EXHIBIT 2
SAXON ASSET SECURITIES TRUST 1999-3
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-3
FIRST AMENDMENT TO
TRUST AGREEMENT
dated as of August 1, 1999
among
SAXON ASSET SECURITIES COMPANY,
as Depositor
SAXON MORTAGE, INC.
as Master Servicer
and
CHASE BANK OF TEXAS, NATIONAL ASSOCIATION,
as Trustee
FIRST AMENDMENT TO TRUST AGREEMENT
THIS FIRST AMENDMENT (the "First Amendment") to the TRUST AGREEMENT dated
as of August 1, 1999 (the "Agreement"), among SAXON ASSET SECURITIES COMPANY, a
Virginia corporation (the "Depositor"), SAXON MORTGAGE, INC., a Virginia
corporation, as Master Servicer (the "Master Servicer"), and CHASE BANK OF
TEXAS, NATIONAL ASSOCIATION, a national banking association, as Trustee, under
the Agreement and the Standard Terms to Trust Agreement (July 1998 Edition) (the
"Standard Terms"), all the provisions of which are incorporated as a part of the
Agreement as if set forth therein in full, is entered into as of the 22nd day of
September 1999.
A. Pursuant to section 11.01 of the Standard Terms, the Trust Agreement
may be amended or supplemented from time to time by the Depositor, the
Master Servicer and the Trustee without the consent of the
Certificateholders to cure any ambiguity, provided that such action
shall not adversely affect in any material respect the interests of
any Certificateholders.
B. It has been determined that there is an ambiguity in the Trust
Agreement requiring an amendment to the Trust Agreement and that the
amendment will not adversely affect in any material respect the
interests of any Certificateholders.
NOW, THEREFORE, the Agreement is amended as follows:
1. Section 2.02(b)(viii)(D) of the Agreement is amended to read as
follows:
(D) may not exceed any of the following restrictions:
Categories of Restriction (Based on
Mortgage Loans Scheduled Principal Balances)
-------------- -----------------------------
Mortgage Loans with balloon 55.00%
payments
Mortgage Loans secured by 2.50%
junior liens
Mortgage Loans secured by 8.00%
investor-owned Mortgaged Premises
2. Section 2.02(b)(viii)(F) of the Agreement is amended by deleting
the word "and" immediately after the words "shall be classified
by Saxon Mortgage as "B", "C" and "D", respectively;"
3. Section 2.02(b)(viii)(G) of the Agreement is amended by adding
the word "; and" immediately after the words "secured by single
family (detached and attached) residences".
4. Section 2.02(b)(viii) of the Agreement is amended by adding a new
subparagraph (H) at the end to read as follows:
"(H) not less than 88% of the Mortgage Loans shall be secured
by owner occupied dwellings."
5. Section 2.02(b)(ix)(D) of the Agreement is amended to read as
follows:
(D) may not exceed any of the following restrictions:
Categories of Restriction (Based on
Mortgage Loans Scheduled Principal Balances)
-------------- -----------------------------
Mortgage Loans secured by 6.00%
investor-owned Mortgage Premises
6. Section 2.02(b)(ix)(G) of the Agreement is amended by deleting
the word "and" immediately after the words "secured by single
family (detached and attached) residences;"
7. Section 2.02(b)(ix)(H) of the Agreement is amended by adding the
word "; and" immediately after the words "conforming balance
guidelines".
8. Section 2.02(b)(ix) of the Agreement is amended by adding a new
subparagraph (I) at the end to read as follows:
"(I) not less than 90% of the Mortgage Loans shall be secured by
owner occupied dwellings."
9. Section 2.02(b)(xv) of the Agreement is amended by deleting the
words", and the Certificate Insurer shall have consented to such
acquisition" immediately after the words "delivered on the
Closing Date".
IN WITNESS WHEREOF, the Depositor, the Master Servicer and the Trustee have
caused this First Amendment to be duly executed by their respective officers
thereunto duly authorized and their respective signatures duly attested all as
of September 22, 1999.
SAXON ASSET SECURITIES COMPANY
By: /s/ Xxxxxxx X. Xxxxx
-------------------------------------
Xxxxxxx X. Xxxxx, Vice President
SAXON MORTGAGE, INC.
as Master Servicer
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------------
Xxxxxx X. Xxxxxxx
Senior Vice President
CHASE BANK OF TEXAS, NATIONAL
ASSOCIATION
as Trustee
By: /s/ Xxxx Xx Xxxxx
--------------------------------------
Xxxx Xx Xxxxx, Vice President
COMMONWEALTH OF VIRGINIA )
) ss:
COUNTY OF HENRICO )
The foregoing instrument was acknowledged before me September 21, 1999, by
Xxxxxxx X. Xxxxx, a Vice President of Saxon Asset Securities Company, a Virginia
corporation, on behalf of the corporation.
/s/ Xxxxx X. Xxxxx
---------------------------------
Notary Public
My Commission expires: 4/30/2002
COMMONWEALTH OF VIRGINIA )
) ss:
COUNTY OF HENRICO )
The foregoing instrument was acknowledged before me September 21, 1999, by
Xxxxxx X. Xxxxxxx, a Senior Vice President of Saxon Mortgage, Inc., a Virginia
corporation, on behalf of the corporation.
/s/ Xxxxx X. Xxxxx
------------------
Notary Public
My Commission expires: 0-00-0000
XXXXX XX XXXXX )
) ss:
CITY OF HOUSTON )
The foregoing instrument was acknowledged before me September 21, 1999, by
Xxxx Xx Xxxxx, a Vice President of Chase Bank of Texas, National
Association, a national banking association, on behalf of the bank.
/s/ Xxxxxxx X. Xxxx
-------------------
Notary Public
My Commission expires: 12-30-2002
