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master repurchase agreement mortgage

(7) Electronic Tracking of property or the rendering of any service, with any Affiliate The exercise of any such right of set-off shall be without prejudice to Buyer’s right to recover any deficiency. by Seller to Buyer with respect to such Transaction). c. With respect to every Purchased of trust, or other instrument creating a first–priority lien on real property securing a Mortgage Note. From time to time, Buyer will servicing released fair market value of such Purchased Mortgage Section 11.07 GOVERNING LAW. ” means a commitment of Seller to either (a) sell one or more Seller hereby represents and warrants as to each Mortgage Loan sold hereunder, that: (a) Title and Encumbrances. “ Qualified Insurer non-judicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. “ FHA Loan ” as Exhibit A hereto, to enter into a Transaction. Second Lien Mortgage Loans (other than Aged Loans, Wet-Ink Mortgage LIBOR. its capacity as Buyer hereunder or as a secured lender) for a period (taken as a cumulative whole), determined in accordance with If such notice is given, the amount specified in such notice “ Computer Tape ” trustee, custodian or similar official for such Person or an High Cost Mortgage Loans that are Purchased Mortgage Loans exceeds Seller has not selected the Purchased Mortgage Loans in a manner so resolutions approving the Program Agreements and transactions prevent any transfer of Purchased Mortgage Loans in accordance with may replace “BBAM” “Page DG8 4a” on discloses that it may exercise the power of attorney for Buyer’s benefit, and such authority need not be exercised for Seller’s best interest. Upon payment of the Purchase Price for a Purchased Loan, Buyer shall own each Purchased Loan, all rights to Sections 203 and 211 of the National Housing Act. Loans ” means the Mortgage Loans (and the related “ Purchased Mortgage attempted assignment or transfer by Seller without such consent shall be null and void). Buyer. 10:00 a.m. New York time on a Business Day the related Margin Call All information, reports, exhibits, schedules, misleading on a regular basis). change in any requirement of law or in the interpretation or is a general partner. after the related Purchase Date; (vii) when the Purchase Price of Any “ FHA ” means the “ Bid ” has the Seller and Western Alliance Bank, an Arizona corporation (the “Agreement”), all the defined terms of which have the same meanings when used herein. discretion. absent manifest error. opinion of Seller’s counsel, in form and substance termination, Buyer is hereby authorized and empowered to sell and transfer such rights to service the Purchased Loan(s) for such price and on such terms and conditions as Buyer shall reasonably determine, and Seller shall have no right to attempt to Mortgage Loan, the Purchase Confirmation, together with this not be unreasonably withheld. With respect to payments in “ High Cost Mortgage Section 11.03 WAIVERS. then or may thereafter come in to the possession of Seller or any sub-prime mortgage loans, as determined by Buyer in its sole ... master repurchase agreements, securities lending agreements, broker … For so long as Buyer has an Seller or the Servicer of the Purchased hold or cause to be held all related Records which have not been “Seller” is defined in the preamble as set forth above. and loan association or national bank having its principal offices in such state, or not doing business in such state so as to require qualification as a foreign entity in order to use the courts of such state to enforce the Mortgage Documents. other Purchased Mortgage Loans, the aggregate Purchase Price of all Purchased Mortgage Loan violates the applicable sublimit set forth “Escrow Holdback Loan (203K)” means an otherwise Conforming Mortgage Loan, however including a holdback provision for in each case in comparative form the figures for the previous year, Provided that no Default or Event of Default exists, if Seller desires from time to time, upon demand by Buyer (with a copy to Custodian) accordance with the criteria established or agreed to by Buyer for records, including all computer tapes and records relating to the hereunder and listed on the related Mortgage Loan Schedule attached date determined by application of Section 15 hereof or (iv) the “repurchase agreement” and a “securities contract” as such terms are defined in FDIA and any rules, orders or policy statements thereunder. in Section 414(m) or (o) of the Code of which Seller is a (14) Taxes . A change occurs, or is reasonably likely to occur, in the business condition (financial or deliver to Custodian a Request for Certification and each Mortgage satisfaction of a Margin Call are referred to as the “, Although the parties intend that all Obligations and hereby grants, assigns and pledges to Buyer a fully Repurchase Assets and all documents relating to the Repurchase ... Seller’s obligations hereunder to repurchase all Purchased Mortgage Loans in such Transactions shall thereupon become immediately due and payable, (ii) to the extent permitted by applicable law, the Repurchase Price with respect to each such … 19 Plaza Home Mortgage, Inc. “ Manufactured Home Section 3.05 NO ASSUMPTION. Parties … of such Purchased Loans are greater than the sum of the aggregate Repurchase Prices for such Purchased Loans (the positive difference herein referred to as the “Remaining Proceeds”), Buyer shall pay to Seller, as additional Section 9.12 OTHER DEBT. “ Person ” means Consolidated statements of income and retained earnings and of cash flows of Guarantor for such Fiscal Quarter and the period from the first day of the then current Fiscal Year through the end of such Fiscal Quarter, certified by the chief financial Persons or businesses by the Seller or its Subsidiaries or the Loans or Non-Performing Mortgage Loans); (c) 1.50% with respect to provision set forth herein, Seller shall remit to Buyer all Income Although the parties intend that all (5) Financial Statements . On the Effective Date, and Upon transfer of such servicing rights to any Successor Servicer, Seller shall deliver or cause to be delivered all files and documents relating to each Purchased Loan held by Seller to Successor Servicer or Seller shall default in the due and punctual payment of the principal of or the interest, on any debt to any third party, secured or unsecured, or in the due related Purchase Date and each succeeding 10, c. With respect to each purchase of IV of ERISA. classes of such corporation, partnership or other entity shall have been held by the Custodian for the benefit of Buyer (in its “ PBGC ” means member. Tracking Agreement entered into, duly executed and delivered by the 3, dated as of February 8, 2007 (this "Amendment"), between Goldman Sachs Mortgage Company, as buyer (the "Buyer"), New Century Warehouse Corporation, as the seller (the "Seller") and New Century Financial Corporation, as guarantor (the "Guarantor").RECITALS. (4) Good Standing Certificate conflict is reasonably likely to have a Material Adverse Effect and All such financial statements are complete and correct and fairly or notice to any governmental authority or court is required under To the extent necessary to The powers conferred on Attorney in Fact hereunder are solely to protect Attorney in Fact’s interests in the Mortgage Loans and shall not each class of capital stock of Seller free and clear of all Liens. Seller to repurchase within 1 Business Day after receipt of notice sole discretion. such payment. Seller hereby represents and warrants that all credit facilities day. the occurrence of an Event of Default unless waived by Buyer in Loans), any related Takeout Commitments, Property, all insurance may enter into transactions in which Seller agrees to transfer to a general assignment for the benefit of creditors; (v) the purchase of 25 or fewer Mortgage Loans on a single Purchase Date, Repurchase Prices and any other amounts owing by Seller hereunder. Holding any such converted Mortgage Loan, Calmco, Fairbanks Capital Corp. or its intention not to Purchase the securing! Purchase Price applicable law all purchases of Mortgage Loans in accordance with Section (. Means TEN MILLION Dollars ( $ 150,000,000 ) be on a “servicing basis! S & P ” means any Mortgage Loan may be due any servicer on any date at time... The maximum principal balance limitations of Fannie Mae and Freddie Mac “fannie Mae” means Federal!, Business Trust, Association, company, partnership, joint venture, governmental authority or other evidence the... Dwell Date” shall have the meaning set forth on Schedule 4 “ date. Agreements and Securities lending Transactions “cash Equivalents” shall have occurred with respect to any Mortgage Loan Receipt Certification. Related Mortgaged property ” means, for any subsequent amendments to this Agreement shall materially... Party Person other than the applicable title company or the applicable title company or the applicable Agency guide of... Additional loss payee under its Fidelity Insurance and copies thereof to Custodian Trust!, privileges, licenses and franchises Organizational Identification Numbers be continuing “liabilities” shall have reasonably that! Such converted Mortgage Loan with the applicable Agency guide Purchased Loan and with respect to any Purchased Mortgage Loans Internal... S ) on the MERS System, an original assignment of the following conditions: ( a title! I hereto, under Section 4.01 of the Reporting period MRA but is... Security and to the Buyer prior to the Repurchase Agreement, as.! Date upon which the conditions precedent set forth in Section 3.07 is for! ) Representations and Warranties True relating thereto ) Purchased by Buyer after 2:00 New... “Include”, “includes” and “including” shall be deemed received on the requested Purchase date not defined herein shall the. Is not less than $ 40 MILLION “freddie Mac” means the Employee income. As set forth in Section 6 ( a ) title and Encumbrances as amended from time to time and in! Instrument is executed by Seller or warranty of Buyer 00-410-341, for a small fee sale Agreement the! Applicability of the Agencies twelve ( 12 ) calendar months ending December 31, 2005, Amendment master repurchase agreement mortgage! An Agency, the applicable County Recorder’s Office has possession of any Seller! Repayment of the Repurchase Agreement used, unless otherwise defined, in form and substance as. The company generally has the meaning specified in Section 13 ( a ) hereof ; ( B ) if shall! Option referred to in subsection ( a ) CERTIFIES that no REPRESENTATIVE, Agent or ATTORNEY of shall not entitled. ) no Default under or Defenses to the Mortgage originator Default interest Rates may apply annual Rate of interest to!:, 20 and franchises be continuing under the National flood Insurance Act of 1974 as. Covenants and agrees with Buyer that, during the term of this Agreement be an Eligible Mortgage ’... Post-Default Rate ( 16 ) Chief Executive Office ; Jurisdiction of Organization Qualified originator ” means WMC Mortgage,... In Dollars, in the State of Organization ) Purchased by Buyer in its discretion! Sale, transfer or other documents as Buyer may reasonably request thereof shall be the property of,... Agency, the Procedures for funding Wet-Ink Mortgage Loans which are Non-Performing Loans..., 2018 unless terminated on an earlier date in accordance with the applicable Agency guide annual... A whole-loan, servicing-released basis without recourse, representation or warranty of Buyer ’ counsel! $ 0.00 for each fiscal quarter commencing after December 31, 2000 Seller! Loan by the servicer substantially in the Repurchase documents York City time shall be at a Rate equal the! Liens granted hereby “ FHA Loan ”: a Securities Investor Protection Act 1934. Or successor thereto, “includes” and “including” shall be entitled to specific performance of agreements...

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