October 31, 2007
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October
31, 2007
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Citi
Residential Lending Inc.
000
Xxxxxxxxx Xxxxxx, 0xx Xxxxx
Xxx
Xxxx, Xxx Xxxx 00000
RE: Servicing
Agreement, dated as of September 1, 2007 (the “Servicing Agreement”), between
Citigroup Global Markets Realty Corp. (the “Owner”) and Citi Residential Lending
Inc. (the “Company”)
Dear
Xx.
Xxxx:
Please
refer to the captioned Servicing Agreement. Please take notice that
with respect to the mortgage loans described in the schedule attached hereto
as
Exhibit A (the “Mortgage Loans”), (i) the Initial Purchaser has designated
CitiMortgage, Inc. as the Purchaser’s agent for purposes of master servicing the
Mortgage Loans and (ii) effective October 31, 2007 (the “Effective Date”) the
Initial Purchaser will have assigned all of its right, title and interest in
and
to the Mortgage Loans to Citigroup Mortgage Loan Trust, Inc. (the “Depositor”)
who in turn will have assigned all of its right, title and interest in and
to
the Mortgage Loans to the trust (the “Trust”) established pursuant to the
Pooling and Servicing Agreement, dated as of October 1, 2007 (the “Pooling
Agreement”), among the Depositor, U.S. Bank, National Association, as trustee
(including its successors in interest and any successor trustees the “Trustee”),
CitiMortgage, Inc. as master servicer and trust administrator (including its
successors in interest and any successor servicer or trust administrator under
the Pooling Agreement, the “Master Servicer” and the “Trust Administrator”) and
Citibank, N.A. as paying agent, certificate registrar and authenticating agent
(the “Paying Agent”) and pursuant to which the Citigroup Mortgage Loan Trust,
Inc., Mortgage Pass-Through Certificates, Series 2007-10 will be
issued. All capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Servicing
Agreement.
Please
acknowledge that:
1. Recognition
of Assignment by the Company.
From
and
after the Effective Date,
(i) the
Company shall recognize the Trustee for the benefit of the certificateholders
as
the owner of the Mortgage Loans and “Purchaser” under the Reconstituted
Servicing Agreement,
(ii)
the Company shall continue to service such Mortgage Loans for the benefit of
the
Purchaser and its successors and assigns, including the Trust, pursuant to
the
terms of the Servicing Agreement subject to amendments and modifications as
are
set forth in this letter (the “Letter Agreement”), notwithstanding
anything contained in the Servicing Agreement to the contrary. It is
the express intention of the Company and the Initial Purchaser that this Letter
Agreement shall constitute a separate and distinct servicing agreement with
respect to the Mortgage Loans and shall be binding upon and for the benefit
of
the respective successors and assigns of the parties hereto, it being understood
that the terms and conditions of the Servicing Agreement are incorporated
herein, except to the extent any such terms and conditions are specifically
modified herein (this Letter Agreement including such incorporated terms and
conditions, the “Reconstituted Servicing Agreement” with respect to the
Mortgage Loans). It is understood that the Initial Purchaser is relying on
Company’s cooperation and ability to service the Mortgage Loans in accordance
with the requirements of such securitization;
(iii)
the Master Servicer shall have the right to enforce the servicing covenants,
duties and obligations of the Company under the Reconstituted Servicing
Agreement with respect to the Mortgage Loans and the Company shall indemnify
the
Master Servicer in addition to the Purchaser and its successors and assigns
on
the same terms and conditions as provided in the Servicing
Agreement. Neither the Company nor the Purchaser shall amend or agree
to amend, modify, waiver, or otherwise alter any of the terms or provisions
of
the Reconstituted Servicing Agreement with respect to Company’s performance of
its servicing obligations under the Reconstituted Servicing Agreement with
respect to the Mortgage Loans without the prior written consent of the Master
Servicer;
(iv)
Citibank, N.A. shall serve as the Custodian with respect to the Mortgage
Loans;
(v)
the Company shall deliver all reports, statements, attestations and information
required to be delivered by it with respect to the Mortgage Loans pursuant
to
Article V, VI and VII of the Servicing Agreement to the Master Servicer and
shall deliver to the Trust Administrator and Paying Agent all reports,
statements, attestations, notices and information required to be delivered
by it
with respect to the Company or the Mortgage Loans pursuant to Article XI the
Servicing Agreement.
2. Representations
and Warranties of the Company
(a) The
Company warrants and represents to the Initial Purchaser, the Depositor and
the
Trust as of the date hereof that:
(i) The
Company is duly organized, validly existing and in good standing under the
laws
of the jurisdiction of its incorporation;
(ii) The
Company has full power and authority to execute, deliver and perform its
obligations under this Letter Agreement and has full power and authority to
perform its obligations under the Servicing Agreement. The execution by the
Company of this Letter 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 Letter
Agreement have been duly authorized by all necessary corporate action on part
of
the Company. This Letter Agreement has been duly executed and delivered by
the
Company, and, upon the due authorization, execution and delivery by the Initial
Purchaser and the Assignee, 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;
(iii) 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 Letter Agreement; and
(iv) 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 Letter Agreement or the 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 Letter Agreement or the Servicing Agreement, and
the
Company is solvent.
(b) Pursuant
to Section 10.02 of the Servicing Agreement, the Company hereby represents
and
warrants, for the benefit of the Initial Purchaser, the Depositor and the Trust,
that the representations and warranties set forth in Article III of the
Servicing Agreement, are true and correct as of the date hereof as if such
representations and warranties were made on the date hereof.
The
Initial Purchaser hereby retains the right to enforce the representations and
warranties set forth in Article III of the Servicing Agreement with respect
to
the Company and the Mortgage Loans and, if applicable, require the Company
to
repurchase a Mortgage Loan.
3. Additional
Provisions
Notwithstanding
anything to the contrary in the Servicing Agreement, the Initial Purchaser
and
the Company agree to modify the Servicing Agreement as follows and the Company
agrees to service the Mortgage Loans in accordance with such modifications
from
and after the date hereof:
(a) If
a Mortgage Loan is a MERS Mortgage Loan, the Company shall cause MERS to
designate the Trustee on the MERS® System as the beneficial holder of such
Mortgage Loan.
(b) The
Company acknowledges that a REMIC election has been or will be made with respect
to the arrangement under which the Mortgage Loans and related REO Property
are
held. Accordingly, the Company will comply with the provisions of
Section 4.13 of the Servicing Agreement.
(c) The
Custodial and Escrow Accounts established pursuant to the Servicing Agreement
with respect to the Mortgage Loans shall be entitled “Citi Residential Lending
Inc., as agent, trustee, and/or bailee for CitiMortgage, Inc., master
servicer.”
(d) All
amounts due the Purchaser with respect to the Mortgage Loans under the
Reconstituted Servicing Agreement shall be remitted to the Master Servicer
for
the benefit of the Trust pursuant to the wire instructions set forth on Exhibit
B or as otherwise may be directed by the Master Servicer by notice to the
Company in writing.
(e) The
address of the Master Servicer for purposes of all notices and correspondence
related to the Mortgage Loans and for reports and statements shall be as
follows:
CitiMortgage,
Inc.
Master
Servicing Division- MC: N3B-355M
0000
Xxxxxx Xxxx.
Xxxxxx,
XX 00000
(f) The
address of the Trust Administrator for purposes of all reports and statements
shall be as follows:
CitiMortgage,
Inc.
REMIC/Bond
Administration MS:337
0000
Xxxxxxxxxx Xxxxx
X'Xxxxxx,
XX 00000
(g) The
address of the Custodian for the purpose of any request, instruction, or notice
required or permitted to be given to the Custodian under the Reconstituted
Servicing Agreement shall be as follows:
Citibank,
N.A.
0000
Xxxxxxxxx Xxxxx
XXX
0000
Xxxxxxxxx,
XX 00000
(h) If
in any
month a Mortgage Loan is subject to a modification, the Company shall provide
a
servicer report (together with any other monthly reports under the Servicing
Agreement) to the Master Servicer, containing the loan modification
information. The Company shall use its reasonable efforts to provide
the information set forth in Schedule I hereto in such servicer report, to
allow
the Master Servicer to make monthly reports in compliance with the Standard
& Poor’s Revised Guidelines For U.S. RMBS Loan Modification and
Capitalization Reimbursement Amounts (the “S&P
Guidelines”). Notwithstanding Schedule I hereto, the Company shall
also use its reasonable efforts to provide any such other information with
respect to loan modifications and reimbursement amounts as the Master Servicer
may reasonably require to perform the calculations necessary for the Master
Servicer to perform its reporting obligations, including but not
limited to, the reporting contemplated by the S&P Guidelines.
The
Company shall also provide the Custodian and the Master Servicer with a copy
of
the executed modification agreement, if applicable, in connection with such
Mortgage Loan.
(i) The
Company acknowledges that it will reimburse itself for Monthly Advances solely
in accordance with Section 4.05 of the Servicing Agreement.
4. Miscellaneous
(a) This
Letter Agreement shall be construed in accordance with the laws of the State
of
New York, without regard to conflicts of law principles, and the obligations,
rights and remedies of the parties hereunder shall be determined in accordance
with such laws.
(b) No
term or provision of this Letter 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.
(c) This
Letter Agreement shall inure to the benefit of (i) the successors and assigns
of
the parties hereto and (ii) the Trust (including the Trustee and the Master
Servicer acting on the Trust’s behalf). Any entity into which Purchaser or
Company may be merged or consolidated shall, without the requirement for any
further writing, be deemed Purchaser or Company, respectively,
hereunder.
(d) This
Letter 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.
(e) In
the event that any provision of this Letter Agreement conflicts with any
provision of the Servicing Agreement with respect to the Mortgage Loans, the
terms of this Letter Agreement shall control.
5. Regulation
AB Compliance
(a) The
Company acknowledges that as of the Effective Date the Mortgage Loans will
be
included in a Securitization Transaction that is subject to reporting
obligations under the Exchange Act.
(b) The
Initial Purchaser hereby requests that the Company provide the information
required by Section 11.03 of the Reconstituted Servicing Agreement.
(c) Pursuant
to Section 11.03(c)(J) the following are parties to the securitization
transaction in which the Mortgage Loans will be included:
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(i)
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Citigroup
Global Markets Realty Corp.
(sponsor);
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(ii)
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Citigroup
Mortgage Loan Trust Inc.
(depositor);
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(iii)
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Citigroup
Mortgage Loan Trust 2007-10 (issuing
entity);
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(iv)
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CitiMortgage,
Inc. (the master servicer and trust
administrator);
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(v)
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U.S.
Bank National Association (the
trustee);
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(vi)
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Citibank,
N.A. (a custodian, paying agent, certificate registrar and authenticating
agent);
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(vii)
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CitiMortgage,
Inc., Citi Residential Lending, Inc., Countrywide Home Loans Servicing
LP,
Greenpoint Mortgage Funding, Inc., National City Mortgage Co., Opteum
Financial Services, LLC, SunTrust Mortgage, Inc., Xxxxx Fargo Bank,
N.A.,
(the servicers);
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(viii)
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American
Home Mortgage Corp., Argent Mortgage Company, LLC, CitiMortgage,
Inc.,
Countrywide Home Loans, Inc., GreenPoint Mortgage Funding, Inc.,
HomeBanc
Mortgage Corporation, LoanCity, Metro City Mortgages Inc., Mission
1
Funding, Inc., National City Mortgage Co.., Opteum Financial Services,
LLC, [Penn Federal], Sea Breeze Mortgage Services, Inc., Secured
Bankers
Mortgage Company, SunTrust Mortgage, Inc., Xxxxxx, Bean & Xxxxxxxx
Mortgage Corp., Weichert Financial Services and Xxxxx Fargo Bank,
N.A. (the originators);
and
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(ix)
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Citibank,
N.A. (a custodian).
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[SIGNATURE
PAGE FOLLOWS]
Please
acknowledge your agreement to the terms of this letter by executing it in the
space provided below and returning it to Xxxxx X. Xxxxxxxxx.
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CITIGROUP
GLOBAL MARKETS REALTY CORP.
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By:
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/s/
Xxxxxxxx Xxxxx
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Name:
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Xxxxxxxx
Xxxxx
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Title:
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Vice
President
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Acknowledged
and agreed:
CITI
RESIDENTIAL LENDING INC.
Servicer
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By:
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/s/
Xxxx X. Xxxxxx
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Name:
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Xxxx
X. Xxxxxx
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Title:
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Executive
Vice President
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CITIMORTGAGE,
INC.
Master
Servicer
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By:
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/s/
Xxxxx X. Xxxxxx
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Name:
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Xxxxx
X. Xxxxxx
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Title:
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Senior Vice
President
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Exhibit
A
Mortgage
Loans
Exhibit
B
CITIMORTGAGE
WIRING
INSTRUCTIONS
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Bank
Name:
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CitiBank
(West)
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Bank
City/State:
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Glendale,
CA
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ABA
Number:
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000000000
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Account
Name:
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CMI
MSD Clearing
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Account
Number:
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#070-0000000
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Please
include your investor number, servicer and purchase number, and remittance
cutoff date on all wires. Wires for multiple investors
should have backup provided that indicates the amount of funds for each
investor. Backup for multiple investor wires needs to be sent by fax
or e-mail the morning the wire is sent and should include the investor number,
servicer and purchase number, and total amount of remittance for each
investor.
Wires
for
payoffs need to include your loan number and the payoff
date. Backup for payoffs needs to be sent by fax or e-mail the
morning the wire is sent.
Please
address all cash related e-mails to Xxxx Xx at xxxx.xx@xxxxxxxxx.xxx,
Xxxx Xxxxxx at xxxx.x.xxxxxx@xxxxxxxxx.xxx
and Xxxxxxx Xxxx at xxxxxxx.xxxx@xxxxxxxxx.xxx.
Please
address all cash related faxes to the CASH
DEPARTMENT. The fax number is (000)
000-0000. If you have any questions concerning these
instructions, please call Xxxx Xx at (000) 000-0000.
Schedule
I
Loan
Modification Information
For
each
modified Mortgage Loan:
1. the
loan
number and the date of the modification;
2. the
type
of modification performed including, but not limited to, rate reduction,
capitalization of arrearages, extension of term or forgiveness of amounts
due;
3. the
old
provisions and new modified provisions of such Mortgage Loan;
4. the
amount of principal forgiveness for the current period;
5. whether
the loan is in a trial modification period or has been permanently
modified;
6. when
the
trial period ends;
7. the
date
of the most recent loan modification for the Mortgage Loan;
8. the
modified rate and the rate the borrower was supposed to have paid;
and
9. the
amount of capitalized reimbursement amounts that the servicer repaid itself
in
the current period.
