Document:

Unassociated Document

 

EXHIBIT 10.11

 

 

CUSTODIAL AGREEMENT

 

Dated as of

 

September 1, 2011

U.S. BANK NATIONAL ASSOCIATION,

as Trustee,

WELLS FARGO BANK, N.A.,

as Custodian,

WELLS FARGO BANK, N.A.,

as Master Servicer,

SEQUOIA RESIDENTIAL FUNDING, INC.,

as Depositor,

and

REDWOOD RESIDENTIAL ACQUISITION CORPORATION,

as Seller

 

  

  

  

 

TABLE OF CONTENTS

	  	  	
Page

	  	  	  
	
Article 1

	
Definitions

	  	
1

	  	  	  	  
	
Article 2

	
Custodial Terms

	  	
6

	  	  	  	  
	
Section 2.1

	
Appointment of the Custodian

	  	
6

	  	  	  	  
	
Section 2.2

	
Custodian Fees

	  	
6

	  	  	  	  
	
Article 3

	
Custody of Mortgage Documents

	  	
7

	  	  	  	  
	
Section 3.1

	
Delivery of Mortgage Files

	  	
7

	  	  	  	  
	
Section 3.2

	
Review of Mortgage Files

	  	
9

	  	  	  	  
	
Section 3.3

	
Certifications and Reports

	  	
9

	  	  	  	  
	
Section 3.4

	
Release of Mortgage Files

	  	
10

	  	  	  	  
	
Section 3.5

	
Inspection of Mortgage Files

	  	
12

	  	  	  	  
	
Section 3.6

	
Copies of Mortgage Files

	  	
12

	  	  	  	  
	
Section 3.7

	
Documents Missing From Mortgage Files

	  	
12

	  	  	  	  
	
Article 4

	
Concerning the Custodian

	  	
12

	  	  	  	  
	
Section 4.1

	
Custodian May Resign: Trustee May Remove Custodian

	  	
12

	  	  	  	  
	
Section 4.2

	
Merger or Consolidation of Custodian

	  	
13

	  	  	  	  
	
Section 4.3

	
Limitation of Custodians Duties

	  	
13

	  	  	  	  
	
Section 4.4

	
Standard of Care; Indemnification

	  	
15

	  	  	  	  
	
Section 4.5

	
Force Majeure

	  	
16

	  	  	  	  
	
Section 4.6

	
Accounting

	  	
17

	  	  	  	  
	
Section 4.7

	
Compliance Certification

	  	
17

	  	  	  	  
	
Section 4.8

	
Subcontracting

	  	
17

	  	  	  	  
	
Article 5

	
Representations and Warranties

	  	
18

	  	  	  	  
	
Section 5.1

	
Capital Requirements

	  	
18

	  	  	  	  
	
Section 5.2

	
No Claims to Mortgage Loans

	  	
19

	  	  	  	  
	
Article 6

	
Covenants

	  	
19

 

  

i

  

 

	
Section 6.1

	
Insurance

	  	
19

	  	  	  	  
	
Section 6.2

	
Storage of Mortgage Files

	  	
19

	  	  	  	  
	
Article 7

	
Miscellaneous

	  	
20

	  	  	  	  
	
Section 7.1

	
Notices

	  	
20

	  	  	  	  
	
Section 7.2

	
Entire Agreement

	  	
22

	  	  	  	  
	
Section 7.3

	
Binding Nature of Agreement: Assignment

	  	
23

	  	  	  	  
	
Section 7.4

	
Governing Law

	  	
23

	  	  	  	  
	
Section 7.5

	
Recordation of Agreement

	  	
23

	  	  	  	  
	
Section 7.6

	
Agreement for the Exclusive Benefit of Parties

	  	
23

	  	  	  	  
	
Section 7.7

	
Counterparts

	  	
23

	  	  	  	  
	
Section 7.8

	
Indulgences: Not Waivers

	  	
23

	  	  	  	  
	
Section 7.9

	
Titles Not to Affect Interpretation

	  	
24

	  	  	  	  
	
Section 7.10

	
Provisions Separable

	  	
24

	  	  	  	  
	
Section 7.11

	
Conflict or Inconsistency

	  	
24

	  	  	  	  
	
Section 7.12

	
Waiver of Trial by Jury

	  	
24

	  	  	  	  
	
Section 7.13

	
Submission to Jurisdiction; Waivers

	  	
24

	  	  	  	  
	
Section 7.14

	
Non-petition

	  	
24

	  	  	  	  
	
Section 7.15

	
Termination

	  	
25

	  	  	  	  
	
Signature Page

	  	
26

 

  

ii

  

 

EXHIBITS

	
EXHIBIT A

	
DELIVERY INSTRUCTIONS

	  	  
	
EXHIBIT B

	
DATA FORMAT

	  	  
	
EXHIBIT C

	
AUTHORIZED REPRESENTATIVES CERTIFICATION

	  	  
	
EXHIBIT D-1

	
INITIAL AUTHORIZED REPRESENTATIVES OF THE TRUSTEE

	  	  
	
EXHIBIT D-2

	
INITIAL AUTHORIZED REPRESENTATIVES OF THE DEPOSITOR

	  	  
	
EXHIBIT D-3A

	
INITIAL AUTHORIZED REPRESENTATIVES OF FIRST REPUBLIC  BANK, AS SERVICER AND AS ORIGINATOR

	  	  
	
EXHIBIT D-3B

	
INITIAL AUTHORIZED REPRESENTATIVES OF PHH MORTGAGE  CORPORATION, AS SERVICER AND AS ORIGINATOR

	  	  
	
EXHIBIT D-3C

	
INITIAL AUTHORIZED REPRESENTATIVES OF PRIMELENDING, A  PLAINSCAPITAL COMPANY, AS ORIGINATOR

	  	  
	
EXHIBIT D-3D

	
INITIAL AUTHORIZED REPRESENTATIVES OF SELECT PORTFOLIO  SERVICING, INC., AS SERVICER

	  	  
	
EXHIBIT D-3E

	
INITIAL AUTHORIZED REPRESENTATIVES OF STERLING SAVINGS  BANK, AS ORIGINATOR

	  	  
	
EXHIBIT D-3F

	
INITIAL AUTHORIZED REPRESENTATIVES OF SUNTRUST MORTGAGE, INC., AS SERVICER AND AS ORIGINATOR

	  	  
	
EXHIBIT D-3G

	
INITIAL AUTHORIZED REPRESENTATIVES OF WELLS FARGO  BANK, N.A., AS SERVICER AND AS ORIGINATOR

	  	  
	
EXHIBIT D-3H

	
INITIAL AUTHORIZED REPRESENTATIVES OF WELLS FARGO  BANK, N.A., AS MASTER SERVICER

	  	  
	
EXHIBIT E

	
SCHEDULE OF FEES

	  	  
	
EXHIBIT F

	
REQUEST FOR RELEASE OF DOCUMENTS

	  	  
	
EXHIBIT G

	
FORM OF CERTIFICATION

	  	  
	
EXHIBIT H

	
FORM OF TRANSMITTAL LETTER

	  	  
	
EXHIBIT I

	
FORM OF CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

	  	  
	
ANNEX 1

	
DOCUMENT EXCEPTION CODES

 

  

iii

  

 

CUSTODIAL AGREEMENT

THIS CUSTODIAL AGREEMENT dated as of September 1, 2011 (this “Custodial Agreement”), is made by and among Wells Fargo Bank, N.A., as custodian and master servicer, Redwood Residential Acquisition Corporation, as seller, Sequoia Residential Funding, Inc., as depositor, and U.S. Bank National Association, not in its individual capacity but solely as trustee (as “Trustee”) for the benefit of the holders of the Sequoia Mortgage Trust Mortgage Pass-Through Certificates, Series 2011-2 (the “Mortgage Certificates”), issued pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2011 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Bank, N.A., U.S. Bank National Association, and Sequoia Residential Funding, Inc.

RECITALS

The Trustee desires to appoint the Custodian to act as its custodian for the purposes of, from time to time, receiving and holding certain documents, instruments and papers delivered hereunder, all upon the terms and conditions and subject to the limitations hereinafter set forth.

Now therefore, in consideration of the mutual promises and agreements herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1.

DEFINITIONS

Except as otherwise specified herein or as the context may otherwise require, whenever used in this Custodial Agreement, the following words and phrases shall have the meaning specified in this Article.

“Authorized Representative”  As defined in Section 3.4 hereof.

“Business Day”  Any day other than a Saturday, Sunday, or a day on which banking institutions in the state in which the Custodian’s operations are located, are authorized or obligated by law or executive order to be closed.

“Certification”  The certificate to be delivered pursuant to Section 3.2(a) in the form of Exhibit G.

“Closing Date”  September 27, 2011.

“Co-op Loan”  A Mortgage Loan that is secured by a first lien on and a perfected security interest in Co-op Shares and the related Proprietary Lease granting exclusive rights to occupy the related co-op unit in the building owned by the related co-op corporation.

 

  

1

  

 

“Co-op Shares”  With respect to any Co-op Loan, the shares of stock issued by a co-op corporation and allocated to a co-op unit and represented by a stock certificate.

“Custodian”  Wells Fargo Bank, N.A., and its successors and assigns, in its capacity as custodian hereunder.

“Delivery Date”  The later of the date of receipt by the Custodian of any (i) Mortgage File or (ii) Mortgage Loan Schedule.

“Designated Custody Signer”  Any officer or employee of the Custodian involved in, or responsible for, the custody of the Mortgage Loans.  The name and specimen signature of each Designated Custody Signer is maintained by the Custodian and is available for review upon request.

“Depositor”  Sequoia Residential Funding, Inc., as depositor under the Pooling and Servicing Agreement.

“Electronic Recording” A mortgage or a mortgage-related document created, generated, sent, communicated, received, or stored by electronic means (that complies with the requirements of the Electronic Signatures in Global and National Commerce Act or the Uniform Electronic Transactions Act, as applicable) that has been accepted for recording by a participating county land records office which accepts such electronic record of a mortgage or a mortgage-related document as an alternative to recordation of the original paper form of such document.

“Exception” With respect to any Mortgage Loan any variance from the requirements of Section 3.1 hereof with respect to the Mortgage Files (taking into consideration the right to deliver certified copies in lieu of original documents in certain circumstances).

“Exception Report” The list, in the format of Annex 1, of Mortgage Loans delivered by the Custodian to the Trustee as provided in Section 3.2 hereof, reflecting the Mortgage Loans held by the Custodian, which includes codes indicating any Exceptions with respect to each Mortgage Loan listed thereon.

“Exchange Act”  The Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

“FRB”  First Republic Bank, a California corporation.

“FRB MLSA”  The Flow Mortgage Loan Sale and Servicing Agreement, dated as of July 1, 2010, between Redwood Residential Acquisition Corporation and FRB, as amended by the Assignment, Assumption and Recognition Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, and FRB, and acknowledged by the Master Servicer.

“Master Servicer”  Wells Fargo Bank, N.A., and its successors and assigns, as master servicer of the Mortgage Loans under the Pooling and Servicing Agreement.

 

  

2

  

 

“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.

“Mortgage” The original mortgage, deed of trust or other instrument creating a first lien on the Mortgaged Property.

“Mortgage Certificates”  As defined in the first paragraph of this Custodial Agreement.

“Mortgage File”  A legal-sized pocket folder containing the Mortgage Loan documents described in Section 3.1 that is labeled in the upper right-hand corner to identify clearly the Servicer, the Trustee, the mortgagor, the Mortgage Loan number and any previous Mortgage Loan number.

“Mortgage Loan”  A loan identified on a Mortgage Loan Schedule.

“Mortgage Loan Schedule”  The electronic transmission of Mortgage Loans substantially in the form of Exhibit B.  Such list shall set forth the following information with respect to each Mortgage Loan:

	
  

	
(1)

	
the loan number;

	
  

	
(2)

	
the street address (including unit number, city, state) of the related mortgaged property;

	
  

	
(3)

	
mortgagor name;

	
  

	
(4)

	
original principal balance of the Mortgage Loan;

	
  

	
(5)

	
stated maturity date;

	
  

	
(6)

	
mortgage interest rate;

	
  

	
(7)

	
origination date;

	
  

	
(8)

	
first payment date;

	
  

	
(9)

	
principal and interest

	
  

	
(10)

	
with respect to each ARM loan, the first adjustment date;

	
  

	
(11)

	
with respect to each ARM loan, the maximum mortgage interest rate;

	
  

	
(12)

	
with respect to each ARM loan, the periodic rate cap;

	
  

	
(13)

	
with respect to each ARM loan, the gross margin;

	
  

	
(14)

	
rounding method;

	
  

	
(15)

	
ARM rounding percent;

	
  

	
(16)

	
ARM look back;

	
  

	
(17)

	
ARM index;

 

  

3

  

 

	
  

	
(18)

	
Interest only flag;

	
  

	
(19)

	
Interest only term;

	
  

	
(20)

	
a code indicating if the Mortgage Loan is a MERS Mortgage Loan and, if so, the MIN;

	
  

	
(21)

	
a code indicating if the Mortgage Loan is a Co-op Loan; and

	
  

	
(22)

	
Servicer loan ID.

“Mortgage Note”  The original executed note or other evidence of indebtedness of a Mortgagor under a Mortgage Loan.

“Mortgaged Property”  The underlying property securing the Mortgage Loan.

“Mortgagor”  The obligor on a promissory note.

“Opinion of Counsel”  A written opinion of counsel acceptable to the Custodian.

“Originator”  Each of FRB, PHH, PL, SSB, STM or WF, and their respective successors and assigns, in its role as seller of the Mortgage Loans under the FRB MLSA, the PHH MLSA, the PL MLSA, the SSB MLSA, the STM MLSA or the WF MLSA, as applicable.

“Person”  Any individual, corporation, company, voluntary association, partnership, joint venture, limited liability company, trust, unincorporated association or government (or any agency, instrumentality or political subdivision thereof).

“PHH”  PHH Mortgage Corporation, a New Jersey corporation.

 

“PHH MLSA”  The Mortgage Loan Flow Purchase, Sale & Servicing Agreement, dated as of July 21, 2010, between Redwood Residential Acquisition Corporation and PHH, as amended by the Assignment, Assumption and Recognition Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, and PHH, and acknowledged by the Master Servicer.

“PL”  PrimeLending, a PlainsCapital Company, a Texas corporation.

“PL MLSA”  The Flow Mortgage Loan Purchase and Sale Agreement, dated as of January 30, 2011, between Redwood Residential Acquisition Corporation, and PL, as amended by the Assignment of Representations and Warranties Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, and PL, and acknowledged by the Master Servicer.

“Pooling and Servicing Agreement”  As defined in the first paragraph of this Custodial Agreement.

“Proprietary Lease”  The lease on a co-op unit evidencing the possessory interest of the owner of the Co-op Shares in such co-op unit.

 

  

4

  

 

“Rejected Release Request”  A Request for Release that is rejected because (i) the Custodian no longer has custody of the Mortgage File or (ii) the Request for Release is improperly prepared.

“Request for Release” A request for a release from a Servicer or the Master Servicer of a Mortgage File either in an electronic format or signed by an Authorized Representative of a Servicer or the Master Servicer, in the form attached hereto as Exhibit F.

“Securities Administrator”  Wells Fargo Bank, N.A., as securities administrator under the Pooling and Servicing Agreement.

“Seller”  Redwood Residential Acquisition Corporation, as seller of the Mortgage Loans under the Mortgage Loan Purchase and Sale Agreement, dated September 27, 2011, by and between Redwood Residential Acquisition Corporation and Sequoia Residential Funding, Inc.

“Servicer”  Each of FRB, PHH, SPS, STM or WF, and their respective successors and assigns, in its role as servicer of the Mortgage Loans under the FRB MLSA, the PHH MLSA, the SPS MLSA, the STM MLSA or the WF MLSA, as applicable.

“SPS”  Select Portoflio Servicing, Inc., a Utah corporation.

“SPS MLSA”  The Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement, dated as of May 5, 2011, among Redwood Residential Acquisition Corporation, SPS and DLJ Mortgage Capital, Inc., as amended by the Assignment, Assumption and Recognition Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, SPS and DLJ Mortgage Capital, Inc., and acknowledged by the Master Servicer.

“SSB”  Sterling Savings Bank, a Washington state-chartered banking institution.

“SSB MLSA”  The Flow Mortgage Loan Purchase and Sale Agreement, dated as of March 1, 2011, between Redwood Residential Acquisition Corporation, and SSB, as amended by the Assignment of Representations and Warranties Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, and SSB, and acknowledged by the Master Servicer.

“STM”  SunTrust Mortgage, Inc., a Virginia corporation.

“STM MLSA”  The Flow Mortgage Loan Sale & Servicing Agreement, dated as of March 1, 2011, between Redwood Residential Acquisition Corporation and STM, as amended by the Assignment, Assumption and Recognition Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, and STM, and acknowledged by the Master Servicer.

“Trust Fund”  The trust fund created pursuant to the Pooling and Servicing Agreement.

 

  

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“WF”  Wells Fargo Bank, N.A., a national banking association.

“WF MLSA”  The Mortgage Loan Sale & Servicing Agreement, dated as of July 1, 2011, between Redwood Residential Acquisition Corporation and WF, as amended by the Assignment, Assumption and Recognition Agreement, dated September 27, 2011, by and among the Seller, the Depositor, the Trustee, and WF, and acknowledged by the Master Servicer.

 

ARTICLE 2.

CUSTODIAL TERMS

Section 2.1.  Appointment of Custodian.  The Trustee hereby appoints the Custodian to act as custodian of the Mortgage Files for the Mortgage Loans delivered to the Custodian pursuant to this Custodial Agreement and the Custodian hereby accepts such appointment.

Section 2.2.  Custodian Fees.  The Master Servicer hereby agrees to pay the Custodian, out of its own funds and not funds of the Trust Fund, the fees and expenses of the Custodian as described on Exhibit E attached hereto.  The obligation of the Master Servicer to pay the fees for services described on Exhibit E hereto shall apply to the Custodian’s services until the termination of this Custodial Agreement, unless the parties hereto mutually agree upon a different schedule.  All fees and expenses of the Custodian for services not described in this Custodial Agreement or Exhibit E shall be reimbursed by the Trust Fund, subject to the limitations on reimbursements in clause (B) of the definition of Available Distribution Amount in the Pooling and Servicing Agreement.

All of the Custodian’s fees and expenses shall be due upon receipt of an invoice from the Custodian.  The Master Servicer shall notify the Custodian in writing of any disputed fees or expenses within 60 days of the invoice date, specifying the subject matter of the dispute.  The obligations of the Master Servicer to pay Custodian for such fees and expenses in connection with services provided by Custodian hereunder can be transferred along with  the assignment of this Custodial Agreement. All accrued and unpaid fees and expenses and any other amounts due and owing to the Custodian under this Custodial Agreement shall survive the termination, resignation or removal of the Custodian.

Upon the issuance of the Mortgage Certificates, the Depositor shall pay to the Custodian a loan file review fee of $4.00 per Mortgage File.  The Depositor shall not be responsible for any other fees or expenses of the Custodian under this Custodial Agreement, other than as set forth on Exhibit E hereto.

 

  

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ARTICLE 3.

CUSTODY OF MORTGAGE DOCUMENTS

Section 3.1.  Delivery of Mortgage Files.  The Depositor shall deliver or cause to be delivered to the Custodian, on a date mutually agreed upon among the parties hereto, a Mortgage Loan Schedule and, to the extent made available to the Depositor, the following documents for each Mortgage Loan listed on such Mortgage Loan Schedule, to be held by the Custodian for the benefit of the Trustee:

	
(a) 

	
With respect to any Mortgage Loan that is not a Co-op Loan:

	
  

	
(i)

	
The original Mortgage Note, bearing all intervening endorsements, endorsed, “Pay to the order of                   , without recourse” and signed in the name of the applicable Originator, by an authorized officer or, in the case of a Mortgage Loan serviced by FRB, if the original Mortgage Note has been lost or destroyed, a copy of the note together with a lost note affidavit.  In the event that the Mortgage Loan was acquired by the Originator in a merger, the endorsement must be by the applicable Originator, as “[FRB/PHH/PL/SSB/STM/WF], successor by merger to [name of predecessor]”; and in the event that the Mortgage Loan was acquired or originated by FRB, PHH, PL, SSB, STM or WF while doing business under another name, the endorsement must be by FRB, PHH, PL, SSB, STM or WF, as the case may be, “[FRB/PHH/PL/SSB/STM/WF], formerly known as [previous name]”.  In the event the mortgagee shown on the Mortgage Note is not FRB, PHH, PL, SSB, STM or WF, the endorsement on the Mortgage Note must also reflect a complete chain of title to FRB, PHH, PL, SSB, STM or WF, as applicable.

	
  

	
(ii)

	
The original Mortgage, or a copy of the Mortgage, with evidence of recording thereon certified by the appropriate recording office to be a true copy of the recorded Mortgage, or, if the original Mortgage has not yet been returned from the recording office, a copy of the original Mortgage together with a certificate of either the closing attorney, an officer of the title insurer which issued the related title insurance policy or an officer of FRB, PHH, PL, SSB, STM or WF, as applicable, certifying that the copy is a true copy of the original of the Mortgage which has been delivered by such officer or attorney for recording in the appropriate recording office of the jurisdiction in which the Mortgaged Property.

	
  

	
(iii)

	
In the case of each Mortgage Loan that is not a MERS Mortgage Loan, the original assignment of the Mortgage from the applicable Originator, prepared in blank, which assignment shall be in form and substance acceptable for recording.  In the event that the Mortgage Loan was acquired by such Originator in a merger, the assignment must be by FRB, PHH, PL, SSB, STM or WF, as the case may be, “[FRB/PHH/PL/SSB/STM/WF], successor by merger to [name of predecessor]”; and in the event that the Mortgage Loan was acquired or originated by an Originator while doing business under another name, the assignment must be by such Originator, “[FRB/PHH/PL/SSB/STM/WF], formerly known as [previous name]”.  In the event 

 

  

7

  

 

	 	 	

the mortgagee shown in the Mortgage Note is not FRB, PHH, PL, SSB, STM or WF, executed assignments of mortgage with respect to each originator and prior owner must be delivered.  In the case of each Mortgage Loan that is a MERS Mortgage Loan, the original assignment of the Mortgage from MERS, prepared in blank, which assignment shall be in form and substance acceptable for recording.

 

	
  

	
(iv)

	
The original policy of title insurance, or a certified true and complete copy of such policy, or an uncertified copy of such policy or, if the policy has not yet been issued, a copy of the written commitment or interim binder issued by the title insurance company.

	
  

	
(v)

	
Originals, or certified true copies from the appropriate recording office, of any intervening assignments of the Mortgage with evidence of recording thereon.

	
  

	
(vi)

	
Originals or copies of all assumption and modification agreements, if any, or, in the case of a Mortgage Loan originated by PHH or SSB, if the original assumption and modification agreement has not yet been returned from the recording office, a certified copy of such assumption and modification agreement.

	
  

	
(vii)

	
Originals or copies of each power of attorney, surety agreement and guaranty agreement.

	
  

	
(viii)

	
With respect to a Mortgage Loan originated by FRB, PL, SSB, STM or WF, the original or a copy of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage, if any.

	
(b) 

	
With respect to each Co-op Loan:

	
  

	
(i)

	
the original Mortgage Note together with any applicable riders, endorsed in blank, with all prior and intervening endorsements as may be necessary to show a complete chain of endorsements and, in the case of a Co-op Loan originated by PHH, the original or a copy of the guaranty of the Co-op Loan, if any;

	
  

	
(ii)

	
the original security agreement;

	
  

	
(iii)

	
the original proprietary lease and an original assignment of the proprietary lease in blank;

	
  

	
(iv)

	
the original recognition agreement;

	
  

	
(v)

	
the original stock certificate representing the Co-op Shares and original stock power in blank;

	
  

	
(vi)

	
the original UCC-1 financing statement with evidence of filing; and

 

  

8

  

 

	
  

	
(vii)

	
the original UCC-3 assignment in blank.

If with respect to any Mortgage Loan there is a not a complete chain of endorsements, the Custodian shall so state in the Exception Report.

With respect to any documents which have been delivered or are being delivered to recording offices for recording and have not been returned in time to permit their delivery hereunder at the time required, in lieu of delivering such original documents, the Depositor shall deliver or shall cause to be delivered to the Custodian a copy thereof certified as a true, correct and complete copy of the original which has been transmitted for recordation, if available to the Depositor.  The Depositor shall deliver or shall cause to be delivered such original documents to the Custodian promptly when they are received.

 

The Custodian hereby acknowledges that the Mortgage File and any other documents, instruments or papers relating to a Mortgage Loan now or hereafter deposited with the Custodian (and not released in accordance with this Custodial Agreement) will be held by the Custodian as the duly appointed agent of the Trustee.

Section 3.2.  Review of Mortgage Files.  The Custodian shall review items in Section 3.1(a)(i) through (viii) and Section 3.1(b)(i) through (vii) (if applicable) of the Mortgage File and report to the Trustee any exceptions within one Business Day following the Delivery Date, or, if more than 200 Mortgage Files are delivered on the same day, within one additional Business Day following the Delivery Date for each additional 100 Mortgage Files delivered to the Custodian on a Delivery Date.  Furthermore, the Custodian shall compare the Mortgage Note to items (1) through (9), and (if applicable) items (10) through (21), set forth in the Mortgage Loan Schedule of this Custodial Agreement.  With respect to Section 3(b)(iv), the Custodian shall have no obligation to compare the date of the funding of any Mortgage Loan or the lien priority of any Mortgage Loan with the information in the title policy.

 

Section 3.3.  Certifications and Reports.  Upon the completion of its review of each Mortgage File pursuant to Section 3.2 hereof, the Custodian shall deliver to the Trustee, the Depositor, the Seller, and the applicable Originator (in an electronic format), a Certification in the form of Exhibit G with respect to the related Mortgage Loans, in which the Custodian shall certify that such Mortgage Loans are held for the Trustee, and that, as to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan specifically identified in such certification as not covered by such certification), (i) all documents described in Section 3.1(a), and if applicable, all documents described in Section 3.1(b), of this Custodial Agreement are in its possession, and (ii) such documents have been reviewed by the Custodian and appear on their face to be regular and to relate to such Mortgage Loan and satisfy the requirements set forth in Section 3.1 and the Mortgage Note conforms to the Mortgage Loan Schedule items specified in Section 3.1.

If the Custodian determines from such verification that any discrepancy or deficiency exists with respect to a Mortgage File, the Custodian shall note such discrepancy on the schedule of exceptions attached to the Certification (the “Exception Report”).  Each Exception Report

 

  

9

  

 

shall list all Exceptions using such codes substantially as listed on Annex 1. Each Exception Report shall be superseded by a subsequently issued Exception Report and shall replace the then existing Exception Report.

Within 60 days after the Closing Date (as defined in the Pooling and Servicing Agreement), the Depositor shall complete or cause to be completed the assignments of mortgage (“Assignments of Mortgage”) in the name of “U.S. Bank National Association, as Trustee, for Sequoia Mortgage Trust Mortgage Pass-Through Certificates, Series 2011-2” (or shall prepare or cause to be prepared new forms of Assignment of Mortgage so completed in the name of the Trustee) for each Mortgage Loan. The Custodian shall release such completed Assignments of Mortgage to the Depositor or its designee for recording and the Depositor shall cause such recorded Assignments of Mortgage (or, in lieu of the original recorded Assignment of Mortgage, a duplicate or conformed copy of the Assignment of Mortgage, together with a certificate of receipt from the recording office, certifying that such copy represents a true and correct copy of the original and that such original has been or is currently submitted to be recorded in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located) to be returned to the Custodian within 270 days after the Closing Date, and added to the Mortgage Files.  On the 270th day after the Closing Date (or the first Business Day thereafter) the Custodian shall deliver a final Certification in the form annexed hereby as Exhibit G to the Trustee, against receipt of the prior Certification from the Trustee for cancellation.

In the event a Certification is lost, destroyed or otherwise unavailable or a revised Certification is required, upon written request to the Custodian, the Custodian will issue a new Certification.  Upon the issuance of a new Certification, the prior Certification for such Mortgage Loans shall be deemed canceled. The Custodian shall be under no duty or obligation to inspect, review or examine any documents, instruments, certificates or other papers constituting part of the Mortgage File to determine that the same are genuine, enforceable, recordable or appropriate for the represented purpose, that they have actually been recorded or that they are other than what they purport to be on their face.

 

Section 3.4. Release of Mortgage Files.

	
  

	
(a)

	
Upon the payment in full of a Mortgage Loan and within two Business Days of its receipt of a Request for Release, the Custodian will either (i) release the related Mortgage File to or upon the order of the requesting party, as directed in the Request for Release, or (ii) notify the requesting party in writing or in a mutually agreed upon electronic format of the Rejected Release Request and take no further action on the Request for Release.

	
  

	
(b)

	
Upon the purchase or repurchase of any Mortgage Loan or the substitution of any Mortgage Loan pursuant to the FRB MLSA, the PHH MLSA, the PL MLSA, the SSB MLSA, the STM MLSA, the WF MLSA, or the Pooling and Servicing Agreement and within two Business Days of its receipt of a Request for Release, the Custodian will either (i) release the related Mortgage File to or upon the order of the requesting party, as directed in the Request for Release, or (ii) notify the requesting party in writing or in a 

 

  

10

  

 

	 	 	

mutually agreed upon electronic format of the Rejected Release Request and take no further action on the Request for Release.

 

	
  

	
(c)

	
Upon the foreclosure of any Mortgage Loan or to facilitate modification, enforcement, and collection procedures with respect to any Mortgage Note and within two Business Days of its receipt of a Request for Release, the Custodian will either (i) release the related Mortgage File to the requesting party as directed in the Request for Release, or (ii) notify the requesting party in writing or in a mutually agreed upon electronic format of the Rejected Release Request and take no further action on the Request for Release.

 

	
  

	
(d)

	
From time to time and as appropriate for the sale to a third party purchaser of any of the Mortgage Loans, the Custodian is hereby authorized, upon receipt of a Request for Release from a requesting party, to release or cause to be released to the related third party purchaser the Mortgage Loans set forth in such Request for Release together with a transmittal letter substantially in the form attached hereto as Exhibit H.  Upon receipt of the payoff amount for such sale and notice thereof from the Securities Administrator, the Trustee will provide the Custodian written notification of its release of interest in such Mortgage Loans;

	
  

	
(e)

	
Any Certification issued while any Mortgage File is held by a party other than the Custodian shall reflect that the Custodian holds such Mortgage File as custodian pursuant to this Custodial Agreement, but the Exception Report shall specify that the Custodian has released such Mortgage File to the Person specified therein pursuant to this Section 3.4.  Upon receipt of a written certification from the Master Servicer or a Servicer to the Custodian that a Mortgage Loan has been liquidated, the Custodian shall thereupon reflect any such liquidation on its Mortgage Loan Schedule.

	
  

	
(f)

	
Notwithstanding the foregoing and unless otherwise required by state law, as notified by the Master Servicer, in the event the Custodian receives a Request for Release within five (5) days of the Delivery Date, the Custodian shall have a reasonable period of time to release the Mortgage File in accordance with this Section 3.4.

Each person initially authorized to give and receive notices, requests and instructions and to deliver certificates and documents in connection with this Custodial Agreement on behalf of the Trustee, the Depositor, FRB, as a Servicer and as an Originator, PHH, as a Servicer and as an Originator, PL, as an Originator, SPS, as a Servicer, SSB, as an Originator, STM, as a Servicer and as an Originator, and WF, as a Servicer and as an Originator, or as the Master Servicer, is listed, together with the specimen signature for such person, on Exhibit D-1, Exhibit D-2, Exhibit D-3A, Exhibit D-3B, Exhibit D-3C, Exhibit D-3D, Exhibit D-3E, Exhibit D-3F, Exhibit D-3G and Exhibit D-3H hereof, respectively (each person so authorized from time to time, an “Authorized Representative”).

From time to time, the Trustee, the Depositor, the Seller, the Master Servicer, a Servicer or an Originator may deliver to the Custodian a certification in the form of Exhibit C hereof, reflecting changes in the respective list of Authorized Representatives, but the Custodian shall be 

 

  

11

  

 

entitled to rely conclusively on the each current list of Authorized Representatives until receipt of a superseding certification in the form of Exhibit C hereof.

Section 3.5.  Inspection of Mortgage Files.  Upon at least two Business Days prior written notice to the Custodian, a Servicer, or the agent of such Servicer, may inspect and examine, at any time during ordinary business hours of the Custodian, any or all Mortgage Files relating to Mortgage Loans serviced by such Servicer that are in the possession, or under the control of, the Custodian.  Such Servicer shall pay all fees, costs, and expenses incurred by the Custodian in connection with any such inspection and/or examination.

      

Section 3.6.  Copies of Mortgage Files.  Upon at least two Business Days prior written notice to the Custodian, the Custodian shall provide the Trustee with copies of any document or documents contained in the Mortgage File for any Mortgage Loan. The Master Servicer shall pay copy fees and expenses as provided in Exhibit E attached hereto.

Section 3.7.  Documents Missing from Mortgage Files.  Upon the request of the Trustee or the Depositor, the Custodian shall, not later than one Business Day after receipt of such request, provide to the Depositor or the Trustee, as the case may be, a list of all the Mortgage Loans for which Custodian holds a Mortgage File pursuant to this Custodial Agreement and a list of documents missing from each Mortgage File. Such list may be in the form of a copy of the Mortgage Loan Schedule with manual deletions to specifically denote any Mortgage Loans paid off, liquidated or repurchased since the date of this Custodial Agreement.

ARTICLE 4.

CONCERNING THE CUSTODIAN

 

Section 4.1.  Custodian May Resign: Trustee May Remove Custodian.

	
  

	
(a)

	
The Custodian may resign from the obligations and duties hereby imposed upon it as such obligations and duties relate to its acting as Custodian of any or all of the Mortgage Loans by giving 60 days’ written notice thereof to the Trustee.  Upon receiving such notice of resignation, the Trustee shall either (i) take custody of the Mortgage Files itself and give prompt notice thereof to Custodian or (ii) promptly appoint a successor Custodian by written instrument, in duplicate, which instrument shall be delivered to the resigning Custodian and to the successor Custodian. If the Trustee shall not have taken custody of the Mortgage Files and no successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian.  Any and all fees and expenses incurred by the Custodian relating to any such petition shall be paid by the Custodian.

	
  

	
(b)

	
The Trustee may remove the Custodian for cause upon 60 days’ prior written notice.  In such event, the Trustee shall either (i) take custody of the Mortgage Files itself and give prompt notice thereof to Custodian or (ii) promptly appoint a successor Custodian by written instrument, in duplicate, which instrument shall be delivered to the removed 

 

  

12

  

 

	 	 	
Custodian and to the successor Custodian. In the event of the removal of the Custodian for cause, the Master Servicer shall pay any release fee charged by the Custodian.  In the event of any such removal, the Custodian shall promptly transfer to the successor custodian, as directed by Trustee, all Mortgage Files being administered under this Custodial Agreement relating to such Mortgage Loans.  The cost and expenses relating to such file transfer shall be paid by the Custodian.  If the Trustee shall not have taken custody of the Mortgage Files and no successor Custodian shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of removal, the removed Custodian may petition any court of competent jurisdiction for the appointment of a successor Custodian.  Any and all fees and expenses incurred by the Custodian relating to any such petition shall be paid by the Custodian.

 

	
  

	
(c)

	
In the event of resignation by the Custodian or removal of the Custodian by the Trustee due to a breach of this Agreement by the Custodian, then the cost and expenses of transfer of the Mortgage Files shall be the responsibility of the Custodian; provided, however, in the event that the Custodian terminates its obligations and resigns hereunder due in part to nonpayment of the Custodian’s fees or expenses that are the responsibility of the Master Servicer hereunder, then such transfer shall be at the expense of the Master Servicer.

	
  

	
(d)

	
In the event that the Custodian moves any Mortgage File from the state where the Mortgage Files are initially kept pursuant to this Agreement, the Custodian shall provide prompt written notice to the Trustee of the location of such Mortgage File.

	
  

	
(e)

	
No resignation or termination of the Custodian shall be effective hereunder until the Trustee or a successor Custodian acceptable to the Trustee and the Depositor has assumed the duties of Custodian hereunder.  The Master Servicer shall pay all the fees and expenses of a successor Custodian to the extent any such fees and expenses are required to be paid by the Master Servicer as specified in Exhibit E.

Section 4.2.  Merger or Consolidation of Custodian.  Any entity into which the Custodian may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion, or consolidation to which the Custodian shall be a party, or any entity succeeding to the business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 4.3.  Limitation of Custodian’s Duties.  The Custodian shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by the parties hereto.  The Custodian:

	
  

	
(a)

	
may consult with counsel and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel; and shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good 

 

  

13

  

 

	 	 	
faith, unless it shall be provided that the Custodian was negligent in ascertaining the pertinent facts;

 

	
  

	
(b)

	
shall use the same degree of care and skill as is reasonably expected of financial institutions acting in comparable capacities, provided that this subsection shall not be interpreted to impose upon the Custodian a higher standard of care than that set forth herein;

	
  

	
(c)

	
will be regarded as making no representations and having no responsibilities as to the validity, perfectibility, sufficiency, value, genuineness, ownership or transferability of the Mortgage Loans, and will not be required to and will not make any representations as to the validity, value, perfectibility, genuineness, ownership or transferability  of the Mortgage Loans;

	 	
(d)

	
may rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter, facsimile or other document delivered to it and in good faith believed by it to be genuine and to have been signed by the proper party or parties; may rely on and shall be protected in acting upon the written instructions of the Trustee and such employees and representatives of the Trustee as the Trustee may hereinafter designate in writing;

	
  

	
(g)

	
shall not be responsible for the validity and perfection of the Trustee’s security interest in the Mortgage Loans hereunder, other than the Custodian’s obligation to take possession of the Mortgage Files as set forth in Section 3.1 hereof, and makes no representation or warranty with respect to, the validity, adequacy or perfection of any lien upon or security interest in any Mortgage File;

	
  

	
(h)

	
shall have no responsibility or duty with respect to any Mortgage Files while not in its possession;

	
  

	
(i)

	
shall be under no obligation to make any investigation into the facts or matters stated in any resolution, exhibit, request, representation, opinion, certificate, statement, acknowledgement, consent, order or document in the Mortgage Files;

	
  

	
(j)

	
shall not be liable with respect to any action taken or omitted to be taken in accordance with any written direction, instruction, acknowledgement, consent or any other communication that is from the Trustee or any other Person specified herein and that complies with the provisions of this Custodial Agreement.

	
  

	
(k)

	
shall not be responsible for preparing or filing any reports or returns relating to federal, state or local income taxes with respect to this Custodial Agreement, other than for the Custodian’s compensation or for reimbursement of expenses;

	
  

	
(l)

	
shall have no duty to qualify to do business in any jurisdiction, other than (i) any jurisdiction where any Mortgage File is or may be held by the Custodian from time to 

 

  

14

  

 

	 	 	

time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to qualify could have a material adverse effect on the Custodian or its property or business or on the ability of the Custodian to perform it duties hereunder; and

 

	 	
(m)

	
shall have no duty to ascertain whether or not any cash amount or payment has been received by the Securities Administrator, any Servicer, any Originator, any Mortgage Loan purchaser or seller, or any other third person.

	
  

	
(n)

	
In the event that (i) the Trustee or the Custodian shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Mortgage File or any document included within a Mortgage File or (ii) a third party shall institute any court proceeding by which any Mortgage File or a document included within a Mortgage File shall be required to be delivered otherwise than in accordance with the provisions of this Custodial Agreement, the Trustee or the Custodian (whichever is the party receiving such service) shall promptly deliver or cause to be delivered to the applicable Servicer copies of all court papers, orders, documents and other materials concerning such proceedings.  The Custodian shall, to the extent permitted by law and any court order, continue to hold and maintain all Mortgage Files that are the subject of such proceedings pending an order of a court of competent jurisdiction permitting or directing disposition thereof.  Upon final determination of such court, and if permitted by such determination, the Custodian shall dispose of such Mortgage File or any document included within such Mortgage File as directed in writing by the applicable Servicer, which shall give a direction consistent with such court determination.  Neither the Custodian nor the Trustee shall have any obligation to monitor or appear in any such proceeding on behalf of or in the name of the Trustee.  Expenses and fees (including, without limitation, attorney’s fees and expenses) of the Custodian or the Trustee, as applicable, incurred as a result of such proceedings shall be reimbursed by the Trust Fund, subject to the limitations on reimbursements in clause (B) of the definition of Available Distribution Amount in the Pooling and Servicing Agreement.

The provisions of this Section 4.3 shall survive the resignation or removal of the Custodian and the termination or transfer of this Custodial Agreement.

Section 4.4.  Standard of Care; Indemnification.

	 	
(a)

	
The Seller agrees to indemnify and hold harmless the Custodian and each of the Custodian’s parent, affiliates, subsidiaries, directors, officers, employees and agents against any and all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable attorneys’ fees and expenses, that may be imposed on, incurred by, or asserted against it or them in any way relating to or arising out of this Custodial Agreement or any action taken or not taken by it or them under this Custodial Agreement or any related document or agreement unless such claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements were   

 

  

15

  

 

	 	 	

imposed on, incurred by or asserted against Custodian solely as a result of the material breach by Custodian of its obligations hereunder, which breach was caused by negligence, bad faith, or willful misconduct on the part of the Custodian.  The foregoing indemnification shall survive the termination or transfer of this Custodial Agreement, and the resignation or removal of the Custodian.

 

	
  

	
(b)

	
The Custodian shall indemnify and hold harmless the Seller, the Depositor, the Master Servicer (where the Master Servicer and the Custodian are not the same entity) and the Trustee and each of their directors, officers, employees and agents from and against any and all losses, liabilities, obligations, damages, penalties, actions, judgments, suits, claims, costs, expenses (including attorneys’ fees and related expenses), disbursements or any and all other costs and expenses of any kind or nature whatsoever that may be incurred in connection with, or arising out of, the Custodian’s willful misfeasance, bad faith or negligence in the performance of its duties hereunder or by reason of its reckless disregard for its obligations and duties hereunder, including but not limited to its failure to produce (or provide evidence of delivery of), upon any request hereunder, any Mortgage Note or other document or instrument comprising a Mortgage File after the Custodian has certified that such document or instrument was in its possession pursuant to the terms hereof.  Neither the Custodian nor any of its directors, officers, agents or employees, shall be liable for any action taken or omitted to be taken by it or them hereunder or in connection herewith in good faith and believed by it or them to be within the purview of this Custodial Agreement, except as set forth above.  In no event shall the Custodian or its directors, officers, agents or employees be held liable for any special, indirect or consequential damages resulting from any action taken or omitted to be taken by it or any of them hereunder or in connection herewith even if advised of the possibility of such damages. This indemnification provided in this Section 4.4(b) shall survive the termination of this Custodial Agreement and the resignation or removal of the Custodian hereunder.

	
  

	
(c)

	
No provision of this Custodial Agreement shall require the Custodian to expend or risk its own funds or otherwise incur financial liability (other than expenses or liabilities otherwise required to be incurred by the express terms of this Custodial Agreement, including but not limited to Section 4.4(b) hereof) in the performance of its duties under this Custodial Agreement if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity is not reasonably assured to it.

	
  

	
(d)

	
If the Seller fails to indemnify the Custodian as required in this Section 4.4, the Trust Fund shall indemnify the Custodian as required under this Section 4.4, subject to the limitation on reimbursements described in clause (B) of the definition of Available Distribution Amount in the Pooling and Servicing Agreement.

Section 4.5.  Force Majeure.  The Custodian will not have any liability for failure to perform or delay in performing duties set forth herein if the failure or delay is due to an event of force majeure.  A force majeure is an event or condition beyond the Custodian’s control, such as, without limitation, a natural disaster, civil unrest, state of war, or act of terrorism.  The Custodian 

 

  

16

  

 

will make reasonable efforts to prevent performance delays or disruptions in the event of such occurrences.

Section 4.6.  Accounting.  On or before March 1st of each calendar year, beginning with March 1, 2012, unless a Form 15 suspension notice has been filed on behalf of the Trust Fund, and in each year in which the Depositor has instructed the Securities Administrator to file Exchange Act reports, the Custodian shall, at its own expense, cause a firm of independent public accountants (who may also render other services to Custodian), which is a member of the American Institute of Certified Public Accountants, to furnish to the Depositor, the Securities Administrator, the Seller and each Servicer a report to the effect that such firm that attests to, and reports on, the assessment made by such asserting party pursuant to Section 4.7 below, which report shall be made in accordance with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board.

Section 4.7.  Compliance Certification.  On or before March 1st of each calendar year, beginning with March 1, 2012, unless a Form 15 suspension notice has been filed on behalf of the Trust Fund, and in each year in which the Depositor has instructed the Securities Administrator to file Exchange Act reports, the Custodian shall deliver to the Depositor, the Securities Administrator, the Seller and each Servicer a report regarding its assessment of compliance with the servicing criteria identified in Exhibit I attached hereto, as of and for the period ending the end of the fiscal year ending no later than December 31 of the year prior to the year of delivery of the report, with respect to asset-backed security transactions taken as a whole in which the Custodian is performing any of the servicing criteria specified in Exhibit I and that are backed by the same asset type backing such asset-backed securities. Each such report shall include (a) a statement of the party’s responsibility for assessing compliance with the servicing criteria applicable to such party, (b) a statement that such party used the criteria identified in Item 1122(d) of Regulation AB (17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, “Regulation AB”) (§ 229.1122(d)) to assess compliance with the applicable servicing criteria, (c) disclosure of any material instance of noncompliance identified by such party, and (d) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the applicable servicing criteria, which report shall be delivered by the Custodian as provided in this Section 4.7.

Section 4.8.  Subcontracting.  The Custodian has not and shall not engage any subcontractor which is “participating in the servicing function” within the meaning of Item 1122 of Regulation AB.

  

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ARTICLE 5.

REPRESENTATIONS AND WARRANTIES

Section 5.1.  Capital Requirements.  The Custodian represents, warrants, and covenants that:

	
  

	
(a)

	
The Custodian is (i) a national banking association duly organized, validly existing and in good standing under the laws of the United States and (ii) duly qualified and in good standing and in possession of all requisite authority, power, licenses, permits and franchises in order to execute, deliver and comply with its obligations under the terms of this Custodial Agreement. Nothing in this Agreement shall be deemed to impose on the Custodian any duty to qualify to do business in any jurisdiction, other than (i) any jurisdiction where any Mortgage Loan is or may be held by the Custodian from time to time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to qualify could have a material adverse effect on the Custodian or its property or business or on the ability of the Custodian to perform it duties hereunder;

	
  

	
(b)

	
The execution, delivery and performance of this Custodial Agreement have been duly authorized by all necessary corporate action and the execution and delivery of this Custodial Agreement by the Custodian in the manner contemplated herein and the performance of and compliance with the terms hereof by it will not (i) violate, contravene or create a default under any applicable laws, licenses or permits to the best of its knowledge, or (ii) violate, contravene or create a default under any charter document or bylaw of the Custodian or, to the best of the Custodian’s knowledge, any contract, agreement or instrument to which the Custodian or by which any of its property may be bound and will not result in the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its property;

	
  

	
(c)

	
The execution and delivery of this Custodial Agreement by the Custodian and the performance of and compliance with its obligations and covenants hereunder do not require the consent or approval of any governmental authority, or, if such consent or approval is required, it has been obtained; and

	
  

	
(d)

	
This Custodial Agreement, and each Certification issued hereunder, when executed and delivered by the Custodian will constitute valid, legal and binding obligations of the Custodian, enforceable against the Custodian in accordance with their respective terms, except (i) as the enforcement thereof may be limited by applicable debtor relief laws and (ii) that certain equitable remedies may not be available regardless of whether enforcement is sought in equity or at law.

	
  

	
(e)

	
Unless the Custodian notifies the Trustee and the Depositor in writing not less than thirty (30) days prior to any transfer of the Mortgage Files, such files will be held by the Custodian, in the Custodian’s sole discretion, in the State of Minnesota.

 

  

18

  

 

	
  

	
(f)

	
The Custodian represents and warrants that the Custodian is a depository institution or a trust company subject to supervision or examination by a federal or state authority and has the combined capital and surplus of at least $50 million.

Section 5.2.  No Claims to Mortgage Loans.  The Custodian, solely in its capacity as Custodian, represents and warrants that (i) it took possession of the Mortgage Loans on behalf of the Trustee, to the best of its knowledge, without written notice of any adverse claim, lien, charge, encumbrance or security interest (including without limitation, federal tax liens or liens arising under the Employee Retirement Income Security Act of 1974, as amended), (ii) except as permitted in this Custodial Agreement, it does not and will not, in its capacity as Custodian, assert any claim or interest in the Mortgage Loans and will hold such Mortgage Loans pursuant to the terms of this Custodial Agreement, and (iii) it has not encumbered or transferred its right, title or interest as Custodian in the Mortgage Loans other than to, or as directed by, the Trustee.  Notwithstanding any other provisions of this Custodial Agreement and without limiting the generality of the foregoing, the Custodian shall not at any time exercise or seek to enforce any claim, right or remedy, including any statutory or common law rights of set-off, if any, that the Custodian may otherwise have against all or any part of a Mortgage File, Mortgage Loan or proceeds of either.

 

ARTICLE 6.

COVENANTS

Section 6.1.  Insurance.  The Custodian will, at its own expense, maintain in full force and effect at all times during the term of this Custodial Agreement the following:

	
  

	
(a)

	
fidelity insurance;

	
  

	
(b)

	
errors and omissions insurance;

	
  

	
(c)

	
theft of documents insurance; and

	
  

	
(d)

	
forgery insurance.

All such insurance shall be in amounts with standard coverage and subject to deductibles as is customary for insurance typically maintained by banking institutions or trust companies which act as custodians.  A certificate of the respective insurer as to each such policy shall be furnished to the Trustee, upon request.

Section 6.2.  Storage of Mortgage Files.  The Custodian will segregate and store the Mortgage Files in secure, fire resistant storage facilities in accordance with customary controls on access regarding the safety and security of the Mortgage Files.

 

  

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ARTICLE 7.

MISCELLANEOUS

Section 7.1  Notices.  Any notice, demand or consent, required or permitted by this Custodial Agreement shall be in writing and shall be effective and deemed delivered only when received by the party to which it is sent.  Any such notice, demand or consent shall be deemed to have been duly given if (i) personally delivered, (ii) mailed by registered mail, postage prepaid, (iii) delivered by overnight courier, or (iv) transmitted via email, telegraph or facsimile, in each instance at the address listed below, or such other address as may hereafter be furnished by any party to the other parties in writing:

If to the Custodian:

Wells Fargo Bank, N.A.

751 Kasota Avenue

Minneapolis, MN 55414

Attention:  Document Custody – Sequoia Mortgage Trust 2011-2

If to the Master Servicer:

Wells Fargo Bank, N.A.

P.O. Box 98

Columbia, MD  21046

Attention:  Client Manager – Sequoia Mortgage Trust 2011-2

(or, for overnight deliveries,

9062 Old Annapolis Road

Columbia, MD 21045

Attention:  Client Manager – Sequoia Mortgage Trust 2011-2)

If to the Trustee:

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3D

St. Paul, Minnesota, 55107

Attention: Structured Finance – Sequoia Mortgage Loan Trust 2011-2

If the Depositor:

Sequoia Residential Funding, Inc.

One Belvedere Place, Suite 330

Mill Valley, CA 94941

 

  

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If to the Seller:

Redwood Residential Acquisition Corporation

One Belvedere Place, Suite 330

Mill Valley, CA 94941

Attention:  Sequoia Mortgage Trust 2011-2

If to FRB:

First Republic Bank

111 Pine Street

San Francisco, CA  94111

Attention: Tony Sachs

If to PHH:

PHH Mortgage Corporation

One Mortgage Way

Mt. Laurel, NJ  08054

Attention: Vice President, Servicing

If to PL

PrimeLending, a PlainsCapital Company

18111 Preston Road, Suite 900

Dallas, Texas 75252

Attention:  Mr. Scott Eggen, SVP

If to SPS

Select Portfolio Servicing, Inc.

3815 S. West Temple

Salt Lake City, UT 84115

Attention: Business Development

With a copy to the General Counsel at:

Select Portfolio Servicing, Inc.

3815 S. West Temple

Salt Lake City, UT 84115

Attention: General Counsel

 

  

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If to SSB

Sterling Savings Bank Home Loan Division

6505 218th St SW, Suite 9

Mountlake Terrace, WA, 98043

Attention:      Kathrine Shairrick, Loan Servicing

If to STM

SunTrust Mortgage, Inc.

1001 Semmes Avenue

Richmond, VA 23224

Attention:  Servicing Manager

With a copy to:

SunTrust Mortgage, Inc

901 Semmes Avenue

Richmond, VA 23224

Attention:  Legal Department

If to WF

Wells Fargo Bank, N.A.

1 Home Campus

Des Moines, IA  50328-0001

Attention:  John B. Brown, MAC X2301-04R

With a copy to:

Wells Fargo Bank, N.A.

1 Home Campus

Des Moines, Iowa  50328-0001

Attention:  General Counsel MAC X2401-06T

Section 7.2.  Entire Agreement.  This Custodial Agreement contains the entire agreement among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof, including any prior custodial agreements. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof, and no implied covenants or obligations shall be read into this Custodial Agreement concerning the Custodian. This Custodial Agreement may not be modified or amended other than by an agreement in writing signed by the parties hereto.

 

  

22

  

 

Section 7.3.  Binding Nature of Agreement: Assignment.  This Custodial Agreement shall be binding upon and inure to the benefit of the Custodian and the Trustee and their respective and permitted assigns. The Trustee may assign its interest in any of the Mortgage Loans held under this Custodial Agreement to a successor trustee pursuant to the Pooling and Servicing Agreement, by delivery of the following to the Custodian: (a) written notice of such assignment identifying the Mortgage Loans to be assigned and the assignee of such Mortgage Loans and (b) a written agreement of such assignee to assume all obligations of the Trustee under this Custodial Agreement with respect to such Mortgage Loans.  Upon receipt of any such written notice of assignment and written assumption of obligations, the Custodian shall treat such assignee as the Trustee for all purposes of this Custodial Agreement.  The Custodian shall not assign, transfer, pledge or grant a security interest in any of its rights, benefits or privileges hereunder, nor shall the Custodian delegate or appoint any other person or entity to perform or carry out any of its duties, responsibilities or obligations under this Custodial Agreement, without the prior written consent of the Trustee.

Section 7.4.  Governing Law.  This Custodial Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York notwithstanding any law, rule, regulation, or other conflict-of-law provisions to the contrary.

Section 7.5.  Recordation of Agreement.  To the extent permitted by applicable law, this Custodial Agreement is subject to recordation in all appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any or all of the properties subject to the mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by each Servicer in its sole discretion.

Section 7.6.  Agreement for the Exclusive Benefit of Parties.  This Custodial Agreement is for the exclusive benefit of the parties hereto and their respective successors and permitted assigns, and shall not be deemed to create or confer any legal or equitable right, remedy or claim upon any other Person whatsoever, except that the holders of the Mortgage Certificates shall be third party beneficiaries of this Custodial Agreement.

Section 7.7  Counterparts.  This Custodial Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute one and the same instrument.

Section 7.8.  Indulgences: Not Waivers.  Neither the failure nor any delay on the part of a party hereto to exercise any right, remedy, power or privilege under this Custodial Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

  

23

  

 

Section 7.9.  Titles Not to Affect Interpretation.  The titles of sections and subsections contained in this Custodial Agreement are for convenience only and they neither form a part of this Custodial Agreement nor are they to be used in the construction or interpretation hereof.

Section 7.10.  Provisions Separable.  The provisions of this Custodial Agreement are independent of and separable from each other and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be valid or unenforceable in whole or in part.

Section 7.11.  Conflict or Inconsistency.  In the event of any conflict or inconsistency between the terms and provisions of this Custodial Agreement and the terms and provisions of any contract, instrument or other agreement between Custodian and any third party, the terms and provisions of this Custodial Agreement shall control, provided, however, that in the event of any conflict or inconsistency between the terms of this Custodial Agreement and the instructions of the Trustee, the Trustee’s instructions shall control.

Section 7.12.  Waiver of Trial by Jury.  The parties hereto each knowingly, voluntarily and intentionally waives to the fullest extent permitted by applicable law any right it may have to a trial by jury of any dispute arising under or relating to this Custodial Agreement or the transactions contemplated hereby.

Section 7.13.  Submission To Jurisdiction; Waivers.  Each party hereto hereby irrevocably and unconditionally:

	 	
(a)

	
submits for itself and its property in any legal action or proceeding relating to this Custodial Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive jurisdiction of the courts of the State of New York, the federal courts of the United States of America for the Southern District of New York, and any appellate courts from any thereof;

	 	
(b)

	
consents that any such action or proceeding may be brought in such courts and, to the extent permitted by applicable law, waives any objection that it may now or hereafter have to the venue of any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

	 	
(c)

	
agrees that the service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail, postage prepaid, to its address set forth herein or at such other address of which the other party shall have been notified; and

	 	
(d)

	
agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction.

Section 7.14.  Non-petition.  Notwithstanding anything in this Custodial Agreement to the contrary, the Custodian, in its capacity as custodian hereunder, shall not, prior to the date which is one year and one day after the termination of this Custodial Agreement, with respect to the 

 

  

24

  

 

Depositor or the Trustee, acquiesce, petition or otherwise invoke or cause the Depositor or the Trustee (or any assignee) to invoke the process of the court or governmental authority for the purpose of commencing or sustaining a case against the Depositor or the Trustee under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Trustee or any substantial part of its property or ordering the winding up or liquidation of the affairs of the Depositor or the Trustee.

Section 7.15  Termination.  Unless terminated earlier pursuant to Section 4.1, this Custodial Agreement shall terminate upon the earlier of (a) the repurchase of all of the Mortgage Loans pursuant to the FRB MLSA, the PHH MLSA, the PL MLSA, the SSB MLSA, the STM MLSA or the WF MLSA, or pursuant to the Pooling and Servicing Agreement, which repurchase shall be evidenced by a notice from the Securities Administrator to the Custodian stating that beneficial ownership of the Mortgage Loans has been transferred to their purchaser or purchasers, (b) the Custodian’s receipt of written notice from the Securities Administrator of the final payment or liquidation of the final Mortgage Loan held by the Custodian under this Custodial Agreement or the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any such Mortgage Loan, or (c) the final payment date of the Certificates as evidenced by a notice from the Securities Administrator to the Custodian, a copy of which notice shall be simultaneously delivered to the Depositor, and delivery of the Mortgage Files pursuant to the Trustee’s instructions.  Upon termination of this Custodial Agreement, the related Mortgage Files will be released by the Custodian in accordance with the Trustee’s written instructions.

 

[Signatures appear on the following page.]

  

25

  

IN WITNESS WHEREOF, the parties have entered into this Custodial Agreement as of the date on the cover page of this Custodial Agreement.

	
U.S. BANK NATIONAL ASSOCIATION, not in 

its individual capacity, but solely as Trustee

	  	  
	
By:

	 
/s/ Tamara Schultz-Fugh

	
Name:

	 
Tamara Schultz-Fugh

	
Title:

	Vice President
	  	  
	
WELLS FARGO BANK, N.A., as Custodian

	  	  
	
By:

	 
/s/ Graham M. Oglesby

	
Name:

	 
Graham M. Oglesby

	
Title:

	Vice President
	  	  
	
WELLS FARGO BANK, N.A., as Master Servicer

	  	  
	
By:

	 
/s/ Graham M. Oglesby

	
Name:

	 
Graham M. Oglesby

	
Title:

	Vice President
	  	  
	
SEQUOIA RESIDENTIAL FUNDING, INC.,

	
as Depositor

	  	  
	
By:

	 
/s/ John Isbrandtsen

	
Name:

	 
John Isbrandtsen

	
Title:

	 
Authorized Officer

	  	  
	
REDWOOD RESIDENTIAL ACQUISITION 

CORPORATION, as Seller

	  	  
	
By:

	 
/s/ John Isbrandtsen

	
Name:

	 
John Isbrandtsen

	
Title: 

	 
Authorized Officer

 

  

26

  

EXHIBIT A

DELIVERY INSTRUCTIONS

WELLS FARGO DOCUMENT CUSTODY

	
Address & Contact Name:

	
Wells Fargo Bank, N.A.

	  	
Attn: Private Certifications

	  	
751 Kasota Avenue

	  	
Minneapolis, MN 55414

Notification of Transfer:   Please notify ____________ at (612)______ with the anticipated date of the transfers and the number of loan files to be sent to Wells Fargo Bank, N.A.

 

	
  

	
Shipping instructions:

	
  

	
·

	
Documents placed in a pocket file folder (legal size)

	
  

	
·

	
Labels, affixed to the upper right hand corner of the legal-size pocket file folder, including Issuer Name, Previous Loan # (if any), Borrower Name, Loan #

	
  

	
·

	
Loan files placed in sequential, numerical loan number order inside archive boxes

	
  

	
·

	
A packing list, consisting of a list of the loans and the box number, must be included in each box

	
  

	
·

	
Each box must be marked on the outside to identify its contents as follows:  Investor/Seller/Funding Date/Box 1 of __ , Ln # 100000–100200

 

  

  

  

 

EXHIBIT B

DATA FORMAT

Each column must contain the column header indicated in the new CSV Field Header name column on the attached grid.

Each column is separated by a comma; if data in a column contains valid commas, that data is surrounded by double quotes; so the file is comma delimited and double quote text qualified. Double quotes are only required when the data contains commas that do not indicate a new column.

Dates are required to be formatted as follows:  MM/DD/YYYY

All data should be formatted as Text. The TYPE referred to below is a listing of what the field type on the collateral tracking system is. This is to assist in identifying what data is importable to a specific field and what is not. For example a value of ‘Monday’ would not be importable to the Rate field as Rate is a numeric field and the value of ‘Monday’ is text characters.

Char and Varchar = Any text up to the length specified, can be any combo of letters numbers that fit within the maximum field length

Numeric = Only numbers.  Precision is found under formatting.  For example 3.3 = 123.123, 6.2 = 123456.12

Small int = A number between 0 and 32,000

Tiny Int = 0 or 1 (0 = unchecked, 1 = checked).

Integer = Numeric without decimals.

*Required

	
Field Header Name

	  	
Type

	  	
Formatting

	  	
Max Length

	  	
Description

	
COLL_KEY*

	  	
Char(20)

	  	  	  	
20

	  	
Collateral Id

	
ALT_ID

	  	
Char(20)

	  	  	  	
20

	  	
Alternate id

	
BORROWER*

	  	
Varchar(60)

	  	  	  	
60

	  	
Borrower 1 Last Name

	
CASENUM

	  	
Char(20)

	  	  	  	
20

	  	
Case Number

	
CLOSED

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
Closed Date

	
FIRSTDUE

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
First Due Date

	
MATURITY*

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
Maturity Date

	
RATE*

	  	
Numeric

	  	
3.6

	  	
9

	  	
Rate

	
LNAMOUNT*

	  	
Numeric

	  	
12.2

	  	
14

	  	
Original Loan Amount

	
PI

	  	
Numeric

	  	
6.2

	  	
8

	  	
Payment & Interest

	
STATE*

	  	
Char(2)

	  	  	  	
2

	  	
State

	
CITY*

	  	
Varchar(60)

	  	  	  	
60

	  	
City

	
ZIP*

	  	
Varchar(10)

	  	  	  	
10

	  	
Zip Code

	
ADDRESS*

	  	
Varchar(60)

	  	  	  	
60

	  	
Address

	
ARMADJ*

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
ARM Adjust Date

	
ARMCONV

	  	
Char(1)

	  	  	  	
1

	  	
ARM Convertability

	
ARMROUND

	  	
Numeric

	  	
3.6

	  	
9

	  	
ARM Round

	
ARMACAP*

	  	
Numeric

	  	
3.6

	  	
9

	  	
ARM Annual Cap

	
ARMLCAP*

	  	
Numeric

	  	
3.6

	  	
9

	  	
ARM Life Cap

	
ARMMARGIN*

	  	
Numeric

	  	
3.6

	  	
9

	  	
ARM Margin

 

  

  

  

 

	
Field Header Name

	  	
Type

	  	
Formatting

	  	
Max Length

	  	
Description

	
ARMFLOOR

	  	
Numeric

	  	
3.6

	  	
9

	  	
ARM Floor

	
ARMINDEX

	  	
Varchar(10)

	  	  	  	
10

	  	
ARM Index Source

	
ARMIDXRATE

	  	
Numeric

	  	
3.6

	  	
9

	  	
ARM Index Rate

	
ARMLOOKBAK

	  	
Small Int

	  	
1

	  	
5

	  	
ARM Look back

	
MERSMIN*

	  	
Char(18)

	  	  	  	
18

	  	
Mers Min Number

	
MERSFLAG*

	  	
TinyInt

	  	
1

	  	
1

	  	
MERS Flag (1=Checked 0 = Unchecked)

	
BOOKPAGE

	  	
Char(10)

	  	  	  	
10

	  	
Instrument Book and Page number

	
CTRLNUM

	  	
Varchar(7)

	  	  	  	
7

	  	
Control Number

	
INSTRUMENT

	  	
Varchar(20)

	  	  	  	
20

	  	
Instrument Number

	
RECORDED

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
Recorded Date

	
CURR_UPB

	  	
Numeric

	  	
12.2

	  	
14

	  	
Current Unpaid Principal Balance

	
INVEST_KEY

	  	
Char(20)

	  	  	  	
20

	  	
Investor Id

	
ISMOM

	  	
TinyInt

	  	
1

	  	
1

	  	
MOM Flag (1 = Checked 0 = Unchecked)

	
TRUSTNUM

	  	
VarChar(40)

	  	  	  	
40

	  	
Trust Number

	
UDF_CHAR1*

	  	
Varchar(40)

	  	  	  	
40

	  	
User Defined Character Field 1 (co-op)

	
UDF_CHAR2

	  	
Varchar(40)

	  	  	  	
40

	  	
User Defined Character Field 2

	
UDF_DATE1

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
User Defined Date Field 1

	
UDF_DATE2

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
User Defined Date Field 2

	
UDF_DOL1

	  	
Numeric

	  	
12.2

	  	
14

	  	
User Defined Dollar Field 1

	
UDF_DOL2

	  	
Numeric

	  	
12.2

	  	
14

	  	
User Defined Dollar Field 2

	
UDF_PCT1

	  	
Numeric

	  	
4.6

	  	
10

	  	
User Defined Percentage Field 1

	
UDF_PCT2

	  	
Numeric

	  	
4.6

	  	
10

	  	
User Defined Percentage Field 2

	
UDF_INT1

	  	
Integer

	  	
7

	  	
7

	  	
User Defined Integer Field 1

	
UDF_INT2

	  	
Integer

	  	
7

	  	
7

	  	
User Defined Integer Field 2

	
VINNUM

	  	
Varchar(20)

	  	  	  	
20

	  	
Vehicle Identification Number

	
MAKE

	  	
Varchar(10)

	  	  	  	
10

	  	
Vehicle Make

	
MODEL

	  	
Varchar(10)

	  	  	  	
10

	  	
Vehicle Model

	
YEAR

	  	
Varchar(4)

	  	  	  	
4

	  	
Vehicle Year

	
ASSTDESC

	  	
Varchar(25)

	  	  	  	
25

	  	
Description Of The Asset

	
LTV

	  	
Numeric

	  	
3.1

	  	
4

	  	
Loan To Value Ratio

	
TERM

	  	
Varchar(3)

	  	  	  	
3

	  	
Loan or Lease Term

	
Address2

	  	
Varchar(30)

	  	  	  	
30

	  	
Address 2

	
BORR1FIRST*

	  	
Varchar(30)

	  	  	  	
30

	  	
Borrower 1 First name

	
BORR1MID

	  	
Varchar(30)

	  	  	  	
30

	  	
Borrower 1 Middle Name

	
BORR2FIRST

	  	
Varchar(30)

	  	  	  	
30

	  	
Borrower 2 First Name

	
BORR2MID

	  	
Varchar(30)

	  	  	  	
30

	  	
Borrower 2 Middle Name

	
BORR2LAST

	  	
Varchar(60)

	  	  	  	
60

	  	
Borrower 2 Last Name

	
ARMCEIL

	  	
Numeric

	  	
2.3

	  	
5

	  	
ARM Ceiling

 

  

  

  

 

	
Field Header Name

	  	
Type

	  	
Formatting

	  	
Max Length

	  	
Description

	
COUNTY

	  	
Varchar(40)

	  	  	  	
40

	  	
County

	
RATECHGFRQ

	  	
Small Int

	  	  	  	
5

	  	
Rate Change Frequency – In months

	
BALLOONFLG

	  	
TinyInt

	  	  	  	
1

	  	
Balloon Flag (1 = Checked 0 = Unchecked)

	
BALLOONTRM

	  	
Small Int

	  	  	  	
5

	  	
Balloon Term – In months

	
IO_FLAG

	  	
TinyInt

	  	  	  	
1

	  	
Interest Only Flag

(1 = Checked 0 = Unchecked)

	
IO_TERM

	  	
Small Int

	  	  	  	
5

	  	
Interest Only Term – In months

	
ARMPFLRINI

	  	
Numeric

	  	
3.6

	  	
9

	  	
Initial Periodic Rate Floor

	
ARMPCAPINI

	  	
Numeric

	  	
3.6

	  	
9

	  	
Initial Periodic Rate Cap

	
ARMPFLOOR

	  	
Numeric

	  	
3.6

	  	
9

	  	
Periodic Rate Floor

	
ROUND_METH

	  	
TinyInt

	  	  	  	
1

	  	
Arm Loan Rounding Method

( 0=Round Nearest, 1=Round Up, 2=Round Down, 3=None )

	
INTAMOUNT

	  	
Numeric

	  	
12.2

	  	
14

	  	
Interest Amount

	
FUNDDATE

	  	
Small Date

	  	
MM/DD/YYYY

	  	
10

	  	
Funding Date

	
NEGAMFLAG

	  	
TinyInt

	  	  	  	
1

	  	
Negative Amortization Flag

(1 = Checked 0 = Unchecked)

	
NEGAMCAP

	  	
Numeric

	  	
3.6

	  	
9

	  	
Negative Amortization Cap

	
PAYCAP

	  	
Numeric

	  	
12.2

	  	
14

	  	
Payment Cap Amount

	
PREPAYTERM

	  	
Small Int

	  	  	  	
5

	  	
Prepayment Term

	
PPP_FLAG

	  	
TinyInt

	  	  	  	
1

	  	
Prepayment Penalty Flag

(1 = Checked 0 = Unchecked)

	
PPP_DESCR

	  	
Varchar(254)

	  	  	  	
254

	  	
Prepayment Penalty Description

	
PPP_PCT

	  	
Numeric

	  	
3.6

	  	
9

	  	
Prepayment Penalty Percent

	
SERVICER_LOAN_ID

	  	
Varchar(20)

	  	  	  	
20

	  	
Servicer Loan Number

	
ADDITIONAL_LOAN_ID

	  	
Varchar(20)

	  	  	  	
20

	  	
Additional Loan Number

 

  

  

  

 

EXHIBIT C

AUTHORIZED REPRESENTATIVES CERTIFICATION

TO:  Wells Fargo Bank Document Custody

Reference is hereby made to the Custodial Agreement, dated as of September 1, 2011, between U.S. Bank National Association, as Trustee, Redwood Residential Acquisition Corporation, as Seller, Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A., as Master Servicer, and Wells Fargo Bank, N.A., as Custodian (the “Custodial Agreement”).

Effective ________________ (date), the undersigned, a duly authorized representative of [[FRB/PHH/PL/SPS/SSB/STM/WF], as [Servicer/Originator]][U.S. Bank National Association, as Trustee][Sequoia Residential Funding, Inc., as Depositor][Wells Fargo Bank, N.A., as Master Servicer], hereby designates each of the persons whose names, titles, and signatures appear below as an Authorized Representative under the Custodial Agreement.  This authorization will remain in place until such time as it is revoked, amended or supplemented in writing, by an officer of the Trustee or the Servicer.

Capitalized terms not defined herein shall have the meaning ascribed to them in the Custodial Agreement.

	
Name

	 	
Title

	 	
Specimen Signature

	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  

The above named company agrees to immediately notify Wells Fargo Bank, N.A., or its successors or assigns (“Wells Fargo”), should any person named hereunder become ineligible as an Authorized Representative and shall indemnify Wells Fargo and hold it harmless from and against any actions and/or suits whether groundless or otherwise and from and against any losses, damages, costs, charges, counsel fees, payments, expenses and liabilities (“Losses”) arising directly out of any action as an Authorized Representative under the Custodial Agreement of any person named in this list, except for liability arising out of Wells Fargo’s negligence, wilful misconduct or bad faith.  These indemnity provisions shall survive the termination or assignment of the pools or loans.

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed this certificate for and on behalf of [[FRB/PHH/PL/SPS/SSB/STM/WF], as [Servicer/Originator]][U.S. Bank National Association, N.A., as Trustee][Sequoia Residential Funding, Inc., as Depositor][Wells Fargo Bank, N.A., as Master Servicer], this ______ day of ______________, ____.

	
By (signature): ______________________________________________

	  
	
Name: ______________________________________________________________________

	
Title: ____________________________________________

	
Phone #: ________________ Fax #: ____________________

	
This form must be signed by an officer of the company.  The officer needs to be someone other than those individuals who are being added as authorized signers.

 

ACKNOWLEDGEMENT:

(Individual)

State of  ______________________________________}ss.

County of ___________________________________________}ss.

This instrument was acknowledged before me on ____________________________ (date) by ________________________

____________________________________________________________________________________________________

 

	  	_______________________________________________________________________________
	
(Seal)

	
(Signature of notarial officer)

	  	
My Commission Expires: _____________________________________________________

  

  

  

EXHIBIT D-1

INITIAL AUTHORIZED REPRESENTATIVES OF THE TRUSTEE

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-2

INITIAL AUTHORIZED REPRESENTATIVES OF THE DEPOSITOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3A

INITIAL AUTHORIZED REPRESENTATIVES OF FIRST REPUBLIC BANK, AS SERVICER

AND AS ORIGINATOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3B

INITIAL AUTHORIZED REPRESENTATIVES OF PHH MORTGAGE CORPORATION, AS

SERVICER AND AS ORIGINATOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3C

INITIAL AUTHORIZED REPRESENTATIVES OF PRIMELENDING, A PLAINSCAPITAL

COMPANY, AS ORIGINATOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3D

INITIAL AUTHORIZED REPRESENTATIVES OF SELECT PORTFOLIO SERVICING, INC.,

AS SERVICER

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3E

INITIAL AUTHORIZED REPRESENTATIVES OF STERLING SAVINGS BANK, AS

ORIGINATOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3F

INITIAL AUTHORIZED REPRESENTATIVES OF SUNTRUST MORTGAGE, INC., AS

SERVICER AND AS ORIGINATOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3G

INITIAL AUTHORIZED REPRESENTATIVES OF WELLS FARGO BANK, N.A, AS

SERVICER AND AS ORIGINATOR

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT D-3H

INITIAL AUTHORIZED REPRESENTATIVES OF WELLS FARGO BANK, N.A., AS MASTER

SERVICER

	
Name

	  	
Title

	  	
Specimen Signature

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	 	 	 	 	 

  

  

  

EXHIBIT E

WELLS FARGO BANK, N.A.

SCHEDULE OF FEES FOR CUSTODY SERVICES TO BE PAID BY MASTER SERVICER

Transaction Charges:1

Annual Safekeeping Fee:

Per Mortgage File held at end of month

Final/trailing Documents – Rejected Trailing/Final Documents

Includes filing of documents in the Mortgage File,

Per occurrence

Release Requests/Rejected Release Requests

Standard Release

-48 hour turnaround time, excludes shipping expense

-Requests returned for Mortgage Files not in custody or improperly prepared

 Requests for Release

Rush Release Requests

24 hour turnaround time, excludes shipping expense

Shipping

The applicable Servicer shall be required to pay shipping expenses for any Mortgage File if there has been a breach of any representation or warranty made with respect to the related Mortgage Loan in the related servicing agreement resulting in the repurchase of such Mortgage Loan by such Servicer.  In all other cases where any Mortgage Files are required to be shipped to any party, the Depositor shall pay the related shipping expenses; provided, however, that if the Depositor fails to pay such expenses within 45 days of invoicing from the Custodian, such expenses shall be paid by the Trust Fund, subject to the limitations on reimbursements in clause (B) of the definition of Available Distribution Amount in the Pooling and Servicing Agreement.

File Reinstatements/Rejected File Reinstate

Reinstatements that cannot be accepted because the file is incomplete

Trust Receipts/ Certifications /Bailee Letters

Issuance of bailee letters, trust receipts, if applicable.  Per receipt/letter

File Pull Fee

Per file includes research, etc.

Labeling of files

Includes the preparation and application of labels to files

Endorsement and Assignment Stamping

Per endorsement or assignment

Copies of Documents

Pull fee per file

Per single sided copy

Costs of special projects requiring copies of more than 5% of the Mortgage Files shall be negotiated with and paid by the requesting party.

Interfiling fee

Includes placing loan files or documents in loan number order.  Per file or document.

File Folders Includes placing documents not received in manila folder

1 Fee amount to be provided to the Master Servicer by the Custodian

  

  

  

EXHIBIT F

REQUEST FOR RELEASE OF DOCUMENTS

	
To:      

	
Wells Fargo Bank, N.A.

	
Date:  _______________

	  	
751 Kasota Avenue

	  
	  	
Minneapolis, MN 55414

	  
	  	
Attn: WFDC Release Department

	  

	
  

	
Re:      

	
Custodial Agreement, dated as of September 1, 2011, among U.S. Bank National Association, as Trustee, Redwood Residential Acquisition Corporation, as Seller, Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A., as Master Servicer, and Wells Fargo Bank, N.A., as Custodian (the “Custodial Agreement”)

In connection with the administration of the Mortgage Loans held by you as Custodian for the Trustee pursuant to the above-captioned Custodial Agreement, we request the release of the Custodian's Mortgage File for the Mortgage Loan described below, for the reason indicated.

	
Mortgage Loan Number:

	  	
Investor Number:

	  	  	  
	
Mortgagor Name, Address & Zip Code:

	
  

	
Pool Number:

Reason for Requesting Documents (check one):

_______ 1. Mortgage Paid in Full

_______ 2. Foreclosure

_______ 3.  Substitution

_______  4. Other Liquidation

_______ 5. Non-liquidation                                               Reason:__________________

	
By: 

	
  

	  	
(Authorized Signature)

	
Printed Name 

	  

	
[Servicer][Master Servicer] Name: 

	  

	
Ship To Address: 

	
  

	  	  
	  	
  

	  	  
	
Phone:

	
  

  

  

  

Custodian

Please acknowledge the execution of the above request by your signature and date below:

	
  

	  	
Date

	
Signature

	  	  
	  	  	  
	
Documents returned to Custodian:

	  	  
	  	  	  
	
  

	  	
Date

	
Custodian

	  	  

  

  

  

EXHIBIT G

FORM OF CERTIFICATION

DATE

U.S. Bank National Association, as Trustee

60 Livingston Avenue

EP-MN-WS3D

St. Paul, Minnesota, 55107

Attention: Structured Finance – Sequoia Mortgage Loan Trust 2011-2

Sequoia Residential Funding, Inc.

One Belvedere Place, Suite 330

Mill Valley, CA 94941

Attention:  Sequoia Mortgage Trust 2011-2

Redwood Residential Acquisition Corporation

One Belvedere Place, Suite 330

Mill Valley, CA 94941

Attention:  Sequoia Mortgage Trust 2011-2

First Republic Bank

111 Pine Street

San Francisco, CA  94111

Attention: Tony Sachs

PHH Mortgage Corporation

One Mortgage Way

Mt. Laurel, NJ  08054

Attention: Vice President, Servicing

PrimeLending, a PlainsCapital Company

18111 Preston Road, Suite 900

Dallas, Texas 75252

Attention:  Mr. Scott Eggen, SVP

Sterling Savings Bank Home Loan Division

6505 218th St SW, Suite 9

Mountlake Terrace, WA, 98043

Attention:      Kathrine Shairrick, Loan Servicing

SunTrust Mortgage, Inc.

1001 Semmes Avenue

Richmond, VA 23224

Attention:  Servicing Manager

Wells Fargo Bank, N.A.

1 Home Campus

Des Moines, IA  50328-0001

Attention:  John B. Brown, MAC X2301-04R

  

  

  

	
  

	
Re:

	
Custodial Agreement, dated as of September 1, 2011, among U.S. Bank National Association, as Trustee, Redwood Residential Acquisition Corporation, as Seller, Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A., as Master Servicer, and Wells Fargo Bank, N.A., as Custodian (the “Custodial Agreement”)

Ladies and Gentlemen:

In accordance with the provisions of Section 3.2(a) of the above referenced Custodial Agreement, the undersigned, as the Custodian, hereby certifies that, except as noted on the attached Exception Report, it has reviewed each Mortgage Loan listed in the Mortgage Loan Schedule and has determined that (i) all documents required to be delivered to it pursuant to the Custodial Agreement are in its possession; and, (ii) such documents have been reviewed by it and appear regular on their face and related to such Mortgage Loan. All capitalized terms used but not defined herein shall have the meanings set forth in the Custodial Agreement.

The Custodian makes no representations as to, and shall not be responsible to verify, (I) the validity, legality, enforceability, perfectibility, due authorization, recordability, sufficiency, or genuineness of any of the documents contained in each Mortgage File or (ii) the collectability, insurability, effectiveness or suitability of any such Mortgage Loan.

	
WELLS FARGO BANK, N.A., as Custodian

	  	  
	
By:

	
  

	
Name: 

	
  

	
Title:

	
  

  

  

  

 

EXHIBIT H

 

FORM OF TRANSMITTAL LETTER

 

[Custodian Letterhead]

[ Date]

[Purchaser]

[Insert street address]

________________

________________

 

	
Re:

	
___________________________

Ladies and Gentlemen:

 

Attached please find those Mortgage Loans listed separately on the attached schedule, which Mortgage Loans are owned by the Trustee and are being delivered to you for purchase.

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in that certain Custodial Agreement, dated as of September 1, 2011, among U.S. Bank National Association, as Trustee, Redwood Residential Acquisition Corporation, as Seller, Sequoia Residential Funding, Inc., as Depositor, Wells Fargo Bank, N.A., as Master Servicer, and Wells Fargo Bank, N.A., as Custodian.

Each of the Mortgage Loans is owned by the Trustee.  Such ownership interest shall be released only upon remittance of $_____________ representing the full amount of the purchase price of such Mortgage Loans (the “Payoff Amount”) by wire transfer of immediately available funds to the following account:

WIRE TRANSFER INSTRUCTIONS:

[to be provided by Securities Administrator]

Pending the purchase of each Mortgage Loan and until the Payoff Amount is received, the aforesaid ownership interest therein will remain in full force and effect, and you shall hold possession of the Mortgage Loans and the documentation evidencing same as custodian, agent and bailee for and on behalf of the Trustee.  In the event that any Mortgage Loan is unacceptable for purchase, promptly return the rejected item directly to the Custodian at its address set forth below.  The Mortgage Loans must be so returned or Payoff Amount remitted in full no later than 30 days from the date hereof.  If you are unable to comply with the above instructions, please so advise the undersigned Custodian immediately.

  

  

  

NOTE:  BY ACCEPTING THE MORTGAGE LOANS DELIVERED TO YOU WITH THIS LETTER, YOU CONSENT TO BE THE CUSTODIAN, AGENT AND BAILEE FOR THE OWNER ON THE TERMS DESCRIBED IN THIS LETTER.  THE CUSTODIAN REQUESTS THAT YOU ACKNOWLEDGE RECEIPT OF THE ENCLOSED MORTGAGE LOANS AND THIS LETTER BY SIGNING AND RETURNING THE ENCLOSED COPY OF THIS LETTER TO THE CUSTODIAN; HOWEVER, YOUR FAILURE TO DO SO DOES NOT NULLIFY SUCH CONSENT.

	
Very truly yours,

	 
	
WELLS FARGO BANK, N.A.,

	
as Custodian

	  	  
	
By: 

	
  

	
Name:

	
Title:

	
Address:

ACKNOWLEDGED AND AGREED:

Authorized Signature:

[Purchaser]

By:

Name:

Title:

Address:

  

  

  

EXHIBIT I

 

FORM OF CERTIFICATION REGARDING SERVICING CRITERIA TO BE

ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

 

The assessment of compliance to be delivered by the Custodian shall address, at a minimum, the criteria identified below with an "X" as Servicing Criteria applicable to the Custodian:

	
Regulation

AB

Reference

	  	
Servicing Criteria

	  	
Custodian

	  	  	  	  	  
	  	  	
General Servicing Considerations

	  	  
	  	  	  	  	  
	
1122(d)(1)(i)

	  	
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(1)(ii)

	  	
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(1)(iii)

	  	
Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(1)(iv)

	  	
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	  	  	
Cash Collection and Administration

	  	  
	  	  	  	  	  
	
1122(d)(2)(i)

	  	
Payments on pool assets are deposited into the appropriate bank collection accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(2)(ii)

	  	
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(2)(iii)

	  	
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(2)(iv)

	  	
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(2)(v)

	  	
Each collection account is maintained at a federally insured depository institution as set forth in the

	  	
 N/A

  

  

  

	  	  	
transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.

	  	  
	  	  	  	  	  
	
1122(d)(2)(vi)

	  	
Unissued checks are safeguarded so as to prevent unauthorized access.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(2)(vii)

	
  

	
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including collection accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.

	
  

	
 N/A

 

	  	  	
Investor Remittances and Reporting

	  	  
	  	  	  	  	  
	
1122(d)(3)(i)

	  	
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(3)(ii)

	  	
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(3)(iii)

	  	
Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(3)(iv)

	  	
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

	  	
 N/A

	  	  	  	  	  
	  	  	
Pool Asset Administration

	  	  
	  	  	  	  	  
	
1122(d)(4)(i)

	  	
Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.

	  	
    X

 

  

  

  

	
1122(d)(4)(ii)

	  	
Pool assets and related documents are safeguarded as required by the transaction agreements

	  	
    X

	  	  	  	  	  
	
1122(d)(4)(iii)

	  	
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(iv)

	  	
Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(v)

	  	
The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(vi)

	  	
Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(vii)

	  	
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

	  	
 N/A

 

	
1122(d)(4)(viii)

	
  

	
Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

	
  

	
 N/A

 

	
1122(d)(4)(ix)

	  	
Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(x)

	  	
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of

	  	
 N/A

  

  

  

	 	 	the related pool assets, or such other number of days specified in the transaction agreements. 	 	 
	 	 	 	 	 
	
1122(d)(4)(xi)

	  	
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(xii)

	  	
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(xiii)

	  	
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(xiv)

	  	
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

	  	
 N/A

	  	  	  	  	  
	
1122(d)(4)(xv)

	
  

	
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.

	
  

	
 N/A

  

  

  

Annex 1

 

DOCUMENT TYPES AND EXCEPTION CODES

DOCUMENT TYPES

	
Track Item Type

	
Doc Type

	
COLLATERAL

ITEM

	  
	
1003

	
Residential Loan Application

	
1008

	
Underwriting and Transmittal Summary

	
1994

	
1994 CHCH SECTY

	
1995

	
1995 CHCH SECTY

	
1996

	
1996 CHCH SECTY

	
1997

	
1997 CHCH SECTY

	
711A

	
GNMA 11711A

	
711B

	
GNMA 11711B

	
AAL1

	
ASSN/ASSN LEAS1

	
AAL2

	
ASSN/ASSN LEAS2

	
ACC1

	
ASUM CO. UCC1

	
ACC3

	
ASUM-AMD/TRM CO

	
ACCA

	
ACCT CTRL AGREE

	
ACCP

	
ACCEPT & ASSUM ( COOP)

	
ACS1

	
ASUM ST. UCC1

	
ACS3

	
ASUM-AMD/TRM ST

	
ADDM

	
ADDENDUM

	
AFFD

	
NAME AFFIDAVIT

	
AFFX

	
Affidavit of Affixation

	
AGRE

	
ASSIGN OF AGREE

	
ALCR

	
Assignment to Letter of Credit

	
ALN1

	
ALLONGE 1

	
ALN2

	
ALLONGE 2

	
ALN3

	
ALLONGE 3

	
ALN4

	
ALLONGE 4

	
ALN5

	
ALLONGE 5

	
ALN6

	
ALLONGE 6

	
ALN7

	
ALLONGE 7

	
ALN8

	
ALLONGE 8

	
ALN9

	
ALLONGE 9

	
ALNG

	
ALLONGE

	
ALNI

	
ALLONGE INTRVN

	
ALNV

	
ALLONGE FINAL

	
AMOR

	
Amortization Schedule

	
AMRT

	
AMORT. SCH.

	
APL

	
ASSIGNMENT OF PROPERTY LEASE

	
APPL

	
APPLICATION

	
APPR

	
APPRAISAL

	
AREC

	
ASN RECG AGREE

	
ARM

	
ADJ RATE MORTG

	
AS10

	
ASSIGNMENT 10

	
AS11

	
ASSIGNMENT 11

	
ASAG

	
ASSN-ASSU AGRMT

	
ASCC

	
(New) ASCC

	
ASGM

	
ASSN OF MTGE

	
ASGN

	
(New) ASGN

  

  

  

	
ASL1

	
ASSN 1 OF LEASE

	
ASL2

	
ASSN 2 OF LEASE

	
ASL3

	
ASSN 3 OF LEASE

	
ASL4

	
ASSN 4 OF LEASE

	
ASL5

	
ASSN 5 OF LEASE

	
ASL6

	
ASSN 6 OF LEASE

	
ASL7

	
ASSN 7 OF LEASE

	
ASLQ

	
ASN LIQUOR LIC.

	
ASLR

	
ASSN LEASE/RENT

	
ASLV

	
LEASE INV ASSN

	
ASN1

	
ASSIGNMENT 1

	
ASN2

	
ASSIGNMENT 2

	
ASN3

	
ASSIGNMENT 3

	
ASN4

	
ASSIGNMENT 4

	
ASN5

	
ASSIGNMENT 5

	
ASN6

	
ASSIGNMENT 6

	
ASN7

	
ASSIGNMENT 7

	
ASN8

	
ASSIGNMENT 8

	
ASN9

	
ASSIGNMENT 9

	
ASNB

	
BLANKET ASSN

	
ASNP

	
Assignment of Proprietary Lease

	
ASNV

	
ASSN TO INVESTR

	
ASNX

	
ASSIGNMENT 10+

	
ASPW

	
ASG-PRMTS&WARRT

	
ASSB

	
(New) ASSB

	
ASSE

	
ASSETT MGR AGRT

	
ASSM

	
ASSN SUB/MGMT

	
ASSN

	
INT. ASSIGNMENT

	
ASSO

	
ORIG ASSIGNMENT

	
ASSU

	
ASSUMPTION

	
ASUM

	
ASSUMPT AGREEMT

	
ASV1

	
SUBSEQ PRIV ASN

	
ASVB

	
BLNKT ASSN—INV

	
ATTY

	
ATTY'S OPINION

	
AVRF

	
Asset Verification

	
BAIL

	
BAILEE LETER

	
BALN

	
Balloon Mortgages

	
BARC

	
(New) BARC

	
BASN

	
BARCLAYS A/M

	
BCIA

	
BLNKT CERT-GNMA

	
BKST

	
Bank Statements

	
BLNK

	
(c) Blank Description

	
BOFS

	
BILL OF SALE

	
BOND

	
LOST INSTR AFFD

	
BORR

	
CERT OF BORROW

	
BPO

	
Brokers Price Opinion

	
BUYD

	
BUYDOWN AGREEMT

	
CASH

	
CASH MANAGEMENT

	
CEM

	
CONSOL/EXT AGRM

	
CERI

	
REO Certificate of Insurance

	
CERT

	
MIC/LGC

	
CINL

	
(New) CINL

	
CKLT

	
LOAN FILE CHECKLIST

	
CNFS

	
CERT NONFOREIGN

  

  

  

	
CNSV

	
Conservator Court Appointment

	
COAG

	
Co-Ownership Agreement

	
COFS

	
CONTRACT OF SALE

	
COFT

	
CERT OF TITLE

	
COM1

	
Combined Document Intervening Assignment 1

	
COM2

	
Combined Document Intervening Assignment 2

	
COM3

	
Combined Document Intervening Assignment 3

	
COM4

	
Combined Document Intervening Assignment 4

	
COM5

	
Combined Document Intervening Assignment 5

	
COM6

	
Combined Document Intervening Assignment 6

	
COM7

	
Combined Document Intervening Assignment 7

	
COM8

	
Combined Document Intervening Assignment 8

	
COM9

	
Combined Document Intervening Assignment 9

	
COMB

	
COMBINATION DOC

	
COMP

	
COMPLETION/REP

	
COMV

	
Combined Document Final Assignment

	
CONC

	
Construction Contract

	
CONE

	
CONSENT (COOP)

	
CONS

	
CONSOLIDATION

	
CONT

	
CNTRCT FOR DEED

	
CONV

	
CONVERSION AGMT

	
COOP

	
CO-OP

	
CORP

	
CORPORATE ASSN

	
CRPT

	
Credit Report

	
CSUB

	
COLL SUBMISSION

	
CTRL

	
CRED.TENANT LSE

	
CUST

	
CUSTODY AGREEMT

	
DEE1

	
ADD'L DEED

	
DEE2

	
2ND ADDL DEED

	
DEED

	
DEED OF TRUST

	
DEFR

	
Deferral Agreement

	
DEFS

	
DEFEASANCE DOCUMENTS

	
DOC

	
DOCUMENT

	
DOFT

	
(New) DOFT

	
EDV1

	
SUBSEQ PRIV END

	
EMIC

	
Electronic MIC

	
ENAS

	
ENVIR ASSESSMNT

	
END1

	
ENDORSEMENT 1

	
END2

	
ENDORSEMENT 2

	
END3

	
ENDORSEMENT 3

	
END4

	
ENDORSEMENT 4

	
END5

	
ENDORSEMENT 5

	
END6

	
ENDORSEMENT 6

	
END7

	
ENDORSEMENT 7

	
END8

	
ENDORSEMENT 8

	
END9

	
ENDORSEMENT 9

	
ENDI

	
Intervening Endorsement

	
ENDV

	
FINAL ENDORSEMENT

	
ENOT

	
Electronic Note

	
ENVI

	
ENVIRO INDEMNIT

	
EOMP

	
E&O POLICY

	
ESCL

	
ESCROW LETTER

	
ESCR

	
ESCROW AGREEMNT

	
ESTO

	
ESTOPPEL L/A

  

  

  

	
EXTN

	
Extension Agreement

	
FDOC

	
Final Package-No Insuring Document

	
FHFC

	
FHA Firm Commitment

	
FHIN

	
FHA Insurance

	
FHPN

	
FHA Project Number

	
FHRA

	
FHA Regulatory Agreement

	
FHUD

	
Final HUD

	
FILE

	
LOAN FILE

	
FILN

	
(New) FILN

	
FIN

	
(New) FIN

	
FIN'

	
(New) FIN'

	
FIN.

	
(New) FIN.

	
FIN;

	
(New) FIN;

	
FINL

	
FINAL PACKAGE

	
FIXF

	
Fixture Filing

	
FLIN

	
FLOOD INSURANCE

	
FPLN

	
FHA Home Equity Conversion Mtg with Line of Credit Only Plan

	
FPNT

	
1ST PAYMT NOTIC

	
FRAN

	
FRANCHISE AGRMT

	
FSCH

	
FILE SCHEDULE

	
GFE

	
Good Faith Estimate

	
GRND

	
GROUND LEASES

	
GUAR

	
GUARANTEE AGMNT

	
HAZA

	
HAZARD POLICY

	
HEAA

	
Equity Access Agreement

	
ICAG

	
INTERCREDITOR

	
IFNL

	
(New) IFNL

	
ILGC

	
INDIAN LGC

	
INCL

	
INS CLOSE LETTR

	
INIP

	
INITIAL PACKAGE

	
INP

	
(New) INP

	
INSU

	
GOVERNMENT INSURANCE

	
INV2

	
(New) INV2

	
INVA

	
INVESTOR ASSN

	
INVC

	
(New) INVC

	
IRCA

	
INTEREST RCA

	
LAGR

	
LOAN AGREEMENT

	
LAND

	
LAND HOME CONTRACT

	
LCI

	
Lender’s Closing Instructions

	
LCRD

	
LETTR OF CREDIT

	
LEAS

	
LEASE DOCUMENT

	
LEGL

	
LEGAL DESCR DOC

	
LES1

	
ASSN OF LESS

	
LES2

	
ASSN OF LES1

	
LESS

	
LEASE ESTOPPEL

	
LGC

	
LGC

	
LIB

	
Lost Instrument Bond

	
LIEN

	
Lienholder/ Security Interest Evidence

	
LIFE

	
Life Insurance

	
LLA

	
LOST LEASE AFFIDAVIT

	
LLAP

	
Lender's Loan Approval

	
LNA

	
LOST NOTE AFDVT

	
LNG

	
LOAN NOTE GUAR.

  

  

  

	
LSA

	
LOST STOCK AFFIDAVIT

	
LSCH

	
LOAN SCHEDULE

	
MEMO

	
MEMO DOCUMENT

	
MERG

	
MERGER DOCUMENT

	
MERS

	
MERS

	
MFAM

	
Multi-Family Rider

	
MFLG

	
MERS FLAG

	
MGMT

	
ASSIGN OF MGMT

	
MHCT

	
Mobile Home Certificate

	
MHRD

	
Mobile Home Rider

	
MIC

	
MIC

	
MILR

	
(New) MILR

	
MISC

	
MISC. DOCUMENTS

	
MMIN

	
MERS ID NUMBER

	
MOD

	
MODIFICATION

	
MODF

	
MODIF AGREEMT

	
MODN

	
MODIFICATION AGREEMENT FOR NOTE ONLY

	
MORT

	
MORTGAGE

	
MTG2

	
2nd Mortgage

	
NDEF

	
Notice of Default

	
NOLA

	
NOLA FORM

	
NOT1

	
ADD'L NOTE

	
NOT2

	
2ND ADDL NOTE

	
NOTA

	
NOTICE OF ASN

	
NOTE

	
MTG NOTE

	
NRID

	
Note Rider

	
NTAS

	
ASSIGNEE NOTICE

	
NVA

	
(New) NVA

	
OMNA

	
Intervening Assignment for Omnibus

	
OMNI

	
OMNIBUS

	
OMNV

	
Final Assignment for Omnibus

	
OMVA

	
(New) OMVA

	
OPER

	
OPERATIONS/MAIN

	
OPIN

	
OPINION

	
PART

	
Participation Agreement/Certificate

	
PBND

	
Performance Bond

	
PLSA

	
PLEDGE/SEC AGRE

	
PMI

	
PRIV MORTG INS

	
PMIS

	
PRIV. MORT INS

	
POA

	
POWER OF ATTNY

	
POFA

	
POWER OF ATTORN

	
POOL

	
POOL PAPERS

	
PORT

	
PORTFOLIO

	
PPPA

	
Prepayment Penalty Addendum

	
PRLS

	
PROPRIETARY LEASE

	
PROL

	
PROPRIETARY LSE

	
PTPL

	
PRELIM. TITLE POLICY

	
PURL

	
PURCHASER LEASE

	
QCLD

	
QUIT CLAIM DEED

	
RAPR

	
RES. APPRAISAL

	
RAS'

	
(New) RAS'

	
RAS2

	
2ND ASSN SENT

	
RAS3

	
3RD ASSN SENT

	
RAS4

	
4TH ASSN SENT

  

  

  

	
RASN

	
RECORDED ASSIGN

	
RCAG

	
RECOGNITION AGREEMENT

	
RCER

	
RECERT FORM

	
REAG

	
RECIP EASE AGRE

	
RECG

	
RECOGN AGREEMT

	
RECO

	
RECONVEYANCE

	
RECP

	
RECPT&CLSG CERT

	
RELR

	
RELEASE REQUEST

	
REOP

	
REO Phase Report

	
REPL

	
REPLACEMENT RES

	
REQU

	
REQUIRED REPAIR

	
RIDR

	
RIDERS

	
RLAP

	
RES. LOAN APPL.

	
RTC

	
Right to Cancel

	
SCER

	
STOCK CERT

	
SCHD

	
POOL SCHEDULE

	
SCON

	
Sales Contract

	
SCRT

	
STOCK CERT

	
SEC1

	
ASN OF SEC AGMT

	
SEC2

	
Second Property Mortgage

	
SEC3

	
Third Property Mortgage

	
SECA

	
SECURITY AGREEMENT

	
SECI

	
SECURITY INSTR

	
SEVC

	
Final Assignment for Security Agreement

	
SIGN

	
SIGNATURE AFFID

	
SINS

	
SITE INSPECTION

	
SPOW

	
STOCK POWER

	
SPRG

	
SPREADER AGREMT

	
SPWR

	
STOCK POWER

	
SRID

	
Security Instrument Rider

	
SRPT

	
Surveyor's Report

	
STUB

	
Paystub

	
SUB

	
SUBORDINATION

	
SUBD

	
SUBORD AGREEMT

	
SUBR

	
SUBORDINATION

	
SUR1

	
FINAL SURVEY

	
SURT

	
Surrender of Title/Origin Certificate

	
SURV

	
SURVEY

	
TAGR

	
TRUST AGREEMENT

	
TAXR

	
Tax Returns

	
TCMT

	
TITLE COMMITMENT

	
TEND

	
Title Policy Endorsement

	
TENT

	
TENANT ESTOPPEL

	
TEST

	
TEST DOCUMENT

	
TIL

	
Truth in Lending Disclosure Statement

	
TILN

	
TRUTH IN LENDNG

	
TITL

	
TITL - Converted

	
TPOL

	
TITLE POLICY

	
TRAN

	
(New) TRAN

	
TRFL

	
MTG,ASSN & DOCS

	
TRNS

	
TORRENS CERT

	
TTRB

	
TRIAL BALANCE

	
UARL

	
UNREC ASSN REL

	
UC31

	
Intervening UCC3 County Assignment 1

  

  

  

	
UC32

	
Intervening UCC3 County Assignment 2

	
UC33

	
Intervening UCC3 County Assignment 3

	
UC34

	
Intervening UCC3 County Assignment 4

	
UC35

	
Intervening UCC3 County Assignment 5

	
UC36

	
Intervening UCC3 County Assignment 6

	
UC37

	
Intervening UCC3 County Assignment 7

	
UC38

	
Intervening UCC3 County Assignment 8

	
UC39

	
Intervening UCC3 County Assignment 9

	
UC3I

	
UCC-3 INTV(CO)

	
UC3U

	
Unfiled UCC3 to Blank

	
UCC1

	
UCC-1 (CO)

	
UCC2

	
UCC2 - Converted

	
UCC3

	
UCC-3 (CO)

	
UCS1

	
UCC-1 (ST)

	
UCS3

	
UCC-3 (ST)

	
US31

	
Intervening UCC3 State Assignment 1

	
US32

	
Intervening UCC3 State Assignment 2

	
US33

	
Intervening UCC3 State Assignment 3

	
US34

	
Intervening UCC3 State Assignment 4

	
US35

	
Intervening UCC3 State Assignment 5

	
US36

	
Intervening UCC3 State Assignment 6

	
US37

	
Intervening UCC3 State Assignment 7

	
US38

	
Intervening UCC3 State Assignment 8

	
US39

	
Intervening UCC3 State Assignment 9

	
US3I

	
UCC-3 INTV (ST)

	
VOE

	
Verification of Employment

	
VOM

	
Verification of MTG

	
VOR

	
Verification of Rent

	
W2F

	
W2 Form

	
WARD

	
WARRANTY DEED

	
WDEB

	
WARRANTY DEED TO BUYER

	
WDED

	
WARRANTY DEED

	
WVOP

	
WRTN VAL OF PRP

EXCEPTION CODES

	
Code

	
Question Description

	
01

	
Missing

	
02

	
Document is Copy, Need Original

	
03

	
Doc is a Copy, but not Certified True and Correct

	
04

	
Pages are Missing from Document

	
05

	
Damaged Document

	
06

	
Incorrect Form

	
07

	
Date is Incorrect

	
08

	
Loan Number does not agree with Schedule

	
09

	
Property Address does not agree with Schedule

	
10

	
Interest Rate does not agree with Schedule

	
11

	
Interest Rate (alpha & numeric) do not agree

	
12

	
Date of First Payment does not agree with Schedule

	
13

	
Date of Last Payment does not agree with Schedule

	
14

	
Loan Amount does not agree with Schedule

	
15

	
Loan Amount (alpha & numeric) do not agree

	
16

	
Monthly P&I does not agree with Schedule

	
17

	
P&I (alpha & numeric) do not agree

  

  

  

	
18

	
Mortgagor Name(s) does not agree with Schedule

	
19

	
Legal Description is Missing/Incorrect

	
20

	
Unrecorded Original

	
21

	
White-out / Corrections Not Initialed

	
22

	
Endorsement(s) is Missing/Incorrect

	
23

	
Notary, Acknowledgment, or Witness Information is Missing

	
24

	
Name is Missing/Incorrect

	
25

	
Signature(s) does not agree with Typed Name(s)

	
26

	
Signature is Missing

	
27

	
Signature is Not Original

	
28

	
Signature Date is Missing

	
29

	
Title Insurance Coverage is Insufficient

	
30

	
Named Insured is Missing/Incorrect

	
31

	
Trustee Name is Missing/Incorrect

	
32

	
Guarantee Percentage is Missing

	
33

	
Case Number does not agree with Schedule

	
34

	
Commitment Number does not agree with Schedule

	
35

	
Investor Loan Number does not agree with Schedule

	
36

	
First Interest Rate Adjustment Date differs from Schedule

	
37

	
The Margin does not agree with Schedule

	
38

	
The Percent Rounded does not agree with Schedule

	
39

	
The Periodic Cap does not agree with Schedule

	
40

	
The Lifetime Cap does not agree with Schedule

	
41

	
ARM Convertibility Feature is Missing/Incorrect

	
42

	
ARM Index is Missing/Incorrect

	
43

	
ARM Lookback Period is Missing/Incorrect

	
44

	
Schedule A is Incorrect

	
45

	
County Missing/Incorrect

	
46

	
Loan Reference Missing/Incorrect

	
47

	
Incomplete Information

	
48

	
Not Listed on Trial Balance (recertification code)

	
49

	
Life Floor Does not Agree with Schedule

	
50

	
Rate Adj Frequency Does Not Agree with Schedule

	
51

	
Closing Date Does Not Agree with Schedule

	
52

	
Document Does Not Belong in File

	
53

	
Total Loan to Value does not agree with Schedule

	
54

	
Property Type does not agree with Schedule

	
55

	
Loan Purpose does not agree with Schedule

	
56

	
Occupancy does not agree with Schedule

	
57

	
Document is a "True & Correct" copy, need Original

	
58

	
Prepayment Penalty Term differs from Schedule.

	
59

	
Title Policy Assumption Endorsement Missing

	
60

	
Break in Assignment Chain.

	
61

	
Document is Missing, Need a Copy

	
62

	
CLAIM, LIEN, INTEREST, ENCUMBRANCE, OR RESTRICTION EXISTS

	
63

	
Mers Beneficiary Name Missing/Incorrect

	
64

	
Duplicate Original in file

	
65

	
Corrected MIC in file

	
66

	
Rider Missing

	
67

	
in File

	
68

	
Certified True Copy

	
69

	
Recorded Copy

	
70

	
IN PROCESS AND\OR SUBMITTED FOR RECORDING

	
71

	
Start date is incorrect.

  

  

  

	
72

	
Max. principal sum doesn't agree with schedule.

	
73

	
Advance limit amount doesn't agree with schedule.

	
74

	
Initial advance doesn't agree with schedule.

	
75

	
Monthly advance doesn't agree with schedule.

	
76

	
Maturity fee doesn't agree with schedule.

	
77

	
Equity share doesn't agree with schedule.

	
78

	
Reserve acct. advance amount doesn't agree with schedule.

	
79

	
Loan Percentage does not match the schedule

	
80

	
Missing CO-OP documents

	
81

	
Initial Fair Value does not match the schedule

	
82

	
Compounding Amount does not match the schedule

	
83

	
Initial Lending Value does not agree with Schedule

	
84

	
Initial Annual Percentage Rate does not match Schedule

	
85

	
Maximum Rate does not match Schedule

	
86

	
RECEIVING BANK NAME DOES NOT AGREE

	
87

	
ABA NUMBER DOES NOT AGREE

	
88

	
MISSING

	
89

	
ACCOUNT # DOES NOT AGREE

	
90

	
LOST DOCUMENT - AFFIDAVIT IN FILE

	
91

	
TRUST INFORMATION MISSING OR INCORRECT

	
92

	
DOCUMENT BEING CREATED AND OR EXECUTED

	
93

	
PAGES ARE MISSING FROM RECORDED DOC

	
94

	
OUT FOR EXECUTION

	
95

	
NOTARY, ACKNW., OR WITNESS INFO. MISSING FROM RECORDED DOC

	
96

	
DOCUMENT IS AN UNRECORDED COPY, NEED RECORDED COPY

	
97

	
ADDITIONAL DOCUMENTS IN FILE

	
98

	
Missing.  Title Commitment Received

	
99

	
Document is a "True & Correct" Copy, need Original

	
CM

	
MIC/LGC IS MISSING

	
F1

	
Misc. Exception

	
F2

	
Misc. Exception

	
F3

	
Missing File

	
F4

	
MISSING FILE

	
MM

	
MORTGAGE/DEED OF TRUST IS MISSING

	
NM

	
NOTE MISSING

	
NR

	
NOT REVIEWED

	
TM

	
TITLE POLICY MISSING

	
02A

	
DOCUMENT IS A COPY, ASSIGNEE NAME IS MISSING

	
09A

	
PROPERTY ADDRESS MISSPELLING OF ADDRESS

	
09B

	
PROPERTY ADDRESS MISSPELLING OF CITY

	
09C

	
Legal Description or Property Address missing

	
100

	
RECORDING INFORMATION MISSING/INCORRECT

	
101

	
VA ELIGIBILITY PERCENT

	
102

	
VA VENDEE

	
103

	
ADP CODE

	
104

	
HUD REPO

	
105

	
PRODUCT TYPE

	
106

	
LAST RECORDED INTERIM ASSIGNMENT.

	
107

	
ADP CODE NOT APPROVED.

	
108

	
NOTE HELD AT FNMA/FHLMC CUSTODIAN

	
109

	
REC'D ASUM NEED UCC AMENDMENT OR NEW FILING

	
110

	
PORTFOLIO REVIEWED LOAN

	
111

	
RECORDED DOCUMENT SENT TO BE RE-RECORDED

	
112

	
Mortgagor name(s) does not agree with Assignment.(FHLB)

  

  

  

	
113

	
Property address does not agree with Assignment.(FHLB)

	
114

	
Note is not on a standard FNMA/FHLMC uniform instrument form

	
115

	
Processing and or submitted for recording to issuer vendor.

	
116

	
DOCUMENTS IN A FOREIGN LANGUAGE, CAN NOT BE REVIEWED

	
117

	
Initial Rate Cap doesn't agree with schedule.

	
118

	
Lost Note Affdidavit in File, Missing Copy of Note

	
119

	
Lost Note Affidavit and Copy of Note in File

	
120

	
Assignee Name Missing

	
121

	
Recording Search and/or Confirmation of Filing

	
122

	
Screen Print of Government Insurance Received

	
123

	
Desc. of Easements and Encroachments does not agree with TPO

	
124

	
Name of insured not  mortgagee and/or Sec'y of HUD

	
125

	
NOT VERIFIED AS MERS REGISTERED

	
126

	
 INTERIM FUNDER IS NOT BLANK

	
127

	
PREPAYMENT CHARGE DOES NOT MATCH SCHEDULE

	
128

	
Lender signature missing

	
129

	
Balloon Call Date does not match system

	
130

	
ARM DATA MISSING

	
131

	
First rate Adjustment Min Rate does not agree with schedule

	
132

	
First Rate Adjustment Max Rate does not agree with schedule

	
134

	
Loan requires new FHLMC review

	
135

	
Co-Borrower name does not agree with schedule

	
136

	
CUSTODIAN NOT ON MERS SYSTEM

	
137

	
WAREHOUSE LENDER NOT BLANK OR IS INCORRECT ON MERS SYSTEM

	
138

	
INVESTOR INCORRECT ON MERS SYSTEM

	
139

	
1st Payment Change Date differs from schedule

	
140

	
Copy Missing

	
141

	
MIN NUMBER is Missing/Incorrect

	
142

	
ARM Note Rounding Method differs from Schedule

	
143

	
1st full amortizing payment date does not match the Schedule

	
144

	
Amortization term does not match schedule

	
145

	
IO Term Does Not Match Schedule

	
146

	
Periodic Payment Cap does not agree with Schedule

	
147

	
File Released in Excess of 30 days

	
148

	
File Released-Attorney Bailee Terminated

	
18A

	
Borrowers Age does not agree Schedule

	
200

	
Lien release/short sale.

	
20A

	
UNRECORDED ORIGINAL INVESTOR ASSIGNMENT

	
21A

	
Document Initialed Inconsistently

	
22A

	
NOTE ENDORSEMENT MISSING TYPED NAME OF SIGNER

	
22B

	
NOTE ENDORSEMENT MISSING TITLE OF OFFICER

	
22C

	
NOTE ENDORSEMENT IS DUPLICATE

	
22D

	
NOTE ENDORSEMENT IS ILLEGIBLE

	
22E

	
ALLONGE TYPED SIGNERS NAME IS MISSING

	
22F

	
ALLONGE TITLE OF OFFICER MISSING

	
22G

	
Allonge verbiage missing from Note

	
22H

	
Endorsement subsequent to allonge is on note

	
277

	
Signature is a facsimile.

	
300

	
Evidence of title received, need title policy

	
301

	
Standard form of Alta policy not received

	
302

	
HUD Insurance Option does not match schedule

	
303

	
Principal Limit does not match schedule

	
304

	
Payment Option does not match schedule

  

  

  

	
305

	
Expected Rate does not match schedule

	
310

	
Max Claim Amount does not agree with Plan

	
311

	
Monthly Servicing Fee does not agree with Plan

	
41A

	
ARM Conversion/Modification Date is Missing/Incorrect

	
440

	
Schedule A missing

	
441

	
Schedule B missing

	
490

	
ARM Ceiling does not agree with Schedule

	
491

	
INTEREST RATE CAPS DO NOT MEET GNMA STANDARDS

	
492

	
Subsequent Adjustment Floor does not agree with schedule

	
493

	
Original Months to Maturity does not match Schedule

	
494

	
Interest Rate Calculation Method does not match Schedule

	
495

	
Payment Change Cap does not match Schedule

	
496

	
First Mandatory Recast period does not match Schedule

	
500

	
ASSIGNMENT TO BLANK S/B TO EMC MTG FROM:

	
501

	
Pmt Change Frequency does not agree with schedule

	
502

	
Draw period does not match schedule

	
503

	
Repayment period  does not match schedule

	
580

	
PREPAYMENT FLAG IS INCORRECT

	
600

	
ENDORSEMENT TO BLANK S/B TO EMC MTG FROM:

	
700

	
Submitted for Recording

	
710

	
Repair Set-Aside Amount differs from Schedule

	
730

	
Closing Cost does not Agree with Schedule

	
731

	
Discharge of Lien does not Agree with Schedule

	
732

	
Outstanding Balance does not Agree with Schedule

	
800

	
File Received, Not Reviewed

	
900

	
Bailee in Lieu of Note

	
901

	
Recorded Document Missing

	
905

	
Damaged Document on recorded Document

	
909

	
Property address does not agree with sch. on recorded doc.

	
914

	
Loan amount does not agree with schedule on recorded doc.

	
918

	
Borrower name does not agree with sch. on recorded document

	
919

	
Legal description missing/incorrect on recorded document

	
924

	
Name is Missing/Incorrect on recorded Document

	
926

	
Signature is missing from recorded document

	
947

	
Incomplete information on Recorded document

	
990

	
Bailee in Lieu of File

	
999

	
NOT REVIEWED

	
AFM

	
FINAL ASSN MISSING/INCORRECT

	
AI1

	
INTERIM (INTERVENING) ASSIGNMENT IS INCOMPLETE

	
AI2

	
INTERIM (INTERVENING) ASSIGNMENT IS INCOMPLETE

	
AI3

	
INTERIM (INTERVENING) ASSIGNMENT IS INCOMPLETE

	
ALL

	
MISSING ALL DOCUMENTS

	
AM1

	
INTERIM ASSN IS MISSING

	
AM2

	
INTERIM (INTERVENING) ASSIGNMENT IS MISSING

	
AM3

	
INTERIM (INTERVENING) ASSIGNMENT IS MISSING

	
ANP

	
NOTARY INFORMATION IS MISSING/INCORRECT ON ASSIGNMENT

	
EFI

	
FINAL (ISSUER TO BLANK/INVESTOR) ENDORSEMENT IS INCOMPLETE

	
EFM

	
FINAL (ISSUER TO BLANK/INVESTOR) ENDORSEMENT IS MISSING

	
EI1

	
INTERIM (INTERVENING) ENDORSEMENT IS INCOMPLETE

	
EI2

	
INTERIM (INTERVENING) ENDORSEMENT IS INCOMPLETE

	
EI3

	
INTERIM (INTERVENING) ENDORSEMENT IS INCOMPLETE

	
EM1

	
INTERIM (INTERVENING) ENDORSEMENT IS MISSING

	
EM2

	
INTERIM (INTERVENING) ENDORSEMENT IS MISSING

	
EM3

	
INTERIM (INTERVENING) ENDORSEMENT IS MISSING

  

  

  

	
END

	
MISSING ENDORSEMENT

	
MIC

	
MIC/LGC is missing or incorrect

	
MNP

	
NOTARY INFORMATION MISSING ON MORTGAGE

	
NNP

	
NOTARY INFORMATION IS MISSING/INCORRECT ON NOTE

	
NPI

	
MONTHLY P & I IS MISSING ON NOTE

	
POA

	
MISSING POWER OF ATTORNEY

	
RF1

	
BLUE SLIP-BUT RFC ASSGN IS REQUIRED

	
SCH

	
PROPERTY ADDRESS ON NOTE IS DIFFERENT THAN SCHEDULE

	
SPI

	
MONTHLY P & I ON SCHEDULE DOES NOT MATCH NOTE

	
01CC

	
Cook County, IL Mortgage Missing Certificate

	
101A

	
VA Eligibility AMT

	
119A

	
Document not Addressed to Freddie Mac

	
128A

	
Officer Name or Title Missing

	
1706

	
PROPERTY ADDRESS ON NOTE IS DIFFERENT THAN 1706

	
1708

	
MISSING RELEASE REQUEST

	
A-01

	
OTHER LOAN #

	
AAMT

	
FNMA ASSIGNMENT IS MISSING THE MORTGAGE AMT

	
ACER

	
ASSIGNMENT COPY NEEDS TO BE ISSUER CERTIFIED

	
ACOP

	
COPY OF ASSIGNMENT IS NOT COUNTY CERTIFIED

	
ADAT

	
NOTE DATE REFERENCED ON ASSIGNMENT IS MISSING/INCORRECT

	
AIM1

	
INTERIM (INTERVENING) ASSIGNMENT IS MISSING/INCORRECT

	
AIM2

	
INTERIM (INTERVENING) ASSIGNMENT IS MISSING/INCORRECT

	
AIM3

	
INTERIM (INTERVENING) ASSIGNMENT IS MISSING/INCORRECT

	
ALEN

	
LENDER NAME IS INCORRECT ON ASSIGNMENT

	
ANAM

	
BORROWER NAME IS MISSING ON ASSIGNMENT

	
AOTH

	
OTHER ASSIGNMENT EXCEPTION

	
AREC

	
ASSIGNMENT SHOWS NO EVIDENCE OF RECORDING

	
AS33

	
MISSING ASSIGNMENT FROM PRINCIPAL TO FHLMC

	
ASCC

	
ASSIGNMENT NEEDS TO BE ISSUER CERTIFIED

	
ASEL

	
CORPORATE SEAL IS MISSING ON ASSIGNMENT

	
ASGN

	
MISSING RECORDED RFC ASSIGNMENT

	
ASIG

	
ASSIGNMENT IS NOT SIGNED BY ISSUING OFFICER

	
ASN1

	
Assignment Exception

	
ASN2

	
Assignment Exception

	
ASN3

	
Assignment Exception

	
ASN5

	
Missing Original, Recorded Interim Assignment

	
ASN6

	
Missing Assignment to GNMA

	
ASN7

	
Missing Assignment to FNMA

	
ASN8

	
Assn indicates Prin Mutual on Deed of Trust

	
ASNE

	
ASSIGNEE NAME IS MISSING/INCORRECT ON ASSIGNMENT

	
ASPE

	
MISSING INT ASSN FROM PUBLIC EMP RET SYSTEM TO PRIN

	
ASPL

	
BORROWER NAME IS MISSPELLED ON FINAL ASSIGNMENT

	
ASSE

	
MISSING INT ASSN FROM SECURITY PACIFIC TO CA EMP RET SYSTEM

	
ASSN

	
Interim Assignment is missing or incorrect

	
ASSO

	
Original Assignment is missing or incorrect

	
AXTR

	
EXTRA UNNECESSARY ASSIGNMENT

	
BLNK

	
BLNK DESCRIPTION

	
CAMT

	
LOAN AMOUNT ON MIC/LGC DOES NOT MATCH MORTGAGE

	
CCZC

	
CITY & ZIP CODE ON MIC BOTH DO NOT MATCH MORTGAGE

	
CMAT

	
MATURITY DATE ON MIC DOES NOT MATCH MORTGAGE

	
CNAM

	
MORTGAGOR NAME ON MIC/LGC DOES NOT MATCH MORTGAGE

	
CNUM

	
HOUSE # ON MIC DOES NOT MATCH MORTGAGE

	
COTH

	
OTHER CERT EXCEPTION

	
CSIG

	
AUTHORIZATION SIGNATURE IS MISSING ON MIC/LGC

  

  

  

	
CSTR

	
STREET NAME ON MIC DOES NOT MATCH MORTGAGE

	
DOFT

	
Deed of Trust is missing or incorrect

	
EDUP

	
DUPLICATE ENDORSEMENT NEEDS TO BE CANCELLED

	
EIM1

	
INTERIM (INTERVENING) ENDORSEMENT IS MISSING/INCORRECT

	
EIM2

	
INTERIM (INTERVENING) ENDORSEMENT IS MISSING/INCORRECT

	
EINI

	
CANCELLED ENDORSEMENT IS NOT INITIALED BY AN OFFICER

	
END1

	
INCORRECT ENDORSEMENT

	
END2

	
Extra Endn from Prin Mutual to Prin Residential

	
END3

	
MISSING BLANK ENDORSEMENT

	
ENDN

	
MISSING ENDORSEMENT FROM NMI TO BLANK

	
ENDP

	
MISSING ENDORSEMENT FROM PRINCIPAL TO BLANK

	
EOTH

	
OTHER ENDORSEMENT EXCEPTION

	
EV01

	
Tamper evident seal validation failed.

	
EV02

	
DTD validation failed.

	
EV03

	
Digital certificate could not be obtained.

	
EV04

	
Digital certificate expired.

	
EV05

	
Digital certificate authentication failed.

	
EV06

	
Digital signature validation failed.

	
EV07

	
Data/View comparison failed.

	
EV08

	
MERS-MIN CRC check failed.

	
EV09

	
Digital certificate not issued by valid SISAC issuer.

	
EV10

	
Document hash does not match MERS eRegistry.

	
EX01

	
MISSING FHLMC STAMP

	
FFPM

	
FINAL PACKAGE IS MISSING

	
FLIS

	
FILE RECEIVED IS NOT ON LIST

	
FOOL

	
FILE RECEIVED DOES NOT BELONG IN POOL

	
GONE

	
ENTIRE FILE IS MISSING

	
I-01

	
Assignment is missing or incorrect

	
I-03

	
Other exception

	
I-04

	
Other exception

	
INIT

	
CANCELLED NOTE ENDORSEMENT IS NOT INITIALLED BY OFFICER

	
INVA

	
Missing Investor Assignment

	
LEGL

	
LEGAL DESCRIPTION MISSING

	
M-01

	
Miscellaneous Document Exceptions

	
MCAS

	
FHA CASE NUMBER ON MORTGAGE DOES NOT MATCH MIC/LGC

	
MCOP

	
COPY OF MORTGAGE IS NOT COUNTY CERTIFIED

	
MINF

	
INFORMATION IS MISSING/INCORRECT ON MORTGAGE

	
MMAT

	
MATURITY DATE MISSING/INCORRECT ON MORTGAGE

	
MNNA

	
NUMERIC AND ALPHA AMOUNTS DO NOT MATCH ON MORTGAGE

	
MORT

	
MORTGAGE IS MISSING OR INCORRECT

	
MOTH

	
OTHER MORTGAGE EXCEPTION

	
MREC

	
MORTGAGE SHOWS NO EVIDENCE OF RECORDING

	
MSIG

	
MORTGAGOR/CO-MORTGAGOR SIGNATURE MISSING ON MORTGAGE

	
NAME

	
Different Name/Address

	
NCOP

	
NOTE IS NOT ORIGINAL

	
NDAT

	
FIRST/LAST PAYMENT DATE IS MISSING ON NOTE

	
NINI

	
NOTE CORRECTION IS NOT INITIALLED

	
NINT

	
INTEREST RATE IS MISSING ON NOTE

	
NLEN

	
LENDER NAME IS MISSING ON NOTE

	
NNNA

	
NUMERIC AND ALPHA LOAN AMOUNTS DO NOT MATCH ON NOTE

	
NOT1

	
NOTE EXCEPTION

	
NOT2

	
NOTE EXCEPTION

	
NOTE

	
Note is missing or incorrect

	
NOTH

	
OTHER NOTE EXCEPTION

  

  

  

	
NRID

	
NOTE RIDER/ALLONGE/MODIFICATION IS NOT ORIGINAL

	
NSIG

	
BORROWER SIGNATURE IS INCOMPLETE ON NOTE

	
OBOR

	
DOCUMENT(S) IN THE FILE IS/ARE FOR OTHER BORROWER

	
OEXC

	
OTHER MISCELLANEOUS EXCEPTION

	
ONUM

	
OTHER LOAN # (FOR FHLMC)

	
POAC

	
POWER OF ATTORNEY COPY IS NOT CERTIFIED

	
POAM

	
POWER OF ATTORNEY IS MISSING

	
RFC0

	
NOT STAMPED ARS BUT EXTRA ASSIGN

	
RFC1

	
MISSING ASSIGNMENT(S)

	
RFC2

	
MISSING RECORDED OR COUNTY CERTIFIED ASSIGNMENT(S)

	
RFC3

	
ENDORSEMENT EXCEPTION

	
RFC8

	
STAMPED ARS OR PINK SLIP BUT NOT MISSING ASSIGN

	
RFC9

	
STAMPED ARS BUT IS MISSING ASSIGN

	
SADR

	
PROPERTY ADDRESS ON SCHEDULE DOES NOT MATCH NOTE

	
SAMT

	
ORIGINAL LOAN AMT ON SCHEDULE DOES NOT MATCH NOTE

	
SCIT

	
CITY ON SCHEDULE DOES NOT MATCH NOTE

	
SCZC

	
CITY & ZIP CODE BOTH DO NOT MATCH NOTE

	
SDAT

	
FIRST/LAST PAYMENT DATES ON SCHEDULE DO NOT MATCH NOTE

	
SIGN

	
BORROWER'S SIGNATURE IS INCOMPLETE ON NOTE

	
SINF

	
LOAN INFORMATION ON SCHEDULE DOES NOT MATCH NOTE

	
SINT

	
INTEREST RATE ON SCHEDULE DOES NOT MATCH NOTE

	
SLAB

	
NAME ON SCHEDULE AND LABEL DOES NOT MATCH NOTE

	
SNAM

	
NAME ON SCHEDULE DOES NOT MATCH NOTE

	
SNUM

	
HOUSE # ON SCHEDULE DOES NOT MATCH NOTE

	
SOTH

	
OTHER SCHEDULE EXCEPTION

	
SPLA

	
BORROWER'S NAME IS MISSPELLED ON ASSIGNMENT

	
SPLB

	
BORROWER'S NAME IS MISSPELLED ON SCHEDULE, FILE AND ASSIGN

	
SSTR

	
STREET NAME ON SCHEDULE DOES NOT MATCH NOTE

	
STAT

	
STATE ON SCHEDULE DOES NOT MATCH NOTE

	
SZIP

	
ZIP CODE ON SCHEDULE DOES NOT MATCH NOTE

	
TAMT

	
TITLE POLICY INSURANCE AMOUNT IS LESS THAN MORTGAGE

	
TCOP

	
TITLE POLICY COPY MISSING ORIGINAL AUTHORIZED SIGNATURE

	
TDAT

	
MORTGAGE DATE IN SCHEDULE "A" IS INCORRECT

	
TDES

	
MORTGAGE DESCRIPTION IN SCHEDULE "A" IS INCORRECT

	
TLGL

	
LEGAL DESCRIPTION IS MISSING FROM TITLE POLICY

	
TMTG

	
MORTGAGE AMOUNT IN SCHEDULE "A" IS INCORRECT

	
TNAM

	
NAME OF BORROWER IS INCORRECT ON TITLE POLICY

	
TOTH

	
OTHER TITLE POLICY EXCEPTION

	
TPOL

	
Title Policy is missing or incorrectUnassociated Document

Summary of Loan Agreement

Agreement #[     ]

 

Party A (Borrower): Beijing Jiachenhong Biological Technologies, Co., Ltd.

Party B (Lender): Huaxia Bank, Beijing Xiushui Branch

Article 1 Type of Loan

Working Capital Loan

Article 2 Amount and Currency of Loan

	
2.1

	
The currency of the loan stipulated in the agreement is Renminbi (“RMB”).

	
2.2

	
The amount of the loan under this agreement is RMB45,000,000.

Article 3 Purpose of Loan

The loan under this agreement is limited to be used for general work capital. Without Party B’s written consent, Party A shall not change the purpose of the loan.

Article 4 Term of Loan

	
4.1

	
The term of  the loan under this agreement is one year, commencing May 11, 2010 to May 11, 2011.

	
4.2

	
The total amount of the loan is drawn down on May 11, 2010.

	
4.3

	
The loan shall be repaid on May 11, 2011.

	
4.4

	
In the event the actual drawdown date and the due date of the last repayment date is inconsistent to the aforementioned provisions, the drawdown date and the due date shall be determined by the date specified on the borrowing certificate.

Article 5 Interest Rate of Loan

	
5.1

	
The interest rate of the loan under the agreement is 5.841% per annum. After the agreement is executed, in the event the People’s Bank of China (the “PBOC”) adjusts the benchmark interest rate prior to the actual drawdown date, the interest rate of the loan under the agreement shall be calculated pursuant to the floating adjustment set forth in Article 5.5 based on the adjusted benchmark interest rate of the same term.

	
5.2

	
Interest = actual remaining balance x days of which interests are applicable x interest rate/365.

	
5.3

	
The interest of the loan under the agreement shall be calculated monthly. The interest payment date is the 20th day of every month. The last interest payment date is the due date of the agreement.

	
5.4

	
In the event the PBOC adjusts the benchmark interest rate of the same term after the loan is launched, the interest of the loan shall be adjusted monthly. The adjusted interest rate of the loan shall commence to be applied from the second day of the first interest payment date after the adjustment.

	
5.5

	
In the event the interest rate is adjusted pursuant to Article 5.1 and Article 5.4, it shall be up-floated 10% based on the adjusted PBOC benchmark interest rate.

	
5.6

	
Punitive interest rate will change if the interest rate of this agreement has been adjusted.

	
5.7

	
Party B can made the above mentioned adjustment without Party A consent.

 

Article 6 Condition Precedent of Drawdown (6.1 - 6.3)

 

Article 7 Withdrawal of Loan (7.1 - 7.6)

Party A shall prove to Party B the usage of the loan is in accordance with the terms specified in this agreement.

 

Article 8 Monitoring of Loan Circulation

Party A shall open a bank account in Party B and maintain not less than 10% of the loan amount in that account.

Article 9 Repayment of Loan

	
9.1

	
The repayment source of Party A is including but not limited to its operating income.

  

1

  

	
9.2

	
Party A shall deposit the full amount of the repayment (the interests, the principal) in the account opened with Party B upon the maturity date (the interest payment date, the principal repayment date). Party B is entitled to withdraw the aforesaid repayment from such account.

	
9.3

	
For the remaining balances which are due but not yet settle, Party B has the right to withdraw directly from Party A other bank account(s) (under Party B).

	
9.4

	
Sequence of settlement during repayment.

	
9.5

	
In case Party A intends to prepay the loan before maturity, it shall submit an advance written application within 10 business days prior to the prepayment to obtain the written consent of Party B. Party B shall calculate the interest based on the aforesaid interest rate and the actual borrowing days of the loan.

Article 10 Guarantee/Mortgage/ Pledge of Loan

The loan is guaranteed by the maximum mortgage agreement entered into by and between Party A and Party B.

Article 11 Right and Obligation of Party A

	
11.1

	
Party A shall warrant that it was legally incorporated.

	
11.2

	
Party A shall warrant that it obtained all the approvals of the competent authorities and the board of directors.

	
11.3

	
Party A shall warrant that the execution of this agreement does not violate any terms binding Party A and its assets, any other agreement, and guarantee/ mortgage/ pledge agreement entered between Party A and the other party, and terms of any document, covenant and promise binding Party A.

	
11.4

	
Party A shall warrant that it provided all necessary documents and information as requested by Party B, and all of the documents and information submitted are true, accurate, legal and valid.

	
11.5

	
Party A debt to assets ratio cannot exceed 40% during the term of this agreement.

	
11.6

	
Party A is entitled to drawdown and use the loan in accordance with the agreement.

	
11.7

	
Party A opens a bank account and Party B has the right to supervise such bank account.

	
11.8

	
Party A shall use the loan in compliance with the purpose of the loan aforementioned in this agreement.

	
11.9

	
Party A shall cooperate with Party B with regard to the credit check performed by Party B upon issuance, execution and maturity of the loan.

	
11.10

	
Party A shall repay the loan and relevant interests in accordance with the agreement.

	
11.11

	
Party A shall send Party B a 30-day written notice prior to the occurrence of the events, including but not limited to the outsource, lease, escrow, asset restructure, debt restructure, equity restructure, co-operating business, merger, acquisition, joint venture, capital deduction, dissolution application, reforming application, bankruptcy application or other events could change its organization or system and legal status, and complies with repayment obligation agreed by the written consent of Party B, or provides new guarantees/ mortgages/ pledges accepted by Party B, otherwise Party A shall not carry out the aforesaid activities unless repayment under this agreement has been fully made.

	
11.12

	
Party A shall send a written notice to Party B within 3 days after the occurrence of the events, including but not limited to being announced to cease productions, suspend its business, be dissolved, be reformed, bankrupt, and other events could change its organization or system and legal status, and shall adopt adequate treatments to protect rights and interests of Party B.

	
11.13

	
Party A shall send a written notice to Party B within 3 days after the occurrence of any other event that might affect its own business operation or rights of Party B.

 

 

2

 

 

	
11.14

	
In the event Party A changes its address, legal representative, or have major changes in the management, it shall notify Party B in writing within 7 days after the occurrence of such changes.

	
11.15

	
Without written consent of Party B, Party A shall not sell certain assets, prepay other debts, or provide guarantees/ mortgages/ pledges to the third party before Party A fully repays the principal and interests of the loan.

	
11.16

	
Party A shall not enter into any agreement that would damage the interests and rights of Party B under this agreement.

	
11.17

	
In the event the guarantee/ mortgage/ pledge is provided, if the guarantor/ mortgagor/ pledgor violates its obligations or is incapable to provide such guarantee/ mortgage/ pledge, Party A shall provide new guarantee/ mortgage/ pledge.

Article 12 Right and Obligation of Party B

	
12.1

	
Party B is entitled to request Party A to provide relevant materials and information under this agreement.

	
12.2

	
Party B is entitled to monitor and supervise the use of loan, and inquire the business operation, financial condition and condition of guarantees/ mortgages/ pledges, and disputes.

	
12.3

	
Party B has the right to request Party A to open a settlement account with the lender, and to monitor such account in accordance to the terms mentioned in the agreement.

	
12.4

	
Under the conditions of not breaching the law, legislations and regulatory requirements, lender has the right to participate in material financing projects, as to protect Party A’s right in recovering the loan.

	
12.5

	
Party B has the right to terminate the release of loan or call back the loan if Party A fails to fulfill the terms and conditions in the agreement.

	
12.6

	
Party B has the right to call back the loan if Party A recovers the loan before maturity.

	
12.7

	
Party B shall issue the loan if Party A fulfills all the obligations under this agreement.

	
12.8

	
Party B shall comply with its confidential obligations to the business, financial and production materials provided by Party A.

	
12.9

	
Party B should notify of any change of address.

 

Article 13 Breach Liability

	
13.1

	
In the event any party does not perform or partially perform its obligations under this agreement, it shall bear the breach liabilities.

	
13.2

	
In the event Party A or the guarantor/ mortgagor/ pledgor does not complete the guarantee/ mortgage/ pledge procedure, or does not conduct the drawdown procedure in accordance with the agreement, and the date to launch the loan has passed for 30 days, Party B is entitled to cancel the agreement and request Party A to prepay the launched loan.

	
13.3

	
In the event Party A is not in compliance with the agreement to repay the principal, it shall pay Party B the punitive interests calculated by the interest rate stipulated in this agreement plus 50% commencing the deferral date. Party A shall pay Party B the compound interest for the default interests during the term of the loan. In the event Party A does not repay the interest after the repayment of the loan is default, it shall pay compound interests calculated by the punitive interest rate under this agreement.

	
13.4

	
In the event Party A does not use the loan in compliance with the purpose, is shall pay Party B the punitive interests and compound interests calculated based on the interest rate stipulated in this agreement plus 100% as punitive interest rate against the breach amount of the principle and interests commencing the breach date.

	
13.5

	
In the event Party A defers to repay the loan or does not use the loan in compliance with the purpose, it shall pay deferral interests, punitive interests and compound interests calculated on a monthly basis.

  

3

  

	
13.6

	
Party A shall bear the legal expense, arbitration expense and other relevant expense incurred by Party B, due to the lawsuit against the breach of Party A.

	
13.7

	
Party B is entitled to declare that all issued loan shall become immediately due and the principal and interests of the issued loan shall be repaid by Party A and at the same time adopt corresponding measures, if one of the following events occur:

	
13.7.1

	
Party A does not comply with the purpose of using the loan, or not fully repay the principal, interests and other payments in accordance with the agreement;

	
13.7.2

	
Party A does not follow the agreed loan usage as specified in this agreement.

	
13.7.3

	
Party A exceeds the agreed financial indicator as specified in this agreement.

	
13.7.4

	
Party A does not withdraw loan in accordance with the terms specified in this agreement.

	
13.7.5

	
Party A does not comply with the terms specified in this agreement and purposely decentralizes loan withdrawal amount.

	
13.7.6

	
Party A provides Party B with false information, or omits material financial information;

	
13.7.7

	
Party A rejects Party B’s inspection of  the usage of the loan or monitoring of its production, operation and financial activities;

	
13.7.8

	
Party A uses the loan to make equity investments;

	
13.7.9

	
Party A uses the loan to conduct speculative businesses on securities, futures, real estates, or other illegal transactions;

	
13.7.10

	
Party A lends the loan to the other persons to make illegal profits;

	
13.7.11

	
Party A obtains the loan by fraudulence;

	
13.7.12

	
Party A and its related parties use fake agreements, note receivables, account receivables as pledge to obtain the loan from Party B;

	
13.7.13

	
Party A intends to breach its obligations to Party B through the related transactions;

	
13.7.14

	
Party A violates any representation or warranty of the agreements, in which it is one of the parties, and causes material breaches to other debts;

	
13.7.15

	
Any change of Party A’s business model, organization or legal status, including but not limited to the outsource, lease, escrow, asset restructure, debt restructure, equity restructure, joint venture business, merger, acquisition, spin-off, capital reduction, dissolution application, reforming application, bankruptcy application, and Party A does not obtain the written consent of Party B and complies with repayment obligations in accordance with the agreement, or provides new guarantees/ mortgages/ pledges accepted by Party B;

	
13.7.16

	
The adverse changes occur to the guarantees/ mortgages/ pledges under this agreement, including but not limited to the loss or value decrease of the collaterals, or the guarantor/ mortgagor/ pledgor breaches any of its obligations and Party A is unable to provide new guarantee/ mortgage/ pledge requested by Party B;

	
13.7.17

	
The guarantee/ mortgage/ pledge agreement does not become effective, is void, or is cancelled, or the guarantor/ mortgagor/ pledgor partially or fully loses its ability to provide the aforesaid, or expressly states that it will not perform such obligations, or violates any obligation under the guarantee/ mortgage/ pledge agreement or the agreement entered into with the third party, and Party A does not provide new guarantee/ mortgage/ pledge requested by Party B;

	
13.7.18

	
Party A’s representations and warranties are untrue, incorrect or contain material omission;

	
13.7.19

	
Party A expressly states or acts that it would not perform its obligations under the agreement;

	
13.7.20

	
During the loan period, Party A’s debt to assets ratio exceeds 40%.

	
13.7.21

	
Party A violates other obligations under this agreement and Party B acknowledges such violation would affect its rights and interests under this agreement.

	
13.7.22

	
Information provided by Party A for loan withdrawal is false or Party A fails to comply with its commitments made upon loan withdrawal request.

	
13.8

	
After Party A meets all loan withdrawal criteria and completes all loan withdrawal procedures, if Party B fails to release the loan to Party A in 7 business days, Party A can claim punitive interests from Party B. Calculation of such interests shall follow Article 13.3 in this agreement.

 

  

4

  

Article 14 Effectiveness

This agreement becomes effective upon the execution.

Article 15 Transfer, Change and Cancellation

	
15.1

	
Party B may transfer rights and claims under this agreement in whole or in part to a third party without Party A’s consent.

	
15.2

	
With written consent of Party B, Party A shall provide Party B with the written documents of the guarantor/ mortgagor/ pledgor agreeing to continue to provide such guarantee/ mortgage/ pledge, or provide new guarantor/ mortgagor/ pledgor to Party B, in order to transfer its debts under this agreement in whole or in part to a third party.

	
15.3

	
Any change to this agreement shall be reached through written consents of both parties.

	
15.4

	
In the event Party A requests to extend this agreement, it shall obtain Party B’s consent and sign the extension agreement.

	
15.5

	
Party B is entitled to cancel this agreement and request the principal and interests of the loan to be prepaid, if one of the following events occurs:

	
15.5.1

	
The operational and financial condition of Party A worsens, and it is unable to repay the debts when due, or it involves material lawsuits which adversely affect the repayment of the debts.

	
15.5.2

	
The credit condition, business operation and financial condition of the corporate group customers of Party A materially worsen, and cause material adverse effects to Party B’s interests and rights to the loan.

	
15.5.3

	
Party A’s business is suspended, or it is dissolved, or its business license is withdrawn.

	
15.5.4

	
Other events causing material damages to the rights and interests of Party B under this agreement occur.

Article 16 Dispute Resolution

Article 17 Miscellaneous

 

Party A: Beijing Jiachenhong Biological Technologies, Co., Ltd.

Legal Representative: Ms. Ting Zheng  (with signature and corporate seal)

 

Party B: Huaxia Bank, Beijing Xiushui Branch

Legal Representative/ Responsible Person: [     ]  (with signature and corporate seal)

 

Execution Date: April 30, 2010

 

  

5

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