Exhibit 99.11(d)
EXECUTION COPY - Post Reg AB
OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT,
dated as of August 1, 2006 (the "Assignment" or the "Agreement"), among Xxxxxx
Xxxxxxx Mortgage Capital Inc. ("Owner"), Xxxxx Fargo Bank, National
Association, a national banking association ("Servicer"), and LaSalle Bank
National Association ("LaSalle"), as trustee ("Trustee") of each of the Xxxxxx
Xxxxxxx Mortgage Loan Trusts listed on Schedule 1 hereto (each, a "Trust" and
together, the "Trusts") and acknowledged by Xxxxx Fargo Bank, National
Association, as master servicer under each of the Pooling and Servicing
Agreement described below (in such capacity, the "Master Servicer") and as
securities administrator (in such capacity, the "Securities Administrator")
and Xxxxxx Xxxxxxx Capital I Inc. (the "Depositor").
WHEREAS, on the respective transaction closing dates set forth on
Schedule 1 hereto, the Owner sold those certain mortgage loans in each Trust
identified on Schedule 2 attached hereto (the "Specified Mortgage Loans") to
the related Trust, each of which was formed pursuant to the related pooling
and servicing agreement described on Schedule 1 attached hereto (in each case,
the "Pooling and Servicing Agreement");
WHEREAS, in connection with the sale of the Specified Mortgage
Loans to the Trust, the Owner retained the right to service the Specified
Mortgage Loans (the "Servicing Rights");
WHEREAS, pursuant to that certain servicing agreement, dated as of
May 20, 2005 (the "Initial GMAC Flow Servicing Agreement"), by and between the
Owner and GMAC Mortgage Corporation ("GMAC"), as amended by the First Amended
and Restated Servicing Agreement, dated as of January 1, 2006 (the "Amended
Flow Servicing Agreement" and, together with the Initial GMAC Flow Servicing
Agreement, the "GMAC Flow Servicing Agreement") and as further modified by the
related Assignment, Assumption and Recognition Agreement identified on
Schedule 3 hereto, each dated as of the date of the Pooling and Servicing
Agreement, by and among the Owner, GMAC, and the Trustee, and acknowledged by
the Master Servicer and Securities Administrator and by the Depositor (each, a
"GMAC AAR" and, together with the GMAC Flow Servicing Agreement, for each
Trust, the related "GMAC Servicing Agreement"), GMAC agreed to service the
Specified Mortgage Loans on behalf of each Trust pursuant to the terms of the
related GMAC Servicing Agreement; and
WHEREAS, the Owner has exercised its right to terminate GMAC as
servicer under each GMAC Servicing Agreement (and GMAC has acknowledged each
such termination in writing) and to sell to the Servicer, and the Servicer
purchased from the Owner the Servicing Rights and agrees to service the
Specified Mortgage Loans, subject to the terms hereof and the terms (servicing
provisions only) of that certain Seller's Warranties and Servicing Agreement
(WFHM 2005-W102) attached as Exhibit A hereto, dated as of December 1, 2005,
by and between the Owner and the Servicer (the "SWSA"), as modified by this
Omnibus Assignment, Assumption and Recognition Agreement (the "Xxxxx AAR" and,
together with the SWSA, the
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"Xxxxx Servicing Agreement") and Servicer agrees to service the Specified
Mortgage Loans in each Trust in accordance with the provisions of the Xxxxx
Servicing Agreement;
WHEREAS, pursuant to the related Pooling and Servicing Agreement,
the Owner has obtained written consent from each Rating Agency that the
transfer of servicing from GMAC to Servicer will not result in a ratings
downgrade on the securities issued by the related transaction identified on
Schedule 1 hereto.
NOW, THEREFORE, in consideration of the mutual promises contained
herein and other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged), the parties agree as follows:
1. Acknowledgement of Sale of Servicing Rights.
The Servicer and the Owner hereby acknowledge that, pursuant to
the Flow Servicing Rights Purchase and Sale Agreement, dated as of May 12,
2005, as amended, between the Owner, as seller, and the Servicer, as purchaser
(the "Purchase Agreement"), the Owner, as owner of all of the Servicing Rights
with respect to the Specified Mortgage Loans sold such Servicing Rights to the
Servicer.
Pursuant to the Purchase Agreement, Servicer purchased the
Servicing Rights with respect to the Specified Mortgage Loans and hereby
agrees to assume the servicing of the Specified Mortgage Loans from GMAC and
to service them for the benefit of each Trust listed on Schedule 1 hereto in
accordance with the provisions of the Xxxxx Servicing Agreement as modified by
the provisions of this Agreement.
In connection with the transfer of the Servicing Rights, the
Servicer agrees that, from and after the applicable Servicing Transfer Date as
specified on Schedule 1 attached hereto (each, a "Servicing Transfer Date"),
each Specified Mortgage Loan will be subject to, and serviced by the Servicer
under, the Xxxxx Servicing Agreement.
The Owner specifically reserves and does not assign to any Trust
listed on Schedule 1 hereunder those rights under the Xxxxx Servicing
Agreement that do not relate to the servicing of the Specified Mortgage Loans
and any and all right, title and interest in, to and under and any obligations
of the Owner with respect to any mortgage loans subject to the Xxxxx Servicing
Agreement which are not the Specified Mortgage Loans.
2. Recognition by the Servicer
The Servicer hereby acknowledges and agrees that from and after
the applicable Servicing Transfer Date, the Trust shall be considered the
"Purchaser" (as such term is defined in the SWSA), which term shall include,
with respect to the servicing of the Specified Mortgage Loans, the Master
Servicer acting on each Trust's behalf) and further agrees that each Trust
shall have all the rights and remedies available to the Purchaser, insofar as
they relate to the servicing of the Specified Mortgage Loans in that Trust,
under the Xxxxx Servicing Agreement. Neither the Servicer nor the Owner shall
amend or agree to amend, modify, waive or otherwise alter any of the terms or
provisions of the Xxxxx Servicing Agreement which amendment, modification,
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waiver or other alteration would in any way affect the Specified Mortgage
Loans in any Trust or the Servicer's performance under the Xxxxx Servicing
Agreement with respect to the Specified Mortgage Loans in that Trust without
the prior written consent of the Master Servicer.
The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Mortgage Loans in
each Trust pursuant to the related Pooling and Servicing Agreement and,
therefore, has the right to enforce all obligations of the Servicer under the
Xxxxx Servicing Agreement with respect to the Specified Mortgage Loans. Such
rights will include, without limitation except that they relate solely to the
Specified Mortgage Loans in each Trust, the right to terminate the Servicer
under the Xxxxx 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 Xxxxx Servicing Agreement, the right to receive all monthly
reports and other data required to be delivered by the Servicer under the
Xxxxx Servicing Agreement, the right to examine the books and records of the
Servicer, indemnification rights, except as otherwise specified herein, and
the right to exercise certain rights of consent and approval under the Xxxxx
Servicing Agreement. The Servicer shall make all distributions under the Xxxxx
Servicing Agreement required to be made to each Trust under this 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: [See Schedule 1 hereto]
The Servicer shall deliver all reports required to be delivered
under this Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, [Insert Series Designation]
3. Indemnification
Notwithstanding any statement to the contrary in Section 2 above,
the Servicer shall and does hereby acknowledge that the indemnification
provisions set forth in Section 3.03, Section 8.01 and Section 9.01(g) of the
SWSA shall be available to and for the benefit of the Owner, the Depositor and
each Trust (including the Trustee and the Master Servicer acting on that
Trust's behalf), as provided in the Xxxxx Servicing Agreement.
4. Representations and Warranties
(a) Each of the parties hereto represents and warrants
that it is duly and legally authorized to enter into
this Agreement.
(b) The Servicer hereby warrants and represents that it is
a Xxxxxx Mae- or FHLMC-approved Person.
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(c) Each of the Owner and the Servicer represents and
warrants that this Agreement has been duly authorized,
executed and delivered by it and (assuming due
authorization, execution and delivery thereof by each
of the other parties hereto) constitutes its legal,
valid and binding obligation, enforceable against it
in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the
enforcement of creditors' rights generally and by
general equitable principles (regardless of whether
such enforcement is considered in a proceeding in
equity or at law) and in the case of the Servicer,
laws affecting the contract obligations of insured
banks.
(d) The Servicer represents that, as of the date hereof,
it has (i) a servicing rating in the highest category
of Fitch and Xxxxx'x and (ii) a servicer evaluation
ranking in one of the two highest categories of S&P.
(e) The Owner hereby represents that it has provided prior
written notice of the transfer of the servicing rights
and the name of the successor Servicer to the Rating
Agencies.
5. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA with
respect to the Specified Mortgage Loans as follows:
(a) With respect to Article I, the term "Permitted
Investments" is hereby added to the Definitions, and
shall have the meaning of such term as defined in the
Pooling and Servicing Agreement.
(b) With respect to Article I, the definition of "Static
Pool Information" shall be inapplicable.
(c) With respect to Article I, the definition of
"Third-Party Originator" shall be inapplicable.
(d) Section 3.01(i) (Selection Process), Section 3.01(k)
(Sale Treatment) and Section 3.01(m) (No Broker's
Fees) of the SWSA shall be inapplicable.
(e) Section 3.02 shall be inapplicable.
(f) The second sentence of the second paragraph of Section
4.01 is hereby amended and restated in its entirety as
follows:
"Unless the Mortgagor is in default with respect to
the Mortgage Loan or such default is, in the judgment
of the Company, imminent, the Company shall not permit
any modification of any Mortgage Loan that would
change the Mortgage Interest Rate, defer or forgive
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the payment of any principal or interest payments,
reduce or increase the outstanding principal amount
(except for actual payments of principal) or change
the maturity date on such Mortgage Loan."
(g) The last paragraph of Section 4.04 is hereby amended
and restated in its entirety as follows:
"The foregoing requirements for deposit into the
Custodial Account shall be exclusive, it being
understood and agreed that, without limiting the
generality of the foregoing, payments in the nature of
late payment charges and assumption fees, to the
extent amounts on deposit in Custodial Account may be
invested at discretion of the Seller in the Permitted
Investments permitted by Section 6.01, need not be
deposited by the Company into the Custodial Account.
Any interest paid on funds deposited in the Custodial
Account by the depository institution from investment
in the Permitted Investments shall accrue to the
benefit of the Company and the Company shall be
entitled to retain and withdraw such interest from the
Custodial Account pursuant to Section 4.05."
(h) Section 4.05(vii) is hereby amended to add the term
"Monthly Advances," prior to the term "Servicing
Advances."
(i) The words "on or before the Remittance Date" are
hereby deleted from the first sentence of Section
4.17.
(j) The second sentence of the second paragraph of Section
5.01 is hereby amended and restated in its entirety as
follows:
"Such interest shall be deposited in the Custodial
Account by the Company on the date such late payment
is made and shall cover the period commencing with the
day following the Business Day on which such payment
was due and ending with the Business Day on which such
payment is made, both inclusive."
(k) The first paragraph of Section 5.02 is hereby amended
and restated in its entirety as follows:
"Not later than the Remittance Report Date, the
Company shall furnish to the Purchaser in an
electronic form the information required by the
reports attached hereto as Exhibit II, or a form
otherwise mutually agreed to by the Company and
Purchaser, with a trial balance report attached
thereto, as to the remittance period ending on the
last day of the preceding month."
(l) The second paragraph of Section 6.02 is hereby amended
and restated in its entirety as follows:
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"If the Company satisfies or releases a Mortgage
(except pursuant to a modification or liquidation
pursuant to this agreement) without first having
obtained payment in full of the indebtedness secured
by the Mortgage or should the Company otherwise
prejudice any rights the Purchaser, the Trustee or the
Trust Fund may have under the mortgage instruments,
the Company shall deposit into the Custodial Account
the entire outstanding principal balance, plus all
accrued interest on such Mortgage Loan, on the day
preceding the Remittance Date in the month following
the date of such release. The Company shall maintain
the Fidelity Bond and Errors and Omissions Insurance
Policy as provided for in Section 4.12 insuring the
Company against any loss it may sustain with respect
to any Mortgage Loan not satisfied in accordance with
the procedures set forth herein."
(m) Section 6.04 is hereby modified as follows:
(1) paragraph (i) is inapplicable; and
(2) the phrases "Purchaser and any Depositor" and
"the Purchaser and such Depositor" are hereby
deleted and replaced with "Master Servicer" and
"such Master Servicer", respectively.
(n) Section 6.06 is hereby modified as follows:
(1) the phrases "Purchaser and any Depositor" and
"the Purchaser and such Depositor" are hereby
deleted and replaced with "Master Servicer" and
"such Master Servicer", respectively;
(2) Section 6.06(i) is hereby amended by inserting at
the end of such subsection "(or those Servicing
Criteria otherwise mutually agreed to by the
Purchaser, the Company and any Person that will be
responsible for signing any Sarbanes Certification
with respect to a Securitization Transaction in
response to evolving interpretations of Regulation
AB)"; and
(o) The first word in Section 6.06(iv) is deleted and
replaced in its entirety with "deliver, and cause each
Subservicer and Subcontractor described in clause
(iii) above to deliver,"
(p) The following parenthetical is inserted directly
before the proviso in the last sentence of the first
paragraph of Section 6.07(i):
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"(and if the Company is servicing any of the Mortgage
Loans in a Securitization Transaction, appoint a
successor servicer reasonably acceptable to the Master
Servicer for such Securitization Transaction)"
(q) Section 6.10 is inapplicable.
(r) Section 9.01(f)(i) is inapplicable.
(s) Section 9.01(f)(ii) is inapplicable.
(t) Section 9.01(f)(iii) is amended to require the Company
to comply with the obligations thereof in connection
with the purchase of servicing rights for the
Specified Mortgage Loans.
(u) Section 9.01(f)(iii) is also amended by adding the
following after item (H):
"(I) a description of any affiliation or relationship
of a type described in Item 1119 of Regulation AB
between the Servicer and any of the following parties
to a Securitization Transaction, as such parties are
identified to the Servicer by the Purchaser or any
Depositor in writing in advance of such Securitization
Transaction:
(1) the sponsor;
(2) the depositor;
(3) the issuing entity;
(4) any servicer;
(5) any trustee;
(6) any originator;
(7) any significant obligor;
(8) any enhancement or support provider; and
(9) any other material transaction party."
(v) Section 9.01(f)(iv) 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 Company shall
(or shall cause each Subservicer to) (1) provide
prompt notice to the Purchaser, any Master Servicer
and any Depositor in writing of (A) any material
litigation or governmental proceedings pending against
the Company or any Subservicer (B) any affiliations or
relationships that develop following the closing date
of a Securitization Transaction between the Company or
any Subservicer and any of the parties specified in
Section 9.01(f)(iii)(I) (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 (2) provide to the Purchaser and any
Depositor a description of such proceedings,
affiliations or relationships."
(w) Section 9.01(f)(vi) is hereby renumbered as
9.01(f)(viii), and the following new Section
9.01(f)(vi) is hereby inserted as follows:
"(vi) 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 (10)
calendar 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 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
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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)."
(x) Section 9.01(f)(vii) is hereby deleted in its entirety
and replaced with the following new Section
9.01(f)(vii) as follows:
"(vii) 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."
(y) Section 9.01(g) is hereby amended and restated in its
entirety as follows:
"(g) The Company shall indemnify the Purchaser, each
affiliate of the Purchaser, and each of the following
parties participating in a Securitization Transaction
or in connection with the purchase of any servicing
rights: 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 under Sections
4.25, 6.04(ii), 6.06, 9.01(e) and (f) by or on
behalf of the Company, or provided under
Sections 4.25, 6.04(ii), 6.06, 9.01(e) and (f)
by or on behalf of any Subservicer, or
Subcontractor (collectively, the "Company
Information"), or
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(B) the omission or alleged omission to state in
the Company Information a material fact required
to be stated in the Company 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 Company Information and not to any other
information communicated in connection with a
sale or purchase of securities, without regard
to whether the Company Information or any
portion thereof is presented together with or
separately from such other information;
(ii) any breach by the Company of its
obligations under, or any failure by the
Company, any Subservicer or any Subcontractor to
deliver any information, report, certification,
accountants' letter or other material when and
as required under, Sections 4.25, 6.04(ii),
6.06, 9.01(e) and (f), including any failure by
the Company to identify any Subcontractor
"participating in the servicing function" within
the meaning of Item 1122 of Regulation AB; or
(iii) any breach by the Company of a
representation or warranty set forth in Section
9.01(f)(viii)(A) or in a writing furnished
pursuant to Section 9.01(f)(viii)(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 Company of a
representation or warranty in a writing
furnished pursuant to Section 9.01(f)(viii)(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 Company in connection with its
performance under this Article IX.
If the indemnification provided for herein is
unavailable or insufficient to hold harmless an
Indemnified Party, then the Company 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 Company on the other.
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In the case of any failure of performance described in
sub-clause (ii) of this Section 9.01(g), the Company
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 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 Company, any Subservicer or any Subcontractor.
This indemnification shall survive the termination of
this Agreement or the termination of any party to this
Agreement."
(z) The following paragraph is hereby incorporated into
the SWSA as new Section 13:
"Third Party Beneficiary. For purposes of this
Agreement, including but not limited to Subsections
6.04 and 6.06, 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."
(aa) Exhibit J is hereby replaced in its entirety with
Exhibit II to this Omnibus Assignment, Assumption and
Recognition Agreement.
6. Notices
The Depositor's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: [Insert Series Designation]
The Trustee's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attn: Global Securities and Trust Services-[Insert Series
Designation]
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The Owner's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: [Insert Series Designation]
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
The Servicer's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
Xxxxx Fargo Bank, National Association
0 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000-000
Attention: Xxxx X. Xxxxx, MAC X2302-033
With a copy to:
Xxxxx Fargo Bank, National Association
0 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel, MAC X2401-06T
and
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxxx Xxx
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance, MAC X3906-012
7. Certain Matters Regarding the Trustee
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
related Trusts, as the assignee, in the exercise of the powers and authority
conferred and vested in it, as Trustee, pursuant to the related 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
related Trusts, (iii) nothing herein contained shall be construed as creating
any liability for
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LaSalle Bank National Association, individually or personally, to perform any
covenant (either express or implied) contained herein, (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 any 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 affected Trust.
8. Governing Law
This Agreement shall be governed by and 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.
9. Modifications
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.
10. Successor and Assigns
This 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
the Owner, the Depositor or the Servicer may be merged or consolidated shall,
without the requirement for any further writing, be deemed the Owner, the
Depositor or the Servicer, respectively, hereunder.
11. Continuing Effect
Except as contemplated by this Assignment, the SWSA shall remain
in full force and effect in accordance with its terms.
12. Counterparts
This Assignment may be executed in counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument.
13. Definitions
Any capitalized term used but not defined in this Assignment has
the same meaning as in the SWSA.
14. Conflicts
In the event that any provision of this Agreement conflicts with
any provision of the SWSA with respect to the Specified Mortgage Loans, the
terms of this Agreement shall control.
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[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have caused this Assignment,
Assumption and Recognition Agreement to be executed by their duly authorized
officers as of the date first above written.
Owner THE TRUSTS
XXXXXX XXXXXXX MORTGAGE CAPITAL INC. BY: LASALLE BANK NATIONAL
ASSOCIATION, AS TRUSTEE OF EACH OF THE
TRUSTS SET FORTH ON SCHEDULE 1 HERETO
By: /s/ Van Cushny By: /s/ Xxxxx X. Xxxx
Its: VP Its: VP
Taxpayer Identification
Number:
Servicer
XXXXX FARGO BANK, NATIONAL
ASSOCIATION
By: /s/ Xxxxxx XxXxxxxx
Its: Vice President
Taxpayer Identification
Number:
Acknowledged and Agreed:
XXXXXX XXXXXXX CAPITAL I INC. XXXXX FARGO BANK, NATIONAL ASSOCIATION,
AS MASTER SERVICER
By: /s/ Xxxxxxx Xxx By: /s/ Xxxxx Xxxxxxxx
Its: VP Its: VP
Taxpayer Identification
Number:
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SCHEDULE 1
THE TRUSTS
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Transaction Servicing Pooling and Servicing Agreement Cut-off Date Transaction Closing For Further
Name Transfer Date Date Credit To
---------------- ---------------- --------------------------------------- ------------------ --------------------- ----------------
Xxxxxx Xxxxxxx August 1, 2006 The Pooling and Servicing Agreement, February 1, 2006 February 28, 2006 50896100, MSM
Mortgage Loan dated as of February 1, 2006 by and 2006-3AR
Trust 2006-3AR among the Depositor, the Master
Servicer and Securities Administrator,
and the Trustee
---------------- ---------------- --------------------------------------- ------------------ --------------------- ----------------
Xxxxxx Xxxxxxx August 1, 2006 The Pooling and Servicing Agreement, April 1, 2006 April 28, 2006 50913800, MSM
Mortgage Loan dated as of April 1, 2006 by and among 2006-6AR
Trust 2006-6AR the Depositor, the Master Servicer and
Securities Administrator, and the
Trustee
-----------------------------------------------------------------------------------------------------------------------------------
16
SCHEDULE 2
SPECIFIED MORTGAGE LOANS
[delivered to Owner, Servicer and Master Servicer]
17
SCHEDULE 3
ASSIGNMENT ASSUMPTION AND RECOGNITION AGREEMENTS
-----------------------------------------------------------------------------------------------------------------------------
Transaction Name Assignment Agreement
------------------------------------------------------------- ---------------------------------------------------------------
Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-3AR The Assignment Assumption and Recognition Agreement dated as
of February 1, 2006
------------------------------------------------------------- ---------------------------------------------------------------
Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-6AR The Assignment Assumption and Recognition Agreement dated as
of April 1, 2006
-----------------------------------------------------------------------------------------------------------------------------
EXHIBIT A
XXXXX SERVICING AGREEMENT
[delivered to Owner, Servicer and Master Servicer]
2
EXHIBIT II
Exhibit IA: 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.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
XXXX_XXXXXXX Xxxxxx Name and Number of Property
------------------------------------ -------------------------------------------------------------- ------------- ----------------
PROP_STATE The state where the property located.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
PROP_ZIP Zip code where the property is located.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the MM/DD/YYYY
servicer at the end of processing cycle, as reported by
Servicer.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved MM/DD/YYYY
by the courts
------------------------------------ -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
Dismissal, Discharged and/or a Motion For Relief Was
Granted.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with MM/DD/YYYY
instructions to begin foreclosure proceedings.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
------------------------------------ -------------------------------------------------------------- ------------- ----------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,)
or dollar
signs ($)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property MM/DD/YYYY
from the borrower.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
OCCUPANT_CODE Classification of how the property is occupied.
----------------------------------------------------------------------------------------------------------------------------------
3
----------------------------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
CURR_PROP_VAL The current "as is" value of the property based on brokers 2
price opinion or appraisal.
------------------------------------ -------------------------------------------------------------- ------------- ----------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
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 Mortgage MM/DD/YYYY
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 Payment MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
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 ($)
------------------------------------ -------------------------------------------------------------- ------------- ----------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
------------------------------------ -------------------------------------------------------------- ------------- ----------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------------------------------------
4
Exhibit IB: 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
----------------------------------------------------------------------
5
----------------------------------------------------------------------
009 FNMA-Distant employee transfer
------------------------ ---------------------------------------------
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
----------------------------------------------------------------------
6
Exhibit IC: Standard File Layout - Master Servicing
----------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SER_INVESTOR_NBR A value assigned by the Servicer to define a group Text up to 10 digits 20
of loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
LOAN_NBR A unique identifier assigned to each loan by the Text up to 10 digits 10
investor.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different than the LOAN_NBR.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
BORROWER_NAME The borrower name as received in the file. It is Maximum length of 30 (Last, First) 30
not separated by first and last name.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest 2 No commas(,) or dollar signs ($) 11
payment that a borrower is expected to pay, P&I
constant.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NET_INT_RATE The loan gross interest rate less the service fee 4 Max length of 6 6
rate as reported by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_FEE_RATE The servicer's fee rate for a loan as reported by 4 Max length of 6 6
the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_FEE_AMT The servicer's fee amount for a loan as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar signs ($) 11
beginning of the processing cycle.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end 2 No commas(,) or dollar signs ($) 11
of the processing cycle.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the MM/DD/YYYY 10
borrower's next payment is due to the Servicer, as
reported by Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY 10
curtailment amount.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_DATE_2 The curtailment date associated with the second MM/DD/YYYY 10
curtailment amount.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY 10
curtailment amount.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PIF_AMT The loan "paid in full" amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
Action Code Key: 15=Bankruptcy, 2
ACTION_CODE The standard FNMA numeric code used to indicate 30=Foreclosure, , 60=PIF,
the default/delinquent status of a particular loan. 63=Substitution, 65=Repurchase, 70=REO
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
INT_ADJ_AMT The amount of the interest adjustment as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if 2 No commas(,) or dollar signs ($) 11
applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at 2 No commas(,) or dollar signs ($) 11
the beginning of the cycle date to be passed
through to investors.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_END_PRIN_BAL The scheduled principal balance due to investors 2 No commas(,) or dollar signs ($) 11
at the end of a processing cycle.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_PRIN_AMT The scheduled principal amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current cycle -- only applicable
for Scheduled/Scheduled Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current cycle as
reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting cycle -- only
applicable for Actual/Actual Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_NET_INT The actual gross interest amount less the service 2 No commas(,) or dollar signs ($) 11
fee amount for the current reporting cycle as
reported by the Servicer -- only applicable for
Actual/Actual Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived 2 No commas(,) or dollar signs ($) 11
by the servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
MOD_DATE The Effective Payment Date of the Modification for MM/DD/YYYY 10
the loan.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
MOD_TYPE The Modification Type. Varchar - value can be alpha or numeric 30
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or dollar signs ($) 11
advances made by Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
Exhibit ID : 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.
(i)
(ii) 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 Servicing Officer certification.
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
(iii) 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.
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 ( ).
Exhibit IE: 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
HUD Part A ___________ (18a)
HUD Part B ___________ (18b)
(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)
Escrow Disbursement Detail
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
EXHIBIT III
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";
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
----------------------------------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor any performance or
other triggers and events of default in accordance with the transaction X
1122(d)(1)(i) agreements.
----------------------------------------------------------------------------------------------------------------------
If any material servicing activities are outsourced to third parties,
policies and procedures are instituted to monitor the third party's X
1122(d)(1)(ii) performance and compliance with such servicing activities.
----------------------------------------------------------------------------------------------------------------------
Any requirements in the transaction agreements to maintain a back-up
1122(d)(1)(iii) servicer for the mortgage loans are maintained.
----------------------------------------------------------------------------------------------------------------------
A fidelity bond and errors and omissions policy is in effect on the
party participating in the servicing function throughout the reporting X
period in the amount of coverage required by and otherwise in accordance
1122(d)(1)(iv) with the terms of the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
----------------------------------------------------------------------------------------------------------------------
Payments on mortgage loans are deposited into the appropriate custodial
bank accounts and related bank clearing accounts no more than two X
business days following receipt, or such other number of days specified
1122(d)(2)(i) in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Disbursements made via wire transfer on behalf of an obligor or to an X
1122(d)(2)(ii) investor are made only by authorized personnel.
----------------------------------------------------------------------------------------------------------------------
Advances of funds or guarantees regarding collections, cash flows or
distributions, and any interest or other fees charged for such advances, X
are made, reviewed and approved as specified in the transaction
1122(d)(2)(iii) agreements.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
The related accounts for the transaction, such as cash reserve accounts
or accounts established as a form of overcollateralization, are
separately maintained (e.g., with respect to commingling of cash) as set X
1122(d)(2)(iv) forth in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Each custodial account is maintained at a federally insured depository
institution as set forth in the transaction agreements. For purposes of
this criterion, "federally insured depository institution" with respect X
to a foreign financial institution means a foreign financial institution
that meets the requirements of Rule 13k-1 (b)(1) of the Securities
1122(d)(2)(v) Exchange Act.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized access. X
----------------------------------------------------------------------------------------------------------------------
Reconciliations are prepared on a monthly basis for all 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 X
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
1122(d)(2)(vii) number of days specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
--------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
Reports to investors, including those to be filed with the 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 X
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
1122(d)(3)(i) serviced by the Servicer.
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Amounts due to investors are allocated and remitted in accordance with
timeframes, distribution priority and other terms set forth in the X
1122(d)(3)(ii) transaction agreements.
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Disbursements made to an investor are posted within two business days to
the Servicer's investor records, or such other number of days specified X
1122(d)(3)(iii) in the transaction agreements.
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Amounts remitted to investors per the investor reports agree with
cancelled checks, or other form of payment, or custodial bank X
1122(d)(3)(iv) statements.
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Pool Asset Administration
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Collateral or security on mortgage loans is maintained as required by X
1122(d)(4)(i) the transaction agreements or related mortgage loan documents.
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Mortgage loan and related documents are safeguarded as required by the X
1122(d)(4)(ii) transaction agreements
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Any additions, removals or substitutions to the asset pool are made,
reviewed and approved in accordance with any conditions or requirements X
1122(d)(4)(iii) in the transaction agreements.
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Applicable
Servicing
Servicing Criteria Criteria
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Reference Criteria
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Payments on mortgage loans, including any payoffs, made in accordance
with the related mortgage loan documents are posted to the Servicer's
obligor records maintained no more than two business days after receipt, X
or such other number of days specified in the transaction agreements,
and allocated to principal, interest or other items (e.g., escrow) in
1122(d)(4)(iv) accordance with the related mortgage loan documents.
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The Servicer's records regarding the mortgage loans agree with the
Servicer's records with respect to an obligor's unpaid principal X
1122(d)(4)(v) balance.
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Changes with respect to the terms or status of an obligor's mortgage X
loans (e.g., loan modifications or re-agings) are made, reviewed and
approved by authorized personnel in accordance with the transaction
1122(d)(4)(vi) 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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Records documenting collection efforts are maintained during the 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 X
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
1122(d)(4)(viii) unemployment).
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Adjustments to interest rates or rates of return for mortgage loans with
variable rates are computed based on the related mortgage loan X
1122(d)(4)(ix) documents.
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Applicable
Servicing
Servicing Criteria Criteria
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Reference Criteria
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Regarding any funds held in trust for an obligor (such as escrow
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 X
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
1122(d)(4)(x) in the transaction agreements.
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Payments made on behalf of an obligor (such as tax or insurance
payments) are made on or before the related penalty or expiration dates,
as indicated on the appropriate bills or notices for such payments, X
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
1122(d)(4)(xi) specified in the transaction agreements.
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Any late payment penalties in connection with any payment to be made on
behalf of an obligor are paid from the servicer's funds and not charged X
to the obligor, unless the late payment was due to the obligor's error
1122(d)(4)(xii) or omission.
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Disbursements made on behalf of an obligor are posted within two
business days to the obligor's records maintained by the servicer, or X
1122(d)(4)(xiii) such other number of days specified in the transaction agreements.
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Delinquencies, charge-offs and uncollectible accounts are recognized and X
1122(d)(4)(xiv) recorded in accordance with the transaction agreements.
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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
1122(d)(4)(xv) the transaction agreements.
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[XXXXX FARGO BANK, NATIONAL ASSOCIATION]
[NAME OF SUBSERVICER]
Date:___________________________________
By: ___________________________________
Name:
Title:
