Exhibit 99.1
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XXXXXXX XXXXX MORTGAGE LENDING, INC.,
SELLER
and
XXXXXXX XXXXX MORTGAGE INVESTORS, INC.,
PURCHASER
MORTGAGE LOAN SALE AND ASSIGNMENT AGREEMENT
Dated as of June 1, 2003
Specialty Underwriting and Residential Finance Trust
(Mortgage Loan Asset-Backed Certificates, Series 2003-BC2)
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TABLE OF CONTENTS
Page
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ARTICLE I CONVEYANCE OF MORTGAGE LOANS................................. 5
Section 1.01. Sale of Mortgage Loans................................. 5
Section 1.02. Delivery of Documents.................................. 6
Section 1.03. Review of Documentation................................ 6
Section 1.04. Representations and Warranties of the Seller........... 6
Section 1.05. Grant Clause........................................... 8
Section 1.06. Assignment by Depositor................................ 8
ARTICLE II MISCELLANEOUS PROVISIONS..................................... 9
Section 2.01. Binding Nature of Agreement; Assignment................ 9
Section 2.02. Entire Agreement....................................... 9
Section 2.03. Amendment.............................................. 9
Section 2.04. Governing Law.......................................... 10
Section 2.05. Severability of Provisions............................. 10
Section 2.06. Indulgences; No Waivers................................ 10
Section 2.07. Headings Not to Affect Interpretation.................. 10
Section 2.08. Benefits of Agreement.................................. 10
Section 2.09. Counterparts........................................... 10
SCHEDULE
SCHEDULE A Mortgage Loan Schedule
This MORTGAGE LOAN SALE AND ASSIGNMENT AGREEMENT, dated as of June 1,
2003 (the "Agreement"), is executed by and between Xxxxxxx Xxxxx Mortgage
Lending, Inc. (the "Seller") and Xxxxxxx Xxxxx Mortgage Investors, Inc. (the
"Depositor").
All capitalized terms not defined herein shall have the same meanings
assigned to such terms in that certain Pooling and Servicing Agreement (the
"Pooling Agreement"), dated as of June 1, 2003, among the Depositor, JPMorgan
Chase Bank, as trustee (the "Trustee") and Xxxxxx Loan Servicing, LP, as
servicer (the "Servicer").
W I T N E S S E T H:
WHEREAS, the Seller has acquired or originated certain mortgage loans
identified on the Mortgage Loan Schedule attached hereto as Schedule A (the
"Mortgage Loans");
WHEREAS, the Seller desires to sell, without recourse, all of its rights,
title and interest in the Mortgage Loans to the Depositor; and
WHEREAS, the Seller and the Depositor acknowledge and agree that the
Depositor will assign all of its rights and delegate all of its obligations
hereunder to the Trustee, and that each reference herein to the Depositor is
intended, unless otherwise specified, to mean the Depositor or the Trustee, as
assignee, whichever is the owner of the Mortgage Loans from time to time.
NOW, THEREFORE, in consideration of the mutual agreements herein set
forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the Seller and the Depositor agree as follows:
ARTICLE I
CONVEYANCE OF MORTGAGE LOANS
.1. Sale of Mortgage Loans. Concurrently with the execution and delivery
of this Agreement, the Seller does hereby transfer, assign, set over, deposit
with and otherwise convey to the Depositor, without recourse, subject to
Sections 1.03 and 1.04, all the right, title and interest of the Seller in and
to the Mortgage Loans identified on Schedule A hereto, having an aggregate
principal balance as of the Cut-off Date of $284,235,684.70. Such conveyance
includes, without limitation, the right to all distributions of principal and
interest received on or with respect to the Mortgage Loans on or after June 1,
2003 other than payments of principal and interest due on or before such date,
and all such payments due after such date but received prior to such date and
intended by the related Mortgagors to be applied after such date, together with
all of the Seller's right, title and interest in and to each related account and
all amounts from time to time credited to and the proceeds of such account, any
REO Property and the proceeds thereof, the Seller's rights under any Insurance
Policies related to the Mortgage Loans, and the Seller's security interest in
any collateral pledged to secure the Mortgage Loans, including the Mortgaged
Properties.
Concurrently with the execution hereof, the Depositor tenders the purchase
price of $284,235,684.70.
.2. Delivery of Documents. In connection with such transfer and assignment
of the Mortgage Loans hereunder, the Seller does hereby deliver, or cause to be
delivered, to the Depositor (or its designee) the following documents or
instruments with respect to each Mortgage Loan (each a "Mortgage File") so
transferred and assigned; provided that for Mortgage Loans (if any) that have
been prepaid in full after the Cut-off Date and prior to the Closing Date, the
Seller, in lieu of delivering the related Mortgage Files, herewith delivers to
the Depositor an Officer's Certificate which shall include a statement to the
effect that all amounts received in connection with such prepayment that are
required to be deposited in the account maintained by the Servicer for such
purpose have been so deposited.
(a) The Original Mortgage Note endorsed, "Pay to the order of JPMorgan
Chase Bank, as trustee - SURF 2003-BC2, without recourse" together with all
riders thereto. The Mortgage Note shall include all intervening endorsements
showing a complete chain of the title from the originator to the Seller.
(b) Except as provided below and for each Mortgage Loan that is not a MERS
Loan, the original recorded Mortgage together with all riders thereto, with
evidence of recording thereon, or, if the original Mortgage has not yet been
returned from the recording office, a copy of the original Mortgage together
with all riders thereto certified by the Seller to be true copy of the original
of the Mortgage that has been delivered for recording in the appropriate
recording office of the jurisdiction in which the Mortgaged Property is located
and in the case of each MERS Loan, the original Mortgage together with all
riders thereto, noting the presence of the MIN of the Loan and either language
indicating that the Mortgage Loan is a MOM Loan or if the Mortgage Loan was not
a MOM Loan at origination, the original Mortgage and the assignment thereof to
MERS, with evidence of recording indicated thereon, or a copy of the Mortgage
certified by the public recording office in which such Mortgage has been
recorded.
(c) In the case of each Mortgage Loan that is not a MERS Loan, the
original Assignment of each Mortgage, to "JPMorgan Chase Bank, as trustee -
SURF-BC2."
(d) The original policy of title insurance (or a preliminary title report,
commitment or binder if the original title insurance policy has not been
received from the title insurance company).
(e) Originals of any intervening assignments of the Mortgage, with
evidence of recording thereon or, if the original intervening assignment has not
yet been returned from the recording office, a copy of such assignment certified
to be a true copy of the original of the assignment which has been sent for
recording in the appropriate jurisdiction in which the Mortgaged Property is
located.
(f) Originals of all assumption and modification agreements, if any.
.3. Review of Documentation. The Depositor, by execution and delivery
hereof, acknowledges receipt of the Mortgage Files pertaining to the Mortgage
Loans listed on the Mortgage Loan Schedule, subject to review thereof by the
trustee, JPMorgan Chase Bank (the "Trustee") for the Mortgage Loans for the
Depositor. The Trustee is required to review, within 60 days following the
Closing Date, each applicable Mortgage File. If in the course of such review the
Trustee finds any document or documents constituting a part of a Mortgage File
to be missing or defective (that is, mutilated, damaged, defaced or unexecuted)
in any material respect, the Seller shall be obligated to cure such defect or to
repurchase the related Mortgage Loan from the Depositor (or, at the direction of
and on behalf of the Depositor, from the Trust Fund), or to substitute a
Replacement Mortgage Loan therefor, in each case to the same extent and in the
same manner as the Depositor is obligated to the Trustee and the Trust Fund
under the Pooling Agreement.
.4. Representations and Warranties Regarding the Seller.
(a) The Seller hereby represents and warrants to the Depositor that as of
the date hereof that:
(i) The Seller is a Delaware corporation duly organized, validly
existing and in good standing under the laws governing its creation and
existence and has full corporate power and authority to own its property,
to carry on its business as presently conducted, and to enter into and
perform its obligations under this Agreement;
(ii) The execution and delivery by the Seller of this Agreement have
been duly authorized by all necessary corporate action on the part of the
Seller; neither the execution and delivery of this Agreement, nor the
consummation of the transactions herein contemplated, nor compliance with
the provisions hereof, will conflict with or result in a breach of, or
constitute a default under, any of the provisions of any law, governmental
rule, regulation, judgment, decree or order binding on the Seller or its
properties or the federal stock charter or bylaws of the Seller;
(iii) The execution, delivery and performance by the Seller of this
Agreement and the consummation of the transactions contemplated hereby do
not require the consent or approval of, the giving of notice to, the
registration with, or the taking of any other action in respect of, any
state, federal or other governmental authority or agency, except such as
has been obtained, given, effected or taken prior to the date hereof;
(iv) This Agreement has been duly executed and delivered by the
Seller and, assuming due authorization, execution and delivery by the
Depositor, constitutes a valid and binding obligation of the Seller
enforceable against it in accordance with its terms except as such
enforceability may be subject to (A) applicable bankruptcy and insolvency
laws and other similar laws affecting the enforcement of the rights of
creditors generally and (B) general principles of equity regardless of
whether such enforcement is considered in a proceeding in equity or at
law; and
(v) There are no actions, suits or proceedings pending or, to the
knowledge of the Seller, threatened or likely to be asserted against or
affecting the Seller, before or by any court, administrative agency,
arbitrator or governmental body (A) with respect to any of the
transactions contemplated by this Agreement or (B) with respect to any
other matter which in the judgment of the Seller will be determined
adversely to the Seller and will if determined adversely to the Seller
materially and adversely affect it or its business, assets, operations or
condition, financial or otherwise, or adversely affect its ability to
perform its obligations under this Agreement.
(b) The Seller hereby represents and warrants to the Depositor the
following with respect to the Mortgage Loans as of the Closing Date. To the
extent that any fact, condition or event with respect to a Mortgage Loan
constitutes a breach of a representation or warranty of Seller under this
Agreement, the only right or remedy of the Depositor shall be the right to
enforce the obligations of the Seller under any applicable representation or
warranty made by it.
(i) The information set forth with respect to the Mortgage Loans on
the Mortgage Loan Schedule provides a true, complete, and accurate and
there are no material omissions of material facts.
(ii) Each Mortgage is a valid and enforceable first lien on the
Mortgaged Property subject only to (a) the lien of non-delinquent real
property taxes and assessments not yet due and payable, (b) covenants,
conditions and restrictions, rights of way, easements and other matters of
public record as of the date of recording of such Mortgage, such
exceptions appearing of record being acceptable to mortgage lending
institutions generally, specifically referred to in the lender's title
insurance policy referred to in x below or referred to or otherwise
considered in the appraisal made in connection with the origination of the
related Mortgage Loan, and (c) other matters to which like properties are
commonly subject that do not materially interfere with the benefits of the
security intended to be provided by such Mortgage.
(iii) Immediately prior to the assignment of the Mortgage Loans to
the Depositor, the Seller was the sole legal and beneficial owner of each
Mortgage Loan and had full right to transfer and sell the Mortgage Loan
free and clear of any encumbrance, equity. lien, pledge, charge, claim or
security interest.
(iv) There is no delinquent tax or assessment lien against any
Mortgaged Property.
(v) There is no valid set-offs or defense to any Mortgage Note or
Mortgage.
(vi) There are no mechanic's or similar liens or claims that have
been filed for work, labor or material and there are not outstanding
rights that under law, could give rise to such lien, which would affect
the Mortgaged Property as a lien senior to or equal to the lien of the
Mortgage Loan.
(vii) To the best of the Seller's knowledge each Mortgaged Property
is, (i) undamaged by any toxic materials or other environmental hazards
on, in or potentially affecting such Mortgage Property; and (ii) free and
clear of damage and waste and there is no proceeding pending for the total
or partial condemnation.
(viii) Each Mortgage Loan is in compliance with local, state or
federal law or regulation designated to protect the health and safety of
the occupants of the Mortgaged Property.
(ix) As of the Closing Date, the Mortgage Loan has not been modified
in any material respect including as to prepayment penalties (except that
a Mortgage Loan may have been modified by a written instrument that has
been recorded or submitted for recordation, if necessary, to protect the
interests of the Certificate Holders).
(x) With respect to each first lien Mortgage Loan that is covered by
a lender's policy of title insurance, each such policy is enforceable, and
each such policy was issued by a title insurer qualified to do business in
the jurisdiction where the related Mortgaged Property is located and
acceptable to Xxxxxx Xxx or Xxxxxxx Mac and is in a form acceptable to
Xxxxxx Mae or Xxxxxxx Mac, which policy insures the Seller and successor
owners of indebtedness secured by the related insured Mortgage, as to the
first priority lien of the related Mortgage; to the best of the Seller's
knowledge, no claims have been made under such mortgage title insurance
policy and no prior holder of the related Mortgage, including the Seller,
has done, by act or omission, anything that would impair the coverage of
such mortgage title insurance policy.
(xi) To the best of the Seller's knowledge, as of the date of
origination all of the improvements that were included for the purpose of
determining the appraisal value of the Mortgaged Property lie wholly
within the boundaries and building restriction lines of such property, and
no improvements on adjoining properties encroach upon the Mortgaged
Property.
(xii) To the best of the Seller's knowledge, as of the date of
origination no improvement located on or being part of the Mortgaged
Property is in violation of any applicable zoning law or regulation.
(xiii) To the best of the Seller's knowledge, as of the date of
origination all inspections, licenses and certificates required to be made
or issued with respect to all occupied portions of the Mortgaged Property
and, with respect to the use and occupancy of the same, including but not
limited to certificates of occupancy, have been made or obtained from the
appropriate authorities, and the Mortgaged Property is lawfully occupied
under applicable law.
(xiv) The Mortgage Note and the related Mortgage are genuine, and
each is the legal, valid and binding obligation of the maker thereof,
enforceable in accordance with its terms and under applicable law, except
that the enforceability thereof may be limited by bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to
creditors' rights generally. To the best of the Seller's knowledge, all
parties to the Mortgage Note and the Mortgage had legal capacity to
execute the Mortgage Note and the Mortgage and each Mortgage Note and
Mortgage have been duly and properly executed by such parties.
(xv) The proceeds of the Mortgage Loan have been fully disbursed,
there is no requirement for future advances thereunder and completion of
any on-site or off-site improvements and as to disbursements of any escrow
funds therefor have been complied with. All costs, fees and expenses
incurred in making, or closing or recording the Mortgage Loans were paid.
(xvi) The related Mortgage contains customary and enforceable
provisions that render the rights and remedies of the holder thereof
adequate for the realization against the Mortgaged Property of the
benefits of the security, including, (i) in the case of a Mortgage
designated as a deed of trust, by trustee's sale, and (ii) otherwise by
judicial foreclosure.
(xvii) With respect to each Mortgage constituting a deed of trust, a
trustee, duly qualified under applicable law to serve as such, has been
properly designated and currently so serves and is named in such Mortgage,
and no fees or expenses are or will become payable by the Certificate
Holders to the trustee under the deed of trust, except in connection with
a trustee's sale after default by the Mortgagor.
(xviii) There exist no deficiencies with respect to escrow deposits
and payments, if such are required, for which customary arrangements for
repayment thereof have not been made, and no escrow deposits or payments
of other charges or payments due to the Seller have been capitalized under
the Mortgage or the related Mortgage Note.
(xix) The origination practices used by the Seller with respect to
each Mortgage Loan have been in compliance with any and all applicable
"doing business" and licensing requirements of the laws of the state where
the Mortgaged Property is located.
(xx) The Mortgage Note is not, and has not been, secured by any
collateral except the lien of the corresponding Mortgage on the Mortgaged
Property.
(xxi) With respect to Mortgage Loans at the Cut-off Date, all
buildings on the Mortgaged Property are covered by a valid and existing
hazard insurance policy with a generally acceptable carrier that provides
for fire and extended coverage and coverage for such other hazards as are
customary in the area where the Mortgaged Property is located. All such
individual insurance policies contain a standard mortgagee clause naming
the Seller or the original mortgagee, or its successors in interest, as
mortgagee, and the Seller has received no notice that any premiums due and
payable thereon have not been paid; the Mortgage obligates the Mortgagor
thereunder to maintain all such insurance, including flood insurance, at
the Mortgagor's cost and expense, and upon the Mortgagor's failure to do
so, authorizes the holder of the Mortgage to obtain and maintain such
insurance at the Mortgagor's cost and expense and to seek reimbursement
therefor from the Mortgagor.
(xxii) With respect to Mortgage Loans, if the Mortgaged Property is
in an area identified on a Flood Hazard Map or Flood Insurance Rate Map
issued by the Federal Emergency Management Agency as having special flood
hazards, a flood insurance policy in a form meeting the requirements of
the current guidelines of the Flood Insurance Administration is in effect
with respect to such Mortgaged Property.
(xxiii) To the best of the Seller's knowledge, there is no
proceeding pending for the total or partial condemnation of the Mortgaged
Property.
(xxiv) There is no material monetary default existing under any
Mortgage or the related Mortgage Note and, to the best of the Seller's
knowledge, there is no material event that, with the passage of time or
with notice and the expiration of any grace or cure period, would
constitute a default, breach, violation or event of acceleration under the
Mortgage or the related Mortgage Note; and the Seller has not waived any
default, breach, violation or event of acceleration.
(xxv) Each Mortgaged Property is of a type described in the
Prospectus Supplement.
(xxvi) Each Mortgage Loan is being serviced by the Servicer.
(xxvii) Prior to the approval of the Mortgage Loan application, an
appraisal of the related Mortgaged Property that satisfies the standards
of the Program Documents and the standards under the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 was obtained.
The appraisal was signed by a qualified appraiser, and whose compensation
is not affected by the approval or disapproval of the Mortgage Loan.
(xxviii) The Mortgage Loans were selected from among the outstanding
one- to four-family mortgage loans in the Seller's portfolio at the
Closing Date as to which the representations and warranties made as to the
Mortgage Loans set forth in this Section 1.04(b) can be made.
(xxix) The Mortgage Loans, individually and in the aggregate,
conform in all material respects to the descriptions thereof in the
Prospectus Supplement.
(xxx) As of the Closing Date, each Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G of the Code and Treas. Reg.
Section 1.860G-2.
(xxxi) Each prepayment penalty is permissible and enforceable in
accordance with its terms upon the Mortgagor's full and voluntary
Principal Prepayment (except to the extent that: (1) the enforceability
thereof may be limited by bankruptcy, insolvency, moratorium, receivership
and other similar laws relating to creditors' rights generally; (2) the
collectability thereof may be limited due to acceleration in connection
with a foreclosure or other involuntary prepayment; or (3) subsequent
changes in applicable law may limit or prohibit enforceability thereof)
under applicable law.
(xxxii) No Mortgage Loans is covered by the Home Ownership and
Equity Protection Act of 1994 and no Mortgage Loan is in violation of any
comparable state law.
(xxxiii) The Seller has caused the Servicer to accurately and fully
report its borrower credit files (including favorable and unfavorable
information) to Equifax, Trans Union and Experian, or their successors, in
a timely manner.
(xxxiv) The Seller did not offer or arrange for proceeds from any
Mortgage Loan to be used to finance single-premium credit insurance
policies.
(xxxv) No Mortgage Loan provides for a prepayment charge to be paid
following the fifth anniversary of the origination date of such Mortgage
Loan.
(xxxvi) As of the Closing Date, no Mortgage Loan is in foreclosure.
(xxxvii) No Mortgage Loan provides for interest other than at either
(i) a single fixed rate in effect throughout the term of the Mortgage Loan
or (ii) a "variable rate" (within the meaning of Treasury Regulation
Section 1.860G-1(a)(3)) in effect throughout the term of the Mortgage
Loan.
(xxxviii) As of the Closing Date, the Seller would not institute
foreclosure proceedings with respect to any of the Mortgage Loans prior to
the next scheduled payment date for such Mortgage Loan based on such
Mortgage Loan's delinquency status.
(xxxix) There is no Mortgage Loan underlying the security that was
originated on or after October 1, 2002, which is secured by property
located in the state of Georgia.
(xl) None of the Mortgage Loans (a) is a "High Cost Mortgage" as
defined in Regulation Z, Section 226.32 or otherwise subject to the
provisions of the Homeownership and Equity Protection Act of 1994 or any
similar state or local law or (b) was made or serviced in violation of the
provisions of any applicable predatory lending laws or regulations.
It is understood and agreed that the representations and warranties set
forth in Sections 1.04(a) and (b) herein shall survive delivery of the Mortgage
Files and the Assignment of Mortgage of each Mortgage Loan to the Depositor.
Upon discovery by any of the Seller, the Depositor, the Servicer or the Trustee,
either the Seller or the Depositor of a breach of any of the foregoing
representations and warranties that adversely and materially affects the value
of the related Mortgage Loan, payment charges or the interest of the Certificate
Holders, the party discovering such breach shall give prompt written notice to
the other parties. Within 90 days of the discovery of any such breach, the
Seller shall either (a) cure such breach in all material respects, (b)
repurchase such Mortgage Loan or any property acquired in respect thereof from
the Depositor at the applicable Purchase Price or (c) within the two year period
following the Closing Date, substitute a Replacement Mortgage Loan for the
affected Mortgage Loan. The Seller indemnifies and holds the Trust Fund, the
Trustee, the Depositor, the Servicer, the NIMs Insurer and each
Certificateholder harmless against any and all taxes, claims, losses, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that the Trust Fund, the Trustee, the Depositor,
the Servicer, the NIMs Insurer and any Certificateholder may sustain in
connection with any actions of the Seller relating to a repurchase of a Mortgage
Loan other than in compliance with the terms of Section 2.03 of the Pooling
Agreement and this Agreement, to the extent that any such action causes (i) any
federal or state tax to be imposed on the Trust Fund or any REMIC provided for
in the Pooling Agreement, including without limitation, any federal tax imposed
on "prohibited transactions" under Section 860F(a)(1) of the Code or on
"contributions after the startup date" under Section 860(d)(1) of the Code, or
(ii) any REMIC created in the Pooling Agreement to fail to qualify as a REMIC at
any time that any Certificate is outstanding.
.5. Grant Clause. It is intended that the conveyance of the Seller's
right, title and interest in and to Mortgage Loans and other property conveyed
pursuant to this Agreement shall constitute, and shall be construed as, a sale
of such property and not a grant of a security interest to secure a loan.
However, if such conveyance is deemed to be in respect of a loan, it is intended
that: (1) the rights and obligations of the parties shall be established
pursuant to the terms of this Agreement; (2) the Seller hereby grants to the
Depositor a first priority security interest in all of the Seller's right, title
and interest in, to and under, whether now owned or hereafter acquired, such
Mortgage Loans and other property; and (3) this Agreement shall constitute a
security agreement under applicable law.
.6. Assignment by Depositor. The Depositor shall have the right, upon
notice to but without the consent of the Seller, to assign, in whole or in part,
its interest under this Agreement with respect to the Mortgage Loans to the
Trustee, and the Trustee then shall succeed to all rights of the Depositor under
this Agreement. All references to the Depositor in this Agreement shall be
deemed to include its assignee or designee, specifically including the Trustee.
ARTICLE II
MISCELLANEOUS PROVISIONS
.1. Binding Nature of Agreement; Assignment. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns.
.2. Entire Agreement. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof.
.3. Amendment. This Agreement may be amended from time to time by the
Seller and the Depositor, without notice to or the consent of any of the
Certificate Holders, (i) to cure any ambiguity or correct any mistake, (ii) to
cause the provisions herein to conform to or be consistent with or in
furtherance of the statements made with respect to the Certificates, the Trust
Fund, the Pooling Agreement or this Agreement in any Offering Document; or to
correct or supplement any provision herein which may be inconsistent with any
other provisions herein, (iii) to add any other provisions with respect to
matters or questions arising under this Agreement or (iv) to modify, alter, and
rescind or add any provisions to the extent necessary or desirable to comply
with any requirements imposed by the Code and the REMIC Provisions. No such
amendment effected pursuant to clauses (iii) and (iv) of the preceding sentence
shall adversely affect in any material respect the interests of any Holder. Any
such amendment shall be deemed not to adversely effect in any material respect
the interests of any Holder, if the Person requesting such amendment obtains (i)
an opinion of counsel addressed to the Trustee to such effect or (ii) a letter
from each Rating Agency that such amendment will not result in a reduction or
withdrawal of its rating of any Class of the Certificates.
(a) This Agreement may also be amended from time to time by the Seller and
the Depositor with the consent of the Certificate Holders of not less than
66-2/3% of the Class Certificate Principal Amount (or Percentage Interest) of
each Class of Certificates affected thereby for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Certificate
Holders; provided, however, that no such amendment may (i) reduce in any manner
the amount of, or delay the timing of, payments received on Mortgage Loans which
are required to be distributed on any Certificate without the consent of the
Holder of such Certificate or (ii) reduce the aforesaid percentages of Class
Principal Amount (or Percentage Interest) of Certificates of each Class, the
Certificate Holders of which are required to consent to any such amendment
without the consent of the Certificate Holders of 100% of the Class Principal
Amount (or Percentage Interest) of each Class of Certificates affected thereby.
For purposes of this paragraph, references to "Holder" or "Certificate Holders"
shall be deemed to include, in the case of any Class of Book-Entry Certificates,
the related Certificate Owners.
(b) It shall not be necessary for the consent of Certificate Holders under
this Section 2.03 to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificate Holders shall be subject to such reasonable
regulations as the Trustee may prescribe.
.4. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.
.5. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement.
.6. Indulgences; No Waivers. Neither the failure nor any delay on the part
of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor
shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.
.7. Headings Not to Affect Interpretation. The headings contained in this
Agreement are for convenience of reference only, and they shall not be used in
the interpretation hereof.
.8. Benefits of Agreement. Nothing in this Agreement, express or implied,
shall give to any Person, other than the parties to this Agreement and their
successors hereunder, any benefit or any legal or equitable right, power, remedy
or claim under this Agreement.
.9. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Seller and the Depositor have caused their names
to be signed hereto by their respective duly authorized officers as of the date
first above written.
XXXXXXX XXXXX MORTGAGE LENDING,
INC.
By:______________________________________
Name: Xxxxxxx X. Xxxx, Xx.
Title: Senior Vice President
XXXXXXX XXXXX MORTGAGE INVESTORS,
INC.
By:______________________________________
Name: Xxxxxxx Xxxxxx
Title: President
SCHEDULE A
MORTGAGE LOAN SCHEDULE
[INTENTIONALLY OMITTED]
