RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.,
as Purchaser
and
RESIDENTIAL FUNDING CORPORATION,
as Seller
----------------
AMENDMENT NO. 1 dated as of
March 1, 2000 to the
Revolving Credit Loan Purchase Agreement
Dated as of November 23, 1999
----------------
Revolving Credit Loans
Series 1999-HS7
AMENDMENT NO. 1, dated as of March 1, 2000, between RESIDENTIAL FUNDING
MORTGAGE SECURITIES II, INC., as purchaser, (the "Purchaser") and RESIDENTIAL
FUNDING CORPORATION, as seller, (the "Seller") to that certain Revolving Credit
Loan Purchase Agreement dated as of November 23, 1999 (the "Purchase
Agreement").
WHEREAS, the Purchaser and the Seller entered into the Revolving Credit
Loan Purchase Agreement (the "Purchase Agreement") dated as of November 23,
1999, relating to the sale of Revolving Credit Loans; and
WHEREAS, Section 8.1 of the Purchase Agreement permits the Purchase
Agreement to be amended from time to time by the Purchaser and the Seller, with
the consent of the Insurer to correct or supplement any provisions therein which
may be inconsistent; and
WHEREAS, the parties hereto wish to amend the Purchase Agreement to correct
an inconsistent provision;
NOW, THEREFORE, in consideration of the above premises and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed thereto in the Purchase Agreement.
2. The first paragraph after (c)(v) of Section 2.1 of the Purchase
Agreement is hereby amended by deleting such paragraph in its entirety and
replacing it with the following:
"Within the time period for the review of each Mortgage File set
forth in Section 2.3 of the Custodial Agreement, the Custodian shall notify the
Master Servicer of any document or documents constituting a part of a Mortgage
File to be missing or defective in respect of the items reviewed as described in
Section 2.3(b) of the Custodial Agreement; provided, that if the Revolving
Credit Loan related to such Mortgage File is listed on Schedule A of Exhibit 1
of the Custodial Agreement, no notification shall be necessary. If such omission
or defect materially and adversely affects the interests in the related
Revolving Credit Loan of the Noteholders or the Insurer, the Master Servicer
shall promptly notify the Seller (provided that a Mortgage File will not be
deemed to contain a defect for an unrecorded assignment under clause (iii) above
if the Seller has submitted such assignment for recording or if such assignment
is not required to be recorded pursuant to the terms of the following paragraph)
and the Seller shall cure such defect, repurchase the related Revolving Credit
Loan at the Repurchase Price or substitute an Eligible Substitute Loan for the
related Revolving Credit Loan upon the same terms and conditions set forth in
Section 3.1 hereof for breaches of representations and warranties as to the
Revolving Credit Loans. With respect to any missing Mortgage Notes referred to
in Subsection 3.1(b)(xxxiv), the Seller shall have 60 days from the Closing Date
to deliver the documents referred to in this Subsection 2.1(c). If such
documents have not been delivered within 60 days, the Seller shall repurchase
the related Revolving Credit Loan or substitute an Eligible Substitute Loan for
the related Revolving Credit Loan upon the same terms and conditions set forth
in Section 3.1 hereof for breaches of representations and warranties as to the
Revolving Credit Loans."
3. The parties hereto shall execute such documents, and take such other
action, as may be required to effectuate the intent of this Amendment No. 1.
4. Except as otherwise set forth herein, the Purchase Agreement shall
continue in full force and effect in accordance with its terms.
5. This Amendment No. 1 may be executed in one or more counterparts and by
the different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed an original; such counterparts, together, shall
constitute one and the same agreement.
6. This Amendment No. 1 shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
7. All other provisions of the Purchase Agreement are hereby affirmed in
all respects.
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment No. 1 to the Purchase Agreement as of the day and year first above
written.
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
By:/s Xxxx Xxxxxxxx
Name: Xxxx Xxxxxxxx
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
By: /s/ Xxxxxxx Pillar
Name: Xxxxxxx Pillar
Title: Director
Consented to:
AMBAC ASSURANCE CORPORATION
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title:First Vice President
