Exhibit 10.11
AMENDMENT
TO
MASTER AGREEMENT
FOR SALE AND PURCHASE OF MORTGAGES
This amendment is entered into by and between Bay Financial Savings
Bank, F.S.B. ("Buyer") and Westmark Mortgage Corporation ("Seller") on the 12th
day of February, 1999. The parties mutually agree to amend that certain Master
Agreement for Sale and Purchase of Mortgages entered into by and between the
parties hereto as follows:
1. V, (B), 1: The second sentence is hereby amended to read as follows:
"The Seller has not sold, assigned or otherwise transferred
any right or interest in or to the loan and has not pledged
the loan as collateral for any loan or obligation of Seller or
other purpose, save and except for any right, interest or
claim of Seller's warehouse lenders."
2. V, 03), 14, 22 and 23: Each are hereby amended and modified to limit
the representations and warranties contained in paragraphs 14, 2:2 and
:23 "to Seller's knowledge."
3. V, (B), 21 and VI (G): Each are hereby amended to increase the
appraisal discrepancy from 9%.
4. VI: "Breach of Representations and Warranties" is hereby amended and
modified to provide Seller with the right to cure the breach of any
representation or warranty contained in V, (B), 1, 5,6, 7, 9, 10, 11,
12, 13, 15, 18, 24, and 25, within thirty (30) days from the date
notice to cure is received by Seller.
5. VIII: "Identification" is hereby amended to read "Indemnification."
6. Except as hereinabove amended or modified, said Master Agreement for
Sale and Purchase of Mortgages shall continue in full force and effect.
BAY FINANCIAL SAVINGS BANK, F.S.B. WESTMARK MORTGAGE CORPORATION
By: By: /s/ Xxxxxx Story, III
------------------------------ ---------------------------------
Its: Its: President
----------------------------- --------------------------------
