ASSIGNMENT, ASSUMPTION AND
RECOGNITION AGREEMENT
among
GOLDMAN SACHS MORTGAGE
COMPANY,
as
Assignor
GS MORTGAGE SECURITIES
CORP.
as
Assignee
and
COUNTRYWIDE HOME LOANS
SERVICING LP,
as
Servicer
Dated as
of
January 1,
2007
ASSIGNMENT, ASSUMPTION AND
RECOGNITION AGREEMENT
This Assignment, Assumption and Recognition
Agreement (this “ Assignment Agreement ”) dated
as of January 1, 2007, among GS Mortgage Securities Corp., as
assignee (the “ Assignee ”), Goldman Sachs
Mortgage Company, a New York limited partnership (the “
Assignor ”) and Countrywide Home Loans Servicing LP,
as servicer (the “ Servicer ”):
WHEREAS, the Assignor and Countrywide Home
Loans, Inc. (the “ Seller ”) have entered into
that certain Master Mortgage Loan Purchase Agreement, dated as of
July 1, 2004 (the “ Countrywide Sale Agreement
”), as amended by Amendment Reg AB between the Assignor and
the Seller, dated as of January 1, 2006 (“ Amendment Reg
AB ,” and together with the Countrywide Sale Agreement,
the “ Sale Agreement ”), pursuant to which the
Seller sold to the Assignor certain mortgage loans listed on the
mortgage loan schedule attached as an exhibit to each Purchase
Confirmation (as defined in the Sale Agreement);
WHEREAS, the Assignee has purchased from the
Assignor, the Mortgage Loans (as defined below) pursuant to that
certain Assignment, Assumption and Recognition Agreement, dated as
of January 1, 2007, among the Assignor, the Assignee and the
Seller;
WHEREAS, the Assignor and the Servicer have
entered into that certain Servicing Agreement, dated as of July 1,
2004, as amended by Amendment Reg AB (the “ Servicing
Agreement ”), pursuant to which the Servicer agreed to
service for the benefit of the Assignor certain mortgage loans
listed on the mortgage loan schedule attached as an exhibit to the
Purchase Confirmations (as defined in the Sale
Agreement);
WHEREAS, the Assignee has agreed on certain
terms and conditions to purchase from the Assignor, the
Assignor’s rights and obligations under the Servicing
Agreement, with respect to certain of the mortgage loans (the
“ Mortgage Loans ”), which are subject to the
provisions of the Servicing Agreement and the Sale Agreement and
are listed on the mortgage loan schedule attached as Exhibit
A hereto; and
WHEREAS, pursuant to a Master Servicing and
Trust Agreement, dated as of January 1, 2007 (the “ Trust
Agreement ”), among the Assignee, as depositor, Deutsche
Bank National Trust Company, as trustee (in such capacity, the
“ Trustee ”), Wells Fargo Bank, N.A., as master
servicer (in such capacity, the “ Master Servicer
”) and securities administrator (in such capacity, the
“ Securities Administrator ”), and each of Wells
Fargo Bank, N.A., Deutsche Bank National Trust Company, U.S. Bank
National Association and The Bank of New York, as custodians, the
Assignee will transfer the Mortgage Loans to the Trustee, together
with the Assignee’s rights and obligations under the
Servicing Agreement, to the extent relating to the Mortgage Loans,
and together with the Assignee’s rights and obligations under
the Sale Agreement, to the extent relating to the Mortgage Loans
(other than the rights of the Assignor to indemnification
thereunder).
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. The
Assignor hereby grants, transfers and assigns to Assignee all of
the right, title, interest and obligations of Assignor, as Owner
under the Servicing Agreement, but only to the extent relating to
the Mortgage Loans.
The Assignor represents and warrants to the
Assignee that the Assignor has not taken any action which would
serve to impair or encumber the Assignor’s ownership interest
in the Mortgage Loans since the date of the Sale
Agreement.
The Servicer and the Assignor shall have the
right to amend, modify or terminate the Servicing Agreement without
the joinder of the Assignee with respect to mortgage loans not
conveyed to the Assignee hereunder to the extent permitted by such
Servicing Agreement; provided, however , that such
amendment, modification or termination shall not affect or be
binding on the Assignee.
2. From
and after the date hereof, the Servicer shall note the transfer of
the Mortgage Loans to the Assignee in its books and records, shall
recognize the Assignee as the owner of the Mortgage Loans and shall
service the Mortgage Loans for the benefit of the Assignee pursuant
to the Servicing Agreement, the terms of which are incorporated
herein by reference. It is the intention of the Assignor, Servicer
and Assignee that the Servicing Agreement shall be binding upon and
inure to the benefit of the Servicer and the Assignee and their
successors and assigns.
The Servicer represents and warrants to the
Assignee that (a) the Servicing Agreement is in full force and
effect as of the date hereof, (b) the provisions thereof have
not been waived, amended or modified in any respect, nor have any
notices of termination been given thereunder, and (c) the
Servicer is servicing each Mortgage Loan pursuant to the terms of
the Servicing Agreement.
3. The
Assignee warrants and represents to, and covenants with, the
Assignor and the Servicer as follows:
(a) The
Assignee is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization and has all
requisite power and authority to acquire, own and purchase the
Mortgage Loans;
(b) The
Assignee has full power and authority to execute, deliver and
perform under this Assignment Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions
contemplated by this Assignment Agreement is in the ordi