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (RAMP Series 2006-Nc2 Trust), Pooling and Servicing Agreement (RAMP Series 2006-Nc1 Trust)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, andthe Trustee shall execute the Cap Agreement, with respect the Swap Agreement, PMI Letter Agreement and the MGIC Letter Agreement and the Depositor hereby directs the Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the CoSeller that no Mortgage Loan is a “high-Lender Agreement cost” or “predatory” loan under any state or local law or regulation applicable to the Series 1998originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-XX XX Pooling AgreementCost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl3), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-Wl2)
Conveyance of Mortgage Loans. The Seller(a) In consideration of the Issuer’s delivery of the Notes and the Certificates to the Depositor or its designee, and concurrently with the execution and delivery hereofof this Agreement, the Depositor does hereby, sell, hereby transfer, assign, set over over, deposit with and otherwise convey to the Trustee Issuer, without recourse (except to the extent herein provided) recourse, in trust, all the right, title and interest of the Seller Depositor in and to the Mortgage Loans, including all rights to payment in respect thereofTrust Estate, except as set forth belowthat the Depositor does not assign to the Issuer any of its rights under Sections 9 and 12 of the Sales Agreement between the Depositor and SFM or under Section 11 of any Sales Agreement between the Depositor and a Warehouse Seller. The Issuer is hereby authorized to enter into the Yield Maintenance Agreement. Upon the issuance of the Securities, and any security interest thereunder (whether ownership in real or personal property and whether tangible or intangible) the Trust Estate shall be vested in the Issuer, subject to the lien created by the Indenture in favor of the SellerIndenture Trustee, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersNoteholders. Such transfer The foregoing sale, transfer, assignment, set-over, deposit and assignment includes all interest conveyance does not and principal due on is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the Depositor, the Seller, or any other Person in connection with respect to the Mortgage Loans or any other than interest and principal due agreement or instrument relating thereto except as specifically set forth herein. With respect to any Mortgage Loan that does not have a first payment date on or prior before the last day of the Due Period immediately preceding the first Payment Date, the Depositor shall, to the Cut-Off extent required, deposit into the Payment Account on or before the Payment Account Deposit Date relating to the first Payment Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to one month’s interest at the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly related Net Rate on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause Stated Principal Balance of such Mortgage Loan on the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. Cut Off Date.
(b) In connection with such the transfer and assignmentset forth in clause (a) above, the Seller shall, on Depositor has delivered or prior caused to be delivered to the Closing Date, deliver to, and deposit with, Indenture Trustee or the Custodian (on its behalf for the benefit of the Trustee), with copies to the Master Servicer and Special Servicer, Noteholders the following documents or instruments (collectively, the “Mortgage Loan Documents”) with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):transferred:
(iA) the original of the Note, Mortgage Note endorsed without recourse by manual or facsimile signature to the order of Indenture Trustee or the Trustee Custodian or in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1blank, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson endorsing the Mortgage Note (the “Last Endorsee”) (each such endorsement being sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to such Mortgage Note); or
(B) with respect to any Lost Mortgage Note, a lost note affidavit from the Depositor stating that the original Mortgage Note was lost or destroyed, together with a copy of such Mortgage Note;
(ii) except with respect to any Cooperative Loan, the original recorded Mortgage or a copy of such Mortgage certified by the Depositor, the originating lender, settlement agent, or escrow company as being a true and complete copy of the Mortgage;
(iii) except with respect to any Mortgage Loan for which the related Mortgage names the Custodian as nominee for the originating lender (or similar designation satisfactory to the Custodian), as beneficiary or mortgagee, either (A) a duly executed assignment of the Mortgage in blank, or (B) an original recorded assignment of the Mortgage from the Last Endorsee to the Custodian or a copy of such assignment of Mortgage certified by the Depositor, the originating lender, settlement agent, or escrow company as being a true and complete copy thereof which in either case may be included in a blanket assignment or assignments;
(iv) each interim recorded assignment of such Mortgage, or a copy of each such interim recorded assignment of Mortgage certified by the Depositor, the originating lender, settlement agent, or escrow company as being a true and complete copy thereof;
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any;
(vi) except as to any second lien Mortgage Loan in the original principal amount of $50,000.00 or less, either the original or duplicate original title policy (including all riders thereto) with respect to the related Mortgaged Property, if available, provided that the title policy (including all riders thereto) will be delivered as soon as it becomes available, and if the title policy is not available, and to the extent required pursuant to the second paragraph below or otherwise in connection with the rating of the Notes, a written commitment or interim binder or preliminary report of the title issued by the title insurance or escrow company with respect to the Mortgaged Property; and
(vii) in the case of a Cooperative Loan, the originals of the following documents or instruments:
(a) The Coop Shares, together with a stock power in blank;
(b) The executed Security Agreement;
(c) The executed Proprietary Lease;
(d) The executed Recognition Agreement;
(e) The executed UCC1 financing statement with evidence of recording thereon which have been filed in all places required to perfect the Depositor’s interest in the Coop Shares and the Proprietary Lease; and
(f) Executed UCC3 financing statements or other appropriate UCC financing statements required by state law, evidencing a complete and unbroken line from the mortgagee to the Indenture Trustee with evidence of recording thereon (or in a form suitable for recordation). In the event that in connection with any Mortgage Loan the Depositor cannot deliver (a) the original recorded Mortgage or counterpart thereof showing (b) any recorded assignments or interim assignments satisfying the related Originator as mortgagee orrequirements of clause (iii) or (iv) above, if any respectively, concurrently with the execution and delivery hereof because such original Mortgage has document or documents have not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of Depositor shall deliver such security agreement and the assignment thereof documents to the Trustee;
(v) a copy of Indenture Trustee or the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statementCustodian on its behalf as promptly as possible upon receipt thereof and, in a form suitable for filingany event, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 within 720 days following the Closing Date in Date. The Depositor or Servicer shall forward or cause to be forwarded to the case of clauses 1(b) and 2 below), Indenture Trustee or the Seller (or Custodian on its designee) shall, at its expense, (1) record behalf (a) each Assignment from time to time additional original documents evidencing an assumption or modification of a Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording Loan and (b) each Reassignment of Assignment of Leases, Rents and Profits referred any other documents required to in Section 2.01(viii) (if not otherwise included in be delivered by the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 Depositor or UCC-3 financing statement referred the Servicer to in Section 2.01(v) or (xiii) which has not yet been submitted for filingthe Indenture Trustee. In the event that any such document is lost or returned unrecorded because of case where a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of recorded Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, in the case where a Mortgage is lost after any has been recordedrecordation in a public recording office, the obligations hereunder of the Seller Depositor shall be deemed to have been satisfied upon delivery deliver to the Custodian of Indenture Trustee a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified (to the extent such certification is reasonably obtainable) by the such public recording office to be a true and complete copy of the original recorded Mortgage. In addition, in the event that in connection with any Mortgage Loan the Depositor cannot deliver the original thereof. If or duplicate original lender’s title policy (together with all riders thereto), satisfying the requirements of clause (vi) above, concurrently with the execution and delivery hereof because the related Mortgage or a pro forma title insurance policy related assignment has not been delivered to returned from the Custodian in lieu of an original title insurance policyapplicable public recording office, the Seller will Depositor shall promptly deliver to the Indenture Trustee or the Custodian the related on its behalf a true and correct copy of such original or duplicate original lender’s title insurance policy upon receipt thereof(together with all riders thereto). The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver Subject to the Custodian the related UCC-1immediately following sentence, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered as promptly as practicable subsequent to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained transfer set forth in clause (a) of this Section 2.012.1, ifand in any event, on within thirty (30) days thereafter, the Closing Date Servicer shall as to any Mortgage Loan with respect to which the Depositor delivers an assignment of the Mortgage in blank pursuant to clause (b)(iii)(A) of this Section 2.1, (i) complete each such assignment of Mortgage to conform to clause (b)(iii)(B) of this Section 2.1, (ii) cause such assignment to be in proper form for recording in the appropriate public office for real property records, and (iii) cause to be delivered for recording in the appropriate public office for real property records each such assignment of the Mortgages, except that, with respect to any assignments of Mortgage as to which the Servicer has not received the information required to prepare such assignments in recordable form, the Servicer’s obligation to do so and to deliver the same for such recording shall be as soon as practicable after receipt of such information and in any event within thirty (30) days after receipt thereof. Notwithstanding the foregoing, the Servicer need not cause to be recorded any assignment which relates to a Mortgage Loan in any state other than the Required Recordation States. Notwithstanding the procedures in the preceding paragraph, with respect to each MERS Mortgage Loan, the Seller cannot deliver in complete and recordable form any one Depositor shall take such actions as are necessary to cause the Indenture Trustee to be clearly identified as the owner of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to each such Mortgage Loan on the Closing Date an omnibus assignment records of such MERS for purposes of the system of recording transfers of beneficial ownership of mortgages maintained by MERS. In the case of Mortgage Loan substantially Loans that have been prepaid in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days full as of the Closing Date Date, the Depositor, in lieu of delivering the above documents to the Indenture Trustee or the Custodian on its behalf, will deposit in the Collection Account the portion of such payment that is required to be deposited in the Collection Account pursuant to Section 3.8.
(or within such longer period as c) It is agreed and understood by the Trustee in its discretion may permit). The Americold Pool Depositor and the Issuer (and the Depositor so represents and recognizes) that it is not intended that any Mortgage Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is to be included in the Trust Estate be (i) a trust fund created “High-Cost Home Loan” as defined in connection with the issuance of New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the Seller's Commercial New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home Mortgage Pass-Through CertificatesLoan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, Series 1998-XX XX 2004 or ("Series 1998-XX XX"). Each of iv) a “High Cost Home Loan” as defined in the Americold Pool Indiana Home Loan and the Other Americold Pool Loan is a pari passu loanPractices Act effective January 1, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement2005.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Saxon Asset Securities Trust 2005-3), Sale and Servicing Agreement (Saxon Asset Securities Trust 2006-1)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or remitted to the Master Servicer for deposit into the Collection Account as an Initial Collection Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off off Date and interest accruing prior to the Cut-off Date. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor hereby sells, transfers, assigns, sets over and otherwise conveys to the Issuing Entity for benefit of the Noteholders, without recourse, all right title and interest in the Mortgage Loans. It is intended that the sale of the Mortgage Loans by the Seller as provided hereby be, and be construed as, an absolute sale of all of the Seller’s right, title, and interest in, to and under the Mortgage Loans to the Depositor and, in connection with respect such sale, an absolute assignment, transfer, and conveyance by the Seller of all of the Seller’s right, title, and interest in, to and under the Mortgage Loans to the GSMC Retained Interest LoansDepositor. Furthermore, it is not intended that any such sale, assignment, transfer, and conveyance be deemed a pledge of such Mortgage Loans by the applicable GSMC Retained Interest AmountsSeller to the Depositor to secure a debt or other obligation of the Seller. It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust Estate that is either (i) a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code Xxx. Sections 24-9-1 through 24-9-9). In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shall make a cash deposit to Depositor has delivered to, and deposited with, the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Indenture Trustee, on behalf of the Trustee as successor to Issuing Entity (or, in the applicable Originator. In connection with such transfer and assignmentcase of the Delay Delivery Mortgage Loans, the Seller shall, on or prior to the Closing Date, will deliver to, and deposit with, the Custodian Indenture Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerNoteholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX“Mortgage File” for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee by manual or facsimile signature in one of blank in the following formsform: "“Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse"”, "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the TrusteePerson endorsing the Mortgage Note (each such endorsement being sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note), or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note and all such intervening endorsements;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment with recording information, and in the case of each MERS Mortgage Loan, the original Mortgage or Reassignment a copy of Assignment such Mortgage, with recording information, noting the presence of Leasesthe MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, Rents and Profitswith evidence of recording indicated thereon, if applicable, or a copy of the Mortgage certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy in which such Mortgage has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.recorded;
Appears in 2 contracts
Samples: Sale and Servicing Agreement (GSC Capital Corp. Mortgage Trust 2006-1), Sale and Servicing Agreement (GSC Capital Corp. Mortgage Trust 2006-2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor in, to and to under (i) the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangibleii) in favor Sections ______________ of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Mortgage Loan Purchase Agreement and (iii) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes includes, without limitation, all interest and principal due received or receivable on or with respect to the Mortgage Loans (other than payments of interest and principal due and payable on the Mortgage Loans on or before the Cutoff Date and any Principal Prepayments (together with any related Prepayment Premiums and/or Yield Maintenance Premiums) received on or before the Cut-off Date).
(b) The conveyance of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to constitute a sale of the Mortgage Loans and such other related rights and property to the Trustee for the benefit of the Certificateholders. It is, further, not intended that such conveyance be deemed a pledge of security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor also intends and agrees that, in such event, (i) this Agreement shall constitute a security agreement under applicable law, (ii) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in the Depositor's entire right, title and interest in and to the assets constituting the Trust Fund, including, without limitation, the Mortgage Loans, all principal and interest received or receivable with respect to the Mortgage Loans (other than principal and interest payments due and payable on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer off Date and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, Principal Prepayments received on or prior to the Closing Cut-off Date), deliver all amounts held from time to time in the Collection Account, the Distribution Account and, if established, the REO Account and all reinvestment earnings on such amounts, and all of the Depositor's right, title and interest in and to the proceeds of any title, hazard or other Insurance Policies related to such Mortgage Loans, (iii) the possession by the Trustee or its agent of the Mortgage Notes with respect to the Mortgage Loans and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be "possession by the secured party" or possession by a purchaser or person designated by such secured party for the purpose of perfecting such security interest under applicable law, and (iv) notifications to, and acknowledgments, receipts or confirmations from, Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting such security interest under applicable law. The Depositor shall file or cause to be filed, as a precautionary filing, a Form UCC-1 substantially in the form attached as Exhibit J hereto in all appropriate locations in the State of _____________ promptly following the initial issuance of the Certificates, and the Master Servicer shall prepare and file at each such office, and the Trustee shall execute, continuation statements with respect thereto, in each case within six months prior to the fifth anniversary of the immediately preceding filing. The Depositor shall cooperate in a reasonable manner with the Trustee and the Master Servicer in preparing and filing such continuation statements. This Section 2.01(b) shall constitute notice to the Trustee pursuant to any of the requirements of the UCC in effect in _________.
(c) In connection with the Depositor's assignment pursuant to Section 2.01(a) above, (i) the Depositor shall deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer), on or before the Closing Date, the following documents or instruments with respect to Mortgage File for each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest Depositor shall deliver to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following before the Closing Date a fully executed counterpart of the Mortgage Loan Purchase Agreement.
(but in no event later than (xd) thirty Business Days following The Trustee shall deliver to the Master Servicer within 15 days after the Closing Date each assignment of Mortgage and assignment of Assignment of Leases in favor of the case Trustee referred to in clauses (iv) and (v) of the definition of "Mortgage File" and each UCC-2 and UCC-3 in favor of the Trustee referred to in clause (1)(aviii) below of the definition of "Mortgage File", and the Master Servicer shall, at the Depositor's expense, as to each Mortgage Loan, promptly (y) 60 and in any event within 45 days following the Closing Date in the case of clauses 1(bDate) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recordedsubmitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as the Master Servicer deems appropriate. The Trustee shall, promptly upon receipt of Each such assignment shall reflect that it should be returned by the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original public recording office to the Custodian. Notwithstanding anything Trustee following recording, and each such UCC-2 and UCC-3 shall reflect that the file copy thereof should be returned to the contrary contained in this Section 2.01, Trustee following filing; provided that in those instances where the public recording office retains the original Mortgage, Assignment assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, Leases the obligations hereunder of the Seller Master Servicer shall be deemed to have been satisfied upon delivery to the Custodian of obtain therefrom a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereoforiginal. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policydefect therein, the Seller will Depositor shall promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Master Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.
(e) The Depositor shall deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly and deposit with, or cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to and deposited with, the Master Servicer by all documents and records in the Seller possession of the Depositor or the Trustee, as applicable. Notwithstanding anything Mortgage Loan Seller that relate to the contrary contained in this Section 2.01, if, on Mortgage Loans necessary for the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one servicing of the assignments Mortgage Loans and that are not required to be a part of a Mortgage File in favor accordance with the definition thereof, and the Master Servicer shall hold all such documents and records on behalf of the Trustee in trust for the benefit of the Certificateholders.
(f) On or prior to the tenth Business Day following the Closing Date, the Depositor shall cause copies of the documents referred to in clauses (i), (ii) (iii), (v), vi) (viiias applicable) or and (xiiivii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such for each Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are be delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementSpecial Servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Criimi Mae CMBS Corp), Pooling and Servicing Agreement (Criimi Mae CMBS Corp)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Seller Depositor in and to (i) the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off off Date (other than Monthly Payments due on the Mortgage Loans in the month of the Cut-off Date); and (ii) all proceeds of the foregoing. In addition, on the Closing Date, and, the Trustee is hereby directed to enter into the Yield Maintenance Agreement on behalf of the Trust Fund with respect to the GSMC Retained Interest LoansYield Maintenance Agreement Provider. The Depositor, the applicable GSMC Retained Interest Amounts. Master Servicer and the Trustee agree that it is not intended that any mortgage loan be included in the Trust Fund that is either (i) a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Security Act effective November 27, 2003, (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a "High Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as defined in the Indiana Home Loan Practices Act effective as of January 1, 2005.
(b) In connection with such transfer and assignment, and contemporaneously with the Seller shall make a cash deposit delivery of this Agreement, the Depositor delivered or caused to be delivered hereunder to the Collection Account in an amount equal to Trustee, the Cash Deposit. The Master Servicer Yield Maintenance Agreement (the delivery of which shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on evidence that the Master Servicer Remittance Date immediately following receipt. The Seller shall cause fixed payment for the Reserve Accounts Yield Maintenance Agreement has been paid and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee and the Trust Fund shall have no further payment obligation thereunder and that such fixed payment has been authorized hereby), and except as successor set forth in Section 2.01(c) below and subject to the applicable Originator. In connection with such transfer and assignmentSection 2.01(d) below, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian (on behalf Trustee, or to and with one or more Custodians, as the duly appointed agent or agents of the Trustee), with copies to the Master Servicer and Special ServicerTrustee for such purpose, the following documents or instruments (or copies thereof as permitted by this Section) with respect to each Mortgage Loan so assigned (other than the Americold Pool a Cooperative Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):so assigned:
(i) the The original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one and showing an unbroken chain of endorsements from the following forms: "Pay originator thereof to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay Person endorsing it to the order of LaSalle National Bank, as Trustee, without recourse"or with respect to any Destroyed Mortgage Note, "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement an original lost note affidavit from the related Originator to Seller or Residential Funding stating that the Trusteeoriginal Mortgage Note was lost, misplaced or destroyed, together with a copy of the related Mortgage Note;
(ii) The original Mortgage, noting the original recorded presence of the MIN of the Mortgage or counterpart thereof showing Loan (if the related Originator as mortgagee Mortgage Loan is registered on the MERS(R)System) and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon or, if any such the original Mortgage has not yet been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recordingMortgage with evidence of recording indicated thereon;
(iii) an executed Unless the Mortgage Loan is registered on the MERS(R)System, the Assignment (which may be included in one or more blanket assignments if permitted by applicable law) of the Mortgage in suitable form for recordation in to the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" with evidence of recording indicated thereon or "LaSalle National Bank, as Custodial Agent, without recourse"a copy of such assignment with evidence of recording indicated thereon;
(iv) The original recorded assignment or assignments of the Mortgage showing an unbroken chain of title from the originator to the Person assigning it to the Trustee (or to MERS, if the related security agreement Mortgage Loan is separate from registered on the MortgageMERS(R)System and noting the presence of a MIN) with evidence of recordation noted thereon or attached thereto, the original executed version or counterpart thereof a copy of such security agreement and assignment or assignments of the assignment thereof to the Trustee;Mortgage with evidence of recording indicated thereon; and
(v) a copy The original of the UCC-1 financing statementeach modification, together with an original executed UCC-2 assumption agreement or UCC-3 financing statementpreferred loan agreement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof , relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground leaseeach modification, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage assumption agreement or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another preferred loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementagreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (RAMP Series 2006-Rz3 Trust), Pooling and Servicing Agreement (RAMP Series 2006-Rs2 Trust)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Sevicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. The Depositor hereby directs the Trustee to execute, not in its individual capacity, but solely as Trustee on behalf of the Trust, and principal due on or prior deliver the Yield Maintenance Agreements. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the CutTrustee all of its rights and interest under the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of Mortgage Loan documents. The foregoing sale, transfer, assignment, set-Off Dateover, and, with respect deposit and conveyance does not and is not intended to result in creation or assumption by the GSMC Retained Interest LoansTrustee of any obligation of the Depositor, the applicable GSMC Retained Interest AmountsSeller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2005-5, Mortgage Loan Pass-Through Certificates, Series 19982005-C15, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed officer’s certificate of the Seller, title company, escrow agent or closing attorney certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its Custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2005-5, Mortgage Loan Pass-Through Certificates, Series 19982005-C15, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment of Mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment of Mortgage that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, together the Seller agrees that it will take (or shall cause the Servicer to take), at the expense of the Seller (with an executed reassignment the cooperation of the Depositor and the Trustee), such instrument actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (a "Reassignment or deleting, in the case of Assignment of Leases, Rents and Profits"Mortgage Loans that are repurchased in accordance with this Agreement) in suitable form for recordation in such computer files the jurisdiction in which information required by the Mortgaged Property is located (which reassignment, however, may be included in MERS® System to identify the Assignment of Mortgage and need not be a separate instrument);
(ix) copies series of the original Environmental Reports of the Mortgaged Properties made Certificates issued in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version transfer of such assignment of contracts and the assignment thereof Mortgage Loans to the Trustee;
(xiii) if any related LockHarborView Mortgage Loan Trust 2005-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with 5. With respect to each Cooperative Loan the Reserve Accounts and Lock-Box AccountsSeller, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the CertificateholdersDepositor does hereby deliver to the Trustee the related Cooperative Loan Documents and the Seller will take (or cause the Servicer to take);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any at the expense of the foregoing;
Seller (xv) [Reserved];
with the cooperation of the Depositor and the Trustee), such actions as are necessary under applicable law (xvi) any letters of credit and other written agreements related including but not limited to the relevant UCC) in order to perfect the interest of the Trustee in the related Mortgaged Property. Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan (other than a Cooperative Loan) shall be recorded; and
provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (xviiwhich must be from Independent Counsel and not at the expense of the Trust or the Trustee) acceptable to the Trustee and the Rating Agency, recording in such states is not required to protect the Trustee’s interest in the related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the Servicer to submit each such assignment for recording), at the cost and expense of the Seller, in the manner described above, at no expense to the Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a bankruptcy or insolvency relating to the Seller or the Depositor, or (3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor and the Trustee), (1) record (a) in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(x) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the Selleroriginal or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or its designeecause to be delivered to the Trustee, at promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature Depositor by the Seller, and thereafter the Seller including, but not limited to, any original documents evidencing an assumption or such designee shall cause each such document to be duly recordedmodification of any Mortgage Loan. The Trustee shall, promptly upon receipt of the All original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been documents that are not delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Trust shall be held by the Servicer in trust for the Trustee, for the benefit of the Trust and the Certificateholders. Nothing herein shall be deemed The Depositor herewith delivers to override the provisions Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-5), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Trust Fund. Concurrently with the execution of this Agreement, the Derivative Agreements shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as securities administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements on behalf of the Supplemental Interest Trust for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Mortgage LoansLoan Seller and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as securities administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Mortgage Loan Seller shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Mortgage Loan Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Mortgage Loan Seller, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Mortgage Loan Seller; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Mortgage Loan Seller shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Mortgage Loan Seller, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Mortgage Loan Seller shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Mortgage Loan Seller and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Mortgage Loan Seller, at the expense of the Mortgage Loan Seller, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of April 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingFirst Franklin Mortgage Loan Trust 2006-FF5”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Mortgage Loan Seller shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Mortgage Loan Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Mortgage Loan Seller at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Mortgage Loan Seller cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Mortgage Loan Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Mortgage Loan Seller, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Mortgage Loan Seller shall be deemed to have been satisfied upon delivery by the Mortgage Loan Seller to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “First Franklin Mortgage Loan Trust 2006-XX XX Pooling FF5” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Wxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box AccountsDepositor under the Mortgage Loan Purchase Agreement (except Section 3.2 thereof), the Goldman Group Guaranty, interest in the Reinvestment Enhancement Instrument, Limited Purpose Surety Bond transferred to the Co-Lender Agreement Trustee pursuant to Section 2.03(e) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received by the Depositor or the Master Servicer on or with respect to the Mortgage Loans other than (but excluding any payments of principal and interest and principal due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement. The parties hereto agree that it is not intended that any mortgage loan be included in the Trust that is (i) a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, and2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Practices Act effective November 7, 2004 or (iv) a “High-Cost Home Loan” as defined in the Indiana High Cost Home Loan Law effective January 1, 2005. In connection with the transactions contemplated by this Agreement, PHH Mortgage Corporation and the Trustee shall enter into an Assignment, Assumption and Recognition Agreement with MLCC, in the form of Exhibit K hereto, pursuant to which PHH Mortgage Corporation shall assign to the Trustee, for the benefit of the Certificateholders, all of its right, title and interest in and to the Pledged Asset Servicing Agreement with respect to the GSMC Retained Interest Pledged Asset Loans, and the applicable GSMC Retained Interest AmountsTrustee shall assume all of PHH Mortgage Corporation’s obligations under the Pledged Asset Servicing Agreement with respect to the Pledged Asset Loans from and after the date hereof. In connection with such the transfer and assignmentassignment described herein, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, on or prior to the Closing Date, shall deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments instruments:
(A) with respect to each Mortgage Loan, other than a Cooperative Loan:
(i) the original Mortgage Note endorsed “Pay to the order of Citibank, N.A., as Trustee for the registered holders of the PHHMC Mortgage Pass-Through Certificates, Series 2007-2, without recourse”, or endorsed “Pay to the order of_____________________ without recourse,” and signed in the name of the last named endorsee by an authorized officer, together with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the last endorsee;
(ii) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon which have been recorded, with evidence of recording thereon or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) Unless the Mortgage Loan is registered on the MERS® System, an original Assignment of the Mortgage (A) executed in the following form “Citibank, N.A., as Trustee for the registered holders of the PHHMC Mortgage Pass-Through Certificates, Series 2007-2”, or (B) in blank, which assignment appears to be in form and substance acceptable for recording;
(iv) the original recorded Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of a MIN) as contemplated by the immediately preceding clause (iii), if applicable and only to the extent available to the Depositor with evidence of recording thereon;
(v) the originals of all assumption, modification, consolidation or extension agreements, with evidence of recording thereon, if any;
(vi) a copy of any guarantee (other than Pledged Assets) executed in connection with the Mortgage Note;
(vii) the original of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage;
(viii) the original power of attorney, if applicable; and
(ix) if such Mortgage Loan is a Buydown Mortgage Loan (as shown in the Mortgage Loan Schedule), the original Buydown Agreement or a copy thereof; and
(B) in addition, with respect to each Mortgage Loan so assigned that is a Pledged Asset Loan (other than as indicated on the Americold Pool LoanMortgage Loan Schedule):
(i) a copy of the related Mortgage 100K Pledge Agreement or Parent Power Agreement, as applicable; and
(ii) a copy of the related UCC-1, to the extent that MLCC was required to deliver such UCC-1 to the Master Servicer, and an original form UCC-3, if applicable, to the extent that MLCC was required to deliver such UCC-3 to the Master Servicer; or
(C) with respect to items each Mortgage Loan that is a Cooperative Loan (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to as indicated on the pooling agreement related to Series 1998-XX XXMortgage Loan Schedule):
(i) the original of the Note, Mortgage Note endorsed without recourse to the order of the Trustee in one of the following forms: "“Pay to the order of LaSalle National BankCitibank, N.A., as Trustee for the GS Mortgage Securities Corporation II Commercial registered holders of the PHHMC Mortgage Pass-Through Certificates, Series 19982007-C12, without recourse"”, "or endorsed “Pay to the order of LaSalle National Bank, as Trustee, _____________________ without recourse",” and signed in the name of the last named endorsee by an authorized officer, "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note together with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the last endorsee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy duly executed assignment of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof Security Agreement to the Trustee;
(viii) a the acknowledgment copy of the UCC-1 financing statement, together with an original executed UCC-2 Form UCC-1 (or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment certified copy thereof) with respect to the Trustee Security Agreement, and any required continuation statements;
(iv) the acknowledgment copy of the original executed Form UCC-3 with respect to the security interest in agreement, indicating the personal property (if any) constituting security for repayment Trustee as the assignee of the Mortgage Loansecured party;
(v) the stock certificate representing the Cooperative Assets allocated to the cooperative unit, with a stock power in blank attached;
(vi) the original collateral assignment of the Loan Agreement or counterpart thereof relating proprietary lease by Mortgagor to such Mortgage Loan, if anythe originator;
(vii) a copy of the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements theretorecognition agreement;
(viii) if any related Assignment of Leases, Rents applicable and Profits is separate from to the Mortgageextent available, the original executed versionintervening assignments, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loanincluding warehousing assignments, if any, and copies showing, to the extent available, an unbroken chain of the original environmental indemnitiesrelated Mortgage Loan to the Trustee, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) together with a copy of the related ground leaseForm UCC-3 with evidence of filing thereon; and
(ix) the originals of each assumption, modification or substitution agreement, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related relating to the Mortgage Loan; and
(xvii) with respect to provided, however, that in lieu of the Americold Pool Loanforegoing, the Co-Lender Agreement. On or promptly Depositor may deliver the following documents, under the Closing Date (but in no event later than circumstances set forth below: (x) thirty Business Days following in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will, upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned to the Depositor within 270 days of the Closing Date Date, the Depositor may deliver a true copy thereof with an Officer’s Certificate certifying that such Mortgage, assignment to the Trustee or intervening assignment has been delivered to the appropriate recording office for recording; and (y) in lieu of the Mortgage, assignment to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents (as evidenced by a certification from the Depositor or the Master Servicer, to such effect) the Depositor may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and provided, further, however, that in the case of clause Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering the above documents, may deliver to the Trustee a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the Distribution Account on the Closing Date. The Depositor shall deliver such original documents (1)(aincluding any original documents as to which certified copies had previously been delivered) below to the Trustee promptly after they are received. The Depositor may, in lieu of delivering the original of the documents set forth in Section 2.01(A), (B) and (yC) (other than Section 2.01(A)(i) and Section 2.01(C)(i)) (or copies thereof as permitted by this Section 2.01) to the Trustee, deliver such documents to the Master Servicer, and the Master Servicer shall hold such documents in trust for the use and benefit of all present and future Certificateholders until such time as is set forth in the next sentence. Within 60 days following the Closing Date earlier of (i) the receipt of the original of all of the documents or instruments set forth in the case of clauses 1(bSection 2.01(A), (B) and 2 below(C) (other than Section 2.01(A)(i) and Section 2.01(C)(i)) (or copies thereof as permitted by such Section) for any Mortgage Loan and (ii) a written request by the Trustee to deliver those documents with respect to any or all of the Mortgage Loans then being held by the Master Servicer, the Seller (or its designee) Master Servicer shall deliver a complete set of such documents to the Trustee. The Depositor shall, at its expense, (1) record cause the Assignment of the Mortgage to the Trustee to be recorded not later than 270 days after the Closing Date, unless (a) such recordation is not required by the Rating Agency or an Opinion of Counsel has been provided as set forth below in this Section 2.01 or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record. With respect to the Cooperative Loans, the Depositor will, promptly after the Closing Date, cause the related financing statements (if not yet filed) and an assignment thereof from the Depositor to the Trustee to be filed in the appropriate offices. The Depositor need not cause to be recorded any assignment in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Depositor to the Trustee and the Rating Agency, the recordation of such assignment is not necessary to protect the Trustee’s interest in the related Mortgage Loan; provided, however, notwithstanding the delivery of any Opinion of Counsel, each Assignment assignment shall be submitted for recording by the Depositor in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates evidencing Fractional Undivided Interests aggregating not less than 25% of the Trust Fund, (ii) the occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Depositor, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) with respect to any one assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Depositor fails to pay the cost of recording the assignments, such expense will be paid by the Trustee and the Trustee shall be reimbursed for such expenses by the Trust Fund in accordance with Section 8.05. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it will cause, at the Depositor’s own expense, within 30 Business Days after the Closing Date, the MERS® System to indicate that such Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Depositor further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any original Mortgage Note referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v2.01(A)(i) or (xiii2.01(C)(i) which has above cannot yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedlocated, the obligations hereunder of the Seller Depositor to deliver such documents shall be deemed to have been be satisfied upon delivery to the Custodian Trustee of a copy photocopy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and ProfitsNote, if applicableavailable, certified by the public recording office to be with a true and complete copy Lost Note Affidavit. If any of the recorded original thereof. If Mortgage Notes for which a pro forma title insurance policy has been Lost Note Affidavit was delivered to the Custodian in lieu of an Trustee is subsequently located, such original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Note shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementthree Business Days.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (PHHMC Series 2007-2 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-2 Trust)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee Trust, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor’s rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The REMIC 1 Regular Interests, REMIC 1 Regular Interest IX and the Class R‑1 Interest shall collectively be a separate series of beneficial interests in the assets of the Trust consisting of the Trust Fund assets included in the definition of REMIC 1 pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Supplemental Interest Trust Trustee shall execute the Swap Agreement and the Depositor hereby directs the Supplemental Interest Trust Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrust pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trust as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut‑off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) unless the Mortgage Loan is registered on the MERS® System, an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof originator to the Trustee;
(v) a copy of Person assigning the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the security interest in MIN) as contemplated by the personal property immediately preceding clause (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrumentc);
(ixe) the original or copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loaneach assumption, modification, written assurance or substitution agreement, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xviif) as an original, photocopy or in electronic form, the lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Americold Pool LoanMortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Co-Lender Agreement. On or Servicer, in its capacity as Seller, shall promptly following the Closing Date (but and in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust, the Trustee, the Delaware Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Notwithstanding the foregoing, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment shall be submitted for recording by the Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust, the Trustee shall, promptly or the Delaware Trustee upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and in no event later than five (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust Fund Expense. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it shall cause, within 30 Business Days following after the Closing Date, the MERS® System to indicate that such receipt) deliver such original Mortgage Loans have been assigned by the Depositor to the CustodianTrust in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. Notwithstanding anything to The Depositor further agrees that it shall not, and shall not permit the contrary contained Servicer to, and the Servicer agrees that it shall not, alter the codes referenced in this Section 2.01paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any of the documents referred to in Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Trustee or the applicable Custodian within one year after the Closing Date, the Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each the Depositor or the Servicer, as the case may be, in trust for the benefit of the Americold Pool Loan and Trust. In the Other Americold Pool Loan event that any such original document is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant required pursuant to the terms of the GSMC Loan Sale Agreementthis Section to be a part of a Mortgage File, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement such document shall be delivered promptly to the Trustee on behalf or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the Certificateholders. Nothing Seller that no Mortgage Loan is a “high-cost” or “predatory” loan under any state or local law or regulation applicable to the originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein shall be deemed and referred to override in the provisions Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the CoSeller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-Lender Agreement Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Series 1998Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-XX XX Pooling Agreement9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-9), Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-10)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Trust Fund. Concurrently with the execution of this Agreement, the Derivative Agreements shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as Securities Administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Mortgage LoansLoan Seller and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Mortgage Loan Seller shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Mortgage Loan Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the Mortgage Loan Seller to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Mortgage Loan Seller, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Mortgage Loan Seller; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPISA, the Mortgage Loan Seller shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Mortgage Loan Seller, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPISA, on or prior to the Closing Date, the Mortgage Loan Seller shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Mortgage Loan Seller and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Mortgage Loan Seller, at the expense of the Mortgage Loan Seller, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of February 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust 2006-NC1”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Mortgage Loan Seller shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Mortgage Loan Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Mortgage Loan Seller at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Mortgage Loan Seller cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Mortgage Loan Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Mortgage Loan Seller, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Mortgage Loan Seller shall be deemed to have been satisfied upon delivery by the Mortgage Loan Seller to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2006-XX XX Pooling NC1” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Wxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Nc1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box AccountsDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor's rights under Section 17 thereof), the Goldman Group Guarantyrights of the Depositor under each of the Cap Agreements, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after April 1, 2004 (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement, each of the Cap Agreements, the Cap Assignment and the PMI Policy. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground leaseabove, if anyin the case of the Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as amended, for a first lien on the Mortgaged PropertiesProperty represented therein as a fee interest vested in the Mortgagor, if any;
(xii) if or in the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: "Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer's Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer's Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer's Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the CoSeller that no Mortgage Loan is a "high-Lender Agreement cost" or "predatory" loan under any state or local law or regulation applicable to the Series 1998originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a "high cost" or "predatory" loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a "High-XX XX Pooling AgreementCost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, 2003 or a "High Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004.
Appears in 1 contract
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor's rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after January 1, 2003 (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such each Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.):
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Cert Series 2003-1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box AccountsDepositor under the Mortgage Loan Purchase Agreement (except Section 9 thereof), the Goldman Group Guaranty, interest in the Reinvestment Enhancement Instrument, Limited Purpose Surety Bond transferred to the Co-Lender Agreement Trustee pursuant to Section 2.03(e) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received by the Depositor or the Master Servicer on or with respect to the Mortgage Loans other than (but excluding any payments of principal and interest and principal due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement. In connection with the transactions contemplated by this Agreement, andCendant Mortgage Corporation and the Trustee shall enter into an Assignment, Assumption and Recognition Agreement with MLCC, in the form of Exhibit K hereto, pursuant to which Cendant Mortgage Corporation shall assign to the Trustee, for the benefit of the Certificateholders, all of its right, title and interest in and to the Additional Collateral Servicing Agreement with respect to the GSMC Retained Interest Additional Collateral Mortgage Loans, and the applicable GSMC Retained Interest AmountsTrustee shall assume all of Cendant Mortgage Corporation's obligations under the Additional Collateral Servicing Agreement with respect to the Additional Collateral Mortgage Loans from and after the date hereof. In connection with such the transfer and assignmentassignment described herein, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, on or prior to the Closing Date, shall deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments instruments:
(A) with respect to each Mortgage Loan so assigned (Loan, other than the Americold Pool a Cooperative Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX)::
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of the following formsform: "Pay to the order of LaSalle National BankCitibank, N.A., as Trustee for the GS registered holders of the CDMC Mortgage Securities Corporation II Commercial Mortgage Pass-Pass- Through Certificates, Series 19982002-C11, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the Person so endorsing to the Trustee;
(ii) the original recorded Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon which have been recorded, with evidence of recording thereon or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recordingMortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) Unless the Mortgage Loan is registered on the MERS(R)System, an executed original Assignment of the Mortgage in suitable form for recordation executed in the jurisdiction in which the Mortgaged Property is located to either following form: "LaSalle National BankCitibank, N.A., as Trustee for the GS Mortgage Securities Corporation II Commercial registered holders of the CDMC Mortgage Pass-Through Certificates, Series 19982002-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"1;
(iv) the original recorded Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee (or to MERS, if the related Mortgage Loan is registered on the MERS(R) System and noting the presence of a MIN) as contemplated by the immediately preceding clause (iii), if applicable and only to the extent available to the Depositor with evidence of recording thereon;
(v) the originals of all assumption, modification, consolidation or extension agreements, with evidence of recording thereon, if any;
(vi) a copy of any guarantee (other than Additional Collateral) executed in connection with the Mortgage Note;
(vii) the original of any security agreement is separate from agreement, chattel mortgage or equivalent document executed in connection with the Mortgage;
(viii) the original power of attorney, if applicable; and
(ix) if such Mortgage Loan is a Buydown Mortgage Loan (as shown in the Mortgage Loan Schedule), the original executed version Buydown Agreement or counterpart thereof a copy thereof; and
(B) in addition, with respect to each Mortgage Loan that is an Additional Collateral Mortgage Loan (as indicated on the Mortgage Loan Schedule):
(i) a copy of the related Mortgage 100(sm) Pledge Agreement or Parent Power Agreement, as applicable; and
(ii) a copy of the related UCC-1, to the extent that MLCC was required to deliver such security agreement UCC-1 to the Master Servicer, and an original form UCC-3, if applicable, to the assignment thereof extent that MLCC was required to deliver such UCC-3 to the Master Servicer; or
(C) with respect to each Mortgage Loan that is a Cooperative Loan (as indicated on the Mortgage Loan Schedule):
(i) the original Mortgage Note, endorsed in the following form: "Pay to the order of Citibank, N.A., as Trustee for the registered holders of the CDMC Mortgage Pass- Through Certificates, Series 2002-1, without recourse," with all prior and intervening endorsements showing a complete chain of endorsement from the originator to the Person so endorsing to the Trustee;
(vii) a the original duly executed assignment of Security Agreement to the Trustee;
(iii) the acknowledgment copy of the UCC-1 financing statement, together with an original executed UCC-2 Form UCC-1 (or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment certified copy thereof) with respect to the Trustee Security Agreement, and any required continuation statements;
(iv) the acknowledgment copy of the original executed Form UCC-3 with respect to the security interest in agreement, indicating the personal property (if any) constituting security for repayment Trustee as the assignee of the Mortgage Loansecured party;
(v) the stock certificate representing the Cooperative Assets allocated to the cooperative unit, with a stock power in blank attached;
(vi) the original collateral assignment of the Loan Agreement or counterpart thereof relating proprietary lease by Mortgagor to such Mortgage Loan, if anythe originator;
(vii) a copy of the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements theretorecognition agreement;
(viii) if any related Assignment of Leases, Rents applicable and Profits is separate from to the Mortgageextent available, the original executed versionintervening assignments, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loanincluding warehousing assignments, if any, and copies showing, to the extent available, an unbroken chain of the original environmental indemnitiesrelated Mortgage Loan to the Trustee, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) together with a copy of the related ground leaseForm UCC-3 with evidence of filing thereon; and
(ix) the originals of each assumption, modification or substitution agreement, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related relating to the Mortgage Loan; and
(xvii) with respect to provided, however, that in lieu of the Americold Pool Loanforegoing, the Co-Lender Agreement. On or promptly Depositor may deliver the following documents, under the Closing Date (but in no event later than circumstances set forth below: (x) thirty Business Days following the Depositor may deliver a Mortgage Note pursuant to (A)(i) and (C)(i) endorsed in blank, provided that the endorsement is completed within 60 days of the Closing Date Date; (y) in lieu of the original Mortgage, assignments to the Trustee or intervening assignments thereof which have been delivered, are being delivered or will, upon receipt of recording information relating to the Mortgage required to be included thereon, be delivered to recording offices for recording and have not been returned to the Depositor within 270 days of the Closing Date, the Depositor may deliver a true copy thereof with an Officer's Certificate certifying that such Mortgage, assignment to the Trustee or intervening assignment has been delivered to the appropriate recording office for recording; and (z) in lieu of the Mortgage, assignment to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents (as evidenced by a certification from the Depositor or the Master Servicer, to such effect) the Depositor may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and provided, further, however, that in the case of clause Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering the above documents, may deliver to the Trustee a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the Distribution Account on the Closing Date. The Depositor shall deliver such original documents (1)(aincluding any original documents as to which certified copies had previously been delivered) below to the Trustee promptly after they are received. The Depositor may, in lieu of delivering the original of the documents set forth in Section 2.01(A), (B) and (yC) (other than Section 2.01(A)(i) and Section 2.01(C)(i)) (or copies thereof as permitted by Section 2.01) to the Trustee, deliver such documents to the Master Servicer, and the Master Servicer shall hold such documents in trust for the use and benefit of all present and future Certificateholders until such time as is set forth in the next sentence. Within 60 days following the Closing Date earlier of (i) the receipt of the original of all of the documents or instruments set forth in the case of clauses 1(bSection 2.01(A), (B) and 2 below(C) (other than Section 2.01(A)(i) and Section 2.01(C)(i)) (or copies thereof as permitted by such Section) for any Mortgage Loan and (ii) a written request by the Trustee to deliver those documents with respect to any or all of the Mortgage Loans then being held by the Master Servicer, the Seller (or its designee) shallMaster Servicer shall deliver a complete set of such documents to the Trustee. The Depositor shall cause, at its expense, (1) record the assignment of the Mortgage to the Trustee to be recorded not later than 180 days after the Closing Date, unless (a) such recordation is not required by the Rating Agencies or an Opinion of Counsel has been provided as set forth below in this Section 2.01 or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record. With respect to the Cooperative Loans, the Depositor will, promptly after the Closing Date, cause the related financing statements (if not yet filed) and an assignment thereof from the Depositor to the Trustee to be filed in the appropriate offices. The Depositor need not cause to be recorded any assignment in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Depositor to the Trustee and the Rating Agencies, the recordation of such assignment is not necessary to protect the Trustee's interest in the related Mortgage Loan; provided, however, notwithstanding the delivery of any Opinion of Counsel, each Assignment assignment shall be submitted for recording by the Depositor in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates evidencing Fractional Undivided Interests aggregating not less than 25% of the Trust Fund, (ii) the occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Depositor, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) with respect to any one assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Depositor fails to pay the cost of recording the assignments, such expense will be paid by the Trustee and the Trustee shall be reimbursed for such expenses by the Trust Fund in accordance with Section 8.05. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, the Depositor further agrees that it will cause, at the Depositor's own expense, within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Depositor further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any original Mortgage Note referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v2.01(A)(i) or (xiii2.01(B)(i) which has above cannot yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedlocated, the obligations hereunder of the Seller Depositor to deliver such documents shall be deemed to have been be satisfied upon delivery to the Custodian Trustee of a copy photocopy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and ProfitsNote, if applicableavailable, certified by the public recording office to be with a true and complete copy Lost Note Affidavit. If any of the recorded original thereof. If Mortgage Notes for which a pro forma title insurance policy has been Lost Note Affidavit was delivered to the Custodian in lieu of an Trustee is subsequently located, such original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Note shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementthree Business Days.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below, (iii) the Initial Deposit and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiv) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly interest accruing on the Master Servicer Remittance Date immediately following receipt. The Certificates from and after the Cut-Off Date.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed hereunder, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." Each Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related applicable Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) deliver to the original Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse"the Fiscal Agent, "Pay to the order of LaSalle National BankPaying Agent, as any Custodian, without recourse", "Pay any Master Servicer or any Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the order document delivery requirements of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by Purchase Agreements and this Section 2.1(b).
(c) Each Seller other than IXIS and NCB, FSB, at its own expense, for the related Originator, show a complete chain of endorsement from the related Originator Mortgage Loans sold to the Depositor by such Seller, and the Trustee;
, at the expense of IXIS and NCB, FSB, as applicable, for the IXIS Loans sold to the Depositor by IXIS and the NCB, FSB Loans sold to the Depositor by NCB, FSB, shall promptly (iiand in any event within 90 days following the receipt of all recording information necessary to record such document) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified cause to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation recording or filing, as the case may be, in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankappropriate public office for real property records or UCC financing statements, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesappropriate, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the each assignment to the Trustee referred to in clauses (iv), (vi)(B) and (ix)(B) of the security interest in definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument public recording office to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage following recording or Loan Agreement, a copy thereoffiling; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder Trustee, for all Mortgage Loans, other than the Principal Loans, and the Primary Servicers for the Principal Loans, shall obtain therefrom, at the expense of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of applicable Seller, a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereofand shall forward copies thereof to the applicable Master Servicer and the applicable Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has defect therein, the Trustee for all Mortgage Loans other than the Principal Loans, and the applicable Primary Servicers for the Principal Loans, shall promptly notify the applicable Seller and the applicable Seller for its respective Mortgage Loans shall promptly prepare or cause to be prepared and delivered to the Trustee a substitute therefor or cure such defect, as the case may be, and thereafter the Trustee shall upon receipt thereof from such Seller cause the same to be duly recorded or filed, as appropriate. The parties acknowledge the obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the Trustee, on or before the fifth Business Day after the Closing Date, five limited powers of attorney substantially in the form attached as Exhibit C to the Primary Servicing Agreements or Exhibit 5 to the Mortgage Loan Purchase Agreements in favor of the Trustee, the applicable Master Servicer and the applicable Special Servicer to empower the Trustee, such Master Servicer and, in the event of the failure or incapacity of the Trustee and such Master Servicer, such Special Servicer, to submit for recording, at the expense of the applicable Seller, any mortgage loan documents required to be recorded as described in the preceding paragraph and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have previously been delivered to the Custodian in lieu of an original title insurance policyTrustee). The Sellers agree to reasonably cooperate with the Trustee, the Seller will promptly deliver Master Servicer and the Special Servicer in connection with any additional powers of attorney or revisions thereto that are requested by such parties for purposes of such recordation. The Trustee and each other party hereto agrees that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except that to the Custodian extent that the absence of a document described in the second preceding sentence with respect to such Mortgage Loan remains unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related original title insurance policy upon receipt thereofSeller, but in no event earlier than 18 months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The Trustee shall submit such documents for recording, at the related Seller's expense, after the periods set forth above; provided, however, the Trustee shall not submit such assignments for recording if the applicable Seller shall promptly cause produces evidence that it has sent any such assignment for recording and certifies that it is awaiting its return from the UCC-1's referred applicable recording office.
(d) All relevant servicing or loan documents and records in the possession of the Depositor or the Sellers that relate to in Section 2.01(v), if the servicing of any Mortgage Loans and that are not already filed, required to be filed a part of a Mortgage File in accordance with the definition thereof and are reasonably necessary for the ongoing administration and/or servicing of the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Loan shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, ifrelated Primary Servicer on its behalf, on or before the date that is 75 days following the Closing Date and shall be held by such Master Servicer or the related Primary Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. To the extent delivered to the Master Servicer (for Mortgage Loans other than the IXIS Loans, the TIAA Loans, the Principal Loans, the MM Loans, the WaMu Loans and the UCMFI Loans), the IXIS Sub-Servicer, the TIAA Sub-Servicer or the related Primary Servicer (for the IXIS Loans, the TIAA Loans, the Principal Loans, the MM Loans, the WaMu Loans and the UCMFI Loans) by the related Seller, the Servicer Mortgage File will consist of (i) with respect to all Mortgage Loans other than the MSMC Loans, the documents listed in the definition of Mortgage File or (ii) with respect to the MSMC Loans, the documents listed in the definition of Mortgage File and, to the extent required to be (and actually) delivered to the applicable Seller pursuant to the applicable Mortgage Loan documents, copies of the following items: the Mortgage Note, any Mortgage, the Assignment of Leases and the Assignment of Mortgage, any guaranty/indemnity agreement, any loan agreement, the insurance policies or certificates (as to applicable), the property inspection reports, any Mortgage Loanfinancial statements on the property, any escrow analysis, the tax bills, the Appraisal, the environmental report, the engineering report, the asset summary, financial information on the Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor agreement and any Environmental Insurance Policies; provided, however, the Seller canshall not be required to deliver in complete and recordable form any one draft documents, attorney-client privileged communications, internal correspondence or credit analysis. Delivery of any of the assignments in favor of foregoing documents to the Trustee referred applicable Primary Servicer (or sub-servicer) shall be deemed delivery to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally applicable Master Servicer and satisfy the delivery requirements of Depositor's obligations under this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"2.1(d). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received foregoing items shall be delivered in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willelectronic form, to the extent necessarysuch document is available in such form and such form is reasonably acceptable to the applicable Master Servicer. None of any Master Servicer, specially service both any Special Servicer or any Primary Servicer shall have any liability for the Americold Pool Loan absence of any of the foregoing items from the Servicing Mortgage File if such item was not delivered by the related Seller.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee and the Other Americold Pool LoanMaster Servicer on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each case related Mortgage Loan as of the Closing Date.
(f) In connection herewith, the Depositor has acquired the MSMC Loans from MSMC, the IXIS Loans from IXIS, the Principal Loans from Principal, the MM Loans from MM, the NCB, FSB Loans from NCB, FSB, the WaMu Loans from WaMu, the UCMFI Loans from UCMFI and the TIAA Loans from TIAA. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the IXIS Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Principal Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Note, as described in the definition of Mortgage File) relating to the MM Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the NCB, FSB Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the WaMu Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies the related Mortgage Note, as described in the definition of Mortgage File) relating to the UCMFI Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the TIAA Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, MSMC, IXIS, Principal, MM, NCB, FSB, WaMu, UCMFI and TIAA, as applicable, are required under the terms Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements in blank or naming the Trustee, on behalf of the Co-Lender Agreement Certificateholders, as assignee. Notwithstanding the fact that the assignments shall be in blank or name the Trustee, on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the MSMC Loans shall be deemed to have been transferred from MSMC to the Depositor, the IXIS Loans shall be deemed to have been transferred from IXIS to the Depositor, the Principal Loans shall be deemed to have been transferred from Principal to the Depositor, the MM Loans shall be deemed to have been transferred from MM to the Depositor, the NCB, FSB Loans shall be deemed to have been transferred from NCB, FSB to the Depositor, the WaMu Loans shall be deemed to have been transferred from WaMu to the Depositor, the UCMFI Loans shall be deemed to have been transferred from UCMFI to the Depositor, and the Series 1998-XX XX Pooling Agreement. Pursuant TIAA Loans shall be deemed to have been transferred from TIAA to the terms of Depositor, and all Mortgage Loans shall be deemed to have been transferred from the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2005 IQ9)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Trust Fund. Concurrently with the execution of this Agreement, the Swap Agreement shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as Securities Administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver the Swap Agreement (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Mortgage LoansLoan Seller and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Swap Agreement solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other swap agreement upon the expiration or termination of the Swap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Credit Line Agreement bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Credit Line Agreement, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Mortgage Loan Seller shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Mortgage Loan Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Mortgage Loan Seller, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Mortgage Loan Seller; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Credit Line Agreement, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Mortgage Loan Seller shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Mortgage Loan Seller, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Mortgage Loan Seller shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Mortgage Loan Seller and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Credit Line Agreement. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Mortgage Loan Seller, at the expense of the Mortgage Loan Seller, to “[ ], as trustee under the Pooling and Servicing Agreement dated as of [ ], for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingStructured Asset Securities Corporation Trust [ ]”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Mortgage Loan Seller shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Mortgage Loan Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Mortgage Loan Seller at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Mortgage Loan Seller cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Mortgage Loan Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Mortgage Loan Seller, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Mortgage Loan Seller shall be deemed to have been satisfied upon delivery by the Mortgage Loan Seller to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “Structured Asset Securities Corporation Trust [ ]” and [ ] is hereby appointed as Trustee and [ ] is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp)
Conveyance of Mortgage Loans. The Seller(a) Each Seller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the such Seller in and to the applicable Initial Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by such Seller on or with respect to the applicable Initial Mortgage Loans other than interest and principal due on or prior after the Initial Cut-off Date (to the extent not applied in computing the Cut-Off Date, and, with respect to off Date Principal Balance thereof) or deposited into the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Certificate Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of such Seller as part of the Trustee Initial Certificate Account Deposit as successor to provided in this Agreement, other than principal due on the applicable Originator. In connection with such transfer and assignment, the Seller shall, Initial Mortgage Loans on or prior to the Closing Initial Cut-off Date and interest accruing prior to the Initial Cut-off Date. The Master Servicer confirms that, deliver to, and deposit with, the Custodian (on behalf of the Trustee)Sellers, concurrently with copies the transfer and assignment, it has deposited into the Certificate Account the Initial Certificate Account Deposit. Immediately upon the conveyance of the Initial Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Initial Mortgage Loans. CHL further agrees (x) to cause The Bank of New York to enter into the Swap Contract Administration Agreement as Swap Contract Administrator and (y) to assign all of its right, title and interest in and to the interest rate swap transaction evidenced by the Confirmation, and to cause all of its obligations in respect of such transaction to be assumed by, the Swap Contract Administrator, on the terms and conditions set forth in the Swap Contract Assignment Agreement.
(b) Subject to the execution and delivery of the related Subsequent Transfer Agreement as provided by Section 2.01(d) and the terms and conditions of this Agreement, each Seller sells, transfers, assigns, sets over and otherwise conveys to the Depositor, without recourse, on each Subsequent Transfer Date, all the right, title and interest of such Seller in and to the related Subsequent Mortgage Loans, including all interest and principal received and receivable by such Seller on or with respect to such Subsequent Mortgage Loans after the related Subsequent Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Master Servicer on behalf of such Seller as part of any related Subsequent Certificate Account Deposit as provided in this Agreement, other than principal due on such Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date and Special Servicerinterest accruing prior to the related Subsequent Cut-off Date. Immediately upon the conveyance of the Subsequent Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Subsequent Mortgage Loans.
(c) Each Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Section 2.01(a) or (b).
(d) On any Business Day during the Funding Period designated by CHL to the Trustee, the Sellers, the Depositor and the Trustee shall complete, execute and deliver a Subsequent Transfer Agreement. After the execution and delivery of such Subsequent Transfer Agreement, on the Subsequent Transfer Date, the Trustee shall set aside in the Pre-Funding Account an amount equal to the related Subsequent Transfer Date Purchase Amount.
(e) The transfer of Subsequent Mortgage Loans on the Subsequent Transfer Date is subject to the satisfaction of each of the following documents or instruments conditions:
(1) the Trustee and the Underwriters will be provided Opinions of Counsel addressed to the Rating Agencies as with respect to each the sale of the Subsequent Mortgage Loan so assigned Loans conveyed on such Subsequent Transfer Date (other than such opinions being substantially similar to the Americold Pool Loan, opinions delivered on the Closing Date to the Rating Agencies with respect to items (iithe sale of the Initial Mortgage Loans on the Closing Date), to be delivered as provided in Section 2.01(f);
(iii2) the execution and delivery of such Subsequent Transfer Agreement or conveyance of the related Subsequent Mortgage Loans does not result in a reduction or withdrawal of any ratings assigned to the Certificates by the Rating Agencies;
(3) the Depositor shall deliver to the Trustee an Officer's Certificate confirming the satisfaction of each of the conditions set forth in this Section 2.01(e) required to be satisfied by such Subsequent Transfer Date;
(4) each Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date satisfies the representations and warranties applicable to it under this Agreement, provided, however, that with respect to a breach of a representation and warranty with respect to a Subsequent Mortgage Loan set forth in this clause (4), (vthe obligation under Section 2.03(e) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of this Agreement of the Noteapplicable Seller, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bankcure, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the repurchase or replace such Subsequent Mortgage Loan was originated by shall constitute the related Originatorsole remedy against such Seller respecting such breach available to Certificateholders, show a complete chain of endorsement from the related Originator to Depositor or the Trustee;
(ii5) the original recorded Subsequent Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any Loans conveyed on such original Mortgage has Subsequent Transfer Date were selected in a manner reasonably believed not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy adverse to the interests of the original thereof submitted for recordingCertificateholders;
(iii6) an executed Assignment of no Subsequent Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" Loan conveyed on such Subsequent Transfer Date was 30 or "LaSalle National Bank, as Custodial Agent, without recourse"more days delinquent;
(iv7) if following the related security agreement is separate from conveyance of the MortgageSubsequent Mortgage Loans on such Subsequent Transfer Date, the original executed version or counterpart thereof characteristics of such security agreement and each Loan Group will not vary by more than the assignment thereof to amount specified below (other than the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment percentage of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is Loans secured by Mortgaged Properties located in the State of California, which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance will not exceed 50% of the Seller's Commercial Mortgage Pass-Through CertificatesPool and the percentage of mortgage loans in the Credit Grade Categories of "C" or below, Series 1998-XX XX ("Series 1998-XX XX"). Each which will not exceed 10% of the Americold Pool Mortgage Loans in each Loan Group) from the characteristics listed below; provided that for the purpose of making such calculations, the characteristics for any Initial Mortgage Loan made will be taken as of the Initial Cut-off Date and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect characteristics for any Subsequent Mortgage Loans will be taken as of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the CoSubsequent Cut-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.off Date;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-3)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee Trust, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor’s rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The REMIC 1 Regular Interests, REMIC 1 Regular Interest IX and the Class R‑1 Interest shall collectively be a separate series of beneficial interests in the assets of the Trust consisting of the Trust Fund assets included in the definition of REMIC 1 pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Supplemental Interest Trust Trustee shall execute the Swap Agreement and the Depositor hereby directs the Supplemental Interest Trust Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrust pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trust as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut‑off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) unless the Mortgage Loan is registered on the MERS® System, an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof originator to the Trustee;
(v) a copy of Person assigning the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the security interest in MIN) as contemplated by the personal property immediately preceding clause (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrumentc);
(ixe) the original or copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loaneach assumption, modification, written assurance or substitution agreement, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xviif) as an original, photocopy or in electronic form, the lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Americold Pool LoanMortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Co-Lender Agreement. On or Servicer, in its capacity as Seller, shall promptly following the Closing Date (but and in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust, the Trustee, the Delaware Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Notwithstanding the foregoing, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates and the Mezzanine Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment shall be submitted for recording by the Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust, the Trustee shall, promptly or the Delaware Trustee upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and in no event later than five (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust Fund Expense. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it shall cause, within 30 Business Days following after the Closing Date, the MERS® System to indicate that such receipt) deliver such original Mortgage Loans have been assigned by the Depositor to the CustodianTrust in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. Notwithstanding anything to The Depositor further agrees that it shall not, and shall not permit the contrary contained Servicer to, and the Servicer agrees that it shall not, alter the codes referenced in this Section 2.01paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any of the documents referred to in Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Trustee or the applicable Custodian within one year after the Closing Date, the Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each the Depositor or the Servicer, as the case may be, in trust for the benefit of the Americold Pool Loan and Trust. In the Other Americold Pool Loan event that any such original document is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant required pursuant to the terms of the GSMC Loan Sale Agreementthis Section to be a part of a Mortgage File, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement such document shall be delivered promptly to the Trustee on behalf or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the Certificateholders. Nothing Seller that no Mortgage Loan is a “high-cost” or “predatory” loan under any state or local law or regulation applicable to the originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein shall be deemed and referred to override in the provisions Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the CoSeller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-Lender Agreement Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Series 1998Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-XX XX Pooling Agreement9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-6)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth belowand the Depositor's rights under each Purchase Agreement that are permitted to be assigned to the Trustee pursuant to Section 12 thereof, (iii) the Initial Deposit and any security interest thereunder (whether iv) all other assets included or to be included in real or personal property REMIC I for the benefit of REMIC II and whether tangible or intangible) in favor of the SellerREMIC III, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund REMIC III for the benefit of the CertificateholdersREMIC IV. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly interest accruing on the Master Servicer Remittance Date immediately following receipt. The Certificates from and after the Cut-Off Date.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed thereby, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." Each Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related applicable Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) deliver to the original Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse"the Fiscal Agent, "Pay to the order of LaSalle National BankPaying Agent, as any Custodian, without recourse", "Pay the Master Servicer or the Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the order document delivery requirements of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by Purchase Agreements and this Section 2.1(b).
(c) The applicable Seller shall, at the expense of the applicable Seller of the related OriginatorMortgage Loan, show a complete chain of endorsement from as to each Mortgage Loan, promptly (and in any event within 45 days following the related Originator to the Trustee;
(iireceipt thereof) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified cause to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation recording or filing, as the case may be, in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankappropriate public office for real property records or UCC financing statements, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesappropriate, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the each assignment to the Trustee referred to in clauses (iv), (vi)(B) and (ix) of the security interest in definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument public recording office to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage following recording or Loan Agreement, a copy thereoffiling; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of LeasesLeases or assignment of UCC financing statements, Rents the Master Servicer shall obtain therefrom at the expense of the related Seller a certified copy of the recorded original. The Master Servicer shall forward copies thereof to the Trustee and Profitsthe Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, if as the case may be, because of a defect therein, the Master Servicer shall direct each Seller pursuant to the applicable Mortgage Loan Purchase Agreement promptly to prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Master Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.
(d) All relevant servicing documents and records in the possession of the Depositor or the Sellers that relate to the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof shall be delivered (subject to the requirements of the Primary Servicing Agreements) to the Master Servicer on or before the Closing Date and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. The Depositor shall deliver or cause the related Seller to deliver to the Special Servicer a copy of each Mortgage File to the extent that (i) such copy has not previously been delivered to the Special Servicer and (ii) the Special Servicer requests (in writing) such copy within 180 days following the Closing Date. The Depositor shall deliver or cause the related Seller to deliver such copy within a reasonable period following such request by the Special Servicer.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee on or before the Closing Date (i) a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each related Mortgage Loan as of the Closing Date, and (ii) a copy of a fully executed counterpart of each Purchase Agreement, as in full force and effect on the applicable Closing Date.
(f) In connection herewith, the Depositor has acquired the Principal Loans from Principal, the JHREF Loans from JHREF, the MSMC Loans from MSMC and the Xxxxx Fargo Loans from Xxxxx Fargo. The Depositor will have delivered the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Principal Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will have delivered the original Mortgage Notes (or lost note affidavits with a copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the JHREF Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will have delivered the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will have delivered the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Xxxxx Fargo Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, Principal, JHREF, Xxxxx Fargo and MSMC, as applicable, after any has been recordedare required under the Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements naming the Trustee, on behalf of the Certificateholders, as assignee. Notwithstanding the fact that the assignments shall name the Trustee, on behalf of the Certificateholders, as the assignee, the obligations hereunder of parties hereto acknowledge and agree that for all purposes the Seller Principal Loans shall be deemed to have been satisfied upon delivery transferred from Principal to the Custodian of a copy of such MortgageDepositor, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office JHREF Loans shall be deemed to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has have been delivered transferred from JHREF to the Custodian in lieu of an original title insurance policyDepositor, the Seller will promptly deliver Xxxxx Fargo Loans shall be deemed to have been transferred from Xxxxx Fargo to the Custodian Depositor and the related original title insurance policy upon receipt thereof. The Seller MSMC Loans shall promptly cause the UCC-1's referred be deemed to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver have been transferred from MSMC to the Custodian the related UCC-1Depositor, with evidence of filing thereon. Copies of such recorded or filed documents and all Mortgage Loans shall be delivered deemed to have been transferred from the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed .
(g) The Primary Servicer, with respect to override each Mortgage Loan as to which it has servicing responsibility, shall, as to each Mortgage Loan that is secured by the provisions interest of the Co-Lender related Mortgagor under a ground lease, at its own expense, promptly (and in any event within the later of (x) 45 days of the Closing Date and (y) delivery to such Primary Servicer of a copy of the ground lease by the related Seller) notify the related ground lessor of the transfer of such Mortgage Loan to the Trust pursuant to this Agreement or and inform such ground lessor that any notices of default under the Series 1998-XX XX Pooling Agreementrelated ground lease should thereafter be forwarded to the Primary Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Inc Series 2000 Life1)
Conveyance of Mortgage Loans. The SellerEffective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and to under (i) the Mortgage Loans identified on the Mortgage Loan Schedule including the related Mortgage Notes, Mortgages, security agreements and title, hazard and other insurance policies, including all Qualifying Substitute Mortgage Loans, including all rights to payment in distributions with respect thereofthereto payable after the Cut-Off Date, except as set forth belowthe Mortgage File and all rights, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor if any, of the SellerDepositor in the Distribution Account, and all Reserve Accounts, Lock-Box REO Accounts, the Goldman Group GuarantyCertificate Account, the Reinvestment Enhancement InstrumentReserve Account and the Interest Reserve Account, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Trustee pursuant to Section 14 thereof, (iii) the Initial Deposit, (iv) the Depositor's rights under any Intercreditor Agreement, Loan Pair Intercreditor Agreement, Non-Serviced Mortgage Loan Intercreditor Agreement and the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement with respect to any Non-Serviced Mortgage Loan (v) with respect to the Class A-4FL Certificates, the Co-Lender Agreement Swap Contract, the Class A-4FL Regular Interest and funds or assets from time to time on deposit in the Floating Rate Account, and (vi) all other assets included or to be included in REMIC I, the Trust Fund for Class DP REMIC, the benefit of Class ST REMIC or the CertificateholdersExcess Interest Grantor Trust. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to constitute a sale. In connection with the initial sale of the Certificates by the Depositor, the purchase price to be paid includes a portion attributable to interest accruing on the Certificates from and after the Cut-Off Date. The transfer and assignment of any Non-Serviced Mortgage Loans to the Trustee and the right to service such Mortgage Loans are subject to the terms and conditions of the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement and the related Non-Serviced Mortgage Loan Intercreditor Agreement, and the Trustee, by the execution and delivery of this Agreement, hereby agrees that such Mortgage Loans remain subject to the terms of the related Non-Serviced Mortgage Loan Intercreditor Agreement and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Serviced Pari Passu Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Serviced Companion Mortgage Loan, the Seller cannot deliver in complete related Loan Pair Intercreditor Agreement. The transfer and recordable form any one assignment of the assignments in favor of 633 17th Street B Note to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan right to service such 000 00xx Xxxxxx B Note is a pari passu loan, and each is entitled subject to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms and conditions of the Cothx XXXX 0000-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan X0 Xxoling and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Servicing Agreement and the Series 1998-XX XX Pooling related Intercreditor Agreement. Pursuant , and the Trustee, by the execution and delivery of this Agreement, hereby agrees that such 633 17th Street B Note remains subject to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementrelated Xxxxxxxxxxxxx Xxxeement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006 - HQ9)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor's rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after March 1, 2003 (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground leaseabove, if anyin the case of the Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as amended, for a first lien or second lien on the Mortgaged PropertiesProperty represented therein as a fee interest vested in the Mortgagor, if any;
(xii) if or in the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: "Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Class S Certificates, the Mezzanine Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer's Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer's Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer's Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions of the Co-Lender Agreement Trustee or the Series 1998-XX XX Pooling Agreementapplicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Loan 2003-2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders and the Certificate Insurer all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-off Date Principal Balance, all interest due thereon after the Cut-off Date and all collections in respect of interest and principal due after the Cut-off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund Fund. Such assignment includes all interest and principal due to the Depositor after the Cut-off Date with respect to the Mortgage Loans. In exchange for such transfer and assignment, the Depositor shall receive the Certificates. Concurrently with the execution of this Agreement, the MGIC Letter of Terms shall be delivered to the Trustee on behalf of the Issuing Entity. In connection therewith, the Depositor hereby directs the Trustee (solely in its capacity as such) and the Trustee is hereby authorized to execute and deliver the MGIC Letter of Terms for the benefit of the Certificateholders. Such transfer The Seller, the Depositor and assignment includes the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Trustee is executing and delivering the MGIC Letter of Terms solely in its capacity as Trustee of the Trust Fund, and not in its individual capacity. It is agreed and understood by the Depositor, the Seller and the Trustee that it is not intended that any Mortgage Loan be included in the Trust Fund that is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective as of November 27, 2003, or The Home Loan Protection Act of New Mexico, effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective as of November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as defined in the Indiana High Cost Home Loan Act, effective as of June 1, 2005. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and principal due on shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under the Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with respect to the Mortgage Loans or any other than interest and principal due on agreement or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsinstrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, (i) the Seller shall make a cash deposit Depositor directs the Trustee to appoint The Bank of New York as Custodian, and (ii) the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01 or the BONY Custodial Agreement, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2006-5, Mortgage Loan Pass-Through Certificates, Series 19982006-C15, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related OriginatorMortgage Note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-off Date Collateral Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed Officer’s Certificate of the Seller, title company, escrow agent or closing attorney certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its Custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2006-5, Mortgage Loan Pass-Through Certificates, Series 19982006-C15, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment of Mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment of Mortgage that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, together the Seller agrees that it will take (or shall cause the Servicer to take), at the expense of the Seller (with an executed reassignment the cooperation of the Depositor and the Trustee, such instrument actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (a "Reassignment or deleting, in the case of Assignment of Leases, Rents and Profits"Mortgage Loans that are repurchased in accordance with this Agreement) in suitable form for recordation in such computer files the jurisdiction in which information required by the Mortgaged Property is located (which reassignment, however, may be included in MERS® System to identify the Assignment of Mortgage and need not be a separate instrument);
(ix) copies series of the original Environmental Reports of the Mortgaged Properties made Certificates issued in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version transfer of such assignment of contracts and the assignment thereof Mortgage Loans to the Trustee;
(xiii) if any related LockHarborView Mortgage Loan Trust 2006-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with 5. With respect to each Cooperative Loan the Reserve Accounts and Lock-Box AccountsSeller, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the CertificateholdersDepositor does hereby deliver to the Trustee the related Cooperative Loan Documents and the Seller will take (or cause the Servicer to take);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any at the expense of the foregoing;
Seller (xv) [Reserved];
with the cooperation of the Depositor and the Trustee, such actions as are necessary under applicable law (xvi) any letters of credit and other written agreements related including but not limited to the relevant UCC) in order to perfect the interest of the Trustee in the related Mortgaged Property. Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan (other than a Cooperative Loan) shall be recorded; and
provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (xviiwhich must be from Independent Counsel and not at the expense of the Trust or the Trustee) acceptable to the Trustee and each Rating Agency, recording in such states is not required to protect the Trustee’s interest in the related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the Servicer to submit each such assignment for recording), at the cost and expense of the Seller, in the manner described above, at no expense to the Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a bankruptcy or insolvency relating to the Seller or the Depositor, or (3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor and the Trustee (or the Custodian on behalf of the Trustee)), (1) record (a) in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. If the original lender’s title insurance policy, or (xiiia certified copy thereof, was not delivered pursuant to Section 2.01(x) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the Selleroriginal or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or its designeecause to be delivered to the Trustee, at promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original prior to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Closing Date, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder lieu of the Seller delivering the above documents, the Servicer shall be deemed deliver to have been satisfied upon delivery the Trustee, or to the Custodian on behalf of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything prior to the contrary contained in this Section 2.01first Distribution Date, ifan Officer’s Certificate, on which shall include a statement to the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust shall be held by the Servicer in trust for the Trustee, for the benefit of the Trust and the Certificateholders. Nothing herein All original documents that are not delivered to the Custodian on behalf of the Trust shall be deemed to override held by the provisions Servicer in trust for the Trustee, for the benefit of the CoTrust, the Certificateholders and the Certificate Insurer. The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement. The Depositor shall have the right to receive any and all loan-Lender Agreement level information regarding the characteristics and performance of the Mortgage Loans upon request, and to publish, disseminate or the Series 1998-XX XX Pooling Agreementotherwise utilize such information in its discretion, subject to applicable laws and regulations.
Appears in 1 contract
Conveyance of Mortgage Loans. (a) It is the intention of the parties hereto that a common law trust be established pursuant to this Agreement and further such trust be designated as "Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series 2002-2". LaSalle Bank National Association is hereby appointed, and does hereby agree to act, as Trustee hereunder and, in such capacity, to hold the Trust Fund in trust for the exclusive use and benefit of all present and future Certificateholders. It is not intended that this Agreement create a partnership or a joint-stock association.
(b) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, sell, set over and otherwise convey to the Trustee Trustee, in trust, without recourse recourse, for the benefit of the Certificateholders (except and for the benefit of the other parties to the extent herein providedthis Agreement as their respective interests may appear) all the right, title and interest of the Seller in Depositor, in, to and to under (i) the Mortgage Loans, including all rights to payment in respect thereof, except as Loans set forth belowon the Mortgage Loan Schedule and all documents included in the related Mortgage Files and Servicing Files, (ii) the rights of the Depositor under Sections 2, 3, 4, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 and 21 of the Mortgage Loan Purchase and Sale Agreement, and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiii) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund Fund. Such assignment includes (i) the Mortgage Loans as from time to time are subject to this Agreement and all scheduled payments of principal and interest under and proceeds of such Mortgage Loans received after the Cut-off Date (other than payments of principal, interest and other amounts due and payable on the Mortgage Loans on or before the Cut-off Date and collected after the Cut-off Date, which shall belong and be promptly remitted to the Depositor) together with all documents delivered or caused to be delivered hereunder with respect to such Mortgage Loans by the Mortgage Loan Seller; (ii) any REO Property acquired in respect of a Mortgage Loan, and (iii) such funds or assets as from time to time are deposited in the Certificate Account, the Distribution Account, the REMIC I Distribution Account, the REMIC II Distribution Account, the CML Loan REMIC Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account and the REO Account (if established). This conveyance is subject to the rights of the Sub-Servicers pursuant to the Sub-Servicing Agreements which rights are subject in any event to this Agreement. In connection with the Depositor's assignment pursuant to Section 2.01(a) above the Depositor shall direct, and hereby represents and warrants that it has directed, the Mortgage Loan Seller pursuant to the Mortgage Loan Purchase and Sale Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby (with a copy to the Master Servicer), on or before the Closing Date, the Mortgage File for each Mortgage Loan so assigned. The Special Servicer may request the Master Servicer to deliver a copy of the Servicing File for any Mortgage Loan (other than a Specially Serviced Mortgage Loan) at the expense of the Special Servicer. None of the Trustee, the Fiscal Agent, any Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by the Mortgage Loan Seller or the Depositor to comply with the document delivery requirements of the Mortgage Loan Purchase and Sale Agreement and this Section 2.01(b). The conveyance of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties hereto to constitute an absolute transfer of such Mortgage Loans and such other related rights and property by the Depositor to the Trustee for the benefit of the Certificateholders. Such transfer Furthermore, it is not intended that such conveyance be a pledge of security for a loan. If such conveyance is determined to be a pledge of security for a loan, however, the Depositor and assignment includes the Trustee intend that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor and the Trustee also intend and agree that, in such event, (i) this Agreement shall constitute a security agreement under applicable law, (ii) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in all of the Depositor's right, title and interest in and to the assets constituting the Trust Fund, including the Mortgage Loans subject hereto from time to time, all principal and interest received on or with respect to such Mortgage Loans after the Closing Date (other than scheduled payments of interest and principal due and payable on such Mortgage Loans on or prior to the related Due Date in September 2002 or, in the case of a Replacement Mortgage Loan, on or prior to the related date of substitution), all amounts held from time to time in the Certificate Account, the Distribution Account, the REMIC I Distribution Account, the REMIC II Distribution Account, the CML Loan REMIC Distribution Account, the Interest Reserve Account, the Excess Interest Distribution Account or the REO Account, and all reinvestment earnings on such amounts, and all of the Depositor's right, title and interest under the Mortgage Loan Purchase and Sale Agreement, (iii) the possession by the Trustee or its agent of the Mortgage Notes with respect to the Mortgage Loans subject hereto from time to time and such other than items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be "possession by the secured party" or possession by a purchaser or person designated by such secured party for the purpose of perfecting such security interest under applicable law, and principal due on (iv) notifications to, and acknowledgments, receipts or prior confirmations from, Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Cut-Off Date, and, with respect Trustee for the purpose of perfecting such security interest under applicable law.
(c) The Depositor hereby covenants that it will enforce the delivery obligations of the Mortgage Loan Seller under Sections 2(f) and 4(d) of the Mortgage Loan Purchase and Sale Agreement for the benefit of the parties to this Agreement and for the GSMC Retained Interest Loansbenefit of the Certificateholders. None of the Trustee, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignmentFiscal Agent, any Custodian, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on Depositor, the Master Servicer Remittance Date immediately following receiptor the Special Servicer shall in any way be liable for any failure by the Mortgage Loan Seller to comply with the delivery requirements of this Section 2.01(c). The Seller If any of the endorsements referred to in clause (i) of the definition of "Mortgage File" are delivered to the Trustee in blank, the Trustee shall cause be responsible for completing promptly the Reserve Accounts and Lock-Box Accounts to be transferred to and held related endorsement in the name of the Master Servicer on behalf Trustee (in such capacity). If the Mortgage Loan Seller is unable to deliver or cause the delivery of any original Mortgage Note, it may deliver a copy of such Mortgage Note, together with a lost note affidavit and indemnity, and shall thereby be deemed to have satisfied the document delivery requirements of Section 2(e) of the Trustee Mortgage Loan Purchase and Sale Agreement as successor to such item. If the applicable Originator. In connection with such transfer and assignmentMortgage Loan Seller cannot so deliver, or cause to be delivered, as to any Mortgage Loan, the Seller shall, on original or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf a copy of any of the Trustee), with copies documents and/or instruments referred to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items in clauses (ii), (iiiiv), (vviii), (xi)(A) and (viiixiii) belowof the definition of "Mortgage File", which have previously with evidence of recording or filing (if applicable, and as the case may be) thereon, solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bankfor recordation or filing, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatescase may be, Series 1998-C1then, without recourse"so long as a copy of such document or instrument, "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless certified by the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator Seller as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) being a copy of the UCC-1 financing statement, together with an original executed UCC-2 document deposited for recording or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest filing in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loanappropriate filing office, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest has been delivered to the Trustee on behalf or before the Closing Date, and subject to the requirements of Section 4(d) of the Certificateholders);
(xiv) any Mortgage Loan Purchase and all amendmentsSale Agreement, modifications and supplements to, and waivers related to, any the delivery requirements of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit Mortgage Loan Purchase and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller Sale Agreement shall be deemed to have been satisfied upon delivery as to the Custodian of a copy of such Mortgagemissing item, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office such missing item shall be deemed to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has have been delivered to the Custodian included in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause Mortgage File; provided any such recorded documents are delivered within 180 days following the UCC-1's referred to in Section 2.01(v), Closing Date or such additional time as necessary if such documents have not already filed, to be filed in been returned from the applicable public recording office and upon filing the Mortgage Loan Seller is diligently monitoring such matter. In such case, the Mortgage Loan Seller will promptly deliver notify the Trustee as to the Custodian the related UCC-1, with evidence of filing thereon. Copies progress of such recorded filing after the expiration of the initial 180 days and every 45 days thereafter until such document has been returned. If the Mortgage Loan Seller cannot or filed documents shall does not so deliver, or cause to be delivered to the Master Servicer by the Seller or the Trusteedelivered, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form original of any one of the assignments in favor of the Trustee documents and/or instruments referred to in clauses (iii), (v), ) and (viii) or (xiiixi)(B) of the definition of "Mortgage File" solely ", because such document or instrument has been delivered for recording or filing, as the case may be, then subject to Section 4(d) of the unavailability of recording information as to any existing document or instrumentMortgage Loan Purchase and Sale Agreement, the Seller may provisionally satisfy the delivery requirements of Section 2(e) of the Mortgage Loan Purchase and Sale Agreement shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File.
(d) The Depositor hereby covenants that it will enforce the delivery and recordation obligations of the Mortgage Loan Seller under Section 2(c) of the Mortgage Loan Purchase and Sale Agreement for the benefit of the parties to this Agreement and for the benefit of the Certificateholders. The Depositor hereby directs the Trustee at the expense of the Mortgage Loan Seller to perform the obligations of the Mortgage Loan Seller under Section 2.01(b2(c) by delivering of the Mortgage Loan Purchase and Sale Agreement related to preparing and submitting the assignments referred to in the first sentence of such Section 2(c) for recording or filing in the appropriate public office and, with respect to the CMLs, any recording or filing of prior assignments from Capital Lease Funding L.P. to Bank of America, N.A. At such time as such assignments, UCC-1s, UCC-2s and UCC-3s have been returned to the Trustee, the Trustee shall periodically forward a copy of each thereof to the Master Servicer.
(e) The Depositor hereby covenants that it will enforce the delivery obligations of the Mortgage Loan on Seller under Section 2(d) of the Mortgage Loan Purchase and Sale Agreement.
(f) Pursuant to the Mortgage Loan Purchase and Sale Agreement, Bank of America is obligated to, as to each Mortgage Loan which is secured by the interest of the related Mortgagor under a Ground Lease, in each case at its own expense, promptly (and in any event within forty-five (45) days of the Closing Date an omnibus assignment Date) notify the related ground lessor (with a copy of such notice to the Master Servicer) of the transfer of such Mortgage Loan substantially in to the form Trust pursuant to this Agreement and inform such ground lessor that any notices of Exhibit P; provided default under the related Ground Lease should thereafter be forwarded to the Trustee, and shall provide copies of such notices to the Master Servicer.
(g) In the event a Mortgage Loan is repurchased by the Mortgage Loan Seller, the Trustee shall re-assign any rights that all required original assignments the Mortgage Loan Seller had with respect to representations and warranties made by a third party originator to the Mortgage Loan Seller under the Mortgage Loan Purchase and Sale Agreement to the Mortgage Loan Seller in respect of any such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Commercial Mort Pass Through Cert Ser 2002-2)
Conveyance of Mortgage Loans. The Seller(a) Each Seller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the such Seller in and to the applicable Initial Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by such Seller on or with respect to the applicable Initial Mortgage Loans other than interest and principal due on or prior after the Initial Cut-off Date (to the extent not applied in computing the Cut-Off Date, and, with respect to off Date Principal Balance thereof) or deposited into the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Certificate Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of such Seller as part of the Trustee Initial Certificate Account Deposit as successor to provided in this Agreement, other than principal due on the applicable Originator. In connection with such transfer and assignment, the Seller shall, Initial Mortgage Loans on or prior to the Closing DateInitial Cut-off Date and interest accruing prior to the Initial Cut-off Date and CHL causes Ambac to deliver the Class 1-A-1 Policy to the Trustee. The Master Servicer confirms that, deliver to, and deposit with, the Custodian (on behalf of the Trustee)Sellers, concurrently with copies the transfer and assignment, it or the other Seller has deposited into the Certificate Account the Initial Certificate Account Deposit. Immediately upon the conveyance of the Initial Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Mortgage Loans. CHL further agrees to assign all of its right, title and interest in and to the interest rate corridor transaction evidenced by each Confirmation, and to cause all of its obligations in respect of such transaction to be assumed by, the Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Corridor Contract Assignment Agreement.
(b) Subject to the execution and delivery of the related Subsequent Transfer Agreement as provided by Section 2.01(d) and the terms and conditions of this Agreement, each Seller sells, transfers, assigns, sets over and otherwise conveys to the Depositor, without recourse, on each Subsequent Transfer Date, all the right, title and interest of such Seller in and to the related Subsequent Mortgage Loans, including all interest and principal received and receivable by such Seller on or with respect to such Subsequent Mortgage Loans after the related Subsequent Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Master Servicer on behalf of such Seller as part of any related Subsequent Certificate Account Deposit as provided in this Agreement, other than principal due on such Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date and Special Servicerinterest accruing prior to the related Subsequent Cut-off Date. Immediately upon the conveyance of the Subsequent Mortgage Loans referred to in the preceding paragraph, the following documents or instruments Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Subsequent Mortgage Loans.
(c) Each Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with respect the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to each Mortgage Loan so assigned (other than the Americold Pool LoanTrustee for the use and benefit of the Certificateholders, with respect without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to items (ii), (iii), (v) and (viii) below, which have previously been delivered the Trustee pursuant to Section 2.01(a) or (b).
(d) On any Business Day during the pooling agreement Funding Period designated by CHL to the Trustee, the Sellers, the Depositor and the Trustee shall complete, execute and deliver a Subsequent Transfer Agreement. After the execution and delivery of such Subsequent Transfer Agreement, on the Subsequent Transfer Date, the Trustee shall set aside in the Pre-Funding Account an amount equal to the related Subsequent Transfer Date Purchase Amount.
(e) The transfer of Subsequent Mortgage Loans on the Subsequent Transfer Date is subject to Series 1998-XX XX):the satisfaction of each of the following conditions:
(i) the original Trustee and the Underwriters will be provided Opinions of Counsel addressed to the Rating Agencies as with respect to the sale of the Note, endorsed without recourse Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date (such opinions being substantially similar to the order opinions delivered on the Closing Date to the Rating Agencies with respect to the sale of the Trustee Initial Mortgage Loans on the Closing Date), to be delivered as provided in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the TrusteeSection 2.01(f);
(ii) the original recorded Mortgage execution and delivery of such Subsequent Transfer Agreement or counterpart thereof showing conveyance of the related Originator as mortgagee or, if any such original Subsequent Mortgage has Loans does not been returned from the applicable public recording office, result in a copy thereof certified to be a true and complete copy reduction or withdrawal of the original thereof submitted for recordingany ratings assigned to the Certificates by the Ratings Agencies (without regard to the Class 1-A-1 Policy, in the case of the Class 1-A-1 Certificates);
(iii) the Depositor shall deliver to the Trustee an executed Assignment Officer's Certificate confirming the satisfaction of Mortgage each of the conditions set forth in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located this Section 2.01(e) required to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"be satisfied by such Subsequent Transfer Date;
(iv) if each Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date satisfies the related security agreement is separate from the Mortgagerepresentations and warranties applicable to it under this Agreement, provided, however, that with respect to a breach of a representation and warranty with respect to a Subsequent Mortgage Loan set forth in this clause (iv), the original executed version obligation under Section 2.03(e) of this Agreement of the applicable Seller, to cure, repurchase or counterpart thereof of replace such security agreement and Subsequent Mortgage Loan shall constitute the assignment thereof sole remedy against such Seller respecting such breach available to Certificateholders, the Depositor or the Trustee;
(v) the Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date were selected in a copy manner reasonably believed not to be adverse to the interests of the UCC-1 financing statement, together with an original executed UCC-2 Certificateholders or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage LoanClass 1-A-1 Insurer;
(vi) the original of the no Subsequent Mortgage Loan Agreement conveyed on such Subsequent Transfer Date was 30 or counterpart thereof relating to such Mortgage Loan, if anymore days delinquent;
(vii) following the original lender's title insurance policy (or conveyance of the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the MortgageSubsequent Mortgage Loans on such Subsequent Transfer Date, the original executed version, together with an executed reassignment characteristics of such instrument to each Loan Group will not vary by more than the Trustee amount specified below (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in other than the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment percentage of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is Loans secured by Mortgaged Properties located in the State of California, which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance will not exceed 50% of the Seller's Commercial Mortgage Pass-Through CertificatesPool and the percentage of mortgage loans in the Credit Grade Categories of "C" or below, Series 1998-XX XX ("Series 1998-XX XX"). Each which will not exceed 10% of the Americold Pool Mortgage Loans in each Loan Group) from the characteristics listed below; provided that for the purpose of making such calculations, the characteristics for any Initial Mortgage Loan made will be taken as of the Initial Cut-off Date and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect characteristics for any Subsequent Mortgage Loans will be taken as of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the CoSubsequent Cut-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool off Date; Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.Group 1
Appears in 1 contract
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. Concurrently with the execution and principal due on or prior delivery of this Agreement, the Depositor does hereby assign to the CutTrustee all of its rights and interest under the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement. The foregoing sale, transfer, assignment, set-Off Dateover, anddeposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, each Seller or any other Person in connection with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest AmountsMortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer each Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS Provident Funding Mortgage Securities Corporation II Commercial Loan Trust 2004-1, Provident Funding Mortgage Pass-Through Certificates, Series 19982004-C11, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of such Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at such Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed officer’s certificate of the Seller, title company, escrow agent or closing attorney certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its Custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS Provident Funding Mortgage Securities Corporation II Commercial Loan Trust 2004-1, Provident Funding Mortgage Pass-Through Certificates, Series 19982004-C11, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee”;
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment of Mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment of Mortgage that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage LoanPrimary Insurance Policy, if any;, or certificate, if any; and
(vii) the original or a certified copy of lender's ’s title insurance policy policy. In connection with the assignment of any MERS Mortgage Loan, each Seller agrees that they will take (or shall cause the Servicer to take), at the expense of such Seller (with the cooperation of the Depositor, the Servicer and the Trustee), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by such Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such Mortgage Loans to the Provident Funding Mortgage Loan Trust 2004-1. Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan shall be recorded; provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (which must be from Independent Counsel and not at the expense of the Trust, the Trustee or the Master Servicer) acceptable to the Trustee, the Rating Agencies, the Servicer and the Master Servicer, recording in such states is not required to protect the Trustee’s interest in the related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by each Seller (or the original pro forma title insurance policySeller will cause the Servicer to submit each such assignment for recording), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents at the cost and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment expense of such instrument Seller, in the manner described above, at no expense to the Trustee Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a "Reassignment of Assignment of Leasesbankruptcy or insolvency relating to each Seller or the Depositor, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located or (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), each Seller shall properly record (or each Seller will cause the Servicer to properly record), at the expense of such Seller (or its designee) shallwith the cooperation of the Depositor, at its expensethe Master Servicer, (1) record (a) the Servicer and the Trustee), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) or (xiii) which has above with respect to a Mortgage Loan that is not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recordedMERS Mortgage Loan. The Trustee shallagrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (with any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(x) above, such Seller shall deliver or cause to be delivered to the Trustee the original or a copy of a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 90 days of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the CustodianClosing Date. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Each Seller shall be deemed deliver or cause to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by such Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Seller or Cut-off Date and prior to the Closing Date, such Seller, in lieu of delivering the above documents, herewith delivers to the Trustee, as applicable. Notwithstanding anything or to the contrary contained in this Section 2.01Custodian on behalf of the Trustee, if, on no later than 2 Business Days after the Closing Date as Date, an Officer’s Certificate which shall include a statement to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust shall be held by the Servicer in trust for the Trustee, for the benefit of the Trust and the Certificateholders. Nothing herein Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, a Seller shall be deemed have 90 days to override cure such defect or deliver such missing document to the provisions Trustee. If such Seller does not cure such defect or deliver such missing document within such time period, such Seller shall either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03 hereof. The Depositor herewith delivers to the Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acc Inc Provident Fund Mort Loan Tr 2004 1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and to the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. Concurrently with the execution and principal due on or prior delivery of this Agreement, the Depositor does hereby assign to the Cut-Off DateTrustee all of its rights and interest under the Mortgage Loan Purchase Agreement, and, with respect including all rights of the Seller under the Servicing Agreements to the GSMC Retained Interest Loansextent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the applicable GSMC Retained Interest AmountsSeller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage PassMortgageIT Trust 2006-Through Certificates, Series 1998-C11, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a certified copy of such Mortgage or power of attorney, as the case may be, and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) an executed Assignment the original or copy of each assumption, modification or substitution agreement, if any, relating to the Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National BankLoans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee for (or its custodian) on behalf of the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"Trust Fund is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) if in the related security agreement case of each Mortgage Loan that is separate from the not a MERS Mortgage Loan, an original Assignment of Mortgage, the original executed version or counterpart thereof of such security agreement in form and the assignment thereof substance acceptable for recording. The Mortgage shall be assigned to the Trustee“Deutsche Bank National Trust Company, as Trustee for MortgageIT Trust 2006-1, without recourse;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening assignment of mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment of Mortgage that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. To the extent that, together as of the Closing Date, MortgageIT shall be in possession of any Mortgage Files with an executed reassignment respect to any Mortgage Loan, until delivery of such instrument Mortgage File to the Custodian as provided in this Section 2.01, MortgageIT shall hold such files as bailee and in trust for the Custodian; provided, that any such Mortgage Files must be delivered to the Custodian within 30 days after the Closing Date. In connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will take (or shall cause the applicable Servicer to take), at the expense of the Seller (with the cooperation of the Depositor, the Trustee and the Master Servicer), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such Mortgage Loans to the MortgageIT Trust 2006-1. Notwithstanding anything herein to the contrary, the Master Servicer and Securities Administrator are not responsible for monitoring any MERS Mortgage Loans. With respect to each Cooperative Loan, the Seller, on behalf of the Depositor, does hereby deliver to the Trustee (a "Reassignment or Custodian) the related Cooperative Loan Documents and the Seller shall take (or cause the applicable Servicer to take), at the expense of Assignment the Seller (with the cooperation of Leasesthe Depositor, Rents the Trustee and Profits"the Master Servicer) such actions as are necessary under applicable law (including but not limited to the relevant UCC) in suitable form for recordation order to perfect the interest of the Trustee in the jurisdiction in which the related Mortgaged Property Property. Assignments of each Mortgage with respect to each Mortgage Loan that is located not a MERS Mortgage Loan (which reassignmentother than a Cooperative Loan) shall be recorded; provided, however, may be included in the Assignment of Mortgage and that such assignments need not be a separate instrument);
recorded if, in the Opinion of Counsel (ix) copies which must be from Independent Counsel and not at the expense of the original Environmental Reports of Trust Fund or the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(xTrustee) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof acceptable to the Trustee;
(xiii) if any related Lock-Box Agreement , each Rating Agency and the Master Servicer, recording in such states is separate from not required to protect the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security Trust Fund’s interest in the Reserve Accounts related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the applicable Servicer to submit each such assignment for recording), at the cost and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest expense of the Seller, in the manner described above, at no expense to the Trustee on behalf Trust Fund or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders);
, (xiv2) any and all amendments, modifications and supplements to, and waivers related to, any the occurrence of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related a bankruptcy or insolvency relating to the Mortgage Loan; and
Seller or the Depositor, or (xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the applicable Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor, (1) record (a) the Trustee and the Master Servicer), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(vii) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designeein lieu of delivering the above documents, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Trustee, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian on behalf of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything an Officer’s Certificate which shall include a statement to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust Fund shall be held by the Master Servicer or the applicable Servicer in trust for the Trustee, for the benefit of the Trust Fund and the Certificateholders. Nothing herein Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the Seller shall be deemed have 90 days to override cure such defect or deliver such missing document to the provisions Trustee. If the Seller does not cure such defect or deliver such missing document within such time period, the Seller shall either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03 hereof. The Depositor herewith delivers to the Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MortgageIT Mortgage Loan Trust 2006-1)
Conveyance of Mortgage Loans. The Seller(a) Each Seller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the such Seller in and to the applicable Initial Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by such Seller on or with respect to the applicable Initial Mortgage Loans other than interest and principal due on or prior after the Initial Cut-off Date (to the extent not applied in computing the Cut-Off Date, and, with respect to off Date Principal Balance thereof) or deposited into the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Certificate Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of such Seller as part of the Trustee Initial Certificate Account Deposit as successor to provided in this Agreement, other than principal due on the applicable Originator. In connection with such transfer and assignment, the Seller shall, Initial Mortgage Loans on or prior to the Closing Initial Cut-off Date and interest accruing prior to the Initial Cut-off Date. The Master Servicer confirms that, deliver to, and deposit with, the Custodian (on behalf of the Trustee)Sellers, concurrently with copies the transfer and assignment, it has deposited into the Certificate Account the Initial Certificate Account Deposit. Immediately upon the conveyance of the Initial Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Initial Mortgage Loans. CHL further agrees (x) to cause The Bank of New York to enter into the Swap Contract Administration Agreement as Swap Contract Administrator and (y) to assign all of its right, title and interest in and to the interest rate swap transaction evidenced by the Confirmation, and to cause all of its obligations in respect of such transaction to be assumed by, the Swap Contract Administrator, on the terms and conditions set forth in the Swap Contract Assignment Agreement.
(b) Subject to the execution and delivery of the related Subsequent Transfer Agreement as provided by Section 2.01(d) and the terms and conditions of this Agreement, each Seller sells, transfers, assigns, sets over and otherwise conveys to the Depositor, without recourse, on each Subsequent Transfer Date, all the right, title and interest of such Seller in and to the related Subsequent Mortgage Loans, including all interest and principal received and receivable by such Seller on or with respect to such Subsequent Mortgage Loans after the related Subsequent Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Master Servicer on behalf of such Seller as part of any related Subsequent Certificate Account Deposit as provided in this Agreement, other than principal due on such Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date and Special Servicerinterest accruing prior to the related Subsequent Cut-off Date. Immediately upon the conveyance of the Subsequent Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Subsequent Mortgage Loans.
(c) Each Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Section 2.01(a) or (b).
(d) On any Business Day during the Funding Period designated by CHL to the Trustee, the Sellers, the Depositor and the Trustee shall complete, execute and deliver a Subsequent Transfer Agreement. After the execution and delivery of such Subsequent Transfer Agreement, on the Subsequent Transfer Date, the Trustee shall set aside in the Pre-Funding Account an amount equal to the related Subsequent Transfer Date Purchase Amount.
(e) The transfer of Subsequent Mortgage Loans on the Subsequent Transfer Date is subject to the satisfaction of each of the following documents or instruments conditions:
(1) the Trustee and the Underwriter will be provided Opinions of Counsel addressed to the Rating Agencies as with respect to each the sale of the Subsequent Mortgage Loan so assigned Loans conveyed on such Subsequent Transfer Date (other than such opinions being substantially similar to the Americold Pool Loan, opinions delivered on the Closing Date to the Rating Agencies with respect to items (iithe sale of the Initial Mortgage Loans on the Closing Date), to be delivered as provided in Section 2.01(f);
(iii2) the execution and delivery of such Subsequent Transfer Agreement or conveyance of the related Subsequent Mortgage Loans does not result in a reduction or withdrawal of any ratings assigned to the Certificates by the Rating Agencies;
(3) the Depositor shall deliver to the Trustee an Officer's Certificate confirming the satisfaction of each of the conditions set forth in this Section 2.01(e) required to be satisfied by such Subsequent Transfer Date;
(4) each Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date satisfies the representations and warranties applicable to it under this Agreement, provided, however, that with respect to a breach of a representation and warranty with respect to a Subsequent Mortgage Loan set forth in this clause (4), (vthe obligation under Section 2.03(e) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of this Agreement of the Noteapplicable Seller, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bankcure, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the repurchase or replace such Subsequent Mortgage Loan was originated by shall constitute the related Originatorsole remedy against such Seller respecting such breach available to Certificateholders, show a complete chain of endorsement from the related Originator to Depositor or the Trustee;
(ii5) the original recorded Subsequent Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any Loans conveyed on such original Mortgage has Subsequent Transfer Date were selected in a manner reasonably believed not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof adverse to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf interests of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-6)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. The Seller confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptMortgage Loans. The Seller shall further agrees to assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Confirmation And Agreements , and to cause the Reserve Accounts and Lock-Box Accounts all of its obligations in respect of such transactions to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trust Fund, on the terms and conditions set forth in the Corridor Contract Novation Agreement. The Depositor, the Servicer and the Trustee agree that it is not intended that any mortgage loan be included in the Trust that is either (i) a "High-Cost Home Loan" as successor defined in the New Jersey Home Ownership Act effective November 27, 2003 or (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004.
(b) [reserved]
(c) The Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a) or (b).
(d) [reserved]
(e) [reserved]
(f) [reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateTrustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the TrusteeSeller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to " CPT Asset-Backed Certificates, Series 2004-EC1, by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of November 1, 2004, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not, and will not permit the Servicer to, and the Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan the Seller cannot deliver the original recorded Mortgage or counterpart thereof showing all interim recorded assignments of the related Originator as mortgagee orMortgage satisfying the requirements of clause (ii), if any (iii) or (iv) concurrently with the execution and delivery hereof, the Seller shall deliver or cause to be delivered to the Trustee a true copy of such original Mortgage has not been returned from and of each such undelivered interim assignment of the Mortgage each certified by the Seller, the applicable public recording officetitle company, a copy thereof certified escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original thereof Mortgage or assignment of Mortgage submitted for recording;
(iii) an executed Assignment of . For any such Mortgage in suitable form for recordation in Loan that is not a MERS Mortgage Loan the jurisdiction in which the Mortgaged Property is located Seller shall promptly deliver or cause to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment be delivered to the Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date the Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the security interest fact that any such documents have not been returned by the appropriate recording office, or, in the personal property (if any) constituting security for repayment case of each interim assignment, because the related Mortgage Loan;
(vi) has not been returned by the appropriate recording office, the Seller shall deliver or cause to be delivered such documents to the Trustee as promptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if anyassignment, a copy of the UCC-1 financing statementsoriginal Mortgage or assignment so retained, if anywith evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy the Seller's obligations in Section 2.01. If any document submitted for filing recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with respect to the related Originator's security interest in foregoing or (y) lost after recording, the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest Seller shall deliver to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the applicable public recording office to be a true and complete copy of the original recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereofdocument. The Seller shall promptly forward or cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver forwarded to the Custodian the related UCC-1, with evidence Trustee (x) from time to time additional original documents evidencing an assumption or modification of filing thereon. Copies of such recorded or filed a Mortgage Loan and (y) any other documents shall required to be delivered by the Depositor or the Servicer to the Master Servicer by Trustee within the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained time periods specified in this Section 2.01, if, on the Closing Date . With respect to each Mortgage Loan other than a MERS Mortgage Loan as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on Property and Mortgage File are located in (a) the basis State of amounts owing California or (b) any other jurisdiction under each such loan. Under the terms laws of which the recordation of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, assignment specified in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.clause
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-Ec1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Original Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Assignment and Assumption Agreement, each Mortgage Loan Purchase Agreement and all Reserve Accountseach Reconstitution Agreement, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received by the Seller, the Depositor or any Servicer on or with respect to the Original Mortgage Loans (other than payments of principal and interest and principal due on such Mortgage Loans on or prior to before the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of each Reconstitution Agreement. If the assignment and transfer of the Original Mortgage Loans and the other property specified in this Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Original Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof, and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, with the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special ServicerTrustee or its custodian, the following documents or instruments with respect to each Original Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, following documents or instruments with respect to items each Subsequent Mortgage Loan (ii)each, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the electronic Mortgage Loan Schedule;
(A) the original of Mortgage Note bearing all intervening endorsements and including any riders to the Mortgage Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1________________, without recourse"" and signed in the name of the last named endorsee by an authorized officer, "Pay or
(B) with respect to any Lost Mortgage Note, a lost note affidavit stating that the original Mortgage Note was lost or destroyed, together with a copy of such Mortgage Note;
(c) the original of any guarantee executed in connection with the Mortgage Note (if any);
(d) the original Mortgage, with evidence of recording thereon, or copies certified by the related recording office or if the original Mortgage has not yet been returned from the recording office, a copy certified by or on behalf of the applicable Originator indicating that such Mortgage has been delivered for recording. The return directions for the original Mortgage should indicate, when recorded, mail to the order Trustee or its custodian;
(e) the originals of LaSalle National Bankall assumption, as Trusteemodification, without recourse"consolidation or extension agreements, "Pay (or, if an original of any of these documents has not been returned from the recording office, a copy thereof certified by or on behalf of the applicable Originator, the original to be delivered to the order Trustee or its custodian forthwith after return from such recording office) with evidence of LaSalle National Bankrecording thereon, if any;
(f) the original Assignment of Mortgage as Custodianappropriate, without recourse"in recordable form, "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless for the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteeassigned in blank;
(iig) the original originals of any intervening recorded Mortgage or counterpart thereof showing the related Originator as mortgagee assignments of mortgage, including warehousing assignments, with evidence of recording thereon (or, if any such an original intervening Assignment of Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy by or on behalf of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgageapplicable Originator, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment be delivered to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;or its custodian forthwith after return from such recording office); and
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(viih) the original lender's title insurance policy policy, or copy of title commitment (or in appropriate jurisdictions, attorney's opinion of title and abstract of title). The Depositor hereby represents that, on the Closing Date (i) no more than 1% of the Original Mortgage Loans by Stated Principal Balance as of the Cut-off Date may have lost note affidavits in lieu of the original pro forma title insurance policy), together with any endorsements thereto;
Mortgage Notes and (viiiii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument applicable Originator shall deliver to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if anyits custodian, a copy of the UCC-1 financing statements, if any, submitted original Mortgage Note for filing each Mortgage Loan with respect to which a lost note affidavit is delivered. The Depositor shall cause the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein Originator to promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement among the Depositor, the related Servicer and the Trustee, following the later of the Closing Date and the date of receipt by such Servicer or the Trustee, as the case may be, of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Trust Fund, the Depositor or the Trustee, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(d) which has not yet been submitted for recording and (bf) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: "Wells Fargo Bank Minnesota, Nationxx Xxsociation, as Trustee under the applicable agreement." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at Depositor shall cause the Seller's expense shall use its best efforts related Originator to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee shalland each Rating Agency has received an opinion of counsel, satisfactory in form and substance to the Trustee and each Rating Agency, to the effect that the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trustee's interest in the related Mortgage Note; provided further, however, notwithstanding the delivery of any opinion of counsel, the related Servicer shall cause each assignment of Mortgage to be submitted for recording by the related Originator in the manner described above, at no expense to the Trustee or the Trust Fund, upon the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) failure of the applicable Servicer Termination Test, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the applicable Originator, (iv) the occurrence of a servicing transfer for the related Servicer as described in Section 7.02 hereof, (iv) with respect to any one assignment of Mortgage, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (v) any Mortgage Loan that is 90 days or more delinquent. Notwithstanding the foregoing, if the related Servicer is unable to pay the cost of recording the Assignments of Mortgage, such expense will be paid by the Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in Sections 2.01(b), (d) or (f) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Depositor to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trustee or its custodian of a copy of each such document certified by the Originator, in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the related Originator, delivery to the Trustee or its custodian, promptly upon receipt thereof of either the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If a pro forma the original lender's title insurance policy has been was not delivered pursuant to the Custodian in lieu of an original title insurance policySection 2.01(h) above, the Seller will promptly Depositor shall deliver or cause to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by Trustee or its custodian, promptly after receipt thereof, the Seller original lender's title insurance policy. The Depositor shall deliver or the Trustee, as applicable. Notwithstanding anything cause to be delivered to the contrary contained in this Section 2.01Trustee or its custodian, if, on the Closing Date as promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable formits custodian, are delivered and shall be held by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance on behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of Depositor or the Series 1998-XX XX will perform applicable Servicer, as the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or its custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementrelated Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage LoansTrust Fund. Concurrently with the execution of this Agreement, the Derivative Agreements shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as Securities Administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Originator and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Originator shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Originator, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Originator shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Originator and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Originator, at the expense of the Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of February 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust 2006-OPT2”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller Originator shall be deemed to have been satisfied upon delivery by the Originator to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2006-XX XX Pooling OPT2” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Xxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Opt2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby establish a common law trust under the laws of the State of New York, designated as "[Insert name of issuing trust]", and does hereby assign, sell, transfer, assign, set over and otherwise convey to the Trustee Trustee, in trust, without recourse recourse, for the benefit of the Certificateholders (except and for the benefit of the other parties to the extent herein providedthis Agreement as their respective interests may appear) all the right, title and interest of the Seller in Depositor, in, to and to under (i) the Mortgage LoansLoans and all documents included in the related Mortgage Files and Servicing Files, including all (ii) the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under each of the Mortgage Loan Purchase Agreements, and all Reserve Accounts, Lock-Box Accounts, (iii) the Goldman Group Guaranty, rights of the Reinvestment Enhancement Instrument, the Co-Lender Depositor under each A/B Intercreditor Agreement and (iv) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, off Date and, with respect in the case of each Mortgage Loan that is part of a Loan Combination, is subject to the GSMC Retained Interest Loans, provisions of the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Depositcorresponding Co-Lender Intercreditor Agreement. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Trustee, on behalf of the Trustee Trust, assumes the rights and obligations of the holder of the Mortgage Note for each A-Note Mortgage Loan under each Co-Lender Agreement; provided that the Master Servicer and the Special Servicer, as successor the case may be, shall, as further set forth in Article III, perform the servicing obligations of the holder of the Mortgage Note for the [MNO] Mortgage Loan under the [MNO] Co-Lender Agreement and the holder of the Mortgage Note for each A-Note Mortgage Loan under each A/B Intercreditor Agreement. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.07, is intended by the parties to constitute a sale. The Trust Fund shall constitute the sole assets of the Trust. Except as expressly provided herein, the Trust may not issue or invest in additional securities, borrow money or make loans to other Persons. The fiscal year end of the Trust shall be December 31.
(b) In connection with the Depositor's assignment pursuant to Section 2.01(a) above the Depositor shall direct, and hereby represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior Mortgage Loan Purchase Agreement to the Closing Date, deliver to, to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby (on behalf of the Trustee), with copies a copy to the Master Servicer and Special ServicerServicer within ten Business Days following the Closing Date), on or before the Closing Date, the following documents or instruments with respect to Mortgage File for each Mortgage Loan so assigned assigned. The Special Servicer may request the Master Servicer to deliver a copy of the Servicing File for any Mortgage Loan (other than a Specially Serviced Mortgage Loan and the Americold Pool Outside Serviced Mortgage Loan) at the expense of the Special Servicer. None of the Trustee, any Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with respect the document delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b).
(c) If any Mortgage Loan Seller cannot deliver, or cause to items be delivered, on the Closing Date, as to any Mortgage Loan (iiexclusive of the Outside Serviced Mortgage Loan), any of the documents and/or instruments referred to in clauses (a)(ii), (iiia)(iii), (va)(vi) (if recorded) and (viiia)(viii) belowof the definition of "Mortgage File," with evidence of recording or filing, which have previously as applicable, thereon, solely because of a delay caused by the public recording office or filing office, as applicable, where such document or instrument has been delivered pursuant to for recordation or filing, as the pooling agreement related to Series 1998-XX XX):
(i) case may be, the original delivery requirements of the Noterelated Mortgage Loan Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document or instrument, endorsed without recourse and such non-delivered document or instrument shall be deemed to the order of the Trustee have been included in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated File; provided that a photocopy of such non-delivered document or instrument (certified by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded applicable Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified Loan Seller to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment delivered to the Trustee of or a Custodian appointed thereby on or before the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) Closing Date, and either the original of the Loan Agreement such non-delivered document or counterpart thereof relating to such Mortgage Loaninstrument, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy)a photocopy thereof, together with any endorsements thereto;
(viii) if any related Assignment evidence of Leasesrecording or filing, Rents and Profits as applicable, thereon, is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument delivered to the Trustee or such Custodian within 120 days of the Closing Date (a "Reassignment of Assignment of Leasesor within such longer period after the Closing Date as the Trustee may consent to, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need consent shall not be a separate instrumentunreasonably withheld so long as the applicable Mortgage Loan Seller is, in good faith, attempting to obtain from the appropriate county recorder's office such original or photocopy);
. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan (ix) copies exclusive of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Outside Serviced Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage documents and/or instruments referred to in Section 2.01(iii) which has not yet been submitted for recording and clauses (b) each Reassignment of Assignment of Leasesa)(ii), Rents and Profits referred to in Section 2.01(viii(a)(iii), (a)(vi) (if not otherwise included in the related Assignment of Mortgagerecorded) which has not yet been submitted for recordation; and (2a)(viii) file each UCC-2 of the definition of "Mortgage File," with evidence of recording or UCC-3 financing statement referred to in Section 2.01(v) filing, as applicable, thereon, for any other reason, including, without limitation, that such non-delivered document or (xiii) which instrument has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect thereinlost, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt delivery requirements of the original recorded copy (applicable Mortgage Loan Purchase Agreement and in no event later than five Business Days following such receiptSection 2.01(b) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery as to such non-delivered document or instrument and such non-delivered document or instrument shall be deemed to have been included in the Custodian of Mortgage File; provided that a copy photocopy of such Mortgagenon-delivered document or instrument (with evidence of recording or filing, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if as applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been thereon) is delivered to the Trustee or a Custodian in lieu of an original title insurance policy, appointed thereby on or before the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereofClosing Date. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, ifIf, on the Closing Date as to any Mortgage Loan (exclusive of the Outside Serviced Mortgage Loan), the applicable Mortgage Loan Seller candoes not deliver in complete and and, if applicable, recordable form (except for any missing recording information and, if delivered in blank, the name of the assignee) any one of the assignments in favor of the Trustee referred to in clauses clause (iii), (v), (viiia)(iv) or (xiiia)(v) of the definition of "Mortgage File," solely because of the unavailability of recording information as to any existing document or instrument, the applicable Mortgage Loan Seller may provisionally satisfy the delivery requirements of this the related Mortgage Loan Purchase Agreement and Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit PLoan; provided that all required original assignments with respect to such Mortgage Loan, Loan in fully complete and and, if applicable, recordable formform (except for any missing recording information and, are if delivered by in blank, the Seller for recording name of the assignee) shall be delivered to the Trustee or its Custodian within 180 120 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). .
(d) The Americold Pool Trustee shall, for a fee paid to the Trustee by the applicable Mortgage Loan is secured by Mortgaged Properties which also serve Seller(s) on the Closing Date as security for another loan made by GSMC to each Mortgage Loan sold thereby to the Depositor, promptly (the "Other Americold Pool Loan"). The Other Americold Pool and in any event, as to any Mortgage Loan is included in a trust fund created in connection with the issuance (exclusive of the Seller's Commercial Outside Serviced Mortgage Pass-Through CertificatesLoan), Series 1998-XX XX within 90 days following the latest of ("Series 1998-XX XX"). Each i) the Closing Date, (ii) the delivery of all relevant related assignments and UCC Financing Statements to the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loanTrustee, and each is entitled (iii) the date on which the Trustee receives, with respect to payments made by the related Borrower original recorded or filed documents relating to such assignments and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender AgreementUCC Financing Statements, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan all necessary recording and the Other Americold Pool Loan and the special servicer filing information required for the Series 1998-XX XX will, recording or filing of such assignments and UCC Financing Statements) complete (if and to the extent necessary) and cause to be submitted for recording or filing, specially service both as the Americold Pool Loan and the Other Americold Pool Loancase may be, in each case under the terms of the Co-Lender Agreement appropriate public office for real property records or UCC Financing Statements, as appropriate and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement extent timely delivered to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.in final,
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)
Conveyance of Mortgage Loans. (a) The Seller, Depositor concurrently with the execution and delivery hereofof this Agreement, does herebysells, sell, transfer, assign, set over transfers and otherwise convey assigns to the Grantor Trustee without recourse (except to the extent herein provided) all the its right, title and interest of the Seller in and to (i) the Mortgage LoansLoans identified in the Mortgage Loan Schedule, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than after the Cut-off Date, but excluding any payments of principal and interest and principal due on or prior to the Cut-Off off Date; (ii) such assets as shall from time to time be credited or are required by the terms of this Agreement to be credited to the Payment Account, and(iii) such assets relating to the Mortgage Loans as from time to time may be held by the Servicer in the Protected Account and the Securities Administrator in the Payment Account, (iv) any REO Property, (v) the Required Insurance Policies and any amounts paid or payable by the insurer under any Insurance Policy (to the extent the mortgagee has a claim thereto), (vi) the Mortgage Loan Purchase Agreement to the extent provided in Subsection 2.03(a), (vii) the rights with respect to the GSMC Retained Interest LoansServicing Agreement and the Xxxxx Fargo Servicing Agreement and (viii) any proceeds of the foregoing (collectively, the “Grantor Trust Estate”). Although it is the intent of the Depositor and the Grantor Trustee that the conveyance of the Depositor’s right, title and interest in and to the Mortgage Loans and other assets in the Grantor Trust Estate to the Grantor Trustee pursuant to this Agreement shall constitute a purchase and sale and not a loan, in the event that such conveyance is deemed to be a loan, it is the intent of the parties to this Agreement that the Depositor shall be deemed to have granted to the Grantor Trustee a first priority perfected security interest in all of the Depositor’s right, title and interest in, to and under the Mortgage Loans and other assets in the Grantor Trust Estate, and that this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. The Depositor agrees to take or cause to be taken such actions and to execute such documents, including without limitation the filing of all necessary UCC-1 financing statements (which shall have been submitted for filing as of the Closing Date), any continuation statements with respect thereto and any amendments thereto required to reflect a change in the name or corporate structure of the Depositor or the filing of any additional UCC-1 financing statements, as are necessary to perfect and protect the Grantor Trustee’s interests in each Mortgage Loan and the proceeds thereof.
(b) In connection with such the above transfer and assignment, the Seller shall make a cash deposit Depositor hereby delivers to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Custodian, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentGrantor Trustee, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX)::
(i) the original of the Mortgage Note, endorsed without recourse in blank or to the order of the Grantor Trustee and showing an unbroken chain of endorsements from the originator thereof to the Person endorsing it in one blank or to the Grantor Trustee, or lost note affidavit together with a copy of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS related Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the TrusteeNote;
(ii) the original recorded Mortgage or counterpart thereof showing and, if the related Originator as mortgagee orMortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if any such the original Mortgage has is not been returned from the applicable public recording officeavailable, a copy thereof certified to copy), with evidence of such recording indicated thereon (or if clause (w) in the proviso below applies, shall be a true and complete copy of the original thereof submitted for recordingin recordable form);
(iii) an executed Assignment unless the Mortgage Loan is a MOM Loan, a certified copy of Mortgage the assignment (which may be in suitable the form for recordation of a blanket assignment if permitted in the jurisdiction in which the Mortgaged Property is located located) in blank or to either "LaSalle “U.S. Bank National BankAssociation, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Grantor Trustee, without recourse"on behalf of the Grantor Trust Certificateholders”, "LaSalle National Bankwith evidence of recording with respect to each Mortgage Loan in the name of the Indenture Trustee thereon (or if clause (w) in the proviso below applies or for Mortgage Loans with respect to which the related Mortgaged Property is located in a state other than Maryland or an Opinion of Counsel has been provided as set forth in this Section 2.01(b), as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"shall be in recordable form);
(iv) all intervening assignments of the Security Instrument, if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement applicable and the assignment thereof only to the Trusteeextent available to the Depositor with evidence of recording thereon;
(v) the original or a copy of the UCC-1 financing statementpolicy or certificate of primary mortgage guaranty insurance, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (extent available, if any) constituting security for repayment of the Mortgage Loan;
(vi) the original or a copy of the Loan Agreement policy of title insurance or counterpart thereof relating to such Mortgage Loan, if any;mortgagee’s certificate of title insurance or commitment or binder for title insurance; and
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy)originals of all modification agreements, together with any endorsements theretoif applicable and available;
(viiic) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignmentprovided, however, that in lieu of the foregoing, the Depositor may be included deliver to the Custodian, the following documents, under the circumstances set forth below: (w) in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies lieu of the original Environmental Reports Security Instrument (including the Mortgage), assignments to the Grantor Trustee or intervening assignments thereof which have been delivered, are being delivered or will, upon receipt of recording information relating to such documents required to be included thereon, be delivered to recording offices for recording and have not been returned to the Depositor in time to permit their delivery as specified above, the Depositor may deliver a true copy thereof with a certification by the Servicer, or its agent on its behalf, substantially to the effect that such copy is a true and correct copy of the Mortgaged Properties made original; (x) in connection with origination lieu of the Security Instrument, assignment in blank or to the Grantor Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents (as evidenced by a certification from the Depositor to such effect) the Depositor may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded or from the Depositor’s agent, escrow agent or closing attorney; (y) in lieu of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related Notes relating to the Mortgage Loan; and
(xvii) with respect to the Americold Pool LoanLoans, the Co-Lender Agreement. On Depositor may deliver lost note affidavits from the Seller; and (z) the Depositor shall not be required to deliver intervening assignments or promptly following Mortgage Note endorsements between the Closing Date (but in no event later than (x) thirty Business Days following Seller and the Closing Date Depositor and between the Depositor and the Grantor Trustee; and provided, further, however, that in the case of clause (1)(a) below Mortgage Loans which have been prepaid in full after the Cut-off Date and (y) 60 days following prior to the Closing Date Date, the Depositor, in lieu of delivering the above documents, may deliver to the Grantor Trustee, a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the case of clauses 1(bPayment Account on the Closing Date. The Depositor shall deliver such original documents (including any original documents as to which certified copies had previously been delivered) and 2 below)to the Custodian, promptly after they are received. The Depositor shall cause the Seller (or its designee) shallSeller, at its expense, (1) record to cause each assignment of the Security Instrument to the Grantor Trustee to be recorded not later than 180 days after the Closing Date, unless (a) such recordation is not required by the Rating Agencies as evidenced in writing or an Opinion of Counsel addressed to the Grantor Trustee has been provided to the Grantor Trustee and the Issuer which states that recordation of such Security Instrument is not required to protect the interests of the Noteholders in the related Mortgage Loans or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record solely as nominee for the Seller and its successor and assigns; provided, however, notwithstanding the foregoing, each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been assignment shall be submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller in the manner described above, at no expense to the Issuer or the Grantor Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Notes aggregating at least 25% of the Note Principal Balance of the Notes, (ii) the occurrence of a Master Servicer Event of Default or an Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller and (iv) the occurrence of a servicing transfer as applicabledescribed in Section 2.02 of the Servicing Agreement. Notwithstanding anything to the contrary contained in this Section 2.01foregoing, if, on the Closing Date as to any Mortgage Loan, if the Seller cannot deliver fails to pay the cost of recording the assignments, such expense will be paid by the Securities Administrator from funds in complete and recordable form any one the Payment Account in accordance with Section 3.25 of the assignments in favor of the Trustee Indenture.
(d) The trust created hereunder shall be referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage PassBear Xxxxxxx ARM Grantor Trust 2005-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement5”.
Appears in 1 contract
Samples: Grantor Trust Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-5)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes including all interest and principal due received on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off off Date (other than Scheduled Payments due on the Mortgage Loans on or before the Cut-off Date). Concurrently with the execution of this Agreement, and, with respect the Derivative Agreements shall be delivered to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest AmountsSecurities Administrator. In connection with such transfer and assignmenttherewith, the Seller shall make a cash deposit to Depositor hereby directs the Collection Account Securities Administrator (solely in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name its capacity as trustee of the Master Servicer Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements on behalf of the Trustee Supplemental Interest Trust, for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Originator, the Credit Risk Manager and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as successor trustee of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the applicable OriginatorTrustee all of its rights and interest under the Purchase Agreement, including the right to enforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 4 of the Purchase Agreement. The Trustee hereby accepts such assignment, and as set forth herein in Section 2.03(k), shall be entitled to exercise all the rights of the Depositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shall, on Depositor has delivered or prior caused to be delivered to the Closing Date, deliver to, and deposit with, Custodian for the Custodian (on behalf benefit of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Originator shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Originator, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Originator shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Originator and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel from the Depositor, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Originator, at the expense of the Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of January 1, 2007, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust 2007-OPT1”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Custodian within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller Originator shall be deemed to have been satisfied upon delivery by the Originator to the Custodian Custodian, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2007-XX XX Pooling OPT1” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Citibank is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan (other than the right to receive any Retained Interest or any Prepayment Penalty Amounts) identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and to the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any ; (v) the Depositor’s security interest thereunder in the Additional Collateral; (whether in real or personal property and whether tangible or intangiblevi) in favor all proceeds of any of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vii) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. Concurrently with the execution and principal due on or prior delivery of this Agreement, the Depositor does hereby assign to the CutTrustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreements to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and the Seller under the Servicing Agreements as if, for such purpose, it were the Depositor or the Seller, as applicable. The foregoing sale, transfer, assignment, set-Off Dateover, anddeposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In addition, with respect to the GSMC Retained Interest Loansany Additional Collateral Mortgage Loan, the applicable GSMC Retained Interest AmountsDepositor does hereby transfer, assign, set-over and otherwise convey to the Trustee without recourse (except as provided herein) (i) its rights as assignee under any security agreements, pledge agreements or guarantees relating to the Additional Collateral supporting any Additional Collateral Mortgage Loan, (ii) its security interest in and to any Additional Collateral, (iii) its right to receive payments in respect of any Additional Collateral Mortgage Loan pursuant to the related Servicing Agreement and (iv) its rights as beneficiary under the Surety Bond in respect of any Additional Collateral Mortgage Loan covered by a Surety Bond conveyed to the Trust. For purposes of complying with the requirements of the Asset-Backed Securities Facilitation Act of the State of Delaware, 6 Del. C. § 2701A, et seq. (the “Securitization Act”), each of the parties hereto hereby agrees that:
(i) any property, assets or rights purported to be transferred, in whole or in part, by the Depositor pursuant to this Agreement shall be deemed to no longer be the property, assets or rights of the Depositor;
(ii) none of the Depositor, its creditors or, in any insolvency proceeding with respect to the Depositor or the Depositor’s property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent the issue is governed by Delaware law, shall have any rights, legal or equitable, whatsoever to reacquire (except pursuant to a provision of this Agreement), reclaim, recover, repudiate, disaffirm, redeem or recharacterize as property of the Depositor any property, assets or rights purported to be transferred, in whole or in part, by the Depositor pursuant to this Agreement (including the Assignment);
(iii) in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the Depositor or the Depositor’s property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be part of the Depositor’s property, assets, rights or estate; and
(iv) the transaction contemplated by this Agreement shall constitute a “securitization transaction” as such term is used in the Securitization Act. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Bank National BankAssociation, as Trustee for the GS Txxxxxxxx Mortgage Securities Corporation II Commercial Mortgage PassTrust 2006-Through Certificates, Series 1998-C14, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) originals or copies of any guarantee, security agreement or pledge agreement relating to any Additional Collateral, if applicable, and executed in connection with the Mortgage Note, assigned to the Trustee on behalf of the Trust;
(iii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a certified copy of such Mortgage or power of attorney, as the case may be, and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the original thereof submitted for recording;
appropriate jurisdiction) and a written Opinion of Counsel (iiidelivered at the Seller’s expense) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment acceptable to the Trustee of and the security Depositor that an original recorded Mortgage is not required to enforce the Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(viiv) the original or a copy of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(v) in the case of each Mortgage Loan Agreement or counterpart thereof relating to such that is not a MERS Mortgage Loan, if anyan original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage shall be assigned to “LaSalle Bank National Association, as Trustee for Txxxxxxxx Mortgage Securities Trust 2006-4, without recourse” or in blank;
(vi) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of any intervening Assignment of Mortgage showing a complete chain of assignments, or, in the case of an intervening Assignment of Mortgage that has been lost, a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loans;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. Notwithstanding the above, together the Mortgage Files to be delivered and deposited with an executed reassignment the Trustee, or the Custodian, as its agent, the Mortgage Loans serviced by WFB, shall include only the documents or instruments referred to in clauses (i), (ii), (iv) and (v) above and the other documents identified above shall be retained and held by WFB, as a Servicer, as provided in the Reconstituted Servicing Agreement dated as of July 1, 2006, between the Seller and WFB, and acknowledged by the Master Servicer and the Trustee; provided that the Master Servicer shall cause WFB to deliver to the Custodian, within 60 days of the occurrence of a Document Transfer Event, the documents and instruments so retained by it consisting of the documents or instruments referred to in clauses (iii) and (vi) through (viii) above. In addition to the foregoing, the Mortgage Files to be delivered and deposited with the Trustee, or the Custodian as its agent for the Mortgage Loans serviced by PHH, shall include only the documents or instruments referred to in clauses (i), (ii) and (v) above and the other documents identified in clauses (iii), (iv) and (vi) through (viii) above shall be delivered and deposited with the Trustee, or the Custodian as its agent for the Mortgage Loans serviced by PHH no later than 120 days after the Closing Date. In connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will take (or shall cause the applicable Servicer to take), at the expense of the Seller (with the cooperation of the Depositor, the Trustee and the Master Servicer), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such instrument Mortgage Loans to the Txxxxxxxx Mortgage Securities Trust 2006-4. With respect to each Cooperative Loan the Seller, on behalf of the Depositor does hereby deliver to the Trustee (a "Reassignment or Custodian) the related Cooperative Loan Documents and the Seller will take (or shall cause the applicable Servicer to take), at the expense of Assignment the Seller (with the cooperation of Leasesthe Depositor, Rents the Trustee and Profits"the Master Servicer) such actions as are necessary under applicable law (including but not limited to the relevant UCC) in suitable form for recordation order to perfect the interest of the Trustee in the jurisdiction in which the related Mortgaged Property Property. Assignments of each Mortgage with respect to each Mortgage Loan that is located not a MERS Mortgage Loan (which reassignmentother than a Cooperative Loan) shall be recorded; provided, however, may be included in the Assignment of Mortgage and that such assignments need not be a separate instrument);
recorded if, in the Opinion of Counsel (ix) copies which must be from Independent Counsel and not at the expense of the original Environmental Reports of Trust or the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(xTrustee) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof acceptable to the Trustee;
(xiii) if any related Lock-Box Agreement , each Rating Agency and the Master Servicer, recording in such states is separate from not required to protect the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security Trust’s interest in the Reserve Accounts related Mortgage Loans; provided, however, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the applicable Servicer to submit each such assignment for recording), at the cost and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest expense of the Seller, in the manner described above, at no expense to the Trustee on behalf Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders);
, (xiv2) any and all amendments, modifications and supplements to, and waivers related to, any the occurrence of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related a bankruptcy or insolvency relating to the Mortgage Loan; and
Seller or the Depositor, or (xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the applicable Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor, (1) record (a) the Trustee and the Master Servicer), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was required to be but was not delivered pursuant to Section 2.01(vii) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller and required to be delivered to the Trustee, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. The Master Servicer shall cause to be delivered to the Trustee or the Custodian, as its agent, the Mortgage Files retained by WFB within 60 days of the occurrence of a Document Transfer Event as described above. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designeein lieu of delivering the above documents, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Trustee, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian on behalf of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything an Officer’s Certificate which shall include a statement to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust shall be held by the Master Servicer or the applicable Servicer in trust for the Trustee, for the benefit of the Trust and the Certificateholders. Nothing herein Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the Seller shall be deemed have 90 days to override cure such defect or deliver such missing document to the provisions Trustee. If the Seller does not cure such defect or deliver such missing document within such time period, the Seller shall either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03 hereof. The Depositor herewith delivers to the Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Trust Agreement (Thornburg Mortgage Securities Trust 2006-4)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, hereby assign, set over transfer and otherwise convey to the Trustee Trustee, without recourse (except to recourse, in trust for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in and to the Mortgage LoansDepositor, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor therein for the benefit of the SellerDepositor, in, to and all Reserve Accountsunder (i) the Mortgage Loans identified on the Mortgage Loan Schedule, Lock-Box Accounts(ii) Sections 2, 3.2, 3.3, 3.6, 5.3 and 5.4 of the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Mortgage Loan Purchase and Sale Agreement and (iii) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans (other than payments of principal and interest due and principal due payable on the Mortgage Loans on or prior to before the Cut-Off off Date, ). The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, with respect notwithstanding Section 11.07, is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignment, the Seller shall make a cash deposit assignment to the Collection Account Trustee of Sections 2, 3.2, 3.3, 3.6, 5.3 and 5.4 of the Mortgage Loan Purchase and Sale Agreement, it is intended that the Trustee get the benefit of Section 5 thereof in an amount equal connection with any exercise of rights thereunder, and the Depositor shall use its best efforts to make available to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC Trustee the benefits of Section 5 thereof in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name connection with such exercise of the Master Servicer on behalf of the Trustee as successor to the applicable Originatorrights. In connection with such the transfer and assignmentassignment of the Lomas Santa Fe Mortgage Loan to the Trustee, the Depositor does hereby deliver to the Trustee, with a copy to the Servicer and the Special Servicer, a copy of the Pari Passu Intercreditor Agreement, and assigns to the Trustee its rights as holder of the Lomas Santa Fe Mortgage Loan under the Pari Passu Intercreditor Agreement.
(b) In connection with the Depositor's assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, the Mortgage Loan Seller shallpursuant to the Mortgage Loan Purchase and Sale Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage File for each Mortgage Loan so assigned (other than assigned. If the Americold Pool Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, any original Mortgage Note, the Mortgage Loan Seller shall deliver a copy or duplicate original of such Mortgage Note, together with respect an affidavit certifying that the original thereof has been lost or destroyed. If the Mortgage Loan Seller cannot deliver, or cause to items be delivered, as to any Mortgage Loan, any of the documents or instruments referred to in clauses (ii), (iiiiv), (vvi), (viii), (xi) and (viiixii) belowof the definition of "Mortgage File," with evidence of recording thereon, which have previously solely because of a delay caused by the public recording office where such document or instrument has been delivered pursuant to for recordation, the pooling agreement related to Series 1998-XX XX):
(i) the original delivery requirements of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated Purchase and Sale Agreement and this Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, provided that a photocopy of such non-delivered document or instrument (certified by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified Loan Seller to be a true and complete copy of the original thereof submitted for recording;
) is delivered to the Trustee or a Custodian appointed thereby on or before the Closing Date, and either the original of such non-delivered document or instrument, or a photocopy thereof (iii) an executed Assignment of Mortgage in suitable form for recordation certified by the appropriate county recorder's office, in the jurisdiction case of the documents and/or instruments referred to in which clause (ii) of the Mortgaged Property is located definition of "Mortgage File," to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement be a true and the assignment thereof to the Trustee;
(v) a complete copy of the UCC-1 financing statementoriginal thereof submitted for recording), together with an original executed UCC-2 or UCC-3 financing statementevidence of recording thereon, in a form suitable for filing, disclosing the assignment is delivered to the Trustee or such Custodian within 120 days of the security interest in Closing Date (or within such longer period after the personal property (if any) constituting security for repayment of Closing Date as the Trustee may consent to, which consent shall not be unreasonably withheld so long as the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage LoanSeller is, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument as certified in writing to the Trustee (a "Reassignment of Assignment of Leasesno less often than every 90 days, Rents and Profits") in suitable form for recordation in good faith attempting to obtain from the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrumentappropriate county recorder's office such original or photocopy);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of . If the Mortgage LoanLoan Seller cannot deliver, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if anyor cause to be delivered, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related toLoan, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage documents and/or instruments referred to in Section 2.01(iiiclauses (ii), (iv), (vi), (viii), (xi) which has not yet been submitted for recording and (bxii) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public definition of "Mortgage File," with evidence of recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profitsthereon, if applicable, after for any other reason, including, without limitation, that such non-delivered document or instrument has been recordedlost, the obligations hereunder delivery requirements of the Seller Mortgage Loan Purchase and Sale Agreement and this Section 2.01(b) shall be deemed to have been satisfied upon delivery as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Custodian of Mortgage File, provided that a copy photocopy of such Mortgage, Assignment non-delivered document or instrument (with evidence of recording thereon and certified in the case of the documents and/or instruments referred to in clause (ii) of the definition of "Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified File" by the public recording appropriate county recorder's office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been thereof submitted for recording) is delivered to the Trustee or a Custodian appointed thereby on or before the Closing Date. Neither the Trustee nor any Custodian shall in lieu any way be liable for any failure by the Mortgage Loan Seller or the Depositor to comply with the delivery requirements of an original title insurance policy, the Mortgage Loan Purchase and Sale Agreement and this Section 2.01(b). With respect to any Mortgage Loan and notwithstanding the foregoing or the definition of "Mortgage File," the Mortgage Loan Seller will promptly may deliver a UCC-3 on or before the Closing Date that does not contain the filing information for the related UCC-1 and/or UCC-2 if such UCC-1 and/or UCC-2 has not been returned to the Custodian Mortgage Loan Seller by the related original title insurance policy upon receipt thereof. The applicable filing office, and the Mortgage Loan Seller shall promptly cause the UCC-1's may deliver an assignment referred to in Section 2.01(vclauses (iii), if (v) or (vii) of the definition of "Mortgage File" that does not already filed, to be filed in contain the applicable public recording office and upon filing will promptly deliver to the Custodian information for the related UCC-1Mortgage, with evidence Assignment of filing thereon. Copies of such recorded Leases or filed documents shall be delivered to the Master Servicer by the Seller or the TrusteeSecurity Agreement, as applicable. Notwithstanding anything , if such Mortgage, Assignment of Leases or Security Agreement has not been returned to the contrary contained Mortgage Loan Seller by the applicable recording office. The Trustee shall obtain such filing or recording information from the Mortgage Loan Seller for such Mortgage Loans and cause such filing or recording information to be inserted into the applicable document.
(c) Except under the circumstances provided for in the last sentence of this Section 2.01subsection (c), ifthe Mortgage Loan Seller shall as to each Mortgage Loan, on promptly (and in any event within 30 days of the later of the Closing Date as to any Mortgage Loan, and the Seller cannot deliver in complete and recordable form any one Trustee's actual receipt of the assignments related documents) cause to be, as the case may be, in favor of the appropriate public office for real property records or UCC Financing Statements, as appropriate, each assignment to the Trustee referred to in clauses (iii), (v), ) and (viii) or (xiiivii) of the definition of "Mortgage File" solely and each UCC-3 to the 57 Trustee referred to in clause (xi) of the definition of "Mortgage File." Each such assignment shall reflect that it should be returned by the public recording office to the Trustee or its designee following recording, and each such UCC-3 shall reflect that the file copy thereof should be returned to the Trustee or its designee following filing. Subject to Section 2.01(b), if any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the unavailability of recording information Mortgage Loan Seller shall prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Trustee shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate. The Depositor shall execute, or cause the Mortgage Loan Seller to execute, any existing replacement document or instrumentinstrument being filed in substitution for any such lost or returned unrecorded or unfiled document or instrument and assist the Trustee or a Custodian or its agent in recording or filing such documents or instruments. Notwithstanding the foregoing, there shall be no requirement to record any assignment to the Trustee referred to in clause (iii), (v) or (vii) of the definition of "Mortgage File," or to file any UCC-3 to the Trustee referred to in clause (xi) of the definition of "Mortgage File," in those jurisdictions where, in the written opinion of local counsel (which opinion shall not be an expense of the Trust Fund) acceptable to the Depositor and the Trustee, such recordation and/or filing is not required to protect the Trustee's interest in the related Mortgage Loans against sale, further assignment, satisfaction or discharge by the Mortgage Loan Seller, the Seller may provisionally satisfy Servicer, the delivery requirements of this Section 2.01(bSpecial Servicer, any Sub-Servicer or the Depositor.
(d) by delivering with respect to such All documents and records in the Depositor's or the Mortgage Loan on Seller's possession relating to the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; Loans (including financial statements, operating statements and any other information provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days respective Mortgagor from time to time) that are not required to be a part of a Mortgage File in accordance with the definition thereof shall be delivered to the Servicer on or before the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan subject to Section 2.01(b) and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made shall be held by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override Trustee in trust for the provisions benefit of the CoCertificateholders.
(e) In connection with the Depositor's assignment pursuant to subsection (a) above, the Depositor shall deliver, and hereby represents and warrants that it has delivered, to the Trustee and the Servicer, on or before the Closing Date, a fully executed original counterpart of the Mortgage Loan Purchase and Sale Agreement, as in full force and effect, without amendment or modification, on the Closing Date.
(f) The Depositor shall use its best efforts to require that, promptly after the Closing Date, but in all events within three Business Days after the Closing Date, the Mortgage Loan Seller shall cause all funds on deposit in escrow accounts maintained with respect to the Mortgage Loans in the name of the Mortgage Loan Seller or any other name to be transferred to the Servicer (or a Sub-Lender Agreement or the Series 1998-XX XX Pooling AgreementServicer) for deposit into Servicing Accounts.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box AccountsDepositor under the Mortgage Loan Purchase Agreement, the Goldman Group GuarantyInterest Rate Swap Agreement and Swap Account, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. REMIC I. Such transfer and assignment includes all interest and principal due received by the Depositor or the Servicer on or with respect to the Mortgage Loans (other than payments of principal and interest and principal due on such Mortgage Loans on or prior to before the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Trustee and the Trust Administrator an executed copy of the Mortgage Loan Purchase Agreement, and the Trustee and the Trust Administrator acknowledge receipt of the same on behalf of the Certificateholders. The Depositor hereby directs the Trust Administrator to execute, deliver and perform its obligations under the Interest LoansRate Swap Agreement (in its capacity as Supplemental Interest Trust Trustee). The Depositor, the applicable GSMC Retained Servicer and the Holders of the Floating Rate Certificates by their acceptance of such Certificates acknowledge and agree that the Trust Administrator shall execute, deliver and perform its obligations under the Interest AmountsRate Swap Agreement and shall do so solely in its capacity as Supplemental Interest Trust Trustee and not in its individual capacity. Every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Trust Administrator shall apply to the Trust Administrator’s execution of the Interest Rate Swap Agreement and the performance of its duties and satisfaction of its obligations thereunder. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Trustee or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicerits behalf, the following documents or instruments (a “Mortgage File”) with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.assigned:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ahl2)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on or to the Depositor after the Cut-Off Date with respect to the Mortgage Loans other than interest and principal due Loans. In addition, on or prior to the Cut-Off Closing Date, andthe Depositor shall cause the Yield Maintenance Provider to enter into the Yield Maintenance Agreement with the Trustee. The Depositor hereby directs the Trustee to execute, not in its individual capacity, but solely as Trustee on behalf of the Trust, and deliver the Yield Maintenance Agreement. Concurrently with respect the execution and delivery of this Agreement, the Depositor does hereby assign to the GSMC Retained Interest LoansTrustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under each Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the applicable GSMC Retained Interest AmountsSeller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, (i) the Seller shall make Depositor directs the Trustee to appoint The Bank of New York as a cash deposit to Custodian, and (ii) the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01 or the BONY Custodial Agreement, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2004-9, Mortgage Loan Pass-Through Certificates, Series 19982004-C19, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed Officer’s Certificate of the Seller, title company, escrow agent or closing attorney certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its Custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2004-9, Mortgage Loan Pass-Through Certificates, Series 19982004-C19, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment of Mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment of Mortgage that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, together the Seller agrees that it will take (or shall cause the Servicer to take), at the expense of the Seller (with an executed reassignment the cooperation of the Depositor and the Trustee, such instrument actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (a "Reassignment or deleting, in the case of Assignment of Leases, Rents and Profits"Mortgage Loans that are repurchased in accordance with this Agreement) in suitable form for recordation in such computer files the jurisdiction in which information required by the Mortgaged Property is located (which reassignment, however, may be included in MERS® System to identify the Assignment of Mortgage and need not be a separate instrument);
(ix) copies series of the original Environmental Reports of the Mortgaged Properties made Certificates issued in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version transfer of such assignment of contracts and the assignment thereof Mortgage Loans to the Trustee;
(xiii) if any related LockHarborView Mortgage Loan Trust 2004-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with 9. With respect to each Cooperative Loan the Reserve Accounts and Lock-Box AccountsSeller, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the CertificateholdersDepositor does hereby deliver to the Trustee the related Cooperative Loan Documents and the Seller will take (or cause the Servicer to take);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any at the expense of the foregoing;
Seller (xv) [Reserved];
with the cooperation of the Depositor and the Trustee, such actions as are necessary under applicable law (xvi) any letters of credit and other written agreements related including but not limited to the relevant UCC) in order to perfect the interest of the Trustee in the related Mortgaged Property. Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan (other than a Cooperative Loan) shall be recorded; and
provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (xviiwhich must be from Independent Counsel and not at the expense of the Trust or the Trustee) acceptable to the Trustee, the Rating Agency, recording in such states is not required to protect the Trustee’s interest in the related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the Servicer to submit each such assignment for recording), at the cost and expense of the Seller, in the manner described above, at no expense to the Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a bankruptcy or insolvency relating to the Seller or the Depositor, or (3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor and the Trustee, (1) record (a) in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto with respect to Mortgage Loans for which it is acting as Custodian. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(x) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designeein lieu of delivering the above documents, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Trustee, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian on behalf of the Trustee, an Officer’s Certificate which shall include a copy of statement to the effect that all amounts received in connection with such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office prepayment that are required to be a true and complete copy of deposited in the recorded Distribution Account have been so deposited. All original thereof. If a pro forma title insurance policy has been documents that are not delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Trust shall be held by the Servicer in trust for the Trustee, for the benefit of the Trust and the Certificateholders. Nothing herein shall be deemed The Depositor herewith delivers to override the provisions Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-9)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse recourse, (except to the extent herein providedi) all the right, title and interest of the Seller in and to the Initial Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or remitted to the Master Servicer for deposit into the Collection Account as an Initial Collection Account Deposit as provided in this Agreement, other than interest and principal due on the Initial Mortgage Loans on or prior to the Cut-Off Dateoff Date and interest accruing prior to the Cut-off Date and (ii) all the right, andtitle and interest of the Seller in and to the Subsequent Mortgage Loans, including all interest and principal received and receivable by the Seller on or with respect to the GSMC Retained Interest LoansSubsequent Mortgage Loans after the Subsequent Cut-off Date. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the applicable GSMC Retained Interest AmountsDepositor hereby sells, transfers, assigns, sets over and otherwise conveys to the Issuer for benefit of the Noteholders, without recourse, all right title and interest in the Mortgage Loans. In It is intended that the sale of the Mortgage Loans by the Seller as provided hereby be, and be construed as, an absolute sale of all of the Seller’s right, title, and interest in, to and under the Mortgage Loans to the Depositor and, in connection with such transfer and sale, an absolute assignment, transfer, and conveyance by the Seller shall make a cash deposit of all of the Seller’s right, title, and interest in, to and under the Mortgage Loans to the Collection Account in an amount equal to the Cash DepositDepositor. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentFurthermore, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has it is not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event intended that any such document is lost or returned unrecorded because of a defect thereinsale, the Sellerassignment, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Sellertransfer, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall conveyance be deemed to have been satisfied upon delivery to the Custodian of a copy pledge of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Loans by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as Depositor to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) secure a debt or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance other obligation of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Cwabs Trust 2005-Hyb9)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage LoansTrust Fund. Concurrently with the execution of this Agreement, the Derivative Agreements shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as Securities Administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Originator and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Originator shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Originator, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Originator shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Originator and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Originator, at the expense of the Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of January 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust 2006-OPT1”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller Originator shall be deemed to have been satisfied upon delivery by the Originator to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2006-XX XX Pooling OPT1” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Xxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization Corp Pass-Through Certs Series 2006-Opt1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-off Date Principal Balance, all interest due thereon after the Cut-off Date and all collections in respect of interest and principal due after the Cut-off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and to the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund; provided that such assignment shall not include any Servicing Rights with respect to SRO Mortgage Loans. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-off Date with respect to the Mortgage Loans other than interest Loans. In exchange for such transfer and principal due on or prior assignment, the Depositor shall receive the Certificates. Notwithstanding anything provided herein to the Cut-Off Datecontrary, andeach of the parties hereto agrees and acknowledges that, notwithstanding the transfer, conveyance and assignment of the Mortgage Loans from the Depositor to the Trustee pursuant to this Agreement, the Servicing Rights Owner remains the sole and exclusive owner of the related Servicing Rights with respect to the GSMC Retained Interest SRO Mortgage Loans. It is agreed and understood by the Depositor, the applicable GSMC Retained Interest AmountsSeller and the Trustee that it is not intended that any Mortgage Loan be included in the Trust Fund that is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective as of November 27, 2003, or The Home Loan Protection Act of New Mexico, effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective as of November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as defined in the Indiana High Cost Home Loan Act, effective as of January 1, 2005. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreements to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under each Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of the Mortgage Loans. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit with, the Custodian (on behalf of with the Trustee), with copies to or the Master Servicer and Special Servicerapplicable Custodian as its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust Mortgage Loan Pass-Through Certificates, Series 19982006-C18, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a certified copy of such Mortgage or power of attorney, as the case may be, and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original or copy of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed Assignment Officer’s Certificate of Mortgage in suitable form for recordation the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its custodian) on behalf of the Trust Fund is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the jurisdiction case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment, in which the Mortgaged Property is located form and substance acceptable for recording. The Mortgage shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust Mortgage Loan Pass-Through Certificates, Series 19982006-C18, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening assignment of mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee of and any NIMS Insurer that such original intervening Assignment is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, together the Seller agrees that it will take (or shall cause the applicable Servicer to take), at the expense of the Seller (with an executed reassignment the cooperation of the Depositor, the Trustee and the Master Servicer), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such instrument Mortgage Loans to the HarborView Mortgage Loan Trust 2006-8. Notwithstanding anything herein to the contrary, the Master Servicer and Securities Administrator are not responsible for monitoring any MERS Mortgage Loans. With respect to each Cooperative Loan, the Seller, on behalf of the Depositor, does hereby deliver to the Trustee (a "Reassignment or related Custodian) the related Cooperative Loan Documents and the Seller shall take (or cause the applicable Servicer to take), at the expense of Assignment the Seller (with the cooperation of Leasesthe Depositor, Rents the Trustee and Profits"the Master Servicer) such actions as are necessary under applicable law (including but not limited to the relevant UCC) in suitable form for recordation order to perfect the interest of the Trustee in the jurisdiction in which the related Mortgaged Property Property. Assignments of each Mortgage with respect to each Mortgage Loan that is located not a MERS Mortgage Loan (which reassignmentother than a Cooperative Loan) shall be recorded; provided, however, may be included in the Assignment of Mortgage and that such assignments need not be a separate instrument);
recorded if, in the Opinion of Counsel (ix) copies which must be from Independent Counsel and not at the expense of the original Environmental Reports of Trust Fund or the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(xTrustee) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof acceptable to the Trustee;
(xiii) if any related Lock-Box Agreement , each Rating Agency, recording in such states is separate from not required to protect the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security Trust Fund’s interest in the Reserve Accounts related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the applicable Servicer to submit each such assignment for recording), at the cost and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest expense of the Seller, in the manner described above, at no expense to the Trustee on behalf Trust Fund or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders);
, (xiv2) any and all amendments, modifications and supplements to, and waivers related to, any the occurrence of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related a bankruptcy or insolvency relating to the Mortgage Loan; and
Seller or the Depositor, or (xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the applicable Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor, (1) record (a) the Trustee and the Master Servicer), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(vii) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policydelivering the above documents, the Seller will promptly deliver herewith delivers to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office any NIMS Insurer and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything or to the contrary contained in this Section 2.01, if, related Custodian on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one behalf of the assignments in favor of Trustee, an Officer’s Certificate which shall include a statement to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust Fund shall be held by the Master Servicer or the applicable Servicer in trust for the Trustee, for the benefit of the Trust Fund and the Certificateholders. Nothing herein shall be deemed The Depositor herewith delivers to override the provisions Trustee an executed copy of the CoMortgage Loan Purchase Agreement. The Depositor shall have the right to receive any and all loan-Lender Agreement level information regarding the characteristics and performance of the Mortgage Loans upon request, and to publish, disseminate or the Series 1998-XX XX Pooling Agreementotherwise utilize such information in its discretion, subject to applicable laws and regulations.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-8)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (except Section 18 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in REMIC I-A and REMIC II-A, the Floater Cap Reserve Account and the Trust Fund for the benefit of the CertificateholdersBifurcation Amounts. Such transfer and assignment includes all interest and principal due received by the Depositor or the Master Servicer on or with respect to the Mortgage Loans (other than payments of principal and interest and principal due on such Mortgage Loans on or prior to before the Cut-Off off Date). The Non-Trust Bifurcation Amounts shall not be part of the Trust Fund or any REMIC. The Depositor hereby directs the Trustee to execute, anddeliver and perform its obligations under each Cap Contract, with respect on the Closing Date and thereafter, on behalf of the Holders of the Class I-A1 Certificates and Class I-A2 Certificates and Citigroup Global Markets Realty Corp., as owner of the Non-Trust Bifurcation Amounts. The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement and both of the PMI Policies, and the applicable GSMC Retained Interest AmountsTrustee, on behalf of the Certificateholders, acknowledges receipt of the same. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Trustee or a Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicerits behalf, the following documents or instruments (a “Mortgage File”) with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the The Mortgage Note, endorsed by manual or facsimile signature without recourse by the Originator or an Affiliate of the Originator in blank or to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement endorsements from the related named payee to the Trustee or from the named payee to the Affiliate of the Originator and from such Affiliate to the Trustee;
(ii) the The original recorded Mortgage or counterpart thereof showing Mortgage, noting the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy presence of the original thereof submitted for recording;
(iii) an executed Assignment MIN of the Mortgage in suitable form for recordation in Loan and language indicating that the jurisdiction in which the Mortgaged Property Mortgage Loan is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) a MOM Loan if the related security agreement Mortgage Loan is separate from the Mortgagea MOM Loan, the original executed version with evidence of recording thereon or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature certified by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, public recording office in those instances jurisdictions where the public recording office retains the original;
(iii) Unless the Mortgage Loan is registered on the MERS® System, an assignment to the Trustee in recordable form of the Mortgage which may be included, where permitted by local law, in a blanket assignment or assignments of the Mortgage to the Trustee, including any intervening assignments and showing a complete chain of title from the original Mortgagemortgagee named under the Mortgage to the Person assigning the Mortgage Loan to the Trustee (or to MERS, Assignment noting the presence of Mortgage or Reassignment of Assignment of Leases, Rents and Profitsthe MIN, if applicablethe Mortgage Loan is registered on the MERS® System);
(iv) Any original assumption, after modification, buydown or conversion-to- fixed-interest-rate agreement applicable to the Mortgage Loan;
(v) With respect to any has been recordedMortgage Loan listed on the Mortgage Loan Schedule as subject to a Primary Mortgage Insurance Policy, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of original Primary Mortgage Insurance Policy or certificate or a copy thereof;
(vi) The original or a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to title insurance policy (which may be a true and complete certificate or a short form policy relating to a master policy of title insurance) pertaining to the Mortgaged Property, or in the event such original title policy is unavailable, a copy of the recorded preliminary title report and the lender’s recording instructions, with the original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within an attorney’s opinion of title in jurisdictions where such longer period as is the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance customary evidence of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.title; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-9)
Conveyance of Mortgage Loans. (a) The Seller, Depositor concurrently with the execution and delivery hereofof this Agreement, does herebysells, sell, transfer, assign, set over transfers and otherwise convey assigns to the Grantor Trustee without recourse (except to the extent herein provided) all the its right, title and interest of the Seller in and to (i) the Mortgage LoansLoans identified in the Mortgage Loan Schedule, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than after the Cut-off Date, but excluding any payments of principal and interest and principal due on or prior to the Cut-Off off Date; (ii) such assets as shall from time to time be credited or are required by the terms of this Agreement to be credited to the Payment Account, and(iii) such assets relating to the Mortgage Loans as from time to time may be held by the Servicer in the Protected Account and the Securities Administrator in the Payment Account, (iv) any REO Property, (v) the Required Insurance Policies and any amounts paid or payable by the insurer under any Insurance Policy (to the extent the mortgagee has a claim thereto), (vi) the Mortgage Loan Purchase Agreement to the extent provided in Subsection 2.03(a), (vii) the rights with respect to the GSMC Retained Interest LoansServicing Agreement and the Xxxxx Fargo Servicing Agreement, (viii) the proceeds of any Pledged Assets received by the Servicer and (ix) any proceeds of the foregoing. Although it is the intent of the Depositor and the Grantor Trustee that the conveyance of the Depositor's right, title and interest in and to the Mortgage Loans and other assets in the Trust Estate to the Grantor Trustee pursuant to this Agreement shall constitute a purchase and sale and not a loan, in the event that such conveyance is deemed to be a loan, it is the intent of the parties to this Agreement that the Depositor shall be deemed to have granted to the Grantor Trustee a first priority perfected security interest in all of the Depositor's right, title and interest in, to and under the Mortgage Loans and other assets in the Trust Estate, and that this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. The Depositor agrees to take or cause to be taken such actions and to execute such documents, including without limitation the filing of all necessary UCC-1 financing statements (which shall have been submitted for filing as of the Closing Date), any continuation statements with respect thereto and any amendments thereto required to reflect a change in the name or corporate structure of the Depositor or the filing of any additional UCC-1 financing statements, as are necessary to perfect and protect the Grantor Trustee's interests in each Mortgage Loan and the proceeds thereof.
(b) In connection with such the above transfer and assignment, the Seller shall make a cash deposit Depositor hereby delivers to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Custodian, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentGrantor Trustee, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX)::
(i) the original of the Mortgage Note, endorsed without recourse in blank or to the order of the Grantor Trustee and showing an unbroken chain of endorsements from the originator thereof to the Person endorsing it in one blank or to the Grantor Trustee, or lost note affidavit together with a copy of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS related Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the TrusteeNote;
(ii) the original recorded Mortgage or counterpart thereof showing and, if the related Originator as mortgagee orMortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if any such the original Mortgage has is not been returned from the applicable public recording officeavailable, a copy thereof certified to copy), with evidence of such recording indicated thereon (or if clause (w) in the proviso below applies, shall be a true and complete copy of the original thereof submitted for recordingin recordable form);
(iii) an executed Assignment unless the Mortgage Loan is a MOM Loan, a certified copy of Mortgage the assignment (which may be in suitable the form for recordation of a blanket assignment if permitted in the jurisdiction in which the Mortgaged Property is located located) in blank or to either "LaSalle U.S. Bank National BankAssociation, as Trustee for Grantor Trustee, on behalf of the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourseGrantor Trust Certificateholders", "LaSalle National Bankwith evidence of recording with respect to each Mortgage Loan in the name of the Indenture Trustee thereon (or if clause (w) in the proviso below applies or for Mortgage Loans with respect to which the related Mortgaged Property is located in a state other than Maryland or an Opinion of Counsel has been provided as set forth in this Section 2.01(b), as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"shall be in recordable form);
(iv) all intervening assignments of the Security Instrument, if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement applicable and the assignment thereof only to the Trusteeextent available to the Depositor with evidence of recording thereon;
(v) the original or a copy of the UCC-1 financing statementpolicy or certificate of primary mortgage guaranty insurance, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (extent available, if any) constituting security for repayment of the Mortgage Loan;
(vi) the original or a copy of the Loan Agreement policy of title insurance or counterpart thereof relating to such Mortgage Loan, if any;mortgagee's certificate of title insurance or commitment or binder for title insurance; and
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy)originals of all modification agreements, together with any endorsements theretoif applicable and available;
(viiic) PROVIDED, HOWEVER, that in lieu of the foregoing, the Depositor may deliver to the Custodian, the following documents, under the circumstances set forth below: (w) in lieu of the original Security Instrument (including the Mortgage), assignments to the Grantor Trustee or intervening assignments thereof which have been delivered, are being delivered or will, upon receipt of recording information relating to such documents required to be included thereon, be delivered to recording offices for recording and have not been returned to the Depositor in time to permit their delivery as specified above, the Depositor may deliver a true copy thereof with a certification by the Servicer, or its agent on its behalf, substantially to the effect that such copy is a true and correct copy of the original; (x) in lieu of the Security Instrument, assignment in blank or to the Grantor Trustee or intervening assignments thereof, if any related Assignment the applicable jurisdiction retains the originals of Leases, Rents and Profits is separate such documents (as evidenced by a certification from the MortgageDepositor to such effect) the Depositor may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded or from the Depositor's agent, escrow agent or closing attorney; (y) in lieu of the Mortgage Notes relating to the Mortgage Loans, the original executed versionDepositor may deliver lost note affidavits from the Seller; and (z) the Depositor shall not be required to deliver intervening assignments or Mortgage Note endorsements between the Seller and the Depositor and between the Depositor and the Grantor Trustee; and provided, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignmentfurther, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date that in the case of clause (1)(a) below Mortgage Loans which have been prepaid in full after the Cut-off Date and (y) 60 days following prior to the Closing Date Date, the Depositor, in lieu of delivering the above documents, may deliver to the Grantor Trustee, a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the case of clauses 1(bPayment Account on the Closing Date. The Depositor shall deliver such original documents (including any original documents as to which certified copies had previously been delivered) and 2 below)to the Custodian, promptly after they are received. The Depositor shall cause the Seller (or its designee) shallSeller, at its expense, (1) record to cause each assignment of the Security Instrument to the Grantor Trustee to be recorded not later than 180 days after the Closing Date, unless (a) such recordation is not required by the Rating Agencies as evidenced in writing or an Opinion of Counsel addressed to the Grantor Trustee has been provided to the Grantor Trustee and the Issuer which states that recordation of such Security Instrument is not required to protect the interests of the Noteholders in the related Mortgage Loans or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record solely as nominee for the Seller and its successor and assigns; provided, however, notwithstanding the foregoing, each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been assignment shall be submitted for recording by the Seller in the manner described above, at no expense to the Issuer or the Grantor Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Notes aggregating at least 25% of the Note Principal Balance of the Notes, (ii) the occurrence of a Master Servicer Event of Default or an Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller and (biv) each Reassignment the occurrence of Assignment of Leases, Rents and Profits referred to a servicing transfer as described in Section 2.01(viii) (2.02 of the Servicing Agreement. Notwithstanding the foregoing, if not otherwise included the Seller fails to pay the cost of recording the assignments, such expense will be paid by the Securities Administrator from funds in the related Assignment Payment Account in accordance with Section 3.25 of Mortgagethe Indenture.
(d) which has not yet been submitted for recordation; The Depositor hereby assigns to the Grantor Trustee its security interest in and (2) file each UCC-2 to any Pledged Assets, its right to receive amounts due or UCC-3 financing statement referred to become due in Section 2.01(v) or (xiii) which has not yet been submitted for filingrespect of any Pledged Assets pursuant to the Xxxxx Fargo Servicing Agreement. In the event that With respect to any such document is lost or returned unrecorded because of a defect thereinPledged Asset Loan, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee Depositor shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public appropriate recording office and upon filing will promptly deliver a UCC-3 statement giving notice of the assignment of the related security interest to the Custodian Grantor Trust and shall thereafter cause the timely filing of all necessary continuation statements with regard to such financing statements. The Depositor agrees 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 Grantor Trustee, without recourse (but subject to the Depositor's covenants, representations and warranties specifically provided herein), of all of the Depositor's obligations and all of the Depositor's right, title and interest in, to and under, whether now existing or hereafter acquired as owner of the Mortgage Loan with respect to all money, securities, security entitlements, accounts, general intangibles, instruments, documents, certificates of deposit, commodities contracts, and other investment property and other property of whatever kind or description consisting of, arising from or related UCC-1to (i) the Assigned Contracts, with evidence (ii) all rights, powers and remedies of filing thereon. Copies the Depositor as owner of such recorded Mortgage Loan under or filed documents shall be delivered 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) all security interests in and lien of the Depositor as owner of such Mortgage Loan in the Pledged Amounts and all money, securities, security entitlements, accounts, general intangibles, instruments, documents, 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 is credited to the Master Servicer Collection Account, (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 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 constitute and is not intended to result in the creation, or an assumption by the Seller or the Grantor Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to of any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one obligation of the assignments in favor of the Trustee referred to in clauses (iii)Depositor, (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created other person in connection with the issuance Pledged Assets or under any agreement or instrument relating thereto, including any obligation to the Mortgagor, other than as owner of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX Loan.
("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. e) The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein trust created hereunder shall be deemed referred to override as the provisions of the Co"Bear Xxxxxxx ARM Grantor Trust 2005-Lender Agreement or the Series 1998-XX XX Pooling Agreement2".
Appears in 1 contract
Samples: Grantor Trust Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-2)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiii) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Depositor's rights under each Co-Lender Agreement and (iv) all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to interest accruing on the Certificates from and after the Cut-Off Date. The Trustee, by the execution and delivery of this Agreement, hereby agrees that the Michigan Plaza Pari Passu Loan and the Michigan Plaza Companion Loan remain subject to the Collection Account in an amount equal Michigan Plaza Co-Lender Agreement and that the Royal Airport Office Mortgage Loan and the Royal Airport Office B Note remain subject to the Cash DepositRoyal Airport Office Co-Lender Agreement.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller pursuant to the applicable Mortgage Loan Purchase Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed hereunder, on or before the Closing Date, the Mortgage Note for each Mortgage Loan so assigned, endorsed to the Trustee as specified in clause (i) of the definition of "Mortgage File." Each Seller is required, pursuant to the applicable Mortgage Loan Purchase Agreement, to deliver to the Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. The None of the Trustee, the Paying Agent, any Custodian, any Master Servicer or any Special Servicer shall remit be liable for any GSMC Retained Interest Amounts failure by any Seller or the Depositor to GSMC comply with the document delivery requirements of the Mortgage Loan Purchase Agreements and this Section 2.1(b).
(c) Each Seller other than IXIS, NCCB, NCB, FSB and Mass Mutual, at its own expense, for the Mortgage Loans sold to the Depositor by such Seller, and the Trustee, at the expense of IXIS, NCCB, NCB, FSB and Mass Mutual, as applicable, for the IXIS Loans sold to the Depositor by IXIS, the NCCB Loan sold to the Depositor by NCCB, the NCB, FSB Loans sold to the Depositor by NCB, FSB and the Mass Mutual Loans sold to the Depositor by Mass Mutual, shall promptly (and in immediately available funds any event within 90 days following the receipt of all recording information necessary to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall record such document) cause the Reserve Accounts and Lock-Box Accounts to be transferred submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC financing statements, as appropriate, each assignment to the Trustee referred to in clauses (iv), (vi)(B) and held (ix)(B) of the definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the public recording office to the Trustee following recording or filing (except with respect to any Mortgage File document recorded in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (MERS or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation); and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder Trustee shall obtain therefrom, at the expense of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of applicable Seller, a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereofand shall forward copies thereof to the applicable Master Servicer and the applicable Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has defect therein, the Trustee shall promptly notify the applicable Seller and the applicable Seller for its respective Mortgage Loans shall promptly prepare or cause to be prepared and delivered to the Trustee a substitute therefor or cure such defect, as the case may be, and thereafter the Trustee shall upon receipt thereof from such Seller cause the same to be duly recorded or filed, as appropriate. The parties acknowledge the obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the Trustee, on or before the fifth Business Day after the Closing Date, five limited powers of attorney substantially in the form attached as Exhibit C to the Primary Servicing Agreements or Exhibit 5 to the Mortgage Loan Purchase Agreements in favor of the Trustee, the applicable Master Servicer and the applicable Special Servicer to empower the Trustee, such Master Servicer and, in the event of the failure or incapacity of the Trustee and such Master Servicer, such Special Servicer, to submit for recording, at the expense of the applicable Seller, any mortgage loan documents required to be recorded as described in the preceding paragraph and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have previously been delivered to the Custodian in lieu of an original title insurance policyTrustee). The Sellers agree to reasonably cooperate with the Trustee, the Seller will promptly deliver Master Servicer and the Special Servicer in connection with any additional powers of attorney or revisions thereto that are requested by such parties for purposes of such recordation. The Trustee and each other party hereto agrees that no such power of attorney shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except that to the Custodian extent that the absence of a document described in the second preceding sentence with respect to such Mortgage Loan remains unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related original title insurance policy upon receipt thereofSeller, but in no event earlier than 18 months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan. The Trustee shall submit such documents for recording, at the related Seller's expense, after the periods set forth above; provided, however, the Trustee shall not submit such assignments for recording if the applicable Seller shall promptly cause produces evidence that it has sent any such assignment for recording and certifies that it is awaiting its return from the UCC-1's referred applicable recording office.
(d) All relevant servicing or loan documents and records in the possession of the Depositor or the Sellers that relate to in Section 2.01(v), if the servicing of any Mortgage Loans or Serviced Companion Loan and that are not already filed, required to be filed a part of a Mortgage File in accordance with the definition thereof and are reasonably necessary for the ongoing administration and/or servicing of the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Loan shall be delivered to the Master Servicer (with a copy to the related Primary Servicer, if applicable), on or before the date that is 75 days following the Closing Date and shall be held by the Seller such Master Servicer or the Trusteerelated Primary Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. To the extent delivered to the Master Servicer and the related Sub-Servicer or the related Primary Servicer, as applicable. Notwithstanding anything to , by the contrary contained related Seller, the Servicer Mortgage File will consist of the documents listed in this Section 2.01the definition of Mortgage File; provided, if, on the Closing Date as to any Mortgage Loanhowever, the Seller canshall not be required to deliver in complete and recordable form any one draft documents, attorney-client privileged communications, internal correspondence or credit analysis. Delivery of any of the assignments in favor of foregoing documents to the Trustee referred applicable Primary Servicer (or sub-servicer) shall be deemed delivery to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally applicable Master Servicer and satisfy the delivery requirements of Depositor's obligations under this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"2.1(d). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received foregoing items shall be delivered in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willelectronic form, to the extent necessarysuch document is available in such form and such form is reasonably acceptable to the applicable Master Servicer. None of any Master Servicer, specially service both any Special Servicer or any Primary Servicer shall have any liability for the Americold Pool Loan absence of any of the foregoing items from the Servicing Mortgage File if such item was not delivered by the related Seller.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee and the Other Americold Pool LoanMaster Servicer on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each case related Mortgage Loan as of the Closing Date.
(f) In connection herewith, the Depositor has acquired the MSMC Loans from MSMC, the IXIS Loans from IXIS, the NCB, FSB Loans from NCB, FSB, the MM Loans from MM, the SunTrust Loans from SunTrust, the UCMFI Loans from UCMFI and the NCCB Loan from NCCB. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the IXIS Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the NCB, FSB Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Note, as described in the definition of Mortgage File) relating to the MM Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the SunTrust Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies the related Mortgage Note, as described in the definition of Mortgage File) relating to the UCMFI Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the NCCB Loan to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, MSMC, IXIS, NCB, FSB, MM, SunTrust, UCMFI and NCCB, as applicable, are required under the terms Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements in blank or naming the Trustee, on behalf of the Co-Lender Agreement Certificateholders, as assignee. Notwithstanding the fact that the assignments shall be in blank or name the Trustee, on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the Series 1998-XX XX Pooling Agreement. Pursuant MSMC Loans shall be deemed to have been transferred from MSMC to the terms of Depositor, the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement IXIS Loans shall be deemed to have been transferred from IXIS to the Seller. The Seller hereby assigns its rights Depositor, the NCB, FSB Loans shall be deemed to have been transferred from NCB, FSB to the Depositor, the MM Loans shall be deemed to have been transferred from MM to the Depositor, the SunTrust Loans shall be deemed to have been transferred from SunTrust to the Depositor, the UCMFI Loans shall be deemed to have been transferred from UCMFI to the Depositor, the NCCB Loan shall be deemed to have been transferred from NCCB to the Depositor, and obligations under all Mortgage Loans shall be deemed to have been transferred from the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2006-Iq11)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders and the Class II-A3 Insurer all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in REMIC 1, and the Trust Fund for the benefit rights of the CertificateholdersDepositor under each of the Swap Agreement and Cap Agreements. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after [___________], 200[_] (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement, each of the Cap Agreements and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Trustee shall execute the Swap Agreement and the Depositor hereby directs the Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle National Bank[NAME OF TRUSTEE], as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than [__.__]% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “[NAME OF TRUSTEE], as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates (without giving effect to the Class II-A3 Policy), the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the CertificateholdersCertificateholders and the Class II-A3 Insurer. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the CoSeller that no Mortgage Loan is a “high-Lender Agreement cost” or “predatory” loan under any state or local law or regulation applicable to the Series 1998originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-XX XX Pooling AgreementCost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. The Seller confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptMortgage Loans. The Seller shall further agrees to assign all of its right, title and interest in and to the interest rate cap transaction evidenced by the Confirmation And Agreement , and to cause the Reserve Accounts and Lock-Box Accounts all of its obligations in respect of such transaction to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor to Trust Fund, on the applicable Originator. terms and conditions set forth in the Corridor Contract Assignment Agreement.
(b) [reserved]
(c) [reserved]
(d) [reserved]
(e) [reserved]
(f) [reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateTrustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
clause (i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
through (vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.,
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004 Bc1)
Conveyance of Mortgage Loans. The (a) Each of the Sponsor and, at the direction of the Sponsor given pursuant to the CREI Mortgage Loan Purchase Agreement, the Mortgage Loan Seller, concurrently with the its execution and delivery hereof, does hereby, sellhereby assign, transfer, assign, set over sell and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Sponsor and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Loan Seller, respectively, in, to and all Reserve Accounts, Lock-Box Accounts, under the Goldman Group Guaranty, Mortgage Loans identified on the Reinvestment Enhancement Instrument, the Co-Lender Agreement Mortgage Loan Schedule and all other assets included or to be included in REMIC I. Such assignment includes (i) the Trust Fund Mortgage Loans as from time to time are subject to this Agreement and all payments under and proceeds of such Mortgage Loans received or receivable after the Cut-off Date (other than payments of principal, interest and other amounts due and payable on the Mortgage Loans on or before the Cut-off Date), together with all documents delivered or caused to be delivered hereunder with respect to such Mortgage Loans by the Mortgage Loan Seller and the Additional Warranting Party; (ii) any REO Property acquired in respect of a Mortgage Loan; and (iii) such funds or assets as from time to time are deposited in the Distribution Account, the Certificate Account and the REO Account (if established). It is intended that the conveyance of the Mortgage Loans and the related rights and property by the Sponsor and the Mortgage Loan Seller to the Trustee, as provided in this Section be, and be construed as, an absolute transfer of the Mortgage Loans by the Sponsor and the Mortgage Loan Seller to the Trustee for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to It is, further, not intended that such conveyance be deemed a pledge of the Mortgage Loans other than interest and principal due on by the Sponsor or prior the Mortgage Loan Seller to the Cut-Off DateTrustee to secure a debt or other obligation of the Sponsor or the Mortgage Loan Seller, andas the case may be. However, with respect in the event that the Mortgage Loans are held to be property of the Sponsor or the Mortgage Loan Seller, 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, (i) this Agreement shall also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction; (ii) the conveyance provided for in this Section shall be deemed to be a grant by the Sponsor and the Mortgage Loan Seller to the GSMC Retained Interest Trustee, for the benefit of the Certificateholders, of a security interest in all of their respective right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to (A) the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Mortgage Files, (B) all amounts payable to the holders of 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, the Distribution Account or the REO Account, whether in the form of cash, instruments, securities or other property; (iii) the possession by the Trustee or its agent of the Mortgage Notes and such other items of property as constitute instruments, money, negotiable documents 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 New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction (including, without limitation, Section 9-305, 8-313 or 8-321 thereof); and (d) notifications to, and acknowledgments, receipts or confirmations from, Persons holding such property shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting such security interest under applicable law. The Sponsor, the Mortgage Loan Seller and the Trustee shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the applicable GSMC Retained Interest Amountsterm of this Agreement. At the Sponsor's direction, the Trustee shall execute and deliver, and the Master Servicer shall (at its expense) file, 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 and maintain the Trustee's security interest in or lien on the Trust Fund, including without limitation (A) continuation statements and (B) such other statements as may be occasioned by any transfer of any interest of the Trustee, the Master Servicer, the Special Servicer or the Sponsor in the Trust Fund. In connection with such transfer and assignmentherewith, the Trustee shall have all of the rights and remedies of a secured party and creditor under the Uniform Commercial Code as in force in the relevant jurisdiction.
(b) In connection with the Mortgage Loan Seller's assignment pursuant to subsection (a) above, the Mortgage Loan Seller shall make deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a cash deposit Custodian appointed thereby (with a copy to the Collection Account in an amount equal to Master Servicer), on or before the Cash DepositClosing Date, the Mortgage File for each CREI Mortgage Loan so assigned by the Mortgage Loan Seller hereunder. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on In addition, the Master Servicer Remittance Date immediately following receipt. The Seller shall cause Additional Warranting Party shall, at the Reserve Accounts direction and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Mortgage Loan Seller, deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee as successor or a Custodian appointed thereby (with a copy to the applicable Originator. In connection with such transfer and assignment, the Seller shallMaster Servicer), on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage File for each NMCC Mortgage Loan so assigned (other than by the Americold Pool Mortgage Loan Seller hereunder. If the Mortgage Loan Seller or Additional Warranting Party, as applicable, is unable to deliver any original Mortgage Note, such party may deliver a copy of such Mortgage Note, together with a lost note affidavit, and shall thereby be deemed to have satisfied the document delivery requirements of this Section 2.01(b). If the Mortgage Loan Seller or Additional Warranting Party, as applicable, cannot so deliver, or cause to be delivered, as to any Mortgage Loan, with respect the original or a copy of any of the documents and/or instruments referred to items in clauses (ii), (iiiiv), (vviii), (xi)(A) and (viiixii) belowof the definition of "Mortgage File", which have previously with evidence of recording or filing (as the case may be) thereon, solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bankfor recordation or filing, as Trustee for the GS case may be, the delivery requirements of this Section 2.01(b) shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage Securities Corporation II Commercial Mortgage Pass-Through CertificatesFile, Series 1998-C1provided that a copy of such document or instrument (without evidence of recording or filing thereon, without recourse", "Pay but certified (which certificate may relate to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless multiple documents and/or instruments) by the Mortgage Loan was originated by Seller or the related OriginatorAdditional Warranting Party, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee orapplicable, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankrecording or filing, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(ivcase may be) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment delivered to the Trustee of or a Custodian appointed thereby on or before the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) Closing Date, and either the original of the Loan Agreement such missing document or counterpart thereof relating to such Mortgage Loaninstrument, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing recording or filing, as the case may be, thereon. Copies of such recorded or filed documents shall be , is delivered to the Master Servicer by the Seller Trustee or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording Custodian within 180 days of the Closing Date (or within such longer period after the Closing Date as the Trustee may consent to, which consent shall not be unreasonably withheld so long as the Mortgage Loan Seller or the Additional Warranting Party, as applicable, has provided the Trustee with evidence of such submission for recording or filing, as the case may be, or has certified to the Trustee as to the occurrence of such submission for recording or filing, as the case may be, and is, as certified to the Trustee no less often than monthly, in its discretion may permitgood faith attempting to obtain from the appropriate recording or filing office such original or copy). The Americold Pool If the Mortgage Loan Seller or the Additional Warranting Party, as applicable, cannot or does not so deliver, or cause to be delivered, as to any Mortgage Loan, the original of any of the documents and/or instruments referred to in clauses (iii), (v), and (xi)(B) of the definition of "Mortgage File", because such document or instrument has been delivered for recordation or filing, as the case may be, the delivery requirements of this Section 2.01(b) shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File, provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the Mortgage Loan Seller or the Additional Warranting Party, as applicable, to be a true and complete copy of the original thereof submitted for recording or filing, as the case may be) is secured by Mortgaged Properties delivered to the Trustee or a Custodian appointed thereby on or before the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered to the Trustee or such Custodian within 180 days of the Closing Date (or within such longer period after the Closing Date as the Trustee may consent to, which also serve consent shall not be unreasonably withheld so long as security the Mortgage Loan Seller or the Additional Warranting Party, as applicable, has provided the Trustee with evidence of such submission for another loan made by GSMC (recording or filing, as the "Other Americold Pool Loan"case may be, or has certified to the Trustee as to the occurrence of such submission for recording or filing, as the case may be, and is, as certified to the Trustee no less often than monthly, in good faith attempting to obtain from the appropriate recording or filing office such original or copy). The Other Americold Pool If the Mortgage Loan is included in Seller or the Additional Warranting Party, as applicable, cannot so deliver, or cause to be delivered, as to any Mortgage Loan, the original or a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect copy of the related Mortgaged Properties pro rata lender's title insurance policy referred to in clause (ix) of the definition of "Mortgage File" solely because such policy has not yet been issued, the delivery requirements of this Section 2.01(b) shall be deemed to be satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File, provided that the Mortgage Loan Seller or the Additional Warranting Party, as applicable, shall have delivered to the Trustee or a Custodian appointed thereby, on or before the basis Closing Date, a commitment for title insurance "marked-up" at the closing of amounts owing under such Mortgage Loan, and the Mortgage Loan Seller or the Additional Warranting Party, as applicable, shall deliver to the Trustee or such Custodian, promptly following the receipt thereof, the original related lender's title insurance policy (or a copy thereof). In addition, notwithstanding anything to the contrary contained herein, if there exists with respect to any group of related Cross-Collateralized Mortgage Loans only one original of any document referred to in the definition of "Mortgage File" covering all the Mortgage Loans in such group, then the inclusion of the original of such document in the Mortgage File for any of the Mortgage Loans in such group shall be deemed an inclusion of such original in the Mortgage File for each such loanMortgage Loan. Under the terms None of the Co-Lender AgreementTrustee, any Custodian, the servicer of the Series 1998-XX XX will perform the functions of Sponsor, the Master Servicer or the Special Servicer shall in any way be liable for both any failure by the Americold Pool Mortgage Loan Seller or the Additional Warranting Party, as applicable, to comply with the delivery requirements of this Section 2.01(b). If any of the endorsements referred to in clause (i) of the definition of "Mortgage File", any of the assignments of Mortgage referred to in clause (iii) of the definition of "Mortgage File", any of the assignments of Assignment of Leases referred to in clause (v) of the definition of "Mortgage File", or any of the assignments of Security Agreement referred to in clause (vii) of the definition of "Mortgage File" are delivered to the Trustee in blank, the Trustee shall (without being obligated to record or file such) be responsible for completing the related endorsement or assignment in the name of the Trustee (in such capacity).
(c) The Mortgage Loan Seller shall, as to each CREI Mortgage Loan, and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willAdditional Warranting Party shall, as to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool each NMCC Mortgage Loan, in each such case under the terms at its own expense, promptly (and in any event within 45 days of the Co-Lender Agreement Closing Date) submit or cause to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as appropriate, each assignment referred to in clauses (iii) and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms (v) of the GSMC Loan Sale Agreementdefinition of "Mortgage File" and each UCC-1, GSMC has assigned its rights UCC-2 and obligations under UCC-3, if any, referred to in clause (xi)(B) of the Co-Lender Agreement to definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement public recording office to the Trustee following recording, and each such UCC-1, UCC-2 and UCC-3 shall reflect that the file copy thereof should be returned to the Trustee following filing. At such time as such assignments, UCC-1s, UCC-2s and UCC-3s have been returned to the Trustee, the Trustee shall promptly forward a copy of each thereof to the Master Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Mortgage Loan Seller, in the case of a CREI Mortgage Loan, and the Additional Warranting Party, in the case of an NMCC Mortgage Loan, shall promptly prepare or cause the preparation of a substitute therefor or cure or cause the curing of such defect, as the case may be, and thereafter the Mortgage Loan Seller, in the case of a CREI Mortgage Loan, and the Additional Warranting Party, in the case of an NMCC Mortgage Loan, shall in each such case at its own expense, submit the substitute or corrected documents or cause such to be submitted for recording or filing, as appropriate.
(d) All documents and records in the Mortgage Loan Seller's or the Additional Warranting Party's possession (or, in either case, under its control) relating to the Mortgage Loans that are not required to be a part of a Mortgage File in accordance with the definition thereof, together with all Escrow Payments and Reserve Funds in the possession of the Mortgage Loan Seller or the Additional Warranting Party (or, in either case, under its control) with respect to the Mortgage Loans, shall be delivered or caused to be delivered by each of the Mortgage Loan Seller and the Additional Warranting Party to the Master Servicer, within 10 days of the Closing Date, and shall be retained by the Master Servicer on behalf of the Certificateholders. Nothing herein shall be deemed to override Trustee in trust for the provisions benefit of the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementCertificateholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)
Conveyance of Mortgage Loans. (a) It is the intention of the parties hereto that a common law trust be established under the laws of the State of New York pursuant to this Agreement and, further, that such trust be designated as "Credit Suisse Commercial Mortgage Trust 2007-C1." Wells Fargo is hereby appointed, and does hereby agree, to act as Truxxxx hereunder and, in such capacity, to hold the Trust Fund in trust for the exclusive use and benefit of all present and future Certificateholders, the Swap Counterparty and B Loan Holders (as their interests may appear). It is not intended that this Agreement create a partnership or a joint-stock association. The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby assign, sell, transfer, assign, set over and otherwise convey to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, including any security interest therein for the benefit of the Depositor, in, to and to under (i) the Original Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, (ii) the Mortgage Loan Purchase Agreements and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiii) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund Fund. Such assignment includes all interest and principal received or receivable on or with respect to the Original Mortgage Loans (other than payments of principal and interest due and payable on the Original Mortgage Loans on or before the Cut-off Date and Principal Prepayments paid on or before the Cut-off Date). The transfer of the Original Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.12, is intended by the parties to constitute a sale. Under GAAP, the Depositor shall report and cause all of its records to reflect: (i) its acquisition of the Original Column Mortgage Loans from Column, pursuant to the Column Mortgage Loan Purchase Agreement, as a purchase of such Mortgage Loans from Column, (ii) its acquisition of the Original Capmark Mortgage Loans (excluding (A) any rights of the lender under the related Mortgage Loan Documents to establish and/or own a successor borrower in connection with a defeasance of a such Mortgage Loan and (B) in the case of the Mortgage Loan identified on the Mortgage Loan Schedule as Woodbrook Lane, any related exit fees provided for under the related Mortgage Loan Documents) from the Capmark Mortgage Loan Seller, pursuant to the Capmark Mortgage Loan Purchase Agreement, as a purchase of such Mortgage Loans from the Capmark Mortgage Loan Seller and (iii) its transfer of the Original Mortgage Loans to the Trust, pursuant to this Section 2.01(a), as a sale of such Mortgage Loans to the Trust; provided that, in the case of the transactions described in clauses (i) and (ii) of this sentence, the Depositor shall do so only upon the sale of Certificates representing at least 15% of the aggregate fair value of all the Certificates to parties that are not Affiliates of the Depositor. Regardless of its treatment of the transfer of the Original Mortgage Loans to the Trust under GAAP, the Depositor shall at all times following the Closing Date cause all of its records and financial statements and any relevant consolidated financial statements of any direct or indirect parent clearly to reflect that the Original Mortgage Loans have been transferred to the Trust and are no longer available to satisfy claims of the Depositor's creditors.
(b) The conveyance of the Original Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties hereto to constitute an absolute transfer of such Mortgage Loans and such other related rights and property by the Depositor to the Trustee for the benefit of the Certificateholders. Such transfer Furthermore, it is not intended that such conveyance be a pledge of security for a loan. If such conveyance is determined to be a pledge of security for a loan, however, the Depositor and assignment includes the Trustee intend that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor and the Trustee also intend and agree that, in such event, (i) this Agreement shall constitute a security agreement under applicable law, (ii) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in all of the Depositor's right, title and interest in and to the assets constituting the Trust Fund, including the Mortgage Loans subject hereto from time to time, all principal and interest received on or with respect to such Mortgage Loans after the Closing Date (other than scheduled payments of interest and principal due and payable on such Mortgage Loans on or prior to the related Due Date in March 2007 or, in the case of a Replacement Mortgage Loan, on or prior to the related date of substitution), all amounts held from time to time in each Collection Account, the Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account and, if established, the REO Account, each Purchase Price Security Deposit Account and/or each Special Reserve Account and all reinvestment earnings on such amounts, and all of the Depositor's right, title and interest under the Mortgage Loan Purchase Agreements and the Column Performance Guarantee, (iii) the possession by the Trustee or its agent of the Mortgage Notes with respect to the Mortgage Loans subject hereto from time to time and such other than items of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be "possession by the secured party" or possession by a purchaser or person designated by such secured party for the purpose of perfecting such security interest under applicable law, and principal due on (iv) notifications to, and acknowledgments, receipts or prior confirmations from, Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents (as applicable) of the Cut-Off Date, and, with respect to Trustee for the GSMC Retained Interest Loans, the purpose of perfecting such security interest under applicable GSMC Retained Interest Amounts. law.
(c) In connection with such transfer and assignmentthe Depositor's assignment pursuant to Section 2.01(b) above, the Seller shall make a cash deposit Depositor hereby represents and warrants that it has contractually obligated each Mortgage Loan Seller, at such Mortgage Loan Seller's expense, pursuant to the Collection Account in an amount equal related Mortgage Loan Purchase Agreement, to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts deliver to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall and deposit with, or cause the Reserve Accounts and Lock-Box Accounts to be transferred delivered to and held in the name of the Master Servicer on behalf of deposited with, the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shallor a Custodian appointed thereby, on or prior to before the Closing Date, deliver to, the Mortgage File and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned any Additional Collateral (other than Reserve Funds) for each Original Mortgage Loan acquired by the Americold Pool Loan, Depositor from such Mortgage Loan Seller; provided that in connection with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant the delivery of the Mortgage File to the pooling agreement related to Series 1998-XX XX):
(i) Trust, the original of the Note, endorsed without recourse to the order each Letter of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note Credit (and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits"amendment or assignment) in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by and copy thereof shall be delivered to the Seller Trustee or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit)Custodian appointed thereby. The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor shall deliver to the Trustee on behalf or before the Closing Date a fully executed counterpart of each Mortgage Loan Purchase Agreement and the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementColumn Performance Guarantee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in and to the Mortgage LoansDepositor, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder therein for the benefit of the Depositor, in, to and under (whether in real or personal property and whether tangible or intangiblei) in favor the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Mortgage Loan Purchase Agreements, (iii) each Original Purchase Agreement as assignee of the Seller's rights thereunder to the extent related to any Mortgage Loan, and (iv) all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement Cash Collateral Accounts and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off off Date but does not include principal and interest due, and Principal Prepayments received, on or before the Cut-off Date, andor any Retained Interest, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash DepositSouthTrust Prepayment Premiums or SouthTrust Yield Maintenance Charges. The Master Servicer shall remit any GSMC Retained Interest Amounts transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptconstitute a sale. The Seller Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts to be transferred to and held in Eligible Accounts (subject to Section 3.04(b)) in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. Seller and the Originators.
(b) In connection with such transfer and assignmentthe Depositor's assignment pursuant to subsection (a) above, the Seller shallDepositor shall direct, on or prior and hereby represents and warrants that it has directed, the Sellers pursuant to the Closing Date, each Mortgage Loan Purchase Agreement to deliver to, to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby, on or before the Closing Date (on behalf of the Trusteeexcept as expressly provided in this Section 2.01(b), with copies to the Master Servicer and Special Servicer), the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Custodian or Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", " which Mortgage Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, shall show a complete chain of endorsement from the related Originator originator to the Trustee;
(ii) the original recorded Mortgage and any intervening assignments (or counterpart thereof showing the related Originator as mortgagee certified copies of such assignments) thereof, in each case with evidence of recording thereon, or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage Mortgage, executed by the appropriate Seller, in blank or to the order of the Trustee, in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either in the following form: "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourseCustodian or Trustee", provided, that any Assignment of Mortgage to the Trustee not executed and -44- 58 submitted for recording prior to the Closing Date shall be in the form attached as an exhibit to the Mortgage Loan Purchase Agreements;
(iv) originals or certified copies of any related Assignment of Leases and Rents and any related Security Agreement (if, in either case, such item is a document separate from the Mortgage), any intervening assignments of each such document or instrument;
(v) assignments of any related Assignment of Leases and Rents (a "Reassignment of Assignment of Leases and Rents") and any related Security Agreement (if, in either case, such item is a document separate from the Mortgage), executed by the appropriate Seller or the prior holder of record in blank or to the order of the Trustee, with the assignment to the Trustee in the following form: "LaSalle National Bank, as Custodian or Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) originals or certified copies of all assumption, modification and substitution agreements in those instances where the original terms or provisions of the Loan Agreement Mortgage or counterpart thereof relating to such Mortgage Loan, if anyNote have been modified or the Mortgage or Mortgage Note has been assumed;
(vii) the original lender's title insurance policy policies with respect to each Mortgage (or or, prior to receipt by the Seller of such original pro forma lender's title insurance policypolicies, all commitments, binders or policy mark-xxx with respect thereto), together with an endorsement assigning such policy to the Custodian or Trustee (unless such policy states that it runs to the benefit of any endorsements theretoassignee of the Mortgage);
(viii) if any related Assignment all UCC Financing Statements, assignments and continuation statements or copies thereof sufficient to perfect (and maintain the perfection of) the security interest held by the originator of Leases, Rents the Mortgage Loan (and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument each assignee prior to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits"Trustee) in suitable form for recordation in and to the jurisdiction in which personalty of the Mortgagor at the Mortgaged Property is located (which reassignmentin each case with evidence of filing thereon), however, may be included in and to transfer such security interest to the Assignment of Mortgage and need not be a separate instrument);
Trustee; (ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title hazard insurance policy, the Seller will promptly deliver to the Custodian the related original title any flood insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loanpolicies, and each is entitled to payments made by the related Borrower and any other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case insurance policies required under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.Mortgage;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Amresco Commercial Mortgage Funding I Corp)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Trust Fund. Concurrently with the execution of this Agreement, the Swap Agreement shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as Securities Administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver the Swap Agreement (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Mortgage LoansLoan Seller and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Swap Agreement solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other swap agreement upon the expiration or termination of the Swap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Mortgage Loan Seller shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Mortgage Loan Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Mortgage Loan Seller, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Mortgage Loan Seller; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Mortgage Loan Seller shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Mortgage Loan Seller, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Mortgage Loan Seller shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Mortgage Loan Seller and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Mortgage Loan Seller, at the expense of the Mortgage Loan Seller, to “[ ], as trustee under the Pooling and Servicing Agreement dated as of [ ], for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust [ ]”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Mortgage Loan Seller shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Mortgage Loan Seller does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Mortgage Loan Seller at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Mortgage Loan Seller cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Mortgage Loan Seller shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Mortgage Loan Seller, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Mortgage Loan Seller shall be deemed to have been satisfied upon delivery by the Mortgage Loan Seller to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust [ ]” and [ ] is hereby appointed as Trustee and [ ] is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Hsi Asset Securitization Corp)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below(iii) the Initial Deposit, and (iv) the Depositor's rights under any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box AccountsIntercreditor Agreement, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Pari Passu Intercreditor Agreement and the 2002-HQ Pooling and Servicing Agreement and the 2000-WF2 Pooling and Servicing Agreement with respect to the Pari Passu Loans and (v) all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such the initial sale of the Certificates by the Depositor, the purchase price to be paid includes a portion attributable to interest accruing on the Certificates from and after the Cut-Off Date. The transfer and assignmentassignment of the Pari Passu Loans to the Trustee and the right to service such Mortgage Loans are subject to the terms and conditions of the 2002-HQ Pooling and Servicing Agreement and the 2000-WF2 Pooling and Servicing Agreement, as applicable, and the related Pari Passu Intercreditor Agreement.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed hereunder, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Noteassigned, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest as specified in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiiii) of the definition of "Mortgage File." solely because Each Seller is required, pursuant to the applicable Mortgage Loan Purchase Agreement, to deliver to the Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the unavailability of recording information as to any existing document or instrumentTrustee, the Fiscal Agent, the Paying Agent, any Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by any Seller may provisionally satisfy or the Depositor to comply with the document delivery requirements of the Mortgage Loan Purchase Agreements and this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit2.1(b). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital I Series 2002 Top7)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. The Seller confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptMortgage Loans. The Seller shall further agrees to assign all of its right, title and interest in and to the interest rate cap transaction evidenced by the Confirmation And Agreement , and to cause the Reserve Accounts and Lock-Box Accounts all of its obligations in respect of such transaction to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor Trust Fund, on the terms and conditions set forth in the Cap Contract Assignment Agreement.
(b) [reserved]
(c) The Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a) or (b).
(d) [reserved]
(e) [reserved]
(f) [reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateCo-Trustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Co-Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the TrusteeSeller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to "Asset-Backed Certificates, Series 2003-BC1, CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of January 1, 2003, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan the Seller cannot deliver the original recorded Mortgage or counterpart all interim recorded assignments of the Mortgage satisfying the requirements of clause (ii), (iii) or (iv) concurrently with the execution and delivery hereof, the Seller shall deliver or cause to be delivered to the Co-Trustee a true copy of such Mortgage and of each such undelivered interim assignment of the Mortgage each certified by the Seller, the applicable title company, escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original Mortgage or assignment of Mortgage submitted for recording. For any such Mortgage Loan that is not a MERS Mortgage Loan the Seller shall promptly deliver or cause to be delivered to the Co-Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof showing from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date the Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each interim assignment, because the related Originator Mortgage has not been returned by the appropriate recording office, the Seller shall deliver or cause to be delivered such documents to the Co-Trustee as mortgagee orpromptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of such Mortgage or assignment, a copy of the original Mortgage or assignment so retained, with evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy the Seller's obligations in Section 2.01. If any document submitted for recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with the foregoing or (y) lost after recording, the Seller shall deliver to the Co-Trustee a copy of such document certified by the applicable public recording office to be a true and complete copy of the original recorded document. The Seller shall promptly forward or cause to be forwarded to the Co-Trustee (x) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (y) any other documents required to be delivered by the Depositor or the Master Servicer to the Trustee within the time periods specified in this Section 2.01. With respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the related Mortgaged Property and Mortgage File are located in (a) the State of California or (b) any other jurisdiction under the laws of which the recordation of the assignment specified in clause (iii) above is not necessary to protect the Trustee's and the Certificateholders, interest in the related Mortgage Loan, as evidenced by an Opinion of Counsel, delivered by the Seller to the Trustee and a copy to the Rating Agencies, in lieu of recording the assignment specified in clause (iii) above, the Seller may deliver an unrecorded assignment in blank, in form otherwise suitable for recording to the Co-Trustee; provided that if any such original the related Mortgage has not been returned from the applicable public recording office, a such assignment, or any copy thereof certified thereof, of the Mortgage may exclude the information to be provided by the recording office. As to any Mortgage Loan other than a true and complete copy MERS Mortgage Loan, the procedures of the original thereof submitted for recording;
(iii) an executed Assignment of preceding sentence shall be applicable only so long as the related Mortgage in suitable form for recordation File is maintained in the possession of the Co-Trustee in the State or jurisdiction described in which such sentence. In the Mortgaged Property is located event that with respect to either "LaSalle National Bank, as Trustee for Mortgage Loans other than MERS Mortgage Loans (i) the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the MortgageSeller, the original executed version Depositor or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Master Servicer gives written notice to the Trustee that recording is required to protect the right, title and interest of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
Certificateholders in and to any Mortgage Loan, (xivii) any and all amendments, modifications and supplements to, and waivers related to, any a court recharacterizes the sale of the foregoing;
Mortgage Loans as a financing, or (xviii) [Reserved];
(xvi) as a result of any letters of credit and other written agreements related change in or amendment to the laws of the State or jurisdiction described in the first sentence of this paragraph or any applicable political subdivision thereof, or any change in official position regarding application or interpretation of such laws, including a holding by a court of competent jurisdiction, such recording is so required, the Trustee or the Co-Trustee shall complete the assignment in the manner specified in clause (iii) of the second paragraph of this Section 2.01 and the Seller shall submit or cause to be submitted for recording as specified above or, should the Seller fail to perform such obligations, the Trustee shall cause the Master Servicer, at the Master Servicer's expense, to cause each such previously unrecorded assignment to be submitted for recording as specified above. In the event a Mortgage Loan; and
(xvii) with respect File is released to the Americold Pool LoanMaster Servicer as a result of the Master Servicer's having completed a Request for Release in the form of Exhibit M, the Trustee shall complete the assignment of the related Mortgage in the manner specified in clause (iii) of the second paragraph of this Section 2.01. So long as the Co-Trustee maintains an office in the State of California, the Co-Lender Agreement. On Trustee shall maintain possession of and not remove or promptly following attempt to remove from the Closing Date (but in no event later than (x) thirty Business Days following State of California any of the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred Files as to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to Mortgaged Property is located in Section 2.01(v) or (xiii) which has not yet been submitted for filingsuch State. In the event that any such document is lost or returned unrecorded because the Seller fails to record an assignment of a defect thereinMortgage Loan as herein provided within 90 days of notice of an event set forth in clause (i), (ii) or (iii) of the above paragraph, the SellerMaster Servicer shall prepare and, if required hereunder, file such assignments for recordation in the appropriate real property or other records office. The Seller hereby appoints the Master Servicer (and any successor servicer hereunder) as its designeeattorney-in-fact with full power and authority acting in its stead for the purpose of such preparation, at execution and filing. In the Seller's expense case of Mortgage Loans that become the subject of a Principal Prepayment between the Closing Date and the Cut-off Date, the Seller shall deposit or cause to be deposited in the Certificate Account the amount required to be deposited therein with respect to such payment pursuant to Section 3.05 hereof. Notwithstanding anything to the contrary in this Agreement, within thirty days after the Closing Date, the Seller shall either (i) deliver to the Co-Trustee the Mortgage File as required pursuant to this Section 2.01 for each Delay Delivery Mortgage Loan or (ii) (A) repurchase the Delay Delivery Mortgage Loan or (B) substitute the Delay Delivery Mortgage Loan for a Replacement Mortgage Loan, which repurchase or substitution shall be accomplished in the manner and subject to the conditions set forth in Section 2.03, provided that if the Seller fails to deliver a Mortgage File for any Delay Delivery Mortgage Loan within the period provided in the prior sentence, the cure period provided for in Section 2.02 or in Section 2.03 shall not apply to the initial delivery of the Mortgage File for such Delay Delivery Mortgage Loan, but rather the Seller shall have five (5) Business Days to cure such failure to deliver; and provided further, that the Seller shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later rather than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereofrepurchase. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)provide each Rating Agency with written notice of any cure, if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver repurchase or substitution made pursuant to the Custodian proviso of the related UCC-1preceding sentence. On or before the thirtieth (30th) day (or if such thirtieth day is not a Business Day, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on succeeding Business Day) after the Closing Date as to any (in the case of the Mortgage LoanLoans), the Seller cannot deliver Trustee shall, in complete and recordable form any one accordance with the provisions of the assignments in favor of the Trustee referred to in clauses (iii)Section 2.02, (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan send a Delay Delivery Certification substantially in the form of annexed hereto as Exhibit P; provided that G-3 (with any applicable exceptions noted thereon) for all required original assignments with respect to Delay Delivery Mortgage Loan delivered within thirty (30) days after such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit)date. The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in Trustee will promptly send a trust fund created in connection with the issuance copy of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and such Delay Delivery Certification to each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementRating Agency.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2003-Bc1)
Conveyance of Mortgage Loans. The Seller(a) Each Seller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the such Seller in and to the applicable Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by such Seller on or with respect to the applicable Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by such Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the applicable Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. CHL confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal the Mortgage Loans. CHL further agrees to assign all of its right, title and interest in and to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts interest rate corridor transaction evidenced by each Confirmation, and to GSMC cause all of its obligations in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts respect of such transaction to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor Trust Fund, on the terms and conditions set forth in the Corridor Contract Assignment Agreement.
(b) [Reserved]
(c) Each Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a).
(d) [Reserved]
(e) [Reserved]
(f) [Reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateCo-Trustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Co-Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the applicable Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the Trusteeapplicable Seller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the applicable Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to "Asset-Backed Certificates, Series 2004-4, CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of March 1, 2004, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, each Seller agrees that it will cause, at such Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by such Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Sellers further agree that they will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan a Seller cannot deliver the original recorded Mortgage or counterpart all interim recorded assignments of the Mortgage satisfying the requirements of clause (ii), (iii) or (iv) concurrently with the execution and delivery hereof, such Seller shall deliver or cause to be delivered to the Co-Trustee a true copy of such Mortgage and of each such undelivered interim assignment of the Mortgage each certified by such Seller, the applicable title company, escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original Mortgage or assignment of Mortgage submitted for recording. For any such Mortgage Loan that is not a MERS Mortgage Loan each Seller shall promptly deliver or cause to be delivered to the Co-Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof showing from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date such Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each interim assignment, because the related Originator Mortgage has not been returned by the appropriate recording office, such Seller shall deliver or cause to be delivered such documents to the Co-Trustee as mortgagee orpromptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of such Mortgage or assignment, a copy of the original Mortgage or assignment so retained, with evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy a Seller's obligations in Section 2.01. If any document submitted for recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the applicable Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with the foregoing or (y) lost after recording, the applicable Seller shall deliver to the Co-Trustee a copy of such document certified by the applicable public recording office to be a true and complete copy of the original recorded document. Each Seller shall promptly forward or cause to be forwarded to the Co-Trustee (x) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (y) any other documents required to be delivered by the Depositor or the Master Servicer to the Co-Trustee within the time periods specified in this Section 2.01. With respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the related Mortgaged Property and Mortgage File are located in (a) the State of California or (b) any other jurisdiction under the laws of which the recordation of the assignment specified in clause (iii) above is not necessary to protect the Trustee's and the Certificateholders' interest in the related Mortgage Loan, as evidenced by an Opinion of Counsel delivered by CHL to the Trustee, and a copy to the Rating Agencies, in lieu of recording the assignment specified in clause (iii) above, the applicable Seller may deliver an unrecorded assignment in blank, in form otherwise suitable for recording to the Co-Trustee; provided that if any such original the related Mortgage has not been returned from the applicable public recording office, a such assignment, or any copy thereof certified thereof, of the Mortgage may exclude the information to be provided by the recording office. As to any Mortgage Loan other than a true and complete copy MERS Mortgage Loan, the procedures of the original thereof submitted for recording;
(iii) an executed Assignment of preceding sentence shall be applicable only so long as the related Mortgage in suitable form for recordation File is maintained in the possession of the Co-Trustee in the State or jurisdiction described in which such sentence. In the Mortgaged Property is located event that with respect to Mortgage Loans other than MERS Mortgage Loans (i) either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the MortgageSeller, the original executed version Depositor or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Master Servicer gives written notice to the Trustee that recording is required to protect the right, title and interest of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
Certificateholders in and to any Mortgage Loan, (xivii) any and all amendments, modifications and supplements to, and waivers related to, any a court recharacterizes the sale of the foregoing;
Mortgage Loans as a financing, or (xviii) [Reserved];
(xvi) as a result of any letters of credit and other written agreements related change in or amendment to the Mortgage Loan; and
(xvii) with respect to laws of the Americold Pool LoanState or jurisdiction described in the first sentence of this paragraph or any applicable political subdivision thereof, or any change in official position regarding application or interpretation of such laws, including a holding by a court of competent jurisdiction, such recording is so required, the Co-Lender Agreement. On or promptly following Trustee shall complete the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date assignment in the case of manner specified in clause (1)(aiii) below and (y) 60 days following of the Closing Date in the case second paragraph of clauses 1(bthis Section 2.01(g) and 2 below), the Seller (CHL shall submit or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred cause to in Section 2.01(iii) which has not yet been be submitted for recording and (b) as specified above or, should CHL fail to perform such obligations, the Trustee shall cause the Master Servicer, at the Master Servicer's expense, to cause each Reassignment such previously unrecorded assignment to be submitted for recording as specified above. In the event a Mortgage File is released to the Master Servicer as a result of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included the Master Servicer's having completed a Request for Release in the form of Exhibit M, the Trustee shall complete the assignment of the related Assignment Mortgage in the manner specified in clause (iii) of Mortgage) the second paragraph of this Section 2.01(g). So long as the Co-Trustee or its agent maintains an office in the State of California, the Co-Trustee or its agent shall maintain possession of and not remove or attempt to remove from the State of California any of the Mortgage Files as to which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to the related Mortgaged Property is located in Section 2.01(v) or (xiii) which has not yet been submitted for filingsuch State. In the event that any such document is lost or returned unrecorded because a Seller fails to record an assignment of a defect thereinMortgage Loan as herein provided within 90 days of notice of an event set forth in clause (i), the Seller, (ii) or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt (iii) of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01above paragraph, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trusteeshall prepare and, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01if required hereunder, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the file such assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially for recordation in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (appropriate real property or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")other records office. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Seller hereby appoints the Master Servicer for both the Americold Pool Loan (and the Other Americold Pool Loan any successor servicer hereunder) as its attorney-in-fact with full power and the special servicer authority acting in its stead for the Series 1998-XX XX willpurpose of such preparation, to the extent necessary, specially service both the Americold Pool Loan execution and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementfiling.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-4)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders and the Certificate Insurer all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor's rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after July 1, 2002 (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrust Administrator on behalf of the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. The Depositor shall cause the Certificate Insurer to deliver the Certificate Insurance Policy to the Trust Administrator for the benefit of the Trustee and the Certificateholders. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, (i) the Custodian Trust Administrator as custodian for the Trustee (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so assigned (other than a Washington Mutual Loan) and (ii) the Americold Pool LoanWashington Mutual Custodian as custodian for the Trustee, the following documents or instruments with respect to items each Washington Mutual Mortgage Loan, in each case, so transferred and assigned (ii)with respect to each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle Deutsche Bank National Trust Company, as Trust Administrator for the benefit of Wachovia Bank, National Association, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground leaseabove, if anyin the case of the Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as amended, for a first lien or second lien on the Mortgaged PropertiesProperty represented therein as a fee interest vested in the Mortgagor, if any;
(xii) if or in the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee, the Trust Administrator, the Certificate Insurer, the NIMS Insurer, the Guarantor or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment following form: "Deutsche Bank National Trust Company, as Trust Administrator for the benefit of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. Wachovia Bank, National Association, as Trustee under applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class II-A Certificates, the Class II-S1 Certificates (without regard to the Certificate Insurance Policy) and the NIM Notes and the Certificate Insurer does not require recordation in order for the Certificate Insurer to issue the Certificate Insurance Policy; provided further, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund, the Trustee, or the Trust Administrator, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. The Master Servicer shall pay the cost of such recording. Notwithstanding anything the foregoing, if the Master Servicer fails to pay the cost of recording the Assignments, such expense shall be paid by the Trust Administrator and shall be reimbursable to the contrary contained Trust Administrator as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trust Administrator or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trust Administrator or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trust Administrator or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trust Administrator or the applicable Custodian within such time period an Officer's Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trust Administrator or the Trusteeapplicable Custodian by the date specified in its previous Officer's Certificate delivered to the Trust Administrator or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trust Administrator or the applicable Custodian by such date an additional Officer's Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trust Administrator or the applicable Custodian. If the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trust Administrator or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trust Administrator or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, the Seller canincluding, but not deliver in complete and recordable form limited to, any one original documents evidencing an assumption or modification of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete . All original documents relating to the Mortgage Loans that are not delivered to the Trust Administrator or the applicable Custodian are and recordable form, are delivered shall be held by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance on behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the CertificateholdersCertificateholders and the Certificate Insurer. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions of the Co-Lender Agreement Trust Administrator or the Series 1998-XX XX Pooling Agreementapplicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Sec Corp Asset Backed Cert Ser 2002 3)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby assign, sell, transfer, assign, set over and otherwise convey to the Trustee Trustee, in trust, without recourse recourse, for the benefit of the Certificateholders (except and for the benefit of the other parties to the extent herein providedthis Agreement as their respective interests may appear) all the right, title and interest of the Seller in Depositor, in, to and to under (i) the Mortgage LoansLoans and all documents included in the related Mortgage Files and Servicing Files, including all (ii) the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under Sections 2, 3, 5, 6,7, 8, 9, 11, 12, 16, 17, 18 and all Reserve Accounts19 of each of the Mortgage Loan Purchase Agreements, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (iii) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, with respect notwithstanding Section 11.07, is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. constitute a sale.
(b) In connection with such transfer the Depositor's assignment pursuant to Section 2.01(a) above the Depositor shall direct, and assignmenthereby represents and warrants that it has directed, the each Mortgage Loan Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer and assignmentMortgage Loan Purchase Agreement, the Seller shall, on or prior to the Closing Date, deliver to, to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby (on behalf of the Trustee), with copies a copy to the Master Servicer and Special Servicer), on or before the Closing Date, the following documents or instruments with respect to Mortgage File for each Mortgage Loan so assigned and the Servicing File to the Master Servicer; provided that, with respect to the Park Place Mall Subordinate Companion Loan, only the documents and instruments described in clause (i) of the definition of Mortgage File shall be delivered to the Trustee and the remaining documents and instruments in the related Mortgage File will be delivered in connection with the Park Place Mall Loan. The Special Servicer may request the Master Servicer to deliver a copy of the Servicing File for any Mortgage Loan (other than a Specially Serviced Mortgage Loan, which will not be at the expense of the Special Servicer) at the expense of the Special Servicer. None of the Trustee, any Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b).
(c) If any Mortgage Loan Seller cannot deliver, or cause to be delivered, on the Closing Date, as to any Mortgage Loan (other than the Americold Pool Park Place Mall Subordinate Companion Loan), with respect any of the documents and/or instruments referred to items in clauses (ii), (iii), (vvi) (if recorded) and (viii) belowof the definition of "Mortgage File," with evidence of recording thereon, which have previously solely because of a delay caused by the public recording office where such document or instrument has been delivered pursuant to for recordation, the pooling agreement related to Series 1998-XX XX):
(i) the original delivery requirements of the Noterelated Mortgage Loan Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document or instrument, endorsed without recourse and such non-delivered document or instrument shall be deemed to the order of the Trustee have been included in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated File, provided that a photocopy of such non-delivered document or instrument (certified by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded applicable Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified Loan Seller to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment delivered to the Trustee or a Custodian appointed thereby on or before the Closing Date, and either the original of such non-delivered document or instrument, or a photocopy thereof, with evidence of recording thereon, is delivered to the Trustee or such Custodian within 120 days of the security interest Closing Date (or within such longer period after the Closing Date as the Trustee may consent to, which consent shall not be unreasonably withheld so long as the applicable Mortgage Loan Seller is, in good faith, attempting to obtain from the personal property appropriate county recorder's office such original or photocopy). If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan (if any) constituting security for repayment other than the Park Place Mall Subordinate Companion Loan), any of the Mortgage Loan;
documents and/or instruments referred to in clauses (ii), (iii), (vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, (if any;
(viirecorded) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
and (viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports definition of the Mortgaged Properties made in connection with origination of the "Mortgage LoanFile" (or, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock2004-Box Accounts, if anyC10 Serviced Mortgage Loan, a copy photocopy thereof), with evidence of recording thereon, for any other reason, including, without limitation, that such non-delivered document or instrument has been lost, the delivery requirements of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts applicable Mortgage Loan Purchase Agreement and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xivSection 2.01(b) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery as to such non-delivered document or instrument and such non-delivered document or instrument shall be deemed to have been included in the Custodian of Mortgage File, provided that a copy photocopy of such Mortgage, Assignment non-delivered document or instrument (with evidence of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been thereon) is delivered to the Trustee or a Custodian in lieu of an original title insurance policy, appointed thereby on or before the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereofClosing Date. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, ifIf, on the Closing Date as to any Mortgage Loan, the applicable Mortgage Loan Seller candoes not deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses clause (iii), (v), (viiiiv) or (xiiiv) of the definition of "Mortgage File" solely because of (or, with respect to the unavailability of recording information as to any existing document or instrument2004-C10 Serviced Mortgage Loan, a photocopy thereof), the applicable Mortgage Loan Seller may provisionally satisfy the delivery requirements of this the related Mortgage Loan Purchase Agreement and Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit PLoan; provided that all required original assignments with respect to such Mortgage Loan, Loan in fully complete and recordable form, are form shall be delivered by to the Seller for recording Trustee or its Custodian within 180 120 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). .
(d) The Americold Pool Trustee shall, for a fee paid to the Trustee by the Depositor on the Closing Date as to each Mortgage Loan is secured by Mortgaged Properties (other than the 2004-C10 Serviced Mortgage Loan), promptly (and in any event within 90 days following the latest of (i) the Closing Date, (ii) the -91- delivery of all assignments and UCC Financing Statements to the Trustee and (iii) the date on which also serve the Trustee receives, with respect to the original recorded or filed documents relating to such assignments and UCC Financing Statements, all necessary recording and filing information required for the recording or filing of such assignments and UCC Financing Statements) cause to be submitted for recording or filing, as security the case may be, in the appropriate public office for another loan made by GSMC real property records or UCC Financing Statements, as appropriate and to the extent timely delivered to the Trustee in final, recordable form, each assignment of Mortgage, assignment of Assignment of Leases and any other recordable documents (to the "Other Americold Pool extent the Trustee has actual knowledge that such documents are to be recorded) relating to each such Mortgage Loan"). The Other Americold Pool Loan is included , in a trust fund created in connection with the issuance favor of the Seller's Commercial Mortgage Pass-Through CertificatesTrustee referred to in clause (iv)(a), Series 1998-XX XX ("Series 1998-XX XX"b) and (c). Each , respectively, of the Americold Pool definition of "Mortgage File" and each UCC-2 and UCC-3 assignment in favor of the Trustee and so delivered to the Trustee and referred to in clause (viii) of the definition of "Mortgage File." The applicable Mortgage Loan Seller shall reimburse the Trustee for all reasonable costs and expenses incurred for recording any documents described in clause (iv)(c) of the Other Americold Pool Loan is a pari passu loandefinition of "Mortgage File." Each such assignment, UCC-2 and UCC-3 shall reflect that the recorded original should be returned by the public recording office to the Trustee or its designee following recording, and each such UCC-2 and UCC-3 assignment shall reflect that the file copy thereof should be returned to the Trustee or its designee following filing; provided that in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases, the Trustee shall obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. If any such document or instrument is entitled to payments made by lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Trustee shall direct the related Borrower Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement to promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and other amounts received in respect of thereafter the related Mortgaged Properties pro rata on Trustee shall upon receipt thereof cause the basis of amounts owing under each such loansame to be duly recorded or filed, as appropriate. Under the terms of the Co-Lender AgreementUpon request, the servicer of the Series 1998-XX XX will perform the functions of Trustee shall forward to the Master Servicer for both a copy of each of the Americold Pool Loan and aforementioned recorded assignments following the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX willTrustee's receipt thereof, to the extent necessary, specially service both not previously provided.
(e) All documents and records in the Americold Pool Loan and the Other Americold Pool Loan, Servicing File in each case under the terms possession of the Co-Lender Agreement Depositor or the Mortgage Loan Sellers (except attorney client privileged communications and internal correspondence and credit analysis of the Series 1998-XX XX Pooling Agreement. Pursuant Mortgage Loan Sellers) that relate to the terms Mortgage Loans (other than the 2004-C10 Serviced Mortgage Loan) and that are not required to be a part of a Mortgage File in accordance with the definition thereof (including any original letters of credit), together with all Escrow Payments and Reserve Accounts in the possession thereof, shall be delivered to the Master Servicer or such other Person as may be directed by the Master Servicer (at the expense of the GSMC applicable Mortgage Loan Sale Agreement, GSMC has assigned its rights Seller) on or before the Closing Date and obligations under shall be held by the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee Master Servicer on behalf of the Certificateholders. Nothing herein shall be deemed to override Trustee in trust for the provisions benefit of the Co-Lender Agreement Certificateholders; provided, however, the Master Servicer shall have no responsibility for holding documents created or maintained by the Series 1998-XX XX Pooling Special Servicer hereunder and not delivered to the Master Servicer.
(f) In connection with the Depositor's assignment pursuant to Section 2.01(a) above, the Depositor shall deliver to the Custodian and the Master Servicer on or before the Closing Date and hereby represents and warrants that it has delivered a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Commercial Mortgage Securities Inc)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in REMIC 1, and the Trust Fund for the benefit rights of the CertificateholdersDepositor under the Swap Agreement. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Trustee shall execute the Swap Agreement and the Depositor hereby directs the Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates and the Mezzanine Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the CoSeller that no Mortgage Loan is a “high-Lender Agreement cost” or “predatory” loan under any state or local law or regulation applicable to the Series 1998originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-XX XX Pooling AgreementCost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Axx. §§ 24-9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-off Date Principal Balance, all interest due thereon after the Cut-off Date and all collections in respect of interest and principal due after the Cut-off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and to the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for Fund; provided that such assignment shall not include any Servicing Rights with respect to the benefit of the CertificateholdersMortgage Loans. Such transfer and assignment includes all interest and principal due to the Depositor after the Cut-off Date with respect to the Mortgage Loans. In exchange for such transfer and assignment, the Depositor shall receive the Certificates. It is acknowledged and agreed that the Trustee hereunder shall also serve as the Administrator under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement. The Depositor hereby directs the Administrator to execute, deliver and perform its obligations under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement, not in its individual capacity, but solely as Administrator on behalf of the Yield Maintenance Trust. Every provision of this Agreement relating to the conduct or affecting the liability of or affording protection or indemnification to the Trustee shall apply to the Administrator’s execution and performance of its duties and obligations under the Yield Maintenance Allocation Agreement and the Yield Maintenance Agreement. The Depositor hereby directs the Trustee to execute, not in its individual capacity, but solely as Trustee on behalf of the Trust Fund, the Yield Maintenance Allocation Agreement and perform its duties and obligations thereunder. It is agreed and understood by the Depositor, the Seller and the Trustee that it is not intended that any Mortgage Loan be included in the Trust Fund that is a “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective as of November 27, 2003, or The Home Loan Protection Act of New Mexico, effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act, effective as of November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as defined in the Indiana High Cost Home Loan Act, effective as of January 1, 2005. Notwithstanding anything provided herein to the contrary, each of the parties hereto agrees and acknowledges that, notwithstanding the transfer, conveyance and assignment of the Mortgage Loans from the Depositor to the Trustee pursuant to this Agreement, the GCFP remains the sole and exclusive owner of the related Servicing Rights with respect to the Mortgage Loans (for purposes of clarification only, the Trustee has a non-exclusive right to terminate the Servicer in accordance with the terms of this Agreement and the Servicing Agreement). Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement (other than interest the Servicing Rights and principal due on or prior the right to terminate the Servicer for an Event of Default under Section 11.07(b) of the Servicing Agreement) to the Cutextent assigned in the Mortgage Loan Purchase Agreement. The Depositor hereby expressly retains and does not delegate the right to terminate the Servicer for an Event of Default pursuant to Section 11.07(b) of the Servicing Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under the Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of the Mortgage Loan documents. The foregoing sale, transfer, assignment, set-Off Dateover, and, with respect deposit and conveyance does not and is not intended to result in creation or assumption by the GSMC Retained Interest LoansTrustee of any obligation of the Depositor, the applicable GSMC Retained Interest AmountsSeller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust Mortgage Loan Pass-Through Certificates, Series 19982006-C1SB1, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original Mortgage Note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the TrusteeMortgage Note;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a certified copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original or copy of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed Assignment Officer’s Certificate of Mortgage in suitable form for recordation the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its custodian) on behalf of the Trust Fund is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the jurisdiction case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment, in which the Mortgaged Property is located form and substance acceptable for recording. The Mortgage shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust Mortgage Loan Pass-Through Certificates, Series 19982006-C1SB1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee of and any NIMS Insurer that such original intervening Assignment is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any endorsements thereto;; and
(viii) if with respect to any related Assignment of Leases, Rents and Profits is separate from the MortgageCooperative Loan, the original executed versionCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, together the Seller agrees that it will take (or shall cause the Servicer to take), at the expense of the Seller (with an executed reassignment the cooperation of the Depositor and the Trustee), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such instrument Mortgage Loans to the HarborView Mortgage Loan Trust 2006-SB1. Notwithstanding anything herein to the contrary, the Trustee is not responsible for monitoring any MERS Mortgage Loans. With respect to each Cooperative Loan, the Seller, on behalf of the Depositor, does hereby deliver to the Trustee (a "Reassignment or the Custodian) the related Cooperative Loan Documents and the Seller shall take (or cause the Servicer to take), at the expense of Assignment the Seller (with the cooperation of Leases, Rents the Depositor and Profits"the Trustee) such actions as are necessary under applicable law (including but not limited to the relevant UCC) in suitable form for recordation order to perfect the interest of the Trustee in the jurisdiction in which the related Mortgaged Property Property. Assignments of each Mortgage with respect to each Mortgage Loan that is located not a MERS Mortgage Loan (which reassignmentother than a Cooperative Loan) shall be recorded; provided, however, may be included in the Assignment of Mortgage and that such assignments need not be a separate instrument);
recorded if, in the Opinion of Counsel (ix) copies which must be from Independent Counsel and not at the expense of the original Environmental Reports of Trust Fund or the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(xTrustee) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof acceptable to the Trustee;
(xiii) if any related Lock-Box Agreement , each Rating Agency, recording in such states is separate from not required to protect the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security Trust Fund’s interest in the Reserve Accounts related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the Servicer to submit each such assignment for recording), at the cost and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest expense of the Seller, in the manner described above, at no expense to the Trustee on behalf Trust Fund or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders);
, (xiv2) any and all amendments, modifications and supplements to, and waivers related to, any the occurrence of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related a bankruptcy or insolvency relating to the Mortgage Loan; and
Seller or the Depositor, or (xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor and the Trustee, (1) record (a) or the Custodian on behalf of the Trustee), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee (or the Custodian) agrees to execute and deliver to the Depositor (xiiiand to the Trustee if delivered by the Custodian) which has on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (with any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not yet been submitted for filing. In delivered pursuant to Section 2.01(vii) above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the Selleroriginal or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or its designeecause to be delivered to the Trustee, at promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan.
(a) Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original prior to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Closing Date, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder lieu of the Seller delivering the above documents, the Servicer shall be deemed deliver to have been satisfied upon delivery the Trustee, or to the Custodian on behalf of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything prior to the contrary contained in this Section 2.01first Distribution Date, ifan Officer’s Certificate, on which shall include a statement to the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust Fund shall be held by the Servicer in trust for the Trustee, for the benefit of the Trust Fund, the Certificateholders. Nothing herein shall be deemed The Depositor herewith delivers to override the provisions Trustee an executed copy of the CoMortgage Loan Purchase Agreement. The Depositor shall have the right to receive any and all loan-Lender Agreement level information regarding the characteristics and performance of the Mortgage Loans upon request, and to publish, disseminate or the Series 1998-XX XX Pooling Agreementotherwise utilize such information in its discretion, subject to applicable laws and regulations.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2006-Sb1)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage LoansTrust Fund. Concurrently with the execution of this Agreement, the Derivative Agreements shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as Securities Administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Originator and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as Securities Administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Originator shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Originator, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Originator shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Originator and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Originator, at the expense of the Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of March 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust 2006-OPT3”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller Originator shall be deemed to have been satisfied upon delivery by the Originator to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2006-XX XX Pooling OPT3” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Xxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders and the Class I-A4 Insurer all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Trustee shall execute the Cap Agreements and the Swap Agreement and the Depositor hereby directs the Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates (without giving effect to the Class I-A4 Policy), the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the CertificateholdersCertificateholders and the Class I-A4 Insurer. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the CoSeller that no Mortgage Loan is a “high-Lender Agreement cost” or “predatory” loan under any state or local law or regulation applicable to the Series 1998originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-XX XX Pooling AgreementCost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2005-Wl3)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders and the Certificate Insurer all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. In exchange for such transfer and principal due assignment, the Depositor shall receive the Certificates. The Depositor hereby directs the Securities Administrator to execute, not in its individual capacity, but solely as Securities Administrator on or prior behalf of the Trust, and deliver the Yield Maintenance Agreements. Notwithstanding anything provided herein to the Cut-Off Datecontrary, and, each of the parties hereto agrees and acknowledges that the Servicing Rights Owner is the owner of the Servicing Rights with respect to the GSMC Retained Interest Mortgage Loans, and that, notwithstanding the applicable GSMC Retained Interest Amountstransfer, conveyance and assignment of the Mortgage Loans from the Depositor to the Trustee pursuant to this Agreement, the Servicing Rights Owner remains the sole and exclusive owner of the Servicing Rights with respect to the Mortgage Loans.
(b) Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under the Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of defective Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein.
(c) In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS DSLA Mortgage Securities Corporation II Commercial Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 19982005-C1AR6, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified to be a true and complete copy as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original thereof submitted for recordingrecorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iii) the original of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an executed officer’s certificate of the Seller, title company, escrow agent or closing attorney certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its Custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iv) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS DSLA Mortgage Securities Corporation II Commercial Loan Trust 2005-AR6, Mortgage Pass-Through Certificates, Series 19982005-C1AR6, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;”
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of the UCC-1 financing statementany intervening Assignment of Mortgage showing a complete chain of assignments, together with an original executed UCC-2 or UCC-3 financing statementor, in the case of an intervening Assignment of Mortgage that has been lost, a form suitable for filing, disclosing written Opinion of Counsel (delivered at the assignment Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the security Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage LoanLoans;
(vi) the original of the Loan Agreement Primary Insurance Policy, if any, or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original or a certified copy of lender's ’s title insurance policy policy.
(d) Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan shall be recorded; provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (which must be from Independent Counsel and not at the expense of the Trust or the Trustee) acceptable to the Trustee, the Rating Agency and the Master Servicer, recording in such states is not required to protect the Trustee’s interest in the related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the original pro forma title insurance policySeller will cause the Servicer to submit each such assignment for recording), together with any endorsements thereto;
(viii) if any related Assignment at the cost and expense of Leasesthe Seller, Rents and Profits is separate from in the Mortgagemanner described above, the original executed version, together with an executed reassignment of such instrument at no expense to the Trustee Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof bankruptcy or insolvency relating to the Trustee;
Seller or the Depositor, or (xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), and to the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment extent recordation is required under the laws of Mortgage referred the applicable jurisdiction to in Section 2.01(iii) which has not yet been submitted for recording protect the Trustee’s and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included the Certificateholders’ interest in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one shall properly record (or the Seller will cause the Servicer to properly record), at the expense of the assignments in favor Seller (with the cooperation of the Trustee referred to in clauses (iiiDepositor, the Master Servicer and the Trustee), (v)in each public recording office where the related Mortgages are recorded, (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering each assignment with respect to such a Mortgage Loan that is not a MERS Mortgage Loan.
(e) The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an omnibus assignment acknowledgment of such receipt of the original Mortgage Loan Note (with any exceptions noted), substantially in the form attached as Exhibit G-1 hereto.
(f) If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(x) above, the Seller shall deliver or cause to be delivered to the Trustee the original or a copy of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered a written commitment or interim binder or preliminary report of title issued by the Seller for recording title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 180 175 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the SellerDate. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement shall deliver or cause to be delivered to the Trustee Custodian, acting on behalf of the CertificateholdersTrustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan.
(g) For Mortgage Loans (if any) that have been prepaid in full after the Cut-Off Date and prior to the Closing Date, in lieu of the Seller delivering the above documents, the Master Servicer shall deliver to the Custodian on behalf of the Trustee, prior to the first Distribution Date, an Officer’s Certificate, based on information provided to the Master Servicer from the Servicer, which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to be deposited in the Distribution Account have been so deposited. Nothing herein All original documents that are not delivered to the Custodian on behalf of the Trust shall be deemed to override held by the provisions Servicer in trust for the Trustee, for the benefit of the Co-Lender Agreement or Trust and the Series 1998-XX XX Pooling Certificateholders.
(h) The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2005-Ar6)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby establish a common law trust under the laws of the State of New York, designated as "Citigroup Commercial Mortgage Trust 2006-C4", and does hereby assign, sell, transfer, assign, set over and otherwise convey to the Trustee Trustee, in trust, without recourse recourse, for the benefit of the Certificateholders (except and for the benefit of the other parties to the extent herein providedthis Agreement as their respective interests may appear) all the right, title and interest of the Seller Depositor, in, to and under (i) the Mortgage Loans and all documents included in the related Mortgage Files and Servicing Files, (ii) the rights of the Depositor under Sections 1, 2, 3, 8 and, if applicable, 21 (and to the Mortgage Loansextent related to the foregoing, including all rights to payment in respect thereof, except as set forth below, Sections 8 through 17 and any security interest thereunder (whether in real or personal property and whether tangible or intangible19) in favor of each of the SellerMortgage Loan Purchase Agreements, and all Reserve Accounts, Lock-Box Accounts, (iii) the Goldman Group Guaranty, rights of the Reinvestment Enhancement Instrument, the Depositor under each Co-Lender Agreement and (iv) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, off Date and, with respect in the case of each Mortgage Loan that is part of a Loan Combination, is subject to the GSMC Retained Interest Loans, provisions of the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Depositcorresponding Co-Lender Agreement. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Trustee, on behalf of the Trustee Trust, assumes the rights and obligations of the holder of the Mortgage Note for each Combination Mortgage Loan under the related Co-Lender Agreement; provided that the Master Servicer and the Special Servicer shall, as successor further set forth in Article III, perform the servicing obligations of the holder of the Mortgage Note for each Combination Mortgage Loan under the related Co-Lender Agreement. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 11.07, is intended by the parties to constitute a sale. The Trust Fund shall constitute the sole assets of the Trust. Except as expressly provided herein, the Trust may not issue or invest in additional securities, borrow money or make loans to other Persons. The fiscal year end of the Trust shall be December 31.
(b) In connection with the Depositor's assignment pursuant to Section 2.01(a) above the Depositor shall direct, and hereby represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior Mortgage Loan Purchase Agreement to the Closing Date, deliver to, to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby (on behalf of the Trustee), with copies a copy to the Master Servicer and Special Servicer), as and when required by the applicable Mortgage Loan Purchase Agreement, the following documents or instruments with respect to Mortgage File for each Mortgage Loan so assigned assigned. None of the Trustee, any Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b).
(other than c) If any Mortgage Loan Seller cannot deliver, or cause to be delivered, on the Americold Pool Closing Date, as to any Mortgage Loan, with respect any of the documents and/or instruments referred to items in clauses (ii), (iii), (vvi) (if recorded) and (viii) belowof the definition of "Mortgage File," with evidence of recording or filing, which have previously as applicable, thereon, solely because of a delay caused by the public recording office or filing office, as applicable, where such document or instrument has been delivered pursuant to for recordation or filing, as the pooling agreement related to Series 1998-XX XX):
(i) case may be, the original delivery requirements of the Noterelated Mortgage Loan Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as to such non-delivered document or instrument, endorsed without recourse and such non-delivered document or instrument shall be deemed to the order of the Trustee have been included in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated File; provided that a photocopy of such non-delivered document or instrument (certified by the related Originator, show a complete chain of endorsement from applicable Mortgage Loan Seller or by the related Originator title insurance company used by such Mortgage Loan Seller to the Trustee;
(ii) the original recorded Mortgage effect recording or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified filing to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment delivered to the Trustee of or a Custodian appointed thereby on or before the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) Closing Date, and either the original of the Loan Agreement such non-delivered document or counterpart thereof relating to such Mortgage Loaninstrument, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy)a photocopy thereof, together with any endorsements thereto;
(viii) if any related Assignment evidence of Leasesrecording or filing, Rents and Profits as applicable, thereon, is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument delivered to the Trustee or such Custodian within 120 days of the Closing Date (a "Reassignment of Assignment of Leasesor within such longer period after the Closing Date as the Trustee may consent to, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need consent shall not be a separate instrumentunreasonably withheld so long as the applicable Mortgage Loan Seller is, in good faith, attempting to obtain from the appropriate county recorder's office or filing office such original or photocopy);
(ix) copies of . If the original Environmental Reports of the Mortgaged Properties made in connection with origination of the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage documents and/or instruments referred to in Section 2.01(iii) which has not yet been submitted for recording and clauses (b) each Reassignment of Assignment of Leasesii), Rents and Profits referred to in Section 2.01(viii(iii), (vi) (if not otherwise included in the related Assignment of Mortgagerecorded) which has not yet been submitted for recordation; and (2viii) file each UCC-2 of the definition of "Mortgage File," with evidence of recording or UCC-3 financing statement referred to in Section 2.01(v) filing, as applicable, thereon, for any other reason, including, without limitation, that such non-delivered document or (xiii) which instrument has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect thereinlost, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt delivery requirements of the original recorded copy (applicable Mortgage Loan Purchase Agreement and in no event later than five Business Days following such receiptSection 2.01(b) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery as to such non-delivered document or instrument and such non-delivered document or instrument shall be deemed to have been included in the Custodian of Mortgage File; provided that a copy photocopy of such Mortgagenon-delivered document or instrument (with evidence of recording or filing, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if as applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been thereon) is delivered to the Trustee or a Custodian in lieu of an original title insurance policy, appointed thereby on or before the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereofClosing Date. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, ifIf, on the Closing Date as to any Mortgage Loan, the applicable Mortgage Loan Seller candoes not deliver in complete and and, if applicable, recordable form (except for any missing recording information and, if delivered in blank, the name of the assignee) any one of the assignments in favor of the Trustee referred to in clauses clause (iii), (v), (viiiiv) or (xiiiv) of the definition of "Mortgage File," solely because of the unavailability of recording information as to any existing document or instrument, the applicable Mortgage Loan Seller may provisionally satisfy the delivery requirements of this the related Mortgage Loan Purchase Agreement and Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit PLoan; provided that all required original assignments with respect to such Mortgage Loan, Loan in fully complete and and, if applicable, recordable formform (except for any missing recording information and, are if delivered by in blank, the Seller for recording name of the assignee) shall be delivered to the Trustee or its Custodian within 180 120 days of the Closing Date (or within such longer period as the Trustee in its reasonable discretion may permit). The Americold Pool With respect to the Crossed Loans constituting a Crossed Group, the existence of any document required to be in the Mortgage File of any Crossed Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (in such Crossed Group shall be sufficient to satisfy the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect requirements of the related Mortgaged Properties pro rata Mortgage Loan Purchase Agreement and Section 2.01(b) for delivery of such document as a part of the Mortgage File of each of the other Crossed Loans in such Crossed Group.
(d) The Trustee shall, for a fee paid to the Trustee by the applicable Mortgage Loan Seller(s) on the basis Closing Date as to each Mortgage Loan sold thereby to the Depositor, promptly (and in any event, as to any Mortgage Loan, within 90 days following the latest of amounts owing under each (i) the Closing Date, (ii) the delivery of all relevant related assignments and UCC Financing Statements to the Trustee, and (iii) the date on which the Trustee receives, with respect to the original recorded or filed documents relating to such loan. Under the terms of the Co-Lender Agreementassignments and UCC Financing Statements, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan all necessary recording and the Other Americold Pool Loan and the special servicer filing information required for the Series 1998-XX XX will, recording or filing of such assignments and UCC Financing Statements) complete (if and to the extent necessary) and cause to be submitted for recording or filing, specially service both as the Americold Pool Loan case may be, in the appropriate public office for real property records or UCC Financing Statements, as appropriate and to the Other Americold Pool extent timely delivered to the Trustee in final, recordable form, each assignment of Mortgage, assignment of Assignment of Leases and assignment of any other recordable documents (to the extent the Trustee has actual knowledge that such documents are to be recorded) relating to each such Mortgage Loan, in each case under the terms favor of the Co-Lender Agreement Trustee referred to in clause (iv)(A), (B) and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms (C), respectively, of the GSMC Loan Sale Agreement, GSMC has assigned its rights definition of "Mortgage File" and obligations under each assignment of a UCC Financing Statement in favor of the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights Trustee and obligations under the Co-Lender Agreement so delivered to the Trustee and referred to in clause (viii) of the definition of "Mortgage File." Notwithstanding the foregoing, the Depositor hereby represents and warrants that with respect to the Mortgage Loans that are PNC Mortgage Loans, PNC has covenanted in the related Mortgage Loan Purchase Agreement that it shall, at its own cost and expense, retain or cause to be retained, a third party that shall, as to each PNC Mortgage Loan, cause to be submitted, for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, each assignment of Mortgage, assignment of Assignment of Leases and assignment of any other recordable documents relating to each such PNC Mortgage Loan in favor of the Trustee referred to in clause (iv)(A), (B) and (C), respectively, of the definition of "Mortgage File" and each assignment of a UCC Financing Statement in favor of the Trustee and referred to in clause (viii) of the definition of "Mortgage File". Each such assignment of recordable documents shall reflect that the recorded original should be returned by the public recording office to the Trustee or its designee following recording, and each such UCC Financing Statement assignment shall reflect that the file copy thereof should be returned to the Trustee or its designee following filing; provided that in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases, the Trustee shall obtain therefrom a certified copy of the recorded original, at the expense of the related Mortgage Loan Seller. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Trustee shall direct the related Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement to promptly prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Trustee shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate. Upon request, the Trustee shall forward to the Master Servicer a copy of each of the aforementioned recorded or filed assignments to the extent that the Trustee has received a copy thereof and to the extent not previously provided.
(e) All documents and records in the Servicing File in possession of the Depositor or the Mortgage Loan Sellers (except draft documents, attorney-client privileged communications and internal correspondence, credit underwriting or due diligence analyses, credit committee briefs or memoranda or other internal approval documents or data or internal worksheets, memoranda, communications or evaluations and other underwriting analysis of the Mortgage Loan Sellers) that relate to, and are necessary for the servicing and administration of, the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof (including any original letters of credit), together with all Escrow Payments and Reserve Accounts in the possession thereof that relate to the Mortgage Loans, shall be delivered to the Master Servicer or such other Person as may be directed by the Master Servicer (at the expense of the applicable Mortgage Loan Seller) within ten (10) days (or, in the case of Escrow Payments and Reserve Accounts, two (2) Business Days) after the Closing Date and shall be held by the Master Servicer on behalf of the Certificateholders. Nothing herein shall be deemed to override Trustee in trust for the provisions benefit of the CoCertificateholders (and, in the case of a Mortgage Loan that is part of a Loan Combination, on behalf of the related Non-Lender Agreement Trust Loan Noteholders); provided, however, the Master Servicer shall have no 77 responsibility for holding documents created or maintained by the Series 1998-XX XX Pooling Special Servicer hereunder and not delivered to the Master Servicer. The Special Servicer may request the Master Servicer to deliver a copy of the Servicing File for any Mortgage Loan (other than a Specially Serviced Mortgage Loan) at the expense of the Special Servicer.
(f) In connection with the Depositor's assignment pursuant to Section 2.01(a) above, the Depositor shall deliver to the Trustee and the Master Servicer on or before the Closing Date and hereby represents and warrants that it has delivered a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date.
(g) Under generally accepted accounting principles in the United States, upon the sale of Certificates representing at least 10% of the fair value of all the Certificates to unaffiliated third parties, the Depositor shall report: (i) its acquisition of the Mortgage Loans from the respective Mortgage Loan Sellers, pursuant to the respective Mortgage Loan Purchase Agreements, as a purchase of the Mortgage Loans from the respective Mortgage Loan Sellers; and (ii) its transfer of the Mortgage Loans to the Trustee, pursuant to Section 2.01(a), as a sale of the Mortgage Loans to the Trustee. In connection with the foregoing, the Depositor shall cause all of its records to reflect such acquisition as a purchase and such transfer as a sale (in each case, as opposed to a secured loan). After the Depositor's transfer of the Mortgage Loans to the Trustee pursuant to Section 2.01(a), the Depositor shall not take any action inconsistent with the Trust's ownership of the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Trust 2006-C4)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Original Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor's rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due received by the Depositor or the Master Servicer on or with respect to the Original Mortgage Loans (other than payments of principal and interest and principal due on such Mortgage Loans on or prior to before the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement. If the assignment and transfer of the Original Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Original Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Trustee the following documents or instruments with respect to each Original Mortgage Loan so transferred and assigned (other than the Americold Pool Loaneach, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle National BankBankers Trust Company of California, N.A., as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the event such original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment following form: "Bankers Trust Company of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. California, N.A., as Trustee under the applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if either (x) the Trustee, the NIMS Insurer and each Rating Agency has received an opinion of counsel, reasonably satisfactory to the Trustee, the NIMS Insurer, the Guarantor and each Rating Agency, to the effect that the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trust's interest in the related Mortgage Note or (y) each Rating Agency shall have determined that no such opinion is required in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Class S Certificates, the Mezzanine Certificates and the NIM Notes; provided further, however, notwithstanding the delivery of any opinion of counsel, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (iv) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense will be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c) or (d) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Depositor to deliver such documents shall be deemed to have been be satisfied upon (1) delivery to the Custodian Trustee of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If a pro forma the original lender's title insurance policy has been was not delivered pursuant to the Custodian in lieu of an original title insurance policySection 2.01(f) above, the Seller will promptly Depositor shall deliver or cause to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by Trustee promptly after receipt thereof, and in any event within 120 days after the Seller Closing Date, the original lender's title insurance policy. The Depositor shall deliver or the Trustee, as applicable. Notwithstanding anything cause to be delivered to the contrary contained in this Section 2.01, if, on the Closing Date as Trustee promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) are and shall be held by or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementMaster Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Cert Ser 2001-2)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. The Seller confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptMortgage Loans. The Seller shall further agrees to assign all of its right, title and interest in and to the each of the interest rate cap transactions evidenced by the Confirmation And Agreement , and to cause the Reserve Accounts and Lock-Box Accounts all of its obligations in respect of each such transaction to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor Trust Fund, on the terms and conditions set forth in the Cap Contract Assignment Agreement.
(b) [reserved]
(c) The Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a) or (b).
(d) [reserved]
(e) [reserved]
(f) [reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateCo-Trustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Co-Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the TrusteeSeller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to "Asset-Backed Certificates, Series 2002-BC3, CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of August 1, 2002, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan the Seller cannot deliver the original recorded Mortgage or counterpart all interim recorded assignments of the Mortgage satisfying the requirements of clause (ii), (iii) or (iv) concurrently with the execution and delivery hereof, the Seller shall deliver or cause to be delivered to the Co-Trustee a true copy of such Mortgage and of each such undelivered interim assignment of the Mortgage each certified by the Seller, the applicable title company, escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original Mortgage or assignment of Mortgage submitted for recording. For any such Mortgage Loan that is not a MERS Mortgage Loan the Seller shall promptly deliver or cause to be delivered to the Co-Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof showing from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date the Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each interim assignment, because the related Originator Mortgage has not been returned by the appropriate recording office, the Seller shall deliver or cause to be delivered such documents to the Co-Trustee as mortgagee orpromptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of such Mortgage or assignment, a copy of the original Mortgage or assignment so retained, with evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy the Seller's obligations in Section 2.01. If any document submitted for recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with the foregoing or (y) lost after recording, the Seller shall deliver to the Co-Trustee a copy of such document certified by the applicable public recording office to be a true and complete copy of the original recorded document. The Seller shall promptly forward or cause to be forwarded to the Co-Trustee (x) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (y) any other documents required to be delivered by the Depositor or the Master Servicer to the Trustee within the time periods specified in this Section 2.01. With respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the related Mortgaged Property and Mortgage File are located in (a) the State of California or (b) any other jurisdiction under the laws of which the recordation of the assignment specified in clause (iii) above is not necessary to protect the Trustee's and the Certificateholders, interest in the related Mortgage Loan, as evidenced by an Opinion of Counsel, delivered by the Seller to the Trustee and a copy to the Rating Agencies, in lieu of recording the assignment specified in clause (iii) above, the Seller may deliver an unrecorded assignment in blank, in form otherwise suitable for recording to the Co-Trustee; provided that if any such original the related Mortgage has not been returned from the applicable public recording office, a such assignment, or any copy thereof certified thereof, of the Mortgage may exclude the information to be provided by the recording office. As to any Mortgage Loan other than a true and complete copy MERS Mortgage Loan, the procedures of the original thereof submitted for recording;
(iii) an executed Assignment of preceding sentence shall be applicable only so long as the related Mortgage in suitable form for recordation File is maintained in the possession of the Co-Trustee in the State or jurisdiction described in which such sentence. In the Mortgaged Property is located event that with respect to either "LaSalle National Bank, as Trustee for Mortgage Loans other than MERS Mortgage Loans (i) the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the MortgageSeller, the original executed version Depositor or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Master Servicer gives written notice to the Trustee that recording is required to protect the right, title and interest of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
Certificateholders in and to any Mortgage Loan, (xivii) any and all amendments, modifications and supplements to, and waivers related to, any a court recharacterizes the sale of the foregoing;
Mortgage Loans as a financing, or (xviii) [Reserved];
(xvi) as a result of any letters of credit and other written agreements related change in or amendment to the laws of the State or jurisdiction described in the first sentence of this paragraph or any applicable political subdivision thereof, or any change in official position regarding application or interpretation of such laws, including a holding by a court of competent jurisdiction, such recording is so required, the Trustee or the Co-Trustee shall complete the assignment in the manner specified in clause (iii) of the second paragraph of this Section 2.01 and the Seller shall submit or cause to be submitted for recording as specified above or, should the Seller fail to perform such obligations, the Trustee shall cause the Master Servicer, at the Master Servicer's expense, to cause each such previously unrecorded assignment to be submitted for recording as specified above. In the event a Mortgage Loan; and
(xvii) with respect File is released to the Americold Pool LoanMaster Servicer as a result of the Master Servicer's having completed a Request for Release in the form of Exhibit M, the Trustee shall complete the assignment of the related Mortgage in the manner specified in clause (iii) of the second paragraph of this Section 2.01. So long as the Co-Trustee maintains an office in the State of California, the Co-Lender Agreement. On Trustee shall maintain possession of and not remove or promptly following attempt to remove from the Closing Date (but in no event later than (x) thirty Business Days following State of California any of the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred Files as to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to Mortgaged Property is located in Section 2.01(v) or (xiii) which has not yet been submitted for filingsuch State. In the event that any such document is lost or returned unrecorded because the Seller fails to record an assignment of a defect thereinMortgage Loan as herein provided within 90 days of notice of an event set forth in clause (i), the Seller, (ii) or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt (iii) of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01above paragraph, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trusteeshall prepare and, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01if required hereunder, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the file such assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially for recordation in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (appropriate real property or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Sellerrecords office. The Seller hereby assigns appoints the Master Servicer (and any successor servicer hereunder) as its rights attorney-in-fact with full power and obligations under authority acting in its stead for the Co-Lender Agreement to the Trustee on behalf purpose of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementsuch preparation, execution and filing.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Back Cert Series 2002-Bc3)
Conveyance of Mortgage Loans. (a) The SellerSeller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by the Seller on or with respect to the Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. The Seller confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receiptMortgage Loans. The Seller shall further agrees to assign all of its right, title and interest in and to the interest rate cap transactions evidenced by the Confirmation And Agreements , and to cause the Reserve Accounts and Lock-Box Accounts all of its obligations in respect of such transactions to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor Trust Fund, on the terms and conditions set forth in the Cap Contract Assignment Agreements.
(b) [reserved]
(c) The Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a) or (b).
(d) [reserved]
(e) [reserved]
(f) [reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateCo-Trustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Co-Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the TrusteeSeller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to "Asset-Backed Certificates, Series 2003-BC5, CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of September 1, 2003, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Seller further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan the Seller cannot deliver the original recorded Mortgage or counterpart all interim recorded assignments of the Mortgage satisfying the requirements of clause (ii), (iii) or (iv) concurrently with the execution and delivery hereof, the Seller shall deliver or cause to be delivered to the Co-Trustee a true copy of such Mortgage and of each such undelivered interim assignment of the Mortgage each certified by the Seller, the applicable title company, escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original Mortgage or assignment of Mortgage submitted for recording. For any such Mortgage Loan that is not a MERS Mortgage Loan the Seller shall promptly deliver or cause to be delivered to the Co-Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof showing from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date the Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each interim assignment, because the related Originator Mortgage has not been returned by the appropriate recording office, the Seller shall deliver or cause to be delivered such documents to the Co-Trustee as mortgagee orpromptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of such Mortgage or assignment, a copy of the original Mortgage or assignment so retained, with evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy the Seller's obligations in Section 2.01. If any document submitted for recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with the foregoing or (y) lost after recording, the Seller shall deliver to the Co-Trustee a copy of such document certified by the applicable public recording office to be a true and complete copy of the original recorded document. The Seller shall promptly forward or cause to be forwarded to the Co-Trustee (x) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (y) any other documents required to be delivered by the Depositor or the Master Servicer to the Trustee within the time periods specified in this Section 2.01. With respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the related Mortgaged Property and Mortgage File are located in (a) the State of California or (b) any other jurisdiction under the laws of which the recordation of the assignment specified in clause (iii) above is not necessary to protect the Trustee's and the Certificateholders, interest in the related Mortgage Loan, as evidenced by an Opinion of Counsel, delivered by the Seller to the Trustee and a copy to the Rating Agencies, in lieu of recording the assignment specified in clause (iii) above, the Seller may deliver an unrecorded assignment in blank, in form otherwise suitable for recording to the Co-Trustee; provided that if any such original the related Mortgage has not been returned from the applicable public recording office, a such assignment, or any copy thereof certified thereof, of the Mortgage may exclude the information to be provided by the recording office. As to any Mortgage Loan other than a true and complete copy MERS Mortgage Loan, the procedures of the original thereof submitted for recording;
(iii) an executed Assignment of preceding sentence shall be applicable only so long as the related Mortgage in suitable form for recordation File is maintained in the possession of the Co-Trustee in the State or jurisdiction described in which such sentence. In the Mortgaged Property is located event that with respect to either "LaSalle National Bank, as Trustee for Mortgage Loans other than MERS Mortgage Loans (i) the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the MortgageSeller, the original executed version Depositor or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Master Servicer gives written notice to the Trustee that recording is required to protect the right, title and interest of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
Certificateholders in and to any Mortgage Loan, (xivii) any and all amendments, modifications and supplements to, and waivers related to, any a court recharacterizes the sale of the foregoing;
Mortgage Loans as a financing, or (xviii) [Reserved];
(xvi) as a result of any letters of credit and other written agreements related change in or amendment to the laws of the State or jurisdiction described in the first sentence of this paragraph or any applicable political subdivision thereof, or any change in official position regarding application or interpretation of such laws, including a holding by a court of competent jurisdiction, such recording is so required, the Trustee or the Co-Trustee shall complete the assignment in the manner specified in clause (iii) of the second paragraph of this Section 2.01 and the Seller shall submit or cause to be submitted for recording as specified above or, should the Seller fail to perform such obligations, the Trustee shall cause the Master Servicer, at the Master Servicer's expense, to cause each such previously unrecorded assignment to be submitted for recording as specified above. In the event a Mortgage Loan; and
(xvii) with respect File is released to the Americold Pool LoanMaster Servicer as a result of the Master Servicer's having completed a Request for Release in the form of Exhibit M, the Trustee shall complete the assignment of the related Mortgage in the manner specified in clause (iii) of the second paragraph of this Section 2.01. So long as the Co-Trustee maintains an office in the State of California, the Co-Lender Agreement. On Trustee shall maintain possession of and not remove or promptly following attempt to remove from the Closing Date (but in no event later than (x) thirty Business Days following State of California any of the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred Files as to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to Mortgaged Property is located in Section 2.01(v) or (xiii) which has not yet been submitted for filingsuch State. In the event that any such document is lost or returned unrecorded because the Seller fails to record an assignment of a defect thereinMortgage Loan as herein provided within 90 days of notice of an event set forth in clause (i), the Seller, (ii) or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt (iii) of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01above paragraph, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trusteeshall prepare and, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01if required hereunder, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the file such assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially for recordation in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (appropriate real property or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Sellerrecords office. The Seller hereby assigns appoints the Master Servicer (and any successor servicer hereunder) as its rights attorney-in-fact with full power and obligations under authority acting in its stead for the Co-Lender Agreement to the Trustee on behalf purpose of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementsuch preparation, execution and filing.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Ser 2003-Bc5)
Conveyance of Mortgage Loans. The Seller(a) Effective as of the Closing Date, concurrently with the execution and delivery hereof, Depositor does hereby, sell, transfer, assign, set over and otherwise convey hereby assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Trustee pursuant to the section thereof under the heading of "Benefit of Mortgage Loans, including all Loan Purchase Agreement," (iii) the Depositor's rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the under each Co-Lender Agreement and each Other Pooling and Servicing Agreement, (iv) with respect to each Class of Floating Rate Certificates, the related Swap Transaction, the related Floating Rate Regular Interest and funds or assets from time to time on deposit in the related Floating Rate Account, and (v) all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to constitute a sale. In connection with the initial sale of the Certificates by the Depositor, andthe purchase price to be paid includes a portion attributable to interest accruing on the Certificates from and after the Cut-Off Date. The Trustee, by the execution and delivery of this Agreement, hereby agrees that each Senior Mortgage Loan and each Serviced Companion Loan remains subject to its related Co-Lender Agreement. The transfer and assignment of a Non-Trust Serviced Pari Passu Loan to the Trustee and the right to service such Mortgage Loan is subject to the terms and conditions of the related Other Pooling and Servicing Agreement and the Co-Lender Agreement.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller pursuant to the applicable Mortgage Loan Purchase Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Custodian appointed hereunder, on or before the Closing Date, the Mortgage Note for each Mortgage Loan so assigned, endorsed to the Trustee as specified in clause (i) of the definition of "Mortgage File." Each Seller is required, pursuant to the applicable Mortgage Loan Purchase Agreement, to deliver to the Custodian the remaining documents constituting the Mortgage File for each Mortgage Loan (or, with respect to a Non-Trust Serviced Pari Passu Loan, copies thereof) within the GSMC Retained Interest Loanstime period set forth therein. None of the Trustee, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignmentPaying Agent, the Custodian, any Master Servicer or any Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the document delivery requirements of the Mortgage Loan Purchase Agreements and this Section 2.1(b). Wells Fargo Bank, National Associaxxxx shall make a cash deposit act as the initial Custodian hereunder and shall take delivery, hold, examine and release each Mortgage File in accordance with Sections 2.1, 2.2 and 2.3 hereof.
(c) Each of MSMCH and PCFII shall, at its own expense, for the Mortgage Loans sold to the Collection Account Depositor by such Seller, within the time frame set forth in an amount equal the related Mortgage Loan Purchase Agreement, and in the case of RBC, GECC, Nationwide, NatCity and NCB, FSB, the Trustee shall, at the expense of the related Seller, for the Mortgage Loans sold to the Cash Deposit. The Master Servicer shall remit Depositor by such Seller, promptly (and in any GSMC Retained Interest Amounts event within 90 days following the receipt of all recording information necessary to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall record such document), cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held submitted for recording or filing, as the case may be, in the name appropriate public office for real property records or UCC financing statements, as appropriate, each assignment to the Trustee referred to in clauses (iv), (vi) and (ix)(B) of the Master Servicer definition of "Mortgage File" (except with respect to a Non-Trust Serviced Pari Passu Loan). Each such assignment shall reflect that it should be returned by the public recording office to the Custodian following recording or filing or such party responsible for recording such assignment shall be responsible for forwarding such assignment to the Custodian on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments except with respect to each any Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original File document recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof name of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (MERS or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation); and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder Custodian, for all Mortgage Loans other than the PCFII Loans, and the Primary Servicer for the PCFII Loans, shall obtain therefrom, at the expense of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of applicable Seller, a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereofand shall forward copies thereof to the applicable Master Servicer and the applicable Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a pro forma title insurance policy has defect therein, the Custodian, for all Mortgage Loans other than the PCFII Loans, and the Primary Servicer for the PCFII Loans, shall promptly notify the applicable Seller and the applicable Seller for its respective Mortgage Loans shall promptly prepare or cause to be prepared and delivered to the Custodian a substitute therefor or cure such defect, as the case may be, and thereafter the Custodian shall upon receipt thereof from such Seller cause the same to be duly recorded or filed, as appropriate (or such Seller shall promptly cause such substitute to be duly recorded or filed). The parties acknowledge the obligation of each Seller pursuant to Section 2 of the related Mortgage Loan Purchase Agreement to deliver to the Custodian, on or before the fifth Business Day after the Closing Date, five limited powers of attorney substantially in the form attached as Exhibit C to the Primary Servicing Agreements for the PCFII Loans or the applicable exhibit to the Mortgage Loan Purchase Agreements in favor of the Trustee, the Custodian, the applicable Master Servicer and the applicable Special Servicer to empower the Trustee, the Custodian, such Master Servicer and, in the event of the failure or incapacity of the Trustee, the Custodian and such Master Servicer, such Special Servicer, to submit for recording, at the expense of the applicable Seller, any mortgage loan documents required to be recorded as described in the preceding paragraph and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long as original counterparts have previously been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereofTrustee). The Seller shall promptly cause the UCC-1's referred Sellers agree to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, reasonably cooperate with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicablethe Custodian, the applicable Master Servicer and the applicable Special Servicer in connection with any additional powers of attorney or revisions thereto that are requested by such parties for purposes of such recordation. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as The Custodian and each other party hereto agrees that no such power of attorney shall be used with respect to any Mortgage Loan, Loan by or under authorization by any party hereto except that to the Seller cannot deliver extent that the absence of a document described in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering second preceding sentence with respect to such Mortgage Loan on remains unremedied as of the earlier of (i) the date that is 180 days following the delivery of notice of such absence to the related Seller, but in no event earlier than 18 months from the Closing Date an omnibus assignment of Date, and (ii) the date (if any) on which such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such becomes a Specially Serviced Mortgage Loan. The Custodian shall submit such documents for recording, in fully complete and recordable format the related Seller's expense, are delivered by after the Seller periods set forth above; provided, however, the Custodian shall not submit such assignments for recording within 180 days of if the Closing Date (or within applicable Seller produces evidence that it has sent any such longer period as assignment for recording and certifies that it is awaiting its return from the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementapplicable recording office.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Trust 2007-Iq16)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below, (iii) the Initial Deposit and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiv) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II and REMIC III. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly interest accruing on the Master Servicer Remittance Date immediately following receipt. The Certificates from and after the Cut-Off Date.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed thereby, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." Each Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related applicable Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) deliver to the original Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse"the Fiscal Agent, "Pay to the order of LaSalle National Bank, as any Custodian, without recourse", "Pay the Master Servicer or the Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the order document delivery requirements of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by Purchase Agreements and this Section 2.1(b).
(c) The Master Servicer shall, at the expense of the applicable Seller of the related OriginatorMortgage Loan, show a complete chain of endorsement from as to each Mortgage Loan, promptly (and in any event within 45 days following the related Originator to the Trustee;
(iireceipt thereof) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified cause to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation recording or filing, as the case may be, in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankappropriate public office for real property records or UCC financing statements, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesappropriate, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the each assignment to the Trustee referred to in clauses (iv), (vi)(B) and (ix) of the security interest in definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument public recording office to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage following recording or Loan Agreement, a copy thereoffiling; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of LeasesLeases or assignment of UCC financing statements, Rents the Master Servicer shall obtain therefrom at the expense of the related Seller a certified copy of the recorded original. The Master Servicer shall forward copies thereof to the Trustee and Profitsthe Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, if as the case may be, because of a defect therein, the Master Servicer shall direct each Seller pursuant to the applicable Mortgage Loan Purchase Agreement promptly to prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Master Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.
(d) All relevant servicing documents and records in the possession of the Depositor or the Sellers that relate to the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof shall be delivered (subject to the requirements of the Primary Servicing Agreements) to the Master Servicer on or before the Closing Date and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. The Depositor shall deliver or cause the related Seller to deliver to the Special Servicer a copy of each Mortgage File to the extent that (i) such copy has not previously been delivered to the Special Servicer and (ii) the Special Servicer requests (in writing) such copy within 180 days following the Closing Date. The Depositor shall deliver or cause the related Seller to deliver such copy within a reasonable period following such request by the Special Servicer.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by the Sellers with respect to each related Mortgage Loan as of the Closing Date as are set forth on Exhibits R-1, R-2 and R-3 hereto.
(f) Concurrently herewith, the Depositor has acquired the Principal Loans from Principal, the JHREF Loans from JHREF, and the MSMC Loans from MSMC. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with a copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Principal Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with a copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the JHREF Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with a copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the MSMC Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, Principal, JHREF and MSMC, as applicable, after any has been recordedare required under the Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements naming the Trustee, on behalf of the Certificateholders, as assignee. Notwithstanding the fact that the assignments shall name the Trustee, on behalf of the Certificateholders, as the assignee, the obligations hereunder of parties hereto acknowledge and agree that for all purposes the Seller Principal Loans shall be deemed to have been satisfied upon delivery transferred from Principal to the Custodian of a copy of such MortgageDepositor, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office JHREF Loans shall be deemed to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has have been delivered transferred from JHREF to the Custodian in lieu of an original title insurance policyDepositor, and the Seller will promptly deliver MSMC Loans shall be deemed to have been transferred from MSMC to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)Depositor, if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents all Mortgage Loans shall be delivered deemed to have been transferred from the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Ser 1999-Life1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and all amounts from time to time credited to and the proceeds of the Distribution Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any ; (v) the Depositor’s security interest thereunder in the Additional Collateral; (whether in real or personal property and whether tangible or intangiblevi) in favor all proceeds of any of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vii) all other assets included or to be included in the Trust Fund for Fund; provided that such assignment shall not include any Servicing Rights with respect to the benefit of the CertificateholdersMortgage Loans. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest and principal due on or prior Loans. Notwithstanding anything provided herein to the Cutcontrary, each of the parties hereto agrees and acknowledges that, notwithstanding the transfer, conveyance and assignment of the Mortgage Loans from the Depositor to the Trustee pursuant to this Agreement, the Servicing Rights Owner remains the sole and exclusive owner of the Servicing Rights with respect to the SRO Mortgage Loans. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreements to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under each Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of Mortgage Loan documents. The foregoing sale, transfer, assignment, set-Off Dateover, anddeposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In addition, with respect to the GSMC Retained Interest Loansany Additional Collateral Mortgage Loan, the applicable GSMC Retained Interest AmountsDepositor does hereby transfer, assign, set-over and otherwise convey to the Trustee without recourse (except as provided herein) (i) its rights as assignee under any security agreements or pledge agreements relating to the Additional Collateral supporting any Additional Collateral Mortgage Loan, (ii) its security interest in and to any Additional Collateral and (iii) its right to receive payments in respect of any Additional Collateral Mortgage Loan pursuant to the related Servicing Agreement. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2004-7, Mortgage Loan Pass-Through Certificates, Series 19982004-C17, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) the original of any security agreement or pledge agreement relating to any Additional Collateral, if applicable, and executed in connection with the Mortgage Note, assigned in blank or to the Trustee on behalf of the Trust;
(iii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy of such Mortgage or power of attorney, as the case may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Trustee (or its Custodian) is a true copy and that the original of such Mortgage has been forwarded to the public recording office, or, in the case of a Mortgage that has been lost, a copy thereof (certified as provided for under the laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee and the Depositor that an original recorded Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loan;
(iv) the original of each assumption, modification or substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a true and complete copy delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof submitted for recordingthereof, together with an officer’s certificate of the Seller, title company, escrow agent or closing attorney certifying that the copy of such assumption, modification or substitution agreement delivered to the Trustee (or its Custodian) on behalf of the Trust is a true copy and that the original of such agreement has been forwarded to the public recording office;
(iiiv) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an executed original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle “Deutsche Bank National BankTrust Company, as Trustee for the GS HarborView Mortgage Securities Corporation II Commercial Loan Trust 2004-7, Mortgage Loan Pass-Through Certificates, Series 19982004-C17, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;”
(vi) in the original case of the each Mortgage Loan Agreement or counterpart thereof relating to such that is not a MERS Mortgage Loan, if anyan original copy of any intervening Assignment of Mortgage showing a complete chain of assignments, or, in the case of an intervening Assignment of Mortgage that has been lost, a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Trustee that such original intervening Assignment of Mortgage is not required to enforce the Trustee’s interest in the Mortgage Loans;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage LoanPrimary Insurance Policy, if any, and copies of the original environmental indemnitiesor certificate, if any;
(xviii) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents or a certified copy of manager;lender’s title insurance policy; and
(xiix) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to any Cooperative Loan, the Reserve Accounts and Lock-Box AccountsCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, if anythe Seller agrees that it will take (or shall cause the applicable Servicer to take), a copy at the expense of the UCC-1 financing statementsSeller (with the cooperation of the Depositor, if anythe Trustee and the Master Servicer), submitted for filing with respect such actions as are necessary to cause the related Originator's security interest in MERS® System to indicate that such Mortgage Loans have been assigned by the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Certificates issued in connection with the transfer of such Mortgage Loans to the HarborView Mortgage Loan Trust 2004-7. With respect to each Cooperative Loan the Seller, on behalf of the CertificateholdersDepositor does hereby deliver to the Trustee the related Cooperative Loan Documents and the Seller will take (or cause the applicable Servicer to take);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any at the expense of the foregoing;
Seller (xv) [Reserved];
with the cooperation of the Depositor, the Trustee and the Master Servicer), such actions as are necessary under applicable law (xvi) any letters of credit and other written agreements related including but not limited to the relevant UCC) in order to perfect the interest of the Trustee in the related Mortgaged Property. Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan (other than a Cooperative Loan) shall be recorded; and
provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (xviiwhich must be from Independent Counsel and not at the expense of the Trust or the Trustee) acceptable to the Trustee, the Rating Agency and the Master Servicer, recording in such states is not required to protect the Trustee’s interest in the related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the applicable Servicer to submit each such assignment for recording), at the cost and expense of the Seller, in the manner described above, at no expense to the Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a bankruptcy or insolvency relating to the Seller or the Depositor, or (3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the applicable Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor, (1) record (a) the Trustee and the Master Servicer), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit G-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(x) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designeein lieu of delivering the above documents, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Trustee, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian on behalf of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything an Officer’s Certificate which shall include a statement to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided effect that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created amounts received in connection with such prepayment that are required to be deposited in the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")Distribution Account have been so deposited. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement All original documents that are not delivered to the Trustee on behalf of the Trust shall be held by the Master Servicer or the applicable Servicer in trust for the Trustee, for the benefit of the Trust and the Certificateholders. Nothing herein shall be deemed The Depositor herewith delivers to override the provisions Trustee an executed copy of the Co-Lender Agreement or the Series 1998-XX XX Pooling Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2004-7)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee Trustee, without recourse (except to recourse, in trust for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under each Mortgage Loan Purchase Agreement that are permitted to be assigned pursuant to Sections 14 or 15 thereof as applicable, (iii) the Initial Deposit, (iv) the Depositor's rights under the Pari Passu Intercreditor Agreement and the 99-C1 Pooling and Servicing Agreement with respect to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor servicing of the Seller, Pari Passu Loan and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (v) all other assets included or to be included in the Trust Fund REMIC I for the benefit of REMIC II and REMIC III and (vi) all other assets of the CertificateholdersTrust. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such the initial sale of the Certificates by the Depositor, the purchase price to be paid includes a portion attributable to interest accruing on the Certificates from the Cut-off Date. The transfer and assignmentassignment of the Pari Passu Loan to the Trustee and the right to service such Mortgage Loan is subject to the terms and conditions of the 99-C1 Pooling and Servicing Agreement.
(b) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed thereby, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." The Depositor hereby represents that each Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related applicable Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse deliver to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy Custodian (or the original pro forma title insurance policy), together with any endorsements thereto;
(viiiTrustee if there is no Custodian) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of remaining documents constituting the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, File for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the each Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly within 30 days following the Closing Date (but in no event later than (x) thirty Business Days following with such exceptions as are permitted under the Closing Date in applicable Mortgage Loan Purchase Agreement). None of the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)Trustee, the Fiscal Agent, the Paying Agent, any Custodian, the Servicer or the Special Servicer shall be liable for any failure by either Seller or the Depositor to comply with the document delivery requirements of the Mortgage Loan Purchase Agreements and this Section 2.1(b).
(or its designeec) Each Seller under the applicable Mortgage Loan Purchase Agreement shall, at its own expense, as to each Mortgage Loan, promptly (1and in any event within 45 days following the receipt thereof) record (a) each Assignment of Mortgage referred cause to in Section 2.01(iii) which has not yet been be submitted for recording and (b) each Reassignment of Assignment of Leasesor filing, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included as the case may be, in the related Assignment of Mortgage) which has not yet been submitted appropriate public office for recordation; and (2) file each UCC-2 real property records or UCC-3 UCC financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trusteestatements, as applicable. Notwithstanding anything appropriate, each assignment to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viiivii) or and (xiiixi) of the definition of "Mortgage File." solely As provided in the applicable Mortgage Loan Purchase Agreement, each such assignment shall reflect that it should be returned by the public recording office to the Custodian (or the Trustee if there is no Custodian) on behalf of the Certificateholders following recording or filing; provided that in those instances where the public recording office retains the original assignment of Mortgage or assignment of Assignment of Leases the applicable Seller shall obtain therefrom at its own expense a certified copy of the recorded original. As provided in the applicable Mortgage Loan Purchase Agreement, the applicable Seller shall forward copies thereof to the Trustee, the Servicer and the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of the unavailability of recording information as to any existing document or instrumenta defect therein, the Servicer shall direct each Seller pursuant to the applicable Mortgage Loan Purchase Agreement promptly to prepare or cause to be prepared a substitute therefor or cure such defect, as the case may provisionally satisfy be, and thereafter the delivery requirements Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.
(d) All relevant servicing documents and records in the possession of this the Depositor or the Sellers that relate to the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof shall be delivered to the Servicer or Custodian on or before the Closing Date and shall be held by the Servicer or Custodian (or the Trustee if there is no Custodian), as the case may be, in trust for the benefit of the Certificateholders. The Depositor shall deliver or cause the related Seller to deliver to the Special Servicer a copy of each Mortgage File to the extent that (i) such copy has not previously been delivered to the Special Servicer and (ii) the Special Servicer requests (in writing) such copy within 180 days following the Closing Date. The Depositor shall deliver or cause the related Seller to deliver such copy within a reasonable period following such request by the Special Servicer.
(e) In connection with the Depositor's assignment pursuant to Section 2.01(b2.1(a) above, the Depositor shall deliver to the Custodian (or, if there is no Custodian, the Trustee) on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreements shall contain the representations and warranties made by delivering the Sellers with respect to such each related Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days as of the Closing Date as are set forth on Exhibits R-1 and R-2 hereto.
(f) Concurrently herewith, the Depositor has acquired the BSF Loans from BSF, the Xxxxx Fargo Loans from Xxxxx Fargo and the MSMC Loans from MSMC. The Depositor has directed Xxxxx Fargo to deliver the original Mortgage Notes (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection lost note affidavits with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect copies of the related Mortgaged Properties pro rata Mortgage Notes, as described in the definition of Mortgage File) relating to the Xxxxx Fargo Loans to the Custodian (or the Trustee if there is no Custodian), with the Trustee, on the basis of amounts owing under each such loan. Under the terms behalf of the Co-Lender AgreementCertificateholders, inserted in the endorsement in blank executed by Xxxxx Fargo, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor has directed BSF to deliver the original Mortgage Notes relating to the BSF Loans to the Custodian (or the Trustee if there is no Custodian), with the Trustee, on behalf of the Certificateholders, inserted in the endorsement in blank executed by BSF, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. The Depositor has directed MSMC to deliver the original Mortgage Notes relating to the MSMC Loans to the Custodian (or the Trustee if there is no Custodian), with the Trustee, on behalf of the Certificateholders, inserted in the endorsement in blank executed by MSMC, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, Xxxxx Fargo, MSMC and BSF, as applicable, are required under the Mortgage Loan Purchase Agreements to deliver Assignments of Mortgages and assignments of UCC financing statements naming the Trustee, on behalf of the Certificateholders, as assignee. Notwithstanding the fact that the assignments shall name the Trustee, on behalf of the Certificateholders, as the assignee, the servicer of parties hereto acknowledge and agree that for all purposes the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, Xxxxx Fargo Loans shall be deemed to have been transferred from Xxxxx Fargo to the extent necessaryDepositor, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant BSF Loans shall be deemed to have been transferred from BSF to the terms of Depositor, the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement MSMC Loans shall be deemed to have been transferred from MSMC to the Seller. The Seller hereby assigns its rights Depositor, and obligations under all Mortgage Loans shall be deemed to have been transferred from the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC I/II‑1 and REMIC III‑1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-Off Date and all unscheduled collections in respect of the Mortgage Loans received after July 1, 2005 (other than interest and principal the portion of such collections due on or prior to the Cut-Off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Group I/II Mortgage Loans and the Group III Mortgage Loans, by aggregate principal balance as of the Cut-Off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording txxxxxx, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iiie) an executed Assignment the original or copies of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankeach assumption, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesmodification, Series 1998-C1written assurance or substitution agreement, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";if any; and
(ivf) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy, together with all endorsements or counterpart thereof riders issued with or subsequent to the issuance of such security agreement and the assignment thereof to the Trustee;
policy (v) or a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statementabove, in a form suitable for filing, disclosing the assignment to the Trustee case of the security interest in Washington Mutual Mortgage Loans), insuring the personal property (if any) constituting security for repayment priority of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions of the Co-Lender Agreement Trustee or the Series 1998-XX XX Pooling Agreementapplicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer.
Appears in 1 contract
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Trust Fund. Concurrently with the execution of this Agreement, the Swap Agreement and a copy of the PMI Letter Agreement shall be delivered to the Securities Administrator and the Bulk PMI Policy and the PMI Letter Agreement, shall be delivered to the Trustee. In connection therewith, the Depositor hereby directs (i) the Securities Administrator (solely in its capacity as such) and the Securities Administrator is hereby authorized to execute and deliver the Swap Agreement (on behalf of the Supplemental Interest Trust) and (ii) the Trustee (solely in its capacity as such) and the Trustee is hereby authorized to execute the PMI Letter Agreement, in each case for the benefit of Certificateholders. The Depositor, the Master Servicer, the Servicer, the Mortgage LoansLoan Originator, the Purchaser, the Credit Risk Manager and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Swap Agreement solely in its capacity as Securities Administrator of the Supplemental Interest Trust and the Trust Fund and not in its individual capacity, and the Trustee is executing and delivering the PMI Letter Agreement solely in its capacity as Trustee of the Trust Fund, and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other swap agreement upon the expiration or termination of the Swap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Purchaser’s obligation to repurchase the Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1[_____________], without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Mortgage Loan Originator shall deliver or cause to be delivered to the Custodian (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Mortgage Loan Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Mortgage Loan Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Mortgage Loan Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing each of the endorsements required by Xxxxxx Xxx and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Purchaser pursuant to the Master MLPSA, the Mortgage Loan Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Mortgage Loan Originator, the Depositor or the Servicer, as applicable, shall forward to the Custodian, additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Purchaser pursuant to the Master MLPSA, on or prior to the Closing Date, the Mortgage Loan Originator shall deliver to the Custodian, Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Mortgage Loan Originator and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trustee’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted for recordation; Mortgage is to be recorded, the Mortgage shall be assigned by the Mortgage Loan Originator, at the expense of the Mortgage Loan Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingServicing Agreement dated as of November 1, 2005, HSI Asset Securitization Corporation Trust 2005-OPT1”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Mortgage Loan Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Mortgage Loan Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Mortgage Loan Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Mortgage Loan Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Mortgage Loan Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Mortgage Loan Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller Mortgage Loan Originator shall be deemed to have been satisfied upon delivery by the Mortgage Loan Originator to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2005-XX XX Pooling OPT1” and Deutsche Bank National Trust Company is hereby appointed as Trustee in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representation and obligations under warranty set forth in paragraph (44) of Schedule III hereto.
(d) The Trust shall have the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HASCO Trust 2005-Opt1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box AccountsDepositor under the Mortgage Loan Purchase Agreement (except Section 3.2 thereof), the Goldman Group Guaranty, interest in the Reinvestment Enhancement Instrument, Limited Purpose Surety Bond transferred to the Co-Lender Agreement Trustee pursuant to Section 2.03(e) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due received by the Depositor or the Master Servicer on or with respect to the Mortgage Loans other than (but excluding any payments of principal and interest and principal due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement. The parties hereto agree that it is not intended that any mortgage loan be included in the Trust that is a "High-Cost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, and2003. In connection with the transactions contemplated by this Agreement, Cendant Mortgage Corporation and the Trustee shall enter into an Assignment, Assumption and Recognition Agreement with MLCC, in the form of Exhibit K hereto, pursuant to which Cendant Mortgage Corporation shall assign to the Trustee, for the benefit of the Certificateholders, all of its right, title and interest in and to the Additional Collateral Servicing Agreement with respect to the GSMC Retained Interest Additional Collateral Mortgage Loans, and the applicable GSMC Retained Interest AmountsTrustee shall assume all of Cendant Mortgage Corporation's obligations under the Additional Collateral Servicing Agreement with respect to the Additional Collateral Mortgage Loans from and after the date hereof. In connection with such the transfer and assignmentassignment described herein, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, on or prior to the Closing Date, shall deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments instruments:
(A) with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX)::
(i) the original of the Note, Mortgage Note endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National BankCitibank, N.A., as Trustee for the GS Mortgage Securities Corporation II Commercial registered holders of the CDMC Mortgage Pass-Through Certificates, Series 19982004-C11, without recourserecourse ", or endorsed "Pay to the order of LaSalle National Bank, as Trustee, of_____________________ without recourse"," and signed in the name of the last named endorsee by an authorized officer, "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note together with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the last endorsee;
(ii) the original recorded Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording thereon which have been recorded, with evidence of recording thereon or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recordingMortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) Unless the Mortgage Loan is registered on the MERS(R) System, an executed original Assignment of the Mortgage in suitable form for recordation (A) executed in the jurisdiction in which the Mortgaged Property is located to either following form "LaSalle National BankCitibank, N.A., as Trustee for the GS Mortgage Securities Corporation II Commercial registered holders of the CDMC Mortgage Pass-Through Certificates, Series 19982004-C1, without recourse1", "LaSalle National Bankor (B) in blank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"which assignment appears to be in form and substance acceptable for recording;
(iv) the original recorded Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator to the Person assigning the Mortgage to the Trustee (or to MERS, if the related security agreement Mortgage Loan is separate from registered on the MortgageMERS(R) System and noting the presence of a MIN) as contemplated by the immediately preceding clause (iii), the original executed version or counterpart thereof of such security agreement if applicable and the assignment thereof only to the Trusteeextent available to the Depositor with evidence of recording thereon;
(v) a copy the originals of the UCC-1 financing statementall assumption, together modification, consolidation or extension agreements, with an original executed UCC-2 or UCC-3 financing statementevidence of recording thereon, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) a copy of any guarantee (other than Additional Collateral) executed in connection with the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if anyNote;
(vii) the original lender's title insurance policy (of any security agreement, chattel mortgage or equivalent document executed in connection with the original pro forma title insurance policy), together with any endorsements theretoMortgage;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed versionpower of attorney, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);if applicable; and
(ix) copies of if such Mortgage Loan is a Buydown Mortgage Loan (as shown in the Mortgage Loan Schedule), the original Environmental Reports of the Mortgaged Properties made Buydown Agreement or a copy thereof; and
(B) in connection addition, with origination of respect to each Mortgage Loan that is an Additional Collateral Mortgage Loan (as indicated on the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;Loan Schedule):
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xii) a copy of the related ground lease, if anyMortgage 100(sm) Pledge Agreement or Parent Power Agreement, as amended, for the Mortgaged Properties, if any;applicable; and
(xiiii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the related UCC-1, to the extent that MLCC was required to deliver such UCC-1 financing statementsto the Master Servicer, and an original form UCC-3, if anyapplicable, submitted for filing with respect to the related Originator's security interest extent that MLCC was required to deliver such UCC-3 to the Master Servicer; provided, however, that in lieu of the Reserve Accounts and Lock-Box Accounts and all funds contained therein foregoing, the Depositor may deliver the following documents, under the circumstances set forth below: (and UCC-2 or UCC-3 financing statements assigning such security interest x) in lieu of the original Mortgage, assignments to the Trustee on behalf or intervening assignments thereof which have been delivered, are being delivered or will, upon receipt of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related recording information relating to the Mortgage Loan; and
(xvii) with respect required to be included thereon, be 41 delivered to recording offices for recording and have not been returned to the Americold Pool LoanDepositor within 270 days of the Closing Date, the Co-Lender Agreement. On Depositor may deliver a true copy thereof with an Officer's Certificate certifying that such Mortgage, assignment to the Trustee or promptly following intervening assignment has been delivered to the Closing Date appropriate recording office for recording; and (but y) in no event later than lieu of the Mortgage, assignment to the Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents (xas evidenced by a certification from the Depositor or the Master Servicer, to such effect) thirty Business Days following the Closing Date Depositor may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded; and provided, further, however, that in the case of clause Mortgage Loans which have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering the above documents, may deliver to the Trustee a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the Distribution Account on the Closing Date. The Depositor shall deliver such original documents (1)(aincluding any original documents as to which certified copies had previously been delivered) below to the Trustee promptly after they are received. The Depositor may, in lieu of delivering the original of the documents set forth in Section 2.01(A) and (yB) (other than Section 2.01(A)(i)) (or copies thereof as permitted by this Section 2.01) to the Trustee, deliver such documents to the Master Servicer, and the Master Servicer shall hold such documents in trust for the use and benefit of all present and future Certificateholders until such time as is set forth in the next sentence. Within 60 days following the Closing Date earlier of (i) the receipt of the original of all of the documents or instruments set forth in the case of clauses 1(bSection 2.01(A) and 2 below(B) (other than Section 2.01(A)(i)) (or copies thereof as permitted by such Section) for any Mortgage Loan and (ii) a written request by the Trustee to deliver those documents with respect to any or all of the Mortgage Loans then being held by the Master Servicer, the Seller (or its designee) Master Servicer shall deliver a complete set of such documents to the Trustee. The Depositor shall, at its expense, (1) record cause the Assignment of the Mortgage to the Trustee to be recorded not later than 270 days after the Closing Date, unless (a) such recordation is not required by the Rating Agency or an Opinion of Counsel has been provided as set forth below in this Section 2.01 or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record. The Depositor need not cause to be recorded any assignment in any jurisdiction under the laws of which, as evidenced by an Opinion of Counsel delivered by the Depositor to the Trustee and the Rating Agency, the recordation of such assignment is not necessary to protect the Trustee's interest in the related Mortgage Loan; provided, however, notwithstanding the delivery of any Opinion of Counsel, each Assignment assignment shall be submitted for recording by the Depositor in the manner described above, at no expense to the Trust Fund or the Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates evidencing Fractional Undivided Interests aggregating not less than 25% of the Trust Fund, (ii) the occurrence of a Master Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Depositor, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) with respect to any one assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Depositor fails to pay the cost of recording the assignments, such expense will be paid by the Trustee and the Trustee shall be reimbursed for such expenses by the Trust Fund in accordance with Section 8.05. In connection with the assignment of any Mortgage Loan registered on the MERS(R) System, the Depositor further agrees that it will cause, at the Depositor's own expense, within 30 Business Days after the Closing Date, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trustee and (b) the code in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Depositor further agrees that it will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any original Mortgage Note referred to in Section 2.01(iii2.01(A)(i) which has above cannot yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedlocated, the obligations hereunder of the Seller Depositor to deliver such documents shall be deemed to have been be satisfied upon delivery to the Custodian Trustee of a copy photocopy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and ProfitsNote, if applicableavailable, certified by the public recording office to be with a true and complete copy Lost Note Affidavit. If any of the recorded original thereof. If Mortgage Notes for which a pro forma title insurance policy has been Lost Note Affidavit was delivered to the Custodian in lieu of an Trustee is subsequently located, such original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Note shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementthree Business Days.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC CDMC Mort Pas THR Ce Se 04 1)
Conveyance of Mortgage Loans. (a) The Seller, Depositor concurrently with the execution and delivery hereofof this Agreement, does herebysells, sell, transfer, assign, set over transfers and otherwise convey assigns to the Grantor Trustee without recourse (except to the extent herein provided) all the its right, title and interest of the Seller in and to (i) the Mortgage LoansLoans identified in the Mortgage Loan Schedule, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than after the Cut-off Date, but excluding any payments of principal and interest and principal due on or prior to the Cut-Off off Date; (ii) such assets as shall from time to time be credited or are required by the terms of this Agreement to be credited to the Payment Account, and(iii) such assets relating to the Mortgage Loans as from time to time may be held by the Servicer in the Protected Account and the Securities Administrator in the Payment Account, (iv) any REO Property, (v) the Required Insurance Policies and any amounts paid or payable by the insurer under any Insurance Policy (to the extent the mortgagee has a claim thereto), (vi) the Mortgage Loan Purchase Agreement to the extent provided in Subsection 2.03(a), (vii) the rights with respect to the GSMC Retained Interest LoansServicing Agreement and the Wxxxx Fargo Servicing Agreement and (viii) any proceeds of the foregoing (collectively, the “Grantor Trust Estate”). Although it is the intent of the Depositor and the Grantor Trustee that the conveyance of the Depositor’s right, title and interest in and to the Mortgage Loans and other assets in the Grantor Trust Estate to the Grantor Trustee pursuant to this Agreement shall constitute a purchase and sale and not a loan, in the event that such conveyance is deemed to be a loan, it is the intent of the parties to this Agreement that the Depositor shall be deemed to have granted to the Grantor Trustee a first priority perfected security interest in all of the Depositor’s right, title and interest in, to and under the Mortgage Loans and other assets in the Grantor Trust Estate, and that this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. The Depositor agrees to take or cause to be taken such actions and to execute such documents, including without limitation the filing of all necessary UCC-1 financing statements (which shall have been submitted for filing as of the Closing Date), any continuation statements with respect thereto and any amendments thereto required to reflect a change in the name or corporate structure of the Depositor or the filing of any additional UCC-1 financing statements, as are necessary to perfect and protect the Grantor Trustee’s interests in each Mortgage Loan and the proceeds thereof.
(b) In connection with such the above transfer and assignment, the Seller shall make a cash deposit Depositor hereby delivers to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Custodian, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentGrantor Trustee, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX)::
(i) the original of the Mortgage Note, endorsed without recourse in blank or to the order of the Grantor Trustee and showing an unbroken chain of endorsements from the originator thereof to the Person endorsing it in one blank or to the Grantor Trustee, or lost note affidavit together with a copy of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS related Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the TrusteeNote;
(ii) the original recorded Mortgage or counterpart thereof showing and, if the related Originator as mortgagee orMortgage Loan is a MOM Loan, noting the presence of the MIN and language indicating that such Mortgage Loan is a MOM Loan, which shall have been recorded (or if any such the original Mortgage has is not been returned from the applicable public recording officeavailable, a copy thereof certified to copy), with evidence of such recording indicated thereon (or if clause (w) in the proviso below applies, shall be a true and complete copy of the original thereof submitted for recordingin recordable form);
(iii) an executed Assignment unless the Mortgage Loan is a MOM Loan, a certified copy of Mortgage the assignment (which may be in suitable the form for recordation of a blanket assignment if permitted in the jurisdiction in which the Mortgaged Property is located located) in blank or to either "LaSalle “U.S. Bank National BankAssociation, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Grantor Trustee, without recourse"on behalf of the Grantor Trust Certificateholders”, "LaSalle National Bankwith evidence of recording with respect to each Mortgage Loan in the name of the Indenture Trustee thereon (or if clause (w) in the proviso below applies or for Mortgage Loans with respect to which the related Mortgaged Property is located in a state other than Maryland or an Opinion of Counsel has been provided as set forth in this Section 2.01(b), as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"shall be in recordable form);
(iv) all intervening assignments of the Security Instrument, if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement applicable and the assignment thereof only to the Trusteeextent available to the Depositor with evidence of recording thereon;
(v) the original or a copy of the UCC-1 financing statementpolicy or certificate of primary mortgage guaranty insurance, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (extent available, if any) constituting security for repayment of the Mortgage Loan;
(vi) the original or a copy of the Loan Agreement policy of title insurance or counterpart thereof relating to such Mortgage Loan, if any;mortgagee’s certificate of title insurance or commitment or binder for title insurance; and
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy)originals of all modification agreements, together with any endorsements theretoif applicable and available;
(viiic) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignmentprovided, however, that in lieu of the foregoing, the Depositor may be included deliver to the Custodian, the following documents, under the circumstances set forth below: (w) in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies lieu of the original Environmental Reports Security Instrument (including the Mortgage), assignments to the Grantor Trustee or intervening assignments thereof which have been delivered, are being delivered or will, upon receipt of recording information relating to such documents required to be included thereon, be delivered to recording offices for recording and have not been returned to the Depositor in time to permit their delivery as specified above, the Depositor may deliver a true copy thereof with a certification by the Servicer, or its agent on its behalf, substantially to the effect that such copy is a true and correct copy of the Mortgaged Properties made original; (x) in connection with origination lieu of the Security Instrument, assignment in blank or to the Grantor Trustee or intervening assignments thereof, if the applicable jurisdiction retains the originals of such documents (as evidenced by a certification from the Depositor to such effect) the Depositor may deliver photocopies of such documents containing an original certification by the judicial or other governmental authority of the jurisdiction where such documents were recorded or from the Depositor’s agent, escrow agent or closing attorney; (y) in lieu of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related Notes relating to the Mortgage Loan; and
(xvii) with respect to the Americold Pool LoanLoans, the Co-Lender Agreement. On Depositor may deliver lost note affidavits from the Seller; and (z) the Depositor shall not be required to deliver intervening assignments or promptly following Mortgage Note endorsements between the Closing Date (but in no event later than (x) thirty Business Days following Seller and the Closing Date Depositor and between the Depositor and the Grantor Trustee; and provided, further, however, that in the case of clause (1)(a) below Mortgage Loans which have been prepaid in full after the Cut-off Date and (y) 60 days following prior to the Closing Date Date, the Depositor, in lieu of delivering the above documents, may deliver to the Grantor Trustee, a certification to such effect and shall deposit all amounts paid in respect of such Mortgage Loans in the case of clauses 1(bPayment Account on the Closing Date. The Depositor shall deliver such original documents (including any original documents as to which certified copies had previously been delivered) and 2 below)to the Custodian, promptly after they are received. The Depositor shall cause the Seller (or its designee) shallSeller, at its expense, (1) record to cause each assignment of the Security Instrument to the Grantor Trustee to be recorded not later than 180 days after the Closing Date, unless (a) such recordation is not required by the Rating Agencies as evidenced in writing or an Opinion of Counsel addressed to the Grantor Trustee has been provided to the Grantor Trustee and the Issuer which states that recordation of such Security Instrument is not required to protect the interests of the Noteholders in the related Mortgage Loans or (b) MERS is identified on the Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record solely as nominee for the Seller and its successor and assigns; provided, however, notwithstanding the foregoing, each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been assignment shall be submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller in the manner described above, at no expense to the Issuer or the Grantor Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Notes aggregating at least 25% of the Note Principal Balance of the Notes, (ii) the occurrence of a Master Servicer Event of Default or an Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller and (iv) the occurrence of a servicing transfer as applicabledescribed in Section 2.02 of the Servicing Agreement. Notwithstanding anything to the contrary contained in this Section 2.01foregoing, if, on the Closing Date as to any Mortgage Loan, if the Seller cannot deliver fails to pay the cost of recording the assignments, such expense will be paid by the Securities Administrator from funds in complete and recordable form any one the Payment Account in accordance with Section 3.25 of the assignments in favor of the Trustee Indenture.
(d) The trust created hereunder shall be referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage PassBear Sxxxxxx ARM Grantor Trust 2005-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement5”.
Appears in 1 contract
Samples: Grantor Trust Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-5)
Conveyance of Mortgage Loans. The Seller, In instances where an original recorded Mortgage cannot be delivered by the Depositor to the Indenture Trustee (or a Custodian on behalf of the Indenture Trustee) prior to or concurrently with the execution and delivery hereofof this Agreement, does herebydue to a delay in connection with the recording of such Mortgage, sellthe Depositor may, transfer(a) in lieu of delivering such original recorded Mortgage, assign, set over and otherwise convey deliver to the Indenture Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Seller in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Custodian on behalf of the Trustee as successor Indenture Trustee) a copy thereof, provided that the Depositor certifies that the original Mortgage has been delivered to a title insurance company for recordation after receipt of its policy of title insurance or binder therefor (which may be a certificate relating to a master policy of title insurance), and (b) in lieu of delivering the completed assignment in recordable form to the applicable OriginatorIndenture Trustee (or a Custodian on behalf of the Indenture Trustee), deliver such assignment to the Indenture Trustee (or a Custodian on behalf of the Indenture Trustee) completed except for recording information. In connection with all such transfer and assignmentinstances, the Seller shallDepositor will deliver the original recorded Mortgage and completed assignment (if applicable) to the Indenture Trustee (or a Custodian on behalf of the Indenture Trustee) promptly upon receipt of such Mortgage. In instances where an original recorded Mortgage has been lost or misplaced, the Depositor or the related title insurance company may deliver, in lieu of such Mortgage, a copy of such Mortgage bearing recordation information and certified as true and correct by the office in which recordation thereof was made. In instances where the original or a copy of the title insurance policy (which may be a certificate relating to a master policy of title insurance) pertaining to the Mortgaged Property relating to a Mortgage Loan cannot be delivered by the Depositor to the Indenture Trustee (or a Custodian on or behalf of the Indenture Trustee) prior to or concurrently with the execution and delivery of this Agreement because such policy is not yet available, the Depositor may, in lieu of delivering the original or a copy of such title insurance, deliver to the Indenture Trustee (or a Custodian on behalf of the Indenture Trustee) a binder with respect to such policy (which may be a certificate relating to a master policy of title insurance) and deliver the original or a copy of such policy (which may be a certificate relating to a master policy of title insurance) to the Indenture Trustee (or a Custodian on behalf of the Indenture Trustee) within 180 days of the Closing Date, deliver in instances where an original assumption, modification, buydown or conversion-to, and deposit with, -fixed-interest-rate agreement cannot be delivered by the Depositor to the Indenture Trustee (or a Custodian (on behalf of the Indenture Trustee), ) prior to or concurrently with copies to the Master Servicer execution and Special Servicerdelivery of this Agreement, the following documents or instruments Depositor may, in lieu of delivering the original of such agreement, deliver a certified copy thereof. To the extent not already recorded, except with respect to each any Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, for which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless MERS is identified on the Mortgage Loan was originated by the related Originator, show or on a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original properly recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) as the original mortgagee of record, the Master Servicer, at the expense of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein Seller shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty five Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage) submit or cause to be submitted for recording, at no expense to the Issuer, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred delivered to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingit. In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Seller, or its designeeMaster Servicer, at the Seller's expense of the Seller or the related originator, as applicable, shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Notwithstanding the foregoing, but without limiting the requirement that such Assignments be in recordable form, neither the Master Servicer nor the Indenture Trustee shallshall be required to submit or cause to be submitted for recording any Assignment delivered to it or a Custodian if such recordation shall not, promptly upon receipt as of the original recorded copy Closing Date, be required by the Rating Agencies, as a condition to their assignment on the Closing Date of their initial ratings to the Notes, as evidenced by the delivery by the Rating Agencies of their ratings letters on the Closing Date; provided, however, notwithstanding the foregoing, the Master Servicer shall submit each Assignment for recording, at no expense to the Issuer or the Master Servicer, upon the earliest to occur of: (A) reasonable direction by at least 25% of the Holders of the Outstanding Notes, (B) the occurrence of an Event of Servicer Termination, (C) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller or the related originator, as applicable, (D) the occurrence of a servicing transfer as described in Section 5.02 of this Agreement and in no event later than five (E) with respect to any one Assignment, the occurrence of a foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Seller fails to pay the cost of recording the Assignments, such expense will be paid by the Master Servicer and the Master Servicer shall be reimbursed for such expenses by the Trust as set forth herein. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it will cause, within 30 Business Days following after the Closing Date, the MERS® System to indicate that such receipt) deliver such original Mortgage Loans have been assigned by the Depositor to the CustodianIndenture Trustee in accordance with this Agreement for the benefit of the Noteholders by including in such computer files (a) the code in the field which identifies the specific trustee and (b) the code in the field “Pool Field” (or such other designation) which identifies the series of the Notes issued in connection with such Mortgage Loans. Notwithstanding anything to The Depositor further agrees that it will not, and will not permit the contrary contained Master Servicer to, and the Master Servicer agrees that it will not and will not permit a Sub-Servicer to, alter the codes referenced in this Section 2.01paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement, in those instances where the public recording office retains Mortgage Loan Purchase Agreement or the original MortgageFirst Republic Servicing Agreement, Assignment as applicable. With respect to a maximum of approximately 5.00% of the Mortgage or Reassignment Loans, by outstanding principal balance of Assignment the Mortgage Loans as of Leases, Rents and Profitsthe Cut-off Date, if applicable, after any has been recordedoriginal Mortgage Note cannot be located, the obligations hereunder of the Seller Depositor to deliver such documents shall be deemed to have been be satisfied upon delivery to the Indenture Trustee (or a Custodian on behalf of the Indenture Trustee) of a copy photocopy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and ProfitsNote, if applicableavailable, certified by the public recording office to be with a true and complete copy lost note affidavit. If any of the recorded original thereof. If Mortgage Notes for which a pro forma title insurance policy has been lost note affidavit was delivered to the Indenture Trustee (or a Custodian in lieu on behalf of an the Indenture Trustee) is subsequently located, such original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Mortgage Note shall be delivered to the Master Servicer by Indenture Trustee (or a Custodian on behalf of the Seller Indenture Trustee) within three Business Days. The Depositor shall deliver or the Trustee, as applicable. Notwithstanding anything cause to be delivered to the contrary contained in this Section 2.01, if, Indenture Trustee (or a Custodian on behalf of the Closing Date as Indenture Trustee) promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one delivered to the Indenture Trustee (or a Custodian on behalf of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viiiIndenture Trustee) are and shall be held by or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each the Depositor or the Master Servicer, as the case may be, in trust for the benefit of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Indenture Trustee on behalf of the CertificateholdersNoteholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Indenture Trustee (or a Custodian on behalf of the CoIndenture Trustee). Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. Wherever it is provided in this Section 1.05 that any document, evidence or information relating to a Mortgage Loan be delivered or supplied to the Indenture Trustee, the Depositor shall do so by delivery thereof to the Indenture Trustee or Custodian on behalf of the Indenture Trustee. It is agreed and understood by the parties hereto that it is not intended that any Mortgage Loan to be included in the Trust Fund be (i) a "High-Lender Agreement Cost Home Loan" as defined in the New Jersey Home Ownership Act effective November 27, 2003, (ii) a "High-Cost Home Loan" as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, (iii) a "High-Cost Home Mortgage Loan" as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High Cost Home Loan" as defined in the Series 1998-XX XX Pooling AgreementIndiana Home Loan Practices Act effective January 1, 2005.
Appears in 1 contract
Samples: Servicing Agreement (Citigroup Mortgage Loan Trust 2005-6)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor's rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. REMIC 0A or REMIC 0B. Such transfer and assignment includes all interest and principal due received by the Depositor or the Master Servicer on or with respect to the Mortgage Loans (other than payments of principal and interest and principal due on such Mortgage Loans on or prior to before the Cut-Off Date, and, off Date with respect to the GSMC Retained Interest Mortgage Loans). The Depositor herewith delivers to the Trust Administrator on behalf of the Trustee an executed copy of the Mortgage Loan Purchase Agreement. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trust Administrator as custodian for the Trustee (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Closing Date Mortgage Loan so transferred and assigned (other than and the Americold Pool LoanDepositor, shall, in accordance with Section 2.07, deliver or cause to be delivered to the Trust Administrator with respect to items each Subsequent Mortgage Loan, the following documents or instruments (ii)with respect to each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle Bankers Trust Company of California, N.A., as Trust Administrator for the benefit of First Union National Bank, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date or the related Subsequent Cut-off Date, as applicable) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the event such original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date (or each Subsequent Transfer Date, with respect to Subsequent Mortgage Loans) and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee, the Trust Administrator or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment following form: "Bankers Trust Company of Mortgage) which has not yet been submitted California, N.A., as Trust Administrator for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. the benefit of First Union National Bank, as Trustee under applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if either (x) the Trustee, the Trust Administrator, the NIMS Insurer, the Guarantor and each Rating Agency has received an opinion of counsel, reasonably satisfactory to the Trustee, the Trust Administrator, the NIMS Insurer, the Guarantor and each Rating Agency, to the effect that the recordation of such Assignments in any specific jurisdiction is not necessary to protect the Trust's interest in the related Mortgage Note or (y) each Rating Agency shall have determined that no such opinion is required in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Class S Certificates, the Mezzanine Certificates and the NIM Notes; provided further, however, notwithstanding the delivery of any opinion of counsel, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund, the Trustee, or the Trust Administrator, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (iv) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense will be paid by the Trust Administrator and shall be reimbursable to the contrary contained Trust Administrator as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above has as of the Closing Date (or each Subsequent Transfer Date, with respect to Subsequent Mortgage Loans) been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Depositor to deliver such documents shall be deemed to have been be satisfied upon (1) delivery to the Custodian Trust Administrator of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trust Administrator promptly upon receipt thereof, and in any event no later than one year after the Closing Date (or each Subsequent Transfer Date, with respect to Subsequent Mortgage Loans), of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If a pro forma the original lender's title insurance policy has been was not delivered pursuant to the Custodian in lieu of an original title insurance policySection 2.01(f) above, the Seller will promptly Depositor shall deliver or cause to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the TrusteeTrust Administrator promptly after receipt thereof, as applicable. Notwithstanding anything to the contrary contained and in this Section 2.01, if, on any event within 120 days after the Closing Date as (or each Subsequent Transfer Date, with respect to Subsequent Mortgage Loans), the original lender's title insurance policy. The Depositor shall deliver or cause to be delivered to the Trust Administrator promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, the Seller canincluding, but not deliver in complete and recordable form limited to, any one original documents evidencing an assumption or modification of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete . All original documents relating to the Mortgage Loans that are not delivered to the Trust Administrator are and recordable form, are delivered shall be held by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance on behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trust Administrator. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementMaster Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mort Loan Tr 2001-4 as Bk Cert Ser 2001-4)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor's rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after October 1, 2002 (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground leaseabove, if anyin the case of the Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as amended, for a first lien or second lien on the Mortgaged PropertiesProperty represented therein as a fee interest vested in the Mortgagor, if any;
(xii) if or in the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: "Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A-2 Certificates, the Class S-2 Certificates, the Mezzanine Certificates and the NIM Notes; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer's Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer's Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer's Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions of the Co-Lender Agreement Trustee or the Series 1998-XX XX Pooling Agreementapplicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Backed Certs Series 2002-5)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, transfer, assign, set over and otherwise convey hereby assign to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in and to the Mortgage LoansDepositor, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor therein for the benefit of the SellerDepositor, in, to and all Reserve Accountsunder (i) the Mortgage Loans identified on the Mortgage Loan Schedule, Lock-Box Accounts(ii) Sections 2, the Goldman Group Guaranty3, the Reinvestment Enhancement Instrument6, the Co-Lender 7, 9 and 18 of each Mortgage Loan Purchase Agreement and (iii) all other assets included or to be included in REMIC I (as described in Section 12.1(a) hereof and the Trust Fund for definition of REMIC I) or in the benefit of the Certificateholdersgrantor trust (as described in Section 12.1(b) hereof). Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans (other than payments of principal and interest due and principal due payable on the Mortgage Loans on or before the Cut-off Date). The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 13.12, is intended by the parties to constitute a sale. Notwithstanding the foregoing, the Seller shall not sell to the Depositor but shall instead retain (i) the amount of any increase in the interest payable under the Santa Xxxxx Xxxx Mortgage Loan in the event that the Mortgage Rate thereunder increases pursuant to the terms thereof because the related Mortgagor fails to become a special purpose entity on or prior to January 31, 2000 as required in accordance with the Cut-Off Date, and, related Mortgage Loan documents and (ii) any fee payable by the Mortgagor in connection with respect to the GSMC Retained Interest Loanssuch increase (together, the applicable GSMC "Retained Interest Amounts. Interest").
(b) In connection with such transfer and assignmentthe Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor pursuant to the applicable Originator. In connection with such transfer Mortgage Loan Purchase Agreement to deliver to and assignmentdeposit with, or cause to be delivered to and deposited with, the Seller shallTrustee or a Custodian appointed thereby (with a copy to the Master Servicer), on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage File for each Mortgage Loan so assigned (other than assigned. If a Seller cannot so deliver, or cause to be delivered, as to any of its Mortgage Loans, the Americold Pool Loan, with respect original or a copy of any of the documents and/or instruments referred to items in clauses (ii), (iiiiv), (vviii), (xi)(A) and (viiixii) belowof the definition of "Mortgage File", which have previously with (if appropriate) evidence of recording or filing, as the case may be, thereon, solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered pursuant for recordation or filing, the delivery requirements of this Section 2.1(b) shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File, provided that such Seller has delivered to the pooling agreement related to Series 1998-XX XX):
(i) Trustee on or before the original of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, Closing Date a copy thereof of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents and/or instruments) by such Seller to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankrecording or filing, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatescase may be), Series 1998-C1, without recourse", "LaSalle National Bank, as and the Seller shall deliver to or at the direction of the Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if promptly following the related security agreement is separate from the Mortgagereceipt thereof, the original executed version or counterpart thereof of such security agreement and missing document or instrument (or a copy thereof) with (if appropriate) evidence of recording or filing, as the assignment thereof case may be, thereon. If a Seller cannot so deliver, or cause to be delivered, as to any of its Mortgage Loans, the Trustee;
(v) original or a copy of the UCC-1 financing statementrelated lender's title insurance policy referred to in clause (ix) of the definition of "Mortgage File" solely because such policy has not yet been issued, together with an original executed UCC-2 or UCC-3 financing statementthe delivery requirements of this Section 2.1(b) shall be deemed to be satisfied as to such missing item, and such missing item shall be deemed to have been included in a form suitable for filingthe related Mortgage File, disclosing the assignment provided that such Seller has delivered to the Trustee on or before the Closing Date a "pro forma" title insurance policy or a commitment for title insurance "marked-up" at the closing of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) and such Seller shall deliver to or at the direction of the Trustee, promptly following the receipt thereof, the original related lender's title insurance policy (or the original pro forma title insurance policya copy thereof). In addition, together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument notwithstanding anything to the Trustee (a "Reassignment contrary contained herein, if there exists with respect to any group of Assignment related Cross-Collateralized Mortgage Loans only one original of Leases, Rents and Profits") in suitable form for recordation any document referred to in the jurisdiction definition of "Mortgage File" covering all the Mortgage Loans in which such group, then the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies inclusion of the original Environmental Reports of such document in the Mortgaged Properties made in connection with origination Mortgage File for any of the Mortgage Loans in such group shall be deemed an inclusion of such original in the Mortgage File for each such Mortgage Loan. None of the Trustee, if anyany Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by any Seller or the Depositor to comply with the document delivery requirements of the Mortgage Loan Purchase Agreements and this Section 2.1(b). If any Mortgage File contains an original letter of credit, the Trustee or Custodian shall hold such letter of credit in a custodial capacity only, and shall have no obligation to maintain, extend the term of, enforce or otherwise pursue any rights under such letter of credit. Notwithstanding the foregoing, the failure to deliver the originals or copies of the original environmental indemnities, if any;
(x) copies any of the original Management Agreementsdocuments or instruments referred to in clauses (ii), if any(iv), for (viii), (ix), (xi)(A) and (xii) of the Mortgaged Properties, collateral assignments thereof and any consents definition of manager;
(xi) "Mortgage File" shall constitute a copy Material Defect in respect of the related ground lease, Mortgage Loan under Section 2.3 hereof if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly not delivered within 120 days following the Closing Date (but in no event later than (x) thirty Business Days following or within such longer period after the Closing Date as the Trustee may consent to, which consent shall not be unreasonably withheld so long as the Seller has provided the Trustee with evidence of such recording or filing, as the case may be, or has certified to the Trustee as to the occurrence of such recording or filing, as the case may be, and is, as certified to the Trustee no less often than quarterly, in good faith attempting to obtain from the appropriate county recorder's or filing office such original or copy). If any of the endorsements referred to in clause (i) of the definition of "Mortgage File", or any of the assignments referred to in clauses (iii), (v), (vii), (x)(B) and (xi)(B) of the definition of "Mortgage File", are delivered to the Trustee in blank, the Trustee shall be responsible for completing the related endorsement or assignment in the name of the Trustee (in such capacity).
(c) The Trustee shall, as to each Mortgage Loan, at the expense of the related Seller, promptly (and in any event within 45 days after the later of (i) the Closing Date (or, in the case of clause (1)(aa Replacement Mortgage Loan substituted as contemplated in Section 2.3, after the related date of substitution) below and (yii) 60 days following the Closing Date in date on which all recording information necessary to complete the case of clauses 1(b) and 2 belowsubject document is received by the Trustee), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred cause to in Section 2.01(iii) which has not yet been be submitted for recording and (b) each Reassignment of Assignment of Leasesor filing, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included as the case may be, in the related Assignment of Mortgage) which has not yet been submitted appropriate public office for recordation; and (2) file each UCC-2 real property records or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the TrusteeUCC Financing Statements, as applicable. Notwithstanding anything appropriate, each assignment to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viiivii)(to the extent the related security agreement was recorded), (x)(B)(to the extent the related guaranty was recorded) or and (xiiixi)(B) of the definition of "Mortgage File" solely ", to the extent delivered to the Trustee. Each such assignment shall reflect that it should be returned by the public recording office to the Trustee or its designee following recording or filing (and the Trustee shall deliver a copy thereof to the Master Servicer); provided that in those instances where the public recording office retains the original assignment of Mortgage, assignment of Assignment of Leases, or assignment of security agreement the Trustee shall obtain therefrom at the expense of the related Seller a certified copy of the recorded original. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of the unavailability of recording information as to any existing document or instrumenta defect therein, the Seller Trustee shall direct the Master Servicer promptly to prepare and file or record or cause to be prepared and filed or recorded, a substitute therefor or cure such defect, as the case may provisionally satisfy be, at the delivery requirements expense of this Section 2.01(bthe related Seller.
(d) by delivering All documents and records in the possession of the Depositor or the Sellers that relate to the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof, together with all Escrow Payments and Reserve Funds in the possession of the Depositor or the Sellers with respect to such the Mortgage Loans, shall be delivered to the Master Servicer on or before the Closing Date and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee and the Master Servicer on or before the Closing Date a copy of a fully executed counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date an omnibus assignment Date.
(f) The Depositor shall, as to each Mortgage Loan that is secured by the interest of the related Mortgagor under a ground lease, at its own expense, promptly (and in any event within 45 days of the Closing Date) notify the related ground lessor of the transfer of such Mortgage Loan substantially in to the form Trust Fund pursuant to this Agreement and inform such ground lessor that any notices of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by default under the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of ground lease should thereafter be forwarded to the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling AgreementServicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc Depositor for Series 1999-Fnv1)
Conveyance of Mortgage Loans. (a) It is the intention of the parties hereto that a common law trust be established pursuant to this Agreement and further such trust be designated as "Banc of America Commercial Mortgage Inc. Commercial Mortgage Pass-Through Certificates, Series 2004-2". LaSalle Bank National Association is hereby appointed, and does hereby agree to act, as Trustee hereunder and, in such capacity, to hold the Trust Fund in trust for the exclusive use and benefit of all present and future Certificateholders. It is not intended that this Agreement create a partnership or a joint stock association.
(b) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, sell, set over and otherwise convey to the Trustee Trustee, in trust, without recourse recourse, for the benefit of the Certificateholders (except and for the benefit of the other parties to the extent herein providedthis Agreement as their respective interests may appear) all the right, title and interest of the Seller in Depositor in, to and to under (i) the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, Loans and all Reserve Accountsdocuments included in the related Mortgage Files and Servicing Files, Lock-Box Accounts, (ii) the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement Mortgage Loan Purchase and Sale Agreements and (iii) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):
(i) the original of Mortgage Loans that from time to time are subject to this Agreement, all interest accrued on the NoteMortgage Loans on and after the Cut-off Date and all principal payments received on the Mortgage Loans after the Cut-off Date (other than principal and interest payments due and payable on the Mortgage Loans on or before the Cut-off Date, endorsed without recourse which shall belong and be promptly remitted to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the applicable Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;
(ii) the original recorded Mortgage or counterpart thereof showing the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policySeller), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage all documents delivered or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document caused to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations delivered hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loans by the Mortgage Loan on Seller; (ii) any REO Property acquired in respect of a Mortgage Loan; and (iii) such funds or assets that from time to time are deposited into the Closing Date an omnibus assignment Certificate Account, the Distribution Account, the REMIC I Distribution Account, the REMIC II Distribution Account, the Interest Reserve Account, the Excess Liquidation Proceeds Account and the REO Account (if established). This conveyance is subject to the rights of the Sub-Servicers pursuant to the Sub-Servicing Agreements, which rights are subject in any event to this Agreement. Under United States generally accepted accounting principles, the Depositor shall report: (i) its acquisition of the Mortgage Loans from the Mortgage Loan Sellers, pursuant to the Mortgage Loan Purchase and Sale Agreements, as a purchase of such Mortgage Loans from the Mortgage Loan substantially in Sellers; and (ii) its transfer of the form Mortgage Loans to the Trustee, pursuant to this Section 2.01(b), as a sale of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by Loans to the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit)Trustee. The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in In connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreementforegoing, the servicer Depositor shall cause all of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan its records to reflect such acquisitions as purchases and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, such transfer as a sale (in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant case, as opposed to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementa secured loan).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Comm Mort Inc Pass Throu Certs Series 2004 2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Trust Fund. Concurrently with the execution of this Agreement, the Swap Agreement and a copy of the PMI Letter Agreement shall be delivered to the Securities Administrator and the Bulk PMI Policy and the PMI Letter Agreement shall be delivered to the Trustee. In connection therewith, the Depositor hereby directs (i) the Securities Administrator (solely in its capacity as such) and the Securities Administrator is hereby authorized to execute and deliver the Swap Agreement (on behalf of the Supplemental Interest Trust) and (ii) the Trustee (solely in its capacity as such) and the Trustee is hereby authorized to execute the PMI Letter Agreement, in each case for the benefit of Certificateholders. The Depositor, the Master Servicer, each Servicer, each Mortgage LoansLoan Originator, the Purchaser, the Credit Risk Manager and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Swap Agreement solely in its capacity as Securities Administrator of the Supplemental Interest Trust and the Trust Fund and not in its individual capacity, and the Trustee is executing and delivering the PMI Letter Agreement solely in its capacity as Trustee of the Trust Fund, and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other swap agreement upon the expiration or termination of the Swap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Purchaser’s obligation to repurchase the Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the applicable Mortgage Loan Originator shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the applicable Mortgage Loan Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the applicable Mortgage Loan Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the applicable Mortgage Loan Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing each of the endorsements required by Xxxxxx Xxx and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Purchaser pursuant to the applicable Master MLPA, the applicable Mortgage Loan Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, each Mortgage Loan Originator, the Depositor and each Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Purchaser pursuant to the applicable Master MLPA, on or prior to the Closing Date, the applicable Mortgage Loan Originator shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the applicable Servicer of the complete recording information for a Mortgage, such Servicer shall promptly submit or cause to be submitted for recording, at the expense of the applicable Mortgage Loan Originator and at no expense to the Trust Fund, the Trustee, such Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trustee’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted for recordation; Mortgage is to be recorded, the Mortgage shall be assigned by the applicable Mortgage Loan Originator, at the expense of the applicable Mortgage Loan Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingServicing Agreement dated as of November 1, 2005, HSI Asset Securitization Corporation Trust 2005-I1”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense applicable Mortgage Loan Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the applicable Mortgage Loan Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the applicable Mortgage Loan Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the applicable Mortgage Loan Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the applicable Mortgage Loan Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of such Mortgage Loan Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller applicable Mortgage Loan Originator shall be deemed to have been satisfied upon delivery by such applicable Mortgage Loan Originator to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2005-XX XX Pooling I1” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Xxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2005-I1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan (other than the right to receive any Retained Interest and prepayment penalties thereunder) identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iii) the Depositor's interest in any insurance policies in respect of the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any ; (iv) the Depositor's security interest thereunder in the Additional Collateral; (whether in real or personal property and whether tangible or intangiblev) in favor all proceeds of any of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest Loans. Concurrently with the execution and principal due on or prior delivery of this Agreement, the Depositor does hereby assign to the CutTrustee all of its rights and interest under the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement as if, for such purpose, it were the Depositor. The foregoing sale, transfer, assignment, set-Off Dateover, anddeposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein. In addition, with respect to the GSMC Retained Interest Loansany Additional Collateral Mortgage Loan, the applicable GSMC Retained Interest AmountsDepositor does hereby transfer, assign, set-over and otherwise convey to the Trustee without recourse (except as provided herein) (i) its rights as assignee under any security agreements, pledge agreements or guarantees relating to the Additional Collateral supporting any Additional Collateral Mortgage Loan, (ii) its security interest in and to any Additional Collateral, (iii) its right to receive payments in respect of any Additional Collateral Mortgage Loan pursuant to the related Servicing Agreement, and (iv) its rights as beneficiary under the Certificate Guaranty Surety Bond related in respect of any Additional Collateral Mortgage Loans conveyed to the Seller from MSDWCC. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a "MORTGAGE FILE") so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee either on its face or by allonge attached thereto in one of the following formsform: "Pay to the order of LaSalle National BankBankers Trust Company of California, N.A., as Trustee for the GS Xxxxxxxxx Mortgage Securities Corporation II Commercial Mortgage PassTrust 2001-Through Certificates, Series 1998-C11, without recourse", "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the related Originator aggregate Cut-Off Date Principal Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Aggregate Principal Balance;
(ii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy thereof of such Mortgage or power of attorney, as the case may be, certified to be a true and complete copy of the original thereof submitted for recording;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an executed original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located shall be assigned to either "LaSalle National BankBankers Trust Company of California, N.A., as Trustee for the GS Xxxxxxxxx Mortgage Securities Corporation II Commercial Mortgage PassTrust 2001-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent1, without recourse";
(iv) if in the related security agreement case of each Mortgage Loan that is separate from the Mortgagenot a MERS Mortgage Loan, the an original executed version or counterpart thereof copy of such security agreement and the assignment thereof to the Trusteeany intervening Assignment of Mortgage showing a complete chain of assignments;
(v) the original or a certified copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;lender's title insurance policy; and
(vi) the original or copies of each assumption, modification, written assurance or substitution agreement, if any. In addition, in connection with the Loan Agreement or counterpart thereof relating to such assignment of any MERS Mortgage Loan, the Seller agrees that it will cause, at the Seller's expense, the MERS(R) System to indicate that such Mortgage Loans have been assigned by the Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS(R) System to identify the series of the Certificates issued in connection with the transfer of such Mortgage Loans of the Xxxxxxxxx Mortgage Securities Trust 2001-1. With respect to each Cooperative Loan the Seller, on behalf of the Depositor does hereby deliver to the Trustee the related Cooperative Loan Documents and shall cause the Master Servicer to take such actions as are necessary under applicable law (including but not limited to the relevant UCC) in order to perfect the interest of the Trustee in the related Mortgaged Property. The Seller shall deliver the required documents to the Trustee prior to the Closing Date. In the case of the documents referred to in Section 2.01(iii), however, the Seller has delivered a copy of each Assignment of Mortgage certified by the Seller to be a true and complete copy of the original and, within two Business Days after the Closing Date, the Seller will deliver each original Assignment of Mortgage to the applicable public recording office for recordation. The Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (with any exceptions noted), substantially in the form attached as Exhibit G-3 hereto. If, as of the Closing Date, any of the documents referred to in Section 2.01(ii) or (iv) above has been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Seller to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trustee, no later than the Closing Date, of a copy of each such document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if any;
(vii) such copy is certified by the Seller, delivery to the Trustee, promptly upon receipt thereof, of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. If the original lender's title insurance policy (policy, or the original pro forma title insurance policy)a certified copy thereof, together with any endorsements thereto;
(viiiwas not delivered pursuant to Section 2.01(v) if any related Assignment of Leases, Rents and Profits is separate from the Mortgageabove, the original executed version, together with an executed reassignment of such instrument Seller shall deliver or cause to be delivered to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) or a copy of a written commitment or interim binder or preliminary report of title issued by the related ground leasetitle insurance or escrow company, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, with the original executed version of such assignment of contracts and the assignment or a certified copy thereof to be delivered to the Trustee;
(xiii) if , promptly upon receipt thereof. The Seller shall deliver or cause to be delivered to the Trustee, promptly upon receipt thereof, any related Lock-Box Agreement is separate from the other documents constituting a part of a Mortgage or Loan Agreement, a copy thereof; File received with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect any Mortgage Loan sold to the related Originator's security interest in Depositor by the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendmentsSeller, modifications and supplements toincluding, and waivers related but not limited to, any original documents evidencing an assumption or modification of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan. Upon discovery or receipt of notice of any materially defective document in, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)that a document is missing from, a Mortgage File, the Seller (shall have 90 days to cure such defect or its designee) shalldeliver such missing document to the Trustee. If the Seller does not cure such defect or deliver such missing document within such time period, at its expense, (1) record (a) each Assignment the Seller shall either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03 hereof. The Seller shall cause the Assignments of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leaseshereof and, Rents and Profits referred to the extent necessary, in Section 2.01(viii2.01(iv) (if hereof to be recorded; provided, however, that the Seller need not otherwise included cause to be recorded any Assignment which relates to a Mortgage Loan in any jurisdiction under the laws of which, as evidenced by a legal memorandum delivered by the Seller to the Trustee and the Rating Agency, the recordation of such Assignment is not necessary to protect the Trustee's interest in the related Mortgage Loan. The Seller shall be required to deliver such Assignments for recording within 30 days of the Closing Date. The Seller shall furnish the Trustee, or its designated agent, with a copy of each Assignment of Mortgage) which has not yet been Mortgage submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingrecording. In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Seller shall use its best efforts to promptly prepare have a substitute document for signature by Assignment prepared or have such defect cured, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original Depositor herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete Trustee an executed copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Thornburg Mortgage Sec Tr 2001-1 MRT Ln Ps THR CRT Sr 2001-1)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor's rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after May 1, 2003 (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date, and, with respect ). The Depositor herewith delivers to the GSMC Retained Interest LoansTrustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the Trustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ," with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut-off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground leaseabove, if anyin the case of the Washington Mutual Mortgage Loans), insuring the priority of the Mortgage as amended, for a first lien or second lien on the Mortgaged PropertiesProperty represented therein as a fee interest vested in the Mortgagor, if any;
(xii) if or in the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: "Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse." In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the "Recording Documents") has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer's Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer's Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer's Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans) was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender's title insurance policy (or a copy thereof, in the case of the Washington Mutual Mortgage Loans). The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions of the Co-Lender Agreement Trustee or the Series 1998-XX XX Pooling Agreementapplicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Securities Corp Asset Back Certs Ser 2003-3)
Conveyance of Mortgage Loans. The Seller(a) Each Seller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the such Seller in and to the applicable Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by such Seller on or with respect to the applicable Mortgage Loans after the Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by such Seller as a Certificate Account Deposit as provided in this Agreement, other than interest and principal due on the applicable Mortgage Loans on or prior to the Cut-Off Date, and, with respect off Date and interest accruing prior to the GSMC Retained Interest LoansCut-off Date. CHL confirms that, concurrently with the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, it has deposited into the Seller shall make a cash deposit Certificate Account the Certificate Account Deposit. Immediately upon the conveyance of the Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Collection Account Trustee for benefit of the Certificateholders, without recourse, all right title and interest in an amount equal the Mortgage Loans. CHL further agrees to assign all of its right, title and interest in and to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts interest rate corridor transaction evidenced by each Confirmation, and to GSMC cause all of its obligations in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts respect of such transaction to be transferred to and held in assumed by, the name of the Master Servicer Trustee on behalf of the Trustee as successor Trust Fund, on the terms and conditions set forth in the Corridor Contract Assignment Agreement.
(b) [Reserved]
(c) Each Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to the applicable Originator. Trustee for the use and benefit of the Certificateholders, without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to the Trustee pursuant to Sections 2.01(a).
(d) [Reserved]
(e) [Reserved]
(f) [Reserved]
(g) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shallDepositor has delivered to, on or prior to and deposited with, the Closing DateCo-Trustee (or, in the case of the Delay Delivery Mortgage Loans, will deliver to, and deposit with, the Custodian Co-Trustee within the time periods specified in the definition of Delay Delivery Mortgage Loans) (on behalf except as provided in clause (vi) below) for the benefit of the Trustee), with copies to the Master Servicer and Special ServicerCertificateholders, the following documents or instruments with respect to each such Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items each Mortgage Loan, clause (ii), i) through (iii), (v) and (viiivi) below, which have previously been delivered pursuant to together, the pooling agreement related to Series 1998-XX XX"Mortgage File" for each such Mortgage Loan):
(i) the original of the Mortgage Note, endorsed by the applicable Seller or the originator of such Mortgage Loan, without recourse to the order of the Trustee recourse, in one of the following formsform: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ________________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, that show a complete chain of endorsement from the related Originator originator to the Trusteeapplicable Seller, or, if the original Mortgage Note has been lost or destroyed and not replaced, an original lost note affidavit from the applicable Seller, stating that the original Mortgage Note was lost or destroyed, together with a copy of the related Mortgage Note;
(ii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original recorded Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, with evidence of recording indicated thereon, or a copy of the Mortgage certified by the public recording office in which such Mortgage has been recorded;
(iii) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, a duly executed assignment of the Mortgage to "Asset-Backed Certificates, Series 2004-5, CWABS, Inc., by The Bank of New York, a New York banking corporation, as trustee under the Pooling and Servicing Agreement dated as of May 1, 2004, without recourse" (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which such assignment relates);
(iv) the original recorded assignment or assignments of the Mortgage together with all interim recorded assignments of such Mortgage (noting the presence of a MIN in the case of each MERS Mortgage Loan);
(v) the original or copies of each assumption, modification, written assurance or substitution agreement, if any; and
(vi) the original or duplicate original lender's title policy or a printout of the electronic equivalent and all riders thereto or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender's title policy and all riders thereto shall be delivered within one year of the Closing Date. In addition, in connection with the assignment of any MERS Mortgage Loan, each Seller agrees that it will cause, at such Seller's own expense, the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that such Mortgage Loans have been assigned by such Seller to the Trustee in accordance with this Agreement for the benefit of the Certificateholders by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with such Mortgage Loans. The Sellers further agree that they will not, and will not permit the Master Servicer to, and the Master Servicer agrees that it will not, alter the codes referenced in this paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. In the event that in connection with any Mortgage Loan that is not a MERS Mortgage Loan a Seller cannot deliver the original recorded Mortgage or counterpart all interim recorded assignments of the Mortgage satisfying the requirements of clause (ii), (iii) or (iv) concurrently with the execution and delivery hereof, such Seller shall deliver or cause to be delivered to the Co-Trustee a true copy of such Mortgage and of each such undelivered interim assignment of the Mortgage each certified by such Seller, the applicable title company, escrow agent or attorney, or the originator of such Mortgage, as the case may be, to be a true and complete copy of the original Mortgage or assignment of Mortgage submitted for recording. For any such Mortgage Loan that is not a MERS Mortgage Loan each Seller shall promptly deliver or cause to be delivered to the Co-Trustee such original Mortgage and such assignment or assignments with evidence of recording indicated thereon upon receipt thereof showing from the public recording official, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery be made later than 270 days following the Closing Date; provided that in the event that by such date such Seller is unable to deliver or cause to be delivered each such Mortgage and each interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of each interim assignment, because the related Originator Mortgage has not been returned by the appropriate recording office, such Seller shall deliver or cause to be delivered such documents to the Co-Trustee as mortgagee orpromptly as possible upon receipt thereof. If the public recording office in which a Mortgage or interim assignment thereof is recorded retains the original of such Mortgage or assignment, a copy of the original Mortgage or assignment so retained, with evidence of recording thereon, certified to be true and complete by such recording office, shall satisfy a Seller's obligations in Section 2.01. If any document submitted for recording pursuant to this Agreement is (x) lost prior to recording or rejected by the applicable recording office, the applicable Seller shall immediately prepare or cause to be prepared a substitute and submit it for recording, and shall deliver copies and originals thereof in accordance with the foregoing or (y) lost after recording, the applicable Seller shall deliver to the Co-Trustee a copy of such document certified by the applicable public recording office to be a true and complete copy of the original recorded document. Each Seller shall promptly forward or cause to be forwarded to the Co-Trustee (x) from time to time additional original documents evidencing an assumption or modification of a Mortgage Loan and (y) any other documents required to be delivered by the Depositor or the Master Servicer to the Co-Trustee within the time periods specified in this Section 2.01. With respect to each Mortgage Loan other than a MERS Mortgage Loan as to which the related Mortgaged Property and Mortgage File are located in (a) the State of California or (b) any other jurisdiction under the laws of which the recordation of the assignment specified in clause (iii) above is not necessary to protect the Trustee's and the Certificateholders' interest in the related Mortgage Loan, as evidenced by an Opinion of Counsel delivered by CHL to the Trustee, and a copy to the Rating Agencies, in lieu of recording the assignment specified in clause (iii) above, the applicable Seller may deliver an unrecorded assignment in blank, in form otherwise suitable for recording to the Co-Trustee; provided that if any such original the related Mortgage has not been returned from the applicable public recording office, a such assignment, or any copy thereof certified thereof, of the Mortgage may exclude the information to be provided by the recording office. As to any Mortgage Loan other than a true and complete copy MERS Mortgage Loan, the procedures of the original thereof submitted for recording;
(iii) an executed Assignment of preceding sentence shall be applicable only so long as the related Mortgage in suitable form for recordation File is maintained in the possession of the Co-Trustee in the State or jurisdiction described in which such sentence. In the Mortgaged Property is located event that with respect to Mortgage Loans other than MERS Mortgage Loans (i) either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the MortgageSeller, the original executed version Depositor or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Master Servicer gives written notice to the Trustee that recording is required to protect the right, title and interest of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
Certificateholders in and to any Mortgage Loan, (xivii) any and all amendments, modifications and supplements to, and waivers related to, any a court recharacterizes the sale of the foregoing;
Mortgage Loans as a financing, or (xviii) [Reserved];
(xvi) as a result of any letters of credit and other written agreements related change in or amendment to the Mortgage Loan; and
(xvii) with respect to laws of the Americold Pool LoanState or jurisdiction described in the first sentence of this paragraph or any applicable political subdivision thereof, or any change in official position regarding application or interpretation of such laws, including a holding by a court of competent jurisdiction, such recording is so required, the Co-Lender Agreement. On or promptly following Trustee shall complete the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date assignment in the case of manner specified in clause (1)(aiii) below and (y) 60 days following of the Closing Date in the case second paragraph of clauses 1(bthis Section 2.01(g) and 2 below), the Seller (CHL shall submit or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred cause to in Section 2.01(iii) which has not yet been be submitted for recording and (b) as specified above or, should CHL fail to perform such obligations, the Trustee shall cause the Master Servicer, at the Master Servicer's expense, to cause each Reassignment such previously unrecorded assignment to be submitted for recording as specified above. In the event a Mortgage File is released to the Master Servicer as a result of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included the Master Servicer's having completed a Request for Release in the form of Exhibit M, the Trustee shall complete the assignment of the related Assignment Mortgage in the manner specified in clause (iii) of Mortgage) the second paragraph of this Section 2.01(g). So long as the Co-Trustee or its agent maintains an office in the State of California, the Co-Trustee or its agent shall maintain possession of and not remove or attempt to remove from the State of California any of the Mortgage Files as to which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to the related Mortgaged Property is located in Section 2.01(v) or (xiii) which has not yet been submitted for filingsuch State. In the event that any such document is lost or returned unrecorded because a Seller fails to record an assignment of a defect thereinMortgage Loan as herein provided within 90 days of notice of an event set forth in clause (i), the Seller, (ii) or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt (iii) of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01above paragraph, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trusteeshall prepare and, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01if required hereunder, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the file such assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially for recordation in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (appropriate real property or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX")other records office. Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Seller hereby appoints the Master Servicer for both the Americold Pool Loan (and the Other Americold Pool Loan any successor servicer hereunder) as its attorney-in-fact with full power and the special servicer authority acting in its stead for the Series 1998-XX XX willpurpose of such preparation, to the extent necessary, specially service both the Americold Pool Loan execution and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreementfiling.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset-Backed Certificates Series 2004-5)
Conveyance of Mortgage Loans. The Seller(a) Each Seller hereby sells, concurrently with the execution and delivery hereoftransfers, does herebyassigns, sell, transfer, assign, set sets over and otherwise convey conveys to the Trustee Depositor, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the such Seller in and to the applicable Initial Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due received and receivable by such Seller on or with respect to the applicable Initial Mortgage Loans other than interest and principal due on or prior after the Initial Cut-off Date (to the extent not applied in computing the Cut-Off Date, and, with respect to off Date Principal Balance thereof) or deposited into the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Certificate Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of such Seller as part of the Trustee Initial Certificate Account Deposit as successor to provided in this Agreement, other than principal due on the applicable Originator. In connection with such transfer and assignment, the Seller shall, Initial Mortgage Loans on or prior to the Closing Initial Cut-off Date and interest accruing prior to the Initial Cut-off Date. The Master Servicer confirms that, deliver to, and deposit with, the Custodian (on behalf of the Trustee)Sellers, concurrently with copies the transfer and assignment, it has deposited into the Certificate Account the Initial Certificate Account Deposit. Immediately upon the conveyance of the Initial Mortgage Loans referred to in the preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Mortgage Loans. CHL further agrees (x) to cause The Bank of New York to enter into the Corridor Contract Administration Agreement as Corridor Contract Administrator and (y) to assign all of its right, title and interest in and to the interest rate corridor transaction evidenced by each Confirmation, and to cause all of its obligations in respect of such transaction to be assumed by, the Corridor Contract Administrator, on the terms and conditions set forth in the Corridor Contract Assignment Agreement.
(b) Subject to the execution and delivery of the related Subsequent Transfer Agreement as provided by Section 2.01(d) hereof and the terms and conditions of this Agreement, each Seller sells, transfers, assigns, sets over and otherwise conveys to the Depositor, without recourse, on each Subsequent Transfer Date, all the right, title and interest of such Seller in and to the related Subsequent Mortgage Loans, including all interest and principal received and receivable by such Seller on or with respect to such Subsequent Mortgage Loans after the related Subsequent Cut-off Date (to the extent not applied in computing the Cut-off Date Principal Balance thereof) or deposited into the Certificate Account by the Master Servicer on behalf of such Seller as part of any related Subsequent Certificate Account Deposit as provided in this Agreement, other than principal due on such Subsequent Mortgage Loans on or prior to the related Subsequent Cut-off Date and Special Servicerinterest accruing prior to the related Subsequent Cut-off Date. Immediately upon the conveyance of the Subsequent Mortgage Loans referred to in the preceding paragraph, the following documents or instruments Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee for benefit of the Certificateholders, without recourse, all right title and interest in the Subsequent Mortgage Loans.
(c) Each Seller has entered into this Agreement in consideration for the purchase of the Mortgage Loans by the Depositor and has agreed to take the actions specified herein. The Depositor, concurrently with respect the execution and delivery of this Agreement, hereby sells, transfers, assigns and otherwise conveys to each Mortgage Loan so assigned (other than the Americold Pool LoanTrustee for the use and benefit of the Certificateholders, with respect without recourse, all right title and interest in the portion of the Trust Fund not otherwise conveyed to items (ii), (iii), (v) and (viii) below, which have previously been delivered the Trustee pursuant to Section 2.01(a) or (b) hereof.
(d) On any Business Day during the pooling agreement Funding Period designated by CHL to the Trustee, the Sellers, the Depositor and the Trustee shall complete, execute and deliver a Subsequent Transfer Agreement. After the execution and delivery of such Subsequent Transfer Agreement, on the Subsequent Transfer Date, the Trustee shall set aside in the Pre-Funding Account an amount equal to the related Subsequent Transfer Date Purchase Amount.
(e) The transfer of Subsequent Mortgage Loans on the Subsequent Transfer Date is subject to Series 1998-XX XX):the satisfaction of each of the following conditions:
(i) the original Trustee and the Underwriters will be provided Opinions of Counsel addressed to the Rating Agencies as with respect to the sale of the Note, endorsed without recourse Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date (such opinions being substantially similar to the order opinions delivered on the Closing Date to the Rating Agencies with respect to the sale of the Trustee Initial Mortgage Loans on the Closing Date), to be delivered as provided in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the TrusteeSection 2.01(f) hereof;
(ii) the original recorded Mortgage execution and delivery of such Subsequent Transfer Agreement or counterpart thereof showing conveyance of the related Originator as mortgagee or, if any such original Subsequent Mortgage has Loans does not been returned from the applicable public recording office, result in a copy thereof certified to be a true and complete copy reduction or withdrawal of the original thereof submitted for recordingratings assigned to the Certificates by the Ratings Agencies;
(iii) the Depositor shall deliver to the Trustee an executed Assignment Officer's Certificate confirming the satisfaction of Mortgage each of the conditions set forth in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located this Section 2.01(e) required to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"be satisfied by such Subsequent Transfer Date;
(iv) if each Subsequent Mortgage Loan conveyed on such Subsequent Transfer Date satisfies the related security agreement is separate from the Mortgagerepresentations and warranties applicable to it under this Agreement, provided, however, that with respect to a breach of a representation and warranty with respect to a Subsequent Mortgage Loan set forth in this clause (iv), the original executed version obligation under Section 2.03(e) hereof of the applicable Seller, to cure, repurchase or counterpart thereof of replace such security agreement and Subsequent Mortgage Loan shall constitute the assignment thereof sole remedy against such Seller respecting such breach available to Certificateholders, the Depositor or the Trustee;
(v) the Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date were selected in a copy manner reasonably believed not to be adverse to the interests of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage LoanCertificateholders;
(vi) the original of the no Subsequent Mortgage Loan Agreement conveyed on such Subsequent Transfer Date was 30 or counterpart thereof relating to such Mortgage Loan, if anymore days delinquent;
(vii) following the original lender's title insurance policy (or conveyance of the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the MortgageSubsequent Mortgage Loans on such Subsequent Transfer Date, the original executed version, together with an executed reassignment characteristics of such instrument to each Loan Group will not vary by more than the Trustee amount specified below (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in other than the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment percentage of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is Loans secured by Mortgaged Properties located in the State of California, which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance will not exceed 50% of the Seller's Commercial Mortgage Pass-Through CertificatesPool and the percentage of mortgage loans in the Credit Grade Categories of "C" or below, Series 1998-XX XX ("Series 1998-XX XX"). Each which will not exceed 10% of the Americold Pool Mortgage Loans in each Loan Group) from the characteristics listed below; provided that for the purpose of making such calculations, the characteristics for any Initial Mortgage Loan made will be taken as of the Initial Cut-off Date and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect characteristics for any Subsequent Mortgage Loans will be taken as of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the CoSubsequent Cut-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement or the Series 1998-XX XX Pooling Agreement.off Date;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby establish the Trust, sellappoint the Trustee as trustee of the Trust, transfer, assign, set over and otherwise convey assign in trust to the Trustee Trustee, without recourse (except to recourse, for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller in Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the Depositor's rights under the Mortgage Loan Purchase Agreement that are permitted to be assigned to the Mortgage Loans, including all rights Trustee pursuant to payment in respect Section 14 thereof, except as set forth below, (iii) the Initial Deposit and any security interest thereunder (whether in real or personal property and whether tangible or intangibleiv) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund REMIC I for the benefit of the CertificateholdersREMIC II. Such transfer and assignment includes all interest and principal due received or receivable on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off Date, and, with respect . The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amountsconstitute a sale. In connection with such transfer and assignmentthe initial sale of the Certificates by the Depositor, the Seller shall make purchase price to be paid includes a cash deposit portion attributable to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly interest accruing on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause Certificates from and after the Reserve Accounts and LockCut-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. Off Date.
(b) In connection with such transfer and assignmentthe Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, Seller shallpursuant to the Mortgage Loan Purchase Agreement to deliver to and deposit with, or cause to be delivered to and deposited with, the Trustee or a Custodian appointed thereby, on or prior to before the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to Mortgage Note for each Mortgage Loan so assigned assigned, endorsed to the Trustee as specified in clause (other than i) of the Americold Pool Loandefinition of "Mortgage File." Seller is required, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related Mortgage Loan Purchase Agreement, to Series 1998-XX XX):
(i) deliver to the original Trustee the remaining documents constituting the Mortgage File for each Mortgage Loan within the time period set forth therein. None of the Note, endorsed without recourse to the order of the Trustee in one of the following forms: "Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse"the Fiscal Agent, "Pay to the order of LaSalle National Bank, as any Custodian, without recourse", "Pay the Master Servicer or the Special Servicer shall be liable for any failure by Seller or the Depositor to comply with the order document delivery requirements of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trustee;Purchase Agreement and this Section 2.1(b).
(iic) The Seller shall, at the original recorded expense of the Seller, as to each Mortgage or counterpart thereof showing Loan, promptly (and in any event within 45 days following the related Originator as mortgagee or, if any such original Mortgage has not been returned from the applicable public recording office, a copy thereof certified receipt thereof) cause to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation recording or filing, as the case may be, in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bankappropriate public office for real property records or UCC financing statements, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificatesappropriate, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the each assignment to the Trustee referred to in clauses (iv), (vi)(B) and (ix) of the security interest in definition of "Mortgage File". Each such assignment shall reflect that it should be returned by the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument public recording office to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage following recording or Loan Agreement, a copy thereoffiling; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event provided that any such document is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Assignment of Mortgage, Assignment of Mortgage or Reassignment assignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedLeases or assignment of UCC financing statements, the obligations hereunder Master Servicer shall obtain therefrom at the expense of the Seller a certified copy of the recorded original. The Master Servicer shall forward copies thereof to the Trustee and the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Master Servicer shall direct Seller pursuant to the applicable Mortgage Loan Purchase Agreement promptly to prepare or cause to be prepared a substitute therefor or cure such defect, as the case may be, and thereafter the Master Servicer shall upon receipt thereof cause the same to be duly recorded or filed, as appropriate.
(d) All relevant servicing documents and records in the possession of the Depositor or the Seller that relate to the Mortgage Loans and that are not required to be a part of a Mortgage File in accordance with the definition thereof shall be delivered (subject to the requirements of the Primary Servicing Agreement) to the Master Servicer on or before the Closing Date and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of the Certificateholders. The Depositor shall deliver or cause the Seller to deliver to the Special Servicer a copy of each Mortgage File to the extent that (i) such copy has not previously been delivered to the Special Servicer and (ii) the Special Servicer requests (in writing) such copy within 180 days following the Closing Date. The Depositor shall deliver or cause the Seller to deliver such copy within a reasonable period following such request by the Special Servicer.
(e) In connection with the Depositor's assignment pursuant to Section 2.1(a) above, the Depositor shall deliver to the Trustee on or before the Closing Date a copy of a fully executed counterpart of the Mortgage Loan Purchase Agreement, as in full force and effect on the Closing Date, which Mortgage Loan Purchase Agreement shall contain the representations and warranties made by the Seller with respect to each Mortgage Loan as of the Closing Date.
(f) Concurrently herewith, the Depositor has acquired the Mortgage Loans from Seller. The Depositor will deliver the original Mortgage Notes (or lost note affidavits with copies of the related Mortgage Notes, as described in the definition of Mortgage File) relating to the Mortgage Loans to the Trustee, endorsed as otherwise provided herein, to effect the transfer to the Trustee of such Mortgage Notes and all related deeds of trust, mortgages and other loan documents. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording of multiple assignment documents, Seller is required under the Mortgage Loan Purchase Agreement to deliver Assignments of Mortgages and assignments of Assignments of Leases and assignments of UCC financing statements naming the Trustee, on behalf of the Certificateholders, as assignee. Notwithstanding the fact that the assignments shall name the Trustee, on behalf of the Certificateholders, as the assignee, the parties hereto acknowledge and agree that for all purposes the Mortgage Loans shall be deemed to have been satisfied upon delivery transferred from Seller to the Custodian of a copy of such Mortgage, Assignment of Depositor and the Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents Loans shall be delivered deemed to have been transferred from the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement Depositor to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed .
(g) The Primary Servicer shall, as to override each Mortgage Loan that is secured by the provisions interest of the Co-Lender related Mortgagor under a ground lease, at its own expense, promptly (and in any event within the later of (x) 45 days of the Closing Date and (y) delivery to the Primary Servicer of a copy of the ground lease by the Seller) notify the related ground lessor of the transfer of such Mortgage Loan to the Trust pursuant to this Agreement or and inform such ground lessor that any notices of default under the Series 1998-XX XX Pooling Agreementrelated ground lease should thereafter be forwarded to the Primary Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Dean Witter Capital 1 Inc Series 2000-Prin)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey in trust to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-off Date Principal Balance, all interest accruing thereon on and after the Cut-off Date and all collections in respect of interest and principal due after the Cut-off Date; (ii) property which secured each such Mortgage Loan and which has been acquired by foreclosure or deed in lieu of foreclosure; (iii) its interest in any insurance policies in respect of the Mortgage Loans, including all ; (iv) the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Master Agreement (as assigned to the Depositor pursuant to the terms of the Assignment Agreement), and all Reserve Accounts(v) the right to receive any amounts payable under the Cap Contract, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit and (vii) all proceeds of any of the Certificateholdersforegoing. Such transfer and assignment includes all interest and principal due on and collected by the Depositor or the Servicer after the Cut-off Date with respect to the Mortgage Loans other than interest Loans. The Depositor hereby directs the Trustee to execute, deliver and principal due perform its obligations under the Cap Contract on or prior to the Cut-Off Date, and, with respect to Closing Date and thereafter on behalf of the GSMC Retained Interest LoansHolders of the Floating Rate Certificates. The Depositor, the applicable GSMC Retained Interest AmountsServicer and the Holders of the Floating Rate Certificates by their acceptance of such Certificates acknowledge and agree that the Trustee shall execute, deliver and perform its obligations under the Cap Contract and shall do so solely in its capacity as Trustee of the Trust Fund and not in its individual capacity. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, on or prior to the Closing Date, does hereby deliver to, and deposit with, the Custodian (on behalf of with the Trustee, or its designated agent (the "Custodian"), with copies to the Master Servicer and Special Servicer, the following documents or instruments with respect to each Original Mortgage Loan so assigned transferred and assigned, the following documents or instruments (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa "Mortgage File"):
(i) the original of the NoteMortgage Note including any riders thereto, endorsed without recourse to the order of either (A) in blank, in which case the Trustee shall cause the endorsement to be completed or (B) in one of the following formsform: "Pay to the order of LaSalle Deutsche Bank National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "Pay to the order of LaSalle National BankTrust Company, as Trustee, without recourse"" or with respect to any lost Mortgage Note, "Pay to an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans, the related Originator aggregate Cut-off Date Principal Balance of which is less than or equal to 1.00% of the TrusteePool Balance as of the Cut-off Date;
(ii) the original Mortgage (noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan), with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, has been lost or is not otherwise available, a copy thereof of such Mortgage or power of attorney, as the case may be, certified to be a true and complete copy of the original thereof submitted for recording;
(iii) unless the Mortgage Loan is registered on the MERS(R) System, an executed Assignment of original Assignment, in form and substance acceptable for recording. The Mortgage shall be assigned either (A) in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located blank or (B) to either "LaSalle Deutsche Bank National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National BankTrust Company, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) an original of any intervening assignment of Mortgage showing a complete chain of assignments (or to MERS if the related security agreement Mortgage Loan is separate from registered on the Mortgage, MERS(R) System and noting the original executed version or counterpart thereof presence of such security agreement and the assignment thereof to the TrusteeMIN);
(v) the original or a certified copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;lender's title insurance policy; and
(vi) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;
. The Depositor herewith also delivers to the Trustee an executed copy of the Assignment Agreement and the Master Agreement. If any of the documents referred to in Section 2.01(ii), (viiiii) or (iv) above has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office or (y) has been lost or such public recording office has retained the original of such document, the obligations of the Depositor to deliver such documents shall be deemed to be satisfied upon (1) delivery to the Trustee or the Custodian no later than the Closing Date, of a copy of each such document certified by the Originator in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Originator, delivery to the Trustee or the Custodian, promptly upon receipt thereof of either the original or a copy of such document certified by the applicable public recording office to be a true and complete copy of the original. If the original lender's title insurance policy (policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(v) above, the Depositor shall deliver or cause to be delivered to the Trustee or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the MortgageCustodian, the original executed versionor a copy of a written commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, together with an executed reassignment of such instrument the original or a certified copy thereof to be delivered to the Trustee or the Custodian, promptly upon receipt thereof. The Servicer or the Depositor shall deliver or cause to be delivered to the Trustee or the Custodian promptly upon receipt thereof any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the Trustee shall notify the Servicer and the Servicer (a "Reassignment or, to the extent provided in Section 3.02, the Trustee) shall enforce the obligations of Assignment the Originator under the Master Agreement to cure such defect or deliver such missing document to the Trustee or the Custodian within 90 days. If the Originator does not cure such defect or deliver such missing document within such time period, the Servicer (or, to the extent provided in Section 3.02, the Trustee) shall enforce the obligations of Leasesthe Originator to either repurchase or substitute for such Mortgage Loan in accordance with Section 2.03. In connection with the foregoing, Rents and Profits") in suitable form for recordation it is understood that the Trustee shall have no duty to discover any such defects except in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment course of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination performing its review of the Mortgage Loan, if any, and copies Files to the extent set forth herein. The Trustee shall enforce the obligations of the original environmental indemnities, if any;
(x) copies of Originator under the original Management Agreements, if any, for Master Agreement to cause the Mortgaged Properties, collateral assignments thereof Assignments which were delivered in blank to be completed and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and record all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage Assignments referred to in Section 2.01(iii) which has not yet been submitted hereof and, to the extent necessary, in Section 2.01(iv) hereof. The Trustee shall enforce the obligations of the Originator under the Master Agreement to deliver such assignments for recording and (b) each Reassignment within 180 days of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingClosing Date. In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at Trustee shall enforce the Seller's expense shall use its best efforts obligations of the Originator under the Master Agreement to promptly prepare have a substitute document for signature by Assignment prepared or have such defect cured, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments of Mortgage shall not be required to be submitted for recording with respect to any Mortgage Loan in any jurisdiction where the Rating Agencies do not require recordation in order to receive the ratings on the Certificates at the time of their initial issuance (which jurisdictions, as of such time of their initial issuance, are Maryland and Florida); provided, however, each Assignment, except with respect to any Mortgage Loan for which MERS is identified on the Mortgage, shall be submitted for recording in the manner described above, at no expense to the Trust Fund or Trustee, upon the earliest to occur of: (i) reasonable direction by the Holders of Certificates entitled to at least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event of Termination, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof, (v) upon receipt of notice from the original recorded copy Servicer, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage and (vi) upon receipt of notice from the Servicer, any Mortgage Loan that is 90 days or more Delinquent. In the event of (i) through (vi) set forth in the immediately preceding sentence, the Trustee shall enforce the obligations of the Seller to deliver such Assignments for recording as provided above, promptly and in no any event later than five Business Days within 30 days following such receipt) deliver such original to receipt of notice by the CustodianSeller. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profitsforegoing, if applicablethe Seller fails to pay the cost of recording the Assignments, after such expense will be paid by the Trustee and the Trustee shall be reimbursed for such expenses by the Trust. In the event an Assignment is not recorded, the Servicer will not have any has liability for its failure to act on notices that were not received and would have been had such Assignment been recorded, except with respect to Mortgage Loans that are subject to provisions (i) through (vi) set forth in this paragraph, if the obligations hereunder Servicer shall have failed to timely request the Seller to cause such Assignments to be recorded. In the event that any Mortgage Note is endorsed in blank as of the Seller Closing Date, promptly following the Closing Date, the Trustee shall cause (at the Seller's expense) to be deemed completed such endorsements "Pay to have been satisfied upon delivery the order of Deutsche Bank National Trust Company, as Trustee, without recourse." The Servicer shall forward to the Custodian original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into in accordance with this Agreement within two weeks of their execution; provided, however, that the Servicer shall provide the Custodian with a certified true copy of any such document submitted for recordation within two weeks of its execution, and shall provide the original of any document submitted for recordation or a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, document certified by the appropriate public recording office to be a true and complete copy of the original within 365 days of its submission for recordation. In the event that the Servicer cannot provide a copy of such document certified by the public recording office within such 365 day period, the Servicer shall deliver to the Custodian, within such 365 day period, an Officers' Certificate of the Servicer which shall (A) identify the recorded original thereof. If a pro forma title insurance policy document, (B) state that the recorded document has not been delivered to the Custodian in lieu due solely to a delay caused by the public recording office, (C) state the amount of an original title insurance policy, time generally required by the Seller will promptly deliver applicable recording office to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)record and return a document submitted for recordation, if not already filed, to be filed in known and (D) specify the date the applicable public recording office and upon filing will promptly deliver recorded document is expected to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Custodian, and, upon receipt of a copy of such document certified by the Seller or public recording office, the Trustee, as applicable. Notwithstanding anything Servicer shall immediately deliver such document to the contrary contained in this Section 2.01, if, on Custodian. In the Closing Date event the appropriate public recording office will not certify as to the accuracy of such document, the Servicer shall deliver a copy of such document certified by an officer of the Servicer to be a true and complete copy of the original to the Custodian. The parties hereto understand and agree that it is not intended that any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially be included in the form of Exhibit P; provided Trust that all required original assignments with respect to such Mortgage is a "High-Cost Home Loan, in fully complete and recordable form, are delivered " as defined by the Seller for recording within 180 days Homeownership and Equity Protection Act of the Closing Date (1994 or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and any other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed to override the provisions of the Co-Lender Agreement applicable predatory or the Series 1998-XX XX Pooling Agreementabusive lending laws.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2004-2)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage LoansTrust Fund. Concurrently with the execution of this Agreement, the Derivative Agreements shall be delivered to the Securities Administrator. In connection therewith, the Depositor hereby directs the Securities Administrator (solely in its capacity as securities administrator of the Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements (on behalf of the Supplemental Interest Trust), for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Servicer, the Originator and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as securities administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Purchase Agreement, including all rights the right to payment in respect thereofenforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 5 of the Purchase Agreement. The Trustee hereby accepts such assignment, except and as set forth belowherein in Section 2.03(k), and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor shall be entitled to exercise all the rights of the SellerDepositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with the transfer and all Reserve Accounts, Lock-Box Accountsassignment of each Mortgage Loan, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included Depositor has delivered or caused to be included in delivered to the Trust Fund Custodian for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, deliver to, and deposit with, the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original Assignment of Mortgage for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the original of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has been delivered for recordation or because such Mortgage has been lost or because such public recording office retains the original recorded Mortgage, the Originator shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy of such Mortgage certified by the Originator, escrow agent, title insurer or closing attorney to be a true and complete copy of the original recorded Mortgage and (B) in the case where a public recording office retains the original recorded Mortgage or counterpart thereof showing in the related Originator as mortgagee orcase where a Mortgage is lost after recordation in a public recording office, a copy of such Mortgage certified by such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator to the last assignee, or if any such original intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original recorded intervening assignments of Mortgage, a photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the Originator, escrow agent, closing attorney or the title insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy thereof of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof submitted for recordingby the party delivering the officer’s certificate or by the Originator; or (B) in the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(iiivii) an executed if the Mortgage Note, the Mortgage, any Assignment of Mortgage in suitable form for recordation in or any other related document has been signed by a Person on behalf of the jurisdiction in which Mortgagor, the Mortgaged Property is located copy of the power of attorney or other instrument that authorized and empowered such Person to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"sign;
(ivviii) if the related security agreement is separate from the Mortgage, the original executed version lender’s title insurance policy (or counterpart thereof a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of such security agreement an ALTA mortgage title insurance policy, containing all required endorsements and insuring the assignment thereof Trustee and its successors and assigns as to the Trustee;
(v) a copy first priority lien of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest Mortgage in the personal property (if any) constituting security for repayment original principal amount of the Mortgage Loan;
(viix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the Loan Agreement existence of the Primary Mortgage Insurance Policy or counterpart thereof relating to such Mortgage Loancertificate, if any;
(vii) the original lender's title private mortgage guaranty insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;required; and
(x) copies original of any security agreement, chattel mortgage or equivalent document executed in connection with the original Management AgreementsMortgage, if any. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, the Originator shall promptly upon receipt from the respective recording office cause to be delivered to the Custodian the original recorded document described in clauses (iv) and (vi) above. From time to time, the Originator, the Depositor or the Servicer, as applicable, shall forward to the Custodian additional original documents, additional documents evidencing an assumption, modification, consolidation or extension of a Mortgage Loan, in accordance with the terms of this Agreement upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. To the extent not previously delivered to the Sponsor pursuant to the Master MLPSA, on or prior to the Closing Date, the Originator shall deliver to the Custodian Assignments of Mortgages, in blank, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the each Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event No later than thirty (x30) thirty Business Days following the Closing Date in the case later of clause (1)(a) below and (y) 60 days following the Closing Date and the date of receipt by the Servicer of the complete recording information for a Mortgage, the Servicer shall promptly submit or cause to be submitted for recording, at the expense of the Originator and at no expense to the Trust Fund, the Trustee, the Servicer or the Depositor, in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has 2.01(b)(ii). Notwithstanding the foregoing, however, for administrative convenience and facilitation of servicing and to reduce closing costs, the Assignments of Mortgage shall not yet been be required to be completed and submitted for recording with respect to any Mortgage Loan if the Trustee and (b) each Reassignment Rating Agency have received an Opinion of Assignment Counsel, satisfactory in form and substance to the Trustee and each Rating Agency to the effect that the recordation of Leases, Rents and Profits referred such Assignments of Mortgage in any specific jurisdiction is not necessary to in Section 2.01(viii) (if not otherwise included protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage) which has not yet been submitted Mortgage is to be recorded, the Mortgage shall be assigned by the Originator, at the expense of the Originator, to “Deutsche Bank National Trust Company, as trustee under the Pooling and Servicing Agreement dated as of March 1, 2006, for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filingHSI Asset Securitization Corporation Trust 2006-OPT4”. In the event that any such document Assignment of Mortgage is lost or returned unrecorded because of a defect therein, the Seller, or its designee, at the Seller's expense Originator shall use its best efforts promptly cause to promptly prepare be delivered a substitute document for signature by the Seller, Assignment of Mortgage to cure such defect and thereafter the Seller or such designee shall cause each such document assignment to be duly recordedrecorded at no expense to the Trust Fund. In the event that such original or copy of any document submitted for recordation to the appropriate public recording office is not so delivered to the Trustee within 180 days (or such other time period as may be required by any Rating Agency) following the Closing Date, and in the event that the Originator does not cure such failure within 30 days of discovery or receipt of written notification of such failure from the Depositor, the related Mortgage Loan shall, upon the request of the Depositor, be repurchased by the Originator at the price and in the manner specified in Section 2.03. The Trustee shall, promptly upon receipt of foregoing repurchase obligation shall not apply in the original recorded copy (and in no event later than five Business Days following such receipt) that the Originator cannot deliver such original or copy of any document submitted for recordation to the Custodianappropriate public recording office within the specified period due to a delay caused by the recording office in the applicable jurisdiction; provided, that the Originator shall instead deliver a recording receipt of such recording office or, if such recording receipt is not available, an officer’s certificate of an officer of the Originator, confirming that such document has been accepted for recording. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains or loses the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, assignment after any it has been recorded, the obligations hereunder of the Seller Originator shall be deemed to have been satisfied upon delivery by the Originator to the Custodian Trustee, prior to the Closing Date of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leasesassignment, Rents and Profits, if applicableas the case may be, certified (such certification to be an original thereof) by the public recording office to be a true and complete copy of the recorded original thereof. If a pro forma title insurance policy has been delivered .
(c) The Depositor does hereby establish, pursuant to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements further provisions of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Asset Securitization Corporation Trust 2006-XX XX Pooling OPT4” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Xxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee Trust, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, Depositor under the Goldman Group Guaranty, Mortgage Loan Purchase Agreement (other than the Reinvestment Enhancement Instrument, the Co-Lender Agreement Depositor’s rights under Section 17 thereof) and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersREMIC 1. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The REMIC 1 Regular Interests, REMIC 1 Regular Interest IX and the Class R‑1 Interest shall collectively be a separate series of beneficial interests in the assets of the Trust consisting of the Trust Fund assets included in the definition of REMIC 1 pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Supplemental Interest Trust Trustee shall execute the Swap Agreement and the Depositor hereby directs the Supplemental Interest Trust Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrust pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trust as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut‑off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage, noting the presence of the MIN of the Mortgage Loan and language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM loan, with evidence of recording thereon, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) unless the Mortgage Loan is registered on the MERS® System, an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof originator to the Trustee;
(v) a copy of Person assigning the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Mortgage to the Trustee or in blank (or to MERS, if the Mortgage Loan is registered on the MERS® System and noting the presence of the security interest in MIN) as contemplated by the personal property immediately preceding clause (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrumentc);
(ixe) the original or copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loaneach assumption, modification, written assurance or substitution agreement, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xviif) as an original, photocopy or in electronic form, the lender’s title insurance policy, together with all endorsements or riders issued with or subsequent to the issuance of such policy, insuring the priority of the Mortgage as a first or second lien on the Mortgaged Property represented therein as a fee interest vested in the Mortgagor, or in the event such title policy is unavailable, a written commitment or uniform binder or preliminary report of title issued by the title insurance or escrow company. Except with respect to any Mortgage Loan for which MERS is identified on the Americold Pool LoanMortgage or on a properly recorded assignment of the Mortgage as the mortgagee of record, the Co-Lender Agreement. On or Servicer, in its capacity as Seller, shall promptly following the Closing Date (but and in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust, the Trustee, the Delaware Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Notwithstanding the foregoing, the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates, the Mezzanine Certificates, the Class B Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each such Assignment shall be submitted for recording by the Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust, the Trustee shall, promptly or the Delaware Trustee upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (ii) the occurrence of a Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the Seller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and in no event later than five (v) if the Seller is not the Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding the foregoing, if the Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the Trustee as an Extraordinary Trust Fund Expense. In connection with the assignment of any Mortgage Loan registered on the MERS® System, the Depositor further agrees that it shall cause, within 30 Business Days following after the Closing Date, the MERS® System to indicate that such receipt) deliver such original Mortgage Loans have been assigned by the Depositor to the CustodianTrust in accordance with this Agreement by including (or deleting, in the case of Mortgage Loans which are repurchased in accordance with this Agreement) in such computer files (a) the code in the field which identifies the specific Trust and (b) the code in the field “Pool Field” which identifies the series of the Certificates issued in connection with such Mortgage Loans. Notwithstanding anything to The Depositor further agrees that it shall not, and shall not permit the contrary contained Servicer to, and the Servicer agrees that it shall not, alter the codes referenced in this Section 2.01paragraph with respect to any Mortgage Loan during the term of this Agreement unless and until such Mortgage Loan is repurchased in accordance with the terms of this Agreement. If any of the documents referred to in Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer Trustee or the applicable Custodian within one year after the Closing Date, the Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each the Depositor or the Servicer, as the case may be, in trust for the benefit of the Americold Pool Loan and Trust. In the Other Americold Pool Loan event that any such original document is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant required pursuant to the terms of the GSMC Loan Sale Agreementthis Section to be a part of a Mortgage File, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement such document shall be delivered promptly to the Trustee on behalf or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the Certificateholders. Nothing Seller that no Mortgage Loan is a “high-cost” or “predatory” loan under any state or local law or regulation applicable to the originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein shall be deemed and referred to override in the provisions Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the CoSeller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-Lender Agreement Cost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Series 1998Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Axx. §§ 24-XX XX Pooling Agreement9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Long Beach Mortgage Loan Trust 2006-11)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does herebyhereby sells, selltransfers, transferassigns, assign, set sets over and otherwise convey conveys to the Trustee for the benefit of the Certificateholders, without recourse (except to the extent herein provided) recourse, all the right, title and interest of the Seller Depositor in and to the Mortgage Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes including all interest and principal due received on or with respect to the Mortgage Loans other than interest and principal due on or prior to after the Cut-Off off Date (other than Scheduled Payments due on the Mortgage Loans on or before the Cut-off Date). Concurrently with the execution of this Agreement, and, with respect the Derivative Agreements shall be delivered to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest AmountsSecurities Administrator. In connection with such transfer and assignmenttherewith, the Seller shall make a cash deposit to Depositor hereby directs the Collection Account Securities Administrator (solely in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name its capacity as securities administrator of the Master Servicer Supplemental Interest Trust) and the Securities Administrator is hereby authorized to execute and deliver each of the Derivative Agreements on behalf of the Trustee Supplemental Interest Trust, for the benefit of Certificateholders. The Depositor, the Sponsor, the Master Servicer, the Credit Risk Manager and the Certificateholders (by their acceptance of such Certificates) acknowledge and agree that the Securities Administrator is executing and delivering the Derivative Agreements solely in its capacity as successor securities administrator of the Supplemental Interest Trust and not in its individual capacity. The Securities Administrator shall have no duty or responsibility to enter into any other interest rate swap agreement upon the expiration or termination of the Swap Agreement or interest rate cap agreement upon the termination of the Cap Agreement unless so directed by the Depositor. Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the applicable OriginatorTrustee all of its rights and interest under (i) the Purchase Agreement, including the right to enforce the Sponsor’s obligation to repurchase or substitute defective Mortgage Loans under Section 4 of the Purchase Agreement and (ii) each Servicing Agreement and each Transfer Agreement, to the extent assigned under the Purchase Agreement. The Trustee hereby accepts such assignment, and as set forth herein in Section 2.03(d), shall be entitled to exercise all the rights of the Depositor under the Purchase Agreement as if, for such purpose, it were the Depositor.
(b) In connection with such the transfer and assignmentassignment of each Mortgage Loan, the Seller shall, on Depositor has delivered or prior caused to be delivered to the Closing Date, deliver to, and deposit with, Custodian for the Custodian (on behalf benefit of the Trustee), with copies to the Master Servicer and Special Servicer, Certificateholders the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original Mortgage Note bearing all intervening endorsements necessary to show a complete chain of endorsements from the Noteoriginal payee, endorsed without recourse to the order of the Trustee in one of the following forms: "blank, “Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1_____________, without recourse"”, "Pay to and, if previously endorsed, signed in the order name of LaSalle National Bank, as Trustee, without recourse", "Pay to the order last endorsee by a duly qualified officer of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show a complete chain of endorsement from the related Originator to the Trusteelast endorsee;
(ii) the original recorded Assignment of Mortgage or counterpart thereof showing for each Mortgage Loan, in form and substance acceptable for recording. The Mortgage shall be assigned, with assignee’s name left blank;
(iii) the related Originator as mortgagee ororiginal of each guarantee executed in connection with the Mortgage Note, if any;
(iv) the original recorded Mortgage, with evidence of recording thereon. If in connection with any such Mortgage Loan, the original Mortgage cannot be delivered with evidence of recording thereon on or prior to the Closing Date because of a delay caused by the public recording office where such Mortgage has not been returned from delivered for recordation or because such Mortgage has been lost or because such public recording office retains the applicable original recorded Mortgage, the Depositor shall deliver or cause to be delivered to the Custodian, (A) in the case of a delay caused by the public recording office, a copy thereof of such Mortgage certified by the applicable Mortgage Loan Seller, escrow agent, title insurer or closing attorney to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of recorded Mortgage and need not be a separate instrument);
(ixB) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than (x) thirty Business Days following the Closing Date in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below), the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. In the event that any such document is lost or returned unrecorded because of where a defect therein, the Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of recorded Mortgage or Reassignment of Assignment of Leasesin the case where a Mortgage is lost after recordation in a public recording office, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the such public recording office to be a true and complete copy of the original recorded Mortgage;
(v) originals or a certified copy of each modification agreement, if any;
(vi) the originals of all intervening assignments of Mortgage with evidence of recording thereon evidencing a complete chain of ownership from the originator of the Mortgage Loan to the last assignee, or if any such intervening assignment of Mortgage has not been returned from the applicable public recording office or has been lost or if such public recording office retains the original thereof. If recorded intervening assignments of Mortgage, a pro forma photocopy of such intervening assignment of Mortgage, together with (A) in the case of a delay caused by the public recording office, an officer’s certificate of the applicable Mortgage Loan Seller, escrow agent, closing attorney or the title insurance policy insurer insuring the Mortgage stating that such intervening assignment of Mortgage has been delivered to the appropriate public recording office for recordation and that such original recorded intervening assignment of Mortgage or a copy of such intervening assignment of Mortgage certified by the appropriate public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage will be promptly delivered to the Custodian upon receipt thereof by the party delivering the officer’s certificate or by the applicable Mortgage Loan Seller; or (B) in lieu the case of an intervening assignment of mortgage where a public recording office retains the original recorded intervening assignment of Mortgage or in the case where an intervening assignment of Mortgage is lost after recordation in a public recording office, a copy of such intervening assignment of Mortgage with recording information thereon certified by such public recording office to be a true and complete copy of the original recorded intervening assignment of Mortgage;
(vii) if the Mortgage Note, the Mortgage, any Assignment of Mortgage or any other related document has been signed by a Person on behalf of the Mortgagor, the copy of the power of attorney or other instrument that authorized and empowered such Person to sign;
(viii) the original lender’s title insurance policy (or a marked title insurance commitment, in the event that an original lender’s title insurance policy has not yet been issued) in the form of an ALTA mortgage title insurance policy, containing all required endorsements and insuring the Seller will promptly deliver Trustee and its successors and assigns as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan;
(ix) if applicable, the original of any Primary Mortgage Insurance Policy or certificate or, an electronic certification, evidencing the existence of the Primary Mortgage Insurance Policy or certificate, if private mortgage guaranty insurance is required; and
(x) original of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage, if any. From time to time, a Mortgage Loan Seller, the Depositor or a Servicer, as applicable, shall forward to the Custodian the related additional original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v)documents, if not already filedadditional documents evidencing an assumption, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1modification, with evidence consolidation or extension of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such a Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection accordance with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender this Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan Transfer Agreements and the Other Americold Pool Servicing Agreements, upon receipt of such documents. All such mortgage documents held by the Custodian as to each Mortgage Loan shall constitute the “Custodial File”. Assignments of Mortgage shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if the special servicer for Trustee and each Rating Agency have received an Opinion of Counsel from the Series 1998-XX XX willDepositor, satisfactory in form and substance to the extent necessaryTrustee and each Rating Agency to the effect that the recordation of such Assignments of Mortgage in any specific jurisdiction is not necessary to protect the Trust Fund’s interest in the related Mortgage Note. If the Assignment of Mortgage is to be recorded, specially service both the Americold Pool Mortgage shall be assigned by the Mortgage Loan and the Other Americold Pool LoanSeller to “Deutsche Bank National Trust Company, in each case as trustee under the terms Pooling and Servicing Agreement dated as of October 1, 2006, for HSI Securitization Corporation Trust 2006-HE1”.
(c) The Depositor does hereby establish, pursuant to the Co-Lender further provisions of this Agreement and the Series 1998laws of the State of New York, an express trust (the “Trust”) to be known, for convenience, as “HSI Securitization Corporation Trust 2006-XX XX Pooling HE1” and Deutsche Bank National Trust Company is hereby appointed as Trustee and Xxxxx Fargo Bank, N.A. is appointed as Securities Administrator in accordance with the provisions of this Agreement. Pursuant to The parties hereto acknowledge and agree that it is the terms policy and intention of the GSMC Loan Sale Trust to acquire only Mortgage Loans meeting the requirements set forth in this Agreement, GSMC has assigned its rights including without limitation, the representations and obligations under warranties set forth in the Co-Lender Agreement to Schedules hereto.
(d) The Trust shall have the Seller. The Seller hereby assigns its rights capacity, power and obligations under the Co-Lender Agreement to authority, and the Trustee on behalf of the Certificateholders. Nothing herein shall be deemed Trust is hereby authorized, to override accept the provisions sale, transfer, assignment, set over and conveyance by the Depositor to the Trust of all the right, title and interest of the Co-Lender Agreement or Depositor in and to the Series 1998-XX XX Pooling AgreementTrust Fund (including, without limitation, the Mortgage Loans) pursuant to Section 2.01(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Conveyance of Mortgage Loans. (a) The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to (i) each Mortgage Loan identified on the Mortgage Loan Schedule, including the related Cut-Off Date Principal Balance, all interest due thereon after the Cut-Off Date and all collections in respect of interest and principal due after the Cut-Off Date; (ii) all the Depositor’s right, title and interest in and to the Distribution Account and the Standby Reserve Account and all amounts from time to time credited to and the proceeds of the Distribution Account and the Standby Reserve Account; (iii) any real property that secured each such Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any insurance policies in respect of the Mortgage Loans, including ; (v) all rights to payment in respect thereof, except as set forth below, and proceeds of any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Seller, foregoing; and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and (vi) all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersFund. Such transfer and assignment includes all interest and principal due on to the Depositor or the Master Servicer after the Cut-Off Date with respect to the Mortgage Loans other than interest and principal due on or prior to the Cut-Off Date, and, with respect to the GSMC Retained Interest Loans, the applicable GSMC Retained Interest Amounts. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shalladdition, on or prior to the Closing Date, the Depositor shall cause the Standby Letter of Credit Provider to issue the Standby Letter of Credit to the Trustee. The Depositor hereby directs the Trustee to execute, not in its individual capacity, but solely as Trustee on behalf of the Trust, and deliver the Standby Letter of Credit.
(b) Concurrently with the execution and delivery of this Agreement, the Depositor does hereby assign to the Trustee all of its rights and interest under the Mortgage Loan Purchase Agreement, including all rights of the Seller under the Servicing Agreement to the extent assigned in the Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment, and shall be entitled to exercise all rights of the Depositor under the Mortgage Loan Purchase Agreement and all rights of the Seller under the Servicing Agreement as if, for such purpose, it were the Depositor or the Seller, as applicable, including the Seller’s right to enforce remedies for breaches of representations and warranties and delivery of defective Mortgage Loan documents. The foregoing sale, transfer, assignment, set-over, deposit and conveyance does not and is not intended to result in creation or assumption by the Trustee of any obligation of the Depositor, the Seller or any other Person in connection with the Mortgage Loans or any other agreement or instrument relating thereto except as specifically set forth herein.
(c) In connection with such transfer, conveyance and assignment of the Mortgage Loans, the Seller does hereby deliver to, and deposit with, or cause to be delivered to and deposited with, the Custodian (acting on behalf of the Trustee), with copies to the Master Servicer and Special Servicer’s behalf, the following documents or instruments with respect to each Mortgage Loan so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Note, Mortgage Note endorsed without recourse to the order of the Trustee by manual or facsimile signature in one of blank in the following formsform: "“Pay to the order of LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, ___________ without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and ,” with all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson endorsing the Mortgage Note (each such endorsement being sufficient to transfer all right, title and interest of the party so endorsing, as noteholder or assignee thereof, in and to that Mortgage Note); or, with respect to any Lost Mortgage Note, a lost note affidavit from the related originator or the Seller stating that the original Mortgage Note was lost or destroyed, together with a copy of such Mortgage Note;
(ii) except as provided below, the original recorded Mortgage or counterpart thereof showing a copy of such Mortgage certified by the related Originator originator as mortgagee orbeing a true and complete copy of the Mortgage;
(iii) a duly executed assignment of the Mortgage (which may be included in a blanket assignment or assignments), endorsed in the following form: “U.S. Bank National Association, in trust for the Xxxxxxx Xxx Trust 2004-2 for the benefit of the Holders of the Mortgage Loan Pass-Through Certificates, Series 2004-2” together with, except as provided below, all interim recorded assignments of such mortgage (each such assignment, when duly and validly completed, to be in recordable form and sufficient to effect the assignment of and transfer to the assignee thereof, under the Mortgage to which the assignment relates); provided that, if any such original the related Mortgage has not been returned from the applicable public recording office, a copy thereof certified such assignment of the Mortgage may exclude the information to be a true and complete copy of provided by the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse"recording office;
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof copies of such security agreement and the assignment thereof to the Trustee;each assumption, modification, written assurance or substitution agreement, if any; and
(v) except as provided below, the original or duplicate original lender’s title policy and all riders thereto.
(d) Assignments of each Mortgage with respect to each Mortgage Loan that is not a copy MERS Mortgage Loan shall be recorded; provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (which must be from Independent Counsel and not at the expense of the UCC-1 financing statement, together with an original executed UCC-2 Trust or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment Trustee) acceptable to the Trustee of Trustee, the security Rating Agency and the Master Servicer, recording in such states is not required to protect the Trustee’s interest in the personal property (if any) constituting security related Mortgage Loans; provided, further, notwithstanding the delivery of any Opinion of Counsel, each assignment of Mortgage shall be submitted for repayment of recording by the Mortgage Loan;
(vi) the original of the Loan Agreement or counterpart thereof relating to such Mortgage Loan, if any;
(vii) the original lender's title insurance policy Seller (or the original pro forma title insurance policySeller will cause the Servicer to submit each such assignment for recording), together with any endorsements thereto;
(viii) if any related Assignment at the cost and expense of Leasesthe Seller, Rents and Profits is separate from in the Mortgagemanner described above, the original executed version, together with an executed reassignment of such instrument at no expense to the Trustee Trust or Trustee, upon the earliest to occur of (1) reasonable direction by the Majority Certificateholders, (2) the occurrence of a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof bankruptcy or insolvency relating to the Trustee;
Seller or the Depositor, or (xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts and Lock-Box Accounts, if any, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii3) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than three months thereafter except to the extent delays are caused by the applicable recording office), and to the extent recordation is required under the laws of the applicable jurisdiction to protect the Trustee’s and the Certificateholders’ interest in the related Mortgage Loan, the Seller shall properly record (xor the Seller will cause the Servicer to properly record), at the expense of the Seller (with the cooperation of the Depositor, the Master Servicer and the Trustee), in each public recording office where the related Mortgages are recorded, each assignment with respect to a Mortgage Loan that is not a MERS Mortgage Loan. If in connection with any Mortgage Loan the Seller cannot deliver (a) thirty Business Days following the Closing Date original recorded Mortgage, (b) all interim recorded assignments or (c) the lender’s title policy (together with all riders thereto) satisfying the requirements of clause (ii), (iii) or (v) above, respectively, concurrently with the execution and delivery hereof because such document or documents have not been returned from the applicable public recording office in the case of clause (1)(aii) below or (iii) above, or because the title policy has not been delivered to either the Custodian or the Seller by the applicable title insurer in the case of clause (v) above, the Seller shall promptly deliver to the Custodian, in the case of clause (ii) or (iii) above, such original Mortgage or such interim assignment, as the case may be, with evidence of recording indicated thereon upon receipt thereof from the public recording office, or a copy thereof, certified, if appropriate, by the relevant recording office, but in no event shall any such delivery of the original Mortgage and each such interim assignment or a copy thereof, certified, if appropriate, by the relevant recording office, be made later than one year following the Closing Date, or, in the case of clause (yv) 60 above, no later than 120 days following the Closing Date Date; provided, however, in the event the Seller is unable to deliver by such date each Mortgage and each such interim assignment by reason of the fact that any such documents have not been returned by the appropriate recording office, or, in the case of clauses 1(b) and 2 below)each such interim assignment, because the related Mortgage has not been returned by the appropriate recording office, the Seller (shall deliver such documents to the Custodian as promptly as possible upon receipt thereof and, in any event, within 720 days following the Closing Date. The Seller shall forward or its designee) shall, at its expense, (1) record cause to be forwarded to the Custodian (a) each Assignment from time to time additional original documents evidencing an assumption or modification of a Mortgage referred to in Section 2.01(iii) which has not yet been submitted for recording Loan and (b) each Reassignment of Assignment of Leases, Rents and Profits referred any other documents required to in Section 2.01(viii) (if not otherwise included in be delivered by the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred Seller to in Section 2.01(v) or (xiii) which has not yet been submitted for filingthe Custodian. In the event that any such document the original Mortgage is lost or returned unrecorded because not delivered and in connection with the payment in full of the related Mortgage Loan and the public recording office requires the presentation of a defect therein“lost instruments affidavit and indemnity” or any equivalent document, because only a copy of the Mortgage can be delivered with the instrument of satisfaction or reconveyance, the Seller, Seller shall execute and deliver or its designee, at the Seller's expense shall use its best efforts cause to promptly prepare be executed and delivered such a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recordedthe public recording office. The Trustee shall, promptly upon receipt of In the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances case where the a public recording office retains the original Mortgage, Assignment of recorded Mortgage or Reassignment of Assignment of Leasesin the case where a Mortgage is lost after recordation in a public recording office, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery deliver to the Custodian of a copy of such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the such public recording office to be a true and complete copy of the original recorded Mortgage.
(e) The Seller shall deliver or cause to be delivered to the Custodian, acting on behalf of the Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original thereofdocuments evidencing an assumption or modification of any Mortgage Loan.
(f) For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, in lieu of delivering the above documents, herewith delivers to the Custodian on behalf of the Trustee, an Officer’s Certificate which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to be deposited in the Distribution Account have been so deposited. If a pro forma title insurance policy has been All original documents that are not delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein Trust shall be deemed to override held by the provisions Servicer in trust for the Trustee, for the benefit of the Co-Lender Agreement or Trust and the Series 1998-XX XX Pooling Certificateholders.
(g) The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Charlie Mac Trust 2004-2)
Conveyance of Mortgage Loans. The SellerDepositor, concurrently with the execution and delivery hereof, does hereby, sell, hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to for the extent herein provided) benefit of the Certificateholders all the right, title and interest of the Seller Depositor, including any security interest therein for the benefit of the Depositor, in and to the Mortgage LoansLoans identified on the Mortgage Loan Schedule, including all the rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the SellerDepositor under the Mortgage Loan Purchase Agreement (other than the Depositor’s rights under Section 17 thereof), and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in REMIC 1, and the Trust Fund for the benefit rights of the CertificateholdersDepositor under the Swap Agreement. Such transfer and assignment includes all interest and principal due scheduled payments on or with respect to the Mortgage Loans due after the Cut-off Date and all unscheduled collections in respect of the Mortgage Loans received after the Cut-off Date (other than interest and principal the portion of such collections due on or prior to the Cut-Off off Date). The Depositor herewith delivers to the Trustee an executed copy of the Mortgage Loan Purchase Agreement and the PMI Policy. In addition, on or prior to the Closing Date, and, with respect the Trustee shall execute the Swap Agreement and the Depositor hereby directs the Trustee to do so. If the assignment and transfer of the Mortgage Loans and the other property specified in Section 2.01 from the Depositor to the GSMC Retained Interest LoansTrustee pursuant to this Agreement is held or deemed not to be a sale or is held or deemed to be a pledge of security for a loan, the Depositor intends that the rights and obligations of the parties shall be established pursuant to the terms of this Agreement and that, in such event, (i) the Depositor shall be deemed to have granted and does hereby grant to the Trustee as of the Closing Date a perfected, first priority security interest in the entire right, title and interest of the Depositor in and to the Mortgage Loans and all other property conveyed to the Trust Fund pursuant to this Section 2.01 and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable GSMC Retained Interest Amountslaw. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignment, the Seller shall, on or prior to the Closing Date, Depositor does hereby deliver to, and deposit with, the Custodian Trustee as custodian (on behalf of the Trustee)in which capacity it will, with copies to the Master Servicer and Special Servicerunless otherwise specified, be acting under this Article II) the following documents or instruments with respect to each Mortgage Loan so transferred and assigned (other than the Americold Pool Loan, with respect to items (ii)each Mortgage Loan, (iii), (v) and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XXa “Mortgage File”):
(ia) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Trustee for under the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1applicable agreement, without recourse", "Pay to the order of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note ,” with all prior and all intervening endorsements thereon shall, unless the Mortgage Loan was originated by the related Originator, show showing a complete chain of endorsement from the related Originator originator to the TrusteePerson so endorsing to the Trustee or (in the case of not more than 1.00% of the Mortgage Loans, by aggregate principal balance as of the Cut‑off Date) a copy of such original Mortgage Note with an accompanying Lost Note Affidavit executed by the Seller;
(iib) the original Mortgage with evidence of recording xxxxxxx, and a copy, certified by the appropriate recording office, of the recorded power of attorney, if the Mortgage was executed pursuant to a power of attorney, with evidence of recording thereon;
(c) an original Assignment in blank;
(d) the original recorded Mortgage Assignment or counterpart thereof Assignments showing the related Originator as mortgagee or, if any such original Mortgage has not been returned a complete chain of assignment from the applicable public recording office, a copy thereof certified originator to be a true and complete copy of the original thereof submitted for recordingPerson assigning the Mortgage to the Trustee or in blank;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located to either "LaSalle National Bank, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of the UCC-1 financing statement, together with an original executed UCC-2 or UCC-3 financing statement, in a form suitable for filing, disclosing the assignment to the Trustee of the security interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(vie) the original or copies of the Loan Agreement each assumption, modification, written assurance or counterpart thereof relating to such Mortgage Loansubstitution agreement, if any;; and
(viif) the original lender's title insurance policy (or the original pro forma ’s title insurance policy), together with any all endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from or riders issued with or subsequent to the Mortgage, the original executed version, together with an executed reassignment issuance of such instrument to policy, insuring the Trustee (priority of the Mortgage as a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which first lien on the Mortgaged Property is located (which reassignment, however, may be included represented therein as a fee interest vested in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of Mortgagor, or in the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage Loan, if any, and copies of the original environmental indemnities, if any;
(x) copies of the original Management Agreements, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;
(xi) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts event such title policy is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreementunavailable, a copy thereof; with respect to written commitment or uniform binder or preliminary report of title issued by the Reserve Accounts and Lock-Box Accountstitle insurance or escrow company. The Master Servicer, if anyin its capacity as Seller, a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein shall promptly (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee on behalf of the Certificateholders);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing;
(xv) [Reserved];
(xvi) any letters of credit and other written agreements related to the Mortgage Loan; and
(xvii) with respect to the Americold Pool Loan, the Co-Lender Agreement. On or promptly following the Closing Date (but in no event later than thirty (x30) thirty Business Days Days, subject to extension upon a mutual agreement between the Master Servicer and the Trustee), following the later of the Closing Date and the date of receipt by the Master Servicer of the recording information for a Mortgage submit or cause to be submitted for recording, at no expense to the Trust Fund, the Trustee or the Depositor, in the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 below)appropriate public office for real property records, the Seller (or its designee) shall, at its expense, (1) record (a) each Assignment of Mortgage referred to in Section 2.01(iiiSections 2.01(c) which has not yet been submitted for recording and (bd) above and shall execute each Reassignment of original Assignment of Leases, Rents and Profits referred to in Section 2.01(viiiclause (c) (if not otherwise included above in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file each UCC-2 or UCC-3 financing statement referred to in Section 2.01(v) or (xiii) which has not yet been submitted for filing. following form: “Deutsche Bank National Trust Company, as Trustee under applicable agreement, without recourse.” In the event that any such document Assignment is lost or returned unrecorded because of a defect therein, the Master Servicer, in its capacity as Seller, or its designee, at the Seller's expense shall use its best efforts to promptly prepare or cause to be prepared a substitute document for signature by Assignment or cure or cause to be cured such defect, as the Sellercase may be, and thereafter the Seller or such designee shall cause each such document Assignment to be duly recorded. The Trustee shallNotwithstanding the foregoing, promptly the Assignments shall not be required to be completed and submitted for recording with respect to any Mortgage Loan if each Rating Agency does not require recordation in order for such Rating Agency to assign the initial ratings to the Class A Certificates and the Mezzanine Certificates and the Other NIM Notes and the initial shadow rating to the Insured NIM Notes, without giving effect to any insurance policy issued by the NIMS Insurer; provided, however, each Assignment shall be submitted for recording by the Master Servicer, in its capacity as Seller, in the manner described above, at no expense to the Trust Fund or the Trustee, upon receipt the earliest to occur of: (i) reasonable direction by Holders of Certificates entitled to at least 25% of the original recorded copy Voting Rights, (and in no event later than five Business Days following such receiptii) deliver such original the occurrence of a Master Servicer Event of Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating to the CustodianSeller, (iv) the occurrence of a servicing transfer as described in Section 7.02 hereof and (v) if the Seller is not the Master Servicer and with respect to any one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. Notwithstanding anything the foregoing, if the Master Servicer is unable to pay the cost of recording the Assignments, such expense shall be paid by the Trustee and shall be reimbursable to the contrary contained Trustee as an Extraordinary Trust Fund Expense. If any of the documents referred to in this Section 2.01Sections 2.01(b), in those instances where (c), (d) or (e) above (collectively, the “Recording Documents”) has as of the Closing Date been submitted for recording but either (x) has not been returned from the applicable public recording office retains or (y) has been lost or such public recording office has retained the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recordedsuch document, the obligations hereunder of the Seller Master Servicer, in its capacity as the Seller, to deliver such Recording Documents shall be deemed to have been be satisfied upon (1) delivery to the Trustee or the applicable Custodian of a copy of each such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, Recording Document certified by the Seller in the case of (x) above or the applicable public recording office in the case of (y) above to be a true and complete copy of the original that was submitted for recording and (2) if such copy is certified by the Seller, delivery to the Trustee or the applicable Custodian promptly upon receipt thereof, and in any event no later than one year after the Closing Date, of either the original or a copy of such Recording Document certified by the applicable public recording office to be a true and complete copy of the recorded original thereoforiginal. If In instances where, due to a pro forma title insurance policy has delay on the part of the recording office where any such Recording Documents have been delivered to the Custodian in lieu of an original title insurance policyfor recordation, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if Recording Documents cannot already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Trustee or the applicable Custodian within one year after the Closing Date, the Master Servicer Servicer, in its capacity as the Seller, shall deliver to the Trustee or the applicable Custodian within such time period an Officer’s Certificate stating the date by which the Master Servicer, in its capacity as the Seller, expects to receive such Recording Documents from the applicable recording office. In the event that Recording Documents have still not been received by the Seller Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the Trusteeapplicable Custodian by the date specified in its previous Officer’s Certificate delivered to the Trustee or the applicable Custodian, as applicable. Notwithstanding anything the case may be, the Master Servicer, in its capacity as the Seller, shall deliver to the contrary contained Trustee or the applicable Custodian by such date an additional Officer’s Certificate stating a revised date by which the Master Servicer, in this its capacity as the Seller, expects to receive the applicable Recording Documents. This procedure shall be repeated until the Recording Documents have been received by the Master Servicer, in its capacity as the Seller, and delivered to the Trustee or the applicable Custodian. If the original lender’s title insurance policy was not delivered pursuant to Section 2.012.01(f) above, ifthe Master Servicer, on in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly after receipt thereof, and in any event within 120 days after the Closing Date Date, the original lender’s title insurance policy. The Master Servicer, in its capacity as the Seller, shall deliver or cause to be delivered to the Trustee or the applicable Custodian promptly upon receipt thereof any other original documents constituting a part of a Mortgage File received with respect to any Mortgage Loan, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. All original documents relating to the Seller canMortgage Loans that are not deliver in complete and recordable form any one of the assignments in favor of delivered to the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document applicable Custodian are and shall be held by or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance behalf of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of Depositor or the Master Servicer for both Servicer, as the Americold Pool Loan and the Other Americold Pool Loan and the special servicer case may be, in trust for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms benefit of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Trustee on behalf of the Certificateholders. Nothing herein In the event that any such original document is required pursuant to the terms of this Section to be a part of a Mortgage File, such document shall be deemed delivered promptly to override the provisions Trustee or the applicable Custodian. Any such original document delivered to or held by the Depositor that is not required pursuant to the terms of this Section to be a part of a Mortgage File, shall be delivered promptly to the Master Servicer. The Mortgage Loans permitted by the terms of this Agreement to be included in the Trust are limited to (i) the Mortgage Loans (which the Depositor acquired pursuant to the Mortgage Loan Purchase Agreement, which contains, among other representations and warranties, a representation and warranty of the CoSeller that no Mortgage Loan is a “high-Lender Agreement cost” or “predatory” loan under any state or local law or regulation applicable to the Series 1998originator), and (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth herein and referred to in the Mortgage Loan Purchase Agreement, are required to conform to, among other representations and warranties, the representation and warranty of the Seller that no Qualified Substitute Mortgage Loan is a “high cost” or “predatory” loan under any state or local law or regulation applicable to the originator). It is agreed and understood by the parties hereto that it is not intended that any mortgage loan be included in the Trust that is a “High-XX XX Pooling AgreementCost Home Loan” as defined in the New Jersey Home Ownership Act effective November 27, 2003, a “High Cost Home Loan” as defined in the New Mexico Home Loan Protection Act effective January 1, 2004, a “High Cost Home Loan” as defined in the Kentucky high-cost loan statute effective June 24, 2003 (Ky. Rev. Stat. Section 360.100), or a “High Cost Home Loan” as defined in the Indiana Home Loan Practices Act effective January 1, 2005 (Ind. Code Xxx. §§ 24-9-1 through 24-9-9) or a “High Cost Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 (Mass. Gen. Laws Ch. 183C. §§1 et seq.).
Appears in 1 contract
Conveyance of Mortgage Loans. The SellerIn consideration of the Issuer’s delivery of the Notes and the Trust Certificate to the Depositor or its designee, and concurrently with the execution and delivery hereofof this Agreement, the Depositor does hereby, sell, hereby transfer, assign, set over over, deposit with and otherwise convey to the Trustee Issuer, without recourse (except recourse, subject to the extent herein provided) Sections 2.02, 2.03, 3.03 and 3.04, in trust, all the right, title and interest of the Seller Depositor in and to the Mortgage LoansTrust Estate. The Indenture Trustee declares that, including all rights subject to payment the review provided for in respect thereofSection 2.02, except it has received and shall hold the Trust Estate, as Indenture Trustee, in trust, for the benefit and use of the Securityholders and for the purposes and subject to the terms and conditions set forth belowin this Agreement and the Indenture. Concurrently with such receipt, the Issuer has issued and any security interest thereunder (whether delivered the Securities to or upon the order of the Depositor, in real or personal property and whether tangible or intangible) exchange for the Trust Estate. Upon the issuance of the Securities, ownership in the Trust Estate shall be vested in the Issuer, subject to the lien created by the Indenture in favor of the SellerIndenture Trustee, and all Reserve Accounts, Lock-Box Accounts, the Goldman Group Guaranty, the Reinvestment Enhancement Instrument, the Co-Lender Agreement and all other assets included or to be included in the Trust Fund for the benefit of the CertificateholdersSecurityholders. Such transfer The foregoing sale, transfer, assignment, set-over, deposit and assignment includes all interest conveyance does not and principal due on is not intended to result in creation or assumption by the Indenture Trustee of any obligation of the Depositor, the Seller, or any other Person in connection with respect to the Mortgage Loans or any other than interest and principal due on agreement or prior to the Cut-Off Date, andinstrument relating thereto except as specifically set forth herein. In addition, with respect to the GSMC Retained Interest Loansany Additional Collateral Mortgage Loan, the applicable GSMC Retained Interest AmountsDepositor does hereby transfer, assign, set-over and otherwise convey to the Issuer without recourse (except as provided herein) (i) its rights as assignee under any security agreements, pledge agreements or guarantees relating to the Additional Collateral supporting any Additional Collateral Mortgage Loan, (ii) its security interest in and to any Additional Collateral, (iii) its right to receive payments in respect of any Additional Collateral Mortgage Loan pursuant to the related Servicing Agreement and (iv) its rights as beneficiary under the Guaranty Surety Bond related in respect of any Additional Collateral Mortgage Loans conveyed to the Seller from Cendant. In connection with such transfer and assignment, the Seller shall make a cash deposit to the Collection Account in an amount equal to the Cash Deposit. The Master Servicer shall remit any GSMC Retained Interest Amounts to GSMC in immediately available funds to an account designated in writing by GSMC promptly on the Master Servicer Remittance Date immediately following receipt. The Seller shall cause the Reserve Accounts and Lock-Box Accounts to be transferred to and held in the name of the Master Servicer Seller, on behalf of the Trustee as successor to the applicable Originator. In connection with such transfer and assignmentDepositor, the Seller shall, does hereby deliver on or prior to the Closing Date, deliver unless otherwise specified in this Section 2.01, to, and deposit withwith the Indenture Trustee, or the Custodian (on behalf of the Trustee), with copies to the Master Servicer and Special Serviceras its designated agent, the following documents or instruments with respect to each Mortgage Loan (a “Mortgage File”) so assigned (other than the Americold Pool Loan, with respect to items (ii), (iii), (v) transferred and (viii) below, which have previously been delivered pursuant to the pooling agreement related to Series 1998-XX XX):assigned:
(i) the original of the Mortgage Note, endorsed without recourse to the order of the Trustee (other than for a MOM Loan) either on its face or by allonge attached thereto in one of blank or in the following formsform: "“Pay to the order of LaSalle Deutsche Bank National BankTrust Company, as Indenture Trustee for the GS Xxxxxxxxx Mortgage Securities Corporation II Commercial Mortgage PassTrust 2003-Through Certificates, Series 1998-C16, without recourse"”, "Pay or with respect to any lost Mortgage Note, an original Lost Note Affidavit stating that the order original mortgage note was lost, misplaced or destroyed, together with a copy of LaSalle National Bank, as Trustee, without recourse", "Pay to the order of LaSalle National Bank, as Custodian, without recourse", "Pay to the order of LaSalle National Bank, as Custodial Agent without recourse", which Note and all endorsements thereon shall, unless the Mortgage Loan was originated by the related Originatormortgage note; provided, show a complete chain however, that such substitutions of endorsement from Lost Note Affidavits for original Mortgage Notes may occur only with respect to Mortgage Loans the aggregate related Originator Cut-Off Date Balance of which is less than or equal to 2% of the TrusteeCut-Off Date Balance;
(ii) the original of any guarantee, security agreement or pledge agreement relating to any Additional Collateral, if applicable, and executed in connection with the Mortgage Note, assigned to the Indenture Trustee on behalf of the Issuer;
(iii) except as provided below, for each Mortgage Loan that is not a MERS Mortgage Loan, the original Mortgage, and in the case of each MERS Mortgage Loan, the original Mortgage, noting the presence of the MIN for that Mortgage Loan and either language indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was not a MOM Loan at origination, the original Mortgage and the assignment to MERS, in each case with evidence of recording thereon, and the original recorded power of attorney, if the Mortgage or counterpart thereof showing the related Originator as mortgagee was executed pursuant to a power of attorney, with evidence of recording thereon or, if any such original Mortgage or power of attorney has been submitted for recording but has not been returned from the applicable public recording office, a copy thereof certified to be a true and complete copy of the original thereof submitted for recording;
(iii) an executed Assignment of Mortgage in suitable form for recordation in the jurisdiction in which the Mortgaged Property has been lost or is located to either "LaSalle National Banknot otherwise available, as Trustee for the GS Mortgage Securities Corporation II Commercial Mortgage Pass-Through Certificates, Series 1998-C1, without recourse", "LaSalle National Bank, as Trustee, without recourse", "LaSalle National Bank, as Custodian, without recourse" or "LaSalle National Bank, as Custodial Agent, without recourse";
(iv) if the related security agreement is separate from the Mortgage, the original executed version or counterpart thereof of such security agreement and the assignment thereof to the Trustee;
(v) a copy of such Mortgage or power of attorney, as the UCC-1 financing statementcase may be, together with an Officer’s Certificate of the Seller certifying that the copy of such Mortgage delivered to the Indenture Trustee (or its Custodian) is a true copy and that the original executed UCC-2 or UCC-3 financing statementof such Mortgage has been forwarded to the public recording office, or, in the case of a form suitable Mortgage that has been lost, a copy thereof (certified as provided for filing, disclosing under the assignment laws of the appropriate jurisdiction) and a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Indenture Trustee of and the security Depositor that an original recorded Mortgage is not required to enforce the Indenture Trustee’s interest in the personal property (if any) constituting security for repayment of the Mortgage Loan;
(viiv) the original of the Loan Agreement each assumption, modification or counterpart thereof substitution agreement, if any, relating to the Mortgage Loans, or, as to any assumption, modification or substitution agreement which cannot be delivered on or prior to the Closing Date because of a delay caused by the public recording office where such assumption, modification or substitution agreement has been delivered for recordation, a photocopy of such assumption, modification or substitution agreement, pending delivery of the original thereof, together with an Officer’s Certificate of the Seller certifying that the copy of such assumption, modification or substitution agreement delivered to the Indenture Trustee (or its custodian) on behalf of the Issuer is a true copy and that the original of such agreement has been forwarded to the public recording office;
(v) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, if anyan original Assignment of Mortgage, in form and substance acceptable for recording. The Mortgage shall be assigned to “Deutsche Bank National Trust Company, as Indenture Trustee for Xxxxxxxxx Mortgage Securities Trust 2003-6, without recourse”;
(vi) in the case of each Mortgage Loan that is not a MERS Mortgage Loan, an original copy of any intervening Assignment of Mortgage showing a complete chain of assignments, or, in the case of an intervening Assignment of Mortgage that has been lost, a written Opinion of Counsel (delivered at the Seller’s expense) acceptable to the Indenture Trustee that such original intervening Assignment of Mortgage is not required to enforce the Indenture Trustee’s interest in the Mortgage Loans;
(vii) the original lender's title insurance policy (or the original pro forma title insurance policy), together with any endorsements thereto;
(viii) if any related Assignment of Leases, Rents and Profits is separate from the Mortgage, the original executed version, together with an executed reassignment of such instrument to the Trustee (a "Reassignment of Assignment of Leases, Rents and Profits") in suitable form for recordation in the jurisdiction in which the Mortgaged Property is located (which reassignment, however, may be included in the Assignment of Mortgage and need not be a separate instrument);
(ix) copies of the original Environmental Reports of the Mortgaged Properties made in connection with origination of the Mortgage LoanPrimary Insurance Policy, if any, and copies of the original environmental indemnitiesor certificate, if any;
(xviii) the original or a certified copy of lender’s title insurance policy;
(ix) the original or copies of the original Management Agreementseach assumption, modification, written assurance or substitution agreement, if any, for the Mortgaged Properties, collateral assignments thereof and any consents of manager;; and
(xix) a copy of the related ground lease, if any, as amended, for the Mortgaged Properties, if any;
(xii) if the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts and the assignment thereof to the Trustee;
(xiii) if any related Lock-Box Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to any Cooperative Loan, the Reserve Accounts and Lock-Box AccountsCooperative Loan Documents. In connection with the assignment of any MERS Mortgage Loan, if anythe Seller agrees that it will take (or shall cause the applicable Servicer to take), a copy at the expense of the UCC-1 financing statementsSeller (with the cooperation of the Depositor, if anythe Issuer, submitted the Indenture Trustee and the Master Servicer), such actions as are necessary to cause the MERS® System to indicate that such Mortgage Loans have been assigned by the Seller to the Indenture Trustee in accordance with this Agreement and the Indenture for filing the benefit of the Securityholders by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in such computer files the information required by the MERS® System to identify the series of the Notes issued in connection with the transfer of such Mortgage Loans to the Xxxxxxxxx Mortgage Securities Trust 2003-6. With respect to each Cooperative Loan, the related Originator's security interest in the Reserve Accounts and Lock-Box Accounts and all funds contained therein (and UCC-2 or UCC-3 financing statements assigning such security interest to the Trustee Seller, on behalf of the CertificateholdersDepositor does hereby deliver to the Indenture Trustee the related Cooperative Loan Documents and the Seller will take (or shall cause the applicable Servicer to take);
(xiv) any and all amendments, modifications and supplements to, and waivers related to, any at the expense of the foregoing;
Seller (xvwith the cooperation of the Depositor, the Indenture Trustee and the Master Servicer) [Reserved];
such actions as are necessary under applicable law (xvi) any letters of credit and other written agreements related including but not limited to the relevant UCC) in order to perfect the interest of the Indenture Trustee in the related Mortgaged Property. Assignments of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage Loan (other than a Cooperative Loan) shall be recorded; and
provided, however, that such assignments need not be recorded if, in the Opinion of Counsel (xviiwhich must be from Independent Counsel and not at the expense of the Issuer or the Indenture Trustee) acceptable to the Indenture Trustee, the Rating Agencies and the Master Servicer, recording in such states is not required to protect the Indenture Trustee’s interest in the related Mortgage Loans; provided, however, notwithstanding the delivery of any Opinion of Counsel, each Assignment of Mortgage shall be submitted for recording by the Seller (or the Seller will cause the applicable Servicer to submit each such assignment for recording), at the cost and expense of the Seller, in the manner described above, at no expense to the Issuer or Indenture Trustee, upon the earliest to occur of (1) the occurrence of a bankruptcy or insolvency relating to the Seller or the Depositor, or (2) with respect to the Americold Pool Loanany one Assignment of Mortgage, the Co-Lender Agreementoccurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor under the related Mortgage. On or promptly following Subject to the preceding sentence, as soon as practicable after the Closing Date (but in no event later more than (x) thirty Business Days following three months thereafter except to the Closing Date in extent delays are caused by the case of clause (1)(a) below and (y) 60 days following the Closing Date in the case of clauses 1(b) and 2 belowapplicable recording office), the Seller shall properly record (or its designee) shallthe Seller will cause the applicable Servicer to properly record), at its expensethe expense of the Seller (with the cooperation of the Depositor, (1) record (a) the Indenture Trustee, the Issuer and the Master Servicer), in each Assignment of Mortgage referred to in Section 2.01(iii) which has not yet been submitted for public recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(viii) (if not otherwise included in office where the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) file Mortgages are recorded, each UCC-2 or UCC-3 financing statement assignment referred to in Section 2.01(v) above with respect to a Mortgage Loan that is not a MERS Mortgage Loan. The Indenture Trustee agrees to execute and deliver to the Depositor on or prior to the Closing Date an acknowledgment of receipt of the original Mortgage Note (xiiiwith any exceptions noted), substantially in the form attached as Exhibit A-1 hereto. If the original lender’s title insurance policy, or a certified copy thereof, was not delivered pursuant to Section 2.01(viii) which has not yet been submitted for filing. In above, the event that any such document is lost Seller shall deliver or returned unrecorded because cause to be delivered to the Indenture Trustee the original or a copy of a defect thereinwritten commitment or interim binder or preliminary report of title issued by the title insurance or escrow company, with the original or a certified copy thereof to be delivered to the Indenture Trustee, promptly upon receipt thereof, but in any case within 175 days of the Closing Date. The Seller shall deliver or cause to be delivered to the Indenture Trustee, promptly upon receipt thereof, any other documents constituting a part of a Mortgage File received with respect to any Mortgage Loan sold to the Depositor by the Seller, including, but not limited to, any original documents evidencing an assumption or modification of any Mortgage Loan. For Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the Closing Date, the Seller, or its designeein lieu of delivering the above documents, at the Seller's expense shall use its best efforts to promptly prepare a substitute document for signature by the Seller, and thereafter the Seller or such designee shall cause each such document to be duly recorded. The Trustee shall, promptly upon receipt of the original recorded copy (and in no event later than five Business Days following such receipt) deliver such original herewith delivers to the Custodian. Notwithstanding anything to the contrary contained in this Section 2.01Indenture Trustee, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be deemed to have been satisfied upon delivery to the Custodian on behalf of the Indenture Trustee, an Officer’s Certificate which shall include a copy of statement to the effect that all amounts received in connection with such Mortgage, Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, if applicable, certified by the public recording office prepayment that are required to be a true and complete copy of deposited in the recorded Collection Account have been so deposited. All original thereof. If a pro forma title insurance policy has been documents that are not delivered to the Custodian in lieu of an original title insurance policy, the Seller will promptly deliver to the Custodian the related original title insurance policy upon receipt thereof. The Seller shall promptly cause the UCC-1's referred to in Section 2.01(v), if not already filed, to be filed in the applicable public recording office and upon filing will promptly deliver to the Custodian the related UCC-1, with evidence of filing thereon. Copies of such recorded or filed documents shall be delivered to the Master Servicer by the Seller or the Trustee, as applicable. Notwithstanding anything to the contrary contained in this Section 2.01, if, on the Closing Date as to any Mortgage Loan, the Seller cannot deliver in complete and recordable form any one of the assignments in favor of the Trustee referred to in clauses (iii), (v), (viii) or (xiii) of the definition of "Mortgage File" solely because of the unavailability of recording information as to any existing document or instrument, the Seller may provisionally satisfy the delivery requirements of this Section 2.01(b) by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of such Mortgage Loan substantially in the form of Exhibit P; provided that all required original assignments with respect to such Mortgage Loan, in fully complete and recordable form, are delivered by the Seller for recording within 180 days of the Closing Date (or within such longer period as the Trustee in its discretion may permit). The Americold Pool Loan is secured by Mortgaged Properties which also serve as security for another loan made by GSMC (the "Other Americold Pool Loan"). The Other Americold Pool Loan is included in a trust fund created in connection with the issuance of the Seller's Commercial Mortgage Pass-Through Certificates, Series 1998-XX XX ("Series 1998-XX XX"). Each of the Americold Pool Loan and the Other Americold Pool Loan is a pari passu loan, and each is entitled to payments made by the related Borrower and other amounts received in respect of the related Mortgaged Properties pro rata on the basis of amounts owing under each such loan. Under the terms of the Co-Lender Agreement, the servicer of the Series 1998-XX XX will perform the functions of the Master Servicer for both the Americold Pool Loan and the Other Americold Pool Loan and the special servicer for the Series 1998-XX XX will, to the extent necessary, specially service both the Americold Pool Loan and the Other Americold Pool Loan, in each case under the terms of the Co-Lender Agreement and the Series 1998-XX XX Pooling Agreement. Pursuant to the terms of the GSMC Loan Sale Agreement, GSMC has assigned its rights and obligations under the Co-Lender Agreement to the Seller. The Seller hereby assigns its rights and obligations under the Co-Lender Agreement to the Indenture Trustee on behalf of the Certificateholders. Nothing herein Issuer shall be deemed to override held by the provisions Master Servicer or the applicable Servicer in trust for the Indenture Trustee, for the benefit of the Co-Lender Agreement Issuer and the Securityholders. Upon discovery or receipt of notice of any materially defective document in, or that a document is missing from, a Mortgage File, the Series 1998-XX XX Pooling AgreementSeller shall have 90 days to cure such defect or deliver such missing document to the Indenture Trustee. If the Seller does not cure such defect or deliver such missing document within such time period, the Seller shall either repurchase or substitute for such Mortgage Loan in accordance with Section 3.03 hereof.
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Samples: Sale and Servicing Agreement (Structured Asset Sec Corp Thornburg Mort Sec Trust 2003 6)