Exhibit 10.2
SUBSEQUENT TRANSFER AGREEMENT
AMRESCO Residential Securities Corporation (the "Depositor"), AMRESCO
Residential Capital Markets, Inc. (the "Seller"), and AMRESCO Residential
Securities Corporation Mortgage Loan Trust 1996-5 (the "Purchaser") pursuant to
the Pooling and Servicing Agreement dated as of December 1, 1996 among the
Depositor, the Seller, Option One Mortgage Corporation and Advanta Mortgage
Corp. U.S.A., as Servicers and The Chase Manhattan Bank as Trustee (the "Pooling
and Servicing Agreement"), hereby confirm their understanding with respect to
the sale by the Seller and the purchase by the Depositor and the sale by the
Depositor and the purchase by the Purchaser of those Mortgage Loans (the
"Subsequent Mortgage Loans") listed on the attached Schedules of Mortgage Loans.
Conveyance of Subsequent Mortgage Loans. As of March 10, 1997 (the
"Subsequent Transfer Date"), the Seller does hereby irrevocably transfer,
assign, set over and otherwise convey to the Depositor and the Depositor does
hereby irrevocably transfer, assign, set over and otherwise convey to the
Purchaser, without recourse (except as otherwise explicitly provided for herein)
all right, title and interest in and to any and all benefits accruing from the
Subsequent Mortgage Loans (other than any principal received and interest
payments received thereon on or prior to March 1, 1997 whether or not received)
(such date, the "Subsequent Cut-Off Date") which are delivered to the Trustee
herewith (and all substitutions therefor as provided by Sections 3.04, 3.05 and
3.06 of the Pooling and Servicing Agreement), together with the related
Subsequent Mortgage Loan documents and the interest in any Property which
secured a Subsequent Mortgage Loan but which has been acquired by foreclosure or
deed in lieu of foreclosure, and all payments thereon and proceeds of the
conversion, voluntary or involuntary, of the foregoing; and proceeds of all the
foregoing (including, but not by way of limitation, all proceeds of any mortgage
insurance, hazard insurance and title insurance policy relating to the
Subsequent Mortgage Loans, cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment
of any and every kind, and other forms of obligations and receivables which at
any time constitute all or part of or are included in the proceeds of any of the
foregoing). The Seller shall deliver the original Mortgage or mortgage
assignment with evidence of recording thereon (except as otherwise provided by
the Pooling and Servicing Agreement) and other required documentation in
accordance with the terms set forth in Sections 3.05 and 3.07 of the Pooling and
Servicing Agreement.
The costs relating to the delivery of the documents specified in this
Subsequent Transfer Agreement and the Pooling and Servicing Agreement shall be
borne by the Seller.
The Seller hereby affirms the representations and warranties set forth
in the Pooling and Servicing Agreement that relate to the Seller and the
Subsequent Mortgage Loans as of the date hereof. The Seller hereby delivers
notice and confirms that each of the conditions set forth in Section 3.07(b) and
3.07(c) to the Pooling and Servicing Agreement are satisfied as of the date
hereof.
Pursuant to Section 3.07(a) of the Pooling and Servicing Agreement, the
Seller hereby instructs the Trustee to release one-hundred percent of the
aggregate principal balances of the Subsequent Mortgage Loans so transferred
from the Pre-Funding Account, $5,670,263, pursuant to this Subsequent Transfer
Agreement and to include $5,670,263 of the Mortgage Loans listed in Schedule 2
hereto in Group II.
All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified, confirmed and incorporated herein, provided that in the event
of any conflict the provisions of this Subsequent Transfer Agreement shall
control over the conflicting provisions of the Pooling and Servicing Agreement.
Terms capitalized herein and not defined herein shall have their
respective meanings as set forth in the Pooling and Servicing Agreement.
AMRESCO RESIDENTIAL SECURITIES CORPORATION
as Depositor
By: /s/ Xxxxxx X. Cott
--------------------------------------
Name: Xxxxxx X. Cott
Title: Vice President
AMRESCO RESIDENTIAL CAPITAL MARKETS, INC.
as Seller
By: /s/ Xxxxxx X. Cott
--------------------------------------
Name: Xxxxxx X. Cott
Title: Vice President
AMRESCO RESIDENTIAL SECURITIES
CORPORATION MORTGAGE LOAN TRUST
1996-5, by The Chase Manhattan Bank
as Trustee
By: /s/ Xxxxxxxx X. Xxxxx
--------------------------------------
Name:
Title:
Dated: March 10, 1997
AMRESCO Mortgage Loan Schedule - Prefund III
1996-5 Group 2 Adjustable Rate Loans
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SERVICER AMERESCO LAST ZIP PROPERTY MATURITY
LOAN NUMBER LOAN NUMBER NAME ADDRESS CITY STATE CODE TYPE DATE
------------------------------------------------------------------------------------------------------------------------------------
2835643 533164AD XXXXXX 00 XXXXX XXX XXXXXXX XX 0000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2649986 5034510AD XXXXXXXX 000 XXXXX XXXX XXXXXXXXX XX 0000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2708717 5034966AD BANKS 000 00XX XXXXXX XXXX XXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
2835601 523017AD XXXXXXX 000 XXXXXXX XXXXX XXXXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2835510 340354AD XXXXXX 00000 XX XXXX XXXX XX XXXX XXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2672491 5034695AD XXXXXXX 000 XXX XXXXXXXXXX XXXX XXXXXXXXXX XX 0000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
2705176 5034759AD XXXXXX 000 XXXXXXX XXXXXX X. XXXXXXXX XX 0000 2 UNITS 46419
------------------------------------------------------------------------------------------------------------------------------------
2785400 6000164AD XXXXXXX 00 XXXXXX XXXX XXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
2774701 6000112AD XXXXXX 000 XXX XXXX XXX XXXXX XX 00000 MANUFACTURE 46419
------------------------------------------------------------------------------------------------------------------------------------
2831956 5304814AD XXXXXXX 000 XXXXXXXX XXXXXXX XX 0000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2833887 5305116AD XXXXXXX 0000 XXXXX XXXXXXXX XXXXXXX XX 00000 2-4 UNITS 46388
------------------------------------------------------------------------------------------------------------------------------------
2834695 5305241AD XXXXX 0000 XXXXXXXXX 00XX XXXXXXX XXXXX XX 00000 2-4 UNITS 46388
------------------------------------------------------------------------------------------------------------------------------------
2835320 5305385AD XXXXX 000 XXXX XXXXX XXXXXX XXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2835791 533395AD LOUPE JR. 0000 XXXX XXXXX XXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2836039 541620AD XXXXXXX 0000 XXXX XXXXX XXXXXX XXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2836278 654175AD XXXXXXX 000 XXXXXXX XXXXXXX, XX XXXXXXXX XX 00000 PUD 46388
------------------------------------------------------------------------------------------------------------------------------------
2836310 884546AD XXXX-XXXXXX 000 (X & X) XXXXXXX XXXX XXXXXX XX 00000 2-4 UNITS 46388
------------------------------------------------------------------------------------------------------------------------------------
2836583 886916AD LITTLE 00000 XX XXXX XXXXX XXXXXX XXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2836633 886981AD DETSCHMAN 0000 XXX XX. XXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2836740 887151AD OROZ 000 XXXXX XXXXXX X XXXXXXXX XX 00000 CONDO 46388
------------------------------------------------------------------------------------------------------------------------------------
2836849 887287AD XXXXXX 0000 X.X. XXXXXXXX XXXXXX XXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
2801280 6000134AD XXXXXXXX 0000 XXXX 00XX XXX XXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
2807717 6000283AD XXXXXX 000 XXXXXXX XXXXX XXXXX XXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9422643 011015714OO HAMIKA 0000 XXXXXX XXXXX XXXXX XXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9423864 011015866OO XXXXXXXX 0000 XXXX XXXXXXXX XXXX, XXXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9428533 011016000OO ELMO 0000 XXXX XXX XXXX, XXXX XXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9431933 021009285OO XXXXXXXX 27933 MAGIC XXXXXXXX XXXX, [XXXXXX XXXXXXX [XXXX] XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9429176 021009297OO XXXXXXXXX 000 XXXXXXXXX XXXXX, XXXXXX XXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9438581 021009376OO XXXXXX 0000 XX XXXXXX XXXX., XXXX XX 00000 SFR 46447
------------------------------------------------------------------------------------------------------------------------------------
9378522 041011502OO LORD 000 XXX XXXXXX, XXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
9424896 041012234OO XXXXX 0000 XXXXXXX XXXXX, XXXXXXXXX XX 00000 CONDO 46419
------------------------------------------------------------------------------------------------------------------------------------
9444282 041012935OO XXXXXX 00 XXXXXXX XXXXX, XX. XXXXXXX XX 00000 SFR 46447
------------------------------------------------------------------------------------------------------------------------------------
9439951 051009655OO PISTACCHIO 00 XXXX XXXX, XXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9440512 051009918OO XXXXXXX 0 XXXXXXX XXXXXX XXXXXX, XXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9377607 061007088OO XXXXXX 0000 XXXXX, XXXXXXXXX XXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
9391640 061007164OO XXXXXXXX 00000 XX XXXXX, XXXXXXXXXX XXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
9387580 061007187OO XXXXX 0000 XXXXX XXXXXX XX, XXXXX XXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
9438268 061007584OO VANORIO 0000 XXXXXX XXXX, XXXXXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9423989 071007901OO XXXXX 0000 XXXXXXX 00 XXXX, XX. XXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9383241 071008550OO XXXXX 0000 XX 00XX XXXXXXX, XXXXXXXXX XX 00000 SFR 46388
------------------------------------------------------------------------------------------------------------------------------------
9423021 071008619OO XXXXX 00 XXXXXXXX XXXX, XXXX XXXXX XX 00000 PUD 46419
------------------------------------------------------------------------------------------------------------------------------------
9440355 071008750OO PADYJASEK 0000 XXXXXX XXXXX XXXXX, XXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9438060 071008832OO XXXXXX 000 XXXXXXXXXX XXXXX, XXXXXX XXXXXXX XX 00000 PUD 46419
------------------------------------------------------------------------------------------------------------------------------------
9431487 071008840OO XXXXXX 00000 XX 00XX XXXXXX, XXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9436569 071009014OO DANPERSAUD 0000 XXXXX XXXX XXXXX, XXXXXXX XX 00000 PUD 46419
------------------------------------------------------------------------------------------------------------------------------------
9436320 081007524OO XXXXXX 00 XXXXXX XXXXX, XX. XXXXXX XX 00000 PUD 46419
------------------------------------------------------------------------------------------------------------------------------------
9421249 121000652OO ALEX N53 X00000 XXXXXXXXX XXXXXXXX, XXXXXXXXX XXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9439886 141000598OO MASAS 000 XXXXXX XXXXXX, XXXXXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9434960 201000443OO VALERA 00 XXXX XXXXXX, XXXX XX 00000 2-4 UNITS 46419
------------------------------------------------------------------------------------------------------------------------------------
9441403 201000568OO XXXXXXXX 00 XXXXXXX XXXX, XXXXXXXXXX XX 00000 SFR 46419
------------------------------------------------------------------------------------------------------------------------------------
9432741 511003355OO XXXXXXX 0000 XXXXX XXXX, XXXXXX XX 00000 SFR 46357
------------------------------------------------------------------------------------------------------------------------------------
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SERVICER 3/1/97 CURRENT CURRENT OCCUPANCY ORIGINAL DUE
LOAN NUMBER CURRENT BALANCE RATE P&I PAYMENT LTV STATUS TERM SERVICER ORIGINATOR DATE
----------------------------------------------------------------------------------------------------------------------------------
2835643 $ 71,400.00 10.250 $ 639.82 70.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2649986 $ 54,950.50 9.940 $ 480.23 54.46 OWNER 360 ADVANTA QUALITY 4/1/97
----------------------------------------------------------------------------------------------------------------------------------
2708717 $ 174,000.00 10.750 $ 1,624.26 75.00 OWNER 360 ADVANTA QUALITY 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
2835601 $ 56,000.00 10.990 $ 532.88 80.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2835510 $ 136,640.00 9.990 $ 1,198.11 80.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2672491 $ 88,900.00 10.310 $ 800.60 70.00 OWNER 360 ADVANTA QUALITY 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
2705176 $ 155,000.00 9.810 $ 1,338.52 51.67 OWNER 360 ADVANTA QUALITY 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
2785400 $ 109,550.00 9.810 $ 946.03 70.00 OWNER 360 ADVANTA QUALITY 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
2774701 $ 50,750.00 9.810 $ 438.26 70.00 OWNER 360 ADVANTA QUALITY 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
2831956 $ 114,000.00 11.740 $ 1,149.85 75.00 OWNER 360 ADVANTA BNC 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2833887 $ 123,750.00 10.990 $ 1,177.57 75.00 OWNER 360 ADVANTA BNC 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2834695 $ 110,250.00 10.500 $ 1,008.50 75.00 OWNER 360 ADVANTA BNC 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2835320 $ 155,250.00 10.750 $ 1,449.23 75.00 OWNER 360 ADVANTA BNC 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2835791 $ 69,300.00 10.250 $ 621.00 70.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836039 $ 100,000.00 10.500 $ 914.74 80.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836278 $ 104,800.00 10.500 $ 958.65 80.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836310 $ 160,000.00 10.500 $ 1,463.59 80.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836583 $ 40,000.00 10.990 $ 380.63 80.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836633 $ 178,800.00 9.900 $ 1,555.90 79.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836740 $ 121,500.00 9.990 $ 1,065.36 75.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2836849 $ 107,250.00 9.990 $ 940.41 75.00 OWNER 360 ADVANTA WAYERHAEUSER 2/1/97
----------------------------------------------------------------------------------------------------------------------------------
2801280 $ 71,500.00 9.810 $ 617.45 65.00 OWNER 360 ADVANTA AMRESCO 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
2807717 $ 164,927.88 10.130 $ 1,463.87 75.00 OWNER 360 ADVANTA AMRESCO 4/1/97
----------------------------------------------------------------------------------------------------------------------------------
9422643 $ 296,000.00 9.800 $ 2,553.97 78.93 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9423864 $ 93,958.33 9.990 $ 824.22 79.32 OWNER 360 OPTION ONE OPTION ONE 4/1/97
----------------------------------------------------------------------------------------------------------------------------------
9428533 $ 101,600.00 9.990 $ 890.86 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9431933 $ 256,000.00 9.800 $ 2,208.84 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9429176 $ 91,000.00 9.990 $ 797.92 65.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9438581 $ 128,800.00 9.850 $ 1,116.06 80.00 OWNER 360 OPTION ONE OPTION ONE 4/1/97
----------------------------------------------------------------------------------------------------------------------------------
9378522 $ 69,968.37 9.900 $ 609.13 47.61 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9424896 $ 56,000.00 9.930 $ 488.55 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9444282 $ 108,400.00 9.990 $ 950.49 79.12 OWNER 360 OPTION ONE OPTION ONE 4/1/97
----------------------------------------------------------------------------------------------------------------------------------
9439951 $ 69,950.00 9.850 $ 606.12 79.99 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9440512 $ 81,600.00 9.850 $ 707.07 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9377607 $ 30,716.23 9.900 $ 269.76 33.70 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9391640 $ 132,241.35 9.990 $ 1,160.05 70.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9387580 $ 46,339.45 9.990 $ 406.50 61.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9438268 $ 214,400.00 9.950 $ 1,873.60 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9423989 $ 82,462.72 9.900 $ 717.91 75.00 OWNER 360 OPTION ONE OPTION ONE 4/1/97
----------------------------------------------------------------------------------------------------------------------------------
9383241 $ 74,363.80 9.900 $ 647.42 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9423021 $ 124,000.00 9.990 $ 1,087.27 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9440355 $ 181,600.00 9.800 $ 1,566.90 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9438060 $ 96,000.00 9.950 $ 838.92 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9431487 $ 71,400.00 9.990 $ 626.06 70.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9436569 $ 142,400.00 9.900 $ 1,239.15 79.98 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9436320 $ 67,000.00 9.800 $ 578.10 46.20 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9421249 $ 175,500.00 9.850 $ 1,520.72 65.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9439886 $ 61,600.00 9.850 $ 533.77 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9434960 $ 58,500.00 9.850 $ 506.91 75.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9441403 $ 180,000.00 9.950 $ 1,572.98 78.86 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
9432741 $ 59,944.37 9.800 $ 517.70 80.00 OWNER 360 OPTION ONE OPTION ONE 3/1/97
----------------------------------------------------------------------------------------------------------------------------------
$ 5,670,263.00
================
LOAN COUNT 51
