SUBSEQUENT TRANSFER INSTRUMENT NUMBER FIVE
Pursuant to this Subsequent Transfer Instrument (the "Instrument"),
dated February 7, 1997, between Superior Bank FSB, as seller (the "Depositor"),
and LaSalle National Bank, as Trustee of the AFC Mortgage Loan Asset Backed
Certificates, Series 1996-4, as purchaser (the "Trustee"), and pursuant to the
Pooling and Servicing Agreement, dated as of December 1, 1996, among Superior
Bank FSB, as Depositor, Xxx Xxxxxxxxx Company, a Division of Superior Bank FSB,
as Servicer, and LaSalle National Bank, as Trustee (the "Pooling and Servicing
Agreement"), the Depositor and the Trustee agree to the sale by the Depositor
and the purchase by the Trustee, on behalf of the Trust Fund, of the Mortgage
Loans listed on the attached Schedule of Mortgage Loans (the "Subsequent
Mortgage Loans").
Capitalized terms used and not defined herein have their respective
meanings as set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
(a) The Depositor does hereby sell, transfer, assign, set over and
convey to the Trustee, on behalf of the Trust Fund, without recourse, all of its
right, title and interest in and to the Subsequent Mortgage Loans, excepting the
Depositor's Yield, and including all amounts due on the Subsequent Mortgage
Loans after the related Subsequent Cut-Off Date, and all items with respect to
the Subsequent Mortgage Loans to be delivered pursuant to Section 2.04 of the
Pooling and Servicing Agreement; provided, however that the Depositor reserves
and retains all right, title and interest in and to amounts (including
Prepayments, Curtailments and Excess Payments) due on the Subsequent Mortgage
Loans on or prior to the related Subsequent Cut-off Date. The Depositor,
contemporaneously with the delivery of this Agreement, has delivered or caused
to be delivered to the Trustee or, if a Custodian has been appointed pursuant to
Section 12.12 of the Pooling and Servicing Agreement, to the Custodian each item
set forth in Section 2.04 of the Pooling and Servicing Agreement. The transfer
to the Trustee by the Depositor of the Subsequent Mortgage Loans identified on
the Mortgage Loan Schedule shall be absolute and is intended by the Depositor,
the Servicer, the Trustee and the Certificateholders to constitute and to be
treated as a sale by the Depositor to the Trust Fund.
(b) The expenses and costs relating to the delivery of the Subsequent
Mortgage Loans, this Instrument and the Pooling and Servicing Agreement shall be
borne by the Depositor.
(c) Additional terms of the sale are set forth on Attachment A hereto.
1
Section 2. Representations and Warranties; Conditions Precedent.
(a) The Depositor hereby affirms the representations and warranties
set forth in Section 3.02 of the Pooling and Servicing Agreement that relate to
the Subsequent Mortgage Loans as of the date hereof. The Depositor hereby
confirms that each of the conditions set forth in Section 2.10(b), and as
applicable, Section 2.10(c) or Section 2.10(d), of the Pooling and Servicing
Agreement are satisfied as of the date hereof.
(b) All terms and conditions of the Pooling and Servicing Agreement
are hereby ratified and confirmed; provided, however, that in the event of any
conflict the provisions of this Instrument shall control over the conflicting
provisions of the Pooling and Servicing Agreement.
Section 3. Recordation of Instrument.
To the extent permitted by applicable law, this Instrument, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Servicer
at the Certificateholders' expense on direction of the related Majority
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.
Section 4. Governing Law.
This Instrument shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
Section 5. Counterparts.
This Instrument may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.
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Section 6. Successors and Assigns.
This Instrument shall inure to the benefit of and be binding upon the
Depositor and the Trustee and their respective successors and assigns.
SUPERIOR BANK FSB
By:/s/ Xxxxxxx Xxxxxxx
------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Senior Vice President and
Chief Financial Officer
AFC MORTGAGE LOAN ASSET
BACKED CERTIFICATES, SERIES 1996-4
By: LASALLE NATIONAL BANK,
as Trustee
By:/s/ Xxxxxxxx Xxxxxx
------------------------------
Name: Xxxxxxxx Xxxxxx
Title: First Vice President
Attachments
A. Additional terms of the sale.
B. Schedule of Subsequent Mortgage Loans.
C. Opinions of Depositor's counsel (bankruptcy, corporate).
X. Xxxxxxxxx's Officer's certificate.
E. Opinion of Trustee's Counsel.
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AFC MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
ATTACHMENT A TO SUBSEQUENT TRANSFER INSTRUMENT
NUMBER FIVE FOR SUB-POOL 1
Series 1996-4
February 7, 1997
A.
1. Subsequent Cut-off Date: February 6, 1997
2. Pricing Date:
3. Subsequent Transfer Date: February 7, 1997
4. Aggregate Principal Balance of the Subsequent
Mortgage Loans as of the Subsequent Cut-off Date: $203,790.76
5. Purchase Price: 100.00%
B.
As to all the Subsequent Mortgage Loans the subject of this Instrument:
1. Shortest original term to maturity: 240 months
2. Longest original term to maturity: 360 months
3. Lowest Mortgage Rate: 9.35%
4. Greatest Combined Loan-to-Value Ratio: 89.80%
5. Largest Principal Balance $67,975.76
[As to the final transfer of Subsequent Mortgage Loans:]
6. Weighted Average Term since Origination: 1.53 months
7. April 1997 first payment date: -0-
8. WAC of all Mortgage Loans: 11.70603%
9. WAM of all Mortgage Loans: 213.26 months
10. Maximum Weighted average CLTV: 77.02%
11. Balloon Loans: 44.21%
12. Largest Principal Balance: $730,000.00
13. Non-owner occupied Mortgaged Properties: 7.13%
14. Maximum zip code concentration: 0.63%
15. Condominiums: 1.03%
16. Single-family: 81.32%
17. Multifamily and Mixed Use Properties: 5.62%
4
ADDITION NOTICE
Date: February 7, 1997
LaSalle National Bank
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Re: Pooling and Servicing Agreement, dated as of December 1, 1996,
between Superior Bank FSB, as seller (the "Depositor"), LaSalle
National Bank as trustee (the "Trustee") and Xxx Xxxxxxxxx
Company, a division of the Depositor, as servicer, relating to
AFC Mortgage Loan Asset Backed Certificates, Series 1996-4
Sub-Pool 1
Ladies and Gentlemen:
Pursuant to Section 2.10 of the above-captioned Pooling and Servicing
Agreement, the Depositor has designated the Subsequent Mortgage Loans to be sold
to the Trust Fund on February 7, 1997, with an aggregate principal balance of
$203,000.00*. Capitalized terms not otherwise defined herein have the meaning
set forth in the Pooling and Servicing Agreement.
Please acknowledge your receipt of this notice by countersigning the
enclosed copy in the space indicated below and returning it to the attention of
the undersigned.
Very truly yours,
*Approximate
SUPERIOR BANK FSB
By:/s/ Xxxx Xxxxxxxxx
--------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
ACKNOWLEDGED AND AGREED:
LASALLE NATIONAL BANK
By:/s/ Xxxxxxxx Xxxxxx
------------------------
Name: Xxxxxxxx Xxxxxx
Title: First Vice President
Date: February 7, 1997
OFFICER'S CERTIFICATE
I, Xxxxxxx Xxxxxxx hereby certify that I am the duly elected Senior
Vice President and Chief Financial Officer of Superior Bank FSB, a federally
chartered stock savings bank (the "Depositor"), and further, to the best of my
knowledge and after due inquiry, as follows:
Each condition precedent specified in Section 2.10(b), Section 2.10(c)
and Section 2.10(d) for the Subsequent Mortgage Loans of the Pooling and
Servicing Agreement, dated as of December 1, 1996, among the Depositor, Xxx
Xxxxxxxxx Company, a division of Superior Bank FSB, and LaSalle National
Bank, as Trustee (the "Pooling and Servicing Agreement") and each condition
precedent specified in Subsequent Transfer Instrument has been satisfied by
the Depositor.
Capitalized terms not otherwise defined herein have the meanings set
forth in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, I have hereunto signed my name.
Dated: February 7, 1997 By:/s/ Xxxxxxx Xxxxxxx
-------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Senior Vice President and
Chief Financial Officer
Alliance Funding Company Page 1 2/7/97
A division of Superior Bank FSB
Sale Schedule
1996-4 Class 1 - 5th Subsequent Transfer of Fixed Rate Mortgages -
Settlement 2/7/97
Zip
Sale ID Account Name Address City State Code
-------------------------------------------------------------------------------------------------------------------------------
SB55 10266137124 XXXX XXXXXX 2910 XXXXXXXX SQUARE BALTIMORE MD 21234
SB55 10266139579 XXXXXXXXXXX XXXXXXX X 000 XXXXXXX XXXXXXXXX XXXXXXXX XX 00000
SB55 10266139873 XXXXXXXX XXXXX L 0000 00XX XX. MOLINE IL 61265
--------------------------------------------
3 Sale Total
3 Total with Superior Bank
3 Grand Total
Principal Cut-off Date First Original Current Scheduled
Balance at Principal Payment Maturity Rem Date LTV Mortgage Payment
Sale ID Account Origination Balance Date Date Term Due Ratio Rate Int & Prin
------------------------------------------------------------------------------------------------------------------------------------
SB55 10266137124 67,915.00 67,915.00 12/20/96 11/20/26 357.44 02/20/97 85.0 10.850 639.08
SB55 10266139579 67,900.00 67,900.00 01/23/97 12/23/16 238.52 02/23/97 70.0 9.350 626.28
SB55 10266139873 68,100.00 67,975.76 02/01/97 01/01/17 238.82 03/01/97 89.8 11.750 738.00
---------------------------------------- ---------- -----------------------------
3 203,915.00 203,790.76 278.25 81.6 10.650 2,003.36
3 203,915.00 203,790.76 278.25 81.6 10.650 2,003.36
3 203,915.00 203,790.76 278.25 81.6 10.650 2,003.36
