Exhibit 99.8c
Execution Copy
OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated
as of March 1, 2006 (the "Assignment" or the "Agreement"), among ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Mortgage Capital Inc. ("Owner"), ▇▇▇▇▇ Fargo Bank, National Association, a
national banking association ("Servicer"), and LaSalle Bank National Association
("LaSalle"), as trustee ("Trustee") of each of the ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan
Trusts listed on Schedule 1 hereto (each, a "Trust" and together, the "Trusts")
and acknowledged by ▇▇▇▇▇ 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 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 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
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 "▇▇▇▇▇ AAR" and, together with the
SWSA, the "▇▇▇▇▇ Servicing Agreement")
and Servicer agrees to service the Specified Mortgage Loans in each Trust in
accordance with the provisions of the ▇▇▇▇▇ 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 ▇▇▇▇▇ Servicing 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 Schedue 1 attached hereto (each, a "Servicing Transfer Date"), each
Specified Mortgage Loan will be subject to, and serviced by the Servicer under,
the ▇▇▇▇▇ Servicing Agreement.
The Owner specifically reserves and does not assign to any Trust
listed on Schedule 1 hereunder those rights under the ▇▇▇▇▇ 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 ▇▇▇▇▇ 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
▇▇▇▇▇ Servicing Agreement. Neither the Servicer nor the Owner shall amend or
agree to amend, modify, waiver or otherwise alter any of the terms or provisions
of the ▇▇▇▇▇ Servicing Agreements which amendment, modification, waiver or other
alteration would in any way affect the Specified Mortgage Loans in any Trust or
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the Servicer's performance under the ▇▇▇▇▇ 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 ▇▇▇▇▇ 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
▇▇▇▇▇ 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 ▇▇▇▇▇ 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 ▇▇▇▇▇ Servicing Agreement, the right to receive all monthly
reports and other data required to be delivered by the Servicer under the ▇▇▇▇▇
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 ▇▇▇▇▇ Servicing
Agreement. The Servicer shall make all distributions under the ▇▇▇▇▇ Servicing
Agreement required to be made to each Trust under this Agreement, to the Master
Servicer by wire transfer of immediately available funds to:
▇▇▇▇▇ Fargo Bank, National Association
ABA Number: ▇▇▇-▇▇▇-▇▇▇
Account Name: Corporate Trust Clearing
Account number: ▇▇▇▇▇▇▇▇▇▇
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:
▇▇▇▇▇ Fargo Bank, National Association
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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 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 ▇▇▇▇▇ 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
FannieMae- 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.
5. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA as
follows with respect to the Specified Mortgage Loans:
(a) With respect to Article I, "Permitted Investments" 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) Section 4.05(vii) is hereby amended to add the term
"Monthly Advances," prior to the term "Servicing
Advances."
(g) The words "on or before the Remittance Date" are hereby
deleted from the first sentence of Section 4.17.
(h) The second sentence of the second paragraph of Section
5.01 is hereby amended and restated in its entirety as
follows:
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"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."
(i) 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."
(j) The second paragraph of Section 6.02 is hereby amended
and restated in its entirety as follows:
"If the Company satisfies or releases a Mortgage 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 Companyr
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."
(k) Section 6.04 is hereby modified as follows:
(1) delete paragraph (i) in its entirety; and
(2) the phrases "Purchaser and any Depositor" and
"Purchaser and such Depositor" are hereby deleted and
replaced with "Purchaser or Master Servicer" and
"Purchaser or such Master Servicer", respectively.
(l) Section 6.06 is hereby modified as follows:
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(1) the phrases "Purchaser and any Depositor" and
"Purchaser and such Depositor" are hereby deleted and
replaced with "Purchaser or Master Servicer" and
"Purchaser or 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
(m) 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,"
(n) The following parenthetical is inserted directly before
the proviso in the last sentence of the first paragraph
of Section 6.07(i):
"(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)"
(o) Section 6.10 is hereby deleted in its entirety.
(p) Section 9.01(f)(i) is hereby deleted in its entirety.
(q) Section 9.01(f)(ii) is hereby deleted in its entirety.
(r) 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.
(s) 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;
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(6) any originator;
(7) any significant obligor;
(8) any enhancement or support provider; and
(9) any other material transaction party."
(t) Section 9.01(f)(iv) is hereby amended and restated in
its entirety as follows:
"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, any Subservicer
or any Third-Party Originator, (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."
(u) 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
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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 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)."
(v) 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."
(w) 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:
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(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, Subcontractor or
Third-Party Originator (collectively, the "Company
Information"), or (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)(vi)(A) or
in a writing furnished pursuant to Section
9.01(f)(vi)(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)(vi)(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
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appropriate to reflect the relative fault of such
Indemnified Party on the one hand and the Company on the
other.
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."
(x) 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."
(y) Section 10.01(ii) is hereby amended and restated in its
entirety as follows:
"failure by the Company duly to observe or perform in
any material respect any other of the covenants or
agreements on the part of the Company set forth in this
Agreement (other than as set forth in Section 6.07)
which continues unremedied for a period of 90 days after
the date on which written notice of such failure,
requiring the same to be remedied, shall have been given
to the Company by the Purchaser or by the Custodian; or"
(z) The word "or" added to the end of Section 10.01(ix) and
the following paragraph is hereby incorporated into the
SWSA as new Section 10.01(x):
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"(x) failure by the Servicer to duly perform, within the
required time period, its obligations under Sections
6.04 or 6.06 which failure continues unremedied for a
period of fourteen (14) calendar days after the date on
which written notice of such failure, requiring the same
to be remedied, shall have been given to the Servicer by
any party to this Agreement or by any master servicer
responsible for master servicing the Mortgage Loans
pursuant to a securitization of such Mortgage Loans."
(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:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
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
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Global Securities and Trust Services-[Insert Series
Designation]
The Owner's address for purposes for all notices and correspondence
related to the Mortgage Loans and this Agreement is:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Capital Inc.
▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention: [Insert Series Designation]
With a copy to:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated
▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention: General Counsel's Office
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The Servicer's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement is:
▇▇▇▇▇ Fargo Bank, National Association
▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇
Attention: ▇▇▇▇ ▇. ▇▇▇▇▇, MAC X2401-042
With a copy to:
▇▇▇▇▇ Fargo Bank, National Association
▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Attention: General Counsel, MAC X2401-06T
and
▇▇▇▇▇ Fargo Bank, National Association
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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 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 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
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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.
[SIGNATURE PAGE FOLLOWS]
13
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
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 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/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Its: Vice President Its: Assistant Vice President
Taxpayer Identification
Number:
Servicer
▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Its: Vice President
Taxpayer Identification
Number: ▇▇-▇▇▇▇▇▇▇
Acknowledged and Agreed:
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL I INC. ▇▇▇▇▇ FARGO BANK, NATIONAL
ASSOCIATION, AS MASTER SERVICER
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇ By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Its: Vice President Its:Vice President
Taxpayer Identification
Number:
14
SCHEDULE 1
THE TRUSTS
-----------------------------------------------------------------------------------------------------------------------------------
Transaction Name Servicing Pooling and Servicing Agreement Cut-off Date Transaction For Further
Transfer Date Closing Date Credit To
-----------------------------------------------------------------------------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ March 1, 2006 The Pooling and Servicing Agreement, January 1, 2006 January 31, 2006 50890500,
Mortgage Loan Trust dated as of January 1, 2006 by and MSM 2006-1AR
2006-1AR among the Depositor, the Master
Servicer and Securities
Administrator, and the Trustee
-----------------------------------------------------------------------------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ March 1, 2006 The Pooling and Servicing Agreement, January 1, 2006 January 31, 2006 50890600,
Mortgage Loan Trust dated as of January 1, 2006 by and MSM 2006-2
2006-2 among the Depositor, the Master
Servicer and Securities
Administrator, and the Trustee
-----------------------------------------------------------------------------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ March 1, 2006 The Pooling and Servicing Agreement, February 1, 2006 February 28, 2006 50896100,
Mortgage Loan Trust dated as of February 1, 2006 by and MSM 2006-3AR
2006-3AR among the Depositor, the Master
Servicer and Securities
Administrator, and the Trustee
-----------------------------------------------------------------------------------------------------------------------------------
15
SCHEDULE 2
SPECIFIED MORTGAGE LOANS
[delivered to Owner, Servicer and Master Servicer]
16
SCHEDULE 3
ASSIGNMENT ASSUMPTION AND RECOGNITION AGREEMENTS
--------------------------------------------------------------------------------
Transaction Name Assignment Agreement
--------------------------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan Trust The Assignment Assumption and Recognition
2006-1AR Agreement dated as of January 1, 2006
--------------------------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan Trust The Assignment Assumption and Recognition
2006-2 Agreement dated as of January 1, 2006
--------------------------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan Trust The Assignment Assumption and Recognition
2006-3AR Agreement dated as of February 1, 2006
--------------------------------------------------------------------------------
EXHIBIT A
▇▇▇▇▇ SERVICING AGREEMENT
[delivered to Owner, Servicer and Master Servicer]
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.
---------------------------------------------------------------------------------------------------
PROP_ADDRESS Street 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 MM/DD/YYYY
is due to the 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 MM/DD/YYYY
was filed.
---------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
has been approved by the courts
---------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal, Discharged
and/or a Motion For Relief Was Granted.
---------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was MM/DD/YYYY
Approved By The Servicer
---------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
Scheduled To End/Close
---------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
---------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the MM/DD/YYYY
servicer with instructions to begin
foreclosure proceedings.
---------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
---------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney MM/DD/YYYY
in a Foreclosure Action
---------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected to occur.
---------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
---------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the 2 No
foreclosure sale. commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction MM/DD/YYYY
of the borrower.
---------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession MM/DD/YYYY
of the property from the borrower.
---------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is 2 No
marketed. commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
---------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO 2 No
property. commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA MM/DD/YYYY
Admin or by the Servicer.
---------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
---------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
performed.
---------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
---------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the 2
property based on brokers price opinion
or appraisal.
---------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth 2
if repairs are 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 MM/DD/YYYY
With Mortgage Insurance Company.
---------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No
commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company MM/DD/YYYY
Disbursed Claim Payment
---------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid 2 No
On Claim commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
---------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool 2 No
Insurance Company commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
---------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No
Company 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 ($)
---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With MM/DD/YYYY
HUD
---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No
commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim MM/DD/YYYY
Payment
---------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No
commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the MM/DD/YYYY
Veterans Admin
---------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
---------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No
commas(,)
or dollar
signs ($)
---------------------------------------------------------------------------------------------------
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: ▇▇▇▇▇ 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 ▇▇▇▇▇
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 Text up to 10 digits 20
to define a group of loans.
------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to Text up to 10 digits 10
each loan by the investor.
------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan Text up to 10 digits 10
by the Servicer. This may be
different than the LOAN_NBR.
------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in Maximum length of 30 (Last, 30
the file. It is not separated by First)
first and last name.
------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar signs 11
scheduled interest payment that a ($)
borrower is expected to pay, P&I
constant.
------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported 4 Max length of 6 6
by the Servicer.
------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less 4 Max length of 6 6
the service fee rate as reported
by the Servicer.
------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan 4 Max length of 6 6
as reported by the Servicer.
------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a 2 No commas(,) or dollar signs 11
loan as reported by the Servicer. ($)
------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by 4 Max length of 6 6
the Servicer.
------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs 11
balance at the beginning of the ($)
processing cycle.
------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs 11
balance at the end of the ($)
processing cycle.
------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing MM/DD/YYYY 10
cycle that the borrower's next
payment is due to the Servicer, as
reported by Servicer.
------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated MM/DD/YYYY 10
with the first curtailment amount.
------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar signs 11
first curtailment amount, if ($)
applicable.
------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to 2 No commas(,) or dollar signs 11
be applied. ($)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated MM/DD/YYYY 10
with the second curtailment amount .
------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar signs 11
second curtailment amount, if ($)
applicable.
------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated MM/DD/YYYY 10
with the third curtailment amount.
------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,) or dollar signs 11
third curtailment amount, if ($)
applicable.
------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported MM/DD/YYYY 10
by the Servicer.
------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used Action Code Key: 2
to indicate the default/delinquent 15=Bankruptcy,
status of a particular loan. 30=Foreclosure, , 60=PIF,
63=Substitution,
65=Repurchase,70=REO
------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest 2 No commas(,) or dollar signs 11
adjustment as reported by the ($)
Servicer.
------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar signs 11
amount, if applicable. ($)
------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, 2 No commas(,) or dollar signs 11
if applicable. ($)
------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing 2 No commas(,) or dollar signs 11
as a loss, if applicable. ($)
------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding 2 No commas(,) or dollar signs 11
principal amount due at the ($)
beginning of the cycle date to be
passed through to investors.
------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance 2 No commas(,) or dollar signs 11
due to investors at the end of a ($)
processing cycle.
------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs 11
reported by the Servicer for the ($)
current cycle -- only applicable
for Scheduled/Scheduled Loans.
------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest 2 No commas(,) or dollar signs 11
amount less the service fee amount ($)
for the current cycle as reported
by the Servicer -- only applicable
for Scheduled/Scheduled Loans.
------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount 2 No commas(,) or dollar signs 11
collected by the Servicer for the ($)
current reporting cycle -- only
applicable for Actual/Actual Loans .
------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount 2 No commas(,) or dollar signs 11
less the service fee amount for ($)
the current reporting cycle as
reported by the Servicer -- only
applicable for Actual/Actual Loans .
------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs 11
borrower prepays on his loan as ($)
reported by the Servicer.
------------------------------------------------------------------------------------------------------------
2
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for 2 No commas(,) or dollar signs 11
the loan waived by the servicer. ($)
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha 30
or numeric
------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal 2 No commas(,) or dollar signs 11
and interest advances made by ($)
Servicer.
------------------------------------------------------------------------------------------------------------
3
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 approved Officer Certificate
* 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
------------------------ -------------------------- --------------------------
▇▇▇▇▇ 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 ________________(18a) HUD Part A
________________(18b) HUD Part B
(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 Penalties Interest
(Tax /Ins.) Coverage Amount
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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";
--------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
--------------------------------------------------------------------------------
Reference Criteria
--------------------------------------------------------------------------------
General Servicing Considerations
--------------------------------------------------------------------------------
Policies and procedures are instituted to monitor
any performance or other triggers and events of X
default in accordance with the transaction
1122(d)(1)(i) agreements.
--------------------------------------------------------------------------------
If any material servicing activities are
outsourced to third parties, policies and
procedures are instituted to monitor the third X
party's performance and compliance with such
1122(d)(1)(ii) servicing activities.
--------------------------------------------------------------------------------
Any requirements in the transaction agreements
to maintain a back-up servicer for the mortgage
1122(d)(1)(iii) 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 period X
in the amount of coverage required by and otherwise
in accordance with the terms of the transaction
1122(d)(1)(iv) 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 business X
days following receipt, or such other number of
1122(d)(2)(i) days specified in the transaction agreements.
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Disbursements made via wire transfer on behalf of
an obligor or to an investor are made only by X
1122(d)(2)(ii) authorized personnel.
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Advances of funds or guarantees regarding
collections, cash flows or distributions, and
any interest or other fees charged for such X
advances, are made, reviewed and approved as
1122(d)(2)(iii) specified in the transaction agreements.
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The related accounts for the transaction, such
as cash reserve accounts or accounts established
as a form of overcollateralization, are separately X
maintained (e.g., with respect to commingling of
1122(d)(2)(iv) cash) as set forth in the transaction agreements.
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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 to a foreign X
financial institution means a foreign financial
institution that meets the requirements of
1122(d)(2)(v) Rule 13k-1 (b)(1) of the Securities Exchange Act.
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1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent X
unauthorized access.
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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 the transaction X
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 number of
1122(d)(2)(vii) days specified in the transaction agreements.
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Investor Remittances and Reporting
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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) X
provide information 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
1122(d)(3)(i) of mortgage loans 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 X
1122(d)(3)(ii) forth in the 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 X
1122(d)(3)(iii) specified in the transaction agreements.
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Amounts remitted to investors per the investor
reports agree with cancelled checks, or other X
1122(d)(3)(iv) form of payment, or custodial bank statements.
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Pool Asset Administration
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Collateral or security on mortgage loans is
maintained as required by the transaction X
1122(d)(4)(i) agreements or related mortgage loan documents.
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Mortgage loan and related documents are
safeguarded as required by the transaction X
1122(d)(4)(ii) 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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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, or such X
other number of days specified in the transaction
agreements, and allocated to principal, interest
or other items (e.g., escrow) in
accordance with the related mortgage loan
1122(d)(4)(iv) documents.
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The Servicer's records regarding the mortgage
loans agree with the Servicer's records with X
1122(d)(4)(v) respect to an obligor's unpaid principal balance.
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Changes with respect to the terms or status of an
obligor's mortgage loans (e.g., loan modifications
or re-agings) are made, reviewed and approved by X
authorized personnel in accordance with the
transaction agreements and related pool asset
1122(d)(4)(vi) documents.
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Loss mitigation or recovery actions (e.g.,
forbearance plans, modifications and deeds in
lieu of foreclosure, foreclosures and
repossessions, as applicable) are initiated, X
conducted and
concluded in accordance with the timeframes or
other requirements established by the transaction
1122(d)(4)(vii) 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
1122(d)(4)(viii)temporary (e.g., illness or unemployment).
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Adjustments to interest rates or rates of return
for mortgage loans with variable rates are X
computed based on the related mortgage loan
1122(d)(4)(ix) documents.
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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 such funds is paid, or credited, to X
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 in the transaction
1122(d)(4)(x) 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 specified in the
1122(d)(4)(xi) 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 to the X
obligor, unless the late payment was due to the
1122(d)(4)(xii) obligor's error 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 such other number of X
1122(d)(4)(xiii)days specified in the transaction agreements.
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Delinquencies, charge-offs and uncollectible
accounts are recognized and recorded in accordance X
1122(d)(4)(xiv) 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 the
1122(d)(4)(xv) transaction agreements.
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[▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION]
[NAME OF SUBSERVICER]
Date:
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By:
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Name:
Title: