Back to top

ASSIGNMENT AND ASSUMPTION AGREEMENT

Assignment and Assumption Agreement

ASSIGNMENT AND ASSUMPTION AGREEMENT You are currently viewing:
This Assignment and Assumption Agreement involves

RAMP SERIES 2006-RS6 TRUST | Residential Asset Mortgage Products, Inc., | Residential Funding Company, LLC,

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: ASSIGNMENT AND ASSUMPTION AGREEMENT
Governing Law: New York     Date: 11/14/2006

Search Assignment and Assumption Agreement by:

Document Title:

Entire Document: (optional)

50 of the Top 250 law firms use our Products every day
ASSIGNMENT AND ASSUMPTION AGREEMENT
 
                   ASSIGNMENT AND ASSUMPTION AGREEMENT
 
      ASSIGNMENT  AND  ASSUMPTION  AGREEMENT,  dated  as of  October  30,
2006,  between  Residential  Funding  Company,  LLC, a  Delaware  limited
liability  company  ("RFC"),  and  Residential Asset  Mortgage  Products,
Inc., a Delaware corporation (the "Company").
 
                                Recitals
 
A.    RFC has entered into seller  contracts  ("Seller  Contracts")  with
the seller/servicers.
 
B.    The Company  wishes to purchase  from RFC  certain  Mortgage  Loans
(as hereinafter  defined)  originated  pursuant  to the Seller  Contracts
with respect thereto.
 
C.    The  Company,  RFC,  as master  servicer,  and U.S.  Bank  National
Association,  as trustee  and  supplemental  interest  trust trustee (the
"Trustee" and the "Supplemental  Interest Trust Trustee,"  respectively),
are  entering  into  a  Pooling  and  Servicing  Agreement,  dated  as of
October 30, 2006 (the  "Pooling and  Servicing  Agreement"),  pursuant to
which the Trust  proposes  to issue  Mortgage  Asset-Backed  Pass-Through
Certificates,   Series  2006-RS6  (the   "Certificates")   consisting  of
seventeen  classes  designated as Class A-1,  Class A-2, Class A-3, Class
A-4,  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5, Class M-6,
Class M-7, Class M-8,  Class M-9,  Class B, Class SB, Class R-I and Class
R-II  Certificates  representing  beneficial  ownership  interests  in  a
trust fund  consisting  primarily of a pool of mortgage loans  identified
in  Exhibit G to the  Pooling  and  Servicing  Agreement  (the  "Mortgage
Loans").
 
D.    In  connection  with  the  purchase  of  the  Mortgage  Loans,  the
Company  will  assign  to or at the  direction  of RFC the  Class R-I and
Class R-II Certificates (collectively, the "Retained Certificates").
 
E.    In  connection  with the  purchase  of the  Mortgage  Loans and the
issuance   of   the   Certificates,    RFC   wishes   to   make   certain
representations  and  warranties to the Company and to assign  certain of
its rights under the Seller  Contracts  to the  Company,  and the Company
wishes  to  assume  certain  of  RFC's   obligations   under  the  Seller
Contracts.
 
F.    The  Company  and RFC  intend  that  the  conveyance  by RFC to the
Company  of all its  right,  title and  interest  in and to the  Mortgage
Loans  pursuant to this  Agreement  shall  constitute a purchase and sale
and not a loan.
 
      NOW  THEREFORE,  in  consideration  of the  recitals and the mutual
promises  herein and other good and valuable  consideration,  the parties
agree as follows:
 
1.    All  capitalized  terms used but not defined  herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.
 
2.    Concurrently  with the  execution and delivery  hereof,  RFC hereby
assigns to the  Company  without  recourse  all of its  right,  title and
interest  in  and to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with  respect to the  Mortgage  Loans after the
Cut-off Date (other than  payments of  principal  and interest due on the
Mortgage Loans in October,  2006). In  consideration  of such assignment,
RFC will receive from the Company,  in immediately  available  funds,  an
amount  equal  to  $380,203,455.70  and  the  Retained  Certificates.  In
connection with such assignment and at the Company's  direction,  RFC has
in respect of each  Mortgage  Loan  endorsed  the related  Mortgage  Note
(other  than any  Destroyed  Mortgage  Note) to the order of the  Trustee
and  delivered  an  assignment  of  mortgage  in  recordable  form to the
Trustee or its agent.  A Destroyed  Mortgage  Note means a Mortgage  Note
the original of which was permanently lost or destroyed.
 
      The  Company  and RFC  intend  that  the  conveyance  by RFC to the
Company  of all its  right,  title and  interest  in and to the  Mortgage
Loans  pursuant to this Section 2 shall be, and shall be construed  as, a
sale of the Mortgage  Loans by RFC to the Company.  It is,  further,  not
intended  that such  conveyance  be deemed to be a pledge of the Mortgage
Loans by RFC to the  Company  to  secure a debt or  other  obligation  of
RFC.  However,  in the  event  that  the  Mortgage  Loans  are held to be
property of RFC, or if for any reason  this  Agreement  is held or deemed
to  create  a  security  interest  in  the  Mortgage  Loans,  then  it is
intended  that (a) this  Agreement  shall also be deemed to be a security
agreement  within  the  meaning  of  Articles  8 and 9 of  the  Minnesota
Uniform  Commercial  Code and the  Uniform  Commercial  Code of any other
applicable  jurisdiction;   (b)  the  conveyance  provided  for  in  this
Section  shall  be  deemed  to be a  grant  by RFC to  the  Company  of a
security  interest in all of RFC's right  (including  the power to convey
title  thereto),  title and  interest,  whether  now  owned or  hereafter
acquired,  in and to (A) the  Mortgage Loans,  including (i) with respect
to  each   Cooperative   Loan,  the  related   Mortgage  Note,   Security
Agreement,   Assignment   of   Proprietary   Lease,   Cooperative   Stock
Certificate,  Cooperative  Lease,  any  insurance  policies and all other
documents  in the  related  Mortgage  File and (ii) with  respect to each
Mortgage  Loan other than a Cooperative  Loan,  the Mortgage  Notes,  the
Mortgages,  any related  insurance  policies  and all other  documents in
the  related  Mortgage  Files,  (B) all amounts  payable  pursuant to the
Mortgage  Loans in accordance  with the terms thereof and (C) any and all
general  intangibles,  payment  intangibles,   accounts,  chattel  paper,
instruments,   documents,   money,  deposit  accounts,   certificates  of
deposit,  goods,  letters  of credit,  advices  of credit and  investment
property  and  other  property  of  whatever  kind  or  description   now
existing or hereafter  acquired  consisting  of, arising from or relating
to any of the foregoing,  and all proceeds of the  conversion,  voluntary
or involuntary,  of the foregoing into cash,  instruments,  securities or
other property,  including,  without limitation, all amounts from time to
time  held  or  invested  in the  Certificate  Account  or the  Custodial
Account,  whether in the form of cash,  instruments,  securities or other
property;  (c) the possession by the Trustee,  the Custodian or any other
agent of the  Trustee of  Mortgage  Notes or such other items of property
as constitute  instruments,  money, negotiable documents or chattel paper
shall be deemed to be  "possession by the secured  party",  or possession
by  a  purchaser  or  a  person   designated  by  him,  for  purposes  of
perfecting  the  security  interest  pursuant  to the  Minnesota  Uniform
Commercial Code and the Uniform  Commercial Code of any other  applicable
jurisdiction  (including,  without  limitation,  Section 9-305,  8-313 or
8-321 thereof);  and (d)  notifications to persons holding such property,
and  acknowledgments,  receipts or  confirmations  from  persons  holding
such  property,  shall be deemed  notifications  to, or  acknowledgments,
receipts or  confirmations  from,  financial  intermediaries,  bailees or
agents (as  applicable)  of the  Trustee  for the  purpose of  perfecting
such security  interest under  applicable  law. RFC shall,  to the extent
consistent  with this Agreement,  take such reasonable  actions as may be
necessary  to ensure  that,  if this  Agreement  were  deemed to create a
security   interest  in  the  Mortgage   Loans  and  the  other  property
described  above,  such  security  interest  would  be  deemed  to  be  a
perfected  security  interest of first priority under  applicable law and
will  be  maintained  as such  throughout  the  term  of this  Agreement.
Without  limiting the generality of the foregoing,  RFC shall prepare and
deliver to the  Company  no less than 15 days  prior to any filing  date,
and the Company  shall file,  or shall cause to be filed,  at the expense
of RFC,  all filings  necessary  to  maintain  the  effectiveness  of any
original  filings  necessary  under  the  Uniform  Commercial  Code as in
effect in any  jurisdiction  to perfect the Company's  security  interest
in  or  lien  on  the  Mortgage  Loans   including   without   limitation
(x) continuation  statements  and (y)  such  other  statements  as may be
occasioned  by (1) any  change  of name  of RFC or the  Company,  (2) any
change of  location of the state of  formation,  place of business or the
chief  executive  office of RFC, or (3) any  transfer of any  interest of
RFC in any Mortgage Loan.
 
3.    Concurrently  with the execution and delivery  hereof,  the Company
hereby  assigns to or at the  direction  of RFC without  recourse  all of
its right,  title and  interest in and to the  Retained  Certificates  as
part of the  consideration  payable  to RFC by the  Company  pursuant  to
this Agreement.
 
4.    RFC  represents  and warrants to the Company,  with respect to each
Mortgage  Loan that on the date of  execution  hereof (or,  if  otherwise
specified below, as of the date so specified),
 
(a)   The  information  set forth in the Mortgage  Loan Schedule for such
      Mortgage  Loans is true and correct in all material  respects as of
      the date or dates respecting which such information is furnished;
 
(b)   Each  Mortgage  Loan   constitutes  a  qualified   mortgage   under
      Section 860G(a)(3)(A)  of the Code and Treasury Regulations Section
      1.860G-2(a)(1);
 
(c)   Immediately  prior to the  conveyance of the Mortgage  Loans to the
      Trustee,  RFC had good title to,  and was the sole  owner of,  each
      Mortgage Loan free and clear of any pledge,  lien,  encumbrance  or
      security  interest  (other  than  rights to  servicing  and related
      compensation) and such conveyance  validly  transfers  ownership of
      the  Mortgage  Loans to the  Trustee  free and clear of any pledge,
      lien, encumbrance or security interest;
 
(d)   Each  Mortgage  Note   constitutes  a  legal,   valid  and  binding
      obligation of the  Mortgagor  enforceable  in  accordance  with its
      terms  except  as  limited  by  bankruptcy,   insolvency  or  other
      similar laws  affecting  generally  the  enforcement  of creditors'
      rights;
 
(e)   To the best of RFC's  knowledge as of the Cut-off Date,  and except
      as noted in (h) below,  there is no default,  breach,  violation or
      event of  acceleration  existing  under the  terms of any  Mortgage
      Note or Mortgage  and no event  which,  with notice and  expiration
      of any grace or cure period,  would  constitute a default,  breach,
      violation  or  event  of  acceleration   under  the  terms  of  any
      Mortgage Note or Mortgage, and no such default,  breach,  violation
      or event of  acceleration  has been  waived  by RFC or by any other
      entity involved in servicing a Mortgage Loan;
 
(f)   Each  of  the   Mortgage   Loans  with   Loan-to-Value   Ratios  at
      origination  in  excess  of  80%  will  be  insured  by  a  Primary
      Insurance  Policy  covering  the  amount of such  Mortgage  Loan in
      excess of 75% except for up to 15.1% of the Mortgage  Loans,  which
      are Mortgage  Loans with a  Loan-to-Value  Ratio at  origination in
      excess of 80% that are not insured by a Primary Insurance Policy;
 
(g)   The related  Mortgagor is not currently in  bankruptcy  proceedings
      with respect to any of the Mortgage Loans;
 
(h)   As of the Cut-Off  Date,  none of the  Mortgage  Loans are 30 to 59
      days  delinquent  in payment of principal  and interest and none of
      the  Mortgage  Loans are 60 or more days  Delinquent  in payment of
      principal and interest;
 
(i)   None of the Mortgage Loans are Buy-Down Mortgage Loans;
 
(j)   To the  best of RFC's  knowledge,  there  is no  delinquent  tax or
      assessment lien against any related Mortgaged Property;
 
(k)   No   Mortgagor   has  any  valid   right  of  offset,   defense  or
      counterclaim  as to the related  Mortgage Note or Mortgage,  except
      as may be provided under the Servicemembers Civil Relief Act;
 
(l)   No  Mortgage  Loan  provides  for  payments  that  are  subject  to
      reduction by  withholding  taxes levied by any foreign  (non-United
      States) sovereign government;
 
(m)   (1) The proceeds of each  Mortgage  Loan have been fully  disbursed
      and (2) to the best of  RFC's  knowledge,  there is no  requirement
      for future advances  thereunder and any and all  requirements as to
      completion  of any  on-site  or  off  site  improvements  and as to
      disbursements  of any escrow funds therefore  (including any escrow
      funds held to make  Monthly  Payments  pending  completion  of such
      improvements)   have  been  complied  with.  All  costs,  fees  and
      expenses  incurred in making,  closing or  recording  the  Mortgage
      Loans were paid;
 
(n)   To the best of  RFC's  knowledge,  with  respect  to each  Mortgage
      Loan,  there are no mechanics'  liens or claims for work,  labor or
      material  affecting  any Mortgaged  Property  which are or may be a
      lien prior to, or equal  with,  the lien of the  related  Mortgage,
      except  such liens that are  insured  or  indemnified  against by a
      title insurance policy;
 
(o)   With respect to each  Mortgage  Loan,  a policy of title  insurance
      was  effective as of the closing of each  Mortgage  Loan,  is valid
      and  binding,  and  remains  in full force and  effect,  unless the
      Mortgaged  Properties  are  located  in the  State  of Iowa  and an
      attorney's certificate has been provided;
 
(p)   Each  Mortgaged  Property  is free of damage and in good repair and
      no notice of  condemnation  has been given with respect thereto and
      RFC knows of nothing  involving any  Mortgaged  Property that could
      reasonably  be expected to  materially  adversely  affect the value
      or marketability of any Mortgaged Property;
 
(q)   Each Mortgage contains  customary and enforceable  provisions which
      render the rights and
  search for free
browse for free
learn more