Exhibit 99.11(a)
EXECUTION COPY
ASSIGNMENT AND RECOGNITION AGREEMENT
THIS ASSIGNMENT AND RECOGNITION AGREEMENT (this "Agreement"),
dated of March 1, 2006, is entered into among Xxxxxx Xxxxxxx Capital I Inc., a
Delaware corporation (the "Assignee"), Xxxxxx Xxxxxxx Mortgage Capital Inc.
(the "Assignor"), The Hemisphere National Bank, a national banking association
(the "Company"), and acknowledged by LaSalle Bank National Association, as
trustee (the "Trustee") of Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-5AR (the
"Trust"), and Xxxxx Fargo Bank, National Association, as master servicer (or
any successor master servicer, the "Master Servicer"):
For and in consideration of the sum of TEN DOLLARS ($10.00) and
other valuable consideration the receipt and sufficiency of which hereby are
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
Assignment and Conveyance
1. The Assignor hereby conveys, sells, grants, transfers and
assigns to the Assignee all of the right, title and interest of the Assignor,
as purchaser, in, to and under and all obligations related to (a) those
certain Mortgage Loans listed on the schedule (the "Mortgage Loan Schedule")
attached hereto as Exhibit A (the "Mortgage Loans") and (b) except as
described below, that certain Mortgage Loan Sale and Servicing Agreement (the
"Sale and Servicing Agreement"), dated as of December 1, 2005, between the
Assignor, as purchaser (the "Purchaser"), and the Company, as seller, solely
insofar as the Sale and Servicing Agreement relates to the Mortgage Loans. For
the avoidance of doubt, all of the Mortgage Loans are "Servicing Retained" (as
such term is defined in the Sale and Servicing Agreement).
The Assignor specifically reserves and does not assign to the
Assignee hereunder any and all right, title and interest in, to and under and
any obligations of the Assignor with respect to (a) Subsection 7.05 of the
Sale and Servicing Agreement or (b) any mortgage loans subject to the Sale and
Servicing Agreement which are not the Mortgage Loans set forth on the Mortgage
Loan Schedule and are not the subject of this Agreement.
Recognition of the Company
2. From and after March 31, 2006 (the "Closing Date"), the Company
shall and does hereby recognize that the Assignee will transfer the Mortgage
Loans and assign its rights and obligations under the Sale and Servicing
Agreement (solely to the extent set forth herein) and this Agreement to the
Trust created pursuant to a Pooling and Servicing Agreement, dated as of
March 1, 2006 (the "Pooling Agreement"), among the Assignee, the Trustee and
Xxxxx Fargo Bank, National Association, as master servicer and as securities
administrator. The Company hereby acknowledges and agrees that from and
after the Closing Date (i) the Trust will be the owner of the Mortgage
Loans, (ii) the Company shall look solely to the Trust for performance of
any obligations of the Assignor insofar as they relate to the Mortgage
Loans, (iii) except as provided in the preceding paragraph, the Trust
(including the Trustee and the Master Servicer acting on the Trust's behalf)
shall have all the rights and remedies available to the Assignor, insofar as
they relate to the Mortgage Loans,
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under the Sale and Servicing Agreement (as modified by Section 6 below),
including, without limitation, the enforcement of the document delivery
requirements set forth in Section 6 of the Sale and Servicing Agreement, and
shall be entitled to enforce all of the obligations of the Company
thereunder insofar as they relate to the Mortgage Loans, and (iv) all
references to the Purchaser, the Custodian or the Bailee under the Sale and
Servicing Agreement insofar as they relate to the Mortgage Loans, shall be
deemed to refer to the Trust (including the Trustee and the Master Servicer
acting on the Trust's behalf). Such rights will include, without limitation,
the right to terminate the Company, as servicer (in such capacity, the
"Servicer"), under the Sale and 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 Sale and Servicing Agreement,
the right to receive all monthly reports and other data required to be
delivered by the Servicer under the Sale and Servicing Agreement, the right
to examine the books and records of the Servicer to the extent provided in
the Sale and Servicing Agreement, indemnification rights and the right to
exercise certain rights of consent and approval relating to actions taken by
Assignor. Neither the Company nor the Assignor shall amend or agree to
amend, modify, waive, or otherwise alter any of the terms or provisions of
the Sale and Servicing Agreement which amendment, modification, waiver or
other alteration would in any way affect the Mortgage Loans or the Company's
performance under the Sale and Servicing Agreement with respect to the
Mortgage Loans without the prior written consent of the Master Servicer. The
Servicer shall make all distributions under the Servicing 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: 50909000, MSM 2006-5AR
The Servicer shall deliver all reports required to be delivered
under the Servicing Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Xxxxxxx, XXX 0000-0XX
Office Number: (000) 000-0000
Telecopier: (000) 000-0000
Representations and Warranties of the Company
3. The Company warrants and represents to the Assignor, the
Assignee, the Master Servicer and the Trust as of the date hereof that:
(a) The Company is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its formation;
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(b) The Company has full power and authority to execute, deliver
and perform its obligations under this Agreement and has full power and
authority to perform its obligations under the Sale and Servicing
Agreement. The execution by the Company of this Agreement is in the
ordinary course of the Company's business and will not conflict with, or
result in a breach of, any of the terms, conditions or provisions of the
Company's charter or bylaws or any legal restriction, or any material
agreement or instrument to which the Company is now a party or by which
it is bound, or result in the violation of any law, rule, regulation,
order, judgment or decree to which the Company or its property is
subject. The execution, delivery and performance by the Company of this
Agreement have been duly authorized by all necessary corporate action on
part of the Company. This Agreement has been duly executed and delivered
by the Company, and, upon the due authorization, execution and delivery
by the Assignor, the Assignee, the Master Servicer and the Trust, will
constitute the valid and legally binding obligation of the Company,
enforceable against the Company in accordance with its terms except as
enforceability may be limited by bankruptcy, reorganization, insolvency,
moratorium or other similar laws now or hereafter in effect relating to
creditors' rights generally, and by general principles of equity
regardless of whether enforceability is considered in a proceeding in
equity or at law;
(c) No consent, approval, order or authorization of, or
declaration, filing or registration with, any governmental entity is
required to be obtained or made by the Company in connection with the
execution, delivery or performance by the Company of this Agreement; and
(d) There is no action, suit, proceeding or investigation pending
or threatened against the Company, before any court, administrative
agency or other tribunal, which would draw into question the validity of
this Agreement or the Sale and Servicing Agreement, or which, either in
any one instance or in the aggregate, would result in any material
adverse change in the ability of the Company to perform its obligations
under this Agreement or the Sale and Servicing Agreement, and the
Company is solvent.
4. (a) Pursuant to Section 15 of the Sale and Servicing Agreement,
the Company hereby represents and warrants, for the benefit of the Assignor,
the Assignee, the Master Servicer and the Trust, that the representations and
warranties set forth in Section 7.01 and Section 7.02 of the Sale and
Servicing Agreement with respect to the Mortgage Loans are true and correct as
of the date hereof as if such representations and warranties were made on the
date hereof unless otherwise specifically stated in such representations and
warranties.
(b) 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 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
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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 Agreement and (v) all recourse for any payment liability
or other obligation of the Assignee shall be had solely to the assets of the
Trust.
Remedies for Breach of Representations and Warranties
5. The Company hereby acknowledges and agrees that the remedies
available to the Assignor, the Assignee, the Master Servicer and the Trust
(including the Trustee acting on the Trust's behalf) in connection with any
breach of the representations and warranties made by the Company set forth in
Sections 3 and 4 hereof shall be as set forth in Subsection 7.03 of the Sale
and Servicing Agreement as if they were set forth herein (including without
limitation the repurchase and indemnity obligations set forth therein).
Amendments to Sale and Servicing Agreement
6. The parties to this Agreement hereby agree to amend the Sale
and Servicing Agreement solely with respect to the Mortgage Loans as follows:
(a) The definition of "Servicing Fee Rate" in Section 1 of the
Sale and Servicing Agreement is hereby amended and restated in its
entirety as follows:
"Servicing Fee Rate: With respect to each adjustable-rate Mortgage
Loan, 0.375% per annum and with respect to each fixed-rate Mortgage
Loan, 0.250% per annum."
(b) Subsections 11.19 and 11.20 of the Sale and Servicing
Agreement are hereby deleted.
(c) Subsection 13.01 (b) of the Sale and Servicing Agreement is
hereby amended and restated in its entirety as follows:
"failure by the Servicer to duly observe or perform, in any
material respect, any other covenants, obligations or
agreements of the Servicer as set forth in this Agreement
(except as provided in Subsection 34.07) which failure
continues unremedied for a period of sixty (60) days (or, in
the case of (i) the annual statement of compliance required
under Subsection 11.19, (ii) the annual independent public
accountants' servicing report or attestation required under
Subsection 11.20, or (iii) the certification required under
Section 15 in the form of Exhibit 16, five (5) 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 the Purchaser;"
(d) Section 14.02 of the Sale and Servicing Agreement is hereby
deleted.
(e) Subsection 34.03(d) of the Sale and Servicing Agreement is
hereby amended and restated in its entirety as follows:
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"For the purpose of satisfying its reporting obligation
under the Exchange Act with respect to any class of
asset-backed securities, the Seller shall (or shall cause
each Subservicer and Third-Party Originator to) (i) promptly
notify the Purchaser and any Depositor in writing of (A) any
material litigation or governmental proceedings pending
against the Seller, any Subservicer or any Third-Party
Originator, (B) any affiliations or relationships that
develop following the closing date of a Securitization
Transaction between the Seller, any Subservicer or any
Third-Party Originator and any of the parties specified in
clause (D) of paragraph (a) of this Section (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 (ii) provide to the Purchaser
and any Depositor a description of such proceedings,
affiliations or relationships.
(f) Subsection 34.03(f) of the Sale and Servicing Agreement is
hereby amended and restated in its entirety as follows:
"In addition to such information as the Seller, as servicer,
is obligated to provide pursuant to other provisions of this
Agreement, if so requested by the Purchaser or any
Depositor, the Seller shall provide such information
regarding the performance or servicing of the Mortgage Loans
as is reasonably required by the Purchaser or any Depositor
to permit the Purchaser or such Depositor to comply with the
provisions of Regulation AB relating to Static Pool
Information regarding the performance of the Mortgage Loans
on the basis of the Purchaser's or such Depositor's
reasonable, good faith interpretation of the requirements of
Item 1105(a)(1)-(3) of Regulation AB (including without
limitation as to the format and content of such Static Pool
Information). Such information shall be provided
concurrently with the monthly reports otherwise required to
be delivered by the Servicer under this Agreement commencing
with the first such report due in connection with the
applicable Securitization Transaction."
(g) The following paragraph is hereby incorporated into the Sale
and Servicing Agreement as new Subsections 34.03(g) and (h):
"(g) 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 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
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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 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).
(h) 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, as may be reasonably requested by the
Purchaser, any Master Servicer or any Depositor."
(h) Subsections 34.04 and 34.05 are hereby amended to delete the
date "March 10th" and replace with the date "March 1st".
(i) Subsection 34.05(a)(iv) is hereby amended and restated in its
entirety as follows:
"deliver, and cause each Subservicer and subcontractor
described in clause (iii) above to deliver, to the
Purchaser, any Depositor and any other Person that will be
responsible for signing the certification (a "Sarbanes
Certification") required by Rules 13a-14(d) and 15d-14(d)
under the Exchange Act (pursuant to Section 302 of the
Xxxxxxxx-Xxxxx Act of 2002) on behalf of an asset-backed
issuer with respect to a Securitization Transaction a
certification, signed by an appropriate officer of the
Seller, in the form attached hereto as Exhibit 16."
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(j) The penultimate sentence of Subsection 34.06(a) is hereby
amended and restated in its entirety as follows:
"The Seller shall cause any Subservicer used by the Seller
(or by any Subservicer) for the benefit of the Purchaser and
any Depositor to comply with the provisions of this Section
and with Subsections 34.02, 34.03(c), (e), (g) and (h),
34.04, 34.05 and 34.07 of this Agreement to the same extent
as if such Subservicer were the Seller, and to provide the
information required with respect to such Subservicer under
Subsection 34.03(d) of this Agreement."
(k) The last two lines of Subsection 34.06(b) are hereby amended
and restated as follows:
"...assessment of compliance and attestation, and the other
certifications required to be delivered..."
(l) Subsection 34.07 is hereby amended and restated in its
entirety as follows:
"Subsection 34.07Indemnification; Remedies.
(a) The Seller shall indemnify the Purchaser, each affiliate
of the Purchaser, and each of the following parties
participating in a Securitization Transaction: 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:
(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 in written or
electronic form under this Section 34 by or on behalf
of the Seller, or provided under this Section 34 by or
on behalf of any Subservicer, Subcontractor or
Third-Party Originator (collectively, the "Seller
Information"), or a. the omission or alleged omission
to state in the Seller Information a material fact
required to be stated
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in the Seller 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 Seller Information and not to any
other information communicated in connection with a
sale or purchase of securities, without regard to
whether the Seller Information or any portion thereof
is presented together with or separately from such
other information;
(ii) any failure by the Seller, any Subservicer, any
Subcontractor or any Third-Party Originator to deliver
any information, report, certification, accountants'
letter or other material when and as required, under
this Section 34, including any failure by the Seller
to identify pursuant to Subsection 34.06(b) any
Subcontractor "participating in the servicing
function" within the meaning of Item 1122 of
Regulation AB;
(iii) any breach by the Seller of a representation or
warranty set forth in Subsection 34.02(a) or in a
writing furnished pursuant to Subsection 34.02(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 Seller of a representation or warranty
in a writing furnished pursuant to Subsection 34.02(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 Seller in connection with its obligation to
deliver the certifications and reports required by
Section 34.03, Section 34.04 or Section 34.05 hereof.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the
Seller 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 appropriate to reflect the
relative fault of such Indemnified Party on the one hand and
the Seller on the other.
In the case of any failure of performance described in
clause (a)(ii) of this Section, the Seller 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
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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 Seller,
any Subservicer, any Subcontractor or any Third-Party
Originator.
This indemnification shall survive the termination of this
Agreement or the termination of any party to this Agreement.
(b) (i) Any failure by the Seller, any Subservicer, any
Subcontractor or any Third-Party Originator to deliver
any information, report, certification, accountants'
letter or other material when and as required under
this Section 34, or any breach by the Seller of a
representation or warranty set forth in Subsection
34.02(a) or in a writing furnished pursuant to
Subsection 34.02(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
Seller of a representation or warranty in a writing
furnished pursuant to Subsection 34.02(b) to the
extent made as of a date subsequent to such closing
date, shall, except as provided in clause (ii) of this
paragraph, immediately and automatically, without
notice or grace period, constitute an Event of Default
with respect to the Seller under this Agreement and
any applicable Reconstitution Agreement, and shall
entitle the Purchaser or Depositor, as applicable, in
its sole discretion to terminate the rights and
obligations of the Seller as servicer under this
Agreement and/or any applicable Reconstitution
Agreement without payment (notwithstanding anything in
this Agreement or any applicable Reconstitution
Agreement to the contrary) of any compensation to the
Seller (and if the Seller is servicing any of the
Mortgage Loans in a Securitization Transaction, shall
entitle the Purchaser or Depositor, as applicable, in
its sole discretion to appoint a successor servicer
reasonably acceptable to any Master Servicer for such
Securitization Transaction); provided that to the
extent that any provision of this Agreement and/or any
applicable Reconstitution Agreement expressly provides
for the survival of certain rights or obligations
following termination of the Seller as servicer, such
provision shall be given effect.
(ii) Any failure by the Seller, any Subservicer or any
Subcontractor to deliver any information, report,
certification or accountants' letter when and as
required under Subsection 34.04 or 34.05, including
(except as provided below) any failure by the Seller
to identify pursuant to Subsection 34.06(b) any
Subcontractor "participating in the servicing
function" within the meaning of Item 1122 of
Regulation AB, which continues unremedied for ten
calendar days after the date on which such
information, report, certification or accountants'
letter was
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required to be delivered shall constitute an Event
of Default with respect to the Seller under this
Agreement and any applicable Reconstitution Agreement,
and shall entitle the Purchaser or Depositor, as
applicable, in its sole discretion to terminate the
rights and obligations of the Seller as servicer under
this Agreement and/or any applicable Reconstitution
Agreement without payment (notwithstanding anything in
this Agreement to the contrary) of any compensation to
the Seller; provided that to the extent that any
provision of this Agreement and/or any applicable
Reconstitution Agreement expressly provides for the
survival of certain rights or obligations following
termination of the Seller as servicer, such provision
shall be given effect.
Neither the Purchaser nor any Depositor shall be
entitled to terminate the rights and obligations of
the Seller pursuant to this subparagraph (b)(ii) if a
failure of the Seller to identify a Subcontractor
"participating in the servicing function" within the
meaning of Item 1122 of Regulation AB was attributable
solely to the role or functions of such Subcontractor
with respect to mortgage loans other than the Mortgage
Loans.
(iii) The Seller shall promptly reimburse the
Purchaser (or any designee of the Purchaser, such as a
master servicer) and any Depositor, as applicable, for
all reasonable expenses incurred by the Purchaser (or
such designee) or such Depositor, as such are
incurred, in connection with the termination of the
Seller as servicer and the transfer of servicing of
the Mortgage Loans to a successor servicer. The
provisions of this paragraph shall not limit whatever
rights the Purchaser or any Depositor may have under
other provisions of this Agreement and/or any
applicable Reconstitution Agreement or otherwise,
whether in equity or at law, such as an action for
damages, specific performance or injunctive relief."
(m) The following paragraph is hereby incorporated into the Sale
and Servicing Agreement as new Section 35:
"Third Party Beneficiary. For purposes of this Agreement,
including but not limited to Subsections 11.19 and 11.20, 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."
(n) Exhibit 9 to the Sale and Servicing Agreement is hereby
replaced in its entirety with the Amended and Restated Exhibit 9
attached to this Agreement as Exhibit II.
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(o) Exhibits 16 to the Sale and Servicing Agreement is hereby
replaced in its entirety with Exhibit A-1 to this Agreement.
(p) Written notice provided in compliance with Sections 34.03(d),
(e) or (g) of the Sale and Servicing Agreement shall be substantially in
the form of Exhibit C-1 to this Agreement.
Notices
7. Any notices or other communications permitted or required under
the Sale and Servicing Agreement to be made to the Company, Assignor,
Assignee, and the Trustee shall be made in accordance with the terms of the
Sale and Servicing Agreement and shall be sent to the Assignee and Trustee as
follows:
In the case of Assignor:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-5AR
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
In the case of Assignee:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-5AR
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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 2006-5AR
In the case of the Company, as Seller:
The Hemisphere National Bank
0000 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx Xxxxxx
With a copy to:
The Hemisphere National Bank
0000 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx Xxxxx, Esq.
In the case of the Company, as Servicer:
The Hemisphere National Bank
0000 X. X. 00xx Xxxxxx, Xxxxx 000
Xxxxx, Xxxxxxx 00000
Attention: Xxxx Xxxxxxx
With copies to:
The Hemisphere National Bank
0000 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx Xxxxxx
The Hemisphere National Bank
0000 Xxxxxxxx Xxxxxx, 0xx Xxxxx
Xxxxxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx Xxxxx, Esq.
or to such other address as may hereafter be furnished by Assignee and the
Trustee to the parties in accordance with the provisions of the Sale and
Servicing Agreement.
Miscellaneous
8. This Agreement shall be construed in accordance with accordance
with the laws of the State of New York to the extent such laws are not
preempted by federal law, without giving effect to the conflict of laws
provisions of the laws of the State of New York, and the
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obligations, rights and remedies of the parties hereunder shall be determined
in accordance therewith.
9. 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, with
the prior written consent of the Master Servicer and the Trustee.
10. This Agreement shall inure to the benefit of the successors
and assigns of the parties hereto, including the Master Servicer and the Trust
(including the Trustee acting on the Trust's behalf). Any entity into which
Assignor, Assignee, Master Servicer or Company may be merged or consolidated
shall, without the requirement for any further writing, be deemed Assignor,
Assignee, Master Servicer or Company, respectively, hereunder.
11. Each of this Agreement and the Sale and Servicing Agreement
shall survive the conveyance of the Mortgage Loans and the assignment of the
Sale and Servicing Agreement (to the extent assigned hereunder) by Assignor to
Assignee and by Assignee to the Trust and nothing contained herein shall
supersede or amend the terms of the Sale and Servicing Agreement.
12. This Agreement may be executed simultaneously in any number of
counterparts. Each counterpart shall be deemed to be an original and all such
counterparts shall constitute one and the same instrument.
13. In the event that any provision of this Agreement conflicts
with any provision of the Sale and Servicing Agreement with respect to the
Mortgage Loans, the terms of this Agreement shall control.
14. Capitalized terms used in this Agreement (including the
exhibits hereto) but not defined in this Agreement shall have the meanings
given to such terms in the Sale and Servicing Agreement or, if not defined
therein, in the Pooling and Servicing Agreement. In the event that the
definition of a capitalized term in the Sale and Servicing Agreement conflicts
with the definition of that capitalized term in the Pooling and Servicing
Agreement, the definition in the Pooling and Servicing Agreement shall
control.
13
IN WITNESS WHEREOF, the parties hereto have executed this Assignment
the day and year first above written.
XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By: /s/ Xxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: XX
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ Xxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: VP
THE HEMISPHERE NATIONAL BANK
By: /s/ Xxxxxxx Xxxxxx
--------------------------------
Name: Xxxxxxx Xxxxxx
Title: Senior Managing Director
By: /s/ Xxxxxx Xxxxxxxx
--------------------------------
Name: Xxxxxx Xxxxxxxx
Title: President
14
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ Xxxxxxxx Xxxxx
----------------------------------------
Name: Xxxxxxxx Xxxxx
Title: VP
LASALLE BANK NATIONAL ASSOCIATION,
as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-5AR
By: /s/ Xxxxx X. Xxxx
----------------------------------------
Name: Xxxxx X. Xxxx
Title: Assistant VP
15
EXHIBIT I
Mortgage Loan Schedule
[see Schedule A to Pooling and Servicing Agreement]
EXH. I-1
Exhibit IIA: 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 MM/DD/YYYY
the servicer at 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 MM/DD/YYYY
approved by the courts
------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. MM/DD/YYYY
Either by Dismissal, Discharged and/or a Motion For
Relief Was Granted.
------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The MM/DD/YYYY
Servicer
------------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
End/Close
------------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
with instructions to begin foreclosure proceedings.
------------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
------------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to MM/DD/YYYY
occur.
------------------------------------------------------------------------------------------------------------------------------
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 2 No commas(,) or dollar signs
sale. ($)
------------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the MM/DD/YYYY
borrower.
------------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the MM/DD/YYYY
property from the borrower.
------------------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a particular MM/DD/YYYY
price.
------------------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the MM/DD/YYYY
Servicer.
------------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled MM/DD/YYYY
to close.
------------------------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
------------------------------------------------------------------------------------------------------------------------------
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 2
brokers price opinion or appraisal.
------------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs 2
are completed pursuant to a broker's price opinion
or appraisal.
------------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
Mortgage Insurance Company.
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim MM/DD/YYYY
Payment
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
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 dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By MM/DD/YYYY
The Pool Insurer
------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
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 dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
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 dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
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 dollar signs
($)
------------------------------------------------------------------------------------------------------------------------------
2
Exhibit IIB: 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
-----------------------------------------------------------------
009 FNMA-Distant employee transfer
-----------------------------------------------------------------
3
-----------------------------------------------------------------
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
----------------------------------------------------------------
4
Exhibit IIC: Standard File Layout - Master Servicing
----------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
----------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a Text up to 10 digits 20
group of loans.
-----------------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by Text up to 10 digits 10
the investor.
-----------------------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different
than the LOAN_NBR.
-----------------------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in the file. Maximum length of 30 (Last, First) 30
It is not separated by first and last name.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs ($) 11
interest payment that a borrower is expected
to pay, P&I constant.
-----------------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the service 4 Max length of 6 6
fee rate as reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported by 2 No commas(,) or dollar signs ($) 11
the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to calculate 4 Max length of 6 6
a forecasted rate.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the beginning of the processing cycle.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the end of the processing cycle.
-----------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that MM/DD/YYYY 10
the borrower's next payment is due to the
Servicer, as reported by Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-----------------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as reported by 2 No commas(,) or dollar signs ($) 11
the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code Action Code Key: 15=Bankruptcy, 2
used to indicate the 30=Foreclosure, , 60=PIF,
default/delinquent status of a 63=Substitution, 65=Repurchase,70=REO
particular loan.
-----------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
-----------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
-----------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, 2 No commas(,) or dollar signs ($) 11
if applicable.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount 2 No commas(,) or dollar signs ($) 11
due at the beginning of the cycle date to be
passed through to investors.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs ($) 11
investors at the end of a processing cycle.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as reported by 2 No commas(,) or dollar signs ($) 11
the Servicer for the current cycle -- only
applicable for Scheduled/Scheduled Loans.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current
cycle as reported by the Servicer
-- only applicable for
Scheduled/Scheduled Loans.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting
cycle -- only applicable for
Actual/Actual Loans.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current
reporting cycle as reported by the
Servicer -- only applicable for
Actual/Actual Loans.
-----------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
2
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan 2 No commas(,) or dollar signs ($) 11
waived by the servicer.
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
-----------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha or numeric 30
-----------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
3
Exhibit IID : 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.
1.
2. 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.
3. 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.
EXH. II 1
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 ( ).
EXH. II-2
Exhibit IIE: 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
EXH. II-3
(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)
EXH. II-4
Escrow Disbursement Detail
-------------------------------------------------------------------------------
Type Date Period of Total Base Penalties Interest
(Tax /Ins.) Paid Coverage Paid Amount
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
EXH. II-5
EXHIBIT A-1
FORM OF ANNUAL CERTIFICATION
Re: The [ ] agreement dated as of [ ], 200[ ] (the
"Agreement"), among [IDENTIFY PARTIES]
I, ________________________________, the _____________________ of Wachovia
Mortgage Corporation, certify to [the Purchaser], [the Depositor], and the
[Master Servicer] [Securities Administrator] [Trustee], and their officers,
with the knowledge and intent that they will rely upon this certification,
that:
(1) I have reviewed the servicer compliance statement of the Company
provided in accordance with Item 1123 of Regulation AB (the "Compliance
Statement"), the report on assessment of the Company's compliance with the
servicing criteria set forth in Item 1122(d) of Regulation AB and identified
as the responsibility of the Company on Exhibit B to the Regulation AB
Compliance Addendum to the Agreement (the "Servicing Criteria"), provided in
accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
as amended (the "Exchange Act") and Item 1122 of Regulation AB (the "Servicing
Assessment"), the registered public accounting firm's attestation report
provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
Section 1122(b) of Regulation AB (the "Attestation Report"), and all servicing
reports, officer's certificates and other information relating to the
servicing of the Mortgage Loans by the Company during 200[ ] that were
delivered by the Company to the [Depositor] [Master Servicer] [Securities
Administrator] [Trustee] pursuant to the Agreement (collectively, the "Company
Servicing Information");
(2) Based on my knowledge, the Company Servicing Information, taken as a
whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in the light of
the circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Company Servicing Information;
(3) Based on my knowledge, all of the Company Servicing Information
required to be provided by the Company under the Agreement has been provided
to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee];
(4) I am responsible for reviewing the activities performed by the
Company as servicer under the Agreement, and based on my knowledge and the
compliance review conducted in preparing the Compliance Statement and except
as disclosed in the Compliance Statement, the Servicing Assessment or the
Attestation Report, the Company has fulfilled its obligations under the
Agreement in all material respects; and
(5) The Compliance Statement required to be delivered by the Company
pursuant to the Agreement, and the Servicing Assessment and Attestation Report
required to be provided by the Company and by any Subservicer and
Subcontractor pursuant to the Agreement, have been provided to the [Depositor]
[Master Servicer]. Any material instances of noncompliance described in such
reports have been disclosed to the [Depositor] [Master Servicer]. Any material
instance of noncompliance with the Servicing Criteria has been disclosed in
such reports.
EXH. A-1-1
Date: _____________________________
By: _____________________________
Name:
Title:
EXH. X-0-0
XXXXXXX X-0
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";
----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
----------------------------------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor any X
performance or other triggers and events of default
1122(d)(1)(i) in accordance with the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to third parties, X
policies and 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 X
party 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 X
bank 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 X
investor are made only by authorized personnel.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash flows or X
distributions, and any interest or other fees charged for such advances,
are made, reviewed and approved as specified in the transaction
agreements.
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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., with respect to commingling of cash) as set X
forth in the transaction agreements.
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EXH. B-1-1
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Servicing Criteria Applicable
Servicing
Criteria
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Reference Criteria
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1122(d)(2)(v) Each custodial account is maintained at a federally insured depository X
institution 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.
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1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized access. X
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1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all asset-backed X
securities 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.
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Investor Remittances and Reporting
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1122(d)(3)(i) Reports to investors, including those to be filed with the Commission, X
are 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.
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1122(d)(3)(ii) Amounts due to investors are allocated and remitted in accordance with X
timeframes, distribution priority and other terms set forth in the
transaction agreements.
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1122(d)(3)(iii) Disbursements made to an investor are posted within two business days to
the Servicer's investor records, or such other number of days specified X
in the transaction agreements.
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1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree with
cancelled checks, or other form of payment, or custodial bank X
statements.
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----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
Pool Asset Administration
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1122(d)(4)(i) Collateral or security on mortgage loans is maintained X
as required by the transaction agreements or related
mortgage loan documents.
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1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as required by the X
transaction agreements
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1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are made, X
reviewed and approved in accordance with any conditions or requirements
in the transaction agreements.
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1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made in accordance X
with the 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 X
Servicer's 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 X
loans (e.g., 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, X
modifications and 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 X
a mortgage 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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----------------------------------------------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
1122( d)( 4 )(ix) Adjustments to interest rates or rates of return for mortgage loans with X
variable rates are computed based on the related mortgage loan
documents.
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1122( d)( 4 )(x) Regarding any funds held in trust for an obligor (such as escrow X
accounts): (A) 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 X
payments) are made 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 X
behalf of an 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 X
business days to 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 X
are recognized and recorded in 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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[THE HEMISPHERE NATIONAL BANK]
[NAME OF SUBSERVICER]
Date: _____________________________
By: _____________________________
Name:
Title:
EXHIBIT C-1
Additional Disclosure Notification
Xxxxx Fargo Bank, N.A. as [Securities Administrator and Master Servicer]
Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate Trust Services - MSM 2006-5AR - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section [34.03(d)][34.03(e)][34.03(g)] of the Sale
and Servicing Agreement, dated as of December 1, 2005, as amended by the
Assignment, Assumption and Recognition Agreement dated as of March 1, 2006
among Xxxxxx Xxxxxxx Capital I Inc., as Depositor, The Hemisphere National
Bank, Xxxxx Fargo Bank, National Association, as 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:
