Exhibit 99.16
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the "MLMC AAR") is
dated as of July 1, 2006, by and among Xxxxxxx Xxxxx Mortgage Capital, Inc., 4
World Financial Center, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Assignor"),
Xxxxxxx Xxxxx Mortgage Lending, Inc., having an address at 4 World Financial
Center, Xxxxx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 (the "Assignee") and PHH Mortgage
Corporation, formerly known as Cendant Mortgage Corporation (the "Servicer").
WHEREAS, the Servicer, Xxxxxx'x Gate Residential Mortgage Trust ("Xxxxxx'x
Gate") and the Assignor, as Purchaser entered into that certain Mortgage Loan
Flow Purchase, Sale and Servicing Agreement, dated as of March 27, 2001 (as
amended and in effect on the date hereof, the "Purchase, Sale and Servicing
Agreement"); and
WHEREAS, the Assignor wishes to assign to the Assignee all of its right,
title and interest with respect to those certain mortgage loans set out on
Exhibit A to the Assignment, Assumption and Recognition Agreement (the "PHH
AAR"), dated as of July 1, 2006, among the Assignee, Xxxxxxx Xxxxx Mortgage
Investors, Inc. ("MLMI") and the Servicer (the "Mortgage Loans") under the
Purchase, Sale and Servicing Agreement, with respect to the Mortgage Loans, and
Assignee wishes to assume all of Assignor's right, title and interest in and to
such Mortgage Loans as provided in the Purchase, Sale and Servicing Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, and of the mutual covenants herein
contained, the parties hereto hereby agree as follows:
1. Definitions. Defined terms used in this Assignment and not otherwise
defined herein shall have the meaning set forth in the Purchase, Sale and
Servicing Agreement.
2. Assignment. The Assignor hereby assigns all of its right, title and
interest with respect to the Mortgage Loans, under the Purchase, Sale and
Servicing Agreement, to the Assignee.
3. Assumption. The Assignee hereby accepts such assignment and assumes all
of the rights, title and interest of the Assignor with respect to the Mortgage
Loans under the Purchase, Sale and Servicing Agreement.
4. Recognition. From and after the date hereof, the Servicer, as servicer
shall recognize the Assignee as the owner of the Mortgage Loans, and the
Servicer will service the Mortgage Loans in accordance with the servicing
provisions contained in the Purchase, Sale and Servicing Agreement for the
benefit of the Assignee, and shall look solely to the Assignee for performance
of the obligations of Assignor under the Purchase, Sale and Servicing Agreement
with respect to the Mortgage Loans. From and after the date hereof, the Assignee
shall recognize
the Servicer as the servicer of the Mortgage Loans, and shall look solely to the
Servicer for performance of the obligations of the Servicer under the Purchase,
Sale and Servicing Agreement with respect to the Mortgage Loans.
The Servicer is aware and understands that the Assignee will be further
assigning its right, title and interest to the Mortgage Loans under the
Purchase, Sale and Servicing Agreement to MLMI on the date hereof pursuant to
the PHH AAR.
5. Governing Law. This Assignment shall be construed in accordance with
the substantive laws of the State of New York (without regard to conflict of
laws principles) and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, except to the extent
preempted by federal law.
6. Successors. This Assignment shall inure to the benefit of the
successors and assigns of the parties hereto. Any entity into which the
Servicer, the Assignor or the Assignee may be merged or consolidated shall,
without the requirement for any further writing, be deemed the Servicer, the
Assignor or the Assignee, respectively, hereunder.
7. No Waiver. No term or provision of this Assignment may be waived or
modified unless such waiver or modification is in writing and signed by the
parties hereto, including the aknowledgment parties.
8. Survival. This Assignment shall survive the conveyance of the Mortgage
Loans and the assignment of the Purchase, Sale and Servicing Agreement to the
extent of the Mortgage Loans by the Assignor to the Assignee and the termination
of the Purchase, Sale and Servicing Agreement.
9. Counterparts. This Assignment may be executed simultaneously in any
number of counterparts, each of which counterparts shall be deemed to be an
original, and such counterparts shall constitute and be one and the same
instrument.
[SIGNATURES ON FOLLOWING PAGE]
EXECUTION COPY
IN WITNESS WHEREOF, the parties have caused this Assignment, Assumption
and Recognition Agreement to be executed by their duly authorized officers as of
the date first above written.
XXXXXXX XXXXX MORTGAGE
CAPITAL, INC.
THE ASSIGNOR
By: ___________________________
Name: ___________________________
Title: ___________________________
XXXXXXX XXXXX MORTGAGE
LENDING, INC.,
THE ASSIGNEE
By: ___________________________
Name: ___________________________
Title: ___________________________
PHH MORTGAGE CORPORATION,
THE SERVICER
By: ___________________________
Name: ___________________________
Title: ___________________________
