FORM OF MORTGAGE LOAN PURCHASE AGREEMENT
This
Mortgage Loan Purchase Agreement (the "Agreement") dated as of
August 1, 2007 is between CitiMortgage, Inc. ("CMI" or the
"Seller") and Citicorp Mortgage Securities, Inc., a Delaware
corporation ("CMSI"). The Seller agrees to sell,
and CMSI agrees to purchase, the mortgage loans originated or
acquired by CMI as described and set forth in the Mortgage
Loan Schedule attached as exhibit B (the "mortgage loans") to
the Pooling and Servicing Agreement dated as of August 1, 2007
(the "Pooling Agreement"), between CMSI, CMI, U.S. Bank
National Association, a national banking association, in its
individual capacity and as Trustee (the "Trustee"), and
Citibank, N.A., in its individual capacity and as Paying
Agent, Certificate Registrar and Authentication Agent,
relating to the issuance of Citicorp Mortgage Securities
Trust, Series 2007-7 REMIC Pass-Through Certificates class A,
class B and residual certificates. Terms used
without definition herein shall have the respective meanings
assigned to them in the Pooling Agreement or, if not defined
therein, in the Underwriting Agreement dated July 25, 2007
(the "Underwriting Agreement") among CMSI, Citigroup Inc. and
Morgan Stanley & Co. Incorporated (the
"Underwriter").
1.
Purchase Price . The purchase price (the
"Purchase Price") for the mortgage loans shall consist of (a)
cash in the amount of 94.106803830% of the aggregate scheduled
principal balance thereof as of the cut-off date, plus accrued
interest thereon at the rate of 6.00% per annum on the
mortgage loans in pool I, 5.50% per annum on the mortgage
loans in pool II, and 5.75% per annum on the mortgage loans in
pool III, from and including the cut-off date to but excluding
the closing date, (b) the class A-PO, IA-IO, IIA-IO, IIIA-IO,
B-1, B-2, B-3, B-4, B-5 and B-6 certificates, (c) the class LR
certificates and (d) the class PR
certificates. Such cash shall be payable by CMSI to
the Seller on the closing date in same-day funds, and the
Seller will receive on the closing date: (a) the class A-PO,
IA-IO, IIA-IO, IIIA-IO, B-1, B-2, B-3, B-4, B-5 and B-6
certificates and (b) the class LR and class PR certificates
evidencing the residual interests in the lower-tier REMIC and
the pooling REMIC, respectively. If CMSI for any
reason shall repay to the Underwriter any portion of the price
paid to CMSI by the Underwriter pursuant to the Underwriting
Agreement, the Seller shall simultaneously and in the same
manner repay to CMSI a proportionate amount of the Purchase
Price as such repayment to the Underwriter.
Upon
payment of the Purchase Price, the Seller shall transfer,
assign, set over and otherwise convey to CMSI without recourse
all of the Seller's right, title and interest in and to the
mortgage loans, including all interest and principal received
or receivable by the Seller on or with respect to the mortgage
loans (other than payments of principal and interest due and
payable on the mortgage loans on or before the cut-off date
and prepayments of principal on the mortgage loans received or
posted prior to the close of business on the cut-off date),
together with all of the Seller's right, title and interest in
and to the proceeds of any related title, hazard or other
insurance policies and Primary Mortgage Insurance
Certificates. The Seller agrees to deliver to CMSI
all documents, instruments and agreements required to be
delivered by CMSI to the Trustee under the Pooling Agreement
and such other documents, instruments and agreements as CMSI
shall reasonably request. CMSI hereby directs the
Seller to execute and deliv
