Document:

Unassociated Document

     

    EXHIBIT
10.36

    

    Certain
portions of this Exhibit 10.36 have been omitted based upon a request for a
confidential treatment and filed separately with the Securities and Exchange
Commission.

    

    

    DOMAIN
MONETIZATION AGREEMENT

    

     

    THIS AGREEMENT (the “Agreement”), made
effective this 24th day of June, 2009 (“Effective Date”) by
and between NAME
DRIVE, LLC, a limited
liability company duly organized under the laws of State of Maryland,
(hereinafter “NAME
DRIVE”), and DOT VN, Inc., a corporation duly organized
under the laws of the State of Delaware (hereinafter “DOT VN”) (referred to collectively as the
“Parties”).

    

    WHEREAS, NAME DRIVE provides domain parking services
internationally;

    

    WHEREAS, DOT VN desires to provide such services in
Vietnam; and

    

    WHEREAS, NAME DRIVE and DOT VN are both willing to work jointly to
provide such services in Vietnam;

    

    NOW, THEREFORE, in light of the mutual
promises and covenants hereinafter set forth and for consideration the
sufficiency and receipt of which is hereby acknowledged, the Parties agree to as
follows:

    

    Definitions:

    

    Wild Carding – Specific advertising
based on automated semantic rendering of type-in traffic.

    

    Domain Parking – the pointing of a
domain or domains to NAME
DRIVE’S system where
NAME DRIVE creates an automated webpage with pay
per click advertising on said page.

    

    Reseller – a party who acts in the shoes
of NAME DRIVE for the purpose of promoting NAME DRIVE’S landing page
services.

    

    ARTICLE
I

    WILD CARD
PROGRAM

    

    
      	
              A.

            	
              Structure of Domain
      Wild Card Program

            

    

     

    1.           The Parties will implement and operate monetization program for
unregistered or expired domain names for the Vietnamese ccTLD (the
“Domain Wild Carding Program”).

     

    2.           NAME
DRIVE shall provide technical support, including but not limited to hardware and
software, and business development support in the creation and commercialization
of the Domain Wild Carding Program, as well as such other support as may be
required for the project from time to time.

     

    
      
         

      

      
        1 of
10

        
          

        

      

      
         

      

    

     

    3.           DOT
VN shall provide governmental policy support, infrastructure and technological
access in furtherance of the creation and commercialization of Domain Wild
Carding Program, as well as such other support as may be required for the
project from time to time.

     

    
      	
              B.

            	
              Distribution of
      Revenue and Accounting of Domain Wild Carding
    Program

            

    

     

    1.           In
consideration for their respective investment in the development of a Wild
Carding Program, DOT VN and NAME DRIVE shall divide any revenue derived from the
Domain Wild Carding Program as follows:

     

    i)              DOT
VN shall be entitled to [CONFIDENTIAL
TREATMENT REQUESTED]
percent ([CONFIDENTIAL
TREATMENT REQUESTED]%) of all revenue derived from the Wild Carding
Program; and

     

    ii)             NAME DRIVE shall be
entitled to [CONFIDENTIAL
TREATMENT REQUESTED]
percent ([CONFIDENTIAL
TREATMENT REQUESTED]%) of all revenue derived from the Wild Carding
Program.

     

    2.           NAME
DRIVE shall provide DOT VN with a web interface which provides all relevant
information and statistics on a real-time basis related to the calculation of
revenue.

     

    3.           NAME
DRIVE shall be responsible for the receipt, accounting and distribution of all
monies received in connection with the Domain Wild Carding Program and shall
provide DOT VN with reports and accounting information, in a format itemized by
domain name, on a (i) bi-weekly; (ii) monthly; (iii) quarterly; (iv) six month;
and (v) annual basis.  Further, DOT VN shall have the right to audit
all records and reports upon three (3) days notice.  However, DOT VN
understands that some material is confidential in accordance with Name Drive’s
contract with Google and thus payments from Google, associated claw backs and
NAME DRIVE back office access will not be provided in any audit except as it
pertains to revenue generated under this contract.

     

    4.           Distributions
of all revenue, in accordance with Article I(B)(1), shall be made on a net 15
basis to DOT VN via wire transfer to DOT VN’s account.  DOT VN shall
provide all wire information in writing within ten (10) business days of the
signing of this agreement.

     

    ARTICLE II

    DOMAIN PARKING
PROGRAM

    

    
      	
              A.

            	
              Structure of Domain Parking
      Program

            

    

     

    1.           DOT
VN shall assist and promote NAME DRIVE’S parking platform as a reseller of NAME
DRIVE’S services (the “Domain Parking Program”).  DOT VN shall provide
any advertising using NAME DRIVE’S trademarks or logos (“The Marks”) at least
five (5) business days prior to use and NAME DRIVE shall have the opportunity to
ascent to the use of The Marks prior to use.  Nothing herein shall be
deemed as an assignment of The Marks.  All other reseller terms as
listed on NAME DRIVE’S terms and conditions website shall apply.

     

    
      
         

      

      
        2 of
10

        
          

        

      

      
         

      

    

     

    2.           NAME
DRIVE shall provide technical support, including but not limited to hardware and
software, and business development support in the creation and commercialization
of the Domain Parking Program, as well as such other support as may be required
for the project from time to time.

     

    3.           DOT
VN shall provide governmental policy support; infrastructure and technological
access in furtherance of the creation and commercialization of Domain Parking
Program; sales support, as well as such other support as may be required for the
project from time to time.

     

    
      	
              B.

            	
              Distribution of
      Revenue and Accounting of Domain Parking
  Program

            

    

     

    1.           In
consideration for their respective investment in the development of a Domain
Parking Program, DOT VN and NAME DRIVE shall divide any revenue derived from the
Domain Parking Program as follows:

     

    iii)             DOT VN shall be
entitled to [CONFIDENTIAL
TREATMENT REQUESTED]
percent ([CONFIDENTIAL
TREATMENT REQUESTED]%) of all revenue derived from the Domain Parking
Program; and

     

    iv)             NAME DRIVE shall be
entitled to [CONFIDENTIAL
TREATMENT REQUESTED]
percent ([CONFIDENTIAL
TREATMENT REQUESTED]%) of all revenue derived from the Domain Parking
Program.

     

    2.           NAME
DRIVE shall provide DOT VN with a web interface which provides all relevant
information and statistics on a real-time basis related to the calculation of
revenue.

     

    3.           NAME
DRIVE shall be responsible for the receipt, accounting and distribution of all
monies received in connection with the Domain Parking Program and shall provide
DOT VN with reports and accounting information, in a format itemized by domain
name, on a (i) bi-weekly; (ii) monthly; (iii) quarterly; (iv) six month; and (v)
annual basis.  Further, DOT VN shall have the right to audit all
records and reports upon three (3) days notice.  However, DOT VN
understands that some material is confidential in accordance with Name Drive’s
contract with Google and thus payments from Google, associated claw backs and
NAME DRIVE back office access will not be provided in any audit except as it
pertains to revenue generated under this contract.

     

    ARTICLE
III

    REPRESENTATIONS
AND WARRANTIES

    

    
      	
              A.

            	
              Representations
      and Warranties by NAME
      DRIVE.

            

    

    

    1.           Organization.  NAME DRIVE is a limited liability company duly
organized, validly existing and in good standing under the laws of the state of
Maryland, USA.

    

    2.           Authority;
Consents and Approvals; No Violations.  NAME DRIVE has the full corporate power and
authority and legal right to execute and deliver this Agreement, and otherwise
to perform its obligations hereunder.  This Agreement has been validly
executed and delivered by NAME DRIVE and will constitute a valid and binding
obligation of NAME
DRIVE enforceable in
accordance with its terms, except to the extent such enforceability may be
limited by the effects of bankruptcy, insolvency, reorganization, moratorium or
other similar laws  affecting creditors' rights generally, and by the
effect of general principles of equitable law, regardless of whether such
enforceability is considered in a proceeding in equity or at law.  The
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby do not and will not violate any provision of
NAME DRIVE's Certificate of Formation or Operating
Agreement or violate, conflict with, result in a breach of or constitute (with
or without due notice, lapse of time or both) a default under any agreement,
license, contract, franchise, permit, indenture, lease, or other instrument to
which NAME
DRIVE is a party, or by
which it or any of its assets are bound.

     

    
      
         

      

      
        3 of
10

        
          

        

      

      
         

      

    

     

    3.           Intellectual
Property. NAME DRIVE warrant and represent that the exercise
of any rights by DOT
VN in accordance with this
Agreement will not infringe upon the any right of any third
party.

    

    i)             All intellectual property that
NAME DRIVE uses and provides to DOT VN does not infringe any patent,
trademark, trade name, copyright or title.

    

    ii)             NAME DRIVE has taken all reasonable steps to
secure such licenses and/or patents, trademarks, trade name or copyright related
to the technology, software
or processes associated with the operation of the Domain Wild Carding and Domain
Parking Programs.

    

    iii)             NAME DRIVE shall grant and assign to DOT VN the benefit of all warranties and
representations made for NAME DRIVE’s benefit by any third party if DOT VN
has a cause of action against such third party or requires such grant or
assignment to defend itself against a lawsuit.

    

    iv)             That there are no liens, encumbrances
and/or obligations in connection with the technology or processes that Domain
Wild Carding and Domain Parking Programs is based or any of the intellectual
property of NAME
DRIVE other than such
liens, encumbrances and/or obligations specifically set forth herein or that
will not have a materially adverse effect on the consummation of the
transactions contemplated hereby.

    

    4.           Vietnamese
law. NAME DRIVE
shall, in connection with
the Domain Wild Carding and Domain Parking Programs, comply with any and all
restrictions required by applicable Vietnamese laws and regulations, as amended,
including but not limited to content restrictions so long as DOT VN first
notifies NAME
DRIVE of such content
restrictions.

    

    
      	
              B.

            	
              Representations
      and Warranties by DOT
      VN.

            

    

    

    1.           Organization.  DOT VN is a corporation duly organized,
validly existing and in good standing under the laws of the state of
Delaware, USA.

     

    
      
         

      

      
        4 of
10

        
          

        

      

      
         

      

    

     

    2.           Authority; Consents
and Approvals; No Violations.  DOT VN has the full corporate power and
authority and legal right to execute and deliver this Agreement, and otherwise
to perform its obligations hereunder.  This Agreement has been validly
executed and delivered by DOT VN and will constitute a valid and binding
obligation of DOT
VN enforceable in
accordance with its terms, except to the extent such enforceability may be
limited by the effects of bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors' rights generally, and by the effect of
general principles of equitable law, regardless of whether such enforceability
is considered in a proceeding in equity or at law.  The execution and
delivery of this Agreement and the consummation of the transactions contemplated
hereby do not and will not violate any provision of DOT VN's Certificate of Incorporation or
Bylaws or violate, conflict with, result in a breach of or constitute (with or
without due notice, lapse of time or both) a default under any agreement,
license, contract, franchise, permit, indenture, lease, or other instrument to
which DOT VN is a party, or by which it or any of
its assets are bound.

    

    3.           DOT VN understands that Name Drive is
not familiar with Vietnam law and that DOT VN is responsible for informing NAME
DRIVE of any content restrictions pertaining to Vietnam Law prior to there being
any problems and as such DOT VN agrees to indemnify NAME DRIVE for any such
problems or issues regarding content which it fails to provide written
notification to NAME DRIVE in accordance with A(4) above.

    

    ARTICLE
IV

    CONFIDENTIALITY

    

    A.           Acknowledgment.  Both Parties acknowledge
and agree that both the DOT
VN Information and the
NAME DRIVE Information (collectively the
“Information”) is confidential and proprietary.  The Parties agree not
to use the Information during the term of this Agreement for any purpose other
than as permitted or required for the performance by each Party
hereunder.  The Parties further agree not to disclose or provide any
such Information to any third party and to take all necessary measures to
prevent any such disclosure by its employees, agents, contractors, or
consultants during the term hereof.  Nothing contained herein shall
prevent either Party from using, disclosing or authorizing the disclosure of any
Information which (i) was
in the public domain at the time it was disclosed or has entered the public
domain through no fault of the receiving party; (ii) was independently developed
by the receiving party without any use of the Information; or (iii) became known
to the receiving party, without restriction, from a source other than the
disclosing party, without breach of this Agreement by the receiving party and
otherwise  not in violation of the disclosing party's
rights.  In addition, the receiving party may disclose the other
party’s Information as required under applicable law or regulation, including
rules of any applicable securities exchange, or pursuant to the order or
requirement of a court, administrative agency, or other governmental body;
provided, however, that the receiving party will provide prompt prior notice of
such disclosure to the disclosing party to enable the disclosing party to seek a
protective order or otherwise restrict such disclosure.

     

    
      
         

      

      
        5 of
10

        
          

        

      

      
         

      

    

     

    ARTICLE
V

    INDEMNIFICATION

     

    A.           NAME
DRIVE’s
Obligations.  The NAME DRIVE
agrees to indemnify, defend, and shall hold harmless DOT VN, its directors,
employees and/or its agents, and to defend any action brought against said
parties with respect to any claim, demand, cause of action, debt or liability,
including reasonable attorneys' fees to the extent that such action is based
upon a claim, resulting from any action by NAME DRIVE, its officers, directors,
agents or affiliates during the term of this Agreement, and is based upon a
claim that: (i) is true, (ii) would constitute a breach of any of NAME DRIVE's
representations, warranties, or agreements hereunder, (iii) arises out of the
negligence or willful misconduct of NAME DRIVE, or (iv) arises out of the breach
of any agreement between NAME DRIVE and any third party.

     

    B.           DOT
VN’s
Obligations.  DOT VN agrees to
indemnify, defend, and shall hold harmless NAME DRIVE, its directors, employees
and agents, and defend any action brought against same with respect to any
claim, demand, cause of action, debt or liability, including reasonable
attorneys' fees, to the extent that such an action is based upon a claim,
resulting from any action by DOT VN, its officers, directors, agents or
affiliates during the term of this Agreement, and is based upon a claim that:
(i) is true, (ii) would constitute a breach of any of DOT VN’s representations,
warranties, or agreements hereunder,  (iii) arises out of the
negligence or willful misconduct of DOT VN or (iv) arises out of the breach of
any agreement between DOT VN and any third party.

     

    C.           Notice. In claiming any
indemnification hereunder, the indemnified party shall promptly provide the
indemnifying party with written notice of any claim, which the indemnified party
believes falls within the scope of the foregoing paragraphs.  The
indemnified party may, at its expense, assist in the defense if it so chooses,
provided that the indemnifying party shall control such defense, and all
negotiations relative to the settlement of any such claim.  Any
settlement intended to bind the indemnified party shall not be final without the
indemnified party's written consent, which shall not be unreasonably
withheld. 

     

    ARTICLE
VI

    TERM AND
TERMINATION

    

    A.           Term.  This Agreement shall take
effect as of the Effective Date and shall continue for a period of one (1)
year.  Thereafter, this Agreement shall be renewed for additional
periods of one (1) year each, if each of the parties shall have give the other
notice of its renewal of this agreement no later then one hundred twenty (120)
days prior to the end of the term of this Agreement.

    

    B.           Termination.  Notwithstanding the
provisions of Article VI(A) above, this Agreement may be terminated in
accordance with the following provisions:

    

    1.           Either party hereto may terminate this
Agreement at anytime by giving notice in writing to the other party, which shall
be effective upon dispatch, should the other party file a petition of any type
as to its bankruptcy, be declared bankrupt, become insolvent, make an assignment
for the benefit of its creditors, go into liquidation or
receivership.

     

    
      
         

      

      
        6 of
10

        
          

        

      

      
         

      

    

     

    2.           Either party may terminate this
Agreement by giving notice in writing to the other party should an event of
Force Majeure continue for more than six (6) months as provided in Article
VII(D) below.

    

    3.           Either party may terminate this
Agreement by giving notice in writing to the other party in the event the other
party is in material breach of this Agreement and shall have failed to cure such
breach within thirty (30) days of receipt of written notice thereof from the
non-breaching party.

    

    4.           Either party may terminate this
Agreement for any reason via notice in writing to the other party provided that
such termination is effective sixty (60) days after receipt of such written
notice.

    

    5.           The Parties may at any time mutually
terminate this Agreement, provided that such termination is evidenced by written
document signed by both Parties.

    

    C.           Rights and
Obligations upon Termination.  In the event of termination
of this Agreement for any reason, the parties shall have the following rights
and obligation:

    

    1.           Termination of the Agreement shall not
release either party from the obligation to make payment on all amounts due as
of the date of Termination.

    

    2.           The Parties obligations pursuant to
Article IV and V hereof shall survive the termination of this
agreement.

    

    3.           Upon termination of this Agreement, the
Parties will cease to display or otherwise use all trademarks, service marks,
trade names, copyrights, other proprietary designations, and variations and
combinations thereof, for which consent to display or otherwise use was granted,
and will deliver to the owner or destroy them, at the owner’s sole discretion,
free of any charge, all materials of any type or kind displaying or otherwise
using the same which are in the other Party’s control.

    

    4.           Upon termination any revenue shall
continue to be split in accordance with the terms of this agreement until there
is no more revenue.

    

    ARTICLE
VII

    FORCE
MAJEURE

    

    A.           Definition.  Force Majeure shall mean
any event or condition, not existing as of the date of signature of this
Agreement, not reasonably foreseeable as of such date and not reasonably within
the control of either party, which prevents in whole or in material part, the
performance by one of the parties of its obligations hereunder or which renders
such obligations so difficult or costly as to make such performance commercially
unreasonable.  Without limiting the foregoing, the following shall
constitute events or conditions of Force Majeure: acts of State or governmental
action, riots, disturbance, war, strikes, terrorism, lockouts, slowdowns,
prolongs shortage of energy supplies, epidemics, fire, flood, hurricane,
typhoon, earthquake, lightning and explosion.  It is in particular
expressly agreed that any changes to any applicable Vietnamese laws or
regulations which would affect the fulfillment by DOT VN of its obligations hereunder shall
constitute an event of Force Majeure.

     

    
      
         

      

      
        7 of
10

        
          

        

      

      
         

      

    

     

    B.           Notice.  Upon giving notice to the
other party, a party affected by an event of Force Majeure shall be released
without any liability on its part from the performance of obligations under this
Agreement, except for the obligations under Articles IV, V and VI(C), but only
to the extent and only for the period that its performance of such obligations
is prevented by the event of Force Majeure.  Such notice shall include
a description of the event of Force Majeure, and its cause and possible
consequences.  The party claim Force Majeure shall promptly notify the
other party of the termination of such event.

    

    C.           Suspension
of Performance.  During the period that the
performance by one of the parties of its obligations under this Agreement has
been suspended by reason of an event of Force Majeure, the other party may
likewise suspend the performance of all or part of its obligations hereunder to
the extent that such suspension is commercially reasonable.

    

    D.           Termination.  Should the period of Force
Majeure continue for more than six (6) consecutive months, either party may
terminate this Agreement without liability to the other party except for
payments due to such date, upon giving written notice to the other
party.

    

    ARTICLE
VIII

    MISCELLANEOUS

    

    A.           Relationship.  This Agreement does not
make either party the employee, agent or legal representative of the other for
any purpose whatsoever.  Neither party is granted any right or
authority to assume or to create any obligation or responsibility, express or
implied, on behalf of or in the name of the other party.  In
fulfilling its obligations pursuant to this Agreement each party shall be acting
as an independent contractor.

    

    B.           Assignment.  Neither party shall have
the right to assign or to otherwise transfer its rights and obligations under
this Agreement except with the prior written consent of the other
party.  Further any successor in interest by merger, operation of law,
assignment, purchase or otherwise of the entire party shall acquire all rights
and obligations of such party hereunder.  Any prohibited assignment
shall be null and void.  If such other party consents as stated above,
any potential assignee must agree to abide by the terms and conditions of this
Agreement.  "Assignment" shall be deemed to include the transfer of
substantially all the assets of, or majority interest in the voting stock of,
either party, or the merger of either party with one or more third parties which
changes the majority ownership of the party.

    

    C.           Disputes.  In the event of any dispute, the parties
respective decision makers agree to meet within ten (10) business days and in
good faith seek an informal resolution of the disputed issue.  If no
resolution is reached, the parties agree to submit any claim, dispute or
controversy (“Claim”) against the other, or against the employees, agents or
assigns of the other, arising from or relating in any way to this Agreement,
including Claims regarding the applicability of this arbitration clause or the
validity of the entire Agreement, to binding arbitration to be administered by
JAMS, in San Diego, California, under its Streamlined Rules, unless the parties
otherwise agree.  The sole arbitrator shall have the power to
determine issues of arbitrability, and shall apply the laws of the State of
California, except for, and limited only to claims
or issues where California law is preempted by federal
statute.  All other issues shall be governed by applicable
California law, excluding the Convention on Contracts
for the International Sale of Goods and that body of law known as conflicts of
laws.  If the
parties cannot agree on a single arbitrator, a panel of 3 arbitrators shall be
employed, the parties each selecting one arbitrator, and the two arbitrators so
selected shall choose a third “independent” arbitrator.  All
arbitrators must either be licensed attorneys or retired judges.  The
parties shall have right to full discovery to the extent permitted by the
California Code of Civil Procedure and California Rules of Court applicable to
judicial arbitrations.  The arbitrator(s) shall be empowered to
appoint experts and/or consultants, resolve discovery disputes grant equitable
relief, compensatory and punitive damages, and grant any relief a party could
obtain in an action initiated in the a California Superior Court, proceed
ex-parte should one party fail to appear, and grant any other type of relief
appropriate to the particular circumstances.  The arbitrator shall
have the power to award the prevailing party its litigation expenses including
reasonable attorneys fees and costs, and expert witness fees.  The
hearing shall take place within 6 months of submission to
arbitration.  No pre-hearing motions may be filed, other than with
respect to requests for injunctive relief and discovery disputes.  All
arbitration hearings shall be via telephone.  Judgment may be entered
in any court of competent jurisdiction.  The parties agree that all
proceedings are confidential in perpetuity, except as required by applicable law
or pursuant to the authority of a regulatory body.

     

    
      
         

      

      
        8 of
10

        
          

        

      

      
         

      

    

     

    D.           Amendment.  This Agreement may not be
modified or amended except by an instrument in writing signed by each of the
parties hereto, or their respective permitted successors in
interest.

    

    E.           Waiver.  No term or condition of
this Agreement shall be deemed to have been waived, nor any estoppel against the
enforcement of any provision of this Agreement, except by written instrument of
the party charged with such waiver or estoppel.  In addition, no such
written waiver or estoppel that is in effect shall be deemed to be a continuing
waiver unless specifically stated therein, shall operate only as to the specific
term or condition waived and shall not constitute a waiver as to any act other
than that specifically waived or as to any term, condition or obligation that
comes into effect subsequent to the written waiver.

    

    F.           Agreement in
Counterparts.  This Agreement may be
executed in counterparts, each of which thus executed shall be deemed an
original, but all of which, taken together, shall constitute one and the same
agreement, binding upon the parties hereto, their administrators, successors and
permitted assigns.

    

    G.           Severability.  If any provision of this
Agreement, or the application thereof, shall be determined by a court of
competent jurisdiction to be invalid or unenforceable, then this Agreement shall
remain in full force and effect between the parties to the greatest extent
permitted by law unless the invalidity or unenforceability of such provision or
provisions destroys or materially impairs the basis of the bargain between the
parties as contained in this Agreement.

    

    H.           Captions;
References.  Article and paragraph
headings in this Agreement are for convenience of reference only and shall not
affect the construction or interpretation of this Agreement.  Whenever
the terms "hereof", "hereby", "herein" or words of similar import are used in
this Agreement they shall be construed as referring to this Agreement in its
entirety rather than to a particular paragraph or provision, unless the context
specifically indicates to the contrary.  Any reference to a particular
or "Paragraph" or “Article” shall be construed as referring to the indicated
paragraph or section of this Agreement unless the context specifically indicates
to the contrary.

    

    I.           Notices. Any notice, direction or other
instrument required or permitted to be given under or in connection with this
Agreement shall be effective when either delivered personally, mailed by
certified mail, return receipt requested (with postage prepaid), to the
addresses listed below, or deposited with Federal Express or other reputable
courier (with fee prepaid) for overnight delivery to the addresses listed
below:

    

    If to DOT VN:

    

    DOT VN,
Inc.     

    Attn:
Legal Department    

    9449
Balboa Ave., Suite 114 

    San
Diego, California 92123   

    

    If to NAME
DRIVE:

    

    NAME DRIVE, LLC

    Attn: Gregory J.
Manriquez

    2141
Wisconsin Ave., Suite C-2

    Washington,
DC 20007

    

    Any party may change its address for
service from time to time by notice given in accordance with the foregoing and
any subsequent notice shall be sent to the party at its new address, as so
noticed.

     

    J.           Entire
Agreement.  The
parties have read this Agreement and agree to be bound by its terms, and further
agree that it constitutes the complete and entire Agreement of the parties and
supersedes all previous and contemporaneous communications, oral, implied or
written, and all other communications between them relating to the subject
matter thereof.  No representations or statements of any kind in
relation to the subject matter hereof made by either party, which are not
expressly stated herein, shall be binding on such party.

    

    REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

     

    
      
         

      

      
        9 of
10

        
          

        

      

      
         

      

    

    
 

    IN WITNESS
WHEREOF, the parties hereto
have signed this Agreement, thereunto duly authorized on the day and year above
written.

    
    

     

    
      
        
          	      
                  DOT
      VN, INC.

                   

                   

                         
      /s/ Thomas
      Johnson                               
      

                   

                  By:  Thomas
      Johnson

                  Its:   Chief
      Executive Officer

                	      
                  NAME DRIVE, LLC

                   

                   

                         
      /s/ Ashkaan
      Rahimi                        
      

                   

                  By:  Ashkaan
      Rahimi

                  Its:   Chief
      Business Development
Officer

                

        

      

    

     

    
 

    
      
         

      

      
        10 of
10EXHIBIT
10.1

    

    MORTGAGE
LOAN PURCHASE AGREEMENT

     

    This
MORTGAGE LOAN PURCHASE AGREEMENT is made and entered into as of June 23, 2009
(the “Agreement”), by and between First Place Bank, a federally chartered
savings association, having its principal office at 185 East Market Street,
Warren, Ohio 44481-1102 (“Purchaser”), and AmTrust Bank, a federally chartered
savings bank, having its principal office at 1801 East 9th Street, Suite 200,
Cleveland, Ohio 44114-3103 (the “Seller”).

     

    RECITALS

     

    The
Parties have entered into a Purchase and Assumption Agreement concurrently with
this Agreement.  This Mortgage Loan Purchase Agreement is subject to
and conditioned upon the closing of the Purchase and Assumption
Agreement.

     

    Purchaser
has agreed to purchase from Seller and Seller has agreed to sell to Purchaser up
to $175,000,000 of Mortgage Loans, as further set forth in the Purchase and
Assumption Agreement.  This Agreement is intended to set forth the
terms and conditions by which Seller shall transfer and Purchaser shall acquire
such mortgage loans.

     

    In
consideration of the promises and mutual agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Seller and Purchaser agree as follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    Unless
the context requires otherwise, all capitalized terms used herein shall have the
meanings assigned to such terms in this Article I unless defined elsewhere
herein.

     

    Adjustable Rate Mortgage
Loan:  Any Mortgage Loan in which the related Mortgage Note
contains a provision whereby the Mortgage Interest Rate is adjusted from time to
time in accordance with the terms of such Mortgage Note.

     

    Adjustment
Date:  As to each Mortgage Loan, the date on which the Mortgage
Interest Rate is adjusted in accordance with the terms of the related Mortgage
Note.

     

    Agency:  Either
Fannie Mae or Freddie Mac.

     

    Agreement:  This
Mortgage Loan Purchase and Interim Servicing Agreement including all amendments
hereof and supplements and exhibits hereto.

     

    Appraised
Value:  The value of the related Mortgaged Property as set
forth in an appraisal made in connection with the origination of a Mortgage Loan
or the sale price of the related Mortgaged Property if the proceeds of such
Mortgage Loan were used to purchase such Mortgaged Property, whichever is
less.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Assignment of
Mortgage:  An assignment of the Mortgage, notice of transfer or
equivalent instrument in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect the
sale of the Mortgage to Purchaser.

     

    Business
Day:  Any day other than (i) a Saturday or Sunday, or (ii) a
day on which banking and savings and loan institutions in the State of Ohio are
authorized or obligated by law or executive order to be closed.

     

    Closing:  The
consummation of the sale and purchase of each Mortgage Loan
Package.

     

    Closing
Date:  The date on which the purchase and sale of the Mortgage
Loans is consummated, which is scheduled to be August 28, 2009, or such other
date as the parties mutually agree.

     

    Collateral Documents:
The collateral documents pertaining to each Mortgage Loan as set forth in Exhibit A
hereto.

     

    Collateral
File:  With respect to each Mortgage Loan, a file containing
each of the Collateral Documents.

     

    Credit
File:  With respect to each Mortgage Loan, the documents
described on Exhibit
A together with any other documents held by the Seller in connection with
the Mortgage Loans.

     

    Cut-off
Date:  August 23, 2009, or 5 days prior to the Closing Date if
the Closing Date changes from the date currently scheduled.

     

    Cut-off Date
Balance:  The aggregate unpaid principal balance of the
Mortgage Loans in a Mortgage Loan Package as of the Cut-off Date, after
application of (i) scheduled payments of principal due on such Mortgage Loans on
or before such Cut-off Date, whether or not collected, and (ii) any Principal
Prepayments received from the Mortgagor prior to the Cut-off Date.

     

    Due
Date:  The day of the month on which the Monthly Payment is due
on a Mortgage Loan, exclusive of any days of grace.

     

    Escrow
Payments:  The amounts constituting ground rents, taxes,
assessments, water rates, mortgage insurance premiums, fire and hazard insurance
premiums and other payments required to be escrowed, or in fact escrowed, by the
Mortgagor with the Mortgagee pursuant to any Mortgage Loan.

     

    Fannie
Mae:  The Federal National Mortgage Association or any
successor organization.

     

    Fixed Rate Mortgage
Loan: Any Mortgage Loan the Mortgage Interest Rate of which is fixed for
the term of such Mortgage Loan.

     

    Freddie
Mac:  The Federal Home Loan Mortgage Corporation or any
successor organization.

     

    Funding
Deadline:  With respect to the Closing Date, one o'clock p.m.
(1:00 p.m.) Ohio time, or such other time mutually agreed to by Purchaser and
Seller.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Gross
Margin:  With respect to each Adjustable Rate Mortgage Loan,
the fixed percentage amount set forth in the related Mortgage Note, which amount
is added to the index in accordance with the terms of the related Mortgage Note
to determine on each Interest Adjustment Date, the Mortgage Interest Rate for
such Mortgage Loan.

     

    HUD:  The
Department of Housing and Urban Development or any federal agency or official
thereof that may from time to time succeed to the functions
thereof.

     

    Index:  With
respect to any Adjustable Rate Mortgage Loan, either One Year LIBOR, One Year
Treasury, or Sixty Day FNMA Required Net Yield

     

    Interest Adjustment
Date:  With respect to an Adjustable Rate Mortgage Loan, the
date on which an adjustment to the Mortgage Interest Rate on a Mortgage Note
becomes effective.

     

    Interim Servicing
Period:  With respect to any Mortgage Loan, the period
commencing on the Closing Date and ending on the Servicing Transfer
Date.

     

    Lifetime Rate
Cap:  With respect to each Adjustable Rate Mortgage Loan, the
maximum Mortgage Interest Rate payable thereon as set forth in the related
Mortgage Note.

     

    LTV:  With
respect to any Mortgage Loan, the ratio (expressed as a percentage) of the
Stated Principal Balance (or the original principal balance, if so indicated) of
such Mortgage Loan as of the date of determination to the Appraised Value of the
related Mortgaged Property.

     

    MERS:  Mortgage
Electronic Registration Systems, Inc., a corporation organized and existing
under the laws of the State of Delaware, or any successor thereto.

     

    MERS Mortgage
Loan:  Any Mortgage Loan registered with MERS on the MERS®
System.

     

    MERS®
System:  The system of recording transfers of mortgages
electronically maintained by MERS.

     

    MIN:  The
Mortgage Identification Number for any MERS Mortgage Loan.

     

    MOM
Loan:  Any Mortgage Loan as to which MERS is acting as
mortgagee, solely as nominee for the originator of such Mortgage Loan and its
successors and assigns.

     

    Monthly
Payment:  The scheduled monthly payment of principal and
interest on a Mortgage Loan.

     

    Mortgage:  The
mortgage, deed of trust or other instrument securing a Mortgage Note, which
creates a lien on an unsubordinated estate in fee simple in real property
securing the Mortgage Note or a lien upon a leasehold estate of the Mortgagor,
as the case may be.

     

    Mortgage Interest
Rate:  The annual rate at which interest accrues on any
Mortgage Loan and with respect to an Adjustable Rate Mortgage Loan, as adjusted
from time to time in accordance with the provisions of the related Mortgage
Note.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Mortgage
Loan:  An individual mortgage loan that is the subject of this
Agreement, each Mortgage Loan originally sold and subject to this Agreement
being identified on the Mortgage Loan Schedule, which Mortgage Loan includes
without limitation the Collateral File, the Credit File, the Monthly Payments,
and all other rights, benefits, proceeds and obligations arising from or in
connection with such Mortgage Loan, excluding replaced or repurchased mortgage
loans.  Unless the context requires otherwise, any reference to the
Mortgage Loans in this Agreement shall refer to all of the Mortgage Loans
constituting the Mortgage Loan Package.

     

    Mortgage Loan
Package:  The Mortgage Loans sold to Purchaser pursuant to this
Agreement.

     

    Mortgage Loan
Schedule:  The schedule of Mortgage Loans annexed to this
Agreement as Exhibit
C, such schedule setting forth the information described on Exhibit B, Transfer
Requirements/Instructions, with respect to each Mortgage Loan, if
available.

     

    Mortgage
Note:  The note or other evidence of the indebtedness of a
Mortgagor secured by a Mortgage.

     

    Mortgaged
Property:  The real property (or leasehold estate, if
applicable) securing repayment of the debt evidenced by a Mortgage
Note.

     

    Mortgagee:  The
mortgagee or beneficiary named in the Mortgage and the successors and assigns of
such mortgagee or beneficiary.

     

    Mortgagor:  The
obligor on a Mortgage Note.

     

    Periodic Rate
Cap:  With respect to each Adjustable Rate Mortgage Loan, the
maximum amount by which the Mortgage Interest Rate may increase or decrease on
an Adjustment Date above or below the Mortgage Interest Rate previously in
effect.

     

    Person:  Any
individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization or government or any agency or
political subdivision thereof.

     

    PMI
Policy:  A policy of private mortgage guaranty insurance
relating to a Mortgage Loan and issued by a Qualified Insurer.

     

    Purchase
Price:  The amount paid on the Closing Date by Purchaser to
Seller in exchange for the Mortgage Loans purchased on such Closing Date as set
forth on Exhibit
D.

     

    Purchaser:  The
Person identified as the “Purchaser” in the preamble to this Agreement or its
successor in interest or any successor or assign to Purchaser under this
Agreement as herein provided.  Any reference to “Purchaser” as used
herein shall be deemed to include any designee of Purchaser and any Person to
whom the Purchaser has assigned any Mortgage Loan.

     

    Qualified
Insurer:  An insurance company duly qualified as such under the
laws of the states in which the Mortgaged Properties are located, duly
authorized and licensed in such states to transact the applicable insurance
business and to write the insurance provided, which insurer is approved in such
capacity by an Agency.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Qualified Substitute
Mortgage Loan:  A mortgage loan that must, on the date of
substitution, (i) have an unpaid principal balance, after deduction of all
scheduled payments due in the month of substitution (or if more than one (1)
mortgage loan is being substituted, an aggregate principal balance), not in
excess of the unpaid principal balance of the repurchased Mortgage Loan;
(ii) have a Mortgage Interest Rate not less than, and not more than 1%
greater than, the Mortgage Interest Rate of the repurchased Mortgage Loan;
(iii) have a remaining term to maturity not greater than, and not more than
one year less than, the maturity date of the repurchased Mortgage Loan;
(iv) comply with each representation and warranty (respecting individual
Mortgage Loans) set forth in Section 3.02 hereof; (v) shall be the same
type of Mortgage Loan (i.e., an Adjustable Rate Mortgage Loan or a Fixed Rate
Mortgage Loan).

     

    Repurchase
Price:  With respect to any Mortgage Loan, a price equal to the
sum of (i) 100% multiplied by the Stated Principal Balance of the Mortgage
Loan, (ii) interest on such Stated Principal Balance at the Mortgage
Interest Rate from the last date through which interest has been paid and
distributed to Purchaser to the date of repurchase to the last day of the month
of repurchase, and (iii) any amounts paid by or on behalf of the Purchaser
for insurance, taxes, or other expenses related to the Mortgage
Loan.

     

    Seller:  AmTrust
Bank, or any successor or assign under this Agreement as provided
herein.

     

    Seller
Guidelines:  The Seller’s Seller/Servicer Guidelines and all
amendments or additions thereto.

     

    Servicing
File:  With respect to each Mortgage Loan, the Credit File and
hard copies of each document in the Collateral File.

     

    Servicing Rights:  With respect to
each Mortgage Loan, any and all of the following:  (i) all rights
to service the Mortgage Loans; (ii) any payments or moneys payable or
received for servicing the Mortgage Loans; (iii) any late fees, assumption
fees, penalties or similar payments with respect to the Mortgage Loans;
(iv) all agreements or documents creating, defining or evidencing any such
Servicing Rights and all rights of Seller thereunder, including, but not limited
to, any clean-up calls and termination options; (v) all accounts and other
rights to payments related to any of the property described in this paragraph;
(vi) possession and use of any and all Mortgage Loan Files pertaining to
the Mortgage Loans or pertaining to the past, present, or prospective servicing
of the Mortgage Loans; and (vii) all rights, powers and privileges incident
to any of the foregoing.

     

    Servicing Transfer
Date:  August 31, 2009.

     

    Stated Principal
Balance:  With respect to each Mortgage Loan as of any date of
determination:  (i) the unpaid principal balance of the Mortgage Loan
at the Cut-off Date after giving effect to payments of principal due on or
before such date, whether or not received, minus (ii) all amounts received by
Purchaser with respect to the related Mortgage Loan representing payments or
recoveries of principal or advances in lieu thereof.

     

    Transfer
Requirements/Instructions:  The transfer requirements and
guidelines attached as Exhibit B, Transfer
Requirements/Instructions.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
II

     

    CONVEYANCE FROM SELLER TO
PURCHASER

     

    2.01.  Conveyance of Mortgage
Loans; Possession of Collateral Files.

     

    (a)  Mortgage
Documents.  On the Closing Date, the Seller, simultaneously
with the receipt of the Purchase Price, does hereby sell, transfer, assign, set
over and convey to the Purchaser, without recourse, but subject to the terms of
this Agreement, all rights, title and interest of the Seller in and to the
Mortgage Loans, together with the Servicing Rights with respect to such Mortgage
Loans, the Credit Files, and the Collateral Files and all rights under the
documents contained therein for each Mortgage Loan.  The contents of
each Servicing File required to be retained by the Seller to service the
Mortgage Loans prior to the Servicing Transfer Date and thus not delivered to
the Purchaser are and shall be held in trust by the Seller for the benefit of
Purchaser as the owner thereof.  From the Closing Date through the
Servicing Transfer Date, the Seller’s possession of any portion of the Servicing
File is for the sole purpose of facilitating servicing of the related Mortgage
Loan, and such retention and possession by the Seller shall be in a custodial
capacity only.  From and after the Closing Date, the ownership of each
Mortgage Note, Mortgage, and the contents of the Collateral File and Credit File
is vested in the Purchaser and the ownership of all records and documents with
respect to the related Mortgage Loan prepared by or which come into the
possession of the Seller shall immediately vest in the Purchaser and shall be
retained and maintained, in trust, by the Seller at the will of the Purchaser in
such custodial capacity only.  The Servicing File retained by the
Seller shall be segregated from the other books and records of the Seller and
shall be appropriately marked to clearly reflect the sale of the related
Mortgage Loan to the Purchaser.

     

    (b)  Sale of Mortgage
Loans.  Except with respect to MERS Mortgage Loans, record
title to each Mortgage and the related Mortgage Note shall be in the name of the
Purchaser or as Purchaser shall designate.  The Seller shall reflect
the sale of each Mortgage Loan on the Seller’s balance sheet and other financial
statements as a sale of assets.  This Agreement continuously, from the
time of its execution, shall be an official record of the Seller and Seller will
maintain a copy of this Agreement and each agreement related hereto in its
official books and records.

     

    (c)  Delivery of
Documents.  Three business days prior to the Closing Date, the
Seller shall deliver the Collateral Files to the Purchaser.  Unless
otherwise agreed by the parties, the Seller shall repurchase within thirty (30)
days of demand from the Purchaser any Mortgage Loan as to which the Seller fails
to deliver any Collateral Documents as required by this Agreement.  In
the event that any of the original, recorded, Collateral Documents set forth in
clauses (2) - (5) and (7) of the definition of Collateral Documents have not
been delivered to the Purchaser in the time specified above (the "Missing
Documents") either because such Missing Documents have not been returned by the
applicable public recording office with respect to items (2) – (4) and (7), or
because the final original title policy has not yet been issued by the title
company with respect to item (5), then the Seller shall deliver to the Purchaser
certified true and correct copies of the same and shall further deliver the
originals of any such Missing Documents promptly upon its receipt thereof, but
in no event later than ninety (90) days from the Closing Date.  If the
Seller fails to deliver any of the Missing Documents relating to a Mortgage Loan
within the time specified above, the Seller shall, upon written request from the
Purchaser, repurchase such Mortgage Loan in accordance with Section
3.03.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d)  Omitted.

     

    (e)  MERS
Compliance.  In connection with the purchase of any MERS
Mortgage Loan, the Seller agrees that it will cause, no later than two Business
Days after the Closing Date, at its own expense, the MERS® System to indicate
that such Mortgage Loan has been assigned by the Seller to the Purchaser in
accordance with this Agreement by including (or deleting, in the case of
Mortgage Loans which are repurchased in accordance with this Agreement) in such
computer files the information required by the MERS® System to identify the
Purchaser of such Mortgage Loans and that for so long as Seller is servicing a
MERS Mortgage Loan, it shall promptly update the MERS® System to reflect changes
in the status of the MERS Mortgage Loan.  The Seller further agrees
that it will not alter the information referenced in this sub-section with
respect to any Mortgage Loan during the term of this Agreement unless and until
such Mortgage Loan is repurchased in accordance with the terms of this
Agreement.

     

    (f)  Delivery of Data
Files.  The Seller shall promptly deliver to the Purchaser
month end data files within one (1) Business Day after the Closing Date, in the
format set forth on Exhibit B or as otherwise
agreed by the parties.  Said files shall be sent to Purchaser at 999
East Main Street, Ravenna, Ohio 44266 (the “Ravenna Office”).

     

    Section 2.02.  Due
Diligence by Purchaser.  Prior to the Closing Date, Seller
shall make available to Purchaser the Collateral File and Credit File for each
Mortgage Loan.  Purchaser shall have the right to review the
Collateral File and Credit File for each such Mortgage Loan, at Seller's offices
or such other location agreed upon by Purchaser and Seller, for the purpose of
determining whether each Mortgage Loan conforms in all respects to the
applicable terms contained in the bid letter, which determination shall be made
in Purchaser’s sole discretion.  The fact that the Purchaser has
conducted or has failed to conduct any partial or complete examination of the
Mortgage Files shall not affect the Purchaser’s right to demand repurchase or to
avail itself of any other remedy available hereunder if any Mortgage Loan fails
to conform to the requirements of this Agreement.

     

    Section 2.03.  Identification
of Mortgage Loan Package.  At least three (3) Business Days
prior to the Closing Date, Purchaser shall identify those Mortgage Loans that
Purchaser intends to be included in the Mortgage Loan Package.

     

    Section 2.04.  Credit
Document Deficiencies Identified During Due Diligence.  If the
Purchaser identifies any Mortgage Loan for which the related Credit File is
missing material documentation (the “Missing Credit Documents”), Seller agrees
to procure such Missing Credit Documents within sixty (60) days following the
Closing Date, or if unable to do so, repurchase such Mortgage Loan at the
Repurchase Price.  In the event of a default by a Mortgagor or any
material impairment of the Mortgaged Property, in either case arising from or in
connection with the failure of Seller to deliver the Missing Credit Document
within the time specified above, Seller shall, in addition to its obligation to
repurchase the Mortgage Loan, indemnify Purchaser from any loss, liability, or
expense relating thereto.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section 2.05.  Closing.  The
Closing shall take place on the Closing Date and shall be subject to the
satisfaction of each of the following conditions, unless otherwise waived by the
prejudiced party(ies):

     

    (a)  All of the
representations and warranties of Seller under this Agreement shall be true and
correct in all material respects as of the Closing Date and no event shall have
occurred that, with notice or the passage of time, would constitute a default
under this Agreement;

     

    (b)  All
of the representations and warranties of Purchaser under this Agreement shall be
true and correct in all material respects as of the Closing Date and no event
shall have occurred that, with notice or the passage of time, would constitute a
default under this Agreement;

     

    (c)  Delivery
of documents as set forth in Section 2.01(c) above; and

     

    (d)  Closing
of the branch purchase transaction as set forth in the Purchase and Assumption
Agreement between AmTrust Bank and First Place Bank.  If the branch
purchase transaction is delayed or terminated, then this Mortgage Loan Purchase
Agreement shall be correspondingly delayed or terminated.

     

    Section 2.06.  Payment
of the Purchase Price.  Subject to the conditions set forth in
Section 2.05, Purchaser shall, unless otherwise agreed by the parties in
writing, pay to Seller on the Closing Date the Purchase Price in accordance with
the terms of the Purchase and Assumption Agreement.

     

    Section 2.07.  Entitlement
to Payments on the Mortgage Loans.  With respect to any
Mortgage Loan purchased hereunder, Purchaser shall be entitled to (a) all
scheduled principal due after the Cut-off Date; (b) all other recoveries of
principal collected on or after the Cut-off Date, except for scheduled payments
of principal due on or before the Cut-off Date; and (c) all payments of interest
on such Mortgage Loan net of the Servicing Fee (minus that portion of any such
payment that is allocable to the period prior to the Cut-off Date).

     

    Section 2.08.  Payment
of Costs and Expenses.  Each party shall pay its own legal fees
and expenses and due diligence expenses.  The Seller shall pay any
costs and expenses incurred in connection with the transfer and delivery of the
Mortgage Loans including the costs of obtaining and assigning life of loan,
fully transferable tax service contracts and life of loan, fully transferable
flood service contracts, including fees for title policy endorsements and
continuations, and for recording assignment of the Mortgages to
Purchaser.  The Seller shall pay any costs and expenses required to
validly assign and perfect the Mortgages in favor of Purchaser or its
designated assignee as secured party.

     

    ARTICLE
III

     

    REPRESENTATIONS AND
WARRANTIES; REMEDIES FOR BREACH

     

    Section 3.01.  Representations
and Warranties Respecting Seller.  Seller represents, warrants,
and covenants to Purchaser that, as of the Closing Date:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)  The Seller is a
federally chartered savings bank and has all licenses necessary to carry out its
business as now being conducted, and is licensed and qualified to transact
business in and is in good standing under the laws of each state in which any
Mortgaged Property is located or is otherwise exempt under applicable law from
such licensing or qualification or is otherwise not required under applicable
law to effect such licensing or qualification and in any event such Seller is in
compliance with the laws of any such state to the extent necessary to ensure the
enforceability of each Mortgage Loan and the servicing of the Mortgage Loans in
accordance with the terms of this Agreement;

     

    (b)  The Seller has the full
power and authority and legal right to hold, transfer and convey each Mortgage
Loan, to sell each Mortgage Loan and to execute, deliver and perform, and to
enter into and consummate all transactions contemplated by this Agreement and to
conduct its business as presently conducted, has duly authorized the execution,
delivery and performance of this Agreement and any agreements contemplated
hereby, has duly executed and delivered this Agreement, and any agreements
contemplated hereby, and this Agreement and each Assignment of Mortgage to the
Purchaser and any agreements contemplated hereby, constitutes a legal, valid and
binding obligation of the Seller, enforceable against it in accordance with its
terms, and all requisite corporate action has been taken by the Seller to make
this Agreement and all agreements contemplated hereby valid and binding upon the
Seller in accordance with their terms;

     

    (c)  Neither the execution
and delivery of this Agreement, nor the origination or purchase of the Mortgage
Loans by the Seller, the sale of the Mortgage Loans to the Purchaser, the
consummation of the transactions contemplated hereby, or the fulfillment of or
compliance with the terms and conditions of this Agreement will conflict with
any of the terms, conditions or provisions of the Seller's charter or by-laws or
materially conflict with or result in a material breach of any of the terms,
conditions or provisions of any legal restriction or any agreement or instrument
to which the Seller is now a party or by which it is bound, or constitute a
default or result in an acceleration under any of the foregoing, or result in
the material violation of any law, rule, regulation, order, judgment or decree
to which the Seller or its properties are subject, or impair the ability of the
Purchaser to realize on the Mortgage Loans.

     

    (d)  There is no litigation,
suit, proceeding or investigation pending or threatened, or any order or decree
outstanding, with respect to the Seller which, either in any one instance or in
the aggregate, is reasonably likely to have a material adverse effect on the
sale of the Mortgage Loans, the execution, delivery, performance or
enforceability of this Agreement, or which is reasonably likely to have a
material adverse effect on the financial condition of the Seller.

     

    (e)  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 sale of the Mortgage Loans and delivery
of the Collateral Files to the Purchaser or the consummation of the transactions
contemplated by this Agreement, except for consents, approvals, authorizations
and orders which have been obtained;

     

    (f)  The consummation of the
transactions contemplated by this Agreement is in the ordinary course of
business of the Seller, and the transfer, assignment and conveyance of the
Mortgage Notes and the Mortgages by the Seller pursuant to this Agreement are
not subject to bulk transfer or any similar statutory provisions in effect in
any applicable jurisdiction;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (g)  The Seller will treat
the sale of the Mortgage Loans to the Purchaser as a sale for reporting and
accounting purposes and, to the extent appropriate, for federal income tax
purposes;

     

    (h)  Seller is an approved
seller/servicer of residential mortgage loans for the Agencies and HUD, with
such facilities, procedures and personnel necessary for the sound servicing of
such mortgage loans.  The Seller is duly qualified, licensed,
registered or otherwise authorized under all applicable federal, state and local
laws, and regulations, and is in good standing to sell mortgage loans to and
service mortgage loans for the Agencies and no event has occurred which would
make Seller unable to comply with eligibility requirements or which would
require notification to either Agency, which has not already been
given;

     

    (i)  The Seller does not
believe, nor does it have any cause or reason to believe, that it cannot perform
each and every covenant contained in this Agreement.  The Seller is
solvent and the sale of the Mortgage Loans will not cause the Seller to become
insolvent.  The sale of the Mortgage Loans is not undertaken with the
intent to hinder, delay, or defraud any of the Seller's creditors.  To
the best of the Seller’s knowledge, neither this Agreement nor any oral or
written statement, report or other document furnished or to be furnished
pursuant to this Agreement or in connection with the transactions contemplated
hereby contains any untrue statement of a material fact or omits to state a fact
necessary to make those statements not misleading;

     

    (j)  The Seller shall not
directly solicit, or provide information for or to any other party to directly
solicit, the refinance of any Mortgage Loan;

     

    (k)  The Seller has not dealt
with any broker, investment banker, agent or other person that may be entitled
to any commission or compensation in connection with the sale of the Mortgage
Loans; and,

     

    (l)  All information
regarding each MERS Mortgage Loan as reflected in the MERS® System is accurate
and complete.  At the time any Mortgage Loan is registered by the
Seller with MERS, the Seller will be a member of MERS in good standing, and will
comply in all material respects with the rules and procedures of MERS, including
all requirements set forth in the MERS Procedures Manual, as amended from time
to time, in connection with the servicing of the MERS Mortgage Loans for as long
as such Mortgage Loans are registered with MERS.

     

    Section 3.02.  Representations
and Warranties as to Individual Mortgage Loans.  References in
this Section to percentages of Mortgage Loans refer in each case to the
percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of
the Cut-off Date.  References to percentages of Mortgaged Properties
refer, in each case, to the percentages of expected aggregate Stated Principal
Balances of the related Mortgage Loans (determined as described in the preceding
sentence).  The Seller hereby represents and warrants to the
Purchaser, as to each Mortgage Loan, as of the Closing Date as
follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)  As
of the Closing Date, or such date as specified in the Mortgage Loan Schedule,
the information set forth in the Mortgage Loan Schedule is complete, true and
correct in all material respects;

     

    (b)  All
information regarding each MERS Mortgage Loan as reflected in the MERS® System
is complete and accurate.

     

    (c)  The Mortgage creates a
valid, subsisting, and enforceable first lien or a first or second priority
ownership interest in an estate in fee simple or a leasehold estate in real
property securing the related Mortgage Note subject to principles of equity,
bankruptcy, insolvency and other laws of general application affecting the
rights of creditors.  With respect to a Mortgage Loan that is a Co-op
Loan, the Mortgage creates a first lien or a first priority ownership interest
in the stock ownership and leasehold rights associated with the cooperative unit
securing the related Mortgage Note.

     

    (d)  All
payments due prior to the Cut-off Date for such Mortgage Loan have been made as
of the Closing Date and have not been returned due to insufficient funds; the
Mortgage Loan has not been dishonored; there are no material defaults under the
terms of the Mortgage Loan; a Mortgage Loan must not have been thirty days
delinquent more than one time during the twelve months preceding the Closing
Date; the Seller has not advanced its own funds, or induced, solicited or
knowingly received any advance of funds from a party other than the owner of the
Mortgaged Property subject to the Mortgage, directly or indirectly, for the
payment of any amount required by the Mortgage Loan.  As of the
Closing Date, all of the Mortgage Loans will have an actual “Interest Paid to
Date” no earlier than the Due Date preceding the Cut-off Date, as evidenced by a
posting to Seller's servicing collection system.  No Monthly Payment
is delinquent as of the Closing Date.

     

    
      
        	
                
                

              	
                (e) 

              	
                There
      are no defaults by Seller in complying with the terms of the Mortgage,
      and, at origination, all taxes, governmental assessments, insurance
      premiums, water, sewer and municipal charges, leasehold payments or ground
      rents that previously became due and owing have been
  paid;

              

      

    

     

    (f)  The
terms of the Mortgage Note and the Mortgage have not been impaired, waived,
altered or modified in any respect, except by written instruments which have
been recorded to the extent any such recordation is required by law, or,
necessary to protect the interest of the Purchaser and the terms of which are
reflected in the Mortgage Loan Schedule; the substance of any such waiver,
alteration or modification has been approved by the issuer of any related
primary mortgage insurance policy and title insurance policy, to the extent
required by the related policies;

     

    (g)  The
Mortgage Note and the Mortgage are not subject to any right of rescission,
set-off, counterclaim or defense, including, without limitation, the defense of
usury, nor will the operation of any of the terms of the Mortgage Note or the
Mortgage, or the exercise of any right thereunder, render the Mortgage Note or
Mortgage unenforceable, in whole or in part, or subject to any right of
rescission, set-off, counterclaim or defense, including the defense of usury,
and no such right of rescission, set-off, counterclaim or defense has been
asserted to Seller with respect thereto; and, as of the Closing Date the
Mortgagor was not a debtor in any state or federal bankruptcy or insolvency
proceeding of which Seller has received notice;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (h)  All
buildings or other customarily insured improvements upon the Mortgaged Property
are insured by an insurer acceptable under the Seller Guidelines or the Fannie
Mae or Freddie Mac Guides, against loss by fire, hazards of extended coverage,
and such other hazards as are provided for in the Seller Guidelines or the
Fannie Mae or Freddie Mac Guide.  All such standard hazard policies
are in full force and effect and contain a standard mortgagee clause naming the
Seller and its successors in interest and assigns as loss payee and such clause
is still in effect and all premiums due thereon have been paid.  If
required by the Flood Disaster Protection Act of 1973, as amended, the Mortgage
Loan is covered by a flood insurance policy meeting the requirements of the
current guidelines of the Federal Insurance Administration which policy conforms
to Fannie Mae or Freddie Mac requirements.  Such policy was issued by
an insurer acceptable under the Seller Guidelines or the Fannie Mae or Freddie
Mac guidelines and contains a standard mortgagee clause naming the Seller and
its successors in interest and assigns as loss payee and such clause is still in
effect and all premiums due thereon have been paid.  The Mortgage
obligates the Mortgagor thereunder to maintain all such insurance at the
Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
authorizes the holder of the Mortgage to maintain such insurance at the
Mortgagor's cost and expense and to seek reimbursement therefor from the
Mortgagor.  Neither the Seller (nor any prior originator or servicer
of any of the Mortgage Loans) nor, to the best of Seller’s knowledge, any
Mortgagor has engaged in any act or omission which has impaired or would impair
the coverage of any such policy, the benefits of the endorsement provided for
herein, or the validity and binding effect of either;

     

    (i)  Any
and all applicable requirements of any federal, state or local law including,
without limitation, usury, truth-in-lending, real estate settlement procedures,
consumer credit protection, equal credit opportunity or disclosure laws
applicable to the Mortgage Loan and Seller have been complied with in all
material respects; the Seller maintains, and shall maintain, evidence of such
compliance if required by applicable law or regulation and shall make such
evidence available for inspection at the Seller's office during normal business
hours upon reasonable advance notice;

     

    (j)  The
Mortgage has not been satisfied, canceled or subordinated, in whole or in part,
or rescinded, and the Mortgaged Property has not been released from the lien of
the Mortgage, in whole or in part nor has any instrument been executed that
would effect any such release, cancellation, subordination or
rescission.  The Seller has not waived the performance by the
Mortgagor of any action, if the Mortgagor’s failure to perform such action would
cause the Mortgage Loan to be in default, nor has the Seller waived any default
resulting from any action or inaction by the Mortgagor;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (k)  The
Mortgage is a valid, subsisting, enforceable and perfected first lien on the
Mortgaged Property, including all buildings on the Mortgaged Property and all
installations and mechanical, electrical, plumbing, heating and air conditioning
systems affixed to such buildings, and all additions, alterations and
replacements made at any time with respect to the foregoing securing the
Mortgage Note's original principal balance subject to principles of equity,
bankruptcy, insolvency and other laws of general application affecting the
rights of creditors.  The Mortgage and the Mortgage Note do not
contain any evidence of any security interest or other interest or right
thereto.  Such lien is free and clear of all adverse claims, liens and
encumbrances having priority over the first lien of the Mortgage subject only to
(1) the lien of non-delinquent current real property taxes and assessments
not yet due and payable, (2) covenants, conditions and restrictions, rights
of way, easements and other matters of the public record as of the date of
recording which are acceptable to mortgage lending institutions generally and
either (A) which are referred to in the lender’s title insurance policy
delivered to the originator or otherwise considered in the appraisal made for
the originator of the Mortgage Loan, or (B) which do not adversely affect
the residential use or Appraised Value of the Mortgaged Property as set forth in
such appraisal, and (3) other matters to which like properties are commonly
subject which do not individually or in the aggregate materially interfere with
the benefits of the security intended to be provided by the Mortgage or the use,
enjoyment, value or marketability of the related Mortgaged
Property.  Any security agreement, chattel mortgage or equivalent
document related to and delivered in connection with the Mortgage Loan
establishes and creates a valid, subsisting, enforceable and perfected first
lien and first priority security interest on the property described therein, and
the Seller has the full right to sell and assign the same to the
Purchaser;

     

    (l)  The
Mortgage Note and the related Mortgage are original and genuine and each is the
legal, valid and binding obligation of the maker thereof, enforceable in all
respects in accordance with its terms subject to principles of equity,
bankruptcy, insolvency and other laws of general application affecting the
rights of creditors, and the Seller has taken all action necessary to transfer
such rights of enforceability to the Purchaser.  All parties to the
Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage
Loan and to execute and deliver the Mortgage Note and the
Mortgage.  The Mortgage Loan Documents are on forms acceptable to
Fannie Mae and Freddie Mac.  The Mortgage Note and the Mortgage have
been duly and properly executed by such parties.  No fraud,
misrepresentation or similar occurrence with respect to a Mortgage Loan has
taken place on the part of the Seller or to the best of Seller’s knowledge, the
Mortgagor or any other party involved in the origination or servicing of the
Mortgage Loan.  There has been no error, omission, or negligence that
would have a material adverse effect on the value or transferability of any
Mortgage Loan.  Either the Mortgagor or a guarantor is a natural
person.  The proceeds of the Mortgage Loan have been fully disbursed
and there is no requirement for future advances thereunder, and any and all
requirements as to completion of any on-site or off-site improvements and as to
disbursements of any escrow funds therefor have been complied
with.  All costs, fees and expenses incurred in making or closing the
Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is
not entitled to any refund of any amounts paid or due under the Mortgage Note or
Mortgage;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (m)  The
Seller is the sole owner and holder of the Mortgage Loan and the indebtedness
evidenced by the Mortgage Note.  Upon the sale of the Mortgage Loan to
the Purchaser, the Seller will retain the Servicing File or any part thereof
with respect thereto not delivered to the Purchaser or the Purchaser’s designee
in trust only for the purpose of interim servicing and supervising the interim
servicing of the Mortgage Loan.  The Seller had good and marketable
title to and was the sole owner thereof and had full right to transfer and sell
the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
lien, pledge, charge, claim or security interest and has the full right and
authority subject to no interest or participation of, or agreement with, any
other party, to sell and assign the Mortgage Loan pursuant to this Agreement and
following the sale of the Mortgage Loan, the Purchaser will own such Mortgage
Loan free and clear of any encumbrance, equity, participation interest, lien,
pledge, charge, claim or security interest.  The Seller intends to
relinquish all rights to possess, control, and monitor the Mortgage Loan, except
for the purposes of servicing the Mortgage Loan as set forth in this
Agreement.  After the Closing Date, the Seller will not have any right
to modify or alter the terms of the sale of the Mortgage Loan and the Seller
will not have any obligation or right to repurchase the Mortgage Loan or
substitute another Mortgage Loan, except as provided in this Agreement, or as
otherwise agreed to by the Seller and the Purchaser;

     

     (n)  Each
Mortgage Loan is covered by an ALTA lender's title insurance policy acceptable
to Fannie Mae or Freddie Mac (including adjustable rate endorsements), issued by
a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do
business in the jurisdiction where the Mortgaged Property is located, insuring
(subject to the exceptions contained in (j)(1), (2) and (3) above) the Seller,
its successors and assigns, as to the first priority lien of the Mortgage in the
original principal amount of the Mortgage Loan and against any loss by reason of
the invalidity or unenforceability of the lien resulting from the provisions of
the Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
Payment.  Where required by state law or regulation, the Mortgagor has
been given the opportunity to choose the carrier of the required mortgage title
insurance.  The Seller, its successors and assigns, is the sole
insured of such lender's title insurance policy, such title insurance policy
has, if necessary, been duly and validly endorsed to the Purchaser or the
assignment to the Purchaser of the Seller's interest therein does not require
the consent of or notification to the insurer and such lender's title insurance
policy is in full force and effect and will be in full force and effect upon the
consummation of the transactions contemplated by this Agreement.  No
claims have been made under such lender's title insurance policy, and no prior
holder or servicer of the related Mortgage, including the Seller, nor any
Mortgagor, has done, by act or omission, anything that would impair the coverage
of such lender's title insurance policy;

     

    (o)  There
is no default, breach, violation or event of acceleration existing under the
Mortgage or the related Mortgage Note and no event which, with the passage of
time or with notice and the expiration of any grace or cure period, would
constitute a default, breach, violation or event permitting acceleration; and
neither the Seller nor any prior mortgagee has waived any default, breach,
violation or event permitting acceleration;

     

    
      
        	
              	
                (p) 

              	
                 There
      are no mechanics' or similar liens or claims which have been filed for
      work, labor or material (and no rights are outstanding that under law
      could give rise to such liens) affecting the related Mortgaged Property
      which are or may be liens prior to or equal to the lien of the related
      Mortgage;

              

      

    

     

    (q)  All
improvements subject to the Mortgage which were considered in determining the
appraised value of the Mortgaged Property lie wholly within the boundaries and
building restriction lines of the Mortgaged Property (and wholly within the
project with respect to a condominium unit) and no improvements on adjoining
properties encroach upon the Mortgaged Property except those which are insured
against by the title insurance policy referred to in clause (m) above and all
improvements on the property comply with all applicable zoning and subdivision
laws and ordinances;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (r)  Each
Mortgage Loan was originated by or for the Seller pursuant to, and conforms
with, the Seller’s underwriting guidelines.  The Mortgage Loan bears
interest at a fixed or an adjustable rate as set forth in the Mortgage Loan
Schedule, and Monthly Payments under the Mortgage Note are due and payable on
the first day of each month.  The Mortgage contains the usual and
enforceable provisions of the Seller at the time of origination for the
acceleration of the payment of the unpaid principal amount of the Mortgage Loan
if the related Mortgaged Property is sold without the prior consent of the
mortgagee thereunder;

     

    (s)  To
the best of Seller’s knowledge, the Mortgaged Property is not subject to any
material damage.  At origination of the Mortgage Loan there was not,
since origination of the Mortgage Loan there has not been, and there currently
is no proceeding pending, of which Seller has knowledge, for the total or
partial condemnation of the Mortgaged Property.  The Seller has not
received notification that any such proceedings are scheduled to commence at a
future date;

     

    (t)  The
related Mortgage contains customary and enforceable provisions such as to render
the rights and remedies of the holder thereof adequate for the realization
against the Mortgaged Property of the benefits of the security provided thereby,
including, (1) in the case of a Mortgage designated as a deed of trust, by
trustee's sale, and (2) otherwise by judicial foreclosure.  There
is no homestead or other exemption available to the Mortgagor, which would
interfere with the right to sell the Mortgaged Property at a trustee's sale or
the right to foreclose the Mortgage;

     

    (u)  If
the Mortgage constitutes a deed of trust, a trustee, authorized and duly
qualified if required under applicable law to act as such, has been properly
designated and currently so serves and is named in the Mortgage, and no fees or
expenses, except as may be required by local law, are or will become payable by
the Purchaser to the trustee under the deed of trust, except in connection with
a trustee's sale or attempted sale after default by the Mortgagor;

     

    (v)  The
Servicing File contains an appraisal of the related Mortgaged Property signed
prior to the final approval of the mortgage loan application by a qualified
appraiser who had no interest, direct or indirect, in the Mortgaged Property or
in any loan made on the security thereof, and whose compensation is not affected
by the approval or disapproval of the Mortgage Loan, and the appraisal and
appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and Title
XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989
and the regulations promulgated thereunder, all as in effect on the date the
Mortgage Loan was originated.  The appraisal is in a form acceptable
to Fannie Mae or Freddie Mac;

     

    (w)  All
parties which have had any interest in the Mortgage, whether as mortgagee,
assignee, pledgee or otherwise, are (or, during the period in which they held
and disposed of such interest, were) (A) in compliance with any and all
applicable licensing requirements of the laws of the state wherein the Mortgaged
Property is located, and (B)(1) organized under the laws of such state, or
(2) qualified to do business in such state, or (3) federal savings and
loan associations or national banks or a Federal Home Loan Bank or savings bank,
or (4) not doing business in such state;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (x)  The
related Mortgage Note is not and has not been secured by any collateral except
the lien of the corresponding Mortgage and the security interest of any
applicable security agreement or chattel mortgage - and such collateral does not
serve as security for any other obligation;

     

    (y)  The
Mortgagor has received and has executed, where applicable, all disclosure
materials required by applicable law with respect to the making of such mortgage
loans;

     

    (z)  The
Mortgage Loan does not contain “balloon” or "graduated payment" features; and no
Mortgage Loan is subject to a buydown agreement or contains any buydown
provision pursuant to which a person other than the Mortgagor is currently
obligated to make payments on the Mortgage Loan;

     

    (aa)  The
Mortgagor is not in bankruptcy.  There are no circumstances or
conditions with respect to the Mortgage or, to the best of Seller’s knowledge,
the Mortgaged Property, the Mortgagor or the Mortgagor's credit standing that
could reasonably be expected to cause private institutional investors to regard
the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to
become delinquent, or materially adversely affect the value or marketability of
the Mortgage Loan;

     

    (bb)  The
Mortgage Loan bears interest based upon a thirty (30) day month and a three
hundred and sixty (360) day year.  The Mortgage Loan has an original
term to maturity of not more than 30 years, with interest payable in arrears on
the first day of each month.

     

    (cc)  For
non-MERS Mortgage Loans, the Assignment from the Seller is in recordable form
and, when completed, is acceptable for recording under the laws of the
jurisdiction in which the Mortgaged Property is located;

     

    (dd)  The Mortgaged Property
is located in the state identified in the Mortgage Loan Schedule and consists of
a single parcel of real property with a detached single family residence erected
thereon, or a townhouse, or a two-to four-family dwelling, or an individual
condominium unit in a condominium project, or an individual unit in a planned
unit development or a de minimis planned unit development.  Each
residence or dwelling constitutes real property under local law.  Any
condominium unit or planned unit development either conforms with applicable
Fannie Mae or Freddie Mac requirements regarding such dwellings or is covered by
a waiver confirming that such condominium unit or planned unit development is
acceptable to Fannie Mae or Freddie Mac or is otherwise "warrantable" with
respect thereto.  As of the Origination Date, no portion of the
Mortgaged Property was used for commercial purposes, and since the Origination
Date, no portion of any Mortgaged Property has been used for commercial
purposes, such that any reasonable investor would consider the property to be
viewed as commercial property;

    

    (ee)  Principal
payments on the Mortgage Loan commenced no more than sixty-two (62) days after
the funds were disbursed in connection with the Mortgage Loan;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (ff)  To
the best of Seller’s knowledge, the Mortgaged Property is lawfully occupied
under applicable law, and all inspections, licenses and certificates required to
be made or issued with respect to all occupied portions of the Mortgaged
Property and, with respect to the use and occupancy of the same, including but
not limited to certificates of occupancy and fire underwriting certificates, had
been made or obtained from the appropriate authorities;

     

    (gg)  To
the best of Seller’s knowledge, there is no pending action or proceeding
directly involving the Mortgaged Property in which compliance with any
environmental law, rule or regulation is an issue and there is no violation of
any environmental law, rule or regulation with respect to the Mortgaged
Property; and the Seller has not received any notice of any environmental hazard
on the Mortgaged Property and nothing further remains to be done to satisfy in
full all requirements of each such law, rule or regulation constituting a
prerequisite to use and enjoyment of said property;

     

    (hh)  Except
as set forth on the Mortgage Loan Schedule, the Mortgagor has not notified the
Seller, and the Seller has no knowledge of any relief requested or allowed to
the Mortgagor under the Servicemembers Civil Relief Act;

     

    (ii)  No
Mortgage Loan was made in connection with facilitating the trade-in or exchange
of a Mortgaged Property;

     

    (jj)  In the event a Mortgage
Loan had a Loan to value at origination greater than 80% based upon the lesser
of the sales price or the appraised value, the excess of the principal balance
of the mortgage loan over an LTV of 78% is insured as to payment defaults by a
current, transferable PMI Policy.  Unless the PMI Policy was cancelled at
the request of the Borrower or automatically terminated and the current LTV is
less than or equal to 78%, all premiums have been paid and all provisions of
such PMI Policy have been and are being complied with.  There are no
mortgage loans for which Seller is funding the private mortgage insurance
premium, although there may be some Mortgage Loans for which the private
mortgage insurance premium was prepaid by Seller in full.  All mortgage
loans are in compliance with the Home Owner’s Protection Act and any
corresponding state law.  No action has been taken or failed to be
taken by Seller, on or prior to the Closing Date, which has resulted or will
result in an exclusion from, denial of, or defense to coverage under any PMI
Policy (including, without limitation, any exclusions, denials or defenses which
would limit or reduce the availability of the timely payment of the full amount
of the loss otherwise due thereunder to the insured) whether arising out of
actions, representations, errors, omissions, negligence, or fraud of the Seller,
or for any other reason under such coverage;

    

    (kk)  The
Mortgage Loan was originated, within the meaning of section 3(a)(41) of the
Securities Exchange Act of 1934, by i) a mortgagee approved by the Secretary of
Housing and Urban Development pursuant to sections 203 and 211 of the National
Housing Act, ii) a savings and loan association, a savings bank, a commercial
bank, credit union, insurance company or similar institution which is supervised
and examined by a federal or state authority or iii) a mortgage banker or
broker licensed or authorized to do business in the jurisdiction in which the
related Mortgaged Property is located, applying the same standards used by the
Seller in originating Mortgage Loans directly;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (ll)  None
of the Mortgage Loans are simple interest Mortgage Loans and none of the
Mortgaged Properties are timeshares or a similar arrangement which affords the
Mortgagors less than full-year occupancy rights;

     

    (mm)  Each
Mortgage Note, each Mortgage, each Assignment and any other documents required
pursuant to this Agreement to be delivered to the Purchaser or its designee, or
its assignee for each Mortgage Loan, have been, on or before the Closing Date,
delivered to the Purchaser or its designee, or its assignee;

     

    (nn)  No
statement, tape, diskette, form, report or other document prepared by, or on
behalf of, Seller pursuant to this Agreement or in connection with the
transactions contemplated hereby, contains or will contain any statement that is
or will be inaccurate or misleading in any material respect;

     

    (oo)  The
Seller used no selection procedures that identified the Mortgage Loans as being
less desirable or valuable than other comparable mortgage loans in the Seller's
portfolio at the Cut-off Date;

     

    (pp)  The
Mortgage Loan was not a “high cost”, “threshold” or “predatory” loan pursuant to
Section 129 of the Truth in Lending Act (Section 32 of Regulation Z) regarding
“high cost” mortgages or any applicable federal, state, or local law or
regulation, or was otherwise exempt from the provisions of any such act, when
originated;

     

    (qq)  The
origination and servicing practices used by the Seller and any prior originator
or servicer with respect to each Mortgage Note and Mortgage have been legal and
in accordance with applicable laws and regulations and the Mortgage Loan
Documents, and in all material respects proper and prudent in the mortgage
origination and servicing business.  With respect to escrow deposits
and payments that the Seller, on behalf of an investor, is entitled to collect,
all such payments are in the possession of, or under the control of, the Seller,
and there exist no deficiencies in connection therewith for which customary
arrangements for repayment thereof have not been made.  All Escrow
Payments have been collected in full compliance with applicable state and
federal law and the provisions of the related Mortgage Note and Mortgage; and
Seller has paid all interest on escrow, if required by applicable law (subject
to inapplicability pursuant to any applicable preemption), to the date of
closing.  As to any Mortgage Loan that is the subject of an escrow,
escrow of funds is not prohibited by applicable law and has been established in
an amount sufficient to pay for every escrowed item that remains unpaid and has
been assessed but is not yet due and payable.  No escrow deposits or
other charges or payments due under the Mortgage Note have been capitalized
under any Mortgage or the related Mortgage Note.

     

    Section 3.03.  Remedies
for Breach of Representations and Warranties.

     

    (a)  Notice of
Breach.  The representations and warranties set forth in
Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to Purchaser
and shall inure to the benefit of Purchaser and its assigns, notwithstanding any
restrictive or qualified endorsement on any Mortgage Note or Assignment of
Mortgage or the examination or failure to examine any Collateral Documents or
Credit File, except to the extent that Purchaser has actual knowledge on or
before the Closing Date of the specific facts that constitute a breach of any
representation or warranty.  Upon discovery by either Seller or
Purchaser of a breach of any of the foregoing representations and warranties,
the party discovering such breach shall give prompt notice to the
other.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)  Cure/Repurchase.  Within
ninety (90) days from the earlier of either discovery by or notice to Seller of
a breach of a representation or warranty, Seller shall use its best efforts to
cure such breach, and, if such breach cannot be cured, Seller shall, at
Purchaser's option, repurchase such Mortgage Loan at the Repurchase Price within
thirty (30) days of Purchaser’s demand.  In the event that a breach
shall involve any representation or warranty set forth in Section 3.01 and such
breach cannot be cured within ninety (90) days of the earlier of either
discovery by or notice to Seller of such breach, all of the Mortgage Loans
shall, at Purchaser's option, be repurchased by Seller at the Repurchase
Price.  [Notwithstanding the fact that a representation contained in
Sections 3.02 may be limited to the Seller's knowledge, such limitation shall
not relieve the Seller of its purchase obligation under the terms of this
Section 3.03 if the substance of the representation is
inaccurate.]  If the Seller repurchases a Mortgage Loan that is a MERS
Mortgage Loan, the Seller shall, at the Purchaser’s option, either
(a) cause MERS to designate on the MERS® System the Seller as the
beneficial holder of such Mortgage Loan or (b) cause MERS to execute and
deliver an assignment of the Mortgage in recordable form to transfer the
Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
from registration on the MERS® System in accordance with MERS’ rules and
regulations.

     

    (c)  Substitution.  If
the breach shall involve a representation or warranty set forth in Section 3.02,
Seller may, rather than repurchase the Mortgage Loan as provided above, remove
such Mortgage Loan and substitute in its place a Qualified Substitute Mortgage
Loan or Loans.  If Seller has no Qualified Substitute Mortgage Loan,
it shall repurchase the deficient Mortgage Loan.  At the time of
repurchase or substitution, Purchaser and Seller shall arrange for the
reassignment of such Mortgage Loan and release of the related Collateral File to
Seller and the delivery to Seller of any documents held by Purchaser or its
designee relating to such Mortgage Loan.  In the event Seller
determines to substitute a Qualified Substitute Mortgage Loan for a repurchased
Mortgage Loan, Seller shall, simultaneously with such reassignment, give written
notice to Purchaser that substitution has taken place and identify the Qualified
Substitute Mortgage Loan(s).  In connection with any such
substitution, Seller shall be deemed to have made as to such Qualified
Substitute Mortgage Loan(s) the representations and warranties except that all
such representations and warranties set forth in this Agreement shall be deemed
made as of the date of such substitution.  Seller shall effect such
substitution by delivering to Purchaser, the Collateral Documents for such
Qualified Substitute Mortgage Loan(s).  [For any month in which Seller
substitutes a Qualified Substitute Mortgage Loan for a repurchased Mortgage
Loan, Seller shall determine the amount (if any) by which the aggregate
principal balance of all Qualified Substitute Mortgage Loans as of the date of
substitution is less than the aggregate Stated Principal Balance of all
repurchased Mortgage Loans (after application of scheduled principal payments
due in the month of substitution).  Seller shall notify the Purchaser
of the amount of such shortfall in the month of substitution, and on the date of
such substitution, Seller shall pay Purchaser an amount equal to the amount of
such shortfall].

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d)  Indemnification.  In
addition to its other obligations under this Agreement, but without duplication
of effect, Seller shall indemnify Purchaser and hold it harmless against any
losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments, and other costs and expenses resulting from a
breach of Seller's representations and warranties contained in Sections 3.01 and
3.02.  The obligations of Seller set forth in this Section 3.03 to
cure, substitute for, or repurchase a defective Mortgage Loan and to indemnify
Purchaser as provided in this Section 3.03 constitute the sole remedies of
Purchaser with respect to a breach of the foregoing representations and
warranties.

     

    (e)  Accrual of Cause of
Action.  Any cause of action against Seller relating to or
arising out of the breach of any representations and warranties made in Sections
3.01 or 3.02 shall accrue as to any Mortgage Loan upon (i) discovery of such
breach by Purchaser or notice thereof by Seller to Purchaser, and (ii) failure
by Seller to cure such breach or repurchase such Mortgage Loan as specified
above, and (iii) demand upon Seller by Purchaser for compliance with the
relevant provisions of this Agreement.

     

    Section 3.04.  Representations
and Warranties Respecting Purchaser.  Purchaser represents,
warrants and covenants to Seller that, as of each Closing Date:

     

    (a)  Organization and
Standing.  Purchaser is duly organized, validly existing and in
good standing under the laws of the jurisdiction in which it is organized and is
qualified to transact business in and is in good standing under the laws of each
state in which the nature of the business transacted by it or the character of
the properties owned or leased by it requires such qualification;

     

    (b)  Due
Authority.  Purchaser has the full power and authority to
perform, and to enter into and consummate, all transactions contemplated by this
Agreement; Purchaser has the full power and authority to purchase and hold each
Mortgage Loan and the Servicing Rights;

     

    (c)  No
Conflict.  Neither the acquisition of the Mortgage Loans or the
Servicing Rights by Purchaser pursuant to this Agreement, the consummation of
the transactions contemplated hereby, nor the fulfillment of or compliance with
the terms and conditions of this Agreement, will conflict with or result in a
breach of any of the terms, conditions or provisions of Purchaser’s charter or
by-laws or result in a material breach of any legal restriction or any material
agreement or instrument to which the Purchaser is now a party or by which it is
bound, or constitute a material default or result in an acceleration under any
of the foregoing, or result in the violation of any material law, rule,
regulation, order, judgment or decree to which Purchaser or its property is
subject;

     

    (d)  No Pending
Litigation.  There is no action, suit, proceeding,
investigation or litigation pending or, to the Purchaser’s knowledge,
threatened, which either in any one instance or in the aggregate, if determined
adversely to Purchaser would adversely affect the purchase of the Mortgage Loans
by Purchaser hereunder, or Purchaser’s ability to perform its obligations under
this Agreement; and

     

    (e)  No Consent
Required.  No consent, approval, authorization or order of any
court or governmental agency or body is required for the execution, delivery and
performance by Purchaser of or compliance by Purchaser with this Agreement or
the consummation of the transactions contemplated by this Agreement (including,
but not limited to, any approval from HUD), or if required, such consent,
approval, authorization or order has been obtained prior to the Closing
Date.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section 3.05.  Early
Payment Default.  With respect to
any Mortgage Loan, if the Monthly Payment with respect to any one of the first
three months following the Closing Date has not been paid, and the account is
not paid current by the end of the second month after such Monthly Payment was
due, the Seller shall, upon receipt of notice from the Purchaser of such
default, promptly, and in no event more than thirty (30) days thereafter and
without regard to any subsequent payment of such Monthly Payment, repurchase
such Mortgage Loan from the Purchaser in accordance with Section 3.03(b)
hereof.

     

    ARTICLE
IV

     

    TRANSFER OF SERVICING
RIGHTS

     

    Section 4.01.  General.  The Mortgage
Loans will be purchased by Purchaser and sold by Seller on a servicing-released
basis and the purchase of the Mortgage Loans by Purchaser shall, for all
purposes, include all Servicing Rights relating thereto.

     

    Section 4.02.  Omitted.

     

    Section 4.03.  Notice.  Seller
shall, no later than fifteen (15) days prior to the Servicing Transfer Date,
inform in writing all Mortgagors of the change in servicer from Seller to
Purchaser or Purchaser’s designee, in accordance with applicable
law.

     

    Section 4.04.  Obligations
of Seller after the Servicing Transfer Date.  Seller shall
take, or cause to be taken, the following actions with respect to the Mortgage
Loans on the Servicing Transfer Date (or within such time as may otherwise be
specified below):

     

    (a)  Other
Documentation.  Seller shall provide Purchaser any and all
documents reasonably required by Purchaser in order to fully transfer to
Purchaser possession of all tangible evidence of the Servicing Rights
transferred hereunder;

     

    (b)  Mortgage Payments Received
After Servicing Transfer Date.  Seller shall promptly forward
to the Purchaser any payment received by it after the Servicing Transfer Date
with respect to any of the Mortgage Loans, whether such payment is in the form
of principal, interest, taxes, insurance, loss drafts, insurance refunds, etc.,
in the original form received, unless such payment has been received in cash or
by Seller’s lock box facility, in which case Seller shall forward such payment
in a form agreed to by the Parties.  Seller shall notify the Purchaser
of the particulars of the payment, which notification shall set forth sufficient
information to permit timely and appropriate processing of the payment by the
Purchaser; and

     

    (c)  Notifications and
Transfers.  Seller shall take all steps necessary to transfer
to the Purchaser all insurance policies, tax services, life of loan flood
services, and other contracts that may exist with respect to each Mortgage
Loan.

     

    (d)  Delivery of Servicing
Files.  Not later than the Servicing Transfer Date, the Seller,
at its expense, shall deliver the Servicing Files to the Purchaser at the
Ravenna Office in accordance with the procedures set forth in the Transfer
Requirements/Instructions in Exhibit B or as
otherwise agreed by the parties.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (e)  Delivery of Final Data
Tape.  The Seller shall promptly deliver to the Purchaser the
final month end data tape, in the format set forth on Exhibit B,
within five (5) Business Days after the end of the month in which the Interim
Servicing Period ends.  Said tape shall be sent to Purchaser at the
Ravenna Office.

     

    ARTICLE
V

     

    MISCELLANEOUS

     

    Section 5.01.  Notices.  All
demands, notices and communications required or permitted to be provided
hereunder shall be in writing and shall be deemed to have been duly given when
delivered to the addresses indicated below or such other address as may
hereafter be furnished to the other party by like notice.

     

    If to
Seller:

     

    AmTrust
Bank

    1801 East
Ninth Street, Suite 200

    Cleveland,
Ohio 44114

    Attention:
Kimon Zaverdonos, Director, Capital Markets

    

    With a
Copy to:

    

    David W.
Diskin

    Director,
Mortgage Business Risk

    

    If to
Purchaser:

     

    First
Place Bank

    999 East
Main Street

    Ravenna,
Ohio 44266

    Attention:  Corporate
Vice President, Loan Administration and Servicing

    

    With Copy
to:

    

    First
Place Bank

    185 East
Market Street

    Warren,
Ohio 44481-1102

    Attention:
General Counsel

    

    Section 5.02.  Sale
Treatment.  It is the express intention of the parties that the
transactions contemplated by this Agreement be, and be construed as, a sale of
the Mortgage Loans by Seller and not a pledge of the Mortgage Loans by Seller to
Purchaser to secure a debt or other obligation of
Seller.  Consequently, the sale of each Mortgage Loan shall be
reflected as a sale on Seller’s, and a purchase on Purchaser’s, business
records, tax returns, and financial statements.  Accordingly, Seller
and Purchaser shall each treat the transaction for federal income tax purposes
as a sale by Seller, and a purchase by Purchaser, of the Mortgage
Loans.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section 5.03.  Exhibits.  The
Exhibits to this Agreement are hereby incorporated and made a part hereof and
are an integral part of this Agreement.

     

    Section 5.04.  General
Interpretive Principles.  For purposes of this Agreement,
except as otherwise expressly provided or unless the context otherwise
requires:

     

    (a)  The terms defined in
this Agreement have the meanings assigned to them in this Agreement and include
the plural as well as the singular, and the use of one gender herein shall be
deemed to include the other gender;

     

    (b)  Accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with
generally accepted accounting principles;

     

    (c)  References herein to
"Articles," "Sections," "Subsections," "Paragraphs," and other Subdivisions
without reference to a document are to designated Articles, Sections,
Subsections, Paragraphs and other subdivisions of this Agreement;

     

    (d)  Reference to a
Subsection without further reference to a Section is a reference to such
Subsection as contained in the same Section in which the reference appears, and
this rule shall also apply to Paragraphs and other subdivisions;

     

    (e)  The words "herein,"
"hereof," "hereunder" and other words of similar import refer to this Agreement
as a whole and not to any particular provision;

     

    (f)  The term "include" or
"including" shall mean without limitation by reason of enumeration;
and

     

    (g)  Headings of the Sections
in this Agreement are for reference purposes only and shall not be deemed to
have any substantive effect

     

    Section 5.05.  Reproduction
of Documents.  This Agreement and all documents relating
thereto, including (a) consents, waivers and modifications which may
hereafter be executed, (b) documents received by any party at the closing,
and (c) financial statements, certificates and other information previously
or hereafter furnished, may be reproduced by any photographic, photostatic,
microfilm, micro-card, miniature photographic or other similar
process.  The parties agree that any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative
proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any
enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence.

     

    Section 5.06.  Further
Agreements.  Seller shall execute and deliver to Purchaser and
Purchaser shall execute and deliver to Seller such additional documents,
instruments, or agreements as may be reasonable and necessary to effectuate the
purposes of this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
5.07.  Omitted.

     

    Section 5.08.  Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the state of Ohio applicable to agreements entered
into and wholly performed within that state.

     

    Section 5.09.  Severability
Clause.  Any part, provision, representation or warranty of
this Agreement that is prohibited or that is held to be void or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof.  Any part,
provision, representation or warranty of this Agreement which is prohibited or
unenforceable or is held to be void or unenforceable in any jurisdiction shall
be ineffective, as to such jurisdiction, to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction as to any Mortgage Loan
shall not invalidate or render unenforceable such provision in any other
jurisdiction.  To the extent permitted by applicable law, the parties
hereto waive any provision of law that prohibits or renders void or
unenforceable any provision hereof.

     

    Section 5.10.  Successors
and Assigns.  This Agreement shall bind and inure to the
benefit of and be enforceable by Seller and Purchaser and the respective
permitted successors and assigns of Seller and Purchaser.

     

    Section 5.11.  Confidentiality.  Seller
and Purchaser acknowledge and agree that the terms of This Agreement shall be
kept confidential and its contents will not be divulged to any party without the
other party’s consent, except to the extent that it is appropriate for Seller
and Purchaser to do so in working with legal counsel, auditors, taxing
authorities, or other governmental agencies.

     

    Section 5.12.  Entire
Agreement.  This Agreement constitutes the entire understanding
between the parties hereto with respect to the Mortgage Loan Package and
supersedes all prior or contemporaneous oral or written communications regarding
it.  Seller and Purchaser understand and agree that no employee, agent
or other representative of Seller or Purchaser has any authority to bind such
party with regard to any statement, representation, warranty or other expression
unless said statement, representation, warranty or other expression is
specifically included within the express terms of this
Agreement.  This Agreement shall be modified, amended, or in any way
altered except by an instrument in writing signed by both parties.

     

    Remainder
of Page Intentionally Blank.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, Seller and
Purchaser have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the date first above
written.

     

    
      
        	
                AMTRUST
      BANK

              
	 
      	 
      
	
                By:

              	
                /s/ Peter Goldberg

              
	 
      	
                Name:
      Peter Goldberg

              
	 
      	
                Title:
      Chief Executive Officer

              
	 
      	 
      
	
                By:

              	
                /s/ Jon Baymiller

              
	 
      	
                Name:
      Jon Baymiller

              
	 
      	
                Title:Executive
      Vice President

              
	 
      
	
                FIRST
      PLACE BANK

              
	 
      	 
      
	
                By:

              	
                /s/ Steven R. Lewis

              
	 
      	
                Name:
      Steven R. Lewis

              
	 
      	
                Title:
      Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]