EXHIBIT 4.3
Mortgage Loan Purchase Agreement
Mortgage Loan Purchase Agreement (the "Agreement"), dated as of
December 23, 1998, between European American Bank (the "Seller") and ABN AMRO
Mortgage Corporation (the "Purchaser").
Subject to the terms and conditions of this Agreement, the Seller
agrees to sell and the Purchaser agrees to purchase certain mortgage loans (the
"Mortgage Loans") as described herein and as identified on the Mortgage Loan
Schedule defined in Section 2 hereof.
Now, therefore, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:
SECTION 1. Purchase and Sale of the Mortgage Loans.
(a) Pursuant to the terms hereof and upon satisfaction of the
conditions set forth herein, the Seller agrees to sell and the Purchaser agrees
to purchase, Mortgage Loans having the general characteristics set forth in this
Agreement and specifically identified on the Mortgage Loan Schedule, for the
Purchase Price set forth below in Section 3(a) hereof and having an aggregate
principal balance on and as of the date of such Mortgage Loan Schedule (the
"Cut-Off Date") of approximately $15,311,934.00 after deduction of principal
payments due on or before the Cut-Off Date (which amount may vary plus or minus
5% thereof), or such other aggregate principal balance as agreed by the
Purchaser and the Seller as evidenced by the actual aggregate principal balance
of the Mortgage Loans accepted by the Purchaser on the Closing Date (as defined
below).
(b) Subject to mutual agreement between the Purchaser and the Seller,
the closing for the purchase and sale of the Mortgage Loans shall take place on
December 23, 1998 (the "Closing Date") at the office of Purchaser's counsel in
Chicago, Illinois or such other place as the parties shall agree.
SECTION 2. Mortgage Loan Schedule. Attached to this Agreement as
Schedule 1 is a listing of the Mortgage Loans evidenced by promissory notes,
mortgage notes or other evidence of indebtedness (the "Mortgage Notes")
evidencing the indebtedness of an obligor (the "Mortgagor") under the mortgages,
deeds of trust or other instruments securing a Mortgage Loan (the "Mortgages")
to be purchased by and delivered to the Purchaser on the Closing Date (as such
may be amended prior to the Closing Date by mutual agreement of the parties)
(the "Mortgage Loan Schedule"). The "Mortgage Loan Schedule" as of the Closing
Date shall refer to the Mortgage Loan Schedule as delivered on the Cut-off Date
related to such Mortgage Loans to be purchased by or on behalf of the Purchaser
pursuant to the terms of this Agreement. The Mortgage Loan Schedule shall
contain as to each Mortgage Loan listed thereon, at a minimum, the Mortgage Loan
information indicated on Schedule 2 hereto.
SECTION 3. Purchase Price.
(a) In exchange for the Mortgage Loans, on the Closing Date, the
Purchaser shall transfer to the Seller by wire transfer in immediately available
funds the purchase price (the "Purchase Price") which is equal to the principal
balance thereof as of the Cut-Off Date plus any accrued and unpaid interest
thereon to such Cut-Off Date.
(b) The Purchaser shall be entitled to all scheduled payments of
principal and interest due with respect to the Mortgage Loans after the Cut-Off
Date, and all other recoveries of principal and interest collected after the
Cut-Off Date (other than in respect of principal and interest on the Mortgage
Loans due on or before the Cut-Off Date). The Seller shall be entitled to all
scheduled payments of principal and interest due with respect to the Mortgage
Loans on or before the Cut-Off Date, and all other recoveries of principal and
interest collected on or before the Cut-Off Date (other than in respect of
principal and interest on the Mortgage Loans due after the Cut-Off Date). The
Principal Balance of each Mortgage Loan as of the Cut-Off Date is determined
after deduction of payments of principal due on or before the Cut-Off Date
whether or not collected. Therefore, payments of scheduled principal and
interest prepaid for a date due following the Cut-Off Date shall not be deducted
from the Principal Balance as of the Cut-Off Date but such prepaid amounts shall
belong to and be promptly remitted to the Purchaser.
SECTION 4. Examination of Mortgage Files.
Prior to the Closing Date, the Seller will have made files for each
Mortgage Loan, that consist at least of the documents listed on Schedule 3
attached hereto (with respect to each Mortgage Loan, a "Mortgage File", and
collectively, the "Mortgage Files"), available to the Purchaser or its agents,
for examination at the Seller's offices or such other location as shall
otherwise be agreed upon by the Purchaser and the Seller. The Purchaser may
purchase all or part of the Mortgage Loans with or without conducting any
partial or complete examination. The fact that the Purchaser or its agents have
conducted or have failed to conduct any partial or complete examination of the
Mortgage Files shall not affect the Purchaser's rights under this Agreement,
including, but not limited to, the rights to demand repurchase, substitution or
other relief as provided in this Agreement.
SECTION 5. Transfer of Mortgage Loans; Possession of Mortgage Files.
(a) On the Closing Date, subject to the satisfaction of the terms and
conditions hereof the Seller shall sell, transfer, assign, set over and
otherwise convey to the Purchaser, without recourse, but subject to the terms of
this Agreement, all right, title and interest of the Seller in and to the
Mortgage Loans and all proceeds thereof, wherever located, including without
limitation, all amounts in respect of principal and interest received or
receivable with respect to Mortgage Loan payments due after the Cut-Off Date
(and including scheduled payments of principal and interest due after the
Cut-Off Date but received by the Seller on or before the Cut-Off Date, but not
including payments of principal and interest due on the Mortgage Loans on or
before the Cut-Off Date), together with the proceeds of any related mortgage
insurance policies.
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Such transfer shall be made directly to the Purchaser in accordance with the
letter delivered to the Seller by the Purchaser attached hereto as Exhibit A
(the "Instruction Letter"). The Seller's records will accurately reflect the
sale of each Mortgage Loan to the Purchaser.
(b) The ownership of each Mortgage Loan and the related Mortgage Note,
the Mortgage and the contents of the related Mortgage File shall be, upon
satisfaction of subsection 5(a) hereof, vested in the Purchaser and the
ownership of all records and documents with respect to such Mortgage Loan
prepared by or which come into the possession of the Seller shall immediately
vest in the Purchaser and shall be retained and maintained by the Seller at the
will and for the benefit of the Purchaser in a custodial capacity only. The
Seller shall deliver to the Purchaser or its agent in accordance with the
instructions set forth in Exhibit A, simultaneously with the execution and
delivery of this Agreement or prior to the Closing Date, all of the documents
pertaining to each Mortgage Loan.
(c) The transfer of the Mortgage Loans as described herein shall be
absolute and is intended by the parties to be a sale. In the event that a court
deems the conveyance set forth herein not to constitute a sale, the Seller shall
have granted to the Purchaser and the Trustee a first priority security interest
in the Mortgage Loans and in the proceeds thereof of any kind or nature
whatsoever, and in the proceeds of any related insurance policies, subject to
the satisfaction or waiver of the conditions set forth in Section 11 hereof, and
shall take, or shall cause to have been taken, all steps necessary prior to the
Closing Date to perfect such security interest in the Purchaser.
SECTION 6. Books and Records.
On the Closing Date, following the sale of the Mortgage Loans to the
Purchaser, title to each Mortgage and the related Mortgage Note shall be
transferred to the Purchaser or its assignee in accordance with this Agreement.
All rights arising out of the Mortgage Loans after the Cut-Off Date including,
but not limited to, any and all funds received on or in connection with a
Mortgage Loan and due after the Cut-Off Date shall be received and held by the
Seller in a custodial capacity for the benefit of the Purchaser or its assignee
as the owner of the Mortgage Loans in accordance herewith and shall be delivered
by the Seller to the Purchaser or its assignee on or immediately following the
Closing Date. Any funds received by the Seller, the Purchaser or ABN AMRO
Mortgage Corporation after the Cut-Off Date but due prior to the Cut-Off Date
shall remain the property of the Seller and shall be promptly remitted to the
Seller.
SECTION 7. Further Actions; Financing Statements.
(a) In furtherance of the provisions of Section 5(c) hereof, the Seller
agrees to take or cause to be taken such further actions to execute, deliver and
file or cause to be executed, delivered and filed, such further documents and
instruments (including, without limitation, any UCC financing statements) as may
be necessary, or as the Purchaser may reasonably request, in order to perfect
and maintain the security interest created pursuant to said section and to
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otherwise fully effectuate the purposes, terms and conditions of this Agreement,
and the Purchaser shall cooperate in any such action.
(b) The Seller shall: (i) promptly execute, deliver, and file any
financing statements, amendments, continuation statements, assignments,
certificates and other documents with respect to such security interest as may
be necessary to enable the Purchaser to perfect or to maintain the perfection of
such security interest, each in form and substance satisfactory to the
Purchaser; and the Seller hereby grants to the Purchaser, subject to the
satisfaction or waiver of the conditions set forth in Section 11 hereof, the
right, at the Purchaser's option, to file any or all such financing statements,
amendments, continuation statements, assignments, certificates and other
documents pursuant to the UCC and otherwise without its signature and hereby
irrevocably appoints the Purchaser, subject to the satisfaction or waiver of the
conditions set forth in Section 11 hereof, as its attorney-in-fact to execute,
deliver and file any such financing statements, amendments, continuation
statements, assignments, certificates and other documents in the Seller's name
and to perform all other acts which the Purchaser deems appropriate to perfect
or to maintain the perfection of the security interest; and (ii) notify the
Purchaser within five (5) days after the occurrence of any of the following: (A)
any change in the Seller's corporate name or any trade name; (B) any change in
the Seller's location of its chief executive office or principal place of
business; and (C) any merger or consolidation or other change in Seller's
identity or material change in its corporate structure.
SECTION 8. Representations, Warranties and Agreements of Seller.
(a) The Seller hereby represents and warrants to the Purchaser as of
the Closing Date (or such other date as is specified in the related
representation or warranty) as follows:
(i) The Seller has been duly created and is validly existing
as a New York Commercial Bank under the laws of the state of New York;
(ii) The execution and delivery of this Agreement by the
Seller and its performance of and compliance with the terms of this
Agreement will not violate the Seller's charter or by-laws or will not
conflict with or result in a breach of any of the terms or provisions
of, or constitute a default under, any indenture, mortgage, deed of
trust, loan agreement or other material agreement or instrument to
which the Seller is a party or by which the Seller or to which any of
the property or assets of the Seller is subject;
(iii) This Agreement, assuming due authorization, execution
and delivery by the Purchaser, constitutes a valid and legally binding
obligation of the Seller, enforceable against the Seller in accordance
with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating
to or affecting creditors' rights and to general equity principles,
regardless of whether such enforcement is considered in a proceeding in
equity or at law;
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(iv) The Seller is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have
consequences that would materially and adversely affect the condition
(financial or other) or operations of the Seller or its properties or
might have consequences that would affect its performance hereunder;
(v) No litigation is pending or, to the best of the Seller's
knowledge, threatened against the Seller which would prohibit its
entering into this Agreement or performing its obligations under this
Agreement;
(vi) The Seller is an approved conventional seller/servicer
for FNMA or FHLMC in good standing;
(vii) The consummation of the transactions contemplated by
this Agreement are in the ordinary course of business of the Seller,
and the transfer, assignment and conveyance of the Mortgage Notes and
the Mortgages by the Seller pursuant to this Agreement is not subject
to the bulk transfer or any similar statutory provisions in effect in
the State of New York;
(viii) With respect to each Mortgage Loan:
(a) that the information set forth in the Mortgage
Loan Schedule appearing as an exhibit to this Agreement is
true and correct in all material respects at the date or dates
respecting which such information is furnished as specified
therein;
(b) the Seller is the sole owner and holder of
each Mortgage Loan free and clear of all liens, pledges,
charges or security interests of any nature and has full right
and authority, subject to no interest or participation of, or
agreement with, any other party, to sell and assign the same;
(c) no payment of principal of or interest on or
in respect of any Mortgage Loan is 30 days or more past due
from the Due Date of such Mortgage Loan;
(d) as of the date of the transfer of the Mortgage
Loans to the Purchaser, there is no valid offset, defense or
counterclaim to any Mortgage Note or Mortgage;
(e) there is no proceeding pending, or to the best
of the Seller's knowledge, threatened for the total or partial
condemnation of any of the real property, together with any
improvements thereto, securing the indebtedness of the
Mortgagor under the related Mortgage Loan (the "Mortgaged
Property") and the Mortgaged Property is free of material
damage and is in good repair and
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neither the Mortgaged Property nor any improvement located on
or being part of the Mortgaged Property is in violation of any
applicable zoning law or regulation;
(f) that each Mortgage Loan complies in all
material respects with applicable state or federal laws,
regulations and other requirements, pertaining to usury, equal
credit opportunity and disclosure laws, and each Mortgage Loan
was not usurious at the time of origination;
(g) to the best of the Seller's knowledge, all
taxes, governmental assessments and insurance premiums
previously due and owing, and which may become a lien against
the Mortgaged Property, with respect to the Mortgaged Property
have been paid;
(h) that each Mortgage Note and the related
Mortgage are genuine and each is the legal, valid and binding
obligation of the maker thereof, enforceable in accordance
with its terms 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 equity principles (regardless of whether such
enforcement is considered in a proceeding in equity or at
law); all parties to the Mortgage Note and the Mortgage had
legal capacity to execute the Mortgage Note and the Mortgage;
and each Mortgage Note and Mortgage have been duly and
properly executed by the Mortgagor;
(i) that each Mortgage is a valid and enforceable
first lien on the property securing the related Mortgage Note,
and that each Mortgage Loan is covered by an ALTA mortgagee
title insurance policy or other form of policy or insurance
generally acceptable to FNMA or FHLMC, issued by, and is a
valid and binding obligation of, a title insurer acceptable to
FNMA or FHLMC insuring the originator, its successor and
assigns, as to the lien of the Mortgage in the original
principal amount of the Mortgage Loan subject only to (a) the
lien of current real property taxes and assessments not yet
due and payable, (b) covenants, conditions and restrictions,
rights of way, easements and other matters of public record as
of the date of recording of such Mortgage acceptable to
mortgage lending institutions in the area in which the
Mortgaged Property is located or specifically referred to in
the appraisal performed in connection with the origination of
the related Mortgage Loan and (c) such other matters to which
like properties are commonly subject which do not
individually, or in the aggregate, materially interfere with
the benefits of the security intended to be provided by the
Mortgage;
(j) neither the Seller nor any prior holder of any
Mortgage has, except as the Mortgage File may reflect,
modified the Mortgage in any material respect; satisfied,
cancelled or subordinated such Mortgage in whole or in part;
released such Mortgaged Property in whole or in part from the
lien of the
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Mortgage; or executed any instrument of release, cancellation,
modification or satisfaction;
(k) that each Mortgaged Property consists of a fee
simple estate, a leasehold estate or condominium form of
ownership in real property;
(l) the condominium projects that include the
condominiums that are the subject of any condominium loan are
generally acceptable to FNMA or FHLMC;
(m) no foreclosure action is threatened or has
been commenced (except for the filing of any notice of
default) with respect to the Mortgage Loan; and except for
payment delinquencies not in excess of 30 days, to the best of
the Seller's knowledge, there is no default, breach, violation
or event of acceleration existing under the Mortgage or the
related Mortgage Note and no event which, with the passage of
time or with notice and the expiration of any grace or cure
period, would constitute a default, breach, violation or event
of acceleration; and the Seller has not waived any default,
breach, violation or event of acceleration;
(n) Each Mortgage Loan was originated on FNMA or
FHLMC uniform instruments for the state in which the mortgaged
property is located;
(o) that based upon a representation by each
Mortgagor at the time of origination or assumption of the
applicable Mortgage Loan, 100% of the Mortgage Loans measured
by Principal Balance were to be secured by owner-occupied
residences and no more than 0% of the Mortgage Loans measured
by Principal Balance were to be secured by non-owner-occupied
residences;
(p) that an appraisal of each Mortgaged Property
was conducted at the time of origination of the related
Mortgage Loan, and that each such appraisal was conducted in
accordance with FNMA or FHLMC criteria, on FNMA or FHLMC forms
and comparables on at least three properties were obtained;
(q) that no Mortgage Loan had a Loan-to-Value
Ratio at origination in excess of 95%;
(r) the Mortgage Loans were not selected in a
manner to adversely affect the interests of the Purchaser and
the Seller knows of no conditions which reasonably would cause
it to expect any Mortgage Loan to become delinquent or
otherwise lose value;
(s) each Mortgage Loan was either (A) originated
directly by or closed in the name of either: (i) a savings and
loan association, savings bank,
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commercial bank, credit union, insurance company, or similar
institution which is supervised and examined by a federal or
state authority or (ii) a mortgagee approved by the Secretary
of Housing and Urban Development pursuant to Sections 203 and
211 of the National Housing Act or (B) originated or
underwritten by an entity employing underwriting standards
consistent with the underwriting standards of an institution
as described in subclause (A)(i) or (A)(ii) above;
(t) each Mortgage Loan is a "qualified mortgage"
within the meaning of Section 860G of the Internal Revenue
Code of 1986; and
(u) each Mortgage Loan that has a Loan-to-Value
Ratio in excess of 80% is covered by a primary mortgage
insurance policy.
It is understood and agreed that the representations and
warranties set forth in this Section 8 shall survive the sale of the
Mortgage Loans to the Purchaser and shall inure to the benefit of the
Purchaser, notwithstanding any restrictive or qualified endorsement on
any Mortgage Note or Assignment of Mortgage or the examination of any
Mortgage File.
Upon discovery by either the Seller, the Purchaser or its
designees of a breach of any of the foregoing representations or
warranties of the Seller which materially and adversely affects (1) the
value of any of the Mortgage Loans actually delivered or (2) the
interests of the Purchaser therein, the party discovering such breach
shall give prompt written notice to the other. Within 90 (ninety) days
of its discovery or its receipt of notice of any such breach of a
representation or warranty, the Seller shall, with respect to the
Mortgage Loan(s) to which such breach relates, (i) cure such breach in
all material respects (except for a breach of that portion of the
representation and warranty relating to any casualty from the presence
of hazardous waste or hazardous substances), (ii) repurchase such
Mortgage Loan or Mortgage Loans (or any property acquired in respect
thereof) from the Purchaser at the Purchase Price, as adjusted for the
then current principal balance or (iii) within the 90 (ninety)-day
period following the Closing Date substitute another mortgage loan for
such Mortgage Loan. Such substitute mortgage loan shall on the date of
substitution, (i) have a principal balance not in excess of the
principal balance of the defective Mortgage Loan, (ii) be accruing
interest at a rate of interest at least equal to that of the defected
Mortgage Loan, (iii) have a remaining term to stated maturity not
greater than, and not more than two years less than, that of the
Mortgage Loan so substituted, (iv) have an original loan-to-value ratio
not higher than that of the Mortgage Loan so substituted and a current
loan-to-value ratio not higher than that of the Mortgage Loan so
substituted, and (v) comply with all the representations and warranties
relating to Mortgage Loans set forth herein, as of the date of
substitution (such mortgage loan being referred to herein as a
"Qualifying Substitute Mortgage Loan"). Except as set forth in Section
13 hereof, it is
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understood and agreed that the obligations of the Seller set forth in
this Section 8 to cure, substitute for or repurchase a defective
Mortgage Loan constitute the sole remedies of the Purchaser respecting
a breach of the foregoing representations and warranties.
The Purchaser, upon receipt by it of the full amount of the
Purchase Price as adjusted for the then current principal balance for a
Mortgage Loan that is repurchased, or upon receipt of the Mortgage File
for a Qualifying Substitute Mortgage Loan for a Mortgage Loan that is
substituted or repurchased, shall release or cause to be released and
reassign to the Seller the related Mortgage File for the Mortgage Loan
that is substituted and shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, representation,
or warranty, as shall be necessary to vest in the Seller or its
designee or assignee title to any such substituted Mortgage Loan
released pursuant hereto, free and clear of all security interests,
liens and other encumbrances created by this Agreement, which
instruments shall be prepared by the Seller at its expense and shall be
reasonably acceptable to the Purchaser, and the Purchaser shall have no
further responsibility with respect to the Mortgage File relating to
such Mortgage Loan that is substituted.
Any cause of action against the Seller or relating to or
arising out of the breach of any representations and warranties made in
this Section 8 shall accrue as to any Mortgage Loan upon (i) discovery
of such breach by the Purchaser or notice thereof by the Seller to the
Purchaser, (ii) failure by the Seller to cure such breach, repurchase
such Mortgage Loan or substitute a Qualifying Substitute Mortgage Loan
as specified above, and (iii) demand upon the Seller by the Purchaser
for all amounts payable in respect of such Mortgage Loan.
SECTION 9. Representations, Warranties and Agreements of Purchaser.
(a) The Purchaser hereby represents and warrants to the Seller, as of
the date hereof (or such other date as is specified in the related
representation or warranty) as follows:
(i) The Purchaser is a corporation duly formed and validly
existing under the laws of the State of Delaware;
(ii) The execution and delivery of this Agreement by the
Purchaser and its performance of and compliance with the terms of this
Agreement will not violate the Purchaser's corporate charter or by-laws
or will not conflict with or result in a breach of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement or other material agreement or instrument
to which the Purchaser is a party or by which the Purchaser or to which
any property or assets of the Purchaser is subject;
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(iii) This Agreement, assuming due authorization, execution
and delivery by the Seller, constitutes a valid and legally binding
obligation of the Purchaser, enforceable against the Purchaser in
accordance with its terms, subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other similar laws of general
applicability relating to or affecting creditors' rights and to general
equity principles, regardless of whether such enforcement is considered
in a proceeding in equity or at law;
(iv) The Purchaser is not in default with respect to any order
or decree of any court or any order, regulation or demand of any
federal, state, municipal or governmental agency, which the Purchaser
default might have consequences that would materially and adversely
affect the condition (financial or other) or operations of the
Purchaser or its properties or might have consequences that would
affect its performance hereunder; and
(v) No litigation is pending or, to the best of the
Purchaser's knowledge, threatened against the Purchaser which would
prohibit its entering into this Agreement or performing its obligations
under this Agreement;
SECTION 10. Purchaser's Conditions to Closing. The obligations of the
Purchaser under this Agreement shall be subject to the satisfaction, on or prior
to the Closing Date, of the following conditions:
(a) The obligations of the Seller required to be performed by it on or
prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and
warranties of the Seller under this Agreement shall be true and correct as of
the date hereof and as of the Closing Date, and no event shall have occurred
which, with notice or the passage of time, or both, would constitute a default
under this Agreement, and the Purchaser shall have received a certificate to
that effect signed by an Authorized Officer (as defined below) of the Seller.
(b) The Purchaser or the Purchaser's document custodian shall have
received, or the Purchaser's attorney shall have received in escrow, all of the
following closing documents, in such forms as are agreed upon and acceptable to
the Purchaser, duly executed by all signatories other than the Purchaser, as
required pursuant to the respective terms thereof:
(i) An assignment or assignments of the Mortgage Loans to
the Purchaser substantially in the form attached hereto as Exhibit
B with such changes as are required to adapt the assignment to the
proper form in the jurisdiction where the related Mortgage Property
is located, and each original Mortgage Note, duly endorsed
originally or by facsimile, without recourse, to the Purchaser, in
each case in accordance with the instructions set forth in Exhibit
A attached hereto, which assignment or assignments and Mortgage
Note shall be delivered to and held by the Purchaser or its agent
on behalf of the Purchaser;
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(ii) The Mortgage Loan Schedule prepared by Purchaser
dated as of the related Closing Date and attached hereto;
(iii) A certificate signed by an officer, which officer
may be either a senior vice president, a vice president, an
assistant vice president or assistant secretary (an "Authorized
Officer"), dated as of the Closing Date, substantially in the form
attached hereto as Exhibit C to the parties hereto, and attached
thereto copies of the charter and by-laws and a Good Standing
Certificate or a memorandum setting forth the verbal assurances
from the appropriate regulatory authorities with respect to the
Seller will be immediately forthcoming; and
(iv) An opinion of Seller's counsel in substantially the
form attached hereto as Exhibit D.
(v) A security release certification, in a form acceptable
to the Purchaser, executed by the appropriate mortgagee or secured
party, if any of the Mortgage Loans have at any time been subject
to any security interest, pledge or hypothecation for the benefit
of such person.
(c) The Seller will furnish to the Purchaser such other certificates of
its officers or others and such other documents to evidence fulfillment of the
conditions set forth in this Agreement as the Purchaser and its attorney may
reasonably request.
SECTION 11. Seller's Conditions to Closing. The obligations of the
Seller under this Agreement shall be subject to the satisfaction, on or prior to
the Closing Date, of the following conditions:
(a) The obligations of the Purchaser required to be performed by it on
or prior to the Closing Date pursuant to the terms of this Agreement shall have
been duly performed and complied with and all of the representations and
warranties of the Purchaser under this Agreement shall be true and correct as of
the date hereof and as of the Closing Date, and no event shall have occurred
which, with notice or the passage of time, or both, would constitute a default
under this Agreement, and the Seller shall have received a certificate to that
effect signed by an Authorized Officer of the Purchaser.
(b) The Seller shall have received, or the Seller's attorney shall have
received in escrow, all of the following closing documents, in such forms as are
agreed upon and acceptable to the Seller, duly executed by all signatories other
than the Seller as required pursuant to the respective terms thereof:
(i) A certificate signed by an Authorized Officer dated as of
the Closing Date, in the form acceptable to the parties hereto, and
attached thereto the resolutions of the Purchaser authorizing the
transactions contemplated by this
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Agreement, together with copies of the Articles of Association and
by-laws as of a recent date with respect to the Purchaser;
(c) The Purchaser will furnish to the Seller such other certificates of
its officers or others and such other documents to evidence fulfillment of the
conditions set forth in this Agreement as the Seller and its attorney may
reasonably request.
SECTION 12. Indemnification.
(a) The Seller agrees to indemnify and hold harmless the Purchaser
against any and all losses, claims, expenses, damages or liabilities to which
Purchaser may become subject, insofar as such losses, claims, expenses, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any representation or warranty made by the Seller in Section 8 hereof on which
Purchaser has relied, being, or alleged to be, materially untrue or incorrect.
This indemnity will be in addition to any liability which the Seller may
otherwise have.
(b) The Purchaser agrees to indemnify and hold harmless the Seller
solely in its capacity as seller of the Mortgage Loans against any and all
losses, claims, expenses, damages or liabilities to which the Seller may become
subject, insofar as such losses, claims, expenses, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any representation or
warranty made by the Purchaser in Section 9 hereof on which the Seller has
relied, being, or alleged to be, materially untrue or incorrect (notwithstanding
the Purchaser's lack of knowledge with respect to the substance of any
representation or warranty to which Section 9 applies which is made to the best
of the Purchaser's knowledge). This indemnity will be in addition to any
liability which the Purchaser may otherwise have.
(c) Promptly after receipt by either the Purchasers or the Seller of
notice of the commencement of any action or proceeding in any way relating to or
arising from this Agreement, such party will notify the other party of the
commencement thereof; but the omission so to notify the party from whom
indemnification is sought (the "Indemnifying Party") will not relieve the
Indemnifying Party from any liability which it may have to the party seeking
indemnification (the "Indemnified Party") except to the extent that the
Indemnifying Party is adversely affected by the lack of notice. In case any such
action is brought against the Indemnified Party, and it notifies the
Indemnifying Party of the commencement thereof, the Indemnifying Party will be
entitled to participate in the defense (with the consent of the Indemnified
Party which shall not be unreasonably withheld) of such action at the
Indemnifying Party's expense.
SECTION 13. Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if mailed, by
registered or certified mail, return receipt requested, or, if by other means,
when received by the other party. Notices to the Seller shall be directed to
European American Bank, 000 Xxx Xxxxxx, Xxxxxx Xxxx, Xxx Xxxx 00000, Attention:
Xxxx XxXxxx - Senior Vice President; and notices to the Purchaser
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shall be directed to ABN AMRO Mortgage Corporation, 000 Xxxx Xxxxxxx Xxxxxx,
Xxxxx 0000, Xxxxxxx, Xxxxxxxx 00000, Attention: Xxxxx Xxxxxxx - Director - ABN
AMRO Mortgage Operations; or such other addresses as may hereafter be furnished
to the other party by like notice.
SECTION 14. Termination. This Agreement may be terminated (i) by the
mutual consent of the parties hereto, or (ii) by the Purchaser if the conditions
to the Purchaser's obligations to closing set forth under Section 10 hereof are
not fulfilled as and when required to be fulfilled or (iii) by the Seller if the
Purchaser's obligations under Section 11 hereof are not fulfilled as and when
required. In the event of a termination pursuant to Section 14(ii), the Seller
agrees that it will pay the out-of-pocket fees and expenses of the Purchaser in
connection with the transactions contemplated by this Agreement and in the event
of a termination pursuant to Section 14(iii), the Purchaser agrees that it will
pay the out-of-pocket fees and expenses of the Seller in connection with the
transactions contemplated by this Agreement.
SECTION 15. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, or in certificates of officers of the Seller and the Purchaser
submitted pursuant hereto, shall remain operative and in full force and effect
and shall survive transfer and sale of the Mortgage Loans to the Purchaser.
SECTION 16. Severability. If any provision of this Agreement shall be
prohibited or invalid under applicable law, the Agreement shall be ineffective
only to such extent, without invalidating the remainder of this Agreement.
SECTION 17. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but both of which together
shall constitute one and the same agreement.
SECTION 18. Governing Law. This Agreement shall be deemed to have been
made in the State of New York and shall be interpreted in accordance with the
laws of such state without regard to the principles of conflicts of law of such
state.
SECTION 19. Further Assurances. The Seller and the Purchaser agree to
execute and deliver such instruments and take such actions as the other party
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement.
SECTION 20. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the Seller and the
Purchaser and their permitted successors and assigns. The Seller acknowledges
and agrees that the Purchaser may assign its rights under this Agreement. Any
person into which the Seller may be merged or consolidated (or any person
resulting from any merger or consolidation involving the Seller), or any person
succeeding to the business of the Seller shall be considered the "successor" of
the Seller hereunder. Except as provided in the two preceding sentences, this
Agreement cannot be
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assigned, pledged or hypothecated by any party hereto without the written
consent of the other party to this Agreement. Notwithstanding anything to the
contrary in this Section 20, the parties hereto agree that the Purchaser has the
right to assign its rights and interest in, to and under Section 8 hereof.
SECTION 21. Amendments. No term or provision of this Agreement may be
waived or modified unless such waiver or modification is in writing and signed
by a duly authorized officer of the party against whom such waiver or
modification is sought to be enforced.
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IN WITNESS WHEREOF, the Seller and the Purchaser have caused their
names to be signed hereto by their respective duly authorized officers as of the
date first above written.
European American Bank,
as Seller
By: /s/
---------------------------------
Name:
-------------------------------
Title:
------------------------------
Mortgage Loan Purchase Agreement
(for sale from EAB to Depositor)
ABN AMRO Mortgage Corporation,
as Purchaser
By: /s/
---------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Senior Vice President
Mortgage Loan Purchase Agreement
(for sale from EAB to Depositor)
SCHEDULE 1
MORTGAGE LOAN SCHEDULE
A copy of the Mortgage Loan Schedule may be obtained by contacting the
Registrant.
SCHEDULE 2
MORTGAGE LOAN SCHEDULE INFORMATION
Each Mortgage Loan shall be identified by at least the following
details, among others, relating to each Mortgage Loan:
(i) the loan number of the Mortgage Loan and name of the related
Mortgagor;
(ii) the street address of the Mortgaged Property including city,
state and zip code;
(iii) the mortgage interest rate as of the Cut-Off Date;
(iv) the original term and maturity date of the related Mortgage
Note;
(v) the original principal balance;
(vi) the first payment date;
(vii) the monthly payment in effect as of the Cut-Off Date;
(viii) the date of the last paid installment of interest;
(ix) the unpaid principal balance as of the close of business on
the Cut-Off Date;
(x) the loan-to-value ratio at origination and as of the Cut-Off
Date;
(xi) the type of property;
(xii) the nature of occupancy at origination;
(xiii) the county in which Mortgaged Property is located, if
available; and
(xiv) the Closing Date.
SCHEDULE 3
MORTGAGE FILE INFORMATION
Each Mortgage File shall include at least the following documents,
among others, with respect to each Mortgage Loan transferred and assigned from
the Seller to the Purchaser, or its agent:
(i) the original Mortgage Note bearing all intervening
endorsements endorsed, "Pay to the order of Chase Bank of
Texas, National Association for the benefit of the
Certificateholders of ABN AMRO Mortgage Corporation Series
1998-5 Attn: Corporate Trust Department, 000 Xxxxxx Xxxxxx,
Xxxxxxx, XX 00000, without recourse" and signed in the name
of the Seller by an Authorized Officer showing an unbroken
chain of title from the originator thereof to the person
endorsing;
(ii) (a) the original Mortgage with evidence of recording
thereon, and if the Mortgage was executed pursuant to a
power of attorney, a certified true copy of the power of
attorney certified by the recorder's office, with evidence
of recording thereon, or certified by a title insurance
company or escrow company to be a true copy thereof;
provided that if such original Mortgage or power of attorney
cannot be delivered with evidence of recording thereon on or
prior to the Closing Date because of a delay caused by the
public recording office where such original Mortgage has
been delivered for recordation or because such original
Mortgage has been lost, the Seller shall deliver or cause to
be delivered to the Purchaser a true and correct copy of
such Mortgage, together with (1) in the case of a delay
caused by the public recording office, a certificate signed
by an Authorized Officer of the Seller stating that such
original Mortgage has been dispatched to the appropriate
public recording official for recordation or (2) in the case
of an original Mortgage that has been lost, a certificate by
the appropriate county recording office where such Mortgage
is recorded or from a title insurance company or escrow
company indicating that such original was lost and the copy
of the original mortgage is a true and correct copy;
(b) the original assignment to "Chase Bank of Texas,
National Association, as Trustee," which assignment shall be
in form and substance acceptable for recording, or a copy
certified by the Seller as a true and correct copy of the
original assignment which has been sent for recordation.
Subject to the foregoing, such assignments may, if permitted
by law, be by blanket assignments for Mortgage Loans
covering Mortgaged Properties situated within the same
county. If the assignment
is in blanket form, a copy of the assignment shall be
included in the related individual Mortgage File;
(iii) the originals of any and all instruments that modify the
terms and conditions of the Mortgage Note, including but not
limited to modification, consolidation, extension and
assumption agreements including any adjustable rate mortgage
(ARM) rider, if any;
(iv) the originals of all required intervening assignments, if
any with evidence of recording thereon, and if such
assignment was executed pursuant to a power of attorney, a
certified true copy of the power of attorney certified by
the recorder's office, with evidence of recording thereon,
or certified by a title insurance company or escrow company
to be a true copy thereof; provided that if such original
assignment or power of attorney cannot be delivered with
evidence of recording thereon on or prior to the Closing
Date because of a delay caused by the public recording
office where such original assignment has been delivered for
recordation or because such original assignment has been
lost, the Seller shall deliver or cause to be delivered to
the Purchaser a true and correct copy of such assignment,
together with (a) in the case of a delay caused by the
public recording office, a certificate signed by an
Authorized Officer of the Seller stating that such original
assignment has been dispatched to the appropriate public
recording official for recordation or (b) in the case of an
original assignment that has been lost, a certificate by the
appropriate county recording office where such assignment is
recorded or from a title insurance company or escrow company
indicating that such original was lost and the copy of the
original assignment is a true and correct copy;
(v) the original mortgage policy of title insurance (including,
if applicable, the endorsement relating to the negative
amortization of the Mortgage Loans) or in the event such
original title policy is unavailable, any one of an original
title binder, an original preliminary title report or an
original title commitment or a copy thereof certified by the
title company with the original policy of title insurance to
follow within 180 days of the Closing Date;
(vi) the mortgage insurance certificate;
(vii) hazard insurance certificates and copies of the Hazard
Insurance Policy and, if applicable, flood insurance policy;
and
(viii) any and all other documents, opinions and certificates
executed and/or delivered by the related Mortgagor and/or
its counsel in connection with
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the origination of such Mortgage Loan which may include
Truth-in- Lending Statement and other legal statements,
Appraisal and Survey.
-3-
EXHIBIT A
INSTRUCTION LETTER
ABN AMRO Mortgage Corporation
000 Xxxx Xxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
________ __, 1998
European American Bank
000 Xxx Xxxxxx
Xxxxxx Xxxx, Xxx Xxxx 00000
Dear Ladies and Gentlemen:
Pursuant to the Mortgage Loan Purchase Agreement dated as of December
23, 1998 (the "Purchase Agreement") between you and us, we have agreed to
purchase from you certain Mortgage Loans. All capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Purchase
Agreement.
In order to facilitate these transactions, and for the purpose of
convenience only, we hereby authorize and direct you to:
Action Due Date
1. Endorse mortgage notes to: one week prior to funding
"Pay to the order of
Chase Bank of Texas, National Association
for the benefit of the Certificateholders
of ABN AMRO Mortgage Corporation
Series 1998-5, Attn: Corporate Trust
Department, 000 Xxxxxx Xxxxxx,
Xxxxxxx, XX 00000,
without recourse"
2. Assign mortgages to be recorded one week prior to funding
to Chase Bank of Texas, National Association
for the benefit of the Certificateholders
of ABN AMRO Mortgage Corporation
Series 1998-5:
3. Deliver to the Purchaser or its agent all two business days after funding
Mortgage Loan documents pertaining to each
loan
4. Deliver to the Purchaser's servicer all one week prior to Servicing transfer
Mortgage Loan servicing documents pertaining date
to each loan
5. Provide lost mortgage note affidavits, one week prior to funding
certified copies of all missing mortgages,
and certified recorded copies of missing
intervening assignments
6. Mortgage Loan Schedule generated by one day prior to funding
Purchaser and agreed to by Seller
Sincerely,
ABN AMRO Mortgage Corporation
By:________________________________
Name:______________________________
Title:_____________________________
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EXHIBIT B
FORM OF ASSIGNMENT
European American Bank, _______________________, a New York Commercial
Bank (the "Seller"), in exchange for $__________ in hand paid and other good and
valuable consideration, hereby grants, bargains, sells, assigns, transfers,
conveys, and sets over to ABN AMRO Mortgage Corporation, a Delaware corporation
(the "Purchaser"), all of the Seller's right, title, and interest in, to, and
under the mortgage loans listed on Schedule 1 attached hereto, the mortgage
notes evidencing or relating to such mortgage loans, all mortgages, trust deeds,
title insurance policies, property insurance policies, chattel paper, loan
guaranties, loan accounts, surveys, instruments, certificates, and other
documents whatsoever evidencing or relating to such mortgage notes and mortgage
loans, and all books, ledgers, books of account, records, writings, data bases,
information, and computer software (and all documentation therefor or relating
thereto, and all licenses relating to or covering such computer software and/or
documentation), and all other property, rights, title, and interests whatsoever
relating to, used, or useful in connection with, or evidencing, embodying,
incorporating, or referring to, any of the foregoing (the "Mortgages"). The
Seller warrants to the Purchaser that the Seller is the owner of the Mortgages,
subject to no liens, claims, or encumbrances.
Dated: _____________, 1998 European American Bank
By:_________________________________
Name:_______________________________
Title:______________________________
-0-
XXXXXXXXXXXX XX __________ __, 1998
ABN AMRO Mortgage Corporation
By:_________________________________
Name:_______________________________
Title:______________________________
-3-
STATE OF ____________ )
)
COUNTY OF ___________ )
I, ______________, a Notary Public in and for the said County and
State, do hereby certify that ____________, personally known to me to be the
same person whose name is subscribed to the foregoing instrument as
_______________ of __________________, appeared before me this day in person
and, being first sworn, acknowledged that he signed and delivered the said
instrument as his own free and voluntary act, and as the free and voluntary act
of said corporation as the ___________ of ____________, a ____________, for the
uses and purposes therein set forth and that he was duly authorized to execute
the said instrument by the __________________ of said _________________.
Given under my hand and seal, this ____ day of ____________, 1998.
----------------------------------
Notary Public
My commission expires:____________
EXHIBIT C
FORM OF OFFICER'S CERTIFICATE
European American Bank
I, ____________________, do hereby certify pursuant to Section 10(a)
and (b)(iii) of the Purchase Agreement (as hereinafter defined) that I am the
duly elected ____________________ of European American Bank ("European
American"), a New York Commercial Bank, and further certify as follows:
1. Attached hereto as Exhibit "A" is a true and correct copy of the
charter of European American. There has been no amendment or other document
filed affecting the charter as of the date of this certification of European
American, and no such amendment has been authorized.
2. Attached hereto as Exhibit "B" is a true and correct copy of the
by-laws of European American as in full force and effect as of the date of this
certification.
3. No proceedings looking toward merger, consolidation, liquidation, or
dissolution of European American are pending or contemplated.
4. Each person who, as an officer or representative of European
American, signed, or will sign (a) the Purchase Agreement, and (b) any other
document delivered pursuant thereto or on the date hereof in connection with the
Mortgage Loan Purchase Agreement dated as of December 23, 1998, between European
American, as seller, and ABN AMRO Mortgage Corporation, as Purchaser (the
"Purchase Agreement") was, at the respective times of such signing and delivery,
and is as of the date hereof duly elected or appointed, qualified and acting as
such officer or representative, and the signatures of such persons appearing on
such documents are their genuine signatures.
5. Attached hereto as Exhibit "C" is a true and correct copy of
resolutions adopted by the Board of Directors of European American with respect
to the authorization of Xxxx XxXxxx to take such actions and enter into such
agreements as are necessary to enter into the Purchase Agreement; said
resolutions have not been amended, modified, annulled or revoked and are in full
force and effect.
6. Attached hereto as Exhibit "D" is a Good Standing Certificate issued
by The New York State Banking Department as of __________, 199_. A current Good
Standing Certificate has been requested from The New York State Banking
Department and will be supplied when it is received.
7. European American has performed all obligations and satisfied all
conditions on its part to be performed or satisfied under the Purchase Agreement
on or prior to the Closing
Date and all of the representations and warranties of the Seller under the
Purchase Agreement are true and correct as of the date hereof and as of the
Closing Date, and no event has occurred which, with notice or passage of time,
or both, would constitute a default under the Purchase Agreement.
All capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Purchase Agreement.
IN WITNESS WHEREOF, I have hereunto signed my name.
Date: __________ __, 199_
European American Bank
By:_________________________________
Name:_______________________________
Title:______________________________
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I, ____________________, [ASSISTANT SECRETARY] of European American
Bank, a New York Commercial Bank, hereby certify that ____________________ is
the duly elected, qualified and acting ____________________ of European American
Bank and that the signature appearing on the preceding page is his genuine
signature.
IN WITNESS WHEREOF, I have hereunto signed my name.
Date: __________ __, 199_
European American Bank
By:_________________________________
Name:_______________________________
Title:______________________________
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[OPINION TO BE REVISED IN ACCORDANCE WITH
GENERAL COUNSEL'S FORM OF OPINION LETTER]
Exhibit D
[OPINION OF SELLER'S IN-HOUSE COUNSEL
PURSUANT TO SECTION 10(b)(iv)]
__________ __, 1998
ABN AMRO Mortgage Corporation
000 Xxxx Xxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Re: ABN AMRO Mortgage Corporation Purchase of Mortgage Loans
Ladies and Gentlemen:
As General Counsel to European American Bank, a New York Commercial
Bank ("Seller"), I and attorneys working under my supervision have acted as
counsel to Seller in connection with the sale of Mortgage Loans by Seller to ABN
AMRO Mortgage Corporation (the "Purchaser") pursuant to a Mortgage Loan Purchase
Agreement, dated as of December 23, 1998 (the "Purchase Agreement"), between the
Purchaser and Seller. This opinion is being delivered to the Purchaser pursuant
to Section 10(b)(iv) of the Purchase Agreement. All capitalized terms not
otherwise defined herein have the meanings given them in the Purchase Agreement.
In rendering the opinions set forth below, we have examined and relied
upon originals or copies, certified or otherwise identified to our satisfaction,
of the charter and by-laws of Seller, the Purchase Agreement and such corporate
records, agreements or other instruments of Seller, and such certificates,
records and other documents, agreements and instruments, including, among other
things, certain documents delivered on the Closing Date, as we have deemed
necessary and proper as the basis for our opinions. In connection with such
examination, we have assumed the genuineness of all signatures, the authenticity
of all documents, agreements and instruments submitted to us as originals, the
conformity to original documents, agreements and instruments of all documents,
agreements and instruments submitted to us as copies or specimens, the
authenticity of the originals of such documents, agreements and instruments
submitted to us as copies or specimens, the conformity to executed original
documents of all documents submitted to us in draft and the accuracy of the
matters set forth in the documents we
ABN AMRO Mortgage Corporation
__________ __, 199_
Page 2
reviewed. We have also assumed that all documents, agreements and instruments
have been duly authorized, executed and delivered by all parties thereto. As to
any facts material to such opinions that we did not independently establish or
verify, we have relied upon statements and representations of officers and other
representatives of Seller as we have deemed necessary and proper as the basis
for our opinions, including, among other things, the representations and
warranties of Seller in the Purchase Agreement.
Based upon the foregoing, I am of the opinion that:
1. Seller is a New York Commercial Bank, duly organized, validly
existing and in good standing under the laws of the State of New York and either
is not required to be qualified to do business under the laws of any states
where such qualification is necessary to transact the business contemplated by
the Purchase Agreement, or is qualified to do business under the laws of any
states where such qualification is necessary to transact the business
contemplated by the Purchase Agreement, or the State of [_________________], and
Seller is duly authorized and has full corporate power and authority to transact
the business contemplated by the Purchase Agreement.
2. The Purchase Agreement has been duly authorized, executed and
delivered by Seller and is a legal, valid and binding obligation of and is
enforceable against Seller in accordance with its terms, except that the
enforceability thereof may be subject to (A) bankruptcy, insolvency,
receivership, conservatorship, reorganization, moratorium or other laws, now or
hereafter in effect, relating to creditors' rights generally or the right of
creditors of a New York commercial bank, (B) general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law) and (C) limitations of public policy under applicable securities laws as to
rights of indemnity and contribution under the Purchase Agreement.
3. No consent, approval, authorization or order of any court or
supervisory, regulatory, administrative or governmental agency or body is
required for the execution, delivery and performance by Seller of or compliance
by Seller with the Purchase Agreement, the sale of the Mortgage Loans or the
consummation of the transactions contemplated by the Purchase Agreement.
4. Neither the execution and delivery by Seller of the Purchase
Agreement, nor the consummation by Seller of the transactions contemplated
therein, nor the compliance by Seller with the provisions thereof, will conflict
with or result in a breach of any of the terms, conditions or provisions of
Seller's charter or by-laws or board or shareholder's resolutions, or any
agreement or instrument to which Seller is now a party or by which it is bound,
or constitute a
ABN AMRO Mortgage Corporation
__________ __, 199_
Page 3
default or result in an acceleration under any of the foregoing, or result in
the violation of any law, rule, regulation, order, judgment or decree to which
Seller or its property is subject, which, in any of the above cases, would
materially and adversely affect Seller's ability to perform its obligations
under the Purchase Agreement.
5. There is not an action, suit, proceeding or investigation pending,
or, to the best of my knowledge, threatened against Seller which, either in any
one instance or in the aggregate, would draw into question the validity of the
Purchase Agreement or the Mortgage Loans or of any action taken or to be taken
in connection with the obligations of Seller contemplated therein, or which
would be likely to materially impair the ability of Seller to perform under the
terms of the Purchase Agreement.
The Opinions expressed herein are limited to matters of federal and New
York law and do not purport to cover any matters as to which laws of any other
jurisdiction are applicable. Except as expressly provided herein, this opinion
is being furnished to you solely for your benefit in connection with the
purchase of the Mortgage Loans, and it is not to be used, circulated, quoted or
otherwise referred to for any purpose without my express written consent.
Sincerely,
European American Bank
By: ____________________
Title: General Counsel
