EXECUTION COPY
RECONSTITUTED SERVICING AGREEMENT
THIS RECONSTITUTED SERVICING AGREEMENT (this "Agreement"), entered into
as of the 1st day of May, 2003, by and between XXXXXX BROTHERS HOLDINGS, INC., a
Delaware corporation (the "Seller" or "Xxxxxx Brothers Holdings"), and CENDANT
MORTGAGE CORPORATION, a New Jersey corporation (the "Servicer") having an office
at 0000 Xxxxxx Xxx, Xx. Xxxxxx, Xxx Xxxxxx 00000, recites and provides as
follows:
RECITALS
WHEREAS, Xxxxxx Brothers Bank, FSB (the "Bank") acquired certain first
lien, residential mortgage loans from the Servicer and Xxxxxx'x Gate Residential
Mortgage Trust (formerly known as Cendant Residential Mortgage Trust) ("Xxxxxx'x
Gate"), which mortgage loans were either originated or acquired by the Servicer
or Xxxxxx'x Gate, pursuant to a Mortgage Loan Flow Purchase, Sale & Servicing
Agreement dated as of February 1, 2002 (the "Servicing Agreement"), by and among
the Bank, as purchaser, the Servicer, as seller and attached hereto as
Exhibit B.
WHEREAS, the mortgage loans are currently being serviced pursuant to
the Servicing Agreement.
WHEREAS, pursuant to an Assignment and Assumption Agreement, dated May
1, 2003 (the "Assignment and Assumption Agreement") annexed as Exhibit C hereto,
the Seller acquired from the Bank all of the Bank's right, title and interest in
and to the mortgage loans currently serviced under the Servicing Agreement and
assumed for the benefit of each of the Servicer and the Bank the rights and
obligations of the Bank as owner of such mortgage loans pursuant to the
Servicing Agreement.
WHEREAS, the Seller has conveyed the mortgage loans (the "Mortgage
Loans") identified on Exhibit D to Structured Asset Securities Corporation, a
Delaware special purpose corporation ("SASCO"), which in turn has conveyed the
Mortgage Loans to Xxxxx Fargo Bank Minnesota, National Association (the
"Trustee"), pursuant to a trust agreement dated as of May 1, 2003 (the "Trust
Agreement"), by and among the Trustee, Aurora Loan Services Inc., as master
servicer ("Aurora", and together with any successor Master Servicer appointed
pursuant to the provisions of the Trust Agreement, the "Master Servicer") and
SASCO.
WHEREAS, the Seller desires that the Servicer continue to service the
Mortgage Loans, and the Servicer has agreed to do so.
WHEREAS, the Seller and the Servicer agree that the provisions of the
Servicing Agreement, as amended hereby with respect to the Mortgage Loans, shall
continue to apply to the Mortgage Loans, and shall govern the Mortgage Loans for
so long as such Mortgage Loans remain subject to the provisions of the Trust
Agreement.
WHEREAS, the Master Servicer and any successor master servicer shall be
obligated, among other things, to supervise the servicing of the Mortgage Loans
on behalf of the Trustee, and shall have the right under the conditions
specified herein to terminate for cause the rights and obligations of the
Servicer under this Agreement.
WHEREAS, the Seller and the Servicer intend that each of the Master
Servicer and the Trustee is an intended third party beneficiary of this
Agreement.
NOW, THEREFORE, in consideration of the mutual agreements hereinafter
set forth and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Seller and the Servicer hereby
agree as follows:
AGREEMENT
1. Definitions. Capitalized terms used and not defined in this
Agreement, including Exhibit A hereto and any provisions of the Servicing
Agreement incorporated by reference herein (regardless of whether such terms are
defined in the Servicing Agreement), shall have the meanings ascribed to such
terms in the Trust Agreement.
2. Servicing. The Servicer agrees, with respect to the Mortgage Loans,
to perform and observe the duties, responsibilities and obligations that are to
be performed and observed under the provisions of the Servicing Agreement,
except as otherwise provided herein and on Exhibit A hereto, and that the
provisions of the Servicing Agreement, as so modified, are and shall be a part
of this Agreement to the same extent as if set forth herein in full.
3. Master Servicing; Termination of Servicer. The Servicer, including
any successor servicer hereunder, shall be subject to the supervision of the
Master Servicer, which Master Servicer shall be obligated to ensure that the
Servicer services the Mortgage Loans in accordance with the provisions of this
Agreement. The Master Servicer, acting on behalf of the Trustee and the SASCO
2003-17A Trust Fund (the "Trust Fund") created pursuant to the Trust Agreement,
shall have the same rights as the Seller as purchaser under the Servicing
Agreement to enforce the obligations of the Servicer under the Servicing
Agreement and the term "Purchaser" as used in the Servicing Agreement in
connection with any rights of the Seller shall refer to the Trust Fund or, as
the context requires, the Master Servicer acting in its capacity as agent for
the Trust Fund, except as otherwise specified in Exhibit A hereto. The Master
Servicer shall be entitled to terminate the rights and obligations of the
Servicer under this Agreement upon the failure of the Servicer to perform any of
its obligations under this Agreement, which failure results in an Event of
Default as provided in Section 10.01 of the Servicing Agreement. Notwithstanding
anything herein to the contrary, in no event shall the Master Servicer assume
any of the obligations of the Seller under the Servicing Agreement; and in
connection with the performance of the Master Servicer's duties hereunder, the
parties and other signatories hereto agree that the Master Servicer shall be
entitled to all of the rights, protections and limitations of liability afforded
to the Master Servicer under the Trust Agreement.
4. Compliance with HOEPA. The Servicer is currently in compliance with
the Home Ownership and Equity Protection Act ("HOEPA") and will continue to
operate its business in compliance with HOEPA.
5. No Representations. Except as described herein, neither the Servicer
nor the Master Servicer shall be obligated or required to make any
representations and warranties regarding the characteristics of the Mortgage
Loans (other than those representations and warranties made in Section 3.03 of
the Servicing Agreement) in connection with the transactions contemplated by the
Trust Agreement and issuance of the Certificates issued pursuant thereto. The
Servicer hereby makes the following additional representations and warranties
which may be enforced in accordance with the Servicing Agreement:
(a) No Mortgage Loan originated on or after October 1, 2002 and secured by a
Mortgaged Property located in the State of Georgia is a "home loan" and is
either a "covered" or "high cost loan" as defined in the Georgia Fair Lending
Act, as amended.
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6. Notices. All notices and communications between or among the parties
hereto (including any third party beneficiary thereof) or required to be
provided to the Trustee shall be in writing and shall be deemed received or
given when mailed first-class mail, postage prepaid, addressed to each other
party at its address specified below or, if sent by facsimile or electronic
mail, when facsimile or electronic confirmation of receipt by the recipient is
received by the sender of such notice. Each party may designate to the other
parties in writing, from time to time, other addresses to which notices and
communications hereunder shall be sent.
All notices required to be delivered to the Master Servicer under this
Agreement shall be delivered to the Master Servicer at the following address:
Aurora Loan Services Inc.
0000 Xxxxx Xxxxxx Xxxx
Xxxxx 000
Xxxxxx, Xxxxxxxx 00000
Attention: E. Xxxx Xxxxxxxxxx, Master Servicing, SASCO 2003-17A
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
All remittances required to be made to the Master Servicer under this
Agreement shall be made on a scheduled/scheduled basis to the following wire
account:
JPMorgan Chase Bank
New York, New York
ABA#: 000-000-000
Account Name: Aurora Loan Services Inc., Master Servicing Payment
Clearing Account
Account No.: 066-611059
Beneficiary: Aurora Loan Services Inc.
For further credit to: SASCO 2003-17A
All notices required to be delivered to the Trustee hereunder shall be
delivered to the Trustee at the following address:
Xxxxx Fargo Bank Minnesota, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000-0000
Attention: Client Manager - SASCO 2003-17A
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
All notices required to be delivered to the Seller hereunder shall be
delivered to the Seller at the following address:
Xxxxxx Brothers Holdings Inc.
000 Xxxxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxx
Telephone: (000) 000-0000
E-mail: xxxxxxx@xxxxxx.xxx
With a copy to:
Xxxxxx, Xxxxx & Xxxxxxx, LLP
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Attention: Xxxxxx X. Xxxxxxx, Esq.
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All notices required to be delivered to the Servicer hereunder shall be
delivered to the address of its office as set forth in the first paragraph of
this Agreement.
7. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, NOTWITHSTANDING NEW YORK OR
OTHER CHOICE OF LAW RULES TO THE CONTRARY.
8. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original,
but all of which counterparts shall together constitute but one and the same
instrument.
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Executed as of the day and year first above written.
XXXXXX BROTHERS HOLDINGS INC.,
as Seller
By:
-------------------------------------
Name: Xxxxxxx X. Xxxxxxxxxx
Title: Authorized Signatory
CENDANT MORTGAGE CORPORATION,
as Servicer
By:
-------------------------------------
Name: Xxxxx Xxxx
Title: Vice President
Acknowledged By:
AURORA LOAN SERVICES INC.,
as Master Servicer
By:
--------------------------------------
Name: E. Xxxx Xxxxxxxxxx
Title: Executive Vice President
XXXXX FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
as Trustee
By:
--------------------------------------
Name:
Title
EXHIBIT A
Modifications to the Servicing Agreement
1. Unless otherwise specified herein, for purposes of this Servicing
Agreement, including definitions, relating to (i) representations and
warranties of the Purchaser, (ii) the sale and purchase of the Mortgage
Loans, (iii) Funding Dates and (iv) Specially Serviced Mortgage Loans,
shall be disregarded. The exhibits to the Servicing Agreement and all
references to such exhibits shall also be disregarded.
2. For reporting purposes, a Mortgage Loan is "delinquent" when any payment
contractually due thereon has not been made by the close of business on the
Due Date therefor. Such Mortgage Loan is "30 days Delinquent" if such
payment has not been received by the close of business on the corresponding
day of the month immediately succeeding the month in which such payment was
first due, or, if there is no such corresponding day (e.g., as when a
30-day month follows a 31-day month in which a payment was due on the 31st
day of such month), then on the last day of such immediately succeeding
month. Similarly for "60 days Delinquent" and the second immediately
succeeding month and "90 days Delinquent" and the third immediately
succeeding month.
3. A new definition of "Adverse REMIC Event" is hereby added to Article I to
read as follows:
"Adverse REMIC Event": As defined in Article X of the Trust Agreement.
4. The definition of "Collection Account" is hereby amended to change the
words "the Purchaser of Mortgage Loans under the Mortgage Loan Flow
Purchase, Sale & Servicing Agreement, dated as of February 1, 2002" to
"SASCO 2003-17A Trust Fund".
5. The definition of "Custodial Agreement" in Article I is hereby amended in
its entirety to read as follows:
"Custodial Agreement" means the Custodial Agreement dated as of May 1,
2003 between the Custodian and the Trustee.
6. The definition of "Custodian" in Article I is hereby amended in its
entirety to read as follows:
"Custodian" means LaSalle Bank, National Association, any successor in
interest or any successor custodian appointed pursuant to the Custodial
Agreement.
7. The definition of "Cut Off Date" in Article I is hereby amended in its
entirety to read as follows:
"Cut Off Date": The close of business on May 1, 2003.
8. The definition of "Eligible Account" is hereby amended and restated in its
entirety to read as follows:
"Eligible Account": One or more accounts that are maintained with (i) a
depository the accounts of which are insured by the FDIC and the debt
obligations of which are rated AA (or its equivalent) or better by each
Rating Agency; (ii) the corporate trust department of any bank the debt
obligations of which are rated at least A-1 or its equivalent by each
Rating Agency; or (iii) Xxxxxx Brothers Bank, FSB, a federal savings
bank.
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9. The definition of "Escrow Account" in Article I is hereby amended by
changing the words "the Purchaser under the Mortgage Loan Flow Purchase,
Sale & Servicing Agreement, dated as of February 1, 2002, and various
mortgagors" therein to "SASCO 2003-17A Trust Fund".
10. The definition of "Mortgage Loan Schedule" in Article I is hereby amended
in its entirety to read as follows:
"Mortgage Loan Schedule": The schedule of Mortgage Loans setting forth
certain information with respect to the Mortgage Loans, which Mortgage
Loan Schedule is attached as Exhibit B to this Agreement.
11. A new definition of "Opinion of Counsel" is hereby added to Article I to
read as follows:
"Opinion of Counsel" A written opinion of counsel, who may be an
employee of the Servicer, that is reasonably acceptable to the Trustee
and the Master Servicer provided that any Opinion of Counsel relating
to (a) qualification of the Mortgage Loans in a REMIC or (b) compliance
with the REMIC Provisions, must be an opinion of counsel reasonably
acceptable to the Trustee and Xxxxxx Brothers Holdings Inc., who (i) is
in fact independent of any Seller, the Servicer and any Master Servicer
of the Mortgage Loans, (ii) does not have any material direct or
indirect financial interest in the Servicer or any Master Servicer of
the Mortgage Loans or in an affiliate of any such entity and (iii) is
not connected with any Seller, the Servicer or any Master Servicer of
the Mortgage Loans as an officer, employee, director or person
performing similar functions.
12. A new definition of "REMIC Provisions" is hereby added to Article I to read
as follows:
"REMIC Provisions: The provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at
sections 860A through 860G of Subchapter M of Chapter 1 of the Code,
and related provisions, and regulations, including proposed regulations
and rulings, and administrative pronouncements promulgated thereunder,
as the foregoing may be in effect from time to time."
13. The definition of "REO Property" in Article I is hereby amended by
replacing the word "Purchaser" with "Trustee on behalf of the Trust Fund".
14. The parties hereto acknowledge that Section 2.02 (Possession of Mortgage
Files) shall be inapplicable to this Agreement, as superseded by the
provisions of the Custodial Agreement and the Trust Agreement.
15. The parties hereto acknowledge that Section 2.05 (Transfer of Mortgage
Loans) of the Servicing Agreement shall be modified to indicate that the
Custodian shall prepare and execute at the direction of the Seller any note
endorsements in connection with transfer of the Mortgage Loans to the Trust
Fund as the owner of the Mortgage Loans and that the Seller shall pay for
any fees associated with the preparation and execution of such note
endorsements to the Trust Fund.
16. For purposes of servicing only, the second, third, fourth and fifth
paragraphs of Section 3.04 (Repurchase) are hereby restated to read as
follows:
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(2) Within 60 days of the earlier of either discovery by or notice to
the Servicer of any breach of a representation or warranty set forth in
Section 3.02 which materially and adversely affects the ability of the
Servicer to perform its duties and obligations under this Agreement or
otherwise materially and adversely affects the value of the Mortgage
Loans, the Mortgaged Property or the priority of the security interest
on such Mortgaged Property, the Servicer shall use its best efforts
promptly to cure such breach in all material respects and, if such
breach cannot be cured, the Servicer shall, at the Trustee's option,
assign the Servicer's rights and obligations under this Agreement (or
respecting the affected Mortgage Loans) to a successor Servicer
selected by the Master Servicer with the prior consent and approval of
the Trustee. Such assignment shall be made in accordance with Section
12.01.
(3) In addition, the Servicer shall indemnify (from its own funds) the
Trustee, the Trust Fund and the Master Servicer and hold each of them
harmless against any costs resulting from any claim, demand, defense or
assertion based on or grounded upon, or resulting from, a breach of the
Servicer's representations and warranties contained in this Agreement.
It is understood and agreed that the remedies set forth in this Section
3.04 constitute the sole remedies of the Master Servicer, the Trust
Fund and the Trustee respecting a breach of the foregoing
representations and warranties.
(4) Any cause of action against the Servicer relating to or arising out
of the breach of any representations and warranties made in Section
3.01 shall accrue upon (i) discovery of such breach by the Servicer or
notice thereof by the Trustee or Master Servicer to the Servicer, (ii)
failure by the Servicer to cure such breach within the applicable cure
period, and (iii) demand upon the Servicer by the Trustee or the Master
Servicer for compliance with this Agreement
17. Section 5.01(3)(c)(3) is hereby amended by replacing the word "Purchaser"
with "Master Servicer".
18. Section 5.01(3) is hereby amended by removing the word "and" at the end of
subsection (e), replacing the period at the end of subsection (f) with a
semicolon and adding a new subsection (g) thereto to read as follows:
"(g) the Servicer shall not, unless default by the related Mortgagor
has occurred or is, in the reasonable judgment of the Servicer,
imminent, knowingly permit any modification, waiver or amendment of any
material term of any Mortgage Loan (including but not limited to the
interest rate, the principal balance, the amortization schedule, or any
other term affecting the amount or timing of payments on the Mortgage
Loan or the collateral therefor) unless the Servicer shall have
provided to the Master Servicer and the Trustee an Opinion of Counsel
in writing to the effect that such modification, waiver or amendment
would not cause an Adverse REMIC Event."
19. The parties hereto acknowledge that the reference to each Funding Date in
the second paragraph of Section 5.04 shall mean the "close of business on
May 1, 2003."
20. Section 5.04(10) is hereby amended in its entirety to read as follows:
"(10) interest on the amount of any Principal Prepayment at the related
Remittance Rate to the end of the month in which prepayment of the
related Mortgage Loan occurs, such deposit to be made from the
Servicer's own funds without reimbursement therefor."
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21. Section 5.13 (Management of REO Properties) is hereby amended by replacing
the second paragraph of such section thereof with the following:
"In the event that the Trust Fund acquires any REO Property in
connection with a default or imminent default on a Mortgage Loan, the
Servicer shall dispose of such REO Property not later than the end of
the third taxable year after the year of its acquisition by the Trust
Fund unless the Servicer has applied for and received a grant of
extension from the Internal Revenue Service to the effect that, under
the REMIC Provisions and any relevant proposed legislation and under
applicable state law, the Trust Fund may hold REO Property for a longer
period without adversely affecting the REMIC status of any REMIC
included in the Trust Fund or causing the imposition of a federal or
state tax upon any such REMIC. If the Servicer has received such an
extension, then the Servicer shall continue to attempt to sell the REO
Property for its fair market value for such period longer than three
years as such extension permits (the "Extended Period"). If the
Servicer has not received such an extension and the Servicer is unable
to sell the REO Property within the period ending 3 months before the
end of such third taxable year after its acquisition by the Trust Fund
or if the Servicer has received such an extension, and the Servicer is
unable to sell the REO Property within the period ending three months
before the close of the Extended Period, the Servicer shall, before the
end of the three year period or the Extended Period, as applicable, (i)
purchase such REO Property at a price equal to the REO Property's fair
market value or (ii) auction the REO Property to the highest bidder
(which may be the Servicer) in an auction reasonably designed to
produce a fair price prior to the expiration of the three-year period
or the Extended Period, as the case may be. The Trustee shall sign any
document or take any other action reasonably requested by the Servicer
which would enable the Servicer, on behalf of the Trust Fund, to
request such grant of extension.
Notwithstanding any other provisions of this Agreement, no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to
be rented) or otherwise used by or on behalf of the Trust Fund in such
a manner or pursuant to any terms that would: (i) cause such REO
Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code; or (ii) subject the Trust
Fund to the imposition of any federal income taxes on the income earned
from such REO Property, including any taxes imposed by reason of
Sections 860F or 860G(c) of the Code, unless the Servicer has agreed to
indemnify and hold harmless the Trust Fund with respect to the
imposition of any such taxes."
22. Section 5.15 (Realization Upon Specially Serviced Mortgage Loans and REO
Properties) is hereby amended by changing the words "2 years" in the last
sentence of the third paragraph thereof to "3 years".
23. Section 6.01 (Remittances) is hereby amended by replacing the word
"Purchaser" with "Master Servicer" and by replacing paragraphs (1) and (2)
of such section with the following:
"(1) On each Remittance Date, the Servicer shall remit to the
Purchaser (a) all amounts credited to the Collection Account as of the
close of business on the last day of the related Due Period (including
(1) the amount of any Principal Prepayment, together with interest
thereon at the related Remittance Rate to the end of the month in which
prepayment of the related Mortgage Loan occurs and (2) all proceeds of
any REO Disposition net of amounts payable to the Servicer pursuant to
Section 5.13), net of charges against or withdrawals from the
Collection Account in accordance with Section 5.05, which charges
against or withdrawals from the Collection Account the Servicer shall
make solely on such Remittance Date, plus (b) all Monthly Advances, if
any, which the Servicer is obligated to remit pursuant to Section 6.03;
provided that the Servicer shall not be required to remit, until the
next following Remittance Date, any amounts attributable to Monthly
Payments collected but due on a Due Date or Dates subsequent to the
related Due Period.
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(2) All remittances required to be made to the Master Servicer
shall be made to the following wire account or to such other account as
may be specified by the Master Servicer from time to time:
JPMorgan Chase Bank
New York, New York
ABA#: 000-000-000
Account Name: Aurora Loan Services Inc., Master Servicing Payment
Clearing Account
Account No.: 066-611059
Beneficiary: Aurora Loan Services Inc.
For further credit to: SASCO 2003-17A
24. Section 6.02 (Reporting) is hereby amended by replacing the word
"Purchaser" with "Master Servicer" and by replacing the first paragraph of
such section with the following:
Not later than the 10th calendar day of each month, the Servicer
shall furnish to the Master Servicer (i) a monthly remittance advice
and a monthly defaulted loan report in the formats mutually agreed
between the Servicer and the Master Servicer relating to the period
ending on the last day of the preceding calendar month and (ii) all
such information required pursuant to clause (i) above on a magnetic
tape or other similar media reasonably acceptable to the Master
Servicer.
25. Section 6.03 (Monthly Advances by Servicer) is hereby amended by adding the
following new sentence immediately following the second sentence of such
section:
Any Prepaid Monthly Payments so used to make Monthly Advances
shall be replaced by the Servicer by deposit in the Custodial Account
on or before any future Remittance Date if funds in the Custodial
Account on such Remittance Date shall be less than payments to the
Trust Fund required to be made on such Remittance Date.
26. Sections 7.04 (Annual Statement as to Compliance) and 7.05 (Manual
Independent Certified Public Accountants' Servicing Report) are hereby
amended by replacing the word "Purchaser" with "Master Servicer," replacing
the words "March 31" with "the last day of February" and replacing the
words "March 31, 2002" with "February 28, 2004."
27. Section 9.01 (Indemnification; Third Party Claims) is hereby amended by
changing the word "Purchaser" to "Master Servicer, Trustee and the Trust
Fund."
28. Section 9.02 (Merger or Consolidation of the Seller) is hereby amended by
changing the word "Purchaser" to "Trustee" where it appears in the proviso
to the second sentence thereof.
29. Section 9.04 (Servicer Not to Resign) is hereby amended in its entirety to
read as follows:
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The Servicer shall neither assign this Agreement or the servicing
hereunder or delegate its rights or duties hereunder or any portion
hereof (to other than a third party in the case of outsourcing routine
tasks such as taxes, insurance and property inspection, in which case
the Servicer shall be fully liable for such tasks as if the Servicer
performed them itself) or sell or otherwise dispose of all or
substantially all of its property or assets without the prior written
consent of the Trustee and the Master Servicer, which consent shall be
granted or withheld in the reasonable discretion of such parties,
provided, however, that the Servicer may assign its rights and
obligations hereunder without prior written consent of the Trustee and
the Master Servicer to any entity that is directly owned or controlled
by the Servicer, and the Servicer guarantees the performance of such
entity hereunder. In the event of such assignment by the Servicer, the
Servicer shall provide the Trustee and the Master Servicer with a
written statement guaranteeing the successor entity's performance of
the Servicer's obligations under the Agreement.
30. Section 10.01 (Events of Default) is hereby amended as follows:
(a) changing the words "3 Business Days" in Section 10.01(1) to "1
Business Day" and deleting the remainder of Section 10.01(1);
(b) by changing the words "45 days and 45-day" in Section 10.01(2) to
"15 days and 15-day" respectively; and
(c) amending subclause (6) as follows: "Cendant Mortgage at any time is
neither FNMA or FHLMC approved servicer, and the Master Servicer has
not terminated the rights and obligations of Cendant Mortgage under
this Agreement and replaced Cendant Mortgage with a FNMA or FHLMC
approved servicer within 30 days of the absence of such approval;".
31. The parties hereto acknowledge that the remedies set forth in Section 10.01
may be exercised by either the Master Servicer or the Trustee on behalf of
the Trust Fund.
32. Section 11.01 (Term and Termination) is hereby amended by changing the
references to "Purchaser" in the second and third paragraph of such section
to "Master Servicer."
33. Section 11.02 (Termination without Cause) is hereby deleted in its
entirety.
34. Section 12.01 (Successor to the Servicer) is hereby amended in its entirety
to read as follows:
Simultaneously with the termination of the Servicer's
responsibilities and duties under this Agreement (a) pursuant to
Sections 9.04, 10.01, 11.01 or 11.02, the Master Servicer shall, in
accordance with the provisions of the Trust Agreement (i) succeed to
and assume all of the Servicer's responsibilities, rights, duties and
obligations under this Agreement, or (ii) appoint a successor meeting
the eligibility requirements of this Agreement set forth in Section
9.02 and which shall succeed to all rights and assume all of the
responsibilities, duties and liabilities of the Servicer under this
Agreement with the termination of the Servicer's responsibilities,
duties and liabilities under this Agreement. Any successor to the
Servicer that is not at that time a Servicer of other Mortgage Loans
for the Trust Fund shall be subject to the approval of the Master
Servicer, Xxxxxx Brothers Holdings Inc., the Trustee and each Rating
Agency (as such term is defined in the Trust Agreement). Unless the
successor servicer is at that time a servicer of other mortgage loans
for the Trust Fund, each Rating Agency must deliver to the Trustee a
letter to the effect that such transfer of servicing will not result in
a qualification, withdrawal or downgrade of the then-current rating of
any of the Certificates. In connection with such appointment and
assumption, the Master Servicer or the Depositor, as applicable, may
make such arrangements for the compensation of such successor out of
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payments on the Mortgage Loans as it and such successor shall agree;
provided, however, that no such compensation shall be in excess of that
permitted the Servicer under this Agreement. In the event that the
Servicer's duties, responsibilities and liabilities under this
Agreement should be terminated pursuant to the aforementioned sections,
the Servicer shall discharge such duties and responsibilities during
the period from the date it acquires knowledge of such termination
until the effective date thereof with the same degree of diligence and
prudence which it is obligated to exercise under this Agreement, and
shall take no action whatsoever that might impair or prejudice the
rights or financial condition of its successor. The resignation or
removal of the Servicer pursuant to the aforementioned sections shall
not become effective until a successor shall be appointed pursuant to
this Section 12.01 and shall in no event relieve the Servicer of the
representations and warranties made pursuant to Section 3.02 and the
remedies available to the Trustee under Sections 3.04 and 9.01, it
being understood and agreed that the provisions of such Sections 3.02,
3.04 and 9.01 shall be applicable to the Servicer notwithstanding any
such resignation or termination of the Servicer, or the termination of
this Agreement.
Within a reasonable period of time, but in no event longer than 30
days of the appointment of a successor entity, the Servicer shall
prepare, execute and deliver to the successor entity any and all
documents and other instruments, place in such successor's possession
all Servicing Files, and do or cause to be done all other acts or
things necessary or appropriate to effect the purposes of such notice
of termination. The Servicer shall cooperate with the Trustee and the
Master Servicer, as applicable, and such successor in effecting the
termination of the Servicer's responsibilities and rights hereunder and
the transfer of servicing responsibilities to the successor Servicer,
including without limitation, the transfer to such successor for
administration by it of all cash amounts which shall at the time be
credited by the Servicer to the Custodial Account or any Escrow Account
or thereafter received with respect to the Mortgage Loans.
Any successor appointed as provided herein shall execute,
acknowledge and deliver to the Trustee, the Servicer and the Master
Servicer an instrument (i) accepting such appointment, wherein the
successor shall make the representations and warranties set forth in
Section 3.02 and (ii) an assumption of the due and punctual performance
and observance of each covenant and condition to be performed and
observed by the Servicer under this Agreement, whereupon such successor
shall become fully vested with all the rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer, with
like effect as if originally named as a party to this Agreement. Any
termination or resignation of the Servicer or termination of this
Agreement pursuant to Section 12.01 shall not affect any claims that
the Master Servicer or the Trustee may have against the Servicer
arising out of the Servicer's actions or failure to act prior to any
such termination or resignation.
The Servicer shall deliver within ten (10) Business Days to the
successor Servicer the funds in the Custodial Account and Escrow
Account and all Mortgage Loan Documents and related documents and
statements held by it hereunder and the Servicer shall account for all
funds and shall execute and deliver such instruments and do such other
things as may reasonably be required to more fully and definitively
vest in the successor all such rights, powers, duties,
responsibilities, obligations and liabilities of the Servicer.
A-7
Upon a successor's acceptance of appointment as such, the Servicer
shall notify the Trustee and Master Servicer of such appointment in
accordance with the notice procedures set forth herein.
35. Section 12.07 (Waivers and Amendments, Noncontractual Remedies;
Preservation of Remedies) is hereby amended by adding the following two
paragraphs to the end of such Section 12.07:
Notwithstanding anything to the contrary elsewhere in this Agreement,
the Servicer shall not waive a prepayment penalty or charge except
under the following circumstances: (i) such waiver would, in the
reasonable judgment of Servicer, maximize total proceeds taking into
account the value of such prepayment penalty or charge or (ii) the
Servicer obtains a written Opinion of Counsel, which may be in-house
counsel for the Servicer, opining that any prepayment penalty or charge
is not legally enforceable in the circumstances under which the related
Principal Prepayment occurs. In the event that the Servicer waives any
prepayment penalty or charge, other than as set forth in (i) above, the
Servicer shall deposit the amount of any such prepayment penalty or
charge in the Custodial Account for distribution to the Purchaser on
the next Remittance Date.
Notwithstanding anything to the contrary elsewhere in this Agreement,
the Servicer shall deposit the full amount of any prepayment penalty or
charge that is identified on the Mortgage Loan Schedule into the
Custodial Account at the time the related prepayment penalty is
deposited therein if and to the extent a Mortgage Loan identified on
the Mortgage Loan Schedule as having a prepayment penalty or charge
prepays regardless of whether the actual prepayment penalty or charge
is lower than described in the Mortgage Loan Schedule or is not a
contractual obligation of the borrower on the Mortgage Note.
36. A new Section 12.12 (Intended Third Party Beneficiaries) is hereby added to
read as follows:
Intended Third Party Beneficiaries. Notwithstanding any provision
herein to the contrary, the parties to this Agreement agree that it is
appropriate, in furtherance of the intent of such parties as set forth
herein, that the Master Servicer and the Trustee receive the benefit of
the provisions of this Agreement as intended third party beneficiaries
of this Agreement to the extent of such provisions. The Servicer shall
have the same obligations to the Master Servicer and the Trustee as if
they were parties to this Agreement, and the Master Servicer and the
Trustee shall have the same rights and remedies to enforce the
provisions of this Agreement as if they were parties to this Agreement.
The Servicer shall only take direction from the Master Servicer (if
direction by the Master Servicer is required under this Agreement)
unless otherwise directed by this Agreement. Notwithstanding the
foregoing, all rights and obligations of the Master Servicer and the
Trustee hereunder (other than the right to indemnification) shall
terminate upon termination of the Trust Agreement and of the Trust Fund
pursuant to the Trust Agreement.
37. A new Section 12.13 (Request for Release) is hereby added to read as
follows:
Request for Release. When requesting a release of documents from the
Custodian, the Servicer shall use the form attached hereto as
Exhibit E.
A-8
38. A new Section 12.14 (Officer's Certificate) is hereby added to read as
follows:
(a) By February 28th of each year, or at any other time upon
thirty (30) days written request, an officer of the Servicer shall
execute and deliver an Officer's Certificate substantially in the form
of Exhibit F attached hereto, signed by the senior officer in charge of
servicing of the Servicer or any officer to whom that officer reports,
to the Master Servicer and Depositor for the benefit of such the Master
Servicer and their respective officers, directors and affiliates.
Notwithstanding the foregoing, in the event that as to any year a
report on Form 10-K is not required to be filed with the Securities and
Exchange Commission with respect to the related securitization
transaction for the prior calendar year, then (i) the Depositor shall
notify the Servicer of that fact, and (ii) the Servicer shall not be
required to provide the Officer's Certificate described in this
subsection (a).
A-9
EXHIBIT B
Servicing Agreement
See Exhibit 99.6
B-1
EXHIBIT C
Assignment and Assumption Agreement
[Intentionally Omitted]
C-1
Exhibit D
Mortgage Loan Schedule
[Intentionally Omitted]
D-1
EXHIBIT E
REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT
------------
Date]
[Custodian]
[Address]
Attention: [ ]
In connection with the administration of the mortgages held by you as
Custodian under a certain Custodial Agreement dated as of May 1, 2003, between
Xxxxx Fargo Bank, Minnesota, National Association, as Trustee, and you, as
Custodian (the "Custodial Agreement"), the undersigned Servicer hereby requests
a release of the Mortgage File held by you as Custodian with respect to the
following described Mortgage Loan for the reason indicated below.
Mortgagor's Name:
Address:
Loan No.:
Reason for requesting file:
___ 1. Mortgage Loan paid in full. (The Servicer hereby certifies that
all amounts received in connection with the loan have been or will be credited
to the Collection Account or the Certificate Account (whichever is applicable)
pursuant to the Trust Agreement.)
___ 2. Mortgage Loan being foreclosed.
___ 3. Mortgage Loan repurchased. (The Servicer hereby certifies that
the Purchase Price has been credited to the Collection Account or the
Certificate Account (whichever is applicable) pursuant to the Trust Agreement.)
___ 4. Other. (Describe.)
The undersigned acknowledges that the above Mortgage File will be held
by the undersigned in accordance with the provisions of the Trust Agreement and
will be returned to you within ten (10) days of our receipt of the Mortgage
File, except if the Mortgage Loan has been paid in full, or repurchased (in
which case the Mortgage File will be retained by us permanently).
E-1
Capitalized terms used herein shall have the meanings ascribed to them
in the Custodial Agreement.
-------------------------------------
CENDANT MORTGAGE CORPORATION
By:
----------------------------------
Name:
Title: Servicing Officer
E-2
EXHIBIT F
SEC CERTIFICATION
Structured Asset Securities Corporation
000 0xx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx
Aurora Loan Services, Inc.
0000 Xxxxx Xxxxxx Xxxx, Xxxxx 000X
Xxxxxx, Xxxxxxxx 00000
Re: Structured Asset Securities Corporation, Mortgage Pass-Through Certificates,
Series 2003-17A
----------------------------------------------------------------------------
Reference is made to the Reconstituted Servicing Agreement, dated as of May 1,
2003 (the "Agreement"), by and between Xxxxxx Brothers Holdings Inc., as seller
and Cendant Mortgage Corporation, as servicer (the "Servicer"). I, [identify the
certifying individual], a [title] of the Servicer hereby certify to Aurora Loan
Services, Inc. (the "Master Servicer") and its respective officers, directors
and affiliates, that:
1. I have reviewed the information required to be delivered to the Master
Servicer pursuant to the Agreement (the "Servicing Information").
2. Based on my knowledge, the Servicing Information does not contain any
material untrue information or omit to state information necessary to make
the Servicing Information, in light of the circumstances under which such
information was provided, not misleading as of the last day of the period
covered by the Annual Statement of Compliance.
3. Based on my knowledge, the Servicing Information required to be provided to
the Master Servicer by the Servicer under the Agreement has been provided
to the Master Servicer;
4. I am responsible for reviewing the activities performed by the Servicer
under the Agreement and based upon the review required under the Agreement,
and except as disclosed in the Annual Statement of Compliance, the Annual
Independent Certified Public Accountant's Servicing Report, or otherwise in
writing submitted to the Master Servicer by the Servicer, the Servicer has,
as of the last day of the period covered by the Annual Statement of
Compliance, fulfilled its obligations under the Agreement.
CENDANT MORTGAGE CORPORATION
Name: ____________________________
Title: ____________________________
Date: ____________________________
F-1
