Common use of The Amendments Clause in Contracts

The Amendments. (a) Section 6(xl) of the Agreement is hereby amended by deleting it in its entirety and replacing it with the following (with the added text underlined for ease of review): (xl) No Mortgage Loan is subject to the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) or any comparable law and no Mortgage Loan is classified and/or defined as “high cost”, “covered” (excluding home loans defined as “covered home loans” in the New Jersey Home Ownership Security Act of 2002 that were originated between November 26, 2003 and July 7, 2004) “high risk home” or “predatory” loan under any other federal, state or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees). No Group I Mortgage Loan has an “annual percentage rate” or “total points and fees” payable by the Mortgagor (as each such term is defined under HOEPA) that equal or exceed the applicable thresholds defined under HOEPA (Section 32 of Regulation Z, 12 C.F.R. Section 226.32(a)(1)(i) and (ii)); (b) Section 6 of the Agreement is hereby amended by: (i) deleting the word “and” at the end of subpart (lxxii) thereof and (ii) inserting the following new subpart at the end of subpart (lxxiii) thereof: ; and (lxxiv) With respect to any Group I Mortgage Loan for which the date of the related mortgage note is more than 1 year before the Closing Date, (i) The Seller represents that it currently operates or actively participates in an on-going and active program or business (A) to originate mortgages, and/or (B) to make periodic purchases of mortgage loans from originators or other sellers, and/or (C) to issue and/or purchase securities or bonds supported by the mortgages, with a portion of the proceeds generated by such program or business being used to purchase or originate mortgages made to borrowers who are: (a) low-income families (families with incomes of 80% or less of area median income) living in low-income areas (a census tract or block numbering area in which the median income does not exceed 80 percent of the area median income) and/or (b) very low-income families (families with incomes of 60% or less of area median income), and (ii) The Seller agrees that Xxxxxxx Mac for a period of two (2) years following the date of this Agreement may contact the Seller to confirm that it continues to operate or actively participate in the mortgage program or business and to obtain other nonproprietary information about the Seller’s activities that may assist Xxxxxxx Mac in completing its regulatory reporting requirements. The Seller will make reasonable efforts to provide such information to Xxxxxxx Mac.