EXHIBIT 4(b)
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement, dated as of [_________]
(the
"Agreement"), is entered into between [_________] (the "Seller")
and Wachovia
Commercial Mortgage Securities, Inc. (the "Purchaser").
The Seller intends to sell and the Purchaser intends to
purchase
certain multifamily and commercial mortgage loans (the "Mortgage
Loans")
identified on the schedule (the "Mortgage Loan Schedule") annexed
hereto as
Exhibit A. The Purchaser intends to deposit the Mortgage Loans,
along with
certain other mortgage loans (the "Other Mortgage Loans"), into a
trust fund
(the "Trust Fund"), the beneficial ownership of which will be
evidenced by
multiple classes (each, a "Class") of mortgage pass-through
certificates (the
"Certificates"). One or more "real estate mortgage investment
conduit" ("REMIC")
elections will be made with respect to most of the Trust Fund. The
Trust Fund
will be created and the Certificates will be issued pursuant to a
Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of
[_________], among the Purchaser, as depositor, [Wachovia Bank,
National
Association], as master servicer (in such capacity, the "Master
Servicer"),
[_________], as special servicer (the "Special Servicer") and
[_________], as
trustee (the "Trustee"). Capitalized terms used but not defined
herein
(including the Schedules attached hereto) have the respective
meanings set forth
in the Pooling and Servicing Agreement.
Now, therefore, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:
SECTION 1. Agreement to Purchase.
The Seller agrees to sell, and the Purchaser agrees to purchase,
the
Mortgage Loans identified on the Mortgage Loan Schedule. The
Mortgage Loan
Schedule may be amended to reflect the actual Mortgage Loans
delivered to the
Purchaser pursuant to the terms hereof. The Mortgage Loans are
expected to have
an aggregate principal balance of $[_________] (the "[_________]
Mortgage Loan
Balance") (subject to a variance of plus or minus 5.0%) as of the
close of
business on the Cut-Off Date, after giving effect to any payments
due on or
before such date, whether or not such payments are received.
The [_________] Mortgage Loan Balance, together with the
aggregate
principal balance of the Other Mortgage Loans as of the Cut-Off
Date (after
giving effect to any payments due on or before such date whether or
not such
payments are received), is expected to equal an aggregate principal
balance (the
"Cut-Off Date Pool Balance") of $[_________] (subject to a variance
of plus or
minus 5.0%). The purchase and sale of the Mortgage Loans shall take
place
[_________], or such other date as shall be mutually acceptable to
the parties
to this Agreement (the "Closing Date"). The consideration (the
"Aggregate
Purchase Price") for the Mortgage Loans shall be equal to (i)
[_________]% of
the [_________] Mortgage Loan Balance as of the Cut-Off Date, plus
(ii)
$[_________], which amount represents the amount of interest
accrued on the
[_________] Mortgage Loan Balance at the related Net Mortgage Rate
for the
period from and including the Cut-Off Date up to but not including
the Closing
Date.
The Aggregate Purchase Price shall be paid to the Seller or its
designee by wire transfer in immediately available funds on the
Closing Date.
SECTION 2. Conveyance of Mortgage Loans.
(a) Effective as of the Closing Date, subject only to receipt by
the
Seller of the Aggregate Purchase Price and satisfaction of the
other conditions
to closing that are for the benefit of the Seller, the Seller does
hereby sell,
transfer, assign, set over and otherwise convey to the Purchaser,
without
recourse (except as set forth in this Agreement), all the right,
title and
interest of the Seller in and to the Mortgage Loans identified on
the Mortgage
Loan Schedule as of such date, on a servicing released basis,
together with all
of the Seller's right, title and interest in and to the proceeds of
any related
title, hazard, primary mortgage or other insurance proceeds.
(b) The Purchaser or its assignee shall be entitled to receive
all
scheduled payments of principal and interest due after the Cut-Off
Date, and all
other recoveries of principal and interest collected after the
Cut-Off Date
(other than in respect of principal and interest on the Mortgage
Loans due on or
before the Cut-Off Date). All scheduled payments of principal and
interest due
on or before the Cut-Off Date but collected on or after the Cut-Off
Date, and
recoveries of principal and interest collected on or before the
Cut-Off Date
(only in respect of principal and interest on the Mortgage Loans
due on or
before the Cut-Off Date and principal prepayments thereon), shall
belong to, and
shall be promptly remitted to, the Seller.
(c) No later than the Closing Date, the Seller shall, on behalf
of
the Purchaser, deliver to the Trustee, the documents and
instruments specified
below with respect to each Mortgage Loan (each a "Mortgage File").
All Mortgage
Files so delivered will be held by the Trustee in escrow at all
times prior to
the Closing Date. Each Mortgage File shall contain the following
documents:
(i) the original executed Mortgage Note including any power of
attorney
related to the execution thereof, together with any and all
intervening endorsements thereon, endorsed on its face or by
allonge
attached
thereto (without recourse, representation or warranty, express
or
implied)
to the order of "[_________], as trustee for the registered
holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series [_________]" or in blank (or a
lost note
affidavit
and indemnity with a copy of such Mortgage Note attached
thereto);
(ii) an original or copy of the Mortgage, together with any and
all
intervening assignments thereof, in each case (unless not yet
returned by
the
applicable recording office) with evidence of recording
indicated
thereon or
certified by the applicable recording office;
(iii) an original or copy of any related Assignment of Leases
(if
such item
is a document separate from the Mortgage), together with any
and
all
intervening assignments thereof, in each case (unless not yet
returned
by the
applicable recording office) with evidence of recording
indicated
thereon or
certified by the applicable recording office;
(iv) an original executed assignment, in recordable form (except
for
any
missing recording information), of (a) the Mortgage, (b) any
related
Assignment
of Leases (if such item is a document separate from the
Mortgage
and to the extent not already assigned pursuant to preceding
clause
(a)) and (c) any other recorded document relating to the
Mortgage
Loan
otherwise included in the Mortgage File, in favor of "[_________],
as
trustee
for the registered holders of Wachovia Bank Commercial Mortgage
Trust,
Commercial Mortgage Pass-Through Certificates, Series
[_________]",
or in
blank;
(v)
an original assignment of all unrecorded documents relating to
the
Mortgage Loan (to the extent not already assigned pursuant to
clause
(iv)
above), in favor of "[_________], as trustee for the registered
holders of
Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series [_________]", or in blank;
(vi) originals or copies of any modification, consolidation,
assumption
and substitution agreements in those instances where the terms
or
provisions of the Mortgage or Mortgage Note have been consolidated
or
modified
or the Mortgage Loan has been assumed or consolidated;
(vii) the original or a copy of the policy or certificate of
lender's
title insurance or, if such policy has not been issued or
located,
an original or copy of an irrevocable, binding commitment
(which
may be a
marked version of the policy that has been executed by an
authorized
representative of the title company or an agreement to provide
the same
pursuant to binding escrow instructions executed by an
authorized
representative of the title company) to issue such title insurance
policy;
(viii) any filed copies (bearing evidence of filing) or other
evidence
of filing satisfactory to the Purchaser of any prior UCC
Financing
Statements in favor of the originator of such Mortgage Loan or
in favor
of any assignee prior to the Trustee (but only to the extent
the
Seller had
possession of such UCC Financing Statements prior to the
Closing
Date) and, if there is an effective UCC Financing Statement and
continuation statement in favor of the Seller on record with
the
applicable
public office for UCC Financing Statements, an original UCC
Amendment,
in form suitable for filing in favor of "[_________], as
trustee
for the registered holders of Wachovia Bank Commercial Mortgage
Trust,
Commercial Mortgage Pass-Through Certificates, Series
[_________],
as
assignee", or in blank;
(ix) an original or copy of (a) any Ground Lease, Memorandum of
Ground
Lease and ground lessor estoppel, (b) any loan guaranty or
indemnity
and (c) any environmental insurance policy;
(x)
any intercreditor agreement relating to permitted debt
(including, without limitation, mezzanine debt) of the
Mortgagor;
(xi) copies of any loan agreement, escrow agreement or security
agreement
relating to such Mortgage Loan;
(xii) a copy of any letter of credit and related transfer
documents
relating
to such Mortgage Loan;
(xiii) copies of franchise agreements and franchisor comfort
letters,
if any, for hospitality properties and applicable transfer or
assignment
documents; and
(xiv) with respect to any Companion Loan, all of the above
documents
with
respect to such Companion Loan and the related Intercreditor
Agreement;
provided that a copy of each Mortgage Note relating to such
Companion
Loan, rather than the original, shall be provided, and no
assignments shall be provided.
(d) The Seller shall take all actions reasonably necessary (i)
to
permit the Trustee to fulfill its obligations pursuant to Section
2.01(d) of the
Pooling and Servicing Agreement and (ii) to perform its obligations
described in
Section 2.01(d) of the Pooling and Servicing Agreement. Without
limiting the
generality of the foregoing, if a draw upon a letter of credit is
required
before its transfer to the Trust Fund can be completed, the Seller
shall draw
upon such letter of credit for the benefit of the Trust pursuant to
written
instructions from the Master Servicer. The Seller shall reimburse
the Trustee
for all reasonable costs and expenses, if any, incurred by the
Trustee for
recording any documents described in Section 2(c)(iv)(c) hereof and
filing any
assignments of UCC Financing Statements described in the proviso in
the third to
last sentence in Section 2.01(d) of the Pooling and Servicing
Agreement.
(e) All documents and records (except draft documents,
privileged
communications and internal correspondence and credit, due
diligence and other
underwriting analysis, documents, data or internal worksheets,
memoranda,
communications and evaluations of the Seller) relating to each
Mortgage Loan and
in the Seller's possession (the "Additional Mortgage Loan
Documents") that are
not required to be delivered to the Trustee shall promptly be
delivered or
caused to be delivered by the Seller to the Master Servicer or at
the direction
of the Master Servicer to the appropriate sub-servicer, together
with any
related escrow amounts and reserve amounts.
(f) The Seller shall take such actions as are reasonably
necessary
to assign or otherwise grant to the Trust Fund the benefit of any
letters of
credit in the name of the Seller which secure any Mortgage
Loan.
SECTION 3. Representations, Warranties and Covenants of Seller.
(a) The Seller hereby represents and warrants to and covenants
with
the Purchaser, as of the date hereof, that:
(i) The Seller is a [national banking
association]/[corporation]
organized
and validly existing and in good standing under the laws of the
[United
States]/[State of [_________]] and possesses all requisite
authority,
power, licenses, permits and franchises to carry on its
business
as currently conducted by it and to execute, deliver and comply
with its
obligations under the terms of this Agreement;
(ii) This Agreement has been duly and validly authorized,
executed
and
delivered by the Seller and, assuming due authorization, execution
and
delivery
hereof by the Purchaser, constitutes a legal, valid and binding
obligation
of the Seller, enforceable against the Seller in accordance
with its
terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium and other
laws
relating
to or affecting the enforcement of creditors' rights in
general,
as they
may be applied in the context of the insolvency of a national
banking
association, and by general equity principles (regardless of
whether
such enforcement is considered in a proceeding in equity or at
law), and
by public policy considerations underlying the securities laws,
to the
extent that such public policy considerations limit the
enforceability of the provisions of this Agreement which purport
to
provide
indemnification from liabilities under applicable securities
laws;
(iii) The execution and delivery of this Agreement by the Seller
and
the
Seller's performance and compliance with the terms of this
Agreement
will not
(A) violate the Seller's [articles of association]/[certificate
of
incorporation] or bylaws, (B) violate any law or regulation or
any
administrative decree or order to which it is subject or (C)
constitute a
material
default (or an event which, with notice or lapse of time, or
both,
would constitute a material default) under, or result in the
breach
of, any
material contract, agreement or other instrument to which the
Seller is
a party or by which the Seller is bound;
(iv) The Seller is not in default with respect to any order or
decree of
any court or any order, regulation or demand of any federal,
state,
municipal or other governmental agency or body, which default
might
have
consequences that would, in the Seller's reasonable and good
faith
judgment,
materially and adversely affect the condition (financial or
other) or
operations of the Seller or its properties or have consequences
that would
materially and adversely affect its performance hereunder;
(v) The Seller is not a party to or bound by any agreement or
instrument
or subject to any [articles of association]/[certificate of
incorporation], bylaws or any other corporate restriction or any
judgment,
order,
writ, injunction, decree, law or regulation that would, in the
Seller's
reasonable and good faith judgment, materially and adversely
affect the
ability of the Seller to perform its obligations under this
Agreement
or that requires the consent of any third person to the
execution
of this Agreement or the performance by the Seller of its
obligations under this Agreement (except to the extent such consent
has
been
obtained);
(vi) No
consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery
and
performance by the Seller of or compliance by the Seller with
this
Agreement
or the consummation of the transactions contemplated by this
Agreement
except as have previously been obtained, and no bulk sale law
applies to
such transactions;
(vii) No litigation is pending or, to the Seller's knowledge,
threatened
against the Seller that would, in the Seller's good faith and
reasonable
judgment, prohibit its entering into this Agreement or
materially
and adversely affect the performance by the Seller of its
obligations under this Agreement;
(viii) Under generally accepted accounting principles ("GAAP")
and
for
federal income tax purposes, the Seller will report the transfer
of
the
Mortgage Loans to the Purchaser as a sale of the Mortgage Loans to
the
Purchaser
in exchange for consideration consisting of a cash amount equal
to the
Aggregate Purchase Price. The consideration received by the
Seller
upon the
sale of the Mortgage Loans to the Purchaser will constitute at
least
reasonably equivalent value and fair consideration for the
Mortgage
Loans. The
Seller will be solvent at all relevant times prior to, and will
not be
rendered insolvent by, the sale of the Mortgage Loans to the
Purchaser.
The Seller is not selling the Mortgage Loans to the Purchaser
with any
intent to hinder, delay or defraud any of the creditors of the
Seller;
and
(ix) The Seller has examined the information set forth under
the
caption
"Description of the Mortgage Pool--Significant Originators" and
"--The
Sponsor" (the "Regulation AB Information") in the Preliminary
Prospectus
Supplement (as defined below), the Preliminary Memorandum (as
defined
below), the Prospectus Supplement, (as defined below), to the
accompanying Prospectus (as defined below) and the Memorandum (as
defined
below),
relating to the Certificates. The Regulation AB Information
fully
complies
with all applicable requirements of Regulation AB (as defined
below).
(b) The Seller hereby makes the representations and warranties
contained in Schedule I for the benefit of the Purchaser and the
Trustee for the
benefit of the Certificateholders as of the Closing Date, with
respect to (and
solely with respect to) each Mortgage Loan, which representations
and warranties
are subject to the exceptions set forth on Schedule II.
(c) With respect to the schedule of exceptions delivered by the
Trustee on the Closing Date, within [__] Business Days (or, in the
reasonable
discretion of the Controlling Class Representative, [__] Business
Days) of the
Closing Date, with respect to the documents specified in clauses
(i), (ii),
(vii), (ix) (solely with respect to Ground Leases) and (xii) of the
definition
of Mortgage File, the Seller shall cure any material exception
listed therein
(for the avoidance of doubt, any deficiencies with respect to the
documents
specified in clause (ii) resulting solely from a delay in the
return of the
related documents from the applicable recording office, shall be
cured in the
time and manner described in Section 2.01(c) of the Pooling and
Servicing
Agreement). If such exception is not so cured, the Seller shall
either (1)
repurchase the related Mortgage Loan, (2) with respect to
exceptions relating to
clause (xii) of the definition of "Mortgage File", deposit with the
Trustee an
amount, to be held in trust in a Special Reserve Account pursuant
to the Pooling
and Servicing Agreement, equal to the amount of the undelivered
letter of credit
(in the alternative, the Seller may deliver to the Trustee, with a
certified
copy to the Master Servicer and Trustee, a letter of credit for the
benefit of
the Master Servicer on behalf of the Trustee and upon the same
terms and
conditions as the undelivered letter of credit) which the Master
Servicer on
behalf of the Trustee may use (or draw upon, as the case may be)
under the same
circumstances and conditions as the Master Servicer would have been
entitled to
draw on the undelivered letter of credit, or (3) with respect to
any exceptions
relating to clauses (i), (ii) and (vii), deposit with the Trustee
an amount, to
be held in trust in a Special Reserve Account pursuant to the
Pooling and
Servicing Agreement, equal to 25% of the Stated Principal Balance
of the related
Mortgage Loan on such date. Any funds or letter of credit deposited
pursuant to
clauses (2) and (3) shall be held by the Trustee until the earlier
of (x) the
date on which the Master Servicer certifies to the Trustee and the
Controlling
Class Representative that such exception has been cured (or the
Trustee
certifies the same to the Controlling Class Representative), at
which time such
funds or letter of credit, as applicable, shall be returned to the
Seller and
(y) [__] Business Days or, if the Controlling Class Representative
has extended
the cure period, [__] Business Days after the Closing Date;
provided, however,
that if such exception is not cured within such [__] Business Days
or [__]
Business Days, as the case may be, (A) in the case of clause (2),
the Trustee
shall retain the funds or letter of credit, as applicable, or (B)
in the case of
clause (3), the Seller shall repurchase the related Mortgage Loan
in accordance
with the terms and conditions of this Agreement, at which time such
funds shall
be applied to the Purchase Price of the related Mortgage Loan and
any letter of
credit will be returned to the Seller.
If the Seller receives written notice of a Document Defect or a
Breach pursuant to Section 2.03(a) of the Pooling and Servicing
Agreement
relating to a Mortgage Loan, then the Seller shall not later than
[__] days from
receipt of such notice (or, in the case of a Document Defect or
Breach relating
to a Mortgage Loan not being a "qualified mortgage" within the
meaning of the
REMIC Provisions (a "Qualified Mortgage"), not later than [__] days
from the
date that any party to the Pooling and Servicing Agreement
discovers such
Document Defect or Breach; provided the Seller receives such notice
in a timely
manner), if such Document Defect or Breach shall materially and
adversely affect
the value of the applicable Mortgage Loan, the interest of the
Trust therein or
the interests of any Certificateholder, cure such Document Defect
or Breach, as
the case may be, in all material respects, which shall include
payment of actual
or provable losses and any Additional Trust Fund Expenses directly
resulting
from any such Document Defect or Breach or, if such Document Defect
or Breach
(other than omissions solely due to a document not having been
returned by the
related recording office) cannot be cured within such [__]-day
period, (i)
repurchase the affected Mortgage Loan at the applicable Purchase
Price not later
than the end of such [__]-day period or (ii) substitute a Qualified
Substitute
Mortgage Loan for such affected Mortgage Loan not later than the
end of such
[__]-day period (and in no event later than the second anniversary
of the
Closing Date) and pay the Master Servicer for deposit into the
Certificate
Account, any Substitution Shortfall Amount in connection therewith;
provided,
however, that unless the Breach would cause the Mortgage Loan not
to be a
Qualified Mortgage, and if such Document Defect or Breach is
capable of being
cured but not within such [__]-day period and the Seller has
commenced and is
diligently proceeding with the cure of such Document Defect or
Breach within
such [__]-day period, such Seller shall have an additional [__]
days to complete
such cure (or, failing such cure, to repurchase or substitute the
related
Mortgage Loan); provided, further, that with respect to such
additional [__]-day
period the Seller shall have delivered an officer's certificate to
the Trustee
setting forth what actions the Seller is pursuing in connection
with the cure
thereof and stating that the Seller anticipates that such Document
Defect or
Breach will be cured within the additional [__]-day period;
provided, further,
that no Document Defect (other than with respect to a Mortgage
Note, Mortgage,
title insurance policy, Ground Lease, any letter of credit, any
franchise
agreement, any comfort letter and (if required) any comfort letter
transfer
documents (collectively, the "Core Material Documents")) shall be
considered to
materially and adversely affect the value of the related Mortgage
Loan, the
interests of the Trust therein or the interests of any
Certificateholder unless
the document with respect to which the Document Defect exists is
required in
connection with an imminent enforcement of the mortgagee's rights
or remedies
under the related Mortgage Loan, defending any claim asserted by
any borrower or
third party with respect to the Mortgage Loan, establishing the
validity or
priority of any lien or any collateral securing the Mortgage Loan
or for any
immediate significant servicing obligations; provided, further,
with respect to
Document Defects which materially and adversely affect the
interests of any
Certificateholder, the interests of the Trust therein or the value
of the
related Mortgage Loan, other than with respect to Document Defects
relating to
the Core Material Documents, any applicable cure period following
the initial
[__] day cure period may be extended by the Master Servicer or the
Special
Servicer if the document involved is not needed imminently. Such
extension will
end upon [__] days notice of such need as reasonably determined by
the Master
Servicer or Special Servicer (with a possible [__] day extension if
the Master
Servicer or Special Servicer agrees that the Seller is diligently
pursuing a
cure). The Seller shall cure all Document Defects which materially
and adversely
affect the interests of any Certificateholder, the interests of the
Trust
therein or the value of the related Mortgage Loan, regardless of
the document
involved, no later than two years following the Closing Date;
provided that the
initial [__] day cure period referenced in this paragraph may not
be reduced.
For a period of two years from the Closing Date, so long as there
remains any
Mortgage File relating to a Mortgage Loan as to which there is any
uncured
Document Defect or Breach, the Seller shall provide the officer's
certificate to
the Trustee described above as to the reasons such Document Defect
or Breach
remains uncured and as to the actions being taken to pursue
cure.
Notwithstanding the foregoing, the delivery of a commitment to
issue a policy of
lender's title insurance as described in Representation 12 of
Schedule I hereof
in lieu of the delivery of the actual policy of lender's title
insurance shall
not be considered a Document Defect or Breach with respect to any
Mortgage File
if such actual policy of insurance is delivered to the Trustee or a
Custodian on
its behalf not later than the [__]th day following the Closing
Date.
If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described above, (ii) such Mortgage
Loan is
cross-collateralized and cross-defaulted with one or more other
Mortgage Loans
(each, a "Crossed Loan"), and (iii) the applicable Document Defect
or Breach
does not constitute a Document Defect or Breach, as the case may
be, as to any
other Crossed Loan in such Crossed Group (without regard to this
paragraph),
then the applicable Document Defect or Breach, as the case may be,
will be
deemed to constitute a Document Defect or Breach, as the case may
be, as to any
other Crossed Loan in the Crossed Group for purposes of this
paragraph, and the
Seller will be required to repurchase or substitute for all of the
remaining
Crossed Loan(s) in the related Crossed Group as provided in the
immediately
preceding paragraph unless such other Crossed Loans in such Crossed
Group
satisfy the Crossed Loan Repurchase Criteria and satisfy all other
criteria for
substitution or repurchase of Mortgage Loans set forth herein. In
the event that
the remaining Crossed Loans satisfy the aforementioned criteria,
the Seller may
elect either to repurchase or substitute for only the affected
Crossed Loan as
to which the related Breach or Document Defect exists or to
repurchase or
substitute for all of the Crossed Loans in the related Crossed
Group. The Seller
shall be responsible for the cost of any Appraisal required to be
obtained by
the Master Servicer to determine if the Crossed Loan Repurchase
Criteria have
been satisfied, so long as the scope and cost of such Appraisal has
been
approved by the Seller (such approval not to be unreasonably
withheld).
To the extent that the Seller is required to repurchase or
substitute for a Crossed Loan hereunder in the manner prescribed
above while the
Trustee continues to hold any other Crossed Loans in such Crossed
Group, neither
the Seller nor the Purchaser shall enforce any remedies against the
other's
Primary Collateral, but each is permitted to exercise remedies
against the
Primary Collateral securing its respective Crossed Loans, including
with respect
to the Trustee, the Primary Collateral securing Crossed Loans still
held by the
Trustee.
If the exercise of remedies by one party would materially impair
the
ability of the other party to exercise its remedies with respect to
the Primary
Collateral securing the Crossed Loans held by such party, then the
Seller and
the Purchaser shall forbear from exercising such remedies until the
Mortgage
Loan documents evidencing and securing the relevant Crossed Loans
can be
modified in a manner that complies with this Agreement to remove
the threat of
material impairment as a result of the exercise of remedies or some
other
accommodation can be reached. Any reserve or other cash collateral
or letters of
credit securing the Crossed Loans shall be allocated between such
Crossed Loans
in accordance with the Mortgage Loan documents, or otherwise on a
pro rata basis
based upon their outstanding Stated Principal Balances.
Notwithstanding the
foregoing, if a Crossed Loan included in the Trust Fund is modified
to terminate
the related cross-collateralization and/or cross-default
provisions, as a
condition to such modification, the Seller shall furnish to the
Trustee an
Opinion of Counsel that any modification shall not cause an Adverse
REMIC Event.
Any expenses incurred in good faith by the Purchaser in connection
with such
modification or accommodation (including, but not limited to,
recoverable
attorney fees) shall be paid by the Seller.
(d) In connection with any permitted repurchase or substitution
of
one or more Mortgage Loans contemplated hereby, upon receipt of a
certificate
from a Servicing Officer certifying as to the receipt of the
Purchase Price or
Substitution Shortfall Amount(s), as applicable, in the Certificate
Account, and
the delivery of the Mortgage File(s) and the Servicing File(s) for
the related
Qualified Substitute Mortgage Loan(s) to the Custodian and the
Master Servicer,
respectively, if applicable (i) the Trustee shall execute and
deliver such
endorsements and assignments as are provided to it by the Master
Servicer, in
each case without recourse, representation or warranty, as shall be
necessary to
vest in the Seller, the legal and beneficial ownership of each
repurchased
Mortgage Loan or substituted Mortgage Loan, as applicable, (ii) the
Trustee, the
Custodian, the Master Servicer and the Special Servicer shall each
tender to the
Seller, upon delivery to each of them of a receipt executed by the
Seller, all
portions of the Mortgage File and other documents pertaining to
such Mortgage
Loan possessed by it, and (iii) the Master Servicer and the Special
Servicer
shall release to the Seller any Escrow Payments and Reserve Funds
held by it in
respect of such repurchased or deleted Mortgage Loans.
(e) Without limiting the remedies of the Purchaser, the
Certificateholders or the Trustee on behalf of the
Certificateholders pursuant
to this Agreement, it is acknowledged that the representations and
warranties
are being made for risk allocation purposes. This Section 3
provides the sole
remedy available to the Certificateholders, or the Trustee on
behalf of the
Certificateholders, respecting any Document Defect in a Mortgage
File or any
Breach of any representation or warranty set forth in or required
to be made
pursuant to this Section 3. Nothing in this Agreement shall
prohibit the
Purchaser or its assigns (including the Master Servicer and/or the
Special
Servicer) from pursuing any course of action authorized by the
Pooling and
Servicing Agreement while the Purchaser asserts a claim or brings a
cause of
action to enforce any rights set forth herein against the
Seller.
(f) With respect to any Mortgage Loan which has become a
Defaulted
Mortgage Loan under the Pooling and Servicing Agreement or with
respect to which
the related Mortgaged Property has been foreclosed and which is the
subject of a
repurchase claim under this Agreement, in accordance with Section
2.03 of the
Pooling and Servicing Agreement, the Special Servicer with the
consent of the
Controlling Class Representative shall notify the Seller in writing
of its
intention to liquidate such Defaulted Mortgage Loan or REO Property
at least
[__] days prior to any such action. If (a) the Seller consents to
such sale and
voluntarily agrees to repurchase such Defaulted Mortgage Loan or
REO Property or
(b) a court of competent jurisdiction determines that the Seller is
liable under
this Agreement to repurchase