ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Exhibit 99.7a
EXECUTION
VERSION
THIS
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this “Assignment”),
dated as of April 1, 2007, is entered into among Xxxxxx Xxxxxxx Capital I Inc.,
a Delaware corporation (the “Depositor”), Xxxxxx Xxxxxxx Mortgage Capital
Inc. (“MSMCI”), American Home Mortgage Corp., as seller (the
“Seller”), and acknowledged by LaSalle Bank National Association, as
trustee (the “Trustee”) of Xxxxxx Xxxxxxx Mortgage Loan Trust 2007-7AX
(the “Trust”).
RECITALS
WHEREAS
MSMCI and the Seller have entered into a certain Third Amended and Restated
Mortgage Loan Purchase and Warranties Agreement, dated as of June 1, 2006 (the
“Purchase Agreement”), pursuant to which MSMCI has acquired certain
Mortgage Loans pursuant to the terms of the Purchase Agreement;
WHEREAS
the Depositor has agreed, on the terms and conditions contained herein, to
purchase from MSMCI certain of the Mortgage Loans (the “Specified Mortgage
Loans”) which are subject to the provisions of the Purchase Agreement and
are listed on the mortgage loan schedule attached as Exhibit I hereto (the
“Specified Mortgage Loan Schedule”); and
WHEREAS
the Trustee, on behalf of the Trust, has agreed, on the terms and conditions
contained herein, to purchase from the Depositor the Specified Mortgage
Loans;
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:
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1.
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Assignment
and Assumption
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(a) On
and as of the date hereof, MSMCI hereby sells, assigns and transfers to the
Depositor all of its right, title and interest in the Specified Mortgage
Loans
and all rights and obligations related thereto as provided under the Purchase
Agreement to the extent relating to the Specified Mortgage Loans, the Depositor
hereby accepts such assignment from MSMCI (the “First Assignment and
Assumption”), and the Seller hereby acknowledges the First Assignment and
Assumption.
MSMCI
specifically reserves and does
not assign to the Depositor hereunder any and all right, title and interest
in,
to and under and all obligations of MSMCI with respect to any Mortgage Loans
subject to the Purchase Agreement which are not the Specified Mortgage
Loans.
(b) On
and as of the date hereof, immediately after giving effect to the First
Assignment and Assumption, the Depositor hereby sells, assigns and transfers
to
the Trustee, on behalf of the Trust, all of its right, title and interest
in the
Specified Mortgage Loans and all rights and obligations related thereto as
provided under the Purchase Agreement to the extent relating to the Specified
Mortgage Loans, and the Trustee, on behalf of the Trust, hereby accepts such
assignment from the Depositor (the “Second Assignment and Assumption”),
and the Seller hereby acknowledges the Second Assignment and
Assumption.
(c) On
and as of the date hereof, MSMCI represents and warrants to the Depositor
and
the Trustee that MSMCI has not taken any action that would serve to impair
or
encumber the respective
ownership
interests of the Depositor and the Trustee in the Specified Mortgage Loans
since
the date of MSMCI’s acquisition of the Specified Mortgage Loans.
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2.
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Recognition
of Trustee
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(a) From
and after the date hereof, both MSMCI and the Seller shall note the transfer
of
the Specified Mortgage Loans to the Trustee, in their respective books and
records and shall recognize the Trustee, on behalf of the Trust, as of the
date
hereof, as the owner of the Specified Mortgage Loans. It is the intention
of the
Seller, the Depositor, the Trustee and MSMCI that this Assignment shall be
binding upon and inure to the benefit of the Depositor, the Trustee and MSMCI
and their respective successors and assigns.
(b) Without
in any way limiting the foregoing, the parties confirm that this Assignment
includes the rights relating to amendments or waivers under the Purchase
Agreement. Accordingly, the right of MSMCI to consent to any
amendment of the Purchase Agreement and its rights concerning waivers as
set
forth in Section 24 of the Purchase Agreement shall be exercisable, to the
extent any such amendment or waiver affects the Specified Mortgage Loans
or any
of the rights under the Purchase Agreement with respect thereto, solely by
the
Trustee as assignee of MSMCI.
(c) It
is expressly understood and agreed by the parties hereto that (i) this
Assignment is executed and delivered by LaSalle Bank National Association,
not individually or personally but solely on behalf of the Trust, as the
Assignee, in the exercise of the powers and authority conferred and vested
in
it, as Trustee, pursuant to the 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 Trust, (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 and (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
the Trust under this Assignment and (v) all recourse for any payment
liability or other obligation of the Assignee shall be had solely to the
assets
of the Trust.
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3.
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Representations
and Warranties
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(a) The
Depositor represents and warrants that it is a sophisticated investor able
to
evaluate the risks and merits of the transactions contemplated hereby, and
that
it has not relied in connection therewith upon any statements or representations
of the Seller or MSMCI other than those contained in the Purchase Agreement
or
this Assignment.
(b) Each
of the parties hereto represents and warrants that it is duly and legally
authorized to enter into this Assignment.
(c) Each
of the Depositor, MSMCI and the Seller represents and warrants that this
Assignment 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).
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(d) The
Seller hereby restates, as of April 30, 2007 (the “Closing Date”) among
the Depositor, Xxxxx Fargo Bank, National Association, as securities
administrator and master servicer, and the Trustee), the representations
and
warranties set forth in Sections 9.01 and 9.02 of the Purchase Agreement,
with
respect to each of the Specified Mortgage Loans that were sold by it under
the
Purchase Agreement, to and for the benefit of the Depositor, the securities
administrator, the Trustee and the Trust, and by this reference incorporates
such representations and warranties herein, as of such Closing Date; provided,
however, that instead of the representation and warranty set forth in Subsection
9.02(b), the Seller hereby represents and warrants that as of the Closing
Date,
none of the Specified Mortgage Loans are contractually past due by more than
30
days.
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4.
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Reporting
Obligations;
Future Covenants;
Indemnification
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(a) For
the purpose of satisfying the
reporting obligation under the Exchange Act with respect to any class of
asset-backed securities, the Seller shall (i) promptly provide the Depositor
and
the Securities Administrator written notice substantially in the form of
Exhibit
II of the information required under Section 36.03(d) of the Purchase
Agreement.
(b) The
indemnification and remedy
provisions set forth in Section 36.04 of the Purchase Agreement apply to
all
information provided under this Section 4 by or on behalf of the Seller and
will
extend to each of the following parties participating in a Securitization
Transaction: each sponsor and issuing entity; each Person (including but
not
limited to each master servicer, if applicable) 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, agents and affiliates (each, an “Indemnified
Party”) of each of the foregoing and of the Depositor.
This
indemnification shall survive the termination of this Agreement or the
termination of any party to this Agreement.
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5.
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Continuing
Effect
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Except
as
contemplated hereby, the Purchase Agreement shall remain in full force and
effect in accordance with its terms.
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6.
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Governing
Law
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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.
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7.
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Notices
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Any
notices or other communications permitted or required under the Purchase
Agreement to be made to the Depositor and the Trustee shall be made in
accordance with the terms of the Purchase Agreement and shall be sent to
the
Depositor and Trustee as follows:
3
In
the
case of MSMCI:
Xxxxxx
Xxxxxxx Mortgage Capital Inc.
0000
Xxxxxx xx xxx Xxxxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attention:
Xxxxxx Xxxxxxx Mortgage Loan Trust 2007-7AX
With
a
copy to:
Xxxxxx
Xxxxxxx & Co. Incorporated
0000
Xxxxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attention:
General Counsel’s Office
In
the
case of the Depositor:
Xxxxxx
Xxxxxxx Capital I Inc.
0000
Xxxxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attention: Xxxxxx
Xxxxxxx Mortgage Loan Trust 2007-7AX
In
the
case of the Trustee:
LaSalle
Bank National Association
000
Xxxxx
XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
Xxxxxxxx 00000
Attention:
Global Securities and Trust Services MSM 2007-7AX
In
the
case of the Seller:
American
Home Mortgage Corp.
000
Xxxxxxxxxxx Xxxx
Xxxxxxxx,
XX 00000
Attention:
General Counsel
or
to
such other address as may hereafter be furnished by the Depositor and the
Trustee to the parties in accordance with the provisions of the Purchase
Agreement.
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8.
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Counterparts
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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.
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9.
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Definitions
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Any
capitalized term used but not defined in this Assignment has the same meaning
as
in the Purchase Agreement.
[SIGNATURE
PAGE FOLLOWS]
4
IN
WITNESS WHEREOF, the parties hereto have executed this Assignment the day
and
year first above written.
| XXXXXX XXXXXXX MORTGAGE CAPITAL INC. | |||
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By:
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/s/ Xxxxxxx Xxx | |
| Name Xxxxxxx Xxx | |||
| Title Vice President | |||
| XXXXXX XXXXXXX CAPITAL I INC. | |||
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By:
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/s/ Xxxxxxx Xxx | |
| Name Xxxxxxx Xxx | |||
| Title Vice President | |||
| AMERICAN HOME MORTGAGE CORP. | |||
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By:
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/s/ Xxxx X. Xxxx | |
| Name Xxxx X. Xxxx | |||
| Title Executive Vice President, General Counsel and Secretary | |||
Acknowledged
and Agreed:
LASALLE
BANK NATIONAL ASSOCIATION
as
Trustee of Xxxxxx Xxxxxxx
Mortgage
Loan Trust 2007-7AX
By:
___/s/ Xxxx Lopez____________________
Name:
Xxxx Xxxxx
Title:
Vice President
EXHIBIT
I
Mortgage
Loan Schedule
[see
Schedule A to Pooling and Servicing Agreement]
EXHIBIT
II
Additional
Disclosure Notification
Xxxxx
Fargo Bank, N.A., as Securities Administrator and Master Servicer
0000
Xxx
Xxxxxxxxx Xxxx
Xxxxxxxx,
Xxxxxxxx 00000
Fax:
(000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate
Trust Services – MSM 2007-7AX - SEC REPORT PROCESSING
Xxxxxx
Xxxxxxx Capital I Inc.
0000
Xxxxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attention: Xxxxxx
Xxxxxxx Mortgage Loan Trust 2007-7AX
RE: **Additional
Form [ ] Disclosure**Required
Ladies
and Gentlemen:
In
accordance with Section 4(a) of
the Assignment, Assumption and Recognition Agreement, dated as of [date],
among
Xxxxxx Xxxxxxx Capital I Inc., as Depositor, American Home Mortgage Corp.,
Xxxxx
Fargo Bank, National Association, as Securities Administrator and Master
Servicer, and LaSalle Bank National Association as Trustee. The
Undersigned hereby notifies you that certain events have come to our attention
that [will][may] need to be disclosed on Form [ ].
Description
of Additional Form [ ] Disclosure:
List
of
Any Attachments hereto to be included in the Additional Form [ ]
Disclosure:
Any
inquiries related to this
notification should be directed to [ ], phone
number: [ ]; email
address: [ ].
[NAME
OF
PARTY]
as
[role]
By:
__________________
Name:
Title:
