|
Exhibit 10.1
Column Mortgage Loan Purchase Agreement
See attached
<PAGE>
================================================================================
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Depositor)
and
COLUMN FINANCIAL, INC.
(Seller)
------------------------------------------
MORTGAGE LOAN PURCHASE AGREEMENT
Dated as of November 1, 2007
------------------------------------------
================================================================================
<PAGE>
TABLE OF CONTENTS
Section 1. Transactions on or Prior to the Closing
Date.......................
Section 2. Closing Date
Actions...............................................
Section 3. Conveyance of Mortgage
Loans.......................................
Section 4. Depositor's Conditions to
Closing..................................
Section 5. Seller's Conditions to
Closing.....................................
Section 6. Representations and Warranties of
Seller...........................
Section 7. Obligations of
Seller..............................................
Section 8. Crossed
Loans......................................................
Section 9. Representations and Warranties of
Depositor........................
Section 10. Survival of Certain Representations, Warranties
and
Covenants..........................................................
Section 11. Transaction
Expenses...............................................
Section 12. Recording Costs and
Expenses.......................................
Section 13.
Notices............................................................
Section 14. Examination of Mortgage
Files......................................
Section 15.
Successors.........................................................
Section 16. Governing
Law......................................................
Section 17.
Severability.......................................................
Section 18. Further
Assurances.................................................
Section 19.
Counterparts.......................................................
Section 20. Treatment as Security
Agreement....................................
Section 21. Recordation of
Agreement...........................................
Section 22. Notice of Exchange Act Reportable
Events...........................
Schedule I Schedule of Transaction Terms
Schedule II Mortgage Loan Schedule
Schedule III Mortgage Loans Constituting Crossed Groups
Schedule IV Mortgage Loans with Lost Notes
Schedule V Exceptions to Seller's Representations and
Warranties
Exhibit A Representations and Warranties Regarding the Mortgage
Loans
Exhibit B Form of Lost Note Affidavit
<PAGE>
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement (this "Agreement"),
dated as of November 1, 2007, is made by and between COLUMN
FINANCIAL,
INC., a Delaware corporation ("Seller"), and CREDIT SUISSE FIRST
BOSTON
MORTGAGE SECURITIES CORP., a Delaware corporation
("Depositor").
RECITALS
I. Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms
attached hereto
as Schedule I, which is incorporated herein by this reference,
or, if not
defined therein, in the Pooling and Servicing Agreement
specified on such
Schedule of Transaction Terms.
II. On the Closing Date, and on the terms set forth herein,
Seller
has agreed to sell to Depositor and Depositor has agreed to
purchase from Seller
the mortgage loans identified on the schedule (the "Mortgage
Loan Schedule")
annexed hereto as Schedule II (each such mortgage loan, a
"Mortgage Loan" and,
collectively, the "Mortgage Loans"). Depositor intends to
deposit the Mortgage
Loans and other assets into a trust fund (the "Trust Fund")
created pursuant to
the Pooling and Servicing Agreement and to cause the issuance of
the
Certificates.
AGREEMENT
NOW, THEREFORE, on the terms and conditions set forth below and
for
good and valuable consideration, the receipt and adequacy of
which is hereby
acknowledged, Depositor and Seller agree as follows:
Section 1. Transactions on or Prior to the Closing Date. On or
prior
to the Closing Date, Seller shall have delivered the Mortgage
Files with respect
to each of the Mortgage Loans listed in the Mortgage Loan
Schedule to Wells
Fargo Bank, N.A. as trustee (the "Trustee") or its designee,
against receipt by
Seller of a written receipt, pursuant to an arrangement between
Seller and the
Trustee; provided, however, that, item (xvi) in the definition
of Mortgage File
(below) shall be delivered to the applicable Master Servicer for
inclusion in
the Servicer File (defined below) with a copy delivered to the
Trustee for
inclusion in the Mortgage File; and provided, further, that
Seller shall pay (or
cause the related Borrower to pay) any costs of the assignment
or amendment of
each letter of credit described under such item (xvi) required
in order for the
Trustee to draw on such letter of credit pursuant to the terms
of the Pooling
and Servicing Agreement and shall deliver the related assignment
or amendment
documents within thirty (30) days after the Closing Date, which
period may be
extended by thirty (30) days as provided in the Pooling and
Servicing Agreement.
In addition, prior to such assignment or amendment of a letter
of credit, Seller
will take all necessary steps to enable the applicable Master
Servicer to draw
on the related letter of credit on behalf of the Trustee
pursuant to the terms
of the Pooling and Servicing Agreement, including, if necessary,
drawing on the
letter of credit in its own name pursuant to written
instructions to draw from
the applicable Master Servicer and upon receipt, immediately
remitting the
proceeds of such draw (or causing such proceeds to be remitted)
to the
applicable Master Servicer.
Section 2. Closing Date Actions. The sale of the Mortgage
Loans
shall take place on the Closing Date, subject to and
simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance
of the
Certificates, the sale of the Publicly Offered Certificates by
Depositor to the
Underwriters pursuant to the Underwriting Agreement and the sale
of the Private
Certificates by Depositor to the Initial Purchaser pursuant to
the Certificate
Purchase Agreement. The closing (the "Closing") shall take place
at the offices
of Cadwalader, Wickersham & Taft LLP, One World Financial
Center, New York, New
York 10281, or such other location as agreed upon between the
parties hereto. On
the Closing Date, the following actions shall take place in
sequential order on
the terms set forth herein:
(i) Seller shall sell to Depositor, and Depositor shall
purchase from Seller, the Mortgage Loans pursuant to this
Agreement for
the Mortgage Loan Purchase Price payable in accordance with
instructions
previously provided to Depositor by Seller. The Mortgage Loan
Purchase
Price shall be paid by Depositor to Seller or at its direction
by wire
transfer in immediately available funds to an account designated
by Seller
on or prior to the Closing Date. The "Mortgage Loan Purchase
Price" paid
by Depositor shall be equal to the amount that Depositor and
Seller have
mutually agreed upon as the "Net Securitization Proceeds/Fees"
under the
heading "Column Financial Share" in the Closing Statement (which
amount
includes, without limitation, accrued interest and is less those
costs and
expenses to be paid by Seller, including those expenses to be
paid
pursuant to Section 11 hereof).
(ii) Pursuant to the terms of the Pooling and Servicing
Agreement, Depositor shall transfer all of its right, title and
interest
in, to and under the Mortgage Loans to the Trustee (for the
benefit of the
Holders of the Certificates) in exchange for the issuance of
the
Certificates to or at the direction of Depositor.
(iii) Depositor shall sell to the Underwriters, and the
Underwriters shall purchase from Depositor, the Publicly
Offered
Certificates pursuant to the Underwriting Agreement, and
Depositor shall
sell to the Initial Purchaser, and the Initial Purchaser shall
purchase
from Depositor, the Private Certificates pursuant to the
Certificate
Purchase Agreement.
(iv) The Underwriters will offer the Publicly Offered
Certificates for sale to the public pursuant to the Prospectus
and the
Prospectus Supplement and the Initial Purchaser will privately
place
certain classes of the Private Certificates pursuant to the
Offering
Circular.
Section 3. Conveyance of Mortgage Loans. Effective as of the
Closing
Date, subject only to Seller's receipt of the Mortgage Loan
Purchase Price,
Seller does hereby assign, transfer, set over and otherwise
convey, without
recourse, to Depositor, free and clear of any liens, claims or
other
encumbrances, all of Seller's right, title and interest in, to
and under: (i)
each of the Mortgage Loans identified on the Mortgage Loan
Schedule and (ii) all
property of Seller described in Section 20(b) of this Agreement,
including,
without limitation, (A) all scheduled payments of interest and
principal due on
or with respect to the Mortgage Loans after the Cut-off Date and
(B) all other
payments of interest, principal or prepayment premiums received
on or with
respect to the Mortgage Loans after the Cut-off Date, other than
any such
payments of interest or principal or prepayment premiums that
were due on or
prior to the Cut-off Date. The parties acknowledge that such
assignment,
transfer, setting over and other conveyance shall not be
construed to limit any
obligation of Seller and any servicing rights of Capmark Finance
Inc. under that
certain servicing rights purchase agreement, dated as of
November 1, 2007,
between Seller and Capmark Finance Inc., or of KeyCorp Real
Estate Capital
Markets, Inc. under that certain servicing rights purchase
agreement, dated as
of November 1, 2007, between Seller and KeyCorp Real Estate
Capital Markets,
Inc. The Mortgage File for each Mortgage Loan shall contain the
following
documents on a collective basis:
(i) the original Note (or with respect to those Mortgage
Loans
listed in Schedule IV hereto, a "lost note affidavit"
substantially in the
form of Exhibit B hereto and a true and complete copy of the
Note),
bearing, or accompanied by, all prior and intervening
endorsements or
assignments showing a complete chain of endorsement or
assignment from the
applicable Mortgage Loan Originator either in blank or to
Seller, and
further endorsed (at the direction of Depositor given pursuant
to this
Agreement) by Seller, on its face or by allonge attached
thereto, without
recourse, either in blank or to the order of the Trustee in the
following
form: "Pay to the order of Wells Fargo Bank, N.A., as trustee
for the
registered Holders of Credit Suisse First Boston Mortgage
Securities
Corp., Commercial Mortgage Pass-Through Certificates, Series
2007-C5,
without recourse, representation or warranty, express or
implied";
(ii) a duplicate original Mortgage or a counterpart thereof
or, if such Mortgage has been returned by the related recording
office,
(A) an original, (B) a certified copy or (C) a copy thereof from
the
applicable recording office, and originals or counterparts (or
originals,
certified copies or copies from the applicable recording office)
of any
intervening assignments thereof from the applicable Mortgage
Loan
Originator to Seller, in each case in the form submitted for
recording or,
if recorded, with evidence of recording indicated thereon;
(iii) an original assignment of the Mortgage, in recordable
form (except for any missing recording information and, if
applicable,
completion of the name of the assignee), from Seller (or the
applicable
Mortgage Loan Originator) either in blank or to "Wells Fargo
Bank, N.A.,
as trustee for the registered Holders of Credit Suisse First
Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates,
Series 2007-C5";
(iv) an original, counterpart or copy of any related
Assignment of Leases (if such item is a document separate from
the
Mortgage), and the originals, counterparts or copies of any
intervening
assignments thereof from the applicable Mortgage Loan Originator
of the
Mortgage Loan to Seller, in each case in the form submitted for
recording
or, if recorded, with evidence of recording thereon;
(v) an original assignment of any related Assignment of
Leases
(if such item is a document separate from the Mortgage), in
recordable
form (except for any missing recording information and, if
applicable,
completion of the name of the assignee), from Seller (or the
applicable
Mortgage Loan Originator), either in blank or to "Wells Fargo
Bank, N.A.,
as trustee for the registered Holders of Credit Suisse First
Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates,
Series 2007-C5", which assignment may be included as part of an
omnibus
assignment covering other documents relating to the Mortgage
Loan
(provided that such omnibus assignment is effective and in
recordable form
under applicable law);
(vi) an original or true and complete copy of any related
Security Agreement (if such item is a document separate from
the
Mortgage), and the originals or copies of any intervening
assignments
thereof from the applicable Mortgage Loan Originator to
Seller;
(vii) an original assignment of any related Security
Agreement
(if such item is a document separate from the Mortgage), from
Seller (or
the applicable Mortgage Loan Originator) either in blank or to
"Wells
Fargo Bank, N.A., as trustee for the registered Holders of
Credit Suisse
First Boston Mortgage Securities Corp., Commercial Mortgage
Pass-Through
Certificates, Series 2007-C5," which assignment may be included
as part of
an omnibus assignment covering other documents relating to the
Mortgage
Loan (provided that such omnibus assignment is effective under
applicable
law);
(viii) originals or copies of all (A) assumption agreements,
(B) modifications, (C) written assurance agreements and (D)
substitution
agreements, together with any evidence of recording thereon or
in the form
submitted for recording, in those instances where the terms or
provisions
of the Mortgage, Note or any related security document have been
modified
or the Mortgage Loan has been assumed;
(ix) the original lender's title insurance policy or a copy
thereof (together with all endorsements or riders that were
issued with or
subsequent to the issuance of such policy), or if the policy has
not yet
been issued, the original or a copy of a binding written
commitment (which
may be a pro forma or specimen title insurance policy which has
been
accepted or approved in writing by the related title insurance
company, or
an interim binder that is "marked up" as binding and
countersigned by the
title company, which in any case is binding on the title
insurance
company), insuring the priority of the Mortgage as a first lien
on the
related Mortgaged Property, relating to such Mortgage Loan;
(x) the original or a counterpart of any guaranty of the
obligations of the Borrower under the Mortgage Loan;
(xi) UCC acknowledgement, certified or other copies of all
UCC
Financing Statements and continuation statements which show the
filing or
recording thereof (including the filing number or other similar
filing
information) or, alternatively, other evidence of filing or
recording
(including the filing number or other similar filing
information)
acceptable to the Trustee (including, without limitation,
evidence of such
filed or recorded UCC Financing Statement as shown on a written
UCC search
report from a reputable search firm, such as CSC/LexisNexis
Document
Solutions, Corporation Service Company, CT Corporation System
and the like
or printouts of on-line confirmations from such UCC filing or
recording
offices or authorized agents thereof), sufficient to perfect
(and maintain
the perfection of) the security interest held by the applicable
Mortgage
Loan Originator (and each assignee of record prior to the
Trustee) in and
to the personalty of the Borrower at the Mortgaged Property, and
original
UCC Financing Statement assignments, in a form suitable for
filing or
recording, sufficient to assign each such UCC Financing
Statement to the
Trustee;
(xii) the original or copy of the power of attorney (with
evidence of recording thereon) granted by the Borrower if the
Mortgage,
Note or other document or instrument referred to above was not
signed by
the Borrower;
(xiii) with respect to any debt of a Borrower permitted
under
the related Mortgage Loan, an original or copy of a
subordination
agreement, standstill agreement or other intercreditor,
co-lender or
similar agreement relating to such other debt, if any, including
any
mezzanine loan documents or preferred equity documents;
(xiv) with respect to any Cash Collateral Accounts and
Lock-Box Accounts, an original or copy of any related account
control
agreement;
(xv) an original or copy of any related Loan Agreement (if
separate from the related Mortgage), and an original or copy of
any
related Lock-Box Agreement or Cash Collateral Account Agreement
(if
separate from the related Mortgage and Loan Agreement);
(xvi) the originals and copies of letters of credit, if any,
relating to the Mortgage Loans and amendments thereto which
entitles the
Trust to draw thereon; provided that in connection with the
delivery of
the Mortgage File to the Trust, such originals shall be
delivered to the
applicable Master Servicer and copies thereof shall be delivered
to the
Trustee;
(xvii) any related environmental insurance policies and any
environmental guarantees or indemnity agreements or copies
thereof;
(xviii) the original or a copy of the ground lease and
ground
lease estoppels, if any, and of any amendments, modifications
or
extensions thereto, if any;
(xix) the original or copy of any property management
agreement;
(xx) without duplication with clause (xiii) above, a copy of
the mortgage note evidencing the related Junior Loan, if
any;
(xxi) copies of franchise agreements and franchisor comfort
letters, if any, for hospitality properties; and
(xxii) a checklist of the related Mortgage Loan Documents
included in the subject Mortgage File.
Notwithstanding the foregoing, in the event that, in connection
with
any Mortgage Loan, Seller cannot deliver, or cause to be
delivered, an original,
counterpart or certified copy, as applicable, of any of the
documents and/or
instruments required to be delivered pursuant to clauses (ii)
(relating to
Mortgages), (iv) (relating to Assignments of Leases), (viii)
(relating to
assumption agreements, modifications, written assurance
agreements and
substitution agreements), (xi) (relating to UCC Financing
Statements and related
documents)(other than assignments of UCC Financing Statements to
be recorded or
filed in accordance with the transfer contemplated by this
Agreement) and (xii)
(relating to powers of attorney) of the last sentence of the
first paragraph of
this Section 3, with evidence of recording or filing thereon on
the Closing
Date, solely because of a delay caused by the public recording
or filing office
where such document or instrument has been delivered for
recordation or filing,
the delivery requirements of such last sentence of such first
paragraph of this
Section 3 should be deemed to have been satisfied and such
non-delivered
document or instrument shall be deemed to have been included in
the Mortgage
File; provided that Seller: (i) shall deliver, or cause to be
delivered, to the
Trustee or its designee and the applicable Master Servicer a
duplicate original
or true copy of such document or instrument (certified by the
applicable public
recording or filing office, the applicable title insurance
company or Seller to
be a true and complete duplicate original or photocopy of the
original thereof
submitted for recording or filing) on the Closing Date; and (ii)
shall deliver,
or cause to be delivered, to the Trustee or its designee (with a
copy thereof to
the applicable Master Servicer) either the original of such
non-delivered
document or instrument, or a photocopy thereof (certified by the
appropriate
public recording or filing office to be a true and complete copy
of the original
thereof submitted for recording or filing), with evidence of
recording or filing
thereon within 120 days of the Closing Date, which period may be
extended up to
two times, in each case for an additional period of 45 days
provided that
Seller, as certified in writing to the Trustee prior to each
such 45-day
extension, is in good faith attempting to obtain from the
appropriate county
recorder's office such original or photocopy.
Notwithstanding the foregoing, in the event that, in connection
with
any Mortgage Loan, Seller cannot deliver, or cause to be
delivered, an original,
counterpart or certified copy, as applicable, of any of the
documents and/or
instruments required to be delivered pursuant to clauses (ii)
(relating to
Mortgages), (iv) (relating to Assigments of Leases), (viii)
(relating to
assumption agreements, modifications, written assurance
agreements and
substitution agreements), (xi) (relating to UCC Financing
Statements and related
documents) (other than assignments of UCC Financing Statements
to be recorded or
filed in accordance with the transfer contemplated by this
Agreement) and (xii)
(relating to powers of attorney) of the last sentence of the
first paragraph of
this Section 3, with evidence of recording or filing thereon for
any other
reason, including without limitation, that such non-delivered
document or
instrument has been lost, the delivery requirements of this
Agreement shall be
deemed to have been satisfied and such non-delivered document or
instrument
shall be deemed to have been included in the related Mortgage
File if a
photocopy or duplicate original of such non-delivered document
or instrument
(with evidence of recording or filing thereon and certified by
the appropriate
recording or filing office to be a true and complete copy of the
original
thereof as filed or recorded) is delivered to the Trustee or its
designee on or
before the Closing Date.
Notwithstanding the foregoing, in the event that Seller fails,
as to
any Mortgage Loan, to deliver any UCC Financing Statement
assignment with the
filing or recording information of the related UCC Financing
Statement, solely
because such UCC Financing Statement has not been returned to
Seller by the
applicable public filing or recording office where such UCC
Financing Statement
has been delivered for filing or recording, Seller shall not be
in breach of its
obligations with respect to such delivery, provided that Seller
promptly
forwards such UCC Financing Statement to the Trustee or its
designee (with a
copy to the applicable Master Servicer) upon its return from the
applicable
filing or recording office, together with the related original
UCC Financing
Statement assignment in a form appropriate for filing or
recording.
Notwithstanding the foregoing, Seller may elect, at its sole
cost
and expense, to engage a third-party contractor to prepare or
complete in proper
form for filing or recording any and all of the assignments of
Mortgage,
assignments of Assignments of Leases and assignments of UCC
Financing Statements
to the Trustee to be delivered pursuant to clauses (iii), (v),
and (xi) of the
last sentence of the first paragraph of this Section 3
(collectively, the
"Assignments"), to submit such Assignments for filing and
recording, as the case
may be, in the applicable public filing and recording offices
and to deliver
such Assignments to the Trustee or its designee (with a copy to
the applicable
Master Servicer) as such Assignments (or certified copies
thereof) are received
from the applicable filing and recording offices with evidence
of such filing or
recording indicated thereon. However, in the event Seller
engages a third-party
contractor as contemplated in the immediately preceding
sentence, the rights,
duties and obligations of Seller pursuant to this Agreement
remain binding on
Seller.
Within ten (10) Business Days after the Closing Date, Seller
shall
deliver the Servicer Files with respect to each of the Mortgage
Loans to the
applicable Master Servicer (or, if applicable, to a Sub-Servicer
(with a copy to
the applicable Master Servicer) at the direction of the
applicable Master
Servicer), under the Pooling and Servicing Agreement on behalf
of the Trustee in
trust for the benefit of the Certificateholders. Each such
Servicer File shall
contain all documents and records in Seller's possession
relating to the
Mortgage Loans and constituting the related Servicing Files (as
defined in the
Pooling and Servicing Agreement).
For purposes of this Section 3, and notwithstanding any
contrary
provision hereof or of the definition of "Mortgage File", if
there exists with
respect to any group of Crossed Loans only one original or
certified copy of any
document or instrument described in the definition of "Mortgage
File" which
pertains to all of the Crossed Loans in such group of Crossed
Loans, the
inclusion of the original or certified copy of such document or
instrument in
the Mortgage File for any of such Crossed Loans and the
inclusion of a copy of
such original or certified copy in each of the Mortgage Files
for the other
Crossed Loans in such group of Crossed Loans, shall be deemed to
constitute the
inclusion of such original or certified copy, as the case may
be, in the
Mortgage File for each such Crossed Loan.
Seller shall, promptly after the Closing Date, but in all
events
within three (3) Business Days after the Closing Date, cause all
funds on
deposit in escrow accounts maintained with respect to the
Mortgage Loans in the
name of Seller or any other name, to be transferred to or at the
direction of
the applicable Master Servicer (or, if applicable, to a
Sub-Servicer at the
direction of the applicable Master Servicer).
The Trustee, as assignee or transferee of Depositor, shall
be
entitled to all scheduled principal payments due after the
Cut-off Date, all
other payments of principal due and collected after the Cut-off
Date, and all
payments of interest on the Mortgage Loans, minus that portion
of any such
payment which is allocable to the period on or prior to the
Cut-off Date. All
scheduled payments of principal due on or before the Cut-off
Date and collected
after the Cut-off Date, together with the accompanying interest
payments, shall
belong to Seller.
Upon the sale of the Mortgage Loans from Seller to Depositor
pursuant hereto, the ownership of each Note, the related
Mortgage and the
contents of the related Mortgage File shall be vested in
Depositor and the
ownership of all records and documents that constitute the
Servicer File with
respect to the related Mortgage Loan shall immediately vest in
Depositor. All
Monthly Payments, Principal Prepayments and other amounts
received by Seller and
not otherwise belonging to Seller pursuant to this Agreement
shall be sent by
Seller within three (3) Business Days after Seller's receipt
thereof to the
applicable Master Servicer via wire transfer for deposit by the
applicable
Master Servicer into the Collection Account.
Seller shall, under generally accepted accounting principles,
report
its transfer of the Mortgage Loans to Depositor, as provided
herein, as a sale
of the Mortgage Loans to Depositor in exchange for the
consideration specified
in Section 2 hereof. In connection with the foregoing, Seller
shall cause all of
its financial and accounting records to reflect such transfer as
a sale (as
opposed to a secured loan). Seller shall at all times following
the Closing Date
cause all of its records and financial statements and any
relevant consolidated
financial statements of any direct or indirect parent to clearly
reflect that
the Mortgage Loans have been transferred to Depositor and are no
longer
available to satisfy claims of Seller's creditors.
After Seller's transfer of the Mortgage Loans to Depositor,
as
provided herein, Seller shall not take any action inconsistent
with Depositor's
ownership (or the ownership by any of Depositor's assignees) of
the Mortgage
Loans. Except for actions that are the express responsibility of
another party
hereunder or under the Pooling and Servicing Agreement, and
further except for
actions that Seller is expressly permitted to complete
subsequent to the Closing
Date, Seller shall, on or before the Closing Date, take all
actions required
under applicable law to effectuate the transfer of the Mortgage
Loans by Seller
to Depositor.
Section 4. Depositor's Conditions to Closing. The obligations
of
Depositor to purchase the Mortgage Loans and pay the Mortgage
Loan Purchase
Price at the Closing Date under the terms of this Agreement are
subject to the
satisfaction of each of the following conditions at or before
the Closing:
(a) Each of the obligations of Seller required to be performed
by it
on or prior to the Closing Date pursuant to the terms of this
Agreement shall
have been duly performed and complied with in all material
respects; all of the
representations and warranties of Seller under this Agreement
(subject to the
exceptions set forth in the Exception Report) shall be true and
correct in all
material respects as of the Closing Date; no event shall have
occurred with
respect to Seller or any of the Mortgage Loans and related
Mortgage Files which,
with notice or the passage of time, would constitute a material
default under
this Agreement; and Depositor shall have received certificates
to the foregoing
effect signed by authorized officers of Seller.
(b) Depositor, or if directed by Depositor, the Trustee or
Depositor's attorneys or other designee, shall have received in
escrow, all of
the following closing documents, in such forms as are agreed
upon and reasonably
acceptable to Depositor and Seller, duly executed by all
signatories other than
Depositor, as required pursuant to the respective terms
thereof:
(i) the Mortgage Files, subject to the provisos of Section 1
of this Agreement, which shall have been delivered to and held
by the
Trustee or its designee on behalf of Seller;
(ii) the Mortgage Loan Schedule;
(iii) the certificate of Seller confirming its
representations
and warranties set forth in Section 6 (subject to the exceptions
set forth
in the Exception Report) as of the Closing Date;
(iv) an opinion or opinions of Seller's counsel, dated the
Closing Date, covering various corporate matters and such other
matters as
shall be reasonably required by Depositor;
(v) such other certificates of Seller's officers or others
and
such other documents to evidence fulfillment of the conditions
set forth
in this Agreement as Depositor or its counsel may reasonably
request; and
(vi) all other information, documents, certificates, or
letters with respect to the Mortgage Loans or Seller and its
Affiliates as
are reasonably requested by Depositor in order for Depositor to
perform
any of it obligations or satisfy any of the conditions on its
part to be
performed or satisfied pursuant to any sale of Mortgage Loans by
Depositor
as contemplated herein.
(c) Seller shall have performed or complied with all other terms
and
conditions of this Agreement which it is required to perform or
comply with at
or before the Closing and shall have the ability to perform or
comply with all
duties, obligations, provisions and terms which it is required
to perform or
comply with after the Closing.
(d) Seller shall have delivered to the Trustee, on or before
the
Closing Date, five limited powers of attorney in favor of the
Trustee and the
Special Servicer empowering the Trustee and, in the event of the
failure or
incapacity of the Trustee, the Special Servicer, to record, at
the expense of
Seller, any Mortgage Loan Documents required to be recorded and
any intervening
assignments with evidence of recording thereon that are required
to be included
in the Mortgage Files. Seller shall reasonably cooperate with
the Trustee and
the Special Servicer in connection with any additional powers or
revisions
thereto that are requested by such parties.
Section 5. Seller's Conditions to Closing. The obligations of
Seller
under this Agreement shall be subject to the satisfaction, on
the Closing Date,
of the following conditions:
(a) Each of the obligations of Depositor required to be
performed by
it on or prior to the Closing Date pursuant to the terms of this
Agreement shall
have been duly performed and complied with in all material
respects; and all of
the representations and warranties of Depositor under this
Agreement shall be
true and correct in all material respects as of the Closing
Date; and no event
shall have occurred with respect to Depositor which, with notice
or the passage
of time, would constitute a material default under this
Agreement, and Seller
shall have received certificates to that effect signed by
authorized officers of
Depositor.
(b) Seller shall have received all of the following closing
documents, in such forms as are agreed upon and reasonably
acceptable to Seller
and Depositor, duly executed by all signatories other than
Seller, as required
pursuant to the respective terms thereof:
(i) an officer's certificate of Depositor, dated as of the
Closing Date, with the resolutions of Depositor authorizing
the
transactions set forth therein, together with copies of the
charter,
by-laws and certificate of good standing dated as of a recent
date of
Depositor; and
(ii) such other certificates of its officers or others, such
opinions of Depositor's counsel and such other documents
required to
evidence fulfillment of the conditions set forth in this
Agreement as
Seller or its counsel may reasonably request.
(c) Depositor shall have performed or complied with all other
terms
and conditions of this Agreement which it is required to perform
or comply with
at or before the Closing and shall have the ability to perform
or comply with
all duties, obligations, provisions and terms which it is
required to perform or
comply with after Closing.
Section 6. Representations and Warranties of Seller. Seller
represents and warrants to Depositor as of the date hereof, as
follows:
(i) Seller is duly organized and is validly existing as a
corporation in good standing under the laws of the State of
Delaware.
Seller has conducted and is conducting its business so as to
comply in all
material respects with all applicable statutes and regulations
of
regulatory bodies or agencies having jurisdiction over it,
except where
the failure so to comply would not have a materially adverse
effect on the
performance by Seller of this Agreement, and there is no charge,
action,
suit or proceeding before or by any court, regulatory authority
or
governmental agency or body pending or, to the knowledge of
Seller,
threatened, which is reasonably likely to materially and
adversely affect
the performance by Seller of this Agreement or the consummation
of
transactions contemplated by this Agreement.
(ii) Seller has the full power, authority and legal right to
hold, transfer and convey the Mortgage Loans and to execute and
deliver
this Agreement (and all agreements and documents executed and
delivered by
Seller in connection herewith) and to perform all transactions
of Seller
contemplated by this Agreement (and all agreements and documents
executed
and delivered by Seller in connection herewith). Seller has
duly
authorized the execution, delivery and performance of this
Agreement (and
all agreements and documents executed and delivered by Seller
in
connection herewith), and has duly executed and delivered this
Agreement
(and all agreements and documents executed and delivered by
Seller in
connection herewith). This Agreement (and each agreement and
document
executed and delivered by Seller in connection herewith),
assuming due
authorization, execution and delivery thereof by each other
party thereto,
constitutes the legal, valid and binding obligation of Seller
enforceable
in accordance with its terms, except as such enforcement may be
limited by
bankruptcy, fraudulent transfer, insolvency, reorganization,
receivership,
moratorium or other laws relating to or affecting the rights of
creditors
generally, by general principles of equity (regardless of
whether such
enforcement is considered in a proceeding in equity or at law)
and by
considerations of public policy.
(iii) Neither the execution, delivery and performance of
this
Agreement, nor the fulfillment of or compliance with the terms
and
conditions of this Agreement by Seller, will (A) conflict with
or result
in a breach of any of the terms, conditions or provisions of
Seller's
articles or certificate of incorporation and bylaws or similar
type
organizational documents, as applicable; (B) conflict with,
result in a
breach of, or constitute a default or result in an acceleration
under, any
agreement or instrument to which Seller is now a party or by
which it (or
any of its properties) is bound if compliance therewith is
necessary (1)
to ensure the enforceability of this Agreement or (2) for Seller
to
perform its duties and obligations under this Agreement (or any
agreement
or document executed and delivered by Seller in connection
herewith); (C)
conflict with or result in a breach of any legal restriction if
compliance
therewith is necessary (1) to ensure the enforceability of this
Agreement
or (2) for Seller to perform its duties and obligations under
this
Agreement (or any agreement or document executed and delivered
by Seller
in connection herewith); (D) result in the violation of any law,
rule,
regulation, order, judgment or decree to which Seller or its
property is
subject if compliance therewith is necessary (1) to ensure
the
enforceability of this Agreement or (2) for Seller to perform
its duties
and obligations under this Agreement (or any agreement or
document
executed and delivered by Seller in connection herewith); or (E)
result in
the creation or imposition of any lien, charge or encumbrance
that would
have a material adverse effect upon Seller's ability to perform
its duties
and obligations under this Agreement (or any agreement or
document
executed and delivered by Seller in connection herewith), or
materially
impair the ability of Depositor to realize on the Mortgage
Loans.
(iv) Seller is solvent and the sale of the Mortgage Loans
(1)
will not cause Seller to become insolvent and (2) is not
intended by
Seller to hinder, delay or defraud any of its present or future
creditors.
After giving effect to its transfer of the Mortgage Loans, as
provided
herein, the value of Seller's assets, either taken at their
present fair
saleable value or at fair valuation, will exceed the amount of
Seller's
debts and obligations, including contingent and unliquidated
debts and
obligations of Seller, and Seller will not be left with
unreasonably small
assets or capital with which to engage in and conduct its
business. Seller
does not intend to, and does not believe that it will, incur
debts or
obligations beyond its ability to pay such debts and obligations
as they
mature. No proceedings looking toward liquidation, dissolution
or
bankruptcy of Seller are pending or contemplated.
(v) No consent, approval, authorization or order of, or
registration or filing with, or notice to, any court or
governmental
agency or body having jurisdiction or regulatory authority over
Seller is
required for (A) Seller's execution, delivery and performance of
this
Agreement (or any agreement or document executed and delivered
by Seller
in connection herewith), (B) Seller's transfer and assignment of
the
Mortgage Loans, or (C) the consummation by Seller of the
transactions
contemplated by this Agreement (or any agreement or document
executed and
delivered by Seller in connection herewith) or, to the extent so
required,
such consent, approval, authorization, order, registration,
filing or
notice has been obtained, made or given (as applicable), except
for the
filing or recording of assignments and other Mortgage Loan
Documents
contemplated by the terms of this Agreement and except that
Seller may not
be duly qualified to transact business as a foreign corporation
or
licensed in one or more states if such qualification or
licensing is not
necessary to ensure the enforceability of this Agreement (or any
agreement
or document executed and delivered by Seller in connection
herewith).
(vi) In connection with its sale of the Mortgage Loans,
Seller
is receiving new value. The consideration received by Seller
upon the sale
of the Mortgage Loans constitutes at least fair consideration
and
reasonably equivalent value for the Mortgage Loans.
(vii) Seller does not believe, nor does it have any reason
or
cause to believe, that it cannot perform each and every covenant
of Seller
contained in this Agreement (or any agreement or document
executed and
delivered by Seller in connection herewith).
(viii) There are no actions, suits or proceedings pending
or,
to Seller's knowledge, threatened in writing against Seller
which are
reasonably likely to draw into question the validity of this
Agreement (or
any agreement or document executed and delivered by Seller in
connection
herewith) or which, either in any one instance or in the
aggregate, are
reasonably likely to materially impair the ability of Seller to
perform
its duties and obligations under this Agreement (or any
agreement or
document executed and delivered by Seller in connection
herewith).
(ix) Seller's performance of its duties and obligations
under
this Agreement (and each agreement or document executed and
delivered by
Seller in connection herewith) is in the ordinary course of
business of
Seller and Seller's transfer, assignment and conveyance of the
Mortgage
Loans pursuant to this Agreement are not subject to the bulk
transfer or
similar statutory provisions in effect in any applicable
jurisdiction. The
Mortgage Loans do not constitute all or substantially all of
Seller's
assets.
(x) Seller has not dealt with any Person that may be
entitled,
by reason of any act or omission of Seller, to any commission
or
compensation in connection with the sale of the Mortgage Loans
to
Depositor hereunder except for (A) the reimbursement of expenses
as
described herein or otherwise in connection with the
transactions
described in Section 2 hereof and (B) the commissions or
compensation owed
to the Underwriters or the Initial Purchaser.
(xi) Seller is not in default or breach of any agreement or
instrument to which Seller is now a party or by which it (or any
of its
properties) is bound which breach or default would materially
and
adversely affect the ability of Seller to perform its
obligations under
this Agreement.
(xii) The representations and warranties contained in
Exhibit
A hereto, subject to the exceptions to such representations and
warranties
set forth on Schedule V hereto, are true and correct in all
material
respects as of the date hereof with respect to the Mortgage
Loans
identified on Schedule II.
(xiii) At the Time of Sale (as defined in the
Indemnification
Agreement), the information set forth in any Disclosure
Information (as
defined in the Indemnification Agreement), as last forwarded to
each
prospective investor at or prior to the date on which a contract
for sale
was entered into with such prospective investor, (i) does not
contain any
untrue statement of a material fact or omit to state any
material fact
necessary to make the statements therein, in light of the
circumstances
under which they were made, not misleading and (ii) complies
with the
requirements of and contains all of the applicable information
required by
Regulation AB (as defined in the Indemnification Agreement); but
only to
the extent that (i) such information regards the Mortgage Loans
and is
contained in the Loan Detail (as defined in the Indemnification
Agreement)
or, to the extent consistent therewith, the Diskette (as defined
in the
Indemnification Agreement) or (ii) such information regarding
the Seller
or the Mortgage Loans was contained in the Confidential Offering
Circular
or the Prospectus Supplement under the headings "Summary of
Prospectus
Supplement--Relevant Parties/Entities--Sponsors and Mortgage
Loan
Sellers," "--Relevant Parties/Entities--Originators," "--The
Underlying
Mortgage Loans" and "--Source of the Underlying Mortgage Loans,"
"Risk
Factors," "Description of the Sponsors and Mortgage Loan
Sellers" and
"Description of the Underlying Mortgage Loans" and such
information does
not represent an incorrect restatement or an incorrect
aggregation of
correct information regarding the Mortgage Loans contained in
the Loan
Detail (as defined in the Indemnification Agreement); provided
that, the
Seller makes no representation or warranty to the extent that
any such
untrue statement or omission or alleged untrue statement or
omission was
made as a result of an error in the manipulation of, or an error
in any
calculations based upon, or an error in any aggregation (other
than an
aggregation made in the Loan Detail by the Seller) of, the
numerical,
financial and/or statistical information regarding the Mortgage
Loan
Seller Information (as defined in the Indemnification
Agreement).
Section 7. Obligations of Seller. Each of the representations
and
warranties contained in or required to be made by Seller
pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans
and shall
continue in full force and effect, notwithstanding any
restrictive or qualified
endorsement on the Notes and notwithstanding subsequent
termination of this
Agreement or the Pooling and Servicing Agreement. The
representations and
warranties contained in or required to be made by Seller
pursuant to Section 6
of this Agreement shall not be impaired by any review or
examination of the
Mortgage Files or other documents evidencing or relating to the
Mortgage Loans
or any failure on the part of Depositor to review or examine
such documents and
shall inure to the benefit of the initial transferee of the
Mortgage Loans from
Depositor including, without limitation, the Trustee for the
benefit of the
Holders of the Certificates, notwithstanding (1) any restrictive
or qualified
endorsement on any Note, assignment of Mortgage or reassignment
of Assignment of
Leases or (2) any termination of this Agreement prior to the
Closing, but shall
not inure to the benefit of any subsequent transferee
thereafter.
If any Certificateholder, the applicable Master Servicer,
the
Special Servicer or the Trustee discovers or receives notice of
a breach of any
of the representations or warranties made by Seller with respect
to the Mortgage
Loans (subject to the exceptions to such representations and
warranties set
forth in the Exception Report), as of the date hereof in Section
6(xii) or as of
the Closing Date pursuant to Section 4(b)(iii) (in any such
case, a "Breach"),
or discovers or receives notice that (a) any document required
to be included in
the Mortgage File related to any Mortgage Loan is not in the
Trustee's (or its
designee's) possession within the time period required herein or
(b) such
document has not been properly executed or is otherwise
defective on its face
(clause (a) and clause (b) each, a "Defect" (which term shall
include the
"Defects" described in the immediately following paragraph) in
the related
Mortgage File), such party shall give notice to the applicable
Master Servicer,
the Special Servicer, the Trustee and the Rating Agencies. If
the applicable
Master Servicer or the Special Servicer determines that such
Breach or Defect
materially and adversely affects the value of any Mortgage Loan
or REO Loan or
the interests of the Holders of any Class of Certificates (in
which case such
Breach or Defect shall be a "Material Breach" or a "Material
Defect", as
applicable), it shall give prompt written notice of such Breach
or Defect to the
Depositor, the Trustee, the applicable Master Servicer, the
Special Servicer and
the Seller and shall request that the Seller not later than the
earlier of 90
days from the receipt by the Seller of such notice or discovery
by the Seller of
such Breach or Defect (subject to the second succeeding
paragraph, the "Initial
Resolution Period"): (i) cure such Breach or Defect in all
material respects;
(ii) repurchase the affected Mortgage Loan at the applicable
Purchase Price (as
defined in the Pooling and Servicing Agreement); or (iii)
substitute, in
accordance with the Pooling and Servicing Agreement, one or more
Qualified
Substitute Mortgage Loans (as defined in the Pooling and
Servicing Agreement)
for such affected Mortgage Loan (provided that in no event shall
any
substitution occur later than the second anniversary of the
Closing Date) and
pay the applicable Master Servicer for deposit into the
Collection Account any
Substitution Shortfall Amount (as defined in the Pooling and
Servicing
Agreement) in connection therewith; provided, however, that
Seller shall have an
additional 90 days to cure such Material Breach or Material
Defect if all of the
following conditions are satisfied: (i) such Material Breach or
Material Defect
is capable of being cured but not within the Initial Resolution
Period; (ii)
such Material Breach or Material Defect does not cause the
related Mortgage Loan
not to be a "qualified mortgage" (within the meaning of Section
860G(a)(3) of
the Code); (iii) Seller has commenced and is diligently
proceeding with the cure
of such Material Breach or Material Defect within the Initial
Resolution Period;
and (iv) Seller has delivered to the Rating Agencies, the
applicable Master
Servicer, the Special Servicer and the Trustee an Officer's
Certificate that
describes the reasons that the cure was not effected within the
Initial
Resolution Period and the actions that it proposes to take to
effect the cure
and that states that it anticipates the cure will be effected
within the
additional 90-day period. If there exists a Breach of any
representation or
warranty that the related Mortgage Loan Documents or any
particular Mortgage
Loan Document requires the related Borrower to bear the costs
and expenses
associated with any particular action or matter under such
Mortgage Loan
Document(s), then Seller shall cure such Breach within the
Initial Resolution
Period by reimbursing the Trust Fund (by wire transfer of
immediately available
funds to the Collection Account) the reasonable amount of any
such costs and
expenses incurred by the applicable Master Servicer, the Special
Servicer, the
Trustee or the Trust Fund that are the basis of such Breach and
have not been
reimbursed by the related Borrower; provided, however, that in
the event any
such costs and expenses exceed $10,000, Seller shall have the
option to either
repurchase the related Mortgage Loan at the applicable Purchase
Price, replace
such Mortgage Loan and pay any applicable Substitution Shortfall
Amount or pay
such costs and expenses. Except as provided in the proviso to
the immediately
preceding sentence, Seller shall remit the amount of such costs
and expenses and
upon its making such remittance, Seller shall be deemed to have
cured such
Breach in all respects. With respect to any repurchase of a
Mortgage Loan
hereunder or any substitution of one or more Qualified
Substitute Mortgage Loans
for a Mortgage Loan hereunder, (A) no such substitution may be
made in any
calendar month after the Determination Date for such month; (B)
scheduled
payments of principal and interest due with respect to the
Qualified Substitute
Mortgage Loan(s) after the Due Date in the month of
substitution, and scheduled
payments of principal and interest due with respect to each
Mortgage Loan being
repurchased or replaced after the related Cut-off Date and
received by the
applicable Master Servicer or the Special Servicer on behalf of
the Trust on or
prior to the related date of repurchase or substitution, shall
be part of the
Trust Fund; and (C) scheduled payments of principal and interest
due with
respect to each such Qualified Substitute Mortgage Loan on or
prior to the Due
Date in the month of substitution, and scheduled payments of
principal and
interest due with respect to each Mortgage Loan being
repurchased or replaced
and received by the applicable Master Servicer or the Special
Servicer on behalf
of the Trust after the related date of repurchase or
substitution, shall not be
part of the Trust Fund, and Seller (or, if applicable, any
person effecting the
related repurchase or substitution in the place of Seller) shall
be entitled to
receive such payments promptly following receipt by the
applicable Master
Servicer or the Special Servicer, as applicable, under the
Pooling and Servicing
Agreement.
Any of the following will cause a document in the Mortgage File
to
be deemed to have a "Material Defect": (a) the absence from the
Mortgage File of
the original signed Note, unless the Mortgage File contains a
signed lost note
affidavit and indemnity; (b) the absence from the Mortgage File
of the original
signed Mortgage, unless there is included in the Mortgage File a
certified copy
of the Mortgage as recorded or as sent for recordation, together
with a
certificate stating that the original signed Mortgage was sent
for recordation,
or a copy of the Mortgage and the related recording information;
(c) the absence
from the Mortgage File of the item called for by clause (ix)
(relating to
evidence of title insurance) of the last sentence of the first
paragraph of
Section 3 hereof; (d) the absence from the Mortgage File of any
intervening
assignments required to create an effective assignment to the
Trustee on behalf
of the Trust, unless there is included in the Mortgage File a
certified copy of
the intervening assignment as recorded or as sent for
recordation, together with
a certificate stating that the original intervening assignment
was sent for
recordation; (e) the absence from the Mortgage File (or the
Servicer File) of
any required original letter of credit (as required in the
provisos of Section 1
hereof), provided that such Defect may be cured by any
substitute letter of
credit or cash reserve on behalf of the related Borrower; (f)
the absence from
the Mortgage File of the original or a copy of any required
ground lease; or (g)
solely in the case of a Mortgage Loan secured by a Mortgaged
Property operated
as a hospitality property, the absence from the Mortgage File of
the related
franchise agreement and/or franchisor comfort letter. In
addition, Seller shall
cure any Defect described in clause (b), (c), (e) or (f) of the
immediately
preceding sentence as required in Section 2.02(b) of the Pooling
and Servicing
Agreement.
Any Defect or Breach which causes any Mortgage Loan not to be
a
"qualified mortgage" (within the meaning of Section 860G(a)(3)
of the Code)
shall be deemed a "Material Defect" or "Material Breach", as
applicable, and the
Initial Resolution Period for the affected Mortgage Loan shall
be 90 days
following the earlier of Seller's receipt of notice (pursuant to
this Section 7)
with respect to, or its discovery of, such Defect or Breach
(which period shall
not be subject to extension).
If Seller does not, as required by this Section 7, correct or
cure a
Material Breach or a Material Defect in all material respects
within the
applicable Initial Resolution Period (as extended pursuant to
this Section 7),
or if such Material Breach or Material Defect is not capable of
being so
corrected or cured within such period, then Seller shall
repurchase or
substitute for the affected Mortgage Loan as provided in this
Section 7. If (i)
any Mortgage Loan is required to be repurchased or substituted
for as provided
above, (ii) such Mortgage Loan is a Crossed Loan that is a part
of a Crossed
Group (as defined below) and (iii) the applicable Breach or
Defect does not
otherwise constitute a Breach or Defect, as the case may be, as
to any other
Crossed Loan in such Crossed Group (without regard to this
paragraph), then the
applicable Breach or Defect, as the case may be, will be deemed
to constitute a
Breach or Defect, as the case may be, as to any other Crossed
Loan in the
Crossed Group for purposes of the above provisions, and Seller
will be required
to repurchase or substitute for such other Crossed Loan(s) in
the related
Crossed Group in accordance with the provisions of this Section
7 unless such
other Crossed Loans satisfy the Crossed Loan Repurchase Criteria
(as defined in
the Pooling and Servicing Agreement) and Seller can satisfy all
other criteria
for substitution or repurchase of the affected Mortgage Loan(s)
set forth in the
Pooling and Servicing Agreement. In the event that one or more
of such other
Crossed Loans satisfy the Crossed Loan Repurchase Criteria,
Seller may elect
either to repurchase or substitute for only the affected Crossed
Loan as to
which the related Breach or Defect exists or to repurchase or
substitute for all
of the Crossed Loans in the related Crossed Group. Seller shall
be responsible
for the cost of any Appraisal required to be obtained by the
applicable Master
Servicer to determine if the Crossed Loan Repurchase Criteria
have been
satisfied, so long as the scope and cost of such Appraisal have
been approved by
Seller (such approval not to be unreasonably withheld). For
purposes of this
paragraph, a "Crossed Group" is any group of Mortgage Loans
identified as a
Crossed Group on Schedule III to this Agreement.
Notwithstanding the foregoing, if there is a Material Breach
or
Material Defect with respect to one or more Mortgaged Properties
(but not all of
the Mortgaged Properties) with respect to a Mortgage Loan,
Seller will not be
obligated to repurchase or substitute for the Mortgage Loan if
the affected
Mortgaged Property may be released pursuant to the terms of any
partial release
provisions in the related Mortgage Loan Documents and the
remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the
Mortgage Loan
Documents and (i) Seller provides an opinion of counsel to the
effect that such
partial release would not cause an Adverse REMIC Event (as
defined in the
Pooling and Servicing Agreement) to occur, (ii) Seller pays (or
causes to be
paid) the applicable release price required under the Mortgage
Loan Documents
and, to the extent not reimbursable out of the release price
pursuant to the
related Mortgage Loan Documents, any additional amounts
necessary to cover all
reasonable out-of-pocket expenses reasonably incurred by the
applicable Master
Servicer, the Special Servicer, the Trustee or the Trust Fund in
connection
therewith, including any unreimbursed advances and interest
thereon made with
respect to the Mortgaged Property that is being released, and
(iii) such cure by
release of such Mortgaged Property is effected within the time
periods specified
for a cure of a Material Breach or Material Defect in this
Section 7.
The Purchase Price or Substitution Shortfall Amount for any
repurchased or substituted Mortgage Loan shall be payable to
Depositor or,
subsequent to the assignment of the Mortgage Loans to the
Trustee, the Trustee
as its assignee, by wire transfer of immediately available funds
to the account
designated by Depositor or the Trustee, as the case may be, and
Depositor or the
Trustee, as the case may be, upon receipt of such funds, shall
promptly release
the related Mortgage File and Servicer File or cause them to be
released, to
Seller and shall execute and deliver such instruments of
transfer or assignment
as shall be necessary to vest in Seller the legal and beneficial
ownership of
such Mortgage Loan (including any property acquired in respect
thereof or
proceeds of any insurance policy with respect thereto) and the
related Mortgage
Loan Documents.
It is understood and agreed that the obligations of Seller set
forth
in this Section 7 to cure, substitute for or repurchase a
Mortgage Loan
constitute the sole remedies available to Depositor and its
successors and
assigns respecting any Breach or Defect affecting a Mortgage
Loan.
Section 8. Crossed Loans. With respect to any Crossed Loan
conveyed
hereunder, to the extent that Seller repurchases or substitutes
for an affected
Crossed Loan in the manner prescribed above while the Trustee
continues to hold
any related Crossed Loans, Seller and Depositor (on behalf of
its successors and
assigns) agree to modify, upon such repurchase or substitution,
the related
Mortgage Loan Documents in a manner such that such affected
Crossed Loan
repurchased or substituted by Seller, on the one hand, and any
related Crossed
Loans still held by the Trustee, on the other, would no longer
be
cross-defaulted or cross-collateralized with one another;
provided that Seller
shall have furnished the Trustee, at Seller's expense, with an
Opinion of
Counsel that such modification shall not cause an Adverse REMIC
Event; and
provided, further, that if such Opinion of Counsel cannot be
furnished, Seller
and Depositor hereby agree that such repurchase or substitution
of only the
affected Crossed Loans, notwithstanding anything to the contrary
herein, shall
not be permitted. Any reserve or other cash collateral or
letters of credit
securing the subject Crossed Loans shall be allocated between
such Mortgage
Loans in accordance with the Mortgage Loan Documents. All other
terms of such
Mortgage Loans shall remain in full force and effect, without
any modification
thereof.
Section 9. Representations and Warranties of Depositor.
Depositor
hereby represents and warrants to Seller as of the date hereof,
as follows:
(a) Depositor is duly organized and is validly existing as a
corporation in good standing under the laws of the State of
Delaware, with full
corporate power and authority to own its assets and conduct its
business as it
is conducted, and is duly qualified as a foreign corporation in
good standing in
all jurisdictions in which the ownership or lease of its
property or the conduct
of its business requires such qualification (except where the
failure to qualify
would not have a materially adverse effect on the consummation
of any
transactions contemplated by this Agreement).
(b) The execution and delivery by Depositor of this Agreement
and
the performance of Depositor's obligations hereunder are within
the corporate
power of Depositor and have been duly authorized by Depositor
and neither the
execution and delivery by Depositor of this Agreement nor the
compliance by
Depositor with the provisions hereof, nor the consummation by
Depositor of the
transactions contemplated by this Agreement, will (i) conflict
with or result in
a breach of, or constitute a default under, the certificate of
incorporation or
by-laws of Depositor or, after giving effect to the consents or
taking of the
actions contemplated by clause (ii) of this paragraph (b), any
of the provisions
of any law, governmental rule, regulation, judgment, decree or
order binding on
Depositor or its properties, or any of the provisions of any
material indenture
or mortgage or any other material contract or other instrument
to which
Depositor is a party or by which it is bound or result in the
creation or
imposition of any lien, charge or encumbrance upon any of its
properties
pursuant to the terms of any such indenture, mortgage, contract
or other
instrument or (ii) require any consent of, notice to, or filing
with any person,
entity or governmental body, which has not been obtained or made
by Depositor,
except where, in any of the instances contemplated by clause (i)
above or this
clause (ii), the failure to do so will not have a material and
adverse effect on
the consummation of any transactions contemplated by this
Agreement.
(c) This Agreement has been duly executed and delivered by
Depositor
and this Agreement constitutes a legal, valid and binding
instrument,
enforceable against Depositor in accordance with its terms,
subject, as to the
enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency,
moratorium and other laws affecting the rights of creditors
generally and to
general principles of equity and the discretion of the court
(regardless of
whether enforcement of such remedies is considered in a
proceeding in equity or
at law) and, as to rights of indemnification hereunder, subject
to limitations
of public policy under applicable securities laws.
(d) There is no litigation, charge, investigation, action, suit
or
proceeding by or before any court, regulatory authority or
governmental agency
or body pending or, to the knowledge of Depositor, threatened
against Depositor
the outcome of which could be reasonably expected to materially
and adversely
affect the consummation of any transactions contemplated by this
Agreement.
Section 10. Survival of Certain Representations, Warranties
and
Covenants. The respective representations and warranties set
forth in or made
pursuant to this Agreement, and the respective obligations of
the parties hereto
under Sections 7 and 12 of this Agreement, will remain in full
force and effect,
regardless of any investigation or statement as to the result
thereof made by or
on behalf of any party and will survive payment for the various
transfers
referred to herein and delivery of the Certificates or
termination of this
Agreement.
Section 11. Transaction Expenses. In connection with the
Closing
(and unless otherwise expressly provided herein, including,
without limitation,
in Section 12 of this Agreement), Seller shall be responsible
for the fees and
expenses of its own counsel, and Depositor and Seller agree to
pay the other
transaction expenses incurred in connection with the
transactions herein
contemplated as set forth in the Closing Statement (or, if not
covered thereby,
an expense shall be paid by the party incurring such
expense).
Section 12. Recording Costs and Expenses. Seller agrees to
reimburse
the Trustee or its designee all recording and filing fees and
expenses incurred
by the Trustee or its designee in connection with the recording
or filing of the
Mortgage Loan Documents listed in Section 3 of this Agreement,
including
Assignments. In the event Seller elects to engage a third-party
contractor to
prepare, complete, file and record Assignments with respect to
Mortgage Loans as
provided in Section 3 of this Agreement, Seller shall contract
directly with
such contractor and shall be responsible for such contractor's
compensation and
reimbursement of recording and filing fees and other
reimbursable expenses
pursuant to their agreement.
Section 13. Notices. All demands, notices and communications
hereunder shall be in writing and effective only upon receipt,
and, (a) if sent
to Depositor, will be mailed, delivered or telecopied and
confirmed to it at
Credit Suisse First Boston Mortgage Securities Corp., 11 Madison
Avenue, 5th
Floor, New York, New York 10010, Attention: Edmund Taylor,
Telecopy No.: (212)
743-4756 (with a copy to Tessa Peters, Telecopy No.: (212)
325-8282), or such
other address or telecopy number as may be designated by
Depositor to Seller in
writing, or (b) if sent to Seller, will be mailed, delivered or
telecopied and
confirmed to it at 3414 Peachtree Road, N.E., Suite 1140,
Atlanta, Georgia
30326, Attention: Robert Barnes, Telecopy No.: (404) 239-0419,
or such other
address or telecopy number as may be designated by Seller to
Depositor in
writing.
Section 14. Examination of Mortgage Files. Upon reasonable
notice,
Seller, prior to the Closing Date, will make the Mortgage Files
available to
Depositor or its agent for examination during normal business
hours at Seller's
offices or such other location as shall otherwise be agreed upon
by Depositor
and Seller. The fact that Depositor or its agent has conducted
or has failed to
conduct any partial or complete examination of the Mortgage
Files shall not
affect the rights of Depositor or the Trustee (for the benefit
of the
Certificateholders) to demand cure, repurchase, or other relief
as provided
herein.
Section 15. Successors. This Agreement shall inure to the
benefit of
and shall be binding upon Seller and Depositor and their
respective successors
and permitted assigns, and nothing expressed in this Agreement
is intended or
shall be construed to give any other Person any legal or
equitable right, remedy
or claim under or in respect of this Agreement, or any
provisions herein
contained, this Agreement and all conditions and provisions
hereof being
intended to be and being for the sole and exclusive benefit of
Seller and
Depositor and their respective successors and permitted assigns
and for the
benefit of no other Person; it being understood that (a) the
indemnities of
Seller contained in that certain Indemnification Agreement dated
November 1,
2007, among Seller, Depositor, the Initial Purchaser and the
Underwriters,
relating to, among other things, information regarding the
Mortgage Loans in the
Prospectus Supplement and the Offering Circular, subject to all
limitations
therein contained, shall also be for the benefit of the officers
and directors
of Depositor, the Underwriters and the Initial Purchaser and any
person or
persons who control Depositor, the Underwriters and the Initial
Purchaser within
the meaning of Section 15 of the Securities Act or Section 20 of
the Securities
Exchange Act of 1934, as amended, and (b) the rights of
Depositor pursuant to
this Agreement, subject to all limitations herein contained,
including those set
forth in Section 7 of this Agreement, may be assigned to the
Trustee, for
benefit of the Certificateholders, as may be required to effect
the purposes of
the Pooling and Servicing Agreement and, upon such assignment,
the Trustee shall
succeed to such rights of Depositor hereunder; provided that the
Trustee shall
have no right to further assign such rights to any other Person.
No owner of a
Certificate issued pursuant to the Pooling and Servicing
Agreement shall be
deemed a successor or permitted assign because of such
ownership.
Section 16. Governing Law. THIS AGREEMENT SHALL BE GOVERNED
AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO
AGREEMENTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE
WITHOUT GIVING
EFFECT TO CHOICE OF LAW PRINCIPLES.
Section 17. Severability. If any provision of this Agreement
shall
be prohibited or invalid under applicable law, this Agreement
shall be
ineffective only to such extent, without invalidating the
remainder of this
Agreement.
Section 18. Further Assurances. Depositor and Seller agree
to
execute and deliver such instruments and take such actions as
the other party
may, from time to time, reasonably request in order to
effectuate the purpose
and to carry out the terms of this Agreement.
Section 19. Counterparts. This Agreement may be executed in
counterparts (and by each of the parties hereto on different
counterparts), each
of which when so executed and delivered will be an original, and
all of which
together will be deemed to constitute but one and the same
instrument.
Section 20. Treatment as Security Agreement. It is the
express
intent of the parties hereto that the conveyance of the Mortgage
Loans by Seller
to Depositor as provided in this Agreement be, and be construed
as, a sale of
the Mortgage Loans by Seller to Depositor. It is, further, not
the intention of
the parties that such conveyance be deemed a pledge of the
Mortgage Loans by
Seller to Depositor to secure a debt or other obligation of
Seller. However, in
the event that, notwithstanding the intent of the parties, the
Mortgage Loans
are held to be property of Seller or if for any reason this
Agreement is held or
deemed to create a security interest in the Mortgage Loans:
(a) this Agreement shall hereby create a security agreement
within
the meaning of Articles 8 and 9 of the Uniform Commercial Code
in effect in the
applicable state;
(b) the conveyance provided for in this Agreement shall hereby
grant
from Seller to Depositor a security interest in and to all of
Seller's right,
title, and interest, whether now owned or hereafter acquired, in
and to:
(i) all accounts, contract rights (including any
guarantees),
general intangibles, chattel paper, instruments, documents,
money, deposit
accounts, certificates of deposit, goods, letters of credit,
advices of
credit and investment property consisting of, arising from or
relating to
any of the property described in the Mortgage Loans, including
the related
Notes, Mortgages and title, hazard and other insurance
policies,
identified on the Mortgage Loan Schedule, and all distributions
with
respect thereto payable after the Cut-off Date;
(ii) all accounts, contract rights, general intangibles,
chattel paper, instruments, documents, money, deposit
accounts,
certificates of deposit, goods, letters of credit, advices of
credit and
investment property arising from or by virtue of the disposition
of, or
collections with respect to, or insurance proceeds payable with
respect
to, or claims against other persons with respect to, all or any
part of
the collateral described in clause (i) above (including any
accrued
discount realized on liquidation of any investment purchased at
a
discount), in each case, payable after the Cut-off Date; and
(iii) all cash and non-cash proceeds of the collateral
described in clauses (i) and (ii) above payable after the
Cut-off Date;
(c) the possession by Depositor or its assignee of the Notes
and
such other goods, letters of credit, advices of credit,
instruments, money,
documents, chattel paper or certificated securities shall be
deemed to be
possession by the secured party or possession by a purchaser or
a person
designated by him or her, for purposes of perfecting the
security interest
pursuant to the Uniform Commercial Code (including, without
limitation, Sections
9-306, 9-313 and 9-314 thereof) as in force in the relevant
jurisdiction;
(d) notifications to persons holding such property, and
acknowledgments, receipts, confirmations from persons holding
such property,
shall be deemed to be notifications to, or acknowledgments,
receipts or
confirmations from, financial intermediaries, bailees or agents
of, or persons
holding for (as applicable), Depositor or its assignee for the
purpose of
perfecting such security interest under applicable law; and
(e) Seller at the direction of Depositor or its assignee, shall,
to
the extent consistent with this Agreement, take such actions as
may be necessary
to ensure that, if this Agreement were deemed to create a
security interest in
the Mortgage Loans and the proceeds thereof, such security
interest would be a
perfected security interest of first priority under applicable
law and will be
maintained as such throughout the term of this Agreement. In
connection
herewith, Depositor and its assignee shall have all of the
rights and remedies
of a secured party and creditor under the Uniform Commercial
Code as in force in
the relevant jurisdiction and may prepare and file such UCC
Financing Statements
as may be necessary or appropriate to accomplish the
foregoing.
Section 21. Recordation of Agreement. To the extent permitted
by
applicable law, this Agreement is subject to recordation
following the Closing
Date in all appropriate public offices for real property records
in all the
counties or other comparable jurisdictions in which any or all
of the properties
subject to the Mortgages are situated, and in any other
appropriate public
recording office or elsewhere, such recordation to be effected
by Seller at
Seller's expense at the direction of Depositor accompanied by an
Opinion of
Counsel to the effect that such recordation materially and
beneficially affects
the interests of Depositor.
Section 22. Notice of Exchange Act Reportable Events. The
Seller
hereby ag
|