EXHIBIT 99.7
XXXXXXX XXXXX -SEQUOIA TO MLMI
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
FOR
MASTER MORTGAGE LOAN PURCHASE AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated as of July
29, 2003 (the "Assignment"), is entered into among Sequoia Residential Funding,
Inc. (the "Assignor"), Xxxxxxx Xxxxx Mortgage Investors, Inc. (the "Assignee"),
and Xxxxxxx Xxxxx Credit Corporation, as the seller (the "Seller").
RECITALS
WHEREAS, RWT Holdings, Inc. ("RWT Holdings") and the Seller have entered
into a certain Master Mortgage Loan Purchase Agreement, dated as of April 1,
1998 (as amended or modified to the date hereof, the "Master Purchase
Agreement"), and pursuant to the Purchase Price and Terms Letter(s) and Warranty
Xxxx(s) of Sale issued under the Master Purchase Agreement and listed in
Appendix A hereto (the "Purchase Price and Terms Letter(s)" and "Xxxx(s) of
Sale," respectively) RWT Holdings has acquired from the Seller certain Mortgage
Loans (the "Mortgage Loans"); and
WHEREAS, RWT Holdings has previously sold, assigned and transferred to
Assignor all of its right, title and interest in certain of the Mortgage Loans
(the "Specified Mortgage Loans") which are listed on the mortgage loan schedule
attached as Exhibit I hereto (the "Specified Mortgage Loan Schedule") and its
rights under the Master Purchase Agreement with respect to the Specified
Mortgage Loans; and
WHEREAS, Assignor has agreed to sell, assign and transfer to Assignee all
of its right, title and interest in the Specified Mortgage Loans and its rights
under the Master Purchase Agreement with respect to the Specified Mortgage
Loans; and
WHEREAS, the parties hereto have agreed that the Specified Mortgage Loans
shall be subject to the terms of this Assignment.
NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged), the parties agree as follows:
1. Assignment and Assumption.
(a) Effective on and as of the date hereof, the Assignor hereby sells,
assigns and transfers to the Assignee all of its right, title and interest in
the Specified Mortgage Loans and all of its rights and obligations provided
under the Master Purchase Agreement to the extent relating to the Specified
Mortgage Loans, the Assignee hereby accepts such assignment from the Assignor,
and the Seller hereby acknowledges such assignment and assumption.
(b) Effective on and as of the date hereof, the Assignor represents and
warrants to the Assignee that the Assignor has not taken any action that would
serve to impair or encumber the Assignee's interest in the Specified Mortgage
Loans since the date of the Assignor's acquisition of the Specified Mortgage
Loans.
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2. Recognition of the Assignee.
From and after the date hereof, the Seller shall recognize the Assignee as
the holder of the rights and benefits of the Purchaser with respect to the
Specified Mortgage Loans under the Master Purchase Agreement. It is the
intention of the parties hereto that this Assignment will be a separate and
distinct agreement, and the entire agreement, between the parties hereto to the
extent of the Specified Mortgage Loans and shall be binding upon and for the
benefit of the respective successors and assigns of the parties hereto.
3. Continuing Effect.
Except as contemplated hereby, the Master Purchase Agreement shall remain
in full force and effect in accordance with its terms.
4. Governing Law.
This Assignment and the rights and obligations hereunder shall be governed
by and construed in accordance with the internal laws of the State of New York.
5. Notices.
Any notices or other communications permitted or required under the Master
Purchase Agreement to be made to the Assignor and Assignee shall be made in
accordance with the terms of the Master Purchase Agreement and shall be sent to
the Assignor and Assignee as follows:
Sequoia Residential Funding, Inc.
000 Xxxxxxx Xxxxxxx, Xxxxx 0000
Xxxx Xxxxxx, XX 00000
Xxxxxxx Xxxxx Mortgage Investors, Inc.
000 Xxxxx Xxxxxx
4 World Financial Center, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
or to such other address as may hereafter be furnished by the Assignor or
Assignee to the other parties in accordance with the provisions of the Master
Purchase Agreement.
7. Counterparts.
This Assignment may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument.
8. Definitions.
Any capitalized term used but not defined in this Assignment has the same
meaning as in the Master Purchase Agreement.
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IN WITNESS WHEREOF, the parties hereto have executed this Assignment the
day and year first above written.
ASSIGNOR:
SEQUOIA RESIDENTIAL FUNDING, INC.
By: ___________________________________
Name: _________________________________
Title: ________________________________
ASSIGNEE:
XXXXXXX XXXXX MORTGAGE
INVESTORS, INC.
By: ___________________________________
Name: _________________________________
Title: ________________________________
SELLER:
XXXXXXX XXXXX CREDIT CORPORATION
By: ___________________________________
Name: _________________________________
Title: ________________________________
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EXHIBIT I
[INTENTIONALLY OMITTED]
APPENDIX A
PURCHASE PRICE AND TERMS LETTER(S) WARRANTY XXXX(S) OF SALE
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7/29/03
