Execution
Copy
GSAA HOME EQUITY TRUST
2007-4
ASSET-BACKED
CERTIFICATES
SERIES
2007-4
ASSIGNMENT, ASSUMPTION AND
RECOGNITION AGREEMENT
among
GOLDMAN SACHS MORTGAGE
COMPANY,
as
Assignor
GS MORTGAGE SECURITIES
CORP.,
as
Assignee
and
NATIONAL CITY MORTGAGE
CO.
as
Servicer
Dated as
of
March 29,
2007
ASSIGNMENT, ASSUMPTION AND
RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
(this “ Assignment Agreement ”) made this 29th
day of March, 2007, among National City Mortgage Co., (“
NatCity ” or the “ Servicer ”), GS
Mortgage Securities Corp., as assignee (the “ Assignee
”) and Goldman Sachs Mortgage Company, as assignor (the
“ Assignor ”).
WHEREAS, the Assignor and the Servicer have
entered into the Second Amended and Restated Flow Seller’s
Warranties and Servicing Agreement, dated as of January 1, 2006 (as
amended, the “ Servicing Agreement ”) pursuant
to which the Servicer sold certain mortgage loans listed on the
mortgage loan schedule attached as an exhibit to the Servicing
Agreement;
WHEREAS, the Assignee has agreed on certain
terms and conditions to purchase from the Assignor certain of the
mortgage loans (the “ Mortgage Loans ”), which
are subject to the provisions of the Servicing Agreement and are
listed on the mortgage loan schedule attached as Exhibit 1
hereto (the “ Mortgage Loan Schedule ”);
and
WHEREAS, pursuant to a Master Servicing and
Trust Agreement, dated as of March 1, 2007 (the “ Trust
Agreement ”), among GS Mortgage Securities Corp., as
depositor, Deutsche Bank National Trust Company, as trustee (in
such capacity, the “ Trustee ”) and as a
custodian, U.S. Bank National Association, as a custodian, The Bank
of New York Trust Company, National Association, as a custodian and
Wells Fargo Bank, National Association, as master servicer (in such
capacity, the “ Master Servicer ”), securities
administrator and as a custodian, the Assignee will transfer the
Mortgage Loans to the Trustee, together with the Assignee’s
rights under the Servicing Agreement, to the extent relating to the
Mortgage Loans (other than the rights of the Assignor (and if
applicable its affiliates, officers, directors and agents) 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.
Assignment and
Assumption . (a) The
Assignor hereby assigns to the Assignee all of its right, title and
interest in and to the Mortgage Loans and the Servicing Agreement,
to the extent relating to the Mortgage Loans (other than the rights
of the Assignor (and if applicable its affiliates, officers,
directors and agents) to indemnification thereunder) from and after
the date hereof, and the Assignee hereby assumes all of the
Assignor’s obligations under the Servicing Agreement, to the
extent relating to the Mortgage Loans, from and after the date
hereof. The Servicer hereby acknowledges such assignment and
assumption and hereby agrees to the release of the Assignor from
any obligations under the Servicing Agreement from and after the
date hereof, to the extent relating to the Mortgage
Loans.
(b) 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 Servicing
Agreement.
(c) 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; provided ,
however , that such amendment, modification or termination
shall not affect or be binding on the Assignee.
2.
Modification of the Servicing
Agreement . Only in so
far as it relates to the Mortgage Loans, the Servicer and the
Assignor hereby amend the Servicing Agreement as
follows:
(a) Section 4.17, paragraph three, shall be amended
by deleting “.” at the end of such paragraph 3, and
replacing it with the following language:
“, and
provided further , that if the Company is
unable to sell such REO Property within three years of acquisition,
the Company shall obtain an extension from the Internal Revenue
Service.”
(b) The second sentence in the second paragraph of
Section 5.1 shall be deleted it its entirety and be replaced with
the following:
“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 on which
such payment was due and ending on the Business Day on which such
payment is made, both inclusive.
(c) Section 6.4 shall be deleted in its
entirety.
(d) Section 6.5 shall be deleted in its
entirety.
(e) Section 8.1 shall be deleted in its entirety and
be replaced with the following:
“The Company shall indemnify the Purchaser
and the applicable master servicer and hold it harmless against any
and all claims, losses, damages, penalties, fines, forfeitures,
reasonable and necessary legal fees and related costs, judgments,
and any other costs, fees and expenses that the Purchaser or master
servicer may sustain in any way related to the failure of the
Company to perform its duties and service the Mortgage Loans in
strict compliance with the terms of this Agreement. The Company
immediately shall notify the Purchaser or master servicer, as
applicable, if a claim is made by a third party with respect to
this Agreement or the Mortgage Loans, assume (with the prior
written consent of the Purchaser or master servicer as applicable)
the defense of any such claim and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or
the Purchaser or master servicer, as applicable, in respect of such
claim. The Company shall follow any written instructions received
from the Purchaser or master servicer, as applicable, in connection
with such claim. The Purchaser or master servicer, as applicable,
promptly shall reimburse the Company for all costs, fees or
expenses advanced by it pursuant to this paragraph except when the
claim in any way results from, relates to or arises out of any
liability, obligation, act or omission of the Company, including
without limitation, the Company’s indemnification obligation
under Section 3.3 and this Section 8.1, any repurchase obligation
of the Company hereunder including Sections 2.3, 3.3 and 6.2, or
the failure of the Company to service and administer the Mortgage
Loans and otherwise perform its obligations hereunder in strict
compliance with the terms of this Agreement.”
(f) Section 9.1(c) shall be amended by adding the
following:
“which shall include, for so long as the
Mortgage Loans are being master serviced by a master servicer in a
securitization transaction, by March 15 th of each year
(or if March 15 th is not a Business Day, the
immediately preceding Business Day), or at any other time upon
thirty (30) days written request, an officer of the Servicer shall
execute and deliver an Officer’s Certificate to the master
servicer, the trustee and the depositor for the benefit of such
party, and such party’s officers, directors and affiliates,
substantially in the form attached hereto as Exhibit
K;”
(g) Section 10.1 shall be amended in the following
manner:
(1)
The word “or” in
Section 10.1(i) shall be deleted;
(2)
The word “or” shall be
added to the end of Section 10.1(ii); and
(3)
A Section 10.1(iii) shall be added
after Section 10.1(ii) which shall read as follows:
“any
failure by the Company to duly perform in any material respect any
of the requirements of the Company as set forth in Section 13.4 and
13.5 hereto upon the date on which written notice of such failure,
requiring the same to be remedied, shall have been given the
Company.”
(h) Section 11.3 shall be amended by deleting the
words “upon ten (10) Business Days’ prior” from
the first sentence of the first paragraph of such
Section.
(i) The third paragraph of Section 12.1 shall be
deleted in its entirety and replaced with the following:
“The Company shall deliver to the
successor servicer the funds in the Custodial Account and Escrow
Account and shall account for all funds and shall execute and
deliver such instruments and do such other things as may reasonably
be required to more fully and definitively vest in the successor
all such rights, powers, duties, responsibilities, obligations and
liabilities of the Company with respect to such accounts within two
Business Days after receiving notice of the appointment of such
successor servicer. The Company shall deliver promptly to the
successor servicer all Mortgage Files and related documents and
statements held by it hereunder and shall execute and deliver such
instruments and do such other things as may reasonably be required
to more fully and definitively vest in the successor all such
rights, powers, duties, responsibilities, obligations and
liabilities of the Company within thirty calendar days after
receiving notice of the appointment of such successor
servicer.”
(j) a new section, Section 12.12, will be added
immediately following Section 12.11 which shall read as
follows:
“Section 12.12 Third Party
Beneficiary .
Wells Fargo Bank, National Association, as
master servicer, securities administrator and as a custodian under
the Master Servicing and Trust Agreement, dated as of March 1,
2007, among GS Mortgage Securities Corp., Deutsche Bank National
Trust Company, U.S. Bank National Association, The Bank of New York
Trust Company, National Association and Wells Fargo Bank, National
Association, shall be considered a third party beneficiary to this
Agreement entitled to all of the rights and benefits accruing to it
as if it were a direct party to this Agreement.”
(g) Exhibit K shall be deleted in its entirety and
be replaced with a new “Exhibit K” which shall be as
set forth in Exhibit 3 attached to this Assignment
Agreement.
3.
Accuracy of Servicing
Agreement . The Servicer
and the Assignor represent and warrant to the Assignee that (i)
attached hereto as Exhibit 2 is a true, accurate and
complete copy of the Servicing Agreement, (ii) the Servicing
Agreement is in full force and effect as of the date hereof, (iii)
except as provided in Section 2 above, the Servicing Agreement has
not been amended or modified in any respect and (iv) no notice of
termination has been given to the Servicer under the Servicing
Agreement. The Servicer, in its capacity as seller and/or servicer
under the Servicing Agreement, further represents and warrants that
the representations and warranties contained in Section 3.1 of the
Servicing Agreement are true and correct as of the Closing Date (as
such term is defined in the Servicing Agreement).
4.
Recognition of
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,
notwithstanding anything herein to the contrary, shall service all
of 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.
5.
Representations and Warranties of
the Assignee . The
Assignee hereby represents and warrants to the Assignor as
follows:
(a)
Decision to Purchase
. The Assignee represents and
warrants that it 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 Servicing Agreement or this Assignment
Agreement.
(b)
Authority
. The Assignee hereto represents and
warrants that it is duly and legally authorized to enter into this
Assignment Agreement and to perform its obligations hereunder and
under the Servicing Agreement.
(c)
Enforceability
. The Assignee hereto represents and
warrants that this Assignment 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 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).
6.
Representations and Warranties of
the Assignor . The
Assignor hereby represents and warrants to the Assignee as
follows:
(a)
Organization
. The Assignor has been duly
organized and is validly existing as a limited partnership in good
standing under the laws of the State of New York with full power
and authority (corporate and other) to enter into and perform its
obligations under the Servicing Agreement and this Assignment
Agreement.
(b)
Enforceability
. 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)
No Consent
. The execution, delivery and
performance by the Assignor of this Assignment Agreement and the
consummation of the transactions contemplated hereby 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 hereof.
(d)
Authorization; No
Breach . The execution
and delivery of this Assignment Agreement have been duly authorized
by all necessary corporate 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 herein contemplated, nor compliance by the Assignor
with the provisions hereof, 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 party or by
which it is bound.
(e)
Actions; Proceedings
. There are no actions, suits or
proceedings pending or, to the knowledge of the Assignor,
threatened, before or by any court, administrative agency,
arbitrator or governmental body (A) with respect to any of the
transactions contemplated by this Assignment Agreement or (B) with
respect to any other matter that in the judgment of the Assignor
will be determined adversely to the Assignor and will, if
determined adversely to the Assignor, materially adversely affect
its ability to perform its obligations under this Assignment
Agreement.
7.
Additional Representations and
Warranties of the Assignor With Respect to the Mortgage
Loans . The Assignor
hereby represents and warrants to the Assignee as
follows:
(a)
Prior Assignments;
Pledges . Except for the
sale to the Assignee, the Assignor has not assigned or pledged any
Mortgage Note or the related Mortgage or any interest or
participation therein.
(b)
Releases
. The Assignor has not satisfied,
canceled or subordinated in whole or in part, or rescinded any
Mortgage, and the Assignor has not released the related Mortgaged
Property from the lien of any