Exhibit 99.12d
EXECUTION COPY--Post Reg AB
OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated as of
December 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 Corp."), 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 Corp., 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 Corp. agreed to service the Specified
Mortgage Loans on behalf of each Trust pursuant to the terms of the related GMAC
Servicing Agreement;
WHEREAS, in October 2006, GMAC Corp. was succeeded in a merger by GMAC
Mortgage, LLC ("GMAC") and GMAC assumed the servicing of 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
1
in writing) and to sell to the Servicer, and the Servicer purchased from the
Owner the Servicing Rights and agrees to service the Specified Mortgage Loans,
subject to the terms hereof and the terms (servicing provisions only) of that
certain Seller's Warranties and Servicing Agreement (WFHM 2005-W102) attached as
Exhibit I 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 as modified by the provisions of
this Agreement.
In connection with the transfer of the Servicing Rights, the Servicer
agrees that, from and after the applicable Servicing Transfer Date as specified
on Schedule 1 attached hereto (each, a "Servicing Transfer Date"), each
Specified Mortgage Loan will be subject to, and serviced by the Servicer under,
the ▇▇▇▇▇ 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
2
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, waive or otherwise
alter any of the terms or provisions of the ▇▇▇▇▇ Servicing Agreement which
amendment, modification, waiver or other alteration would in any way affect the
Specified Mortgage Loans in any Trust or 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 3.03, Section 8.01 and Section 9.01(g) of the SWSA shall be
available to and for the benefit of the Owner, the Depositor and each Trust
(including the Trustee and the Master Servicer acting on that Trust's behalf),
as provided in the ▇▇▇▇▇ Servicing Agreement.
3
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 ▇▇▇▇▇▇ Mae-
or FHLMC-approved Person.
(c) Each of the Owner and the Servicer represents and warrants that this
Agreement has been duly authorized, executed and delivered by it and
(assuming due authorization, execution and delivery thereof by each
of the other parties hereto) constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its
terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally and by general equitable
principles (regardless of whether such enforcement is considered in
a proceeding in equity or at law) and in the case of the Servicer,
laws affecting the contract obligations of insured banks.
(d) The Servicer represents that, as of the date hereof, it has (i) a
servicing rating in the highest category of Fitch and ▇▇▇▇▇'▇ and
(ii) a servicer evaluation ranking in one of the two highest
categories of S&P.
(e) The Owner hereby represents that it has provided prior written
notice of the transfer of the servicing rights and the name of the
successor Servicer to the Rating Agencies.
5. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA with respect
to the Specified Mortgage Loans as follows:
(a) With respect to Article I, the term "Permitted Investments" is
hereby added to the Definitions, and shall have the meaning of such
term as defined in the Pooling and Servicing Agreement.
(b) With respect to Article I, the definition of "Static Pool
Information" shall be inapplicable.
(c) With respect to Article I, the definition of "Third-Party
Originator" shall be inapplicable.
(d) Section 3.01(i) (Selection Process), Section 3.01(k) (Sale
Treatment) and Section 3.01(m) (No Broker's Fees) of the SWSA shall
be inapplicable.
(e) Section 3.02 shall be inapplicable.
4
(f) The second sentence of the second paragraph of Section 4.01 is
hereby amended and restated in its entirety as follows:
"Unless the Mortgagor is in default with respect to the Mortgage
Loan or such default is, in the judgment of the Company, imminent,
the Company shall not permit any modification of any Mortgage Loan
that would change the Mortgage Interest Rate, defer or forgive the
payment of any principal or interest payments, reduce or increase
the outstanding principal amount (except for actual payments of
principal) or change the maturity date on such Mortgage Loan."
(g) The last paragraph of Section 4.04 is hereby amended and restated in
its entirety as follows:
"The foregoing requirements for deposit into the Custodial Account
shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, payments in the nature of
late payment charges and assumption fees, to the extent amounts on
deposit in Custodial Account may be invested at discretion of the
Seller in the Permitted Investments permitted by Section 6.01, need
not be deposited by the Company into the Custodial Account. Any
interest paid on funds deposited in the Custodial Account by the
depository institution from investment in the Permitted Investments
shall accrue to the benefit of the Company and the Company shall be
entitled to retain and withdraw such interest from the Custodial
Account pursuant to Section 4.05."
(h) Section 4.05(vii) is hereby amended to add the term "Monthly
Advances," prior to the term "Servicing Advances."
(i) The words "on or before the Remittance Date" are hereby deleted from
the first sentence of Section 4.17.
(j) The second sentence of the second paragraph of Section 5.01 is
hereby amended and restated in its entirety as follows:
"Such interest shall be deposited in the Custodial Account by the
Company on the date such late payment is made and shall cover the
period commencing with the day following the Business Day on which
such payment was due and ending with the Business Day on which such
payment is made, both inclusive."
(k) The first paragraph of Section 5.02 is hereby amended and restated
in its entirety as follows:
5
"Not later than the Remittance Report Date, the Company shall
furnish to the Purchaser in an electronic form the information
required by the reports attached hereto as Exhibit II, or a form
otherwise mutually agreed to by the Company and Purchaser, with a
trial balance report attached thereto, as to the remittance period
ending on the last day of the preceding month."
(l) The second paragraph of Section 6.02 is hereby amended and restated
in its entirety as follows:
"If the Company satisfies or releases a Mortgage (except pursuant to
a modification or liquidation pursuant to this agreement) without
first having obtained payment in full of the indebtedness secured by
the Mortgage or should the Company otherwise prejudice any rights
the Purchaser, the Trustee or the Trust Fund may have under the
mortgage instruments, the Company shall deposit into the Custodial
Account the entire outstanding principal balance, plus all accrued
interest on such Mortgage Loan, on the day preceding the Remittance
Date in the month following the date of such release. The Company
shall maintain the Fidelity Bond and Errors and Omissions Insurance
Policy as provided for in Section 4.12 insuring the Company against
any loss it may sustain with respect to any Mortgage Loan not
satisfied in accordance with the procedures set forth herein."
(m) Section 6.04 is hereby modified as follows:
(1) paragraph (i) is inapplicable; and
(2) the phrases "Purchaser and any Depositor" and "the Purchaser
and such Depositor" are hereby deleted and replaced with
"Master Servicer" and "such Master Servicer", respectively.
(n) Section 6.06 is hereby modified as follows:
6
(1) the phrases "Purchaser and any Depositor" and "the Purchaser and
such Depositor" are hereby deleted and replaced with "Master
Servicer" and "such Master Servicer", respectively;
(2) Section 6.06(i) is hereby amended by inserting at the end of
such subsection "(or those Servicing Criteria otherwise mutually
agreed to by the Purchaser, the Company and any Person that will be
responsible for signing any Sarbanes Certification with respect to a
Securitization Transaction in response to evolving interpretations
of Regulation AB)"; and
(o) The first word in Section 6.06(iv) is deleted and replaced in its
entirety with "deliver, and cause each Subservicer and Subcontractor
described in clause (iii) above to deliver,"
(p) The following parenthetical is inserted directly before the proviso
in the last sentence of the first paragraph of Section 6.07(i):
"(and if the Company is servicing any of the Mortgage Loans in a
Securitization Transaction, appoint a successor servicer reasonably
acceptable to the Master Servicer for such Securitization
Transaction)"
(q) Section 6.10 is inapplicable.
(r) Section 9.01(f)(i) is inapplicable.
(s) Section 9.01(f)(ii) is inapplicable.
(t) Section 9.01(f)(iii) is amended to require the Company to comply
with the obligations thereof in connection with the purchase of
servicing rights for the Specified Mortgage Loans.
(u) Section 9.01(f)(iii) is also amended by adding the following after
item (H):
"(I) a description of any affiliation or relationship of a type
described in Item 1119 of Regulation AB between the Servicer and any
of the following parties to a Securitization Transaction, as such
parties are identified to the Servicer by the Purchaser or any
Depositor in writing in advance of such Securitization Transaction:
(1) the sponsor;
(2) the depositor;
(3) the issuing entity;
(4) any servicer;
(5) any trustee;
(6) any originator;
7
(7) any significant obligor;
(8) any enhancement or support provider; and
(9) any other material transaction party."
(v) Section 9.01(f)(iv) is hereby amended and restated in its entirety
as follows:
"For the purpose of satisfying its reporting obligation under the
Exchange Act with respect to any class of asset-backed securities,
the Company shall (or shall cause each Subservicer to) (1) provide
prompt notice to the Purchaser, any Master Servicer and any
Depositor in writing of (A) any material litigation or governmental
proceedings pending against the Company or any Subservicer (B) any
affiliations or relationships that develop following the closing
date of a Securitization Transaction between the Company or any
Subservicer and any of the parties specified in Section
9.01(f)(iii)(I) (and any other parties identified in writing by the
requesting party) with respect to such Securitization Transaction,
(C) any Event of Default under the terms of this Agreement or any
Reconstitution Agreement, (D) any merger, consolidation or sale of
substantially all of the assets of the Company, and (E) the
Company's entry into an agreement with a Subservicer to perform or
assist in the performance of any of the Company's obligations under
this Agreement or any Reconstitution Agreement and (2) provide to
the Purchaser and any Depositor a description of such proceedings,
affiliations or relationships."
(w) Section 9.01(f)(vi) is hereby renumbered as 9.01(f)(viii), and the
following new Section 9.01(f)(vi) is hereby inserted as follows:
"(vi) In addition to such information as the Company, as servicer,
is obligated to provide pursuant to other provisions of this
Agreement, not later than ten (10) calendar days prior to the
deadline for the filing of any distribution report on Form 10-D in
respect of any Securitization Transaction that includes any of the
Mortgage Loans serviced by the Company or any Subservicer, the
Company or such Subservicer, as applicable, shall, to the extent the
Company or such Subservicer has knowledge, provide to the party
responsible for filing such report (including, if applicable, the
Master Servicer) notice of the occurrence of any of the following
events along with all information, data, and materials related
thereto as may be required to be included in the related
distribution report on Form 10-D (as specified in the provisions of
Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool
asset terms, fees, penalties or payments during the
distribution period or that have cumulatively become material
8
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)."
(x) Section 9.01(f)(vii) is hereby deleted in its entirety and
replaced with the following new Section 9.01(f)(vii) as
follows:
"(vii) The Company shall provide to the Purchaser, any Master
Servicer and any Depositor, evidence of the authorization of
the person signing any certification or statement, copies or
other evidence of Fidelity Bond Insurance and Errors and
Omission Insurance policy, financial information and reports,
and such other information related to the Company or any
Subservicer or the Company or such Subservicer's performance
hereunder."
(y) Section 9.01(g) is hereby amended and restated in its entirety
as follows:
"(g) The Company shall indemnify the Purchaser, each affiliate
of the Purchaser, and each of the following parties
participating in a Securitization Transaction or in connection
with the purchase of any servicing rights: each sponsor and
issuing entity; each Person responsible for the preparation,
execution or filing of any report required to be filed with
the Commission with respect to such Securitization
Transaction, or for execution of a certification pursuant to
Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with
respect to such Securitization Transaction; each broker dealer
acting as underwriter, placement agent or initial purchaser,
each Person who controls any of such parties or the Depositor
(within the meaning of Section 15 of the Securities Act and
Section 20 of the Exchange Act); and the respective present
and former directors, officers, employees and agents of each
of the foregoing and of the Depositor (each, an "Indemnified
Party"), and shall hold each of them harmless from and against
any losses, damages, penalties, fines, forfeitures, legal fees
and expenses and related costs, judgments, and any other
costs, fees and expenses that any of them may sustain arising
out of or based upon:
9
(i) (A) any untrue statement of a material fact contained or
alleged to be contained in any information, report,
certification, accountants' letter or other material provided
under Sections 4.25, 6.04(ii), 6.06, 9.01(e) and (f) by or on
behalf of the Company, or provided under Sections 4.25,
6.04(ii), 6.06, 9.01(e) and (f) by or on behalf of any
Subservicer, or Subcontractor (collectively, the "Company
Information"), or (B) the omission or alleged omission to
state in the Company Information a material fact required to
be stated in the Company Information or necessary in order to
make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, by way
of clarification, that clause (B) of this paragraph shall be
construed solely by reference to the Company Information and
not to any other information communicated in connection with a
sale or purchase of securities, without regard to whether the
Company Information or any portion thereof is presented
together with or separately from such other information;
(ii) any breach by the Company of its obligations under, or
any failure by the Company, any Subservicer or any
Subcontractor to deliver any information, report,
certification, accountants' letter or other material when and
as required under, Sections 4.25, 6.04(ii), 6.06, 9.01(e) and
(f), including any failure by the Company to identify any
Subcontractor "participating in the servicing function" within
the meaning of Item 1122 of Regulation AB; or
(iii) any breach by the Company of a representation or
warranty set forth in Section 9.01(f)(viii)(A) or in a writing
furnished pursuant to Section 9.01(f)(viii)(B) and made as of
a date prior to the closing date of the related Securitization
Transaction, to the extent that such breach is not cured by
such closing date, or any breach by the Company of a
representation or warranty in a writing furnished pursuant to
Section 9.01(f)(viii)(B) to the extent made as of a date
subsequent to such closing date; or
(iv) the negligence bad faith or willful misconduct of the
Company in connection with its performance under this Article
IX.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the Company
agrees that it shall contribute to the amount paid or payable by
such Indemnified Party as a result of any claims, losses, damages or
liabilities incurred by such Indemnified Party in such proportion as
is
10
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."
(z) The following paragraph is hereby incorporated into the SWSA as new
Section 13:
"Third Party Beneficiary. For purposes of this Agreement, including
but not limited to Subsections 6.04 and 6.06, any Master Servicer
shall be considered a third party beneficiary to this Agreement
entitled to all the rights and benefits accruing to any Master
Servicer herein as if it were a direct party to this Agreement."
(aa) Exhibit J is hereby replaced in its entirety with Exhibit III 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]
11
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
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 X2302-033
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
12
LaSalle Bank National Association, individually or personally, to perform any
covenant (either express or implied) contained herein, (iv) under no
circumstances shall LaSalle Bank National Association be personally liable for
the payment of any indebtedness or expenses of the Trust, or be liable for the
breach or failure of any obligation, representation, warranty or covenant made
or undertaken by any Trust under this Agreement and (v) all recourse for any
payment liability or other obligation of the assignee shall be had solely to the
assets of the affected Trust.
8. Governing Law
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without regard to conflicts of law principles,
and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
9. Modifications
No term or provision of this Agreement may be waived or modified unless
such waiver or modification is in writing and signed by the party against whom
such waiver or modification is sought to be enforced.
10. Successor and Assigns
This Agreement shall inure to the benefit of (i) the successors and
assigns of the parties hereto and (ii) the Trust (including the Trustee and the
Master Servicer acting on the Trust's behalf). Any entity into which the Owner,
the Depositor or the Servicer may be merged or consolidated shall, without the
requirement for any further writing, be deemed the Owner, the Depositor or the
Servicer, respectively, hereunder.
11. Continuing Effect
Except as contemplated by this Assignment, the SWSA shall remain in full
force and effect in accordance with its terms.
12. Counterparts
This Assignment may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument.
13. Definitions
Any capitalized term used but not defined in this Assignment has the same
meaning as in the SWSA.
14. Conflicts
In the event that any provision of this Agreement conflicts with any
provision of the SWSA with respect to the Specified Mortgage Loans, the terms of
this Agreement shall control.
13
[SIGNATURE PAGE FOLLOWS]
14
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: 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: Managing Director Its: Vice President
Taxpayer Identification
Number:
15
SCHEDULE 1
THE TRUSTS
-------------------------------- -------------------------- --------------------------------------------------------
Transaction Name Servicing Pooling and Servicing Agreement
Transfer Date
-------------------------------- -------------------------- --------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan December 1, 2006 The Pooling and Servicing Agreement, dated as of
Trust 2006-12XS September 1, 2006 by and among the Depositor, the
Master Servicer and Securities Administrator, and the
Trustee
-------------------------------- -------------------------- --------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan December 1, 2006 The Pooling and Servicing Agreement, dated as of
Trust 2006-13ARX September 1, 2006 by and among the Depositor, the
Master Servicer and Securities Administrator, and the
Trustee
-------------------------------- -------------------------- --------------------------------------------------------
-------------------------------- ---------------------- ------------------------ ------------------
Transaction Name Cut-off Date Transaction Closing For Further
Date Credit To
-------------------------------- ---------------------- ------------------------ ------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan September 1, 2006 September 29, 2006 50949200, MSM
Trust 2006-12XS 2006-12XS
-------------------------------- ---------------------- ------------------------ ------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan September 1, 2006 September 29, 2006 50949300, MSM
Trust 2006-13ARX 2006-13ARX
-------------------------------- ---------------------- ------------------------ ------------------
16
SCHEDULE 2
SPECIFIED MORTGAGE LOANS
[delivered to Owner, Servicer and Master Servicer]
17
SCHEDULE 3
ASSIGNMENT ASSUMPTION AND RECOGNITION AGREEMENTS
------------------------------------------------------------- ---------------------------------------------------------------
Transaction Name Assignment Agreement
------------------------------------------------------------- ---------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan Trust 2006-12XS The Assignment Assumption and Recognition Agreement dated as
of September 1, 2006
------------------------------------------------------------- ---------------------------------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Loan Trust 2006-13ARX The Assignment Assumption and Recognition Agreement dated as
of September 1, 2006
------------------------------------------------------------- ---------------------------------------------------------------
EXHIBIT I
▇▇▇▇▇ SERVICING AGREEMENT
[delivered to Owner, Servicer and Master Servicer]
2
EXHIBIT II
Exhibit IIA: 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.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
▇▇▇▇_▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Name and Number of Property
---------------------------------- -------------------------------------------------------------- ------------- ----------------
PROP_STATE The state where the property located.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
PROP_ZIP Zip code where the property is located.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the MM/DD/YYYY
servicer at the end of processing cycle, as reported by Servicer.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved MM/DD/YYYY
by the courts
---------------------------------- -------------------------------------------------------------- ------------- ----------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
Dismissal, Discharged and/or a Motion For Relief Was
Granted.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with MM/DD/YYYY
instructions to begin foreclosure proceedings.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property MM/DD/YYYY
from the borrower.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
OCCUPANT_CODE Classification of how the property is occupied.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
3
---------------------------------- -------------------------------------------------------------- ------------- ----------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
CURR_PROP_VAL The current "as is" value of the property based on brokers 2
price opinion or appraisal.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or appraisal.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
If applicable:
---------------------------------- -------------------------------------------------------------- ------------- ----------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
---------------------------------- -------------------------------------------------------------- ------------- ----------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on a
loan. Code indicates the reason why the loan is in default for
this cycle.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
---------------------------------- -------------------------------------------------------------- ------------- ----------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
---------------------------------- -------------------------------------------------------------- ------------- ----------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
---------------------------------- -------------------------------------------------------------- ------------- ----------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar
signs ($)
---------------------------------- -------------------------------------------------------------- ------------- ----------------
4
Exhibit IIB: 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
------------------------ ----------------------------------------------
009 FNMA-Distant employee transfer
------------------------ ----------------------------------------------
5
------------------------ ----------------------------------------------
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
------------------------ ----------------------------------------------
------------------------ ----------------------------------------------
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 IIC: Standard File Layout - Master Servicing
----------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SER_INVESTOR_NBR A value assigned by the Servicer to define a group Text up to 10 digits 20
of loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
LOAN_NBR A unique identifier assigned to each loan by the Text up to 10 digits 10
investor.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different than the LOAN_NBR.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
BORROWER_NAME The borrower name as received in the file. It is Maximum length of 30 (Last, First) 30
not separated by first and last name.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest 2 No commas(,) or dollar signs ($) 11
payment that a borrower is expected to pay, P&I
constant.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NET_INT_RATE The loan gross interest rate less the service fee 4 Max length of 6 6
rate as reported by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_FEE_RATE The servicer's fee rate for a loan as reported by 4 Max length of 6 6
the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_FEE_AMT The servicer's fee amount for a loan as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar signs ($) 11
beginning of the processing cycle.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end 2 No commas(,) or dollar signs ($) 11
of the processing cycle.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the MM/DD/YYYY 10
borrower's next payment is due to the Servicer, as
reported by Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY 10
curtailment amount.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_DATE_2 The curtailment date associated with the second MM/DD/YYYY 10
curtailment amount.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY 10
curtailment amount.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PIF_AMT The loan "paid in full" amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
Action Code Key: 15=Bankruptcy, 2
ACTION_CODE The standard FNMA numeric code used to indicate 30=Foreclosure, , 60=PIF,
the default/delinquent status of a particular loan. 63=Substitution, 65=Repurchase, 70=REO
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
INT_ADJ_AMT The amount of the interest adjustment as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar signs ($) 11
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if 2 No commas(,) or dollar signs ($) 11
applicable.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at 2 No commas(,) or dollar signs ($) 11
the beginning of the cycle date to be passed
through to investors.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_END_PRIN_BAL The scheduled principal balance due to investors 2 No commas(,) or dollar signs ($) 11
at the end of a processing cycle.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_PRIN_AMT The scheduled principal amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current cycle -- only applicable
for Scheduled/Scheduled Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current cycle as
reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting cycle -- only
applicable for Actual/Actual Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
ACTL_NET_INT The actual gross interest amount less the service 2 No commas(,) or dollar signs ($) 11
fee amount for the current reporting cycle as
reported by the Servicer -- only applicable for
Actual/Actual Loans.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
2
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived 2 No commas(,) or dollar signs ($) 11
by the servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
MOD_DATE The Effective Payment Date of the Modification for MM/DD/YYYY 10
the loan.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
MOD_TYPE The Modification Type. Varchar - value can be alpha or numeric 30
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or dollar signs ($) 11
advances made by Servicer.
----------------------- ---------------------------------------------------- ------- ---------------------------------------- ----
3
Exhibit IID : Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually and
all credits as separate line items. Claim packages are due on the
remittance report date. Late submissions may result in claims not being
passed until the following month. The Servicer is responsible to remit
all funds pending loss approval and /or resolution of any disputed
items.
(i)
(ii) The numbers on the 332 form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
-------------------------------------
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing fee
that would have been earned if all delinquent payments had been
made as agreed. For documentation, an Amortization Schedule from
date of default through liquidation breaking out the net interest
and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal Balance
of the Mortgage Loan as calculated on a monthly basis. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form -
breakdown required showing period of coverage, base tax, interest,
penalty. Advances prior to default require evidence of servicer
efforts to recover advances.
* For escrow advances - complete payment history
(to calculate advances from last positive escrow balance forward)
* Other expenses - copies of corporate advance history showing all
payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision and
WFB's Servicing Officer certification.
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
(iii) Credits:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney Letter of Proceeds
Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial proceeds
and line (18b) for Part B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13. If the amount
represents a realized gain, show the amount in parenthesis ( ).
Exhibit IE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
------------------------ ------------------------ ------------------------
| Servicer Loan No. | | Servicer Name | | Servicer Address |
| | | | | |
| | | | | |
------------------------ ------------------------ ------------------------
▇▇▇▇▇ FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: _________________________________________________________
Property Address: ________________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount __________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $ ___________ (1)
(2) Interest accrued at Net Rate ___________ (2)
(3) Accrued Servicing Fees ___________ (3)
(4) Attorney's Fees ___________ (4)
(5) Taxes (see page 2) ___________ (5)
(6) Property Maintenance ___________ (6)
(7) MI/Hazard Insurance Premiums (see page 2) ___________ (7)
(8) Utility Expenses ___________ (8)
(9) Appraisal/BPO ___________ (9)
(10) Property Inspections ___________ (10)
(11) FC Costs/Other Legal Expenses ___________ (11)
(12) Other (itemize) ___________ (12)
Cash for Keys__________________________ ___________ (12)
HOA/Condo Fees_________________________ ___________ (12)
_______________________________________ ___________ (12)
Total Expenses $ ___________ (13)
Credits:
(14) Escrow Balance $ ___________ (14)
(15) HIP Refund ___________ (15)
(16) Rental Receipts ___________ (16)
(17) Hazard Loss Proceeds ___________ (17)
(18) Primary Mortgage Insurance / Gov't Insurance
HUD Part A ___________ (18a)
HUD Part B ___________ (18b)
(19) Pool Insurance Proceeds ___________ (19)
(20) Proceeds from Sale of Acquired Property ___________ (20)
(21) Other (itemize) ___________ (21)
_________________________________________ ___________ (21)
Total Credits $ ___________ (22)
Total Realized Loss (or Amount of Gain) $ ___________ (23)
Escrow Disbursement Detail
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
EXHIBIT III
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
----------------------------------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor any performance or
other triggers and events of default in accordance with the transaction X
1122(d)(1)(i) agreements.
----------------------------------------------------------------------------------------------------------------------
If any material servicing activities are outsourced to third parties,
policies and procedures are instituted to monitor the third party's X
1122(d)(1)(ii) performance and compliance with such servicing activities.
----------------------------------------------------------------------------------------------------------------------
Any requirements in the transaction agreements to maintain a back-up
1122(d)(1)(iii) servicer for the mortgage loans are maintained.
----------------------------------------------------------------------------------------------------------------------
A fidelity bond and errors and omissions policy is in effect on the
party participating in the servicing function throughout the reporting X
period in the amount of coverage required by and otherwise in accordance
1122(d)(1)(iv) with the terms of the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
----------------------------------------------------------------------------------------------------------------------
Payments on mortgage loans are deposited into the appropriate custodial
bank accounts and related bank clearing accounts no more than two X
business days following receipt, or such other number of days specified
1122(d)(2)(i) in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Disbursements made via wire transfer on behalf of an obligor or to an X
1122(d)(2)(ii) investor are made only by authorized personnel.
----------------------------------------------------------------------------------------------------------------------
Advances of funds or guarantees regarding collections, cash flows or
distributions, and any interest or other fees charged for such advances, X
are made, reviewed and approved as specified in the transaction
1122(d)(2)(iii) agreements.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
The related accounts for the transaction, such as cash reserve accounts
or accounts established as a form of overcollateralization, are
separately maintained (e.g., with respect to commingling of cash) as set X
1122(d)(2)(iv) forth in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Each custodial account is maintained at a federally insured depository
institution as set forth in the transaction agreements. For purposes of
this criterion, "federally insured depository institution" with respect X
to a foreign financial institution means a foreign financial institution
that meets the requirements of Rule 13k-1 (b)(1) of the Securities
1122(d)(2)(v) Exchange Act.
----------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized access. X
----------------------------------------------------------------------------------------------------------------------
Reconciliations are prepared on a monthly basis for all asset-backed
securities related bank accounts, including custodial accounts and
related bank clearing accounts. These reconciliations are (A)
mathematically accurate; (B) prepared within 30 calendar days after the
bank statement cutoff date, or such other number of days specified in X
the transaction agreements; (C) reviewed and approved by someone other
than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved
within 90 calendar days of their original identification, or such other
1122(d)(2)(vii) number of days specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
--------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
Reports to investors, including those to be filed with the Commission,
are maintained in accordance with the transaction agreements and
applicable Commission requirements. Specifically, such reports (A) are
prepared in accordance with timeframes and other terms
set forth in the transaction agreements; (B) provide information X
calculated in accordance with the terms specified in the transaction
agreements; (C) are filed with the Commission as required by its rules
and regulations; and (D) agree with investors' or the trustee's records
as to the total unpaid principal balance and number of mortgage loans
1122(d)(3)(i) serviced by the Servicer.
----------------------------------------------------------------------------------------------------------------------
Amounts due to investors are allocated and remitted in accordance with
timeframes, distribution priority and other terms set forth in the X
1122(d)(3)(ii) transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Disbursements made to an investor are posted within two business days to
the Servicer's investor records, or such other number of days specified X
1122(d)(3)(iii) in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Amounts remitted to investors per the investor reports agree with
cancelled checks, or other form of payment, or custodial bank X
1122(d)(3)(iv) statements.
----------------------------------------------------------------------------------------------------------------------
Pool Asset Administration
----------------------------------------------------------------------------------------------------------------------
Collateral or security on mortgage loans is maintained as required by X
1122(d)(4)(i) the transaction agreements or related mortgage loan documents.
----------------------------------------------------------------------------------------------------------------------
Mortgage loan and related documents are safeguarded as required by the X
1122(d)(4)(ii) transaction agreements
----------------------------------------------------------------------------------------------------------------------
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.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
Payments on mortgage loans, including any payoffs, made in accordance
with the related mortgage loan documents are posted to the Servicer's
obligor records maintained no more than two business days after receipt, X
or such other number of days specified in the transaction agreements,
and allocated to principal, interest or other items (e.g., escrow) in
1122(d)(4)(iv) accordance with the related mortgage loan documents.
----------------------------------------------------------------------------------------------------------------------
The Servicer's records regarding the mortgage loans agree with the
Servicer's records with respect to an obligor's unpaid principal X
1122(d)(4)(v) balance.
----------------------------------------------------------------------------------------------------------------------
Changes with respect to the terms or status of an obligor's mortgage X
loans (e.g., loan modifications or re-agings) are made, reviewed and
approved by authorized personnel in accordance with the transaction
1122(d)(4)(vi) agreements and related pool asset documents.
----------------------------------------------------------------------------------------------------------------------
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance plans, X
modifications and deeds in lieu of foreclosure, foreclosures and
repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements
established by the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Records documenting collection efforts are maintained during the period
a mortgage loan is delinquent in accordance with the transaction
agreements. Such records are maintained on at least a monthly basis, or
such other period specified in the transaction agreements, and X
describe the entity's activities in monitoring delinquent mortgage loans
including, for example, phone calls, letters and payment rescheduling
plans in cases where delinquency is deemed temporary (e.g., illness or
1122(d)(4)(viii) unemployment).
----------------------------------------------------------------------------------------------------------------------
Adjustments to interest rates or rates of return for mortgage loans with
variable rates are computed based on the related mortgage loan X
1122(d)(4)(ix) documents.
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------
Regarding any funds held in trust for an obligor (such as escrow
accounts): (A) such funds are analyzed, in accordance with the
obligor's mortgage loan documents, on at least an annual basis, or such
other period specified in the transaction agreements; (B) interest on X
such funds is paid, or credited, to obligors in accordance with
applicable mortgage loan documents and state laws; and (C) such funds
are returned to the obligor within 30 calendar days of full repayment of
the related mortgage loans, or such other number of days specified
1122(d)(4)(x) in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Payments made on behalf of an obligor (such as tax or insurance
payments) are made on or before the related penalty or expiration dates,
as indicated on the appropriate bills or notices for such payments, X
provided that such support has been received by the servicer at least 30
calendar days prior to these dates, or such other number of days
1122(d)(4)(xi) specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Any late payment penalties in connection with any payment to be made on
behalf of an obligor are paid from the servicer's funds and not charged X
to the obligor, unless the late payment was due to the obligor's error
1122(d)(4)(xii) or omission.
----------------------------------------------------------------------------------------------------------------------
Disbursements made on behalf of an obligor are posted within two
business days to the obligor's records maintained by the servicer, or X
1122(d)(4)(xiii) such other number of days specified in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Delinquencies, charge-offs and uncollectible accounts are recognized and X
1122(d)(4)(xiv) recorded in accordance with the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
Any external enhancement or other support, identified in Item 1114(a)(1)
through (3) or Item 1115 of Regulation AB, is maintained as set forth in
1122(d)(4)(xv) the transaction agreements.
----------------------------------------------------------------------------------------------------------------------
[▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION]
[NAME OF SUBSERVICER]
Date:___________________________________
By: ___________________________________
Name:
Title: