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EXHIBIT 99.7(e)
EXECUTION COPY - Post Reg AB
OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS OMNIBUS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT,
dated as of October 1, 2006 (the "Assignment" or the "Agreement"),
among
Morgan Stanley Mortgage Capital Inc. ("Owner"), Wells Fargo Bank,
National
Association, a national banking association ("Servicer"), and
LaSalle Bank
National Association ("LaSalle"), as trustee ("Trustee") of each of
the Morgan
Stanley Mortgage Loan Trusts listed on Schedule 1 hereto (each, a
"Trust" and
together, the "Trusts") and acknowledged by Wells Fargo Bank,
National
Association, as master servicer under each of the Pooling and
Servicing
Agreement described below (in such capacity, the "Master Servicer")
and as
securities administrator (in such capacity, the "Securities
Administrator")
and Morgan Stanley Capital I Inc. (the "Depositor").
WHEREAS, on the respective transaction closing dates set forth
on
Schedule 1 hereto, the Owner sold those certain mortgage loans in
each Trust
identified on Schedule 2 attached hereto (the "Specified Mortgage
Loans") to
the related Trust, each of which was formed pursuant to the related
pooling
and servicing agreement described on Schedule 1 attached hereto (in
each case,
the "Pooling and Servicing Agreement");
WHEREAS, in connection with the sale of the Specified Mortgage
Loans to the Trust, the Owner retained the right to service the
Specified
Mortgage Loans (the "Servicing Rights");
WHEREAS, pursuant to that certain servicing agreement, dated as
of
May 20, 2005 (the "Initial GMAC Flow Servicing Agreement"), by and
between the
Owner and GMAC Mortgage Corporation ("GMAC"), as amended by the
First Amended
and Restated Servicing Agreement, dated as of January 1, 2006 (the
"Amended
Flow Servicing Agreement" and, together with the Initial GMAC Flow
Servicing
Agreement, the "GMAC Flow Servicing Agreement") and as further
modified by the
related Assignment, Assumption and Recognition Agreement identified
on
Schedule 3 hereto, each dated as of the date of the Pooling and
Servicing
Agreement, by and among the Owner, GMAC, and the Trustee, and
acknowledged by
the Master Servicer and Securities Administrator and by the
Depositor (each, a
"GMAC AAR" and, together with the GMAC Flow Servicing Agreement,
for each
Trust, the related "GMAC Servicing Agreement"), GMAC agreed to
service the
Specified Mortgage Loans on behalf of each Trust pursuant to the
terms of the
related GMAC Servicing Agreement; and
WHEREAS, the Owner has exercised its right to terminate GMAC as
servicer under each GMAC Servicing Agreement (and GMAC has
acknowledged each
such termination in writing) and to sell to the Servicer, and the
Servicer
purchased from the Owner the Servicing Rights and agrees to service
the
Specified Mortgage Loans, subject to the terms hereof and the terms
(servicing
provisions only) of that certain Seller's Warranties and Servicing
Agreement
(WFHM 2005-W102) attached as Exhibit I hereto, dated as of December
1, 2005,
by and between the Owner and the Servicer (the "SWSA"), as modified
by this
Omnibus Assignment, Assumption and Recognition Agreement (the
"Wells AAR" and,
together with the SWSA, the
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"Wells Servicing Agreement") and Servicer agrees to service the
Specified
Mortgage Loans in each Trust in accordance with the provisions of
the Wells
Servicing Agreement;
WHEREAS, pursuant to the related Pooling and Servicing
Agreement,
the Owner has obtained written consent from each Rating Agency that
the
transfer of servicing from GMAC to Servicer will not result in a
ratings
downgrade on the securities issued by the related transaction
identified on
Schedule 1 hereto.
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. Acknowledgement of Sale of Servicing Rights.
The Servicer and the Owner hereby acknowledge that, pursuant to
the Flow Servicing Rights Purchase and Sale Agreement, dated as of
May 12,
2005, as amended, between the Owner, as seller, and the Servicer,
as purchaser
(the "Purchase Agreement"), the Owner, as owner of all of the
Servicing Rights
with respect to the Specified Mortgage Loans sold such Servicing
Rights to the
Servicer.
Pursuant to the Purchase Agreement, Servicer purchased the
Servicing Rights with respect to the Specified Mortgage Loans and
hereby
agrees to assume the servicing of the Specified Mortgage Loans from
GMAC and
to service them for the benefit of each Trust listed on Schedule 1
hereto in
accordance with the provisions of the Wells Servicing Agreement as
modified by
the provisions of this Agreement.
In connection with the transfer of the Servicing Rights, the
Servicer agrees that, from and after the applicable Servicing
Transfer Date as
specified on Schedule 1 attached hereto (each, a "Servicing
Transfer Date"),
each Specified Mortgage Loan will be subject to, and serviced by
the Servicer
under, the Wells Servicing Agreement.
The Owner specifically reserves and does not assign to any
Trust
listed on Schedule 1 hereunder those rights under the Wells
Servicing
Agreement that do not relate to the servicing of the Specified
Mortgage Loans
and any and all right, title and interest in, to and under and any
obligations
of the Owner with respect to any mortgage loans subject to the
Wells Servicing
Agreement which are not the Specified Mortgage Loans.
2. Recognition by the Servicer
The Servicer hereby acknowledges and agrees that from and after
the applicable Servicing Transfer Date, the Trust shall be
considered the
"Purchaser" (as such term is defined in the SWSA), which term shall
include,
with respect to the servicing of the Specified Mortgage Loans, the
Master
Servicer acting on each Trust's behalf) and further agrees that
each Trust
shall have all the rights and remedies available to the Purchaser,
insofar as
they relate to the servicing of the Specified Mortgage Loans in
that Trust,
under the Wells Servicing Agreement. Neither the Servicer nor the
Owner shall
amend or agree to amend, modify, waive or otherwise alter any of
the terms or
provisions of the Wells Servicing Agreement which amendment,
modification,
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waiver or other alteration would in any way affect the Specified
Mortgage
Loans in any Trust or the Servicer's performance under the Wells
Servicing
Agreement with respect to the Specified Mortgage Loans in that
Trust without
the prior written consent of the Master Servicer.
The Servicer hereby acknowledges that Wells Fargo Bank,
National
Association has been appointed as the Master Servicer of the
Mortgage Loans in
each Trust pursuant to the related Pooling and Servicing Agreement
and,
therefore, has the right to enforce all obligations of the Servicer
under the
Wells Servicing Agreement with respect to the Specified Mortgage
Loans. Such
rights will include, without limitation except that they relate
solely to the
Specified Mortgage Loans in each Trust, the right to terminate the
Servicer
under the Wells Servicing Agreement upon the occurrence of an event
of default
thereunder, the right to receive all remittances required to be
made by the
Servicer under the Wells Servicing Agreement, the right to receive
all monthly
reports and other data required to be delivered by the Servicer
under the
Wells Servicing Agreement, the right to examine the books and
records of the
Servicer, indemnification rights, except as otherwise specified
herein, and
the right to exercise certain rights of consent and approval under
the Wells
Servicing Agreement. The Servicer shall make all distributions
under the Wells
Servicing Agreement required to be made to each Trust under this
Agreement, to
the Master Servicer by wire transfer of immediately available funds
to:
Wells Fargo Bank, National Association
ABA Number: 121-000-248
Account Name: Corporate Trust Clearing
Account number: 3970771416
For further credit to: [See Schedule 1 hereto]
The Servicer shall deliver all reports required to be delivered
under
this Agreement to the Master Servicer at the following address:
Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Client Manager, [Insert Series Designation]
3. Indemnification
Notwithstanding any statement to the contrary in Section 2
above,
the Servicer shall and does hereby acknowledge that the
indemnification
provisions set forth in Section 3.03, Section 8.01 and Section
9.01(g) of the
SWSA shall be available to and for the benefit of the Owner, the
Depositor and
each Trust (including the Trustee and the Master Servicer acting on
that
Trust's behalf), as provided in the Wells Servicing Agreement.
4. Representations and Warranties
(a) Each of the parties hereto represents and warrants that
it is duly and legally authorized to enter into this
Agreement.
(b) The Servicer hereby warrants and represents that it is a
Fannie Mae- or FHLMC-approved Person.
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(c) Each of the Owner and the Servicer represents and
warrants that this 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 against it 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) and in
the case of the Servicer, laws affecting the contract
obligations of insured banks.
(d) The Servicer represents that, as of the date hereof, it
has (i) a servicing rating in the highest category of
Fitch and Moody's and (ii) a servicer evaluation ranking
in one of the two highest categories of S&P.
(e) The Owner hereby represents that it has provided prior
written notice of the transfer of the servicing rights
and the name of the successor Servicer to the Rating
Agencies.
5. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA
with
respect to the Specified Mortgage Loans as follows:
(a) With respect to Article I, the term "Permitted
Investments" is hereby added to the Definitions, and
shall have the meaning of such term as defined in the
Pooling and Servicing Agreement.
(b) With respect to Article I, the definition of "Static Pool
Information" shall be inapplicable.
(c) With respect to Article I, the definition of "Third-Party
Originator" shall be inapplicable.
(d) Section 3.01(i) (Selection Process), Section 3.01(k)
(Sale Treatment) and Section 3.01(m) (No Broker's Fees)
of the SWSA shall be inapplicable.
(e) Section 3.02 shall be inapplicable.
(f) The second sentence of the second paragraph of Section
4.01 is hereby amended and restated in its entirety as
follows:
"Unless the Mortgagor is in default with respect to the
Mortgage Loan or such default is, in the judgment of the
Company, imminent, the Company shall not permit any
modification of any Mortgage Loan that would change the
Mortgage Interest Rate, defer or forgive
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the payment of any principal or interest payments, reduce
or increase the outstanding principal amount (except for
actual payments of principal) or change the maturity date
on such Mortgage Loan."
(g) The third sentence of the second paragraph of Section
4.01 is hereby amended and restated in its entirety as
follows:
"In the event that no default exists or is imminent, the
Company shall request written consent from the Purchaser
to permit such a modification and the Purchaser shall
provide written consent or notify the Company of its
objection to such modification within three Business Days
of its receipt of the Company's request."
(h) The last paragraph of Section 4.04 is hereby amended and
restated in its entirety as follows:
"The foregoing requirements for deposit into the
Custodial Account shall be exclusive, it being understood
and agreed that, without limiting the generality of the
foregoing, payments in the nature of late payment charges
and assumption fees, to the extent amounts on deposit in
Custodial Account may be invested at discretion of the
Seller in the Permitted Investments permitted by Section
6.01, need not be deposited by the Company into the
Custodial Account. Any interest paid on funds deposited
in the Custodial Account by the depository institution
from investment in the Permitted Investments shall accrue
to the benefit of the Company and the Company shall be
entitled to retain and withdraw such interest from the
Custodial Account pursuant to Section 4.05."
(i) Section 4.05(vii) is hereby amended to add the term
"Monthly Advances," prior to the term "Servicing
Advances."
(j) The words "on or before the Remittance Date" are hereby
deleted from the first sentence of Section 4.17.
(k) The second sentence of the second paragraph of Section
5.01 is hereby amended and restated in its entirety as
follows:
"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
following the Business Day on which such payment was due
and ending with the Business Day on which such payment is
made, both inclusive."
(l) The first paragraph of Section 5.02 is hereby amended and
restated in its entirety as follows:
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"Not later than the Remittance Report Date, the Company
shall furnish to the Purchaser in an electronic form the
information required by the reports attached hereto as
Exhibit II, or a form otherwise mutually agreed to by the
Company and Purchaser, with a trial balance report
attached thereto, as to the remittance period ending on
the last day of the preceding month."
(m) The second paragraph of Section 6.02 is hereby amended
and restated in its entirety as follows:
"If the Company satisfies or releases a Mortgage (except
pursuant to a modification or liquidation pursuant to
this agreement) without first having obtained payment in
full of the indebtedness secured by the Mortgage or
should the Company otherwise prejudice any rights the
Purchaser, the Trustee or the Trust Fund may have under
the mortgage instruments, the Company shall deposit into
the Custodial Account the entire outstanding principal
balance, plus all accrued interest on such Mortgage Loan,
on the day preceding the Remittance Date in the month
following the date of such release. The Company shall
maintain the Fidelity Bond and Errors and Omissions
Insurance Policy as provided for in Section 4.12 insuring
the Company against any loss it may sustain with respect
to any Mortgage Loan not satisfied in accordance with the
procedures set forth herein."
(n) Section 6.04 is hereby modified as follows:
(1) paragraph (i) is inapplicable; and
(2) the phrases "Purchaser and any Depositor" and "the
Purchaser and such Depositor" are hereby deleted and
replaced with "Master Servicer" and "such Master
Servicer", respectively.
(o) Section 6.05 is hereby deleted in its entirety.
(p) Section 6.06 is hereby modified as follows:
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(1) the phrases "Purchaser and any Depositor" and "the
Purchaser and such Depositor" are hereby deleted and
replaced with "Master Servicer" and "such Master
Servicer", respectively;
(2) Section 6.06(i) is hereby amended by inserting at the
end of such subsection "(or those Servicing Criteria
otherwise mutually agreed to by the Purchaser, the
Company and any Person that will be responsible for
signing any Sarbanes Certification with respect to a
Securitization Transaction in response to evolving
interpretations of Regulation AB)"; and
(q) The first word in Section 6.06(iv) is deleted and
replaced in its entirety with "deliver, and cause each
Subservicer and Subcontractor described in clause (iii)
above to deliver,"
(r) The following parenthetical is inserted directly before
the proviso in the last sentence of the first paragraph
of Section 6.07(i):
"(and if the Company is servicing any of the Mortgage
Loans in a Securitization Transaction, appoint a
successor servicer reasonably acceptable to the Master
Servicer for such Securitization Transaction)"
(s) Section 6.10 is inapplicable.
(t) Section 9.01(f)(i) is inapplicable.
(u) Section 9.01(f)(ii) is inapplicable.
(v) Section 9.01(f)(iii) is amended to require the Company to
comply with the obligations thereof in connection with
the purchase of servicing rights for the Specified
Mortgage Loans.
(w) Section 9.01(f)(iii) is also amended by adding the
following after item (H):
"(I) a description of any affiliation or relationship of
a type described in Item 1119 of Regulation AB between
the Servicer and any of the following parties to a
Securitization Transaction, as such parties are
identified to the Servicer by the Purchaser or any
Depositor in writing in advance of such Securitization
Transaction:
(1) the sponsor;
(2) the depositor;
(3) the issuing entity;
(4) any servicer;
(5) any trustee;
(6) any originator;
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(7) any significant obligor;
(8) any enhancement or support provider; and
(9) any other material transaction party."
(x) Section 9.01(f)(iv) is hereby amended and restated in its
entirety as follows:
"For the purpose of satisfying its reporting obligation
under the Exchange Act with respect to any class of
asset-backed securities, the Company shall (or shall
cause each Subservicer to) (1) provide prompt notice to
the Purchaser, any Master Servicer and any Depositor in
writing of (A) any material litigation or governmental
proceedings pending against the Company or any
Subservicer (B) any affiliations or relationships that
develop following the closing date of a Securitization
Transaction between the Company or any Subservicer and
any of the parties specified in Section 9.01(f)(iii)(I)
(and any other parties identified in writing by the
requesting party) with respect to such Securitization
Transaction, (C) any Event of Default under the terms of
this Agreement or any Reconstitution Agreement, (D) any
merger, consolidation or sale of substantially all of the
assets of the Company, and (E) the Company's entry into
an agreement with a Subservicer to perform or assist in
the performance of any of the Company's obligations under
this Agreement or any Reconstitution Agreement and (2)
provide to the Purchaser and any Depositor a description
of such proceedings, affiliations or relationships."
(y) Section 9.01(f)(vi) is hereby renumbered as
9.01(f)(viii), and the following new Section 9.01(f)(vi)
is hereby inserted as follows:
"(vi) In addition to such information as the Company, as
servicer, is obligated to provide pursuant to other
provisions of this Agreement, not later than ten (10)
calendar days prior to the deadline for the filing of any
distribution report on Form 10-D in respect of any
Securitization Transaction that includes any of the
Mortgage Loans serviced by the Company or any
Subservicer, the Company or such Subservicer, as
applicable, shall, to the extent the Company or such
Subservicer has knowledge, provide to the party
responsible for filing such report (including, if
applicable, the Master Servicer) notice of the occurrence
of any of the following events along with all
information, data, and materials related thereto as may
be required to be included in the related distribution
report on Form 10-D (as specified in the provisions of
Regulation AB referenced below):
(i) any material modifications, extensions or
waivers of pool asset terms, fees, penalties or
payments during the distribution period or that have
cumulatively become material
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over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations
or warranties or transaction covenants (Item
1121(a)(12) of Regulation AB); and
(iii) information regarding new asset-backed
securities issuances backed by the same pool assets,
any pool asset changes (such as, additions,
substitutions or repurchases), and any material
changes in origination, underwriting or other
criteria for acquisition or selection of pool assets
(Item 1121(a)(14) of Regulation AB)."
(z) Section 9.01(f)(vii) is hereby deleted in its entirety
and replaced with the following new Section 9.01(f)(vii)
as follows:
"(vii) The Company shall provide to the Purchaser, any
Master Servicer and any Depositor, evidence of the
authorization of the person signing any certification or
statement, copies or other evidence of Fidelity Bond
Insurance and Errors and Omission Insurance policy,
financial information and reports, and such other
information related to the Company or any Subservicer or
the Company or such Subservicer's performance hereunder."
(aa) Section 9.01(g) is hereby amended and restated in its
entirety as follows:
"(g) The Company shall indemnify the Purchaser, each
affiliate of the Purchaser, and each of the following
parties participating in a Securitization Transaction or
in connection with the purchase of any servicing rights:
each sponsor and issuing entity; each Person responsible
for the preparation, execution or filing of any report
required to be filed with the Commission with respect to
such Securitization Transaction, or for execution of a
certification pursuant to Rule 13a-14(d) or Rule
15d-14(d) under the Exchange Act with respect to such
Securitization Transaction; each broker dealer acting as
underwriter, placement agent or initial purchaser, each
Person who controls any of such parties or the Depositor
(within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act); and the respective
present and former directors, officers, employees and
agents of each of the foregoing and of the Depositor
(each, an "Indemnified Party"), and shall hold each of
them harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses
and related costs, judgments, and any other costs, fees
and expenses that any of them may sustain arising out of
or based upon:
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(i) (A) any untrue statement of a material fact
contained or alleged to be contained in any
information, report, certification, accountants'
letter or other material provided under Sections
4.25, 6.04(ii), 6.06, 9.01(e) and (f) by or on
behalf of the Company, or provided under Sections
4.25, 6.04(ii), 6.06, 9.01(e) and (f) by or on
behalf of any Subservicer, or Subcontractor
(collectively, the "Company Information"), or (B)
the omission or alleged omission to state in the
Company Information a material fact required to be
stated in the Company Information or necessary in
order to make the statements therein, in the light
of the circumstances under which they were made, not
misleading; provided, by way of clarification, that
clause (B) of this paragraph shall be construed
solely by reference to the Company Information and
not to any other information communicated in
connection with a sale or purchase of securities,
without regard to whether the Company Information or
any portion thereof is presented together with or
separately from such other information;
(ii) any breach by the Company of its obligations
under, or any failure by the Company, any
Subservicer or any Subcontractor to deliver any
information, report, certification, accountants'
letter or other material when and as required under,
Sections 4.25, 6.04(ii), 6.06, 9.01(e) and (f),
including any failure by the Company to identify any
Subcontractor "participating in the servicing
function" within the meaning of Item 1122 of
Regulation AB; or
(iii) any breach by the Company of a representation
or warranty set forth in Section 9.01(f)(viii)(A) or
in a writing furnished pursuant to Section
9.01(f)(viii)(B) and made as of a date prior to the
closing date of the related Securitization
Transaction, to the extent that such breach is not
cured by such closing date, or any breach by the
Company of a representation or warranty in a writing
furnished pursuant to Section 9.01(f)(viii)(B) to
the extent made as of a date subsequent to such
closing date; or
(iv) the negligence bad faith or willful misconduct
of the Company in connection with its performance
under this Article IX.
If the indemnification provided for herein is unavailable
or insufficient to hold harmless an Indemnified Party,
then the Company agrees that it shall contribute to the
amount paid or payable by such Indemnified Party as a
result of any claims, losses, damages or liabilities
incurred by such Indemnified Party in such proportion as
is
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appropriate to reflect the relative fault of such
Indemnified Party on the one hand and the Company on the
other.
In the case of any failure of performance described in
sub-clause (ii) of this Section 9.01(g), the Company
shall promptly reimburse the Purchaser, any Depositor, as
applicable, and each Person responsible for the
preparation, execution or filing of any report required
to be filed with the Commission with respect to such
Securitization Transaction, or for execution of a
certification pursuant to Rule 13a-14(d) or Rule
15d-14(d) under the Exchange Act with respect to such
Securitization Transaction, for all costs reasonably
incurred by each such party in order to obtain the
information, report, certification, accountants' letter
or other material not delivered as required by the
Company, any Subservicer or any Subcontractor.
This indemnification shall survive the termination of
this Agreement or the termination of any party to this
Agreement."
(bb) The following paragraph is hereby incorporated into the
SWSA as new Section 13:
"Third Party Beneficiary. For purposes of this Agreement,
including but not limited to Subsections 6.04 and 6.06,
any Master Servicer shall be considered a third party
beneficiary to this Agreement entitled to all the rights
and benefits accruing to any Master Servicer herein as if
it were a direct party to this Agreement."
(cc) Exhibit J is hereby replaced in its entirety with Exhibit
III to this Omnibus Assignment, Assumption and
Recognition Agreement.
6. Notices
The Depositor's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement
is:
Morgan Stanley Capital I Inc.
1585 Broadway
New York, New York 10036
Attention: [Insert Series Designation]
The Trustee's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement
is:
LaSalle Bank National Association
135 South LaSalle Street, Suite 1511
Chicago, Illinois 60603
Attn: Global Securities and Trust Services-[Insert
Series Designation]
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The Owner's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement
is:
Morgan Stanley Mortgage Capital Inc.
1221 Avenue of the Americas
New York, New York 10020
Attention: [Insert Series Designation]
With a copy to:
Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York 10036
Attention: General Counsel's Office
The Servicer's address for purposes for all notices and
correspondence related to the Mortgage Loans and this Agreement
is:
Wells Fargo Bank, National Association
1 Home Campus
Des Moines, Iowa 50328-0001
Attention: John B. Brown, MAC X2302-033
With a copy to:
Wells Fargo Bank, National Association
1 Home Campus
Des Moines, Iowa 50328-0001
Attention: General Counsel, MAC X2401-06T
and
Wells Fargo Bank, National Association
7430 New Technology Way
Frederick, Maryland 21703
Attention: Structured Finance, MAC X3906-012
7. Certain Matters Regarding the Trustee
It is expressly understood and agreed by the parties hereto
that
(i) this Agreement is executed and delivered by LaSalle Bank
National
Association, not individually or personally but solely on behalf of
the
related Trusts, as the assignee, in the exercise of the powers and
authority
conferred and vested in it, as Trustee, pursuant to the related
Pooling and
Servicing Agreement, (ii) each of the representations, undertakings
and
agreements herein made on the part of Assignee is made and intended
not as
personal representations, undertakings and agreements by LaSalle
Bank National
Association but is made and intended for the purpose of binding
only the
related Trusts, (iii) nothing herein contained shall be construed
as creating
any liability for
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LaSalle Bank National Association, individually or personally, to
perform any
covenant (either express or implied) contained herein, (iv) under
no
circumstances shall LaSalle Bank National Association be personally
liable for
the payment of any indebtedness or expenses of the Trust, or be
liable for the
breach or failure of any obligation, representation, warranty or
covenant made
or undertaken by any Trust under this Agreement and (v) all
recourse for any
payment liability or other obligation of the assignee shall be had
solely to
the assets of the affected Trust.
8. Governing Law
This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflicts
of law
principles, and the obligations, rights and remedies of the parties
hereunder
shall be determined in accordance with such laws.
9. Modifications
No term or provision of this Agreement may be waived or
modified
unless such waiver or modification is in writing and signed by the
party
against whom such waiver or modification is sought to be
enforced.
10. Successor and Assigns
This Agreement shall inure to the benefit of (i) the successors
and assigns of the parties hereto and (ii) the Trust (including the
Trustee
and the Master Servicer acting on the Trust's behalf). Any entity
into which
the Owner, the Depositor or the Servicer may be merged or
consolidated shall,
without the requirement for any further writing, be deemed the
Owner, the
Depositor or the Servicer, respectively, hereunder.
11. Continuing Effect
Except as contemplated by this Assignment, the SWSA shall
remain
in full force and effect in accordance with its terms.
12. Counterparts
This Assignment may be executed in counterparts, each of which
when so executed shall be deemed to be an original and all of which
when taken
together shall constitute one and the same instrument.
13. Definitions
Any capitalized term used but not defined in this Assignment
has
the same meaning as in the SWSA.
14. Conflicts
In the event that any provision of this Agreement conflicts
with
any provision of the SWSA with respect to the Specified Mortgage
Loans, the
terms of this Agreement shall control.
\
13
<PAGE>
[SIGNATURE PAGE FOLLOWS]
14
<PAGE>
IN WITNESS WHEREOF, the parties have caused this Assignment,
Assumption and Recognition Agreement to be executed by their duly
authorized
officers as of the date first above written.
Owner THE TRUSTS
MORGAN STANLEY MORTGAGE CAPITAL INC. BY: LASALLE BANK NATIONAL
ASSOCIATION, AS TRUSTEE OF
EACH OF THE TRUSTS SET
FORTH ON SCHEDULE 1 HERETO
By: /s/ Van Cushny By: /s/ Susan L. Feld
Its: VP Its: Assistant VP
Taxpayer Identification
Number:
Servicer
WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Laurie McGoogan
Its: VP
Taxpayer Identification
Number:
Acknowledged and Agreed:
MORGAN STANLEY CAPITAL I INC. WELLS FARGO BANK, NATIONAL
ASSOCIATION, AS MASTER
SERVICER
By: /s/ Valerie Kay By: /s/ Diane Courtney
Its: VP Its: VP
Taxpayer Identification
Number:
15
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE 1
THE TRUSTS
-------------------------------- --------------------------
--------------------------------------------------------
Transaction Name Servicing Pooling and Servicing Agreement
Transfer Date
-------------------------------- --------------------------
--------------------------------------------------------
<S> <C> <C>
Morgan Stanley Mortgage Loan October 1, 2006 The Pooling and
Servicing Agreement, dated as of
Trust 2006-1AR January 1, 2006 by and among the Depositor, the
Master
Servicer and Securities Administrator, and the Trustee
-------------------------------- --------------------------
--------------------------------------------------------
Morgan Stanley Mortgage Loan October 1, 2006 The Pooling and
Servicing Agreement, dated as of
Trust 2006-2 January 1, 2006 by and among the Depositor, the
Master
Servicer and Securities Administrator, and the Trustee
-------------------------------- --------------------------
--------------------------------------------------------
Morgan Stanley Mortgage Loan October 1, 2006 The Pooling and
Servicing Agreement, dated as of July
Trust 2006-9AR 1, 2006 by and among the Depositor, the Master
Servicer and Securities Administrator, and the Trustee
-------------------------------- --------------------------
--------------------------------------------------------
Morgan Stanley Mortgage Loan October 1, 2006 The Pooling and
Servicing Agreement, dated as of July
Trust 2006-11 1, 2006 by and among the Depositor, the Master
Servicer and Securities Administrator, and the Trustee
-------------------------------- --------------------------
--------------------------------------------------------
<CAPTION>
-------------------------------- ----------------------
------------------------ ------------------
Transaction Name Cut-off Date Transaction Closing For Further
Date Credit To
-------------------------------- ----------------------
------------------------ ------------------
<S> <C> <C> <C>
Morgan Stanley Mortgage Loan January 1, 2006 January 31, 2006
50890500, MSM
Trust 2006-1AR 2006-1AR
-------------------------------- ----------------------
------------------------ ------------------
Morgan Stanley Mortgage Loan January 1, 2006 January 31, 2006
50890600, MSM
Trust 2006-2 2006-2
-------------------------------- ----------------------
------------------------ ------------------
Morgan Stanley Mortgage Loan July 1, 2006 July 31, 2006 50933200,
MSM
Trust 2006-9AR 2006-9AR
-------------------------------- ----------------------
------------------------ ------------------
Morgan Stanley Mortgage Loan July 1, 2006 July 31, 2006 50933300,
MSM
Trust 2006-11 2006-11
-------------------------------- ----------------------
------------------------ ------------------
</TABLE>
16
<PAGE>
SCHEDULE 2
SPECIFIED MORTGAGE LOANS
[delivered to Owner, Servicer and Master Servicer]
17
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE 3
ASSIGNMENT ASSUMPTION AND RECOGNITION AGREEMENTS
-------------------------------------------------------------
---------------------------------------------------------------
Transaction Name Assignment Agreement
-------------------------------------------------------------
---------------------------------------------------------------
<S> <C>
Morgan Stanley Mortgage Loan Trust 2006-1AR The Assignment
Assumption and Recognition Agreement dated as
of January 1, 2006
-------------------------------------------------------------
---------------------------------------------------------------
Morgan Stanley Mortgage Loan Trust 2006-2 The Assignment Assumption
and Recognition Agreement dated as
of January 1, 2006
-------------------------------------------------------------
---------------------------------------------------------------
Morgan Stanley Mortgage Loan Trust 2006-9AR The Assignment
Assumption and Recognition Agreement dated as
of July 1, 2006
-------------------------------------------------------------
---------------------------------------------------------------
Morgan Stanley Mortgage Loan Trust 2006-11 The Assignment
Assumption and Recognition Agreement dated as
of July 1, 2006
-------------------------------------------------------------
---------------------------------------------------------------
</TABLE>
<PAGE>
EXHIBIT I
WELLS SERVICING AGREEMENT
[delivered to Owner, Servicer and Master Servicer]
2
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT II
Exhibit IIA: Standard File Layout - Delinquency Reporting
-------------------------------------
--------------------------------------------------------------
------------- ----------------
Column/Header Name Description Decimal Format Comment
-------------------------------------
--------------------------------------------------------------
------------- ----------------
<S> <C> <C> <C>
SERVICER_LOAN_NBR A unique number assigned to a loan by the
Servicer. This
may be different than the LOAN_NBR
-------------------------------------
--------------------------------------------------------------
------------- ----------------
LOAN_NBR A unique identifier assigned to each loan by the
originator.
-------------------------------------
--------------------------------------------------------------
------------- ----------------
CLIENT_NBR Servicer Client Number
-------------------------------------
--------------------------------------------------------------
------------- ----------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an
external servicer
to identify a group of loans in their system.
-------------------------------------
--------------------------------------------------------------
------------- ----------------
BORROWER_FIRST_NAME First Name of the Borrower.
-----------------------------






