Execution
Version
ASSIGNMENT, ASSUMPTION AND
RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
(this “ Assignment Agreement ”) made
this 26th day of February 2007 (the “ Closing
Date ”), among Wells Fargo Bank, N.A. (the “
Servicer ”), Bank of America, National
Association (the “ Assignor ”) and
Goldman Sachs Mortgage Company (the “
Assignee ”).
WHEREAS, the Assignor and the Servicer have
entered into an Amended and Restated Master Mortgage Loan Purchase
Agreement, dated as of December 1, 2005 (the “
2005 Purchase Agreement
”), an Amended and Restated Master Seller’s Warranties
and Servicing Agreement, dated as of December 1, 2005 (the
“ 2005 Servicing
Agreement ”), and an Assignment and Conveyance
Agreement, dated December 15, 2005 (WFHM 2005-W97) (the “
2005 ACA ”), each
between the Assignor and the Servicer pursuant to which the
Servicer sold to the Assignor certain mortgage loans;
WHEREAS, the Assignor and the Servicer have
entered into a Second Amended and Restated Master Mortgage Loan
Purchase Agreement, dated as of May 1, 2006, (together with
the 2005 Purchase Agreement, the “
Purchase Agreements ”) and an Assignment and
Conveyance Agreement, dated May 24, 2006 (WFHM 2006-W33) (together
with the 2005 ACA , the “ Assignment
and Conveyance Agreements ”), between the Assignor
and the Servicer pursuant to which the Servicer sold to the
Assignor certain mortgage loans;
WHEREAS, the mortgage loans purchased by the
Assignor pursuant to the Purchase Agreements are being serviced by
the Servicer on behalf of the Assignor pursuant to the terms of a
Second Amended and Restated Master Seller’s Warranties and
Servicing Agreement, dated as of May 1, 2006, (the “
2006 Servicing Agreement
” and, collectively with the Purchase Agreements, the 2005
Servicing Agreement and the Assignment and Conveyance Agreements,
the “ Agreements ”);
WHEREAS, the Assignee has agreed on certain
terms and conditions to purchase from the Assignor certain mortgage
loans (the “ Mortgage Loans ”), which
Mortgage Loans are subject to the provisions of the Agreements and
are listed on the mortgage loan schedule attached as
Exhibit 1 hereto (the “ Mortgage Loan
Schedule ”); and
WHEREAS, the Assignee and the Servicer have
agreed that on and after the Closing Date, the Mortgage Loans shall
be serviced and administered by the Servicer for the benefit of the
Assignee pursuant to the Second Amended and Restated Master
Seller’s Warranties and Servicing Agreement, dated as of
November 1, 2005 (the “ Goldman SWSA
”), by and between the Assignee and the Servicer;
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. Assignment and Assumption
.
(a) The Assignor hereby assigns to the Assignee all
of its right, title and interest in, to and under the Mortgage
Loans and the Agreements, to the extent relating to the Mortgage
Loans, and only the Mortgage Loans (other than the rights of the
Assignor to indemnification thereunder), and the Assignee hereby
assumes all of the Assignor’s obligations under the
Agreements (as amended hereby), to the extent relating to the
Mortgage Loans, and only the Mortgage Loans, from and after the
date hereof, and the Servicer hereby acknowledges such assignment
and assumption and hereby agrees to the release of the Assignor
from any obligations under the Agreements from and after the date
hereof, to the extent relating to the Mortgage Loans, and only the
Mortgage Loans. The Assignor, the Assignee and the Servicer further
agree that any reference in the Agreements to “Bank of
America, N.A.” is deleted in its entirety and replaced with
“Goldman Sachs Mortgage Company;” provided, however,
that it is agreed upon and understood that the Assignee shall not
be deemed to make the representations and warranties in
Section 7 of either Purchase Agreement.
(b) Simultaneously with the execution of this
Assignment Agreement, on February 26, 2007, the Assignee shall
pay to the Assignor the purchase price as calculated pursuant to
the trade confirmation dated as of January 3, 2007 (the
“ Trade Confirmation ”), by and
between the Assignee and the Assignor. The Assignee shall pay the
purchase price payable under the Trade Confirmation by wire
transfer of immediately available funds to the account specified by
the Assignor. The Assignee shall be entitled to all scheduled
payments due on the Mortgage Loans after February 1, 2007 (the
“ Assigned Loans Cut-off Date ”) and
all unscheduled payments or other proceeds or other recoveries on
the Mortgage Loans received on and after the Assigned Loans Cut-off
Date except as otherwise specified in the Trade
Confirmation.
(c) The Servicer and the Assignor shall have the
right to amend, modify or terminate the Agreements without the
consent of the Assignee with respect to mortgage loans not conveyed
to the Assignee hereunder, provided, however, that such amendment,
modification or termination shall not affect or be binding on the
Assignee.
2. Accuracy of the Agreements
.
The Servicer and the Assignor each represent and
warrant to the Assignee that (i) attached hereto as
Exhibit 2 are true, accurate and complete copies of the
Agreements , (ii) the Agreements, are in full force and effect as
of the date hereof, (iii) the Agreements have not been amended or
modified in any respect and (iv) no notice of termination has been
given to such party under the 2006 Servicing Agreement.
3. Recognition of the Assignee
.
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 Goldman SWSA (as amended
hereby), the terms (other than those contained in Article III
thereof) of which are incorporated herein by reference.
4. Representations and Warranties of the
Assignee . The Assignee
hereby represents and warrants to the Assignor as
follows:
(a) The Assignee is a sophisticated investor able
to evaluate the risks and merits of the transactions contemplated
hereby, and that it has not relied in connection therewith upon any
statements or representations of the Assignor or the Servicer other
than those contained in the Agreements or this Assignment
Agreement.
(b) The Assignee is duly and legally authorized to
enter into this Assignment Agreement and to perform its obligations
hereunder and under the Agreements.
(c) This Assignment Agreement has been duly
authorized, executed and delivered by the Assignee and (assuming
due authorization, execution and delivery thereof by each of the
other parties hereto) constitutes its legal, valid and binding
obligation, enforceable 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.
5. Representations and Warranties of the
Servicer .
The Servicer hereby warrants and represents to,
and covenants with, the Assignee that:
(a) The representations and warranties contained in
Section 3.01 of the 2006 Servicing Agreement are deemed to be
made as of the date of this Assignment Agreement, and all such
representations and warranties are true and correct as of the date
of this Assignment Agreement.
(b) The Servicer has serviced the Mortgage Loans in
accordance with the terms of the 2006 Servicing Agreement and
provided accurate statements pursuant to Section 5.02 thereof
and otherwise complied with all covenants and obligations
thereunder.
(c) The Servicer has taken no action or omitted to
take any required action the omission of which would have the
effect of impairing any mortgage insurance or guarantee on the
Mortgage Loans.
6. Representations and Warranties of the
Assignor . The Assignor
hereby represents and warrants to the Assignee as
follows:
(a) The Assignor has been duly organized and is
validly existing as a national banking association under the laws
of the United States with full power and authority (corporate and
other) to enter into and perform its obligations under the
Agreements and this Assignment Agreement.
(b) This Assignment Agreement has been duly
executed and delivered by the Assignor, and, assuming due
authorization, execution and delivery by each of the other parties
hereto, constitutes a legal, valid, and binding agreement of the
Assignor, enforceable against it in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium, or
other similar laws affecting creditors’ rights generally and
to general principles of equity regardless of whether enforcement
is sought in a proceeding in equity or at law.
(c) The execution, delivery and performance by the
Assignor of this Assignment Agreement and the consummation of the
transactions contemplated thereby do not require the consent or
approval of, the giving of notice to, the registration with, or the
taking of any other action in respect of, any state, federal or
other governmental authority or agency, except such as has been
obtained, given, effected or taken prior to the date
thereof.
(d) The execution and delivery of this Assignment
Agreement have been duly authorized by all necessary action on the
part of the Assignor; neither the execution and delivery by the
Assignor of this Assignment Agreement, nor the consummation by the
Assignor of the transactions therein contemplated, nor compliance
by the Assignor with the provisions thereof, will conflict with or
result in a breach of, or constitute a default under, any of the
provisions of the governing documents of the Assignor or any law,
governmental rule or regulation or any material judgment, decree or
order binding on the Assignor or any of its properties, or any of
the provisions of any material indenture, mortgage, deed of trust,
contract or other instrument to which the Assignor is a