Document:

Exhibit 4.2

 

AMERICAN LITHIUM MINERALS, INC.

 

NOTICE OF GRANT

 

Capitalized
but otherwise undefined terms in this Notice of Grant and the attached Stock
Option Agreement shall have the same defined meanings as in the 2010 Stock
Plan.

 

	
  Name:

  	
  Address:

  	
   

  
	
  Phone:

  	
  Fax:

  	
  Email:

  

 

You
have been granted an option (the “Option”) to purchase Common Stock of the
Corporation, subject to the terms and conditions of the Plan and the attached
Stock Option Agreement, as follows:

 

	
   

  	
  Date
  of Grant:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Vesting
  Commencement Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Option
  Price per Share:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Total
  Number of Shares Granted:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Total
  Option Price:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Type
  of Option:

  	
  Incentive
  Stock Option

  
	
   

  	
   

  	
  Nonqualified
  Stock Option

  
	
   

  	
   

  	
   

  
	
   

  	
  Term/Expiration
  Date:

  	
  Five
  (5) years after Date of Grant

  

 

Vesting
Schedule:

 

The
Option shall vest, in whole or in part, in accordance with the following
schedule:

 

 

AMERICAN LITHIUM MINERALS, INC.

 

2010 STOCK PLAN

 

STOCK OPTION AGREEMENT

 

This STOCK OPTION AGREEMENT (“Agreement”),
dated as of the       day of      , 2010 is made by and between
AMERICAN LITHIUM MINERALS, INC., a Nevada corporation (the “Corporation”),
and       (the “Optionee,” which term as used herein
shall be deemed to include any successor to the Optionee by will or by the laws
of descent and distribution, unless the context shall otherwise require).

 

BACKGROUND

 

Pursuant to the Corporation’s 2010 Stock Plan (the “Plan”), the
Corporation, acting through the Committee of the Board of Directors (if a
committee has been formed to administer the Plan) or its entire Board of
Directors (if no such committee has been formed) responsible for administering
the Plan (in either case, referred to herein as the “Committee”), approved the
issuance to the Optionee,       share options at $      per share, effective as of the date set forth
above, of a stock option to purchase shares of Common Stock of the Corporation
at the price (the “Option Price”) set forth in the attached Notice of Grant
(which is expressly incorporated herein and made a part hereof, the “Notice of
Grant”), upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual premises and
undertakings hereinafter set forth, the parties hereto agree as follows:

 

1.             Option; Option Price.  On behalf of the Corporation, the Committee
hereby grants to the Optionee the option (the “Option”) to purchase, subject to
the terms and conditions of this Agreement and the Plan (which is incorporated
by reference herein and which in all cases shall control in the event of any
conflict with the terms, definitions and provisions of this Agreement), that
number of shares of Common Stock of the Corporation set forth in the Notice of
Grant, at an exercise price per share equal to the Option Price as is set forth
in the Notice of Grant (the “Optioned Shares”). 
If designated in the Notice of Grant as an “incentive stock option,” the
Option is intended to qualify for Federal income tax purposes as an “incentive
stock option” within the meaning of Section 422 of the Code.  A copy of the Plan as in effect on the date
hereof has been supplied to the Optionee, and the Optionee hereby acknowledges
receipt thereof.

 

2.             Term.  The term (the “Option Term”) of the Option
shall commence on the date of this Agreement and shall expire on the Expiration
Date set forth in the Notice of Grant unless such Option shall theretofore have
been terminated in accordance with the terms of the Notice of Grant, this
Agreement or of the Plan.

 

3.             Time of Exercise.

 

(a)           Unless accelerated in the discretion of the
Committee or as otherwise provided herein, the Option shall become exercisable
during its term in accordance with the Vesting Schedule set out in the Notice
of Grant.  Subject to the provisions of
Sections 5 and 8 hereof, 

 

 

shares
as to which the Option becomes exercisable pursuant to the foregoing provisions
may be purchased at any time thereafter prior to the expiration or termination
of the Option.

 

(b)           Anything contained in this Agreement to the contrary
notwithstanding, to the extent the Option is intended to be an Incentive Stock
Option, the Option shall not be exercisable as an Incentive Stock Option, and
shall be treated as a Non-Statutory Option, to the extent that the aggregate
Fair Market Value on the date hereof of all stock with respect to which Incentive
Stock Options are exercisable for the first time by the Optionee during any
calendar year (under the Plan and all other plans of the Corporation, its
parent and its subsidiaries, if any) exceeds $100,000.

 

4.             Termination of Option.

 

(a)           The Optionee may exercise the Option (but only to
the extent the Option was exercisable at the time of termination of the
Optionee’s Business Relationship with the Corporation, its parent or any of its
subsidiaries) at any time within three (3) months following the termination
of the Optionee’s Business Relationship with the Corporation, its parent or any
of its subsidiaries, but not later than the scheduled expiration date.  If the termination of the Optionee’s
employment is for cause or is otherwise attributable to a breach by the
Optionee of an employment, non-competition, non-disclosure or other material
agreement, the Option shall expire immediately upon such termination.  If the Optionee is a natural person who dies
while in a Business Relationship with the Corporation, its parent or any of its
subsidiaries, this option may be exercised, to the extent of the number of
shares with respect to which the Optionee could have exercised it on the date
of his death, by his estate, personal representative or beneficiary to whom this
option has been assigned pursuant to Section 9 of the Plan, at any time
within the twelve (12) month period following the date of death.  If the Optionee is a natural person whose
Business Relationship with the Corporation, its parent or any of its subsidiaries
is terminated by reason of his disability, this Option may be exercised, to the
extent of the number of shares with respect to which the Optionee could have
exercised it on the date the Business Relationship was terminated, at any time
within the twelve (12) month period following the date of such termination, but
not later than the scheduled expiration date. 
At the expiration of such three (3) or twelve (12) month period or
the scheduled expiration date, whichever is the earlier, this Option shall
terminate and the only rights hereunder shall be those as to which the Option
was properly exercised before such termination.

 

(b)           Anything contained herein to the contrary
notwithstanding, the Option shall not be affected by any change of duties or
position of the Optionee (including a transfer to or from the Corporation, its
parent or any of its subsidiaries) so long as the Optionee continues in a
Business Relationship with the Corporation, its parent or any of its
subsidiaries.

 

5.             Procedure for Exercise.

 

(a)           The Option may be exercised, from time to time, in
whole or in part (but for the purchase of whole shares only), by delivery of a
written notice in the form attached as Exhibit A hereto (the “Notice”)
from the Optionee to the Secretary of the Corporation, which Notice shall:

 

(i)            state that the Optionee elects to exercise the
Option;

 

 

(ii)           state the number of shares with respect to which the
Option is being exercised (the “Optioned Shares”);

 

(iii)          state the method of payment for the Optioned Shares
pursuant to Section 5(b);

 

(iv)          state the date upon which the Optionee desires to
consummate the purchase of the Optioned Shares (which date must be prior to the
termination of such Option and no later than 30 days from the delivery of such
Notice);

 

(v)           include any representations of the Optionee required
under Section 8(b);

 

(vi)          if the Option shall be exercised in accordance with Section 9
of the Plan by any person other than the Optionee, include evidence to the
satisfaction of the Committee of the right of such person to exercise the
Option; and

 

(b)                           Payment of the
Option Price for the Optioned Shares shall be made either (i) by delivery
of cash or a check to the order of the Corporation in an amount equal to the
Option Price, (ii) if approved by the Committee, by delivery to the
Corporation of shares of Common Stock of the Corporation having a Fair Market
Value on the date of exercise equal in amount to the Option Price of the
options being exercised, (iii) by any other means which the Board of Directors
determines are consistent with the purpose of the Plan and with applicable laws
and regulations (including, without limitation, the provisions of Rule 16b-3
and Regulation T promulgated by the Federal Reserve Board), or (iv) by any
combination of such methods of payment.

 

(c)                           The Corporation
shall issue a stock certificate in the name of the Optionee (or such other
person exercising the Option in accordance with the provisions of Section 9
of the Plan) for the Optioned Shares as soon as practicable after receipt of
the Notice and payment of the aggregate Option Price for such shares.

 

6.             No Rights as a Stockholder.  The Optionee shall not have any privileges of
a stockholder of the Corporation with respect to any Optioned Shares until the
date of issuance of a stock certificate pursuant to Section 5(c).

 

7.             Adjustments. The Plan
contains provisions covering the treatment of options in a number of
contingencies such as stock splits and mergers. 
Provisions in the Plan for adjustment with respect to stock subject to
options and the related provisions with respect to successors to the business
of the Corporation are hereby made applicable hereunder and are incorporated
herein by reference.  In general, the
Optionee should not assume that options would survive the acquisition of the
Corporation.

 

8.             Additional Provisions Related to
Exercise.

 

(a)           The Option shall be exercisable only on such date or
dates and during such period and for such number of shares of Common Stock as
are set forth in this Agreement.

 

 

(b)           To exercise the Option, the Optionee shall follow
the procedures set forth in Section 5 hereof.  Upon the exercise of the Option at a time
when there is not in effect a registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), relating to the shares of Common
Stock issuable upon exercise of the Option, the Committee in its discretion
may, as a condition to the exercise of the Option, require the Optionee (i) to
execute an Investment Representation Statement substantially in the form set
forth in Exhibit B hereto and (ii) to make such other
representations and warranties as are deemed appropriate by counsel to the
Corporation.

 

(c)           Stock certificates representing shares of Common
Stock acquired upon the exercise of Options that have not been registered under
the Securities Act shall, if required by the Committee, bear an appropriate
restrictive legend referring to the Securities Act.  No shares of Common Stock shall be issued and
delivered upon the exercise of the Option unless and until the Corporation
and/or the Optionee shall have complied with all applicable Federal or state
registration, listing and/or qualification requirements and all other
requirements of law or of any regulatory agencies having jurisdiction.

 

9.             No Evidence of Employment or
Service.  Nothing contained in the Plan or this
Agreement shall confer upon the Optionee any right to continue in a Business
Relationship with the Corporation, its parent or any of its subsidiaries or
interfere in any way with the right of the Corporation, its parent or its
subsidiaries (subject to the terms of any separate agreement to the contrary)
to terminate the Optionee’s Business Relationship or to increase or decrease
the Optionee’s compensation at any time.

 

10.           Restriction on Transfer.  The Option may not be transferred, pledged,
assigned, hypothecated or otherwise disposed of in any way by the Optionee,
except by will or by the laws of descent and distribution, and may be exercised
during the lifetime of the Optionee only by the Optionee.  If the Optionee dies, the Option shall
thereafter be exercisable, during the period specified in Section 4, by
his executors or administrators to the full extent to which the Option was
exercisable by the Optionee at the time of his death.  The Option shall not be subject to execution,
attachment or similar process.  Any
attempted assignment, transfer, pledge, hypothecation or other disposition of
the Option contrary to the provisions hereof, and the levy of any execution,
attachment or similar process upon the Option, shall be null and void and
without effect.  The words “transfer” and
“dispose” include without limitation the making of any sale, exchange,
assignment, gift, security interest, pledge or other encumbrance, or any
contract therefor, any voting trust or other agreement or arrangement with
respect to the transfer of any interest, beneficial or otherwise, in the
Option, the creation of any other claim thereto or any other transfer or
disposition whatsoever, whether voluntary or involuntary, affecting the right,
title, interest or possession with respect to the Option.

 

11.           Specific Performance.  Optionee expressly agrees that the
Corporation will be irreparably damaged if the provisions of this Agreement and
the Plan are not specifically enforced. 
Upon a breach or threatened breach of the terms, covenants and/or
conditions of this Agreement or the Plan by the Optionee, the Corporation
shall, in addition to all other remedies, be entitled to a temporary or
permanent injunction, without showing any actual damage, and/or decree for
specific performance, in accordance with the provisions hereof and
thereof.  The Board of Directors shall
have the power to determine what constitutes a breach or threatened

 

 

breach
of this Agreement or the Plan.  Any such
determinations shall be final and conclusive and binding upon the Optionee.

 

12.           Disqualifying Dispositions.  To the extent the Option is intended to be an
Incentive Stock Option, and if the Optioned Shares are disposed of within two years
following the date of this Agreement or one year following the issuance thereof
to the Optionee (a “Disqualifying Disposition”), the Optionee shall,
immediately prior to such Disqualifying Disposition, notify the Corporation in
writing of the date and terms of such Disqualifying Disposition and provide
such other information regarding the Disqualifying Disposition as the
Corporation may reasonably require.

 

13.           Notices.  All notices or other communications which are
required or permitted hereunder shall be in writing and sufficient if (i) personally delivered or sent by
telecopy, (ii) sent by
nationally-recognized overnight courier or (iii) sent
by registered or certified mail, postage prepaid, return receipt requested,
addressed as follows:

 

if to the Optionee, to the address (or telecopy number) set forth on
the Notice of Grant; and

 

if to the Corporation, to its principal executive office as specified
in any report filed by the Corporation with the Securities and Exchange
Commission or to such address as the Corporation may have specified to the
Optionee in writing, Attention: Corporate Secretary.

 

or
to such other address as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith.  Any such communication shall be deemed to
have been given (i) when delivered, if personally delivered, or when
telecopied, if telecopied, (ii) on the first Business Day (as hereinafter
defined) after dispatch, if sent by nationally-recognized overnight courier and
(iii) on the third Business Day following the date on which the piece of
mail containing such communication is posted, if sent by mail.  As used herein, “Business Day” means a day
that is not a Saturday, Sunday or a day on which banking institutions in the
city to which the notice or communication is to be sent are not required to be
open.

 

14.           No Waiver.  No waiver of any breach or condition of this
Agreement shall be deemed to be a waiver of any other or subsequent breach or
condition, whether of like or different nature.

 

15.           Optionee Undertaking.  The Optionee hereby agrees to take whatever
additional actions and execute whatever additional documents the Corporation
may in its reasonable judgment deem necessary or advisable in order to carry
out or effect one or more of the obligations or restrictions imposed on the
Optionee pursuant to the express provisions of this Agreement.

 

16.           Modification of Rights.  The rights of the Optionee are subject to
modification and termination in certain events as provided in this Agreement
and the Plan.

 

17.           Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Nevada applicable to
contracts made and to be wholly performed therein, without giving effect to its
conflicts of laws principles.

 

18.           Counterparts; Facsimile Execution.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall

 

 

constitute
one and the same instrument.  Facsimile
execution and delivery of this Agreement is legal, valid and binding execution
and delivery for all purposes.

 

19.           Entire Agreement.  This Agreement (including the Notice of
Grant) and the Plan, and, upon execution, the Notice and Investment Representation
Statement, constitute the entire agreement between the parties with respect to
the subject matter hereof, and supersede all previously written or oral
negotiations, commitments, representations and agreements with respect thereto.

 

20.           Severability.  In the event one or more of the provisions of
this Agreement should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein.

 

21.           WAIVER OF JURY TRIAL.  THE OPTIONEE HEREBY EXPRESSLY, IRREVOCABLY
AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[signature page follows]

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Option Agreement as of the date first written above.

 

	
   

  	
  AMERICAN
  LITHIUM MINERALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Optionee:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  

 

 

NOTE RE: EXHIBITS

 

EXHIBITS A AND B ARE TO BE SIGNED

 

WHEN OPTIONS ARE
EXERCISED,

 

NOT WHEN OPTION AGREEMENT
IS SIGNED.

 

 

EXHIBIT A

 

AMERICAN LITHIUM MINERALS, INC.

 

2010 STOCK PLAN

 

EXERCISE NOTICE

 

American
Lithium Minerals, Inc.

Attention:  Chief Executive Officer

 

1.             Exercise of
Option.  Effective as of today,
                                              ,
20     , the undersigned (the “Optionee”) hereby elects to
exercise the Optionee’s option to purchase
                                  shares of the Common Stock (the “Shares”) of
American Lithium Minerals, Inc. (the “Corporation”) under and pursuant to
the 2010 Stock Plan (the “Plan”) and the Stock Option Agreement dated
                  
(the “Stock Option Agreement”), with the purchase of the Shares to be
consummated on
                            
      ,         
(the “Effective Date”), which date is prior to the termination of the Option
and no later than 30 days from the date of delivery of this Notice.

 

2.             Representations
of the Optionee.  The Optionee
acknowledges that the Optionee has received, read and understood the Plan and
the Stock Option Agreement and agrees to abide by and be bound by their terms
and conditions.

 

3.             Rights as
Shareholder; Shares Subject to Stockholders Agreement.  Until the stock certificate evidencing such
Shares is issued (as evidenced by the appropriate entry on the books of the
Corporation or of a duly authorized transfer agent of the Corporation), no
right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Shares, notwithstanding the exercise of the
Option.  The Corporation shall issue (or
cause to be issued) such stock certificate promptly after the Effective Date,
provided the applicable price has been paid and the required documents have
been received.  No adjustment will be
made for a dividend or other right for which the record date is prior to the
date the stock certificate is issued, except as otherwise provided in the Plan.  Unless waived by the Corporation in writing,
the Shares shall automatically become subject to the terms and conditions of
any stockholders agreement or similar agreement to which a majority of the
outstanding capital stock of the Corporation is subject at the time of exercise
and the Optionee shall sign as a condition to the issuance of the Shares such
joinder agreement, signature pages or other documents in order to evidence
the Optionee’s agreement to be so bound.

 

4.             Tax Consultation.  The Optionee understands that the Optionee
may suffer adverse tax consequences as a result of the Optionee’s purchase or
disposition of the Shares.  The Optionee
represents that the Optionee has consulted with any tax consultants the
Optionee deems advisable in connection with the purchase or disposition of the
Shares and that the Optionee is not relying on the Corporation for any tax
advice.

 

 

5.             Successors and
Assigns.  The Corporation may assign
any of its rights under the Stock Option Agreement to single or multiple
assignees (who may be stockholders, officers, directors, employees or
consultants of the Corporation), and this Agreement shall inure to the benefit
of the successors and assigns of the Corporation.  Subject to the restrictions on transfer set
forth in the Stock Option Agreement, this Agreement shall be binding upon the
Optionee and his or her heirs, executors, administrators, successors and
assigns.

 

6.             Interpretation.
Any dispute regarding the interpretations of this Agreement shall be submitted
by the Optionee or by the Corporation forthwith to the Committee, which shall
review such dispute at its next regular meeting.  The resolution of such a dispute by the
Committee shall be final and binding on the Corporation and on the Optionee.

 

7.             Governing Laws:
Severability.  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York applicable to contracts made and to be wholly performed therein, without
giving effect to its conflicts of laws principles.  Should any provision of this Agreement be
determined by a court of law to be illegal or unenforceable, the other
provisions shall nevertheless remain effective and shall remain enforceable.

 

8.             Notices.  Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given if given in the
manner specified in the Stock Option Agreement.

 

9.             Further
Instruments.  The parties agree to
execute such further instruments and to take such further action as may be
reasonably necessary to carry out the purposes and intent of this Agreement.

 

10.           Delivery of
Payment.  The Optionee herewith
delivers to the Corporation the full Option Price for the Shares.

 

11.           Entire Agreement.  The Plan, the Notice of Grant, and the Stock
Option Agreement are incorporated herein by reference.  This Agreement, the Plan, the Notice of
Grant, the Stock Option Agreement, and the Investment Representation Statement
constitute the entire agreement of the parties and supersede in their entirety
all prior undertakings and agreements of the Corporation and the Optionee with
respect to the subject matter hereof.

 

	
  Submitted
  by:

  	
  Accepted
  by:

  
	
   

  	
   

  
	
  OPTIONEE:

  	
  AMERICAN
  LITHIUM MINERALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
					

 

 

EXHIBIT B

 

2010 STOCK PLAN

 

INVESTMENT REPRESENTATION
STATEMENT

 

	
  OPTIONEE

  	
  :

  	
   

  
	
   

  	
   

  	
   

  
	
  CORPORATION

  	
  :

  	
  AMERICAN
  LITHIUM MINERALS, INC.

  
	
   

  	
   

  	
   

  
	
  SECURITY

  	
  :

  	
  Common
  Stock

  
	
   

  	
   

  	
   

  
	
  AMOUNT

  	
  :

  	
   

  
	
   

  	
   

  	
   

  
	
  DATE

  	
  :

  	
   

  

 

In
connection with the purchase of the above-listed Securities, the undersigned
Optionee represents to the Corporation the following:

 

(a)           The Optionee is
aware of the Corporation’s business affairs and financial condition and has
acquired sufficient information about the Corporation to reach an informed and
knowledgeable decision to acquire the Securities.  The Optionee is acquiring these Securities
for investment for the Optionee’s own account only and not with a view to, or
for resale in connection with, a “distribution” thereof within the meaning of
the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)           The Optionee
acknowledges and understands that the Securities constitute “restricted
securities” under the Securities Act and have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the Optionee’s
investment intent as expressed herein. 
In this connection, the Optionee understands that, in the view of the
Securities and Exchange Commission, the statutory basis for such exemption may
be unavailable if the Optionee’s representation was predicated solely upon a
present intention to hold these Securities for the minimum capital gains period
specified under tax statutes, for a deferred sale, for or until an increase or
decrease in the market price of the Securities, or for a period of one year or
any other fixed period in the future. 
The Optionee further understands that the Securities must be held
indefinitely unless they are subsequently registered under the Securities Act
or an exemption from such registration is available.  The Optionee further acknowledges and
understands that the Corporation is under no obligation to register the
Securities.  The Optionee understands
that the certificate evidencing the Securities will be imprinted with a legend
which prohibits the transfer of the Securities unless they are registered or
such registration is not required in the opinion of counsel satisfactory to the
Corporation and other legends required under the applicable state or federal
securities laws.

 

 

	
  Signature
  of Optionee:

  	
   

  	
   

  
	
   

  	
   

  
	
  Date:Exhibit
10.1

 

AMENDMENT NO. 1 TO

EARLY PURCHASE PROGRAM ADDENDUM TO LOAN PURCHASE AGREEMENT

 

This
Amendment No. 1 is made and entered into as of June 30, 2010 by and
between Bank of America, N.A. (“Bank of America”) and Home Loan Center, Inc.
(“Seller”). This Amendment amends that certain Early Purchase Program Addendum
to Loan Purchase Agreement by and between Bank of America and Seller dated May 1,
2009 (the “EPP Addendum”), which such EPP Addendum supplements that certain
Loan Purchase Agreement by and between Bank of America and Seller dated April 16,
2002 (including all the Commitments, Amendments, Addenda, Assignments of Trade
and Assignments thereto, collectively, the “Loan Purchase Agreement”).

 

RECITALS

 

Bank
of America and Seller have previously entered into the EPP Addendum pursuant to
which Seller may sell certain loans to Bank of America prior to delivery of
certain mortgage loan documents.  Bank of
America and Seller hereby agree that the EPP Addendum shall be amended as
provided herein.

 

In
consideration of the mutual promises contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Bank of America and Seller hereby agree as follows:

 

1.                                       Exhibit J
- Outstanding Loan Limit.  Bank of America and Seller agree that the
Outstanding Loan Limit set forth within Exhibit J of the EPP Addendum
shall be amended as follows:

 

	
  “Outstanding
  Loan Limit:

  	
   

  	
  Twenty
  Five Million Dollars ($25,000,000)”

  

 

2.                                       Exhibit J
- Minimum Balance for Over/Under Account.  Bank of America and Seller agree that the
Minimum Balance for Over/Under Account set forth within Exhibit J shall be
amended as follows.  Any such balance
maintained by Seller under the terms of the Repurchase Agreement shall be
credited against the amount required to be maintained by Seller hereunder.

 

	
  “Minimum
  Balance for Over/Under Account:

  	
   

  	
  $1,125,000”

  

 

3.                                       Exhibit A
— EPP Loans.  Bank of
America and Seller agree that Exhibit A of the EPP Addendum shall be
deleted in its entirety and replaced with the following:

 

“

 

	
  Loan
  Product or Type

  	
   

  	
  Maximum

  Percentage of

  Outstanding

  Loan Limit

  	
   

  	
  SRP

  Enhancement

  Percent

  	
   

  	
  Initial

  Purchase

  Price

  Percentage

  	
   

  	
  Review

  Period

  	
   

  	
  Requirements prior

  to purchase

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Conventional
  Conforming Mortgage Loans (Agency eligible 1st mortgages with Full/Alt doc types only)

  	
   

  	
  100%

  	
   

  	
  1.50

  	
   

  	
  99.00

  	
   

  	
  30 days

  	
   

  	
  None

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Government
  Mortgage Loans

  (1st mortgages only)

  	
   

  	
  100%

  	
   

  	
  1.50

  	
   

  	
  99.00

  	
   

  	
  30 days

  	
   

  	
  None

  

 

 

	
  Bond
  Loans

  (1st mortgages only)

  	
   

  	
  20%

  	
   

  	
  1.50

  	
   

  	
  99.00

  	
   

  	
  45 days

  	
   

  	
  None

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jumbo
  Mortgage Loans

  (1st mortgages only, maximum loan amounts of
  $1,000,000)

  	
   

  	
  10%

  	
   

  	
  1.50

  	
   

  	
  95.00

  	
   

  	
  30 days

  	
   

  	
  Rate Lock and CLUES or Prior Approval

  

 

”

 

4.                                       No
Other Amendments.  Other than
as expressly modified and amended herein, the EPP Addendum and Loan Purchase
Agreement shall remain in full force and effect and nothing herein shall affect
the rights and remedies of Bank of America as provided under the EPP Addendum
and Loan Purchase Agreement.

 

5.                                       Capitalized
Terms.  Any
capitalized term used herein and not otherwise defined herein shall have the
meaning ascribed to such term in the EPP Addendum or Loan Purchase Agreement,
as applicable.

 

6.                                       Facsimiles.  Facsimile signatures shall be deemed valid
and binding to the same extent as the original.

 

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

 

 

	
  BANK
  OF AMERICA, N.A.

  	
   

  	
  HOME
  LOAN CENTER, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Blair Kenny

  	
   

  	
  By:

  	
  /s/
  Rian Furey

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Blair
  Kenny

  	
   

  	
  Name:

  	
  Rian
  Furey

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Senior
  Vice President

  	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  July
  15, 2010

  	
   

  	
  Dated:

  	
  July
  15, 2010

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]