Exhibit 99.7(d)
Execution Copy
OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated
as of March 1, 2006 (the "Assignment" or the "Agreement"), among Xxxxxx
Xxxxxxx Mortgage Capital Inc. ("Owner"), Xxxxx Fargo Bank, National
Association, a national banking association ("Servicer"), and LaSalle Bank
National Association ("LaSalle"), as trustee ("Trustee") of each of the Xxxxxx
Xxxxxxx Mortgage Loan Trusts listed on Schedule 1 hereto (each, a "Trust" and
together, the "Trusts") and acknowledged by Xxxxx Fargo Bank, National
Association, as master servicer under each of the Pooling and Servicing
Agreement described below (in such capacity, the "Master Servicer") and as
securities administrator (in such capacity, the "Securities Administrator")
and Xxxxxx Xxxxxxx Capital I Inc. (the "Depositor").
WHEREAS, on the respective transaction closing dates set forth on
Schedule 1 hereto, the Owner sold those certain mortgage loans in each Trust
identified on Schedule 2 attached hereto (the "Specified Mortgage Loans") to
the related Trust, each of which was formed pursuant to the related pooling
and servicing agreement described on Schedule 1 attached hereto (in each case,
the "Pooling and Servicing Agreement");
WHEREAS, in connection with the sale of the Specified Mortgage Loans
to the Trust, the Owner retained the right to service the Specified Mortgage
Loans (the "Servicing Rights");
WHEREAS, pursuant to that certain servicing agreement, dated as of
May 20, 2005 (the "Initial GMAC Flow Servicing Agreement"), by and between the
Owner and GMAC Mortgage Corporation ("GMAC"), as amended by the First Amended
and Restated Servicing Agreement, dated as of January 1, 2006 (the "Amended
Flow Servicing Agreement" and, together with the Initial GMAC Flow Servicing
Agreement, the "GMAC Flow Servicing Agreement") and as further modified by the
related Assignment, Assumption and Recognition Agreement identified on
Schedule 3 hereto, each dated as of the date of the Pooling and Servicing
Agreement, by and among the Owner, GMAC, and the Trustee, and acknowledged by
the Master Servicer and Securities Administrator and by the Depositor (each, a
"GMAC AAR" and, together with the GMAC Flow Servicing Agreement, for each
Trust, the related "GMAC Servicing Agreement"), GMAC agreed to service the
Specified Mortgage Loans on behalf of each Trust pursuant to the terms of the
related GMAC Servicing Agreement; and
WHEREAS, the Owner has exercised its right to terminate GMAC as
servicer under each GMAC Servicing Agreement (and GMAC has acknowledged each
such termination in writing) and to sell to the Servicer, and the Servicer
purchased from the Owner the Servicing Rights and agrees to service the
Specified Mortgage Loans, subject to the terms hereof and the terms (servicing
provisions only) of that certain Seller's Warranties and Servicing Agreement
attached as Exhibit A hereto, dated as of December 1, 2005, by and between the
Owner and the Servicer (the "SWSA"), as modified by this Omnibus Assignment,
Assumption and Recognition Agreement (the "Xxxxx AAR" and, together with the
SWSA, the "Xxxxx Servicing Agreement")
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and Servicer agrees to service the Specified Mortgage Loans in each Trust in
accordance with the provisions of the Xxxxx Servicing Agreement;
WHEREAS, pursuant to the related Pooling and Servicing Agreement,
the Owner has obtained written consent from each Rating Agency that the
transfer of servicing from GMAC to Servicer will not result in a ratings
downgrade on the securities issued by the related transaction identified on
Schedule 1 hereto.
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. Acknowledgement of Sale of Servicing Rights.
The Servicer and the Owner hereby acknowledge that, pursuant to the
Flow Servicing Rights Purchase and Sale Agreement, dated as of May 12, 2005,
as amended, between the Owner, as seller, and the Servicer, as purchaser (the
"Purchase Agreement"), the Owner, as owner of all of the Servicing Rights with
respect to the Specified Mortgage Loans sold such Servicing Rights to the
Servicer.
Pursuant to the Purchase Agreement, Servicer purchased the Servicing
Rights with respect to the Specified Mortgage Loans and hereby agrees to
assume the servicing of the Specified Mortgage Loans from GMAC and to service
them for the benefit of each Trust listed on Schedule 1 hereto in accordance
with the provisions of the Xxxxx Servicing Agreement.
In connection with the transfer of the Servicing Rights, the
Servicer agrees that, from and after the applicable Servicing Transfer Date as
specified on Schedue 1 attached hereto (each, a "Servicing Transfer Date"),
each Specified Mortgage Loan will be subject to, and serviced by the Servicer
under, the Xxxxx Servicing Agreement.
The Owner specifically reserves and does not assign to any Trust
listed on Schedule 1 hereunder those rights under the Xxxxx Servicing
Agreement that do not relate to the servicing of the Specified Mortgage Loans
and any and all right, title and interest in, to and under and any obligations
of the Owner with respect to any mortgage loans subject to the Xxxxx Servicing
Agreement which are not the Specified Mortgage Loans.
2. Recognition by the Servicer
The Servicer hereby acknowledges and agrees that from and after the
applicable Servicing Transfer Date, the Trust shall be considered the
"Purchaser" (as such term is defined in the SWSA), which term shall include,
with respect to the servicing of the Specified Mortgage Loans, the Master
Servicer acting on each Trust's behalf) and further agrees that each Trust
shall have all the rights and remedies available to the Purchaser, insofar as
they relate to the servicing of the Specified Mortgage Loans in that Trust,
under the Xxxxx Servicing Agreement. Neither the Servicer nor the Owner shall
amend or agree to amend, modify, waiver or otherwise alter any of the terms or
provisions of the Xxxxx Servicing Agreements which amendment, modification,
waiver or other alteration would in any way affect the Specified Mortgage
Loans in any Trust or
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the Servicer's performance under the Xxxxx Servicing Agreement with respect to
the Specified Mortgage Loans in that Trust without the prior written consent
of the Master Servicer.
The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Mortgage Loans in
each Trust pursuant to the related Pooling and Servicing Agreement and,
therefore, has the right to enforce all obligations of the Servicer under the
Xxxxx Servicing Agreement with respect to the Specified Mortgage Loans. Such
rights will include, without limitation except that they relate solely to the
Specified Mortgage Loans in each Trust, the right to terminate the Servicer
under the Xxxxx Servicing Agreement upon the occurrence of an event of default
thereunder, the right to receive all remittances required to be made by the
Servicer under the Xxxxx Servicing Agreement, the right to receive all monthly
reports and other data required to be delivered by the Servicer under the
Xxxxx Servicing Agreement, the right to examine the books and records of the
Servicer, indemnification rights, except as otherwise specified herein, and
the right to exercise certain rights of consent and approval under the Xxxxx
Servicing Agreement. The Servicer shall make all distributions under the Xxxxx
Servicing Agreement required to be made to each Trust under this Agreement, to
the Master Servicer by wire transfer of immediately available funds to:
Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: [See Schedule 1 hereto]
The servicer shall deliver all reports required to be delivered under this
Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, [Insert Series Designation]
3. Indemnification
Notwithstanding any statement to the contrary in Section 2 above,
the Servicer shall and does hereby acknowledge that the indemnification
provisions set forth in Section 8.01 and Section 9.01(g) of the SWSA shall be
available to and for the benefit of the Owner, the Depositor and each Trust
(including the Trustee and the Master Servicer acting on that Trust's behalf),
as provided in the Xxxxx Servicing Agreement.
4. Representations and Warranties
(a) Each of the parties hereto represents and warrants that it
is duly and legally authorized to enter into this
Agreement.
(b) The Servicer hereby warrants and represents that it is a
FannieMae- or FHLMC-approved Person.
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(c) Each of the Owner and the Servicer represents and warrants
that this Agreement has been duly authorized, executed and
delivered by it and (assuming due authorization, execution
and delivery thereof by each of the other parties hereto)
constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms,
except as such enforcement may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting
the enforcement of creditors' rights generally and by
general equitable principles (regardless of whether such
enforcement is considered in a proceeding in equity or at
law) and in the case of the Servicer, laws affecting the
contract obligations of insured banks.
5. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA as
follows with respect to the Specified Mortgage Loans:
(a) With respect to Article I, "Permitted Investments" shall
have the meaning of such term as defined in the Pooling
and Servicing Agreement.
(b) With respect to Article I, the definition of "Static Pool
Information" shall be inapplicable.
(c) With respect to Article I, the definition of "Third-Party
Originator" shall be inapplicable.
(d) Section 3.01(i) (Selection Process), Section 3.01(k) (Sale
Treatment) and Section 3.01(m) (No Broker's Fees) of the
SWSA shall be inapplicable.
(e) Section 3.02 shall be inapplicable.
(f) Section 4.05(vii) is hereby amended to add the term
"Monthly Advances," prior to the term "Servicing
Advances."
(g) The words "on or before the Remittance Date" are hereby
deleted from the first sentence of Section 4.17.
(h) The second sentence of the second paragraph of Section
5.01 is hereby amended and restated in its entirety as
follows:
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"Such interest shall be deposited in the Custodial Account
by the Company on the date such late payment is made and
shall cover the period commencing with the day following
the Business Day on which such payment was due and ending
with the Business Day on which such payment is made, both
inclusive."
(i) The first paragraph of Section 5.02 is hereby amended and
restated in its entirety as follows:
"Not later than the Remittance Report Date, the Company
shall furnish to the Purchaser in an electronic form the
information required by the reports attached hereto as
Exhibit II, or a form otherwise mutually agreed to by the
Company and Purchaser, with a trial balance report
attached thereto, as to the remittance period ending on
the last day of the preceding month."
(j) The second paragraph of Section 6.02 is hereby amended and
restated in its entirety as follows:
"If the Company satisfies or releases a Mortgage without
first having obtained payment in full of the indebtedness
secured by the Mortgage or should the Company otherwise
prejudice any rights the Purchaser, the Trustee or the
Trust Fund may have under the mortgage instruments, the
Company shall deposit into the Custodial Account the
entire outstanding principal balance, plus all accrued
interest on such Mortgage Loan, on the day preceding the
Remittance Date in the month following the date of such
release. The Companyr shall maintain the Fidelity Bond and
Errors and Omissions Insurance Policy as provided for in
Section 4.12 insuring the Company against any loss it may
sustain with respect to any Mortgage Loan not satisfied in
accordance with the procedures set forth herein."
(k) Section 6.04 is hereby modified as follows:
(1) delete paragraph (i) in its entirety; and
(2) the phrases "Purchaser and any Depositor" and
"Purchaser and such Depositor" are hereby deleted and
replaced with "Purchaser or Master Servicer" and
"Purchaser or such Master Servicer", respectively.
(l) Section 6.06 is hereby modified as follows:
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(1) the phrases "Purchaser and any Depositor" and
"Purchaser and such Depositor" are hereby deleted and
replaced with "Purchaser or Master Servicer" and
"Purchaser or such Master Servicer", respectively;
(2) Section 6.06(i) is hereby amended by inserting at
the end of such subsection "(or those Servicing Criteria
otherwise mutually agreed to by the Purchaser, the Company
and any Person that will be responsible for signing any
Sarbanes Certification with respect to a Securitization
Transaction in response to evolving interpretations of
Regulation AB)"; and
(m) The first word in Section 6.06(iv) is deleted and replaced
in its entirety with "deliver, and cause each Subservicer
and Subcontractor described in clause (iii) above to
deliver,"
(n) The following parenthetical is inserted directly before
the proviso in the last sentence of the first paragraph of
Section 6.07(i):
"(and if the Company is servicing any of the Mortgage
Loans in a Securitization Transaction, appoint a successor
servicer reasonably acceptable to the Master Servicer for
such Securitization Transaction)"
(o) Section 6.10 is hereby deleted in its entirety.
(p) Section 9.01(f)(i) is hereby deleted in its entirety.
(q) Section 9.01(f)(ii) is hereby deleted in its entirety.
(r) Section 9.01(f)(iii) is amended to require the Company to
comply with the obligations thereof in connection with the
purchase of servicing rights for the Specified Mortgage
Loans.
(s) Section 9.01(f)(iii) is also amended by adding the
following after item (H):
"(I) a description of any affiliation or relationship of a
type described in Item 1119 of Regulation AB between the
Servicer and any of the following parties to a
Securitization Transaction, as such parties are identified
to the Servicer by the Purchaser or any Depositor in
writing in advance of such Securitization Transaction:
(1) the sponsor;
(2) the depositor;
(3) the issuing entity;
(4) any servicer;
(5) any trustee;
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(6) any originator;
(7) any significant obligor;
(8) any enhancement or support provider; and
(9) any other material transaction party."
(t) Section 9.01(f)(iv) is hereby amended and restated in its
entirety as follows:
"For the purpose of satisfying its reporting obligation
under the Exchange Act with respect to any class of
asset-backed securities, the Company shall (or shall cause
each Subservicer to) (1) provide prompt notice to the
Purchaser, any Master Servicer and any Depositor in
writing of (A) any material litigation or governmental
proceedings pending against the Company, any Subservicer
or any Third-Party Originator, (B) any affiliations or
relationships that develop following the closing date of a
Securitization Transaction between the Company or any
Subservicer and any of the parties specified in Section
9.01(f)(iii)(I) (and any other parties identified in
writing by the requesting party) with respect to such
Securitization Transaction, (C) any Event of Default under
the terms of this Agreement or any Reconstitution
Agreement, (D) any merger, consolidation or sale of
substantially all of the assets of the Company, and (E)
the Company's entry into an agreement with a Subservicer
to perform or assist in the performance of any of the
Company's obligations under this Agreement or any
Reconstitution Agreement and (2) provide to the Purchaser
and any Depositor a description of such proceedings,
affiliations or relationships."
(u) Section 9.01(f)(vi) is hereby renumbered as 9.01(f)(viii),
and the following new Section 9.01(f)(vi) is hereby
inserted as follows:
"(vi) In addition to such information as the Company, as
servicer, is obligated to provide pursuant to other
provisions of this Agreement, not later than ten (10)
calendar days prior to the deadline for the filing of any
distribution report on Form 10-D in respect of any
Securitization Transaction that includes any of the
Mortgage Loans serviced by the Company or any Subservicer,
the Company or such Subservicer, as applicable, shall, to
the extent the Company or such Subservicer has knowledge,
provide to the party responsible for filing such report
(including, if applicable, the Master Servicer) notice of
the occurrence of any of the following events along with
all information, data, and materials related thereto as
may be required to be included in the related distribution
report on Form 10-D (as specified in the provisions of
Regulation AB referenced below):
(i) any material modifications, extensions or waivers
of pool asset terms, fees, penalties or payments
during the distribution
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period or that have cumulatively become material over
time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations
or warranties or transaction covenants (Item
1121(a)(12) of Regulation AB); and
(iii)information regarding new asset-backed
securities issuances backed by the same pool assets,
any pool asset changes (such as, additions,
substitutions or repurchases), and any material
changes in origination, underwriting or other
criteria for acquisition or selection of pool assets
(Item 1121(a)(14) of Regulation AB)."
(v) Section 9.01(f)(vii) is hereby deleted in its entirety and
replaced with the following new Section 9.01(f)(vii) as
follows:
"(vii) The Company shall provide to the Purchaser, any
Master Servicer and any Depositor, evidence of the
authorization of the person signing any certification or
statement, copies or other evidence of Fidelity Bond
Insurance and Errors and Omission Insurance policy,
financial information and reports, and such other
information related to the Company or any Subservicer or
the Company or such Subservicer's performance hereunder."
(w) Section 9.01(g) is hereby amended and restated in its
entirety as follows:
"(g) The Company shall indemnify the Purchaser, each
affiliate of the Purchaser, and each of the following
parties participating in a Securitization Transaction or
in connection with the purchase of any servicing rights:
each sponsor and issuing entity; each Person responsible
for the preparation, execution or filing of any report
required to be filed with the Commission with respect to
such Securitization Transaction, or for execution of a
certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
under the Exchange Act with respect to such Securitization
Transaction; each broker dealer acting as underwriter,
placement agent or initial purchaser, each Person who
controls any of such parties or the Depositor (within the
meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act); and the respective present and
former directors, officers, employees and agents of each
of the foregoing and of the Depositor (each, an
"Indemnified Party"), and shall hold each of them harmless
from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs,
judgments, and any other costs, fees and expenses that any
of them may sustain arising out of or based upon:
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(i) (A) any untrue statement of a material fact
contained or alleged to be contained in any
information, report, certification, accountants'
letter or other material provided under Sections
4.25, 6.04(ii), 6.06, 9.01(e) and (f) by or on behalf
of the Company, or provided under Sections 4.25,
6.04(ii), 6.06, 9.01(e) and (f) by or on behalf of
any Subservicer, Subcontractor or Third-Party
Originator (collectively, the "Company Information"),
or (B) the omission or alleged omission to state in
the Company Information a material fact required to
be stated in the Company Information or necessary in
order to make the statements therein, in the light of
the circumstances under which they were made, not
misleading; provided, by way of clarification, that
clause (B) of this paragraph shall be construed
solely by reference to the Company Information and
not to any other information communicated in
connection with a sale or purchase of securities,
without regard to whether the Company Information or
any portion thereof is presented together with or
separately from such other information;
(ii) any breach by the Company of its obligations
under, or any failure by the Company, any Subservicer
or any Subcontractor to deliver any information,
report, certification, accountants' letter or other
material when and as required under, Sections 4.25,
6.04(ii), 6.06, 9.01(e) and (f), including any
failure by the Company to identify any Subcontractor
"participating in the servicing function" within the
meaning of Item 1122 of Regulation AB; or
(iii)any breach by the Company of a representation or
warranty set forth in Section 9.01(f)(vi)(A) or in a
writing furnished pursuant to Section 9.01(f)(vi)(B)
and made as of a date prior to the closing date of
the related Securitization Transaction, to the extent
that such breach is not cured by such closing date,
or any breach by the Company of a representation or
warranty in a writing furnished pursuant to Section
9.01(f)(vi)(B) to the extent made as of a date
subsequent to such closing date; or
(iv) the negligence bad faith or willful misconduct
of the Company in connection with its performance
under this Article IX.
If the indemnification provided for herein is unavailable
or insufficient to hold harmless an Indemnified Party,
then the Company agrees that it shall contribute to the
amount paid or payable by such Indemnified Party as a
result of any claims, losses, damages or liabilities
incurred by such Indemnified Party in such proportion as is
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appropriate to reflect the relative fault of such
Indemnified Party on the one hand and the Company on the
other.
In the case of any failure of performance described in
sub-clause (ii) of this Section 9.01(g), the Company shall
promptly reimburse the Purchaser, any Depositor, as
applicable, and each Person responsible for the
preparation, execution or filing of any report required to
be filed with the Commission with respect to such
Securitization Transaction, or for execution of a
certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
under the Exchange Act with respect to such Securitization
Transaction, for all costs reasonably incurred by each
such party in order to obtain the information, report,
certification, accountants' letter or other material not
delivered as required by the Company, any Subservicer or
any Subcontractor.
This indemnification shall survive the termination of this
Agreement or the termination of any party to this
Agreement."
(x) The following paragraph is hereby incorporated into the
SWSA as new Section 13:
"Third Party Beneficiary. For purposes of this Agreement,
including but not limited to Subsections 6.04 and 6.06,
any Master Servicer shall be considered a third party
beneficiary to this Agreement entitled to all the rights
and benefits accruing to any Master Servicer herein as if
it were a direct party to this Agreement."
(y) Section 10.01(ii) is hereby amended and restated in its
entirety as follows:
"failure by the Company duly to observe or perform in any
material respect any other of the covenants or agreements
on the part of the Company set forth in this Agreement
(other than as set forth in Section 6.07) which continues
unremedied for a period of 90 days after the date on which
written notice of such failure, requiring the same to be
remedied, shall have been given to the Company by the
Purchaser or by the Custodian; or"
(z) The word "or" added to the end of Section 10.01(ix) and
the following paragraph is hereby incorporated into the
SWSA as new Section 10.01(x):
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"(x) failure by the Servicer to duly perform, within the
required time period, its obligations under Sections 6.04
or 6.06 which failure continues unremedied for a period of
fourteen (14) calendar days after the date on which
written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by any
party to this Agreement or by any master servicer
responsible for master servicing the Mortgage Loans
pursuant to a securitization of such Mortgage Loans."
(aa) Exhibit J is hereby replaced in its entirety with Exhibit
II to this Omnibus Assignment, Assumption and Recognition
Agreement.
6. Notices
The Depositor's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: [Insert Series Designation]
The Trustee's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attn: Global Securities and Trust Services-[Insert Series
Designation]
The Owner's address for purposes for all notices and correspondence
related to the Mortgage Loans and this Agreement is:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: [Insert Series Designation]
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
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The Servicer's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
Xxxxx Fargo Bank, National Association
0 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000-000
Attention: Xxxx X. Xxxxx, MAC X2401-042
With a copy to:
Xxxxx Fargo Bank, National Association
0 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel, MAC X2401-06T
and
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxxx Xxx
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance, MAC X3906-012
7. Certain Matters Regarding the Trustee
It is expressly understood and agreed by the parties hereto that (i)
this Agreement is executed and delivered by LaSalle Bank National Association,
not individually or personally but solely on behalf of the related Trusts, as
the assignee, in the exercise of the powers and authority conferred and vested
in it, as Trustee, pursuant to the related Pooling and Servicing Agreement,
(ii) each of the representations, undertakings and agreements herein made on
the part of Assignee is made and intended not as personal representations,
undertakings and agreements by LaSalle Bank National Association but is made
and intended for the purpose of binding only the related Trusts, (iii) nothing
herein contained shall be construed as creating any liability for LaSalle Bank
National Association, individually or personally, to perform any covenant
(either express or implied) contained herein, (iv) under no circumstances
shall LaSalle Bank National Association be personally liable for the payment
of any indebtedness or expenses of the Trust, or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by any Trust under this Agreement and (v) all recourse for any
payment liability or other obligation of the assignee shall be had solely to
the assets of the affected Trust.
8. Governing Law
This Agreement shall be construed in accordance with the laws of the
State of New York, without regard to conflicts of law principles, and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.
9. Modifications
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No term or provision of this Agreement may be waived or modified
unless such waiver or modification is in writing and signed by the party
against whom such waiver or modification is sought to be enforced.
10. Successor and Assigns
This Agreement shall inure to the benefit of (i) the successors and
assigns of the parties hereto and (ii) the Trust (including the Trustee and
the Master Servicer acting on the Trust's behalf). Any entity into which the
Owner, the Depositor or the Servicer may be merged or consolidated shall,
without the requirement for any further writing, be deemed the Owner, the
Depositor or the Servicer, respectively, hereunder.
11. Continuing Effect
Except as contemplated by this Assignment, the SWSA shall remain in
full force and effect in accordance with its terms.
12. 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.
13. Definitions
Any capitalized term used but not defined in this Assignment has the
same meaning as in the SWSA.
14. Conflicts
In the event that any provision of this Agreement conflicts with any
provision of the SWSA with respect to the Specified Mortgage Loans, the terms
of this Agreement shall control.
[SIGNATURE PAGE FOLLOWS]
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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.
Owner THE TRUSTS
XXXXXX XXXXXXX MORTGAGE CAPITAL INC. BY: LASALLE BANK NATIONAL ASSOCIATION,
AS TRUSTEE OF EACH OF THE TRUSTS SET
FORTH ON SCHEDULE 1 HERETO
By: /s/ Van Cushny By: /s/ Xxxxxxxxxxx Xxxxx
Its: Vice President Its: Assistant Vice President
Taxpayer Identification
Number:
Servicer
XXXXX FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Xxxxxx XxXxxxxx
Its: Vice President
Taxpayer Identification
Number: 00-0000000
Acknowledged and Agreed:
XXXXXX XXXXXXX CAPITAL I INC. XXXXX FARGO BANK, NATIONAL ASSOCIATION,
AS MASTER SERVICER
By: /s/ Xxxxxxx X. Xxx By: /s/ Xxxxx Xxxxxxxx
Its: Vice President Its: Vice President
Taxpayer Identification
Number:
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SCHEDULE 1
THE TRUSTS
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Transaction Name Servicing Pooling and Servicing Agreement
Transfer Date
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Xxxxxx Xxxxxxx March 1, 2006 The Pooling and Servicing Agreement, dated as of January 1, 2006
Mortgage Loan Trust by and among the Depositor, the Master Servicer and Securities
2006-1AR Administrator, and the Trustee
---------------------------------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxxx March 1, 2006 The Pooling and Servicing Agreement, dated as of January 1, 2006
Mortgage Loan Trust by and among the Depositor, the Master Servicer and Securities
2006-2 Administrator, and the Trustee
---------------------------------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxxx March 1, 2006 The Pooling and Servicing Agreement, dated as of February 1,
Mortgage Loan Trust 2006 by and among the Depositor, the Master Servicer and
2006-3AR Securities Administrator, and the Trustee
---------------------------------------------------------------------------------------------------------------------------
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Transaction Name Cut-off Date Transaction Closing Date For Further Credit
To
----------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxxx January 1, 2006 January 31, 2006 50890500, MSM
Mortgage Loan Trust 2006-1AR
2006-1AR
----------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxxx January 1, 2006 January 31, 2006 50890600, MSM 2006-2
Mortgage Loan Trust
2006-2
----------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxxx February 1, 2006 February 28, 2006 50896100, MSM
Mortgage Loan Trust 2006-3AR
2006-3AR
----------------------------------------------------------------------------------------------------
15
SCHEDULE 2
SPECIFIED MORTGAGE LOANS
[delivered to Owner, Servicer and Master Servicer]
16
SCHEDULE 3
ASSIGNMENT ASSUMPTION AND RECOGNITION AGREEMENTS
------------------------------------------------------------------------------
Transaction Name Assignment Agreement
------------------------------------------------------------------------------
Xxxxxx Xxxxxxx Mortgage Loan Trust The Assignment Assumption and
2006-1AR Recognition Agreement dated as of
January 1, 2006
------------------------------------------------------------------------------
Xxxxxx Xxxxxxx Mortgage Loan Trust The Assignment Assumption and
2006-2 Recognition Agreement dated as of
January 1, 2006
------------------------------------------------------------------------------
Xxxxxx Xxxxxxx Mortgage Loan Trust The Assignment Assumption and
2006-3AR Recognition Agreement dated as of
February 1, 2006
------------------------------------------------------------------------------
EXHIBIT A
XXXXX SERVICING AGREEMENT
[delivered to Owner, Servicer and Master Servicer]
2
EXHIBIT II
Exhibit IA: Standard File Layout - Delinquency Reporting
----------------------------------------------------------------------------------------------------------------------------------
Column/Header Name Description Decimal Format
Comment
----------------------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This may be
different than the LOAN_NBR
----------------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by the originator.
----------------------------------------------------------------------------------------------------------------------------------
CLIENT_NBR Servicer Client Number
----------------------------------------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an external servicer to
identify a group of loans in their system.
----------------------------------------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
----------------------------------------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME Last name of the borrower.
----------------------------------------------------------------------------------------------------------------------------------
PROP_ADDRESS Street Name and Number of Property
----------------------------------------------------------------------------------------------------------------------------------
PROP_STATE The state where the property located.
----------------------------------------------------------------------------------------------------------------------------------
PROP_ZIP Zip code where the property is located.
----------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the servicer at MM/DD/YYYY
the end of processing cycle, as reported by Servicer.
----------------------------------------------------------------------------------------------------------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy filing.
----------------------------------------------------------------------------------------------------------------------------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved by the MM/DD/YYYY
courts
----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by Dismissal, MM/DD/YYYY
Discharged and/or a Motion For Relief Was Granted.
----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with instructions MM/DD/YYYY
to begin foreclosure proceedings.
----------------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure Action MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,) or
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property from the MM/DD/YYYY
borrower.
----------------------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
----------------------------------------------------------------------------------------------------------------------------------
3
----------------------------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
----------------------------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the property based on brokers price 2 No commas(,) or 2
opinion or appraisal. dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are completed 2 No commas(,) or 2
pursuant to a broker's price opinion or appraisal. dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
If applicable:
--------------
----------------------------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
----------------------------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on a loan.
Code indicates the reason why the loan is in default for this cycle.
----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage Insurance MM/DD/YYYY
Company.
----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool Insurer MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
----------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or 2
dollar signs ($)
----------------------------------------------------------------------------------------------------------------------------------
4
Exhibit IB: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o MISC- Anything else approved by the PMI or Pool Insurer
NOTE: Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply
Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior
to sending the file.
The Occupant Code field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
------------------------------------------------------------------------
Delinquency Code Delinquency Description
------------------------------------------------------------------------
001 FNMA-Death of principal mortgagor
------------------------------------------------------------------------
002 FNMA-Illness of principal mortgagor
------------------------------------------------------------------------
003 FNMA-Illness of mortgagor's family member
------------------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
------------------------------------------------------------------------
005 FNMA-Marital difficulties
------------------------------------------------------------------------
006 FNMA-Curtailment of income
------------------------------------------------------------------------
007 FNMA-Excessive Obligation
------------------------------------------------------------------------
008 FNMA-Abandonment of property
------------------------------------------------------------------------
5
------------------------------------------------------------------------
009 FNMA-Distant employee transfer
------------------------------------------------------------------------
011 FNMA-Property problem
------------------------------------------------------------------------
012 FNMA-Inability to sell property
------------------------------------------------------------------------
013 FNMA-Inability to rent property
------------------------------------------------------------------------
014 FNMA-Military Service
------------------------------------------------------------------------
015 FNMA-Other
------------------------------------------------------------------------
016 FNMA-Unemployment
------------------------------------------------------------------------
017 FNMA-Business failure
------------------------------------------------------------------------
019 FNMA-Casualty loss
------------------------------------------------------------------------
022 FNMA-Energy environment costs
------------------------------------------------------------------------
023 FNMA-Servicing problems
------------------------------------------------------------------------
026 FNMA-Payment adjustment
------------------------------------------------------------------------
027 FNMA-Payment dispute
------------------------------------------------------------------------
029 FNMA-Transfer of ownership pending
------------------------------------------------------------------------
030 FNMA-Fraud
------------------------------------------------------------------------
031 FNMA-Unable to contact borrower
------------------------------------------------------------------------
INC FNMA-Incarceration
------------------------------------------------------------------------
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
-----------------------------------------------------------------------
Status Code Status Description
-----------------------------------------------------------------------
09 Forbearance
-----------------------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
-----------------------------------------------------------------------
24 Government Seizure
-----------------------------------------------------------------------
26 Refinance
-----------------------------------------------------------------------
27 Assumption
-----------------------------------------------------------------------
28 Modification
-----------------------------------------------------------------------
29 Charge-Off
-----------------------------------------------------------------------
30 Third Party Sale
-----------------------------------------------------------------------
31 Probate
-----------------------------------------------------------------------
32 Military Indulgence
-----------------------------------------------------------------------
43 Foreclosure Started
-----------------------------------------------------------------------
44 Deed-in-Lieu Started
-----------------------------------------------------------------------
49 Assignment Completed
-----------------------------------------------------------------------
61 Second Lien Considerations
-----------------------------------------------------------------------
62 Veteran's Affairs-No Bid
-----------------------------------------------------------------------
63 Veteran's Affairs-Refund
-----------------------------------------------------------------------
64 Veteran's Affairs-Buydown
-----------------------------------------------------------------------
65 Chapter 7 Bankruptcy
-----------------------------------------------------------------------
66 Chapter 11 Bankruptcy
-----------------------------------------------------------------------
67 Chapter 13 Bankruptcy
-----------------------------------------------------------------------
Exhibit IC: Standard File Layout - Master Servicing
-------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max Size
-------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer Text up to 10 digits 20
to define a group of loans.
-------------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to Text up to 10 digits 10
each loan by the investor.
-------------------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a Text up to 10 digits 10
loan by the Servicer. This may
be different than the LOAN_NBR.
-------------------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in Maximum length of 30 30
the file. It is not separated by (Last, First)
first and last name.
-------------------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar 11
scheduled interest payment that a signs ($)
borrower is expected to pay, P&I
constant.
-------------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as 4 Max length of 6 6
reported by the Servicer.
-------------------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less 4 Max length of 6 6
the service fee rate as reported
by the Servicer.
-------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a 4 Max length of 6 6
loan as reported by the Servicer.
-------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a 2 No commas(,) or dollar 11
loan as reported by the Servicer. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar 11
reported by the Servicer. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by 4 Max length of 6 6
the Servicer.
-------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using 4 Max length of 6 6
to calculate a forecasted rate.
-------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar 11
balance at the beginning of the signs ($)
processing cycle.
-------------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar 11
balance at the end of the signs ($)
processing cycle.
-------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing MM/DD/YYYY 10
cycle that the borrower's next
payment is due to the Servicer,
as reported by Servicer.
-------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated MM/DD/YYYY 10
with the first curtailment
amount.
-------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar 11
first curtailment amount, if signs ($)
applicable.
-------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated MM/DD/YYYY 10
with the second curtailment
amount.
-------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar 11
second curtailment amount, if signs ($)
applicable.
-------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated MM/DD/YYYY 10
with the third curtailment amount.
-------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,) or dollar 11
third curtailment amount, if signs ($)
applicable.
-------------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar 11
reported by the Servicer. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported MM/DD/YYYY 10
by the Servicer.
-------------------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used Action Code Key: 2
to indicate the default/delinquent 15=Bankruptcy,
status of a particular loan. 30=Foreclosure, ,
60=PIF,
63=Substitution,
65=Repurchase,70=REO
-------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest 2 No commas(,) or dollar 11
adjustment as reported by the signs ($)
Servicer.
-------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar 11
amount, if applicable. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, 2 No commas(,) or dollar 11
if applicable. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is 2 No commas(,) or dollar 11
passing as a loss, if applicable. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding 2 No commas(,) or dollar 11
principal amount due at the signs ($)
beginning of the cycle date to be
passed through to investors.
-------------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance 2 No commas(,) or dollar 11
due to investors at the end of a signs ($)
processing cycle.
-------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar 11
reported by the Servicer for the signs ($)
current cycle -- only applicable
for Scheduled/Scheduled Loans.
-------------------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest 2 No commas(,) or dollar 11
amount less the service fee signs ($)
amount for the current cycle as
reported by the Servicer -- only
applicable for
Scheduled/Scheduled Loans.
-------------------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount 2 No commas(,) or dollar 11
collected by the Servicer for the signs ($)
current reporting cycle -- only
applicable for Actual/Actual
Loans.
-------------------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount 2 No commas(,) or dollar 11
less the service fee amount for signs ($)
the current reporting cycle as
reported by the Servicer -- only
applicable for Actual/Actual
Loans.
-------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when 2 No commas(,) or dollar 11
a borrower prepays on his loan as signs ($)
reported by the Servicer.
-------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for 2 No commas(,) or dollar 11
the loan waived by the servicer. signs ($)
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
-------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or numeric
-------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal 2 No commas(,) or dollar 11
and interest advances made by signs ($)
Servicer.
-------------------------------------------------------------------------------------------------------------------------------
Exhibit ID : Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually
and all credits as separate line items. Claim packages are due on
the remittance report date. Late submissions may result in claims
not being passed until the following month. The Servicer is
responsible to remit all funds pending loss approval and /or
resolution of any disputed items.
(i)
(ii) The numbers on the 332 form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing
fee that would have been earned if all delinquent payments had
been made as agreed. For documentation, an Amortization
Schedule from date of default through liquidation breaking out
the net interest and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal
Balance of the Mortgage Loan as calculated on a monthly basis.
For documentation, an Amortization Schedule from date of
default through liquidation breaking out the net interest and
servicing fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form -
breakdown required showing period
of coverage, base tax, interest, penalty. Advances prior to
default require evidence of servicer efforts to recover
advances.
* For escrow advances - complete payment history
(to calculate advances from last positive escrow balance
forward)
* Other expenses - copies of corporate advance history showing
all payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision
and WFB's approved Officer Certificate
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
(iii) Credits:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney
Letter of Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part
A/Initial proceeds and line (18b) for Part
B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13.
If the amount represents a realized gain, show the amount in
parenthesis ( ).
Exhibit IE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _____________
Phone: ______________________ Email Address:____________________
------------------------------------------------------------------------------
| Servicer Loan No. | Servicer Name | Servicer Address |
| | | |
| | | |
------------------------------------------------------------------------------
XXXXX FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: ____________________________________________________
Property Address: ___________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount ________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $ ______________
(1)
(2) Interest accrued at Net Rate ________________
(2)
(3) Accrued Servicing Fees ________________ (3)
(4) Attorney's Fees ________________ (4)
(5) Taxes (see page 2) ________________ (5)
(6) Property Maintenance ________________
(6)
(7) MI/Hazard Insurance Premiums (see page 2) ________________
(7)
(8) Utility Expenses ________________ (8)
(9) Appraisal/BPO ________________ (9)
(10) Property Inspections ________________
(10)
(11) FC Costs/Other Legal Expenses ________________
(11)
(12) Other (itemize) ________________
(12)
Cash for Keys__________________________ ________________
(12)
HOA/Condo Fees_______________________ ________________
(12)
______________________________________ ________________
(12)
Total Expenses $ ________________ (13)
Credits:
(14) Escrow Balance $ ________________
(14)
(15) HIP Refund ________________
(15)
(16) Rental Receipts ________________
(16)
(17) Hazard Loss Proceeds ________________
(17)
(18) Primary Mortgage Insurance / Gov't Insurance
________________ (18a) HUD Part A
________________
(18b) HUD Part B
(19) Pool Insurance Proceeds ________________
(19)
(20) Proceeds from Sale of Acquired Property ________________
(20)
(21) Other (itemize) ________________
(21)
_________________________________________ ________________
(21)
Total Credits $ ________________ (22)
Total Realized Loss (or Amount of Gain) $ ________________ (23)
Escrow Disbursement Detail
-------------------------------------------------------------------------------------------------------------------
Type Date Paid Period of Coverage Total Paid Base Amount Penalties Interest
(Tax /Ins.)
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
EXHIBIT III
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
---------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
---------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
---------------------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
---------------------------------------------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor X
any performance or other triggers and events of
default in accordance with the transaction
1122(d)(1)(i) agreements.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to third parties, policies and X
procedures are instituted to monitor the third party's performance and compliance
with such servicing activities.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to maintain a back-up servicer for
the mortgage loans are maintained.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect on the party X
participating in the servicing function throughout the reporting period in the
amount of coverage required by and otherwise in accordance with the terms of the
transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the appropriate custodial bank X
accounts and related bank clearing accounts no more than two business days following
receipt, or such other number of days specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor or to an investor are X
made only by authorized personnel.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash flows or distributions, X
and any interest or other fees charged for such advances, are made, reviewed and
approved as specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
---------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iv) The related accounts for the transaction, such as cash reserve accounts or accounts
established as a form of overcollateralization, are separately maintained (e.g., X
with respect to commingling of cash) as set forth in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(v) Each custodial account is maintained at a federally insured depository institution X
as set forth in the transaction agreements. For purposes of this criterion,
"federally insured depository institution" with respect to a foreign financial
institution means a foreign financial institution
that meets the requirements of Rule 13k-1 (b)(1) of the Securities Exchange Act.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized access. X
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all asset-backed securities X
related bank accounts, including custodial accounts and related bank clearing
accounts. These reconciliations are (A) mathematically accurate; (B) prepared
within 30 calendar days after the bank statement cutoff date, or such other number
of days specified in the transaction agreements; (C) reviewed and approved by
someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90
calendar days of their original identification, or such other number of days
specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
--------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
---------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i) Reports to investors, including those to be filed with the Commission, are X
maintained in accordance with the transaction agreements and applicable Commission
requirements. Specifically, such reports (A) are prepared in accordance with
timeframes and other terms set forth in the transaction agreements; (B) provide
information calculated in accordance with the terms specified in the transaction
agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors' or the trustee's records as to the total
unpaid principal balance and number of mortgage loans serviced by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(ii) Amounts due to investors are allocated and remitted X
in accordance with timeframes, distribution
priority and other terms set forth in the
transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iii) Disbursements made to an investor are posted within two business days to the X
Servicer's investor records, or such other number
of days specified in the transaction agreements.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree with cancelled checks, X
or other form of payment, or custodial bank statements.
---------------------------------------------------------------------------------------------------------------------------------
Pool Asset Administration
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i) Collateral or security on mortgage loans is maintained as required by the X
transaction agreements or related mortgage loan documents.
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as required by the transaction X
agreements
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are made, reviewed and X
approved in accordance with any conditions or requirements in the transaction
agreements.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
---------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
---------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made in accordance with the X
related mortgage loan documents are posted to the Servicer's obligor records
maintained no more than two business days after receipt, or such other number of
days specified in the transaction agreements, and allocated to principal, interest
or other items (e.g., escrow) in accordance with the related mortgage loan documents.
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1122(d)(4)(v) The Servicer's records regarding the mortgage loans agree with the Servicer's X
records with respect to an obligor's unpaid principal balance.
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1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's mortgage loans (e.g., X
loan modifications or re-agings) are made, reviewed and approved by authorized
personnel in accordance with the transaction agreements and related pool asset
documents.
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1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance plans, modifications and X
deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are
initiated, conducted and concluded in accordance with the timeframes or other
requirements established by the transaction agreements.
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1122(d)(4)(viii) Records documenting collection efforts are maintained during the period a mortgage X
loan is delinquent in accordance with the transaction agreements. Such records are
maintained on at least a monthly basis, or such other period specified in the
transaction agreements, and describe the entity's activities in monitoring
delinquent mortgage loans including, for example, phone calls, letters and payment
rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or
unemployment).
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1122( d)( 4 )(ix) Adjustments to interest rates or rates of return for mortgage loans with variable X
rates are computed based on the related mortgage loan documents.
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Applicable
Servicing
Servicing Criteria Criteria
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Reference Criteria
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1122( d)( 4 )(x) Regarding any funds held in trust for an obligor (such as escrow accounts): (A) X
such funds are analyzed, in accordance with the obligor's mortgage loan documents,
on at least an annual basis, or such other period specified in the transaction
agreements; (B) interest on such funds is paid, or credited, to obligors in
accordance with applicable mortgage loan documents and state laws; and (C) such
funds are returned to the obligor within 30 calendar days of full repayment of the
related mortgage loans, or such other number of days specified in the transaction
agreements.
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1122( d)( 4 )(xi) Payments made on behalf of an obligor (such as tax or insurance payments) are made X
on or before the related penalty or expiration dates, as indicated on the
appropriate bills or notices for such payments, provided that such support has been
received by the servicer at least 30 calendar days prior to these dates, or such
other number of days specified in the transaction agreements.
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1122(d)(4)(xii) Any late payment penalties in connection with any payment to be made on behalf of an X
obligor are paid from the servicer's funds and not charged to the obligor, unless
the late payment was due to the obligor's error or omission.
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1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted within two business days to X
the obligor's records maintained by the servicer, or such other number of days
specified in the transaction agreements.
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1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in X
accordance with the transaction agreements.
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1122(d)(4)(xv) Any external enhancement or other support, identified in Item 1114(a)(1) through (3)
or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.
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[XXXXX FARGO BANK, NATIONAL
ASSOCIATION] [NAME OF SUBSERVICER]
Date: _________________________________
By: _________________________________
Name:
Title:
