EXHIBIT 99.10a
EXECUTION COPY
ASSIGNMENT AND RECOGNITION AGREEMENT
THIS ASSIGNMENT AND RECOGNITION AGREEMENT (this "Agreement"), dated
of May 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 2006-8AR (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 May 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: 50922500, MSM 2006-8AR
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 34.07 Indemnification; 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 2006-8AR
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 2006-8AR
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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 2006-8AR
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: _______________________________
Name:
Title:
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ Xxxxxxx Xxx
----------------------------------
Name: Xxxxxxx Xxx
Title: Vice President
THE HEMISPHERE NATIONAL BANK
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------
Name: Xxxxxx Xxxxxxxx
Title: President
By: /s/ Xxxxxxx Xxxxx
----------------------------------
Name: Xxxxxxx Xxxxx
Title: Senior Managing Director
14
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ Xxxxxxxx Xxxxx
----------------------------------
Name: Xxxxxxxx Xxxxx
Title: Vice President
LASALLE BANK NATIONAL ASSOCIATION,
as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-8AR
By: /s/ Xxxxx X. Xxxx
----------------------------------
Name: Xxxxx X. Xxxx
Title: Assistant Vice President
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 MM/DD/YYYY
to 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 MM/DD/YYYY
been 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 MM/DD/YYYY
To End/Close
-----------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
-----------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
to 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 2 No
foreclosure sale. commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
the property from the borrower.
-----------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No
commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
-----------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No
commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by MM/DD/YYYY
the Servicer.
-----------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled 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 2
on brokers price opinion or appraisal.
-----------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs 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 ($)
-----------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued MM/DD/YYYY
By The Pool Insurer
-----------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No
commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------------------
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 Text up to 10 digits 20
Servicer to define a group of
loans.
------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to Text up to 10 digits 10
each loan by the investor.
------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a Text up to 10 digits 10
loan by the Servicer. This may
be different than the LOAN_NBR.
------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received Maximum length of 30 (Last, 30
in the file. It is not First)
separated by first and last
name.
------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar 11
scheduled interest payment that signs ($)
a borrower is expected to pay,
P&I constant.
------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as 4 Max length of 6 6
reported by the Servicer.
------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate 4 Max length of 6 6
less the service fee rate as
reported by the Servicer.
------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a 4 Max length of 6 6
loan as reported by the
Servicer.
------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a 2 No commas(,) or dollar 11
loan as reported by the signs ($)
Servicer.
------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar 11
reported by the Servicer. signs ($)
------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported 4 Max length of 6 6
by the Servicer.
------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using 4 Max length of 6 6
to calculate a forecasted rate.
------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar 11
balance at the beginning of the signs ($)
processing cycle.
------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar 11
balance at the end of the signs ($)
processing cycle.
------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of MM/DD/YYYY 10
processing cycle that the
borrower's next payment is due
to the Servicer, as reported by
Servicer.
------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated MM/DD/YYYY 10
with the first curtailment
amount.
------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar 11
first curtailment amount, if signs ($)
applicable.
------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount 2 No commas(,) or dollar 11
to be applied. signs ($)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated MM/DD/YYYY 10
with the second curtailment
amount.
------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar 11
second curtailment amount, if signs ($)
applicable.
------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated MM/DD/YYYY 10
with the third curtailment
amount.
------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,) or dollar 11
third curtailment amount, if signs ($)
applicable.
------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount 2 No commas(,) or dollar 11
as reported by the Servicer. signs ($)
------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as MM/DD/YYYY 10
reported by the Servicer.
------------------------------------------------------------------------------------------------------------
Action Code Key: 2
ACTION_CODE The standard FNMA numeric code 15=Bankruptcy,
used to indicate the 30=Foreclosure, , 60=PIF,
default/delinquent status of a 63=Substitution,
particular loan. 65=Repurchase,70=REO
------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest 2 No commas(,) or dollar 11
adjustment as reported by the signs ($)
Servicer.
------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor 2 No commas(,) or dollar 11
Adjustment amount, if signs ($)
applicable.
------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan 2 No commas(,) or dollar 11
Amount, if applicable. signs ($)
------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is 2 No commas(,) or dollar 11
passing as a loss, if signs ($)
applicable.
------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding 2 No commas(,) or dollar 11
principal amount due at the signs ($)
beginning of the cycle date to
be passed through to investors.
------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance 2 No commas(,) or dollar 11
due to investors at the end of signs ($)
a processing cycle.
------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount 2 No commas(,) or dollar 11
as reported by the Servicer for signs ($)
the current cycle -- only
applicable for
Scheduled/Scheduled Loans.
------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest 2 No commas(,) or dollar 11
amount less the service fee signs ($)
amount for the current cycle as
reported by the Servicer --
only applicable for
Scheduled/Scheduled Loans.
------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount 2 No commas(,) or dollar 11
collected by the Servicer for signs ($)
the current reporting cycle --
only applicable for
Actual/Actual Loans.
------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest 2 No commas(,) or dollar 11
amount less the service fee signs ($)
amount for the current
reporting cycle as reported by
the Servicer -- only applicable
for Actual/Actual Loans.
------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received 2 No commas(,) or dollar 11
when a borrower prepays on his signs ($)
loan as reported by the
Servicer.
------------------------------------------------------------------------------------------------------------
2
------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount 2 No commas(,) or dollar 11
for the loan waived by the signs ($)
servicer.
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of MM/DD/YYYY 10
the Modification for the loan.
------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or numeric
------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding 2 No commas(,) or dollar 11
principal and interest advances signs ($)
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 Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------
1122(d)(1)(i) Policies and procedures are instituted to monitor any performance X
or other triggers and events of default in accordance with the
transaction agreements.
------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to third X
parties, 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 X
the 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 X
custodial 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.
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1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor or X
to an investor are made only by authorized personnel.
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1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash flows X
or 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 X
respect to commingling of cash) as set 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 X
depository 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 X
access.
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1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all X
asset-backed 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 X
Commission, 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 X
with 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 X
days specified 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
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Reference Criteria
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Pool Asset Administration
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1122(d)(4)(i) Collateral or security on mortgage loans is maintained as X
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 X
by the transaction agreements
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1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are
made, 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 X
accordance 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 X
the 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 X
mortgage 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 X
period 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
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1122(d)(4)(ix) Adjustments to interest rates or rates of return for mortgage X
loans with 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 X
made on 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 are X
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 2006-8AR - 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 May 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:
