Document:

EXHIBIT 10.17

 

EXECUTION COPY

 

CUSTODIAL AGREEMENT

 

Dated as of

 

October 1, 2012

 

CHRISTIANA
TRUST, a division of 

wilmington
savings fund society, fsb, 

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	10
	 	 	 	 	 
	 	Section 2.1	 	Appointment of the Custodian	10
	 	 	 	 	 
	 	Section 2.2	 	Custodian Fees	10
	 	 	 	 	 
	Article 3	 	 	Custody of Mortgage Documents	10
	 	 	 	 	 
	 	Section 3.1	 	Delivery of Mortgage Files	10
	 	 	 	 	 
	 	Section 3.2	 	Review of Mortgage Files	13
	 	 	 	 	 
	 	Section 3.3	 	Certifications and Reports	13
	 	 	 	 	 
	 	Section 3.4	 	Release of Mortgage Files	14
	 	 	 	 	 
	 	Section 3.5	 	Inspection of Mortgage Files	16
	 	 	 	 	 
	 	Section 3.6	 	Copies of Mortgage Files	16
	 	 	 	 	 
	 	Section 3.7	 	Documents Missing From Mortgage Files	16
	 	 	 	 	 
	Article 4	 	 	Concerning the Custodian	16
	 	 	 	 	 
	 	Section 4.1	 	Custodian May Resign: Trustee May Remove Custodian.	16
	 	 	 	 	 
	 	Section 4.2	 	Merger or Consolidation of Custodian	17
	 	 	 	 	 
	 	Section 4.3	 	Limitation of Custodians Duties	17
	 	 	 	 	 
	 	Section 4.4	 	Standard of Care; Indemnification	19
	 	 	 	 	 
	 	Section 4.5	 	Force Majeure	20
	 	 	 	 	 
	 	Section 4.6	 	Accounting	20
	 	 	 	 	 
	 	Section 4.7	 	Compliance Certification	21
	 	 	 	 	 
	 	Section 4.8	 	Subcontracting	21
	 	 	 	 	 
	Article 5	 	 	Representations and Warranties	21
	 	 	 	 	 
	 	Section 5.1	 	Capital Requirements	21
	 	 	 	 	 
	 	Section 5.2	 	No Claims to Mortgage Loans	22

 

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	Article 6	 	 	Covenants	23
	 	 	 	 	 
	 	Section 6.1	 	Insurance	23
	 	 	 	 	 
	 	Section 6.2	 	Storage of Mortgage Files	23
	 	 	 	 	 
	Article 7	 	 	Miscellaneous	23
	 	 	 	 	 
	 	Section 7.1	 	Notices	23
	 	 	 	 	 
	 	Section 7.2	 	Entire Agreement	29
	 	 	 	 	 
	 	Section 7.3	 	Binding Nature of Agreement: Assignment	30
	 	 	 	 	 
	 	Section 7.4	 	Governing Law	30
	 	 	 	 	 
	 	Section 7.5	 	Recordation of Agreement	30
	 	 	 	 	 
	 	Section 7.6	 	Agreement for the Exclusive Benefit of Parties	30
	 	 	 	 	 
	 	Section 7.7	 	Counterparts	30
	 	 	 	 	 
	 	Section 7.8	 	Indulgences: Not Waivers	30
	 	 	 	 	 
	 	Section 7.9	 	Titles Not to Affect Interpretation	31
	 	 	 	 	 
	 	Section 7.10	 	Provisions Separable	31
	 	 	 	 	 
	 	Section 7.11	 	Conflict or Inconsistency	31
	 	 	 	 	 
	 	Section 7.12	 	Waiver of Trial by Jury	31
	 	 	 	 	 
	 	Section 7.13	 	Submission to Jurisdiction; Waivers	31
	 	 	 	 	 
	 	Section 7.14	 	Non-petition	31
	 	 	 	 	 
	 	Section 7.15	 	Termination	32
	 	 	 	 	 
	Signature Page	 	 	33

 

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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-3	 	INITIAL AUTHORIZED REPRESENTATIVES OF ORIGINATORS AND SERVICERS
	 	 	 
	EXHIBIT D-4	 	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

 

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CUSTODIAL AGREEMENT

 

THIS CUSTODIAL AGREEMENT
dated as of October 1, 2012 (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
Christiana Trust, a division of Wilmington Savings Fund Society, FSB, 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 2012-5 (the “Mortgage Certificates”), issued pursuant to the Pooling and Servicing Agreement, dated as
of October 1, 2012 (the “Pooling and Servicing Agreement”), by and among Wells Fargo Bank, N.A., Christiana
Trust, a division of Wilmington Savings Fund Society, FSB, 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.

 

“APM”
American Pacific Mortgage Corporation, a California corporation.

 

“APM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of October 1, 2011, between Redwood Residential Acquisition Corporation,
and APM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and APM, and acknowledged by the Master Servicer.

 

“Authorized
Representative” As defined in Section 3.4 hereof.

 

“BCM”
Simonich Corporation, dba Bank of Commerce Mortgage, a California corporation.

 

“BCM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of August 1, 2011, between Redwood Residential Acquisition Corporation,
and BCM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and BCM, and acknowledged by the Master Servicer.

 

“BEN”
Benchmark Bank, a Texas state banking association.

 

    	1

    	 

    

 

“BEN MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of September 1, 2011, between Redwood Residential Acquisition Corporation,
and BEN, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and BEN, and acknowledged by the Master Servicer.

 

“BP”
Boston Private Bank & Trust Company, a Massachusetts chartered trust company.

 

“BP MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of April 1, 2012, between Redwood Residential Acquisition Corporation,
and BP, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and BP, and acknowledged by the Master Servicer.

 

“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.

 

“CAS”
Castle & Cooke Mortgage, LLC, a Delaware limited liability company.

 

“CAS MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement, dated as of November 1, 2011, between Redwood Residential Acquisition Corporation,
and CAS, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and CAS, and acknowledged by the Master Servicer.

 

“CEN”
Cenlar FSB, a federal savings bank.

 

“CEN MLSA”
The Flow Mortgage Loan Servicing Agreement, dated as of August 1, 2011, as amended by the Amendment No. 1 to Flow Mortgage Loan
Servicing Agreement dated November 3, 2011, between Redwood Residential Acquisition Corporation, and CEN, as amended by the Assignment
and Assumption Agreement, dated October 30, 2012, by and among the Seller, the Depositor, the Trustee, and CEN, and acknowledged
by the Master Servicer.

 

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

 

“CHE”
Cherry Creek Mortgage Co., Inc., a Colorado corporation.

 

“CHE MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement, dated as of October 1, 2011, between Redwood Residential Acquisition Corporation,
and CHE, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and CHE, and acknowledged by the Master Servicer.

 

“Closing Date”
October 30, 2012.

 

“CMC”
Cornerstone Mortgage Company, a Texas corporation.

 

“CMC MLSA”
The Flow Mortgage Loan Servicing Agreement, dated as of September 1, 2011, between Redwood Residential Acquisition Corporation,
and CMC, as amended by the Assignment and Assumption Agreement, dated October 30, 2012, by and among the Seller, the Depositor,
the Trustee, and CMC, and acknowledged by the Master Servicer.

 

    	2

    	 

    

 

“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.

 

“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.

 

“CSF”
Colonial Savings, F.A., federal savings association.

 

“CSF MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of February 1, 2012, between Redwood Residential Acquisition Corporation,
and CSF, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and CSF, and acknowledged by the Master Servicer.

 

“CTB”
Cole Taylor Bank, an Illinois corporation.

 

“CTB MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of August 1, 2011, between Redwood Residential Acquisition Corporation,
and CTB, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and CTB, and acknowledged by the Master Servicer.

 

“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.

 

“EHL”
Embrace Home Loans, Inc., a Rhode Island corporation.

 

“EHL MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of December 1, 2011, between Redwood Residential Acquisition Corporation,
and EHL, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and EHL, and acknowledged by the Master Servicer.

 

“EMM”
Evergreen Moneysource Mortgage Company dba Evergreen Home Loans, a Washington corporation.

 

    	3

    	 

    

 

“EMM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of April 1, 2012, between Redwood Residential Acquisition Corporation,
and EMM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and EMM, and acknowledged by the Master Servicer.

 

“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.

 

“FAM”
Franklin American Mortgage Company, a Tennessee corporation.

 

“FAM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of August 1, 2011, between Redwood Residential Acquisition Corporation,
and FAM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and FAM, and acknowledged by the Master Servicer.

 

“FCM”
Flagstar Capital Markets Corporation, a Delaware corporation.

 

“FCM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of May 23, 2011, between Redwood Residential Acquisition Corporation,
and FCM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and FCM, and acknowledged by the Master Servicer.

 

“FID”
Fidelity Bank dba Fidelity Bank Mortgage, a Georgia state-chartered bank.

 

“FID MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of March 1, 2012, between Redwood Residential Acquisition Corporation,
and FID, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and FID, and acknowledged by the Master Servicer.

 

“FIM”
Fairway Independent Mortgage Corporation, a Texas corporation.

 

“FIM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of October 1, 2012, between Redwood Residential Acquisition Corporation,
and FIM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and FIM, and acknowledged by the Master Servicer.

 

“FRB”
First Republic Bank, a California corporation.

 

    	4

    	 

    

 

“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 October 30, 2012, by and among the Seller, the Depositor,
the Trustee, and FRB, and acknowledged by the Master Servicer.

 

“FRE”
Fremont Bank, a California state chartered financial institution.

 

“FRE MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of August 1, 2011, between Redwood Residential Acquisition Corporation,
and FRE, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and FRE, and acknowledged by the Master Servicer.

 

“GFC”
GuardHill Financial Corporation, a national banking association.

 

“GFC MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of October 1, 2011, between Redwood Residential Acquisition Corporation,
and GFC, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and GFC, and acknowledged by the Master Servicer.

 

“GMC”
Guild Mortgage Company, a California corporation.

 

“GMC MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of January 1, 2012, between Redwood Residential Acquisition Corporation,
and GMC, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and GMC, and acknowledged by the Master Servicer.

 

“HNB”
The Huntington National Bank, a national banking association.

 

“HNB MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of December 1, 2011, between Redwood Residential Acquisition Corporation,
and HNB, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and HNB, 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.

 

“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.

 

“MFC”
Megastar Financial Corporation, a Colorado corporation.

 

    	5

    	 

    

 

“MFC MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of January 1, 2012, between Redwood Residential Acquisition Corporation,
and MFC, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and MFC, and acknowledged by the Master Servicer.

 

“MIN”
The Mortgage Identification Number for any MERS Mortgage Loan.

 

“MON”
Monarch Bank, a Virginia banking corporation.

 

“MON MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of February 1, 2012, between Redwood Residential Acquisition Corporation,
and MON, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and MON, and acknowledged by the Master Servicer.

 

“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;

		(18)	Interest only flag;

 

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		(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 APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH,
PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, and their respective successors and assigns, in its role as seller of the
Mortgage Loans under the APM MLSA, the BCM MLSA, the BEN MLSA, the BP MLSA, the CAS MLSA, the CHE MLSA, the CMC MLSA, the CSF MLSA,
the CTB MLSA, the EHL MLSA, the EMM MLSA, the FAM MLSA, the FCM MLSA, the FID MLSA, the FIM MLSA, the FRB MLSA, the FRE MLSA, the
GFC MLSA, the GMC MLSA, the HNB MLSA, the MFC MLSA, the MON MLSA, the PEM MLSA, the PHH MLSA, the PL MLSA, the PLZ MLSA, the PRO
MLSA, the PSB MLSA, the SBT MLSA, the SFS MLSA, the SSB MLSA, the UMP MLSA or the WMC 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).

 

“PEM”
Paramount Equity Mortgage, a California limited liability company.

 

“PEM MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of May 1, 2012, between Redwood Residential Acquisition Corporation,
and PEM, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and PEM, and acknowledged by the Master Servicer.

 

“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 October 30, 2012, by and among the Seller, the Depositor,
the Trustee, and PHH, and acknowledged by the Master Servicer.

 

“PHH
Mortgage Loan” Any Mortgage Loan originated
or acquired by PHH.

 

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

 

    	7

    	 

    

 

“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 October 30, 2012, by and among the Seller, the
Depositor, the Trustee, and PL, and acknowledged by the Master Servicer.

 

“PLZ”
Plaza Home Mortgage, Incorporated, a California corporation.

 

“PLZ
MLSA” The Flow Mortgage Loan Purchase and
Sale Agreement, dated as of December 1, 2011, between Redwood Residential Acquisition Corporation, and PLZ,
as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller, the
Depositor, the Trustee, and PLZ, and acknowledged by the Master Servicer.

 

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

 

“PRO”
Prospect Mortgage, LLC, a Delaware limited liability company.

 

“PRO
MLSA” The Flow Mortgage Loan Purchase and
Sale Agreement, dated as of May 1, 2011, between Redwood Residential Acquisition Corporation, and PRO,
as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller, the
Depositor, the Trustee, and PRO, and acknowledged by the Master Servicer.

 

“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.

 

“PSB”
Provident Savings Bank, a national banking association.

 

“PSB
MLSA” The Flow Mortgage Loan Purchase and
Sale Agreement, dated as of October 1, 2011, between Redwood Residential Acquisition Corporation, and PSB,
as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller, the
Depositor, the Trustee, and PSB, and acknowledged by the Master Servicer.

 

“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 October 30, 2012, by and between Redwood Residential Acquisition
Corporation and Sequoia Residential Funding, Inc.

 

    	8

    	 

    

 

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

 

“SBT”
Stifel Bank and Trust, a Missouri state-chartered banking institution.

 

“SBT
MLSA” The Flow Mortgage Loan Purchase and
Sale Agreement, dated as of June 1, 2011, between Redwood Residential Acquisition Corporation, and SBT,
as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller, the
Depositor, the Trustee, and SBT, and acknowledged by the Master Servicer.

 

“SFS”
United Shore Financial Services, LLC, a Michigan limited liability company.

 

“SFS MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of December 1, 2011, between Redwood Residential Acquisition Corporation,
and SFS, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and SFS, 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 June 1, 2011, between Redwood Residential Acquisition Corporation, and SSB,
as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller, the
Depositor, the Trustee, and SSB, and acknowledged by the Master Servicer.

 

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

 

“UMP”
Umpqua Bank, an Oregon state-chartered banking institution.

 

“UMP MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement, dated as of January 1, 2012, between Redwood Residential Acquisition Corporation,
and UMP, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and UMP, and acknowledged by the Master Servicer.

 

“WMC”
Wintrust Mortgage, a division of Barrington Bank and Trust Company, N.A., an Illinois corporation.

 

“WMC MLSA”
The Flow Mortgage Loan Purchase and Sale Agreement dated as of June 1, 2011, between Redwood Residential Acquisition Corporation,
and WMC, as amended by the Assignment of Representations and Warranties Agreement, dated October 30, 2012, by and among the Seller,
the Depositor, the Trustee, and WMC, and acknowledged by the Master Servicer.

 

    	9

    	 

    

 

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.

 

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:

 

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	 	(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 “[APM/BCM/BEN/BP/CAS/CHE/CMC/CSF/CTB/EHL/EMM/FAM/FCM/FID/FIM/FRB/FRE/GFC/GMC/HNB/MFC/MON/PEM/PHH/PL/PLZ/PRO/PSB/SBT/SFS/SSB/UMP/WMC], successor by merger to [name of predecessor]”; and in the event that the Mortgage Loan was acquired or originated by APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC while doing business under another name, the endorsement must be by APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, as the case may be, “[APM/BCM/BEN/BP/CAS/CHE/CMC/CSF/CTB/EHL/EMM/FAM/FCM/FID/FIM/FRB/FRE/GFC/GMC/HNB/MFC/MON/PEM/PHH/PL/PLZ/PRO/PSB/SBT/SFS/SSB/UMP/WMC], formerly known as [previous name]”. In the event the mortgagee shown on the Mortgage Note is not APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, the endorsement on the Mortgage Note must also reflect a complete chain of title to APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, 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 APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, 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 is located.
	 	 	 
	 	(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 APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, as the case may be, “[APM/BCM/BEN/BP/CAS/CHE/CMC/CSF/CTB/EHL/EMM/FAM/FCM/FID/FIM/FRB/FRE/GFC/GMC/HNB/MFC/MON/PEM/PHH/PL/PLZ/PRO/PSB/SBT/SFS/SSB/UMP/WMC], 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, “[APM/BCM/BEN/BP/CAS/CHE/CMC/CSF/CTB/EHL/EMM/FAM/FCM/FID/FIM/FRB/FRE/GFC/GMC/HNB/MFC/MON/PEM/PHH/PL/PLZ/PRO/PSB/SBT/SFS/SSB/UMP/WMC], formerly known as [previous name]”. In the event the mortgagee shown in the Mortgage Note is not APM, BCM, BEN, BP, CAS, CHE, CMC, CSF, CTB, EHL, EMM, FAM, FCM, FID, FIM, FRB, FRE, GFC, GMC, HNB, MFC, MON, PEM, PHH, PL, PLZ, PRO, PSB, SBT, SFS, SSB, UMP or WMC, executed assignments of mortgage with respect to each originator and prior owner must be delivered. In the case of each PHH 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.

 

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		(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 any Originator other than PHH, 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

 

		(vii)	the original UCC-3 assignment in blank.

 

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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 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.

 

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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 “Christiana Trust,
a division of Wilmington Savings Fund Society, FSB, as Trustee, for Sequoia
Mortgage Trust Mortgage Pass-Through Certificates, Series 2012-5” (or shall prepare or cause to be prepared new forms of
Assignment of Mortgage so completed in the name of the Trustee) for each PHH Mortgage Loan (including each PHH Mortgage Loan that
is a MERS Mortgage Loan), and for each other Mortgage Loan that is not a MERS 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 APM MLSA, the BCM MLSA, the BP MLSA, the CAS MLSA,
the CHE MLSA, the BEN MLSA, the CMC MLSA, the CSF MLSA, the CTB MLSA, the EHL MLSA, the EMM MLSA, the FAM MLSA, the FCM MLSA, the
FID MLSA, the FIM MLSA, the FRB MLSA, the FRE MLSA, the GFC MLSA, the GMC MLSA, the HNB MLSA, the MFC MLSA, the MON MLSA, the PEM
MLSA, the PHH MLSA, the PL MLSA, the PLZ MLSA, the PRO MLSA, the PSB MLSA, the SBT MLSA, the SFS MLSA, the SSB MLSA, the UMP MLSA
or the WMC 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 mutually agreed upon electronic format of the Rejected Release Request and take no further action on the Request for Release.

 

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		(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, APM, as an Originator, BCM, as an Originator, BEN, as an Originator,
BP, as an Originator, CAS, as an Originator, CHE, as an Originator, CEN, as a Servicer, CMC, as an Originator, CSF, as an Originator,
CTB, as an Originator, EHL, as an Originator, EMM, as an Originator, FAM, as an Originator, FCM, as an Originator, FID, as an Originator,
FIM, as an Originator, FRB, as a Servicer and as an Originator, FRE, as an Originator, GFC, as an Originator, GMC, as an Originator,
HNB, as an Originator, MFC, as an Originator, MON, as an Originator, PEM, as an Originator, PHH, as a Servicer and as an Originator,
PL, as an Originator, PLZ, as an Originator, PRO, as an Originator, PSB, as an Originator, SBT, as an Originator, SFS, as an Originator,
SSB, as an Originator, UMP, as an Originator and WMC, 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-HH and Exhibit D-4 (each person so authorized from
time to time, an “Authorized Representative”).

 

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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 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.

 

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

 

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		(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 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

 

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		(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 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.

 

    	19

    	 

    

 

		(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 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, 2013, 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.

 

    	20

    	 

    

 

Section 4.7. Compliance
Certification. On or before March 1st of each calendar year, beginning with March 1, 2013, 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.

 

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;

 

    	21

    	 

    

 

		(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.

 

		(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.

 

    	22

    	 

    

 

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.

 

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 2012-5

 

If to the Master Servicer:

 

Wells Fargo
Bank, N.A.

P.O. Box 98

Columbia, MD
21046

Attention: Client Manager –
Sequoia Mortgage Trust 2012-5

 

    	23

    	 

    

 

(or, for overnight
deliveries,

9062 Old Annapolis
Road

Columbia, MD
21045

Attention: Client Manager –
Sequoia Mortgage Trust 2012-5)

 

If to the
Trustee:

 

Christiana Trust, a division
of Wilmington Savings Fund Society, FSB

500 Delaware Avenue, 11th Floor

Wilmington, DE 19801

Attention: Corporate Trust -
Sequoia Mortgage Trust 2012-5

 

If the Depositor:

 

Sequoia Residential Funding,
Inc.

One Belvedere Place, Suite 330

Mill Valley, CA 94941

 

If to the Seller:

 

Redwood Residential Acquisition
Corporation

One Belvedere Place, Suite 330

Mill Valley, CA 94941

Attention: Sequoia Mortgage Trust
2012-5

 

If to APM:

 

American Pacific Mortgage Corporation

3000 Lava Ridge Court, Suite
200

Roseville, California 95661

Attention: Chito Schnupp, EVP

 

If to BCM:

 

Bank of Commerce Mortgage

3130 Crow Canyon Place –
Suite 300

San Ramon, California 94583

Attention: Scott M. Simonich

 

If to BEN:

 

Benchmark Bank

5700 Legacy Drive – Suite
10

Plano, Texas 75024

Attention: Kay Roubadeaux

 

    	24

    	 

    

 

If to BP:

Boston Private Bank & Trust
Company

Ten Post Office Square

Boston, MA 02109

Attention: Kelly Kearns

 

If to CAS:

Castle & Cooke Mortgage,
LLC

2735 East Parley’s Way,
Suite 305

Salt Lake City, UT 84109

Attention: Buck Hawkins

 

If to CHE:

Cherry Creek Mortgage Co., Inc.

7600 E. Orchard Rd. Ste 250N

Greenwood Village, Colorado 80111

Attention: Jerry Kaplan

 

If to CEN:

 

Cenlar FSB

425 Phillips Boulevard

Ewing, NJ 08618

 

With a copy address to Corporate
Counsel at the same address

 

If to CMC:

 

Cornerstone Mortgage Company

1177 West Loop South Suite 200

Houston, TX 77027

Attention: Daniel Cooper

 

If to CSF:

 

Colonial Savings, F.A.

2626 West Freeway

Fort Worth, Texas

 

If to CTB:

 

Cole Taylor Bank

7789 East M-36

Whitmore Lake, MI 48189

Attention: Phil Miller

 

    	25

    	 

    

 

With a copy to

Cole Taylor Bank

9550 W. Higgins Road

Rosemont, IL 960018

Chicago, IL 60606

Attention: General Counsel

 

If to EHL:

 

Embrace Home Loans, Inc.

25 Enterprise Center

Newport, RI 02842

Attention: Brian Gilpin

 

If to EMM:

 

Evergreen Moneysource Mortgage
Company dba Evergreen Home Loans

915 118th Avenue SE, Suite 300

Bellevue, WA 98005

Attention: Secondary Marketing

 

With a copy to the General Counsel
at the same address

 

If to FAM:

 

Franklin American Mortgage Company

501 Corporate Centre Drive, Suite
400

Franklin, Tennessee 37067

Attention: Kelly C. Johnson

 

If to FCM:

 

Flagstar Capital Markets Corporation

5151 Corporate Drive

Troy, Michigan 48098

Attention: Product Development
Department

 

If to FID:

Fidelity Bank dba Fidelity Bank
Mortgage

3 Corporate Square, 7th Floor

Atlanta, GA

Attention: John Pruitt

 

If to FIM:

Fairway Independent Mortgage
Corporation

6652 Pinecrest Dr., Suite 200

Plano, TX 75287

Attention: Paola Kielblock

 

    	26

    	 

    

 

If to FRB:

 

First Republic Bank

111 Pine Street

San Francisco, CA 94111

Attention: Tony Sachs

 

If to FRE:

 

Fremont Bank

25151 Clawiter Rd.

Hayward, CA 94545

Attention: Gary DeLuca, Residential
Lending

 

If to GFC:

 

GuardHill Financial Corp

140 East 45th Street, 31st Floor

New York, NY, 10017

 

If to GMC:

 

Guild Mortgage Company

5898 Copley Drive, 5th floor

San Diego, CA 92111

 

If to HNB:

 

The Huntington National Bank

Huntington Mortgage Group

7575 Huntington Park Drive

Columbus, OH 43235

Attention: Secondary Marketing

 

If to MFC:

 

MegaStar Financial Corporation

1080 Cherokee Street

Denver, CO 80204

 

If to MON:

 

Monarch Bank

2809 S Lynnhaven Road Suite 200

Virginia Beach, Virginia 23452

Attention: William T. Morrison
EVP

 

    	27

    	 

    

 

If to PEM:

 

Paramount Equity Mortgage

8781 Sierra College Blvd.

Roseville, CA 95661

Attention: Jason Walker

 

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 PLZ:

 

Plaza Home Mortgage, Incorporated

5090 Shoreham Place, Suite 206

San Diego, CA 92122

Attention: Michael Fontaine

 

If to PRO:

 

Prospect Mortgage, LLC

15301 Ventura Blvd., Suite D300

Sherman Oaks, CA 91403

Attention: Chief Credit Officer

 

If to PSB:

 

Provident Savings Bank

3756 Central Avenue

Riverside, CA 92506

Attention: Mac Drew

 

    	28

    	 

    

 

If to SBT:

 

Stifel Bank and Trust

955 Executive Parkway, Suite
216

St. Louis, MO 63141

Attention: Mark Della Camera

 

If to SFS:

 

United Shore Financial Services,
LLC

555 S. Adams Road

Birmingham, MI 48009

Attention: Michael Castleforte

 

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 UMP:

 

Umpqua Bank

6610 SW Cardinal Lane, Ste. 300

Tigard, OR 97224

Attention: Ronald Stroble

 

If to WMC:

 

Wintrust Mortgage,

a division of Barrington Bank
and Trust Company, N.A.

1S660 Midwest Road, Suite 100

Oakbrook Terrace, Illinois 60181

Attention: Loss Mitigation

 

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.

 

    	29

    	 

    

 

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.

 

    	30

    	 

    

 

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 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.

 

    	31

    	 

    

 

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 APM MLSA, the BCM MLSA, the BEN MLSA, the BP, MLSA, the CAS MLSA, the CHE MLSA, the
CMC MLSA, the CSF MLSA, the CTB MLSA, the EHL MLSA, the EMM MLSA, the FAM MLSA, the FCM MLSA, the FID MLSA, the FIM MLSA, the FRB
MLSA, the FRE MLSA, the GFC MLSA, the GMC MLSA, the HNB MLSA, the MFC MLSA, the MON MLSA, the PEM MLSA, the PHH MLSA, the PL MLSA,
the PLZ MLSA, the PRO MLSA, the PSB MLSA, the SBT MLSA, the SFS MLSA, the SSB MLSA, the UMP MLSA or the WMC 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.]

 

    	32

    	 

    

 

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

 

	CHRISTIANA TRUST, a division of
	Wilmington Savings Fund Society, FSB, not in its
	individual capacity, but solely as Trustee
	 
	By:	 
	Name:	 
	Title:	 
	 
	Wells Fargo Bank, N.A., as Custodian
	 
	By:	 
	Name:	 
	Title:	 
	 
	Wells Fargo Bank, N.A., as Master Servicer
	 
	By:	 
	Name:	 
	Title:	 
	 
	Sequoia Residential Funding, Inc.,
	as Depositor
	 
	By:	 
	Name:	 
	Title:	 
	 
	Redwood Residential Acquisition
	Corporation, as Seller
	 
	By:	 
	Name:	 
	Title:	 

 

    	 

    	 

    

 

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
	ARMFLOOR	 	Numeric	 	3.6	 	9	 	ARM Floor
	ARMINDEX	 	Varchar(10)	 	 	 	10	 	ARM Index Source
	ARMIDXRATE	 	Numeric	 	3.6	 	9	 	ARM Index Rate

 

    	 

    	 

    

 

	Field Header Name	 	Type	 	Formatting	 	Max Length	 	Description
	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
	COUNTY	 	Varchar	 	 	 	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

 

    	 

    	 

    

 

	Field Header Name	 	Type	 	Formatting	 	Max Length	 	Description
	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 October 1, 2012, between Christiana Trust, a division of Wilmington Savings
Fund Society, FSB, 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 [[APM/BCM/BEN/BP/CAS/CHE/CEN/CMC/CSF/CTB/EHL/EMM/FAM/FCM/FID/FIM/FRB/FRE/GFC/GMC/HNB/MFC/MON/PEM/PHH/PL/PLZ/PRO/PSB/SBT/SFS/SSB/UMP/WMC],
as [Servicer/Originator][Christiana Trust, a division of Wilmington Savings Fund Society, FSB, 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 [[APM/BCM/BEN/BP/CAS/CHE/CEN/CMC/CSF/CTB/EHL/EMM/FAM/FCM/FID/FIM/FRB/FRE/GFC/GMC/HNB/MFC/MON/PEM/PHH/PL/PLZ/PRO/PSB/SBT/SFS/SSB/UMP/WMC],
as [Servicer/Originator][Christiana Trust, a division of
Wilmington Savings Fund Society, FSB, 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
AMERICAN PACIFIC MORTGAGE CORPORATION, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3B

 

INITIAL AUTHORIZED REPRESENTATIVES OF
SIMONICH CORPORATION, dba BANK OF COMMERCE MORTGAGE, AS ORIGINATOR

 

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3C

 

INITIAL AUTHORIZED REPRESENTATIVES OF
BENCHMARK BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3D

 

INITIAL AUTHORIZED REPRESENTATIVES OF
BOSTON PRIVATE BANK & TRUST COMPANY, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

EXHIBIT D-3E

 

INITIAL AUTHORIZED REPRESENTATIVES OF
CASTLE & COOKE MORTGAGE, LLC, AS ORIGINATOR

 

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3F

 

INITIAL AUTHORIZED REPRESENTATIVES OF
CENLAR FSB, AS SERVICER

 

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3G

 

INITIAL AUTHORIZED REPRESENTATIVES OF
CHERRY CREEK MORTGAGE CO., INC., AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3H

 

INITIAL AUTHORIZED REPRESENTATIVES OF
COLE TAYLOR BANK, AS ORIGINATOR

 

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3I

 

INITIAL AUTHORIZED REPRESENTATIVES
OF COLONIAL SAVINGS, F.A., AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3J

 

INITIAL AUTHORIZED REPRESENTATIVES OF
CORNERSTONE MORTGAGE COMPANY, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    	 

    	 

    

 

EXHIBIT D-3K

 

INITIAL AUTHORIZED REPRESENTATIVES OF
EMBRACE HOME LOANS, INC., AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3L

 

INITIAL AUTHORIZED REPRESENTATIVES OF
EVERGREEN MONEYSOURCE MORTGAGE COMPANY DBA EVERGREEN HOME LOANS, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3M

 

INITIAL AUTHORIZED REPRESENTATIVES OF
FAIRWAY INDEPENDENT MORTGAGE CORPORATION, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3N

 

INITIAL AUTHORIZED REPRESENTATIVES OF
FIDELITY BANK DBA FIDELITY BANK MORTGAGE, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3O

 

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

  

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3P

 

INITIAL AUTHORIZED REPRESENTATIVES
OF FLAGSTAR CAPITAL MARKETS CORPORATION, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3Q

 

INITIAL AUTHORIZED REPRESENTATIVES OF
FRANKLIN AMERICAN MORTGAGE COMPANY, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3R

 

INITIAL AUTHORIZED REPRESENTATIVES
OF FREMONT BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3S

 

INITIAL AUTHORIZED REPRESENTATIVES
OF GUARDHILL FINANCIAL CORPORATION, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3T

 

INITIAL AUTHORIZED REPRESENTATIVES OF
GUILD MORTGAGE COMPANY, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3U

 

INITIAL AUTHORIZED REPRESENTATIVES OF
THE HUNTINGTON NATIONAL BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3V

 

INITIAL AUTHORIZED REPRESENTATIVES OF
MEGASTAR FINANCIAL CORPORATION, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3W

 

INITIAL AUTHORIZED REPRESENTATIVES OF
MONARCH BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3X

 

INITIAL AUTHORIZED REPRESENTATIVES OF
PARAMOUNT EQUITY MORTGAGE, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3Y

 

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

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3Z

 

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

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3AA

 

INITIAL AUTHORIZED REPRESENTATIVES OF
PLAZA HOME MORTGAGE, INCORPORATED, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3BB

 

INITIAL AUTHORIZED REPRESENTATIVES OF
PROSPECT MORTGAGE, LLC, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

    	 

    	 

    

 

EXHIBIT D-3CC

 

INITIAL AUTHORIZED REPRESENTATIVES
OF PROVIDENT SAVINGS BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3DD

 

INITIAL AUTHORIZED REPRESENTATIVES
OF STERLING SAVINGS BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3EE

 

INITIAL AUTHORIZED REPRESENTATIVES OF
STIFEL BANK AND TRUST, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3FF

 

INITIAL AUTHORIZED REPRESENTATIVES OF
UMPQUA BANK, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT D-3GG

 

INITIAL AUTHORIZED REPRESENTATIVES OF
UNITED SHORE FINANCIAL SERVICES, LLC, AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-3HH

 

INITIAL AUTHORIZED REPRESENTATIVES
OF WINTRUST MORTGAGE, A DIVISION OF BARRINGTON BANK AND TRUST COMPANY, N.A., AS ORIGINATOR

 

	Name	 	Title	 	Specimen Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 

    	 

    

 

EXHIBIT D-4

 

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

 

All fees described below to be paid by the Master Servicer as
set forth in the Custodial Agreement, except as described under “Shipping.”

 

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 October 1, 2012, among Christiana Trust, a division of Wilmington Savings Fund Society, FSB,
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

 

Christiana
Trust, a division of

Wilmington
Savings Fund Society, FSB, as Trustee

500 Delaware
Avenue, 11th Floor

Wilmington,
DE 19801

Attention:
Corporate Trust - Sequoia Mortgage Trust 2012-5

 

Sequoia Residential Funding, Inc.

One Belvedere Place, Suite 330

Mill Valley, CA 94941

Attention:  Sequoia Mortgage Trust 2012-5

 

Redwood Residential Acquisition Corporation

One Belvedere Place, Suite 330

Mill Valley, CA 94941

Attention:  Sequoia Mortgage Trust 2012-5

 

American Pacific Mortgage Corporation

3000 Lava Ridge Court, Suite 200

Roseville, California 95661

Attention: Chito Schnupp, EVP

 

Simonich Corporation, dba Bank of Commerce Mortgage

3130 Crow Canyon Place, Suite 300

San Ramon, California 94583

Attention: Scott M. Simonich

 

Benchmark Bank

5700 Legacy Drive – Suite 10

Plano, Texas 75024

Attention: Kay Roubadeaux

 

Boston Private Bank & Trust Company

Ten Post Office Square

Boston, MA 02109

Attention: Kelly Kearns

 

Castle & Cooke Mortgage, LLC

2735 East Parley’s Way, Suite 305

Salt Lake City, UT 84109

Attention: Buck Hawkins

 

Cenlar FSB

425 Phillips Boulevard

Ewing, NJ 08618

 

Cherry Creek Mortgage Co., Inc.

7600 E. Orchard Rd. Ste 250N

Greenwood Village, Colorado 80111

Attention: Jerry Kaplan

 

    	 

    	 

    

 

Cornerstone Mortgage Company

1177 West Loop South Suite 200

Houston, TX 77027

Attention: Daniel Cooper

 

Cole Taylor Bank

7789 East M-36

Whitmore Lake, MI 48189

Attention: Phil Miller

 

Embrace Home Loans, Inc.

25 Enterprise Center

Newport, RI 02842

Attention: Brian Gilpin

 

Colonial Savings, F.A.

2626 West Freeway

Fort Worth, Texas

 

Evergreen Moneysource Mortgage Company
dba Evergreen Home Loans

915 118th Avenue SE, Suite 300

Bellevue, WA 98005

Attention: Secondary Marketing

 

Fairway Independent Mortgage Corporation

6652 Pinecrest Dr., Suite 200

Plano, TX 75287

Attention: Paola Kielblock

 

Fidelity Bank dba Fidelity Bank Mortgage

3 Corporate Square, 7th Floor

Atlanta, GA

Attention: John Pruitt

 

Franklin American Mortgage Company

501 Corporate Centre Drive, Suite 400

Franklin, Tennessee 37067

Attention: Kelly C. Johnson

 

Flagstar Capital Markets Corporation

5151 Corporate Drive

Troy, Michigan 48098

Attention: Product Development Department

 

First Republic Bank

111 Pine Street

San Francisco, CA 94111

Attention: Tony Sachs

 

Fremont Bank

25151 Clawiter Rd.

Hayward, CA 94545

Attention: Gary DeLuca, Residential Lending

 

    	 

    	 

    

 

GuardHill Financial Corp.

140 East 45th Street, 31st Floor

New York, NY, 10017

 

Guild Mortgage Company

5898 Copley Drive, 5th floor

San Diego, CA 92111

 

The Huntington National Bank

Huntington Mortgage Group

7575 Huntington Park Drive

Columbus, OH 43235

Attention: Secondary Marketing

 

MegaStar Financial Corporation

1080 Cherokee Street

Denver, CO 80204

 

Monarch Bank

2809 S Lynnhaven Road Suite 200

Virginia Beach, Virginia 23452

Attention: William T. Morrison EVP

 

Paramount Equity Mortgage

8781 Sierra College Blvd.

Roseville, CA 95661

Attention: Jason Walker

 

PHH Mortgage Corporation

One Mortgage Way

Mt. Laurel, NJ 08054

Attention: Vice President, Servicing

 

Plaza Home Mortgage, Incorporated

5090 Shoreham Place, Suite 206

San Diego, CA 92122

Attention: Michael Fontaine

 

Prospect Mortgage, LLC

15301 Ventura Blvd., Suite D300

Sherman Oaks, CA 91403

Attention: Chief Credit Officer

 

Provident Savings Bank

3756 Central Avenue

Riverside, CA 92506

Attention: Mac Drew

 

Stifel Bank and Trust

955 Executive Parkway, Suite 216

St. Louis, MO 63141

Attention: Mark Della CameraPrimeLending,
a PlainsCapital Company

 

    	 

    	 

    

 

18111 Preston Road, Suite 900

Dallas, Texas 75252

Attention: Mr. Scott Eggen, SVP

 

United Shore Financial Services, LLC

555 S. Adams Road

Birmingham, MI 48009

Attention: Michael Castleforte

 

Sterling Savings Bank Home Loan Division

6505 218th St SW, Suite 9

Mountlake Terrace, WA, 98043

Attention: Kathrine Shairrick, Loan Servicing

 

Umpqua Bank

6610 SW Cardinal Lane, Ste. 300

Tigard, OR 97224

Attention: Ronald Stroble

 

Wintrust Mortgage,

a division of Barrington Bank and Trust

1S660 Midwest Road, Suite 100

Oakbrook Terrace, Illinois 60181

Attention: Loss Mitigation

 

		Re:	Custodial Agreement, dated as of October 1, 2012, among Christiana
Trust, a division of  Wilmington
Savings Fund Society, FSB, 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 October 1, 2012, among Christiana Trust, a division of Wilmington Savings Fund Society, FSB, 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 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.	 	N/A
	 	 	 	 	 
	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 the related pool assets, or such other number of days specified in the transaction agreements.	 	N/A
	 	 	 	 	 
	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

 

    	 

    	 

    

 

	Track Item Type	 	Doc Type
	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

 

    	 

    	 

    

 

	Track Item Type	 	Doc Type
	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

 

    	 

    	 

    

 

	Track Item Type	 	Doc Type
	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

 

    	 

    	 

    

 

	Track Item Type	 	Doc Type
	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

 

    	 

    	 

    

 

	Track Item Type	 	Doc Type
	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

 

    	 

    	 

    

 

	Track Item Type	 	Doc Type
	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

 

    	 

    	 

    

 

	Code	 	Question Description
	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

 

    	 

    	 

    

 

	Code	 	Question Description
	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

 

    	 

    	 

    

 

	Code	 	Question Description
	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

 

    	 

    	 

    

 

	Code	 	Question Description
	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

 

    	 

    	 

    

 

	Code	 	Question Description
	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

 

    	 

    	 

    

 

	Code	 	Question Description
	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 incorrectSeries 2 Convertible Note
Deed Poll made 17 February 2011

 

By Mission
NewEnergy Limited ACN 117 065 719 ("Mission")

In favour of the Noteholders from time to time

 

Background

 

		A	Mission proposes to issue Convertible Notes on the terms and conditions contained in the Convertible Note Conditions.

 

		B	It is intended that the Noteholders will have the benefit of this document.

 

Operative provisions

 

	 

 

		1.	Definitions and interpretation

 

Definitions

 

		1.1	In this document:

 

		(a)	"Convertible Note Conditions" means, generally, the terms and conditions contained in the annexure as amended,
varied or replaced from time to time; and

 

		(b)	words and expressions defined, or incorporated by reference into the Convertible Note Conditions, have the same meanings when
used in this document.

 

Interpretation

 

		1.2	Condition 23(a) of the Convertible Note Conditions applies to the interpretation of this document as if every reference to
"these Conditions" is replaced with "this document" and to a "Condition" is replaced with a "clause".

 

	 

 

		2.	Nature and status of Convertible Notes

 

Constitution of Convertible Notes

 

		2.1	Each Convertible Note is a debt obligation of Mission constituted by, and owing under, this document.

 

Terms of Convertible Notes

 

		2.2	Each Convertible Note is issued on, and subject to, the provisions of this document and the Convertible Note Conditions.

 

Form of Convertible Notes

 

		2.3	Each Convertible Note will be issued in registered form by entry in the Register.

 

Creation of Convertible Notes

 

		2.4	Each Convertible Note will be created and issued immediately upon the entry in the Register of the subscriber for that Convertible
Note as its initial Noteholder.

 

    	1

    	 

    

 

Effect of registration

 

		2.5	Each entry in the Register in respect of a Convertible Note constitutes an unconditional and irrevocable covenant by Mission
in favour of the person whose name is so registered that Mission will:

 

		(a)	(Make all payments): make all payments of principal, distributions and other amounts in respect of the Convertible Note
in accordance with this document and the Convertible Note Conditions; and

 

		(b)	(Perform other obligations): perform all of its other obligations in full, and by the due dates, referred to in this
document and the Convertible Note Conditions.

 

	 

 

		3.	Enforceability

 

Noteholder may enforce

 

		3.1	This document operates as a deed poll and is enforceable against Mission in accordance with its terms by each Noteholder in
respect of the Convertible Notes held by it, even though the Noteholder is not a party to, or is not in existence at the time of
execution and delivery of, this document.

 

Noteholders bound

 

		3.2	Each Noteholder, and each person claiming through each Noteholder, is bound by, and is deemed to have notice of, the provisions
of this document and the Convertible Note Conditions.

 

Independent enforcement

 

		3.3	Each Noteholder may enforce its rights under this document and the Convertible Note Conditions independently from each other
Noteholder, subject to any limitations imposed by this document and the Convertible Note Conditions.

 

	 

 

		4.	General

 

Governing Law

 

		4.1	This document is governed by and must be construed according to the law applying in Western Australia.

 

Jurisdiction

 

		4.2	Mission and each Noteholder irrevocably:

 

		(a)	submits to the non-exclusive jurisdiction of the courts of Western Australia and the courts competent to determine appeals
from those courts, with respect to any proceedings which may be brought at any time relating to this document, the Convertible
Note Conditions and the Notes; and

 

		(b)	waives any objection it may now or in the future have to the venue of any proceedings, and any claim they may now or in the
future have that any proceedings have been brought in an inconvenient forum, if that venue falls within clause 4.1.

 

    	2

    	 

    

 

Executed as a deed.

 

Executed by Mission NewEnergy Limited ACN

117 065 719 in accordance with section 127 of the

Corporations Act by or in the presence of:

 

	 	 	 
	Signature of Secretary/other Director	 	Signature of Director or Sole Director and Secretary
	 	 	 
	 	 	 
	Name of Secretary/other Director in full	 	Name of Director or Sole Director and Secretary in full

 

    	3

    	 

    

 

	Annexure - Convertible Note Conditions
	 

 

The following are the terms and conditions of each Convertible
Note

 

		1	Interpretation and Definitions

 

		1.1	Unless the context otherwise requires:

 

"Allotment Date" means, in respect
of a Share issued on Conversion of a Convertible Note, the date on which the Share is allotted and issued under Condition 6.

 

"Application Form" means an application
for Convertible Notes or entitlement and acceptance form attached to the offer for the issue of Convertible Notes.

 

"ASPL Settlement Rules" means the
settlement and transfer rules of ASX Settlement Pty Ltd as amended or replaced from time to time.

 

"ASX" means Australian Securities
Exchange Limited.

 

"AWST" means Australian
Western Standard Time.

 

"Board" means the Board of directors
of the Company.

 

"Business Day" means any day that
is not a Saturday, Sunday or any other day which is a public holiday or a bank holiday in the place where an act is to be performed
or a payment is to be made.

 

"Cleansing Notice" means a notice
given by the Company under section 708A(6) of the Corporations Act.

 

"Company" means Mission NewEnergy
Limited ACN 117 065 719 of Level 8, 50 St Georges Terrace, Perth, Western Australia.

 

"Conditions" means these terms
and conditions of issue of the Convertible Notes.

 

"Constitution" means the constitution
of the Company.

 

"Conversion" means the conversion
of the Convertible Notes into Shares in accordance with these Conditions, and "Convert" and "Converted"
will be interpreted accordingly.

 

"Conversion Date" means, in respect
of a Convertible Note, the date on which it is Converted.

 

"Conversion Notice" means a notice
in substantially the form set out in Schedule 1.

 

"Conversion Number" is 4 subject
to adjustment in accordance with Conditions 8 to 11.

 

"Convertible Note" means a Convertible
Note having the Face Value and issued in accordance with and subject to these Conditions.

 

"Convertible Note Certificate"
means the document of that name to which these Conditions of issue are attached.

 

"Corporations Act" means the Corporations
Act 2001 (Cth).

 

"Event of Default" means any of
the events of default set out in Condition 16.

 

"Exchange Offer Letter" means the
letter to Noteholders from the Company dated on or around [●] 2011 offering Series 2 Convertible Notes in exchange for existing
convertible notes held by Noteholders.

 

    	4

    	 

    

 

"Face Value" means the face value
of a Convertible Note as set out in Condition 2(b).

 

"Government Agency" means any foreign
or Australian government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority,
tribunal, agency or entity, or any minister of the Crown in right of the Commonwealth of Australia or any state.

 

"Insolvency Event" means in relation
to a body corporate:

 

		(a)	the body corporate being unable to pay all of its debts, as and when they become due and payable;

 

		(b)	an administrator of the body corporate being appointed under the Corporations Act;

 

		(c)	the body corporate or a subsidiary executing a deed of company arrangement otherwise than for the purpose of an amalgamation
or reconstruction;

 

		(d)	the entry by the body corporate into a scheme of arrangement or a composition with, or assignment for the benefit of, all or
any class of its creditors, or a moratorium involving any of them, otherwise than for the purpose of an amalgamation or reconstruction;

 

		(e)	the body corporate being insolvent within the meaning of section 95A(2) of the Corporations Act;

 

		(f)	the body corporate being or stating that it is unable to pay its debts when they fall due;

 

		(g)	the appointment of a receiver or receiver and manager in respect of the body corporate or any part of its property; or

 

		(h)	the making of a winding up or dissolution order, or the passing of a resolution for winding up or dissolution, in respect of
the body corporate except for the purposes of reconstruction or amalgamation.

 

"Issue Date" means, in respect
of a Convertible Note, the date on which the Convertible Note is issued.

 

"Listing Rules" means at any time
the listing rules of the ASX in force at that time.

 

"Material Adverse Effect" means
a material adverse effect on the ability of the Company to perform its obligations under these Conditions or on the financial condition
or business of the Company.

 

"Maturity Date" means, in respect
of a Convertible Note, 16 May, 2014.

 

"Note Deed Poll" means the note
deed poll under which the Convertible Notes are constituted.

 

"Noteholder" means, in relation
to any Convertible Notes, the person registered in the Register as the holder of those Convertible Notes.

 

"Register" means the register of
Noteholders maintained by the Company under Condition 19.

 

"Registration Statement" means
the registration statement on Form F-1 filed prior to the Issue Date with the US Securities and Exchange
Commission for the purpose of the public offering of the Shares in the United States and the listing of the Shares on NASDAQ .

 

"Regulatory Authority" means any
of ASIC, ASX, the Takeovers Panel or any Government Agency, whether having jurisdiction in Australia or elsewhere.

 

"Securities" means Shares or a
right or option to acquire Shares in the Company.

 

    	5

    	 

    

 

"Share" means a fully paid ordinary
share in the capital of the Company.

 

"Subsidiary" and "Related
Body Corporate" have the meaning given to those terms by the Corporations Act.

 

"Takeovers Panel" means the Panel
as defined by the Corporations Act.

 

"Tax" means any taxes, duties,
fees, rates, charges and imposts of all kinds assessed, levied or imposed by the Commonwealth, a state or any other government,
regional, municipal or local authority (Australian or overseas) and includes capital gains tax, fringe benefits tax, income tax,
withholding tax, prescribed payments tax, superannuation guarantee charge, training guarantee levy, undistributed profits tax,
payroll tax, goods and services tax, group tax, land tax, import duty, excise, stamp duty, municipal and water rates, interest
on tax payments and additional tax by way of penalty.

 

"VWAP" means the volume weighted
average sale price of Shares sold on ASX calculated:

 

		(a)	including all on-market trades without condition codes and any trades with condition codes XT (Crossed Trade) and SH (Short
Trade) ; but

 

		(b)	excluding any off-market trades, any trades with condition codes other than those condition codes referred to in paragraph
(a) above or any trades that are subsequently cancelled.

 

		2	The Notes

 

		(a)	The Company acknowledges its indebtedness in respect of, and promises to pay all amounts due in relation to, each Convertible
Note on the terms contained in the Note Deed Poll and these Conditions.

 

		(b)	Each Convertible Note has a face value of $65.00("Face Value").

 

		(c)	Noteholders will receive Convertible Notes fully paid to the Face Value in accordance with the terms of the Exchange Offer
Letter.

 

		(d)	The Company may issue Convertible Notes up to a total face value of AU$65,000,000.

 

		(e)	Every offer for issue, or invitation to apply for the issue, of the Convertible Notes within the Commonwealth of Australia
must be one that does not need disclosure to investors under Part 6D.2 of the Corporations Act and is not made to a person who
is a "retail client" within the meaning of section 761G of the Corporations Act.

 

		3	General Terms of Issue of Convertible Notes

 

		(a)	Each Convertible Note:

 

		(i)	is Convertible in accordance with Condition 5;

 

		(ii)	is redeemable in accordance with Condition 13;

 

		(iii)	is interest bearing in accordance with Condition 4;

 

		(iv)	is an unsecured obligation of the Company ranking equally with any other Convertible Notes and other unsecured creditors of
the Company; and

 

		(v)	is only transferable in accordance with Condition 7.

 

		(b)	If a Convertible Note is redeemed by the Company or Converted then the Convertible Note is automatically cancelled and may
not be re-issued.

 

    	6

    	 

    

 

		(c)	The Company will not apply for official quotation of the Convertible Notes on ASX or any other stock exchange.

 

		(d)	Except as otherwise provided for in these Conditions, a Convertible Note does not give its Noteholder the right to participate
in issues of new securities or capital reconstructions affecting the holders of Shares.

 

		4	Interest

 

An interest of 4.00% p.a. is payable semi-annually
on each 6 month and 12 month anniversary of the Issue Date in arrears in respect of the Convertible Notes based on a year of 365
days.

 

		5	Conversion of Convertible Notes

 

		(a)	The Noteholder may, at any time prior to 2.00pm AWST on the Maturity Date, elect to Convert some or all of its Convertible
Notes by giving a Conversion Notice to the Company on receipt of which by the Company, those Convertible Notes will be deemed to
Convert and such Conversion Notice once given is irrevocable.

 

		(b)	The Company may elect to Convert some or all of the Convertible Notes at any time when the daily VWAP for a period of 90 consecutive
trading days is 0.75 times the Face Value, provided that no Event of Default has occurred and is continuing. The Company is required
to give a Noteholder 10 Business Days notice prior to converting all or any of the Convertible Notes under this Condition 5(b)
and the Company must notify the Noteholder that the Conversion has occurred within 10 Business Days.

 

		(c)	On Conversion of all or any of the Convertible Notes pursuant to Conditions 5(a) or 5(b), a Noteholder is entitled to be allotted
the Conversion Number of Shares for each Convertible Note it holds that is Converted. Where the total number of Shares that a Noteholder
becomes entitled to on Conversion includes a fraction, that number will be rounded down to the next whole number.

 

		(d)	A Convertible Note is not capable of Conversion in part.

 

		6	Allotment and Ranking of Shares

 

		(a)	The Company must issue the Shares that a Noteholder becomes entitled to under Condition 5(c) no later than 3 Business Days
after the Conversion Date. For the avoidance of doubt, the Noteholder for the purpose of any record date shall be deemed to own
such Shares as at the Conversion Date.

 

		(b)	The Company will procure that a holding statement for any Shares is sent to the relevant Noteholders in accordance with the
ASPL Settlement Rules.

 

		(c)	The Company will apply for the Shares issued on Conversion of Convertible Notes to be quoted on ASX as soon as practicable,
and in any event within 2 Business Days of the Allotment Date and, if appropriate, on any other stock exchange on which the Company
is listed at that time.

 

		(d)	Subject to the restrictions set out in Condition 7, Shares issued on Conversion will rank equally in all respects with the
other Shares on issue at the Allotment Date.

 

    	7

    	 

    

 

 

		7	Transferability

 

Convertible Notes and Shares issued under Condition
6 are transferable, in accordance with applicable laws, but no Convertible Notes or Shares may be transferred to a person whose
voting power for the purposes of Chapter 6 of the Corporations Act would increase above 20% upon the occurrence of such transfer
(or upon the subsequent Conversion of the Convertible Notes subject to such transfer) unless Company shareholder approval is given
to the transfer pursuant to item 7 of section 611 of the Corporations Act.

 

		8	Adjustments for Bonus Issues and Rights Issues

 

		(a)	Subject to Condition 8(b), if the Company makes a pro rata bonus issue or a rights issue of Securities to holders of Shares,
the Conversion Number automatically adjusts in accordance with the following formula:

 

 

where:

 

New CN means the Conversion Number that will
apply after the application of this formula;

 

Old CN means the Conversion Number that applied
immediately before the application of this formula;

 

P means the VWAP during the period from the
1st Business Day after the announcement of the bonus or rights issue to ASX up to and including the last Business Day of trading
cum rights or bonus issue;

 

S means the number of Shares on issue immediately
before the issue of new Shares pursuant to the rights or bonus issue of Securities;

 

New S means the number of Shares to be issued
pursuant to the rights or bonus issue of Securities; and

 

SP means the subscription price per Share
for a rights issue and 0 for a bonus issue.

 

		(b)	No adjustment will be made if:

 

		(i)	the component "SP" exceeds the component "P"; or

 

		(ii)	the issue of Shares is made pursuant to a dividend reinvestment plan, bonus share plan, employee or executive share or option
plan, or a share top up plan.

 

		9	Adjustments for Off-Market Buy-Backs

 

		(a)	Subject to Condition 9(b), if the Company undertakes an off-market buy-back of Shares, the Conversion Number automatically
adjusts in accordance with the following formula:

 

 

where:

 

New CN means the Conversion Number that will
apply after the application of this formula;

 

Old CN means the Conversion Number that applied
immediately before the application of this formula;

 

    	8

    	 

    

 

P means the VWAP during the 20 Business Days
(including Business Days on which Shares are not traded on ASX) before the announcement of the buy-back;

 

S means the number of Shares on issue immediately
before the buy-back;

 

BBS means the number of Shares bought-back
under the buy-back; and

 

BBP means the buy-back price per Share.

 

		(b)	No adjustment will be made if the component "BBP" is less than the component "P".

 

		10	Adjustments for Returns Of Capital

 

If the Company makes a return of capital to the
holders of Shares (other than by way of a buy-back of Shares), the Conversion Number automatically adjusts in accordance with the
following formula:

 

 

where:

 

New CN means the Conversion Number that will
apply after the application of this formula;

 

Old CN means the Conversion Number that applied
immediately before the application of this formula;

 

P means the VWAP during the period from the
first Business Day after the announcement of the return of capital to ASX up to and including the last Business Day of trading
cum the return of capital;

 

C means the amount of cash and value of property
distributed (as reasonably determined by the Board) to holders of Shares per Share provided that C must not be less than 0.

 

		11	Adjustments for Capital Reconstructions

 

If Shares are reconstructed, consolidated, divided
or reclassified into a lesser or greater number of securities:

 

		(a)	the Convertible Notes will be reconstructed, consolidated, divided or reclassified on the same basis in accordance with the
Listing Rules or the rules of any other stock exchange as they apply to the Company; and

 

		(b)	the Conversion Number will be adjusted as reasonably determined appropriate by the Board.

 

		12	Discretion in Adjustments

 

If the Board determines in its reasonable opinion
that the application of any of Conditions 8 to 11 would affect the relative value of Convertible Notes and Shares to the detriment
to the Noteholders, the Board may:

 

		(a)	make any alterations to the Face Value of Convertible Notes or the Conversion Number; or

 

		(b)	offer Noteholders the ability to participate in any distribution that they would have been entitled to as holders of Shares
had their Convertible Notes been converted immediately prior to the date that holders of Shares were entitled to participate in
the distribution,

 

    	9

    	 

    

 

where the Board reasonably considers it appropriate
or necessary to do so in order to maintain the relative value of Convertible Notes and Shares.

 

		13	Redemption

 

		(a)	Unless otherwise Converted by the Noteholder or the Company in accordance with Condition 5, the Company must redeem each Convertible
Note on its Maturity Date (such redemption by the Company may only occur after 2pm AWST on the Maturity Date).

 

		(b)	Other than pursuant to Condition 13(a) above, Condition 16 below, Condition 17 (a) (ix) below or as otherwise agreed by the
Company and the Noteholder in writing, the Company may not redeem the Convertible Notes.

 

		(c)	Unless otherwise agreed by the Noteholder and the Company in writing, a Convertible Note is redeemed by the Company paying
the Noteholder the Face Value of that Convertible Note, plus any accrued but unpaid interest, in Australian dollars by deposit
into an account with an Australian bank or other financial institution nominated by the Noteholder or by cheque drawn in favour
of the Noteholder and sent by pre-paid post to the address of the Noteholder recorded in the Register.

 

		14	Notices of, and Voting at, General Meetings

 

		(a)	Noteholders have the same right as holders of Shares to receive accounts, reports and notices of general meetings of the Company's
shareholders and to attend those meetings.

 

		(b)	Noteholders are not entitled to speak or vote at general meetings of the Company's shareholders except as provided for in the
Corporations Act or the Listing Rules.

 

		(c)	If a Noteholder holds Shares, nothing in this Condition 14 will prevent the Noteholder from speaking or voting at general meetings
of the Company's shareholders in its capacity as shareholder.

 

		15	Representations and Warranties

 

The Company represents and warrants for the benefit
of each Noteholder as at the Issue Date that other than as disclosed in writing to the Noteholders:

 

		(a)	the Company is a corporation validly existing under the laws of the place of its incorporation;

 

		(b)	the Company has full power and authority to issue Convertible Notes on these Conditions;

 

		(c)	no event has occurred and is continuing which constitutes an Event of Default or which with lapse of time or notice of other
conditions would become an Event of Default;

 

		(d)	to the best of the Company's knowledge, information and belief no litigation, arbitration, Tax claim, dispute or administrative
or other proceeding is current or pending or to its knowledge, threatened, which if adversely determined is likely to have a Material
Adverse Effect;

 

		(e)	the Company has the corporate power to enter into and perform its obligations under the Note Deed Poll, these Conditions, the
Convertible Notes, the Exchange Offer Letter and any related document (the "Transaction Documents") and to carry
out the transactions contemplated by the Transaction Documents;

 

    	10

    	 

    

 

		(f)	the Company has taken all necessary corporate action to authorise the entry into and performance of the Transaction Documents
and to carry out the transactions contemplated by the Transaction Documents;

 

		(g)	neither the entry into nor performance by the Company of its obligations under the Transaction Documents nor any transaction
contemplated under the Transaction Documents violates in any material respect any provision of any judgment binding on it, its
constituent documents, any law or any document, agreement or other arrangement binding on it or its assets;

 

		(h)	on the Issue Date, the Company will have the capital structure set out in the Registration Statement;

 

		(i)	other than as set out in the Registration Statement , there is no obligation of the Company whether arising under any option
or otherwise to issue any equity securities, shares, convertible notes, debentures or securities of any kind or nature whatsoever
in the Company, and there are not agreements or arrangements that could call for the issue of, or grant to any person the right
to call for the issue of, any shares or loan capital of the Company;

 

		(j)	upon the execution of the Transaction Documents by the Company and delivery of the same, the Transaction Documents will constitute
the legal, valid and binding obligations of the Company enforceable against them in accordance with their respective terms;

 

		(k)	the issued capital of the Company was duly and validly authorized and issued and is fully paid, and was issued in accordance
with all applicable securities laws, rules and regulations, or pursuant to valid exemptions therefrom;

 

		(l)	the Company does not have any current or foreseeable obligation to issue further Shares or other such securities in the Company
at this time;

 

		(m)	the Company is not in violation or default of any provision of (i) its organizational documents, (ii) any judgment, order,
writ, decree or material contract to which it is a party or by which it is bound, or (iii) any provision of any local or foreign
statute, rule or regulation applicable to the Company. Neither the Company nor its Subsidiaries has received any written notice
from any Regulatory Authority that they have committed any criminal, illegal or unlawful act or any violation of or default with
respect to any ordinance, statute, regulation, order, decree or judgment of any court or government agency of relevant jurisdiction
which, if committed by them may have an adverse effect on the Company or its Subsidiaries; and

 

		(n)	each of the Company and its Subsidiaries has all franchises, permits, licenses, and any similar authority necessary for the
conduct of its respective business as now being conducted by it and the Company believes in good faith that the Company and its
Subsidiaries can obtain any similar authority for the conduct of the business of each of the Company and its Subsidiaries as contained
in releases to ASX.

 

		16	Events of Default and Early Repayment

 

Each of the following is an Event of Default (unless
the Noteholder confirms otherwise in writing):

 

		(a)	the Company fails to pay the Face Value or other amount when due pursuant to the terms of the Convertible Note Dr otherwise;

 

    	11

    	 

    

 

		(b)	the Company fails to carry out any provision of these Conditions and the Company does not remedy that failure within 10 Business
Days after the Noteholder gives written notice to the Company requiring it to be remedied;

 

		(c)	any representations or warranties contained in these Conditions are found to have been false or misleading in any material
respect when made;

 

		(d)	there is an Insolvency Event with respect to the Company;

 

		(e)	the main business undertaking of the Company is sold or the Company is merged or consolidated with any other entity;

 

		(f)	a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 are rendered against the Company
or any of its Subsidiaries and which judgments are not, within sixty (60) days after the entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; or

 

		(g)	the Company is removed from the Official List of ASX and other stock exchange on which it is listed.

 

If an Event of Default occurs and is continuing,
then in any such event, and at any time thereafter, the Noteholder may by written notice to the Company require the Company to
immediately redeem the Convertible Notes in accordance with Condition 13(c).

 

No such written notice is required from the Noteholder
upon the occurrence of an Event of Default specified in Condition 16(d).

 

		17	Covenants by the Company

 

		(a)	For so long as the Convertible Notes are outstanding, the Company must:

 

		(i)	comply with these Conditions;

 

		(ii)	maintain its corporate existence;

 

		(iii)	not amend its Constitution or alter the voting or other rights attached to Shares in a manner that is prejudicial to the interests
of Noteholders;

 

		(iv)	not do or omit to do anything that would preclude the issue of a valid Cleansing Notice on the date such notice is required
to be issued under these Conditions;

 

		(v)	make disclosure of material information to the public as required by the Listing Rules, or the rules of any other stock exchange
on which it is listed and the Corporations Act or any other applicable law;

 

		(vi)	not incur a total debt obligation (including any unconverted Convertible Notes outstanding at any given time) of higher than
2.5x its net worth (being paid up equity plus any retained earnings) without the prior consent of at least 75% of Noteholders (on
the basis of one vote for every Convertible Note held unconverted).

 

		(vii)	not issue more than 25% of the Company's share capital in options or convertible notes, without the prior consent of at least
75% of Noteholders (on the basis of one vote for every Convertible Note held at such time unconverted).

 

    	12

    	 

    

 

		(viii)	maintain the capacity to issue sufficient Shares to enable the conversion of all of the outstanding Convertible Notes into
Shares in accordance with the Conditions.

 

		(ix)	ensure that in the event of either material asset sales or consolidation or merger or other business combination transactions,
that the Noteholders be given at least 5 Business Days notice prior to the event and that the obligation on the notes are assumed
by the surviving entity or acquiring entity such that the value of the Notes are not diminished by the event. In any case given
such an event the Noteholders can require the surviving or acquiring company to redeemed the Outstanding Notes for their Face Value
plus any accrued but unpaid interest.

 

		18	Certificates

 

		(a)	Upon the Conversion of a Convertible Note or the redemption of a Convertible Note by the Company, the Noteholder must deliver
to the Company the Convertible Note Certificate and the Company shall cancel the Convertible Note Certificate. If the Conversion
or redemption relates only to some of the Convertible Notes described in a Convertible Note Certificate, the Company will issue
a further Convertible Note Certificate to the Noteholder in respect of the Convertible Notes not Converted or redeemed.

 

		(b)	If a Convertible Note Certificate becomes worn out or defaced, on production and delivery of that Convertible Note Certificate
to the Company, the Company will cancel it and issue a replacement Convertible Nate Certificate.

 

		(c)	If a Convertible Note Certificate is lost or destroyed, then subject to the Noteholder providing proof of that toss or destruction
and an indemnity satisfactory to the Company (at its expense), the Company will give a new Convertible Note Certificate to the
person entitled to that lost or destroyed Convertible Note Certificate.

 

		19	Register

 

		(a)	The Company must establish and maintain (or cause to be established and maintained) a register of Noteholders that records:

 

		(i)	the names and addresses of all Noteholders;

 

		(ii)	the number of Convertible Notes held by the Noteholder;

 

		(iii)	the Face Value for each Convertible Note;

 

		(iv)	the date of issue or transfer of the Convertible Notes;

 

		(v)	details of any redemption or Conversion of the Convertible Notes; and

 

		(vi)	any other information the Company considers necessary or desirable.

 

		(b)	A Noteholder must give the Company notice in writing of any change of name or address or other details, provided that failure
to give such notice shall not affect any of the Company's obligations under the Convertible Notes but provided further that in
this event the Company shall be entitled to rely on the change of name or address or other details previously provided in accordance
with this clause. Notice of change of name or address must be accompanied by such evidence as the Company reasonably requires.
On receipt of the notice, the Company must alter the register of Noteholders accordingly.

 

    	13

    	 

    

 

		(c)	The register of Noteholders maintained under this Condition, in the absence of manifest error, is conclusive of the details
set out in Condition 19(a).

 

		(d)	No notice of any trust or other interest in any Convertible Note will be entered in the Register and the Company will not be
obliged to take notice of any other interest or claim to a Convertible Note, other than as provided in the Register, except as
ordered by a court of competent jurisdiction or as required by law.

 

		20	Amendment

 

Subject to complying with the Corporations Act or
any other applicable law and the Listing Rules or the rules of any other stock exchange on which it is listed, the Company may:

 

		(a)	without the consent or approval of Noteholders amend or add to these Conditions if such amendment or addition is, in the reasonable
opinion of the Board:

 

		(i)	of a formal, minor or technical nature;

 

		(ii)	made to correct a manifest error; or

 

		(iii)	not likely (taken as a whole with all other amendments or additions) to be disadvantageous or prejudicial to any individual
Noteholder (relative to each other Noteholder) or to the interest of Noteholders as a whole.

 

		(b)	with the consent or approval of Noteholders holding at least 75% of the outstanding Convertible Notes, make any other amendments
or addition to these Conditions.

 

		21	Notices

 

		(a)	Any notice, demand, consent or other communication to be made or given under these Conditions must be in writing and signed
by a person duly authorised by the party giving it and shall be served either by delivery, by facsimile, by email or by pre-paid
courier to the address of the party as specified in Condition 21 (c) or at such substituted address as may be advised by notice
in writing from time to time.

 

		(b)	All notices shall be deemed to be given when sent by:

 

		(i)	pre-paid courier or delivered in person, when delivered;

 

		(ii)	pre-paid post, 2 Business Days after the date of posting (if posted to an address in the same country) or 7 Business Days after
the date of posting (if posted to an address in another country); and

 

		(iii)	facsimile or email, on receipt by the recipient,

 

provided that a notice deemed to be given on a day
other than a Business Day or at a time later than 4.00pm in the place at which the notice is given, will be deemed to have been
given at the commencement of business on the next Business Day in that place.

 

		(c)	Notice under these Conditions must be given as follows:

 

		(i)	Company

 

Mission NewEnergy Limited

Attention: Mr. Guy Burnett Company Secretary

Tempp Offices, Unit B9,

 

    	14

    	 

    

 

431 Roberts Road

SUBIACO WA 6000

Fax: +61 (08) 9204 2383

Email: guy@missionbiofuels.com

 

		(ii)	Noteholder

 

The address, fax number or email address set out
in the Register.

 

		22	Obligations of Noteholders

 

Each Convertible Note is issued on the condition
that each Noteholder is bound by and complies with the terms and conditions of the Note Deed Poll and these Conditions.

 

		23	Miscellaneous

 

		(a)	In these Conditions:

 

		(i)	reference to money or $ is to Australian dollars, unless otherwise stated;

 

		(ii)	the singular includes the plural and the plural includes the singular;

 

		(iii)	the use of one gender shall include all other genders;

 

		(iv)	representations, agreements, covenants, obligations or warranties, by more than one person shall include those persons jointly
and each of them severally;

 

		(v)	a party includes the party's executors, administrators, successors and permitted assigns

 

		(vi)	a person includes a body corporate;

 

		(vii)	a statute, regulation or provision of a statute or regulation (Statutory Provision) includes:

 

		(A)	that Statutory Provision as amended or re-enacted from time to time; and

 

		(B)	a statute, regulation or provision enacted in replacement of that Statutory Provision;

 

		(viii)	"including" and similar expressions are not words of limitation;

 

		(ix)	where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression
have a corresponding meaning; and

 

		(x)	headings are for convenience only and do not form part of these Conditions or affect their interpretation.

 

		(b)	The law of Western Australia governs these Conditions and the parties submit to the jurisdiction of the courts of Western Australia
and the Federal Court of Australia.

 

		(c)	If anything in these Conditions is unenforceable, illegal or void then it is severed and the rest of these Conditions remains
in force.

 

		(d)	If an act must be done on a specified day which is not a Business Day, it must be done instead on the next Business Day.

 

    	15

    	 

    

 

		(e)	A provision of these Conditions must not be construed to the disadvantage of a party merely because that party was responsible
for the preparation of these Conditions or the inclusion of the provision in these Conditions.

 

		(f)	These Conditions incorporate the entire understanding of the parties and supersede all previous arrangements and understandings,
written and oral, between the parties in relation to these Conditions and the Convertible Notes.

 

		(g)	The Company shall bear the legal costs in connection with the preparation, registration and stamping of all documentation relating
to the Convertible Notes. However, the Company will not be responsible for, or bear, any Taxes that the Noteholder becomes liable
for in respect of Convertible Notes or these Conditions or any legal costs incurred by the Noteholder with respect to obtaining
advice on or negotiating and entering into the Transaction Documents.

 

		(h)	Notwithstanding Condition 23(g), the Company will not be responsible for any stamp duties or similar Taxes payable in any jurisdiction
in connection with any transfer, assignment or other dealing by a Noteholder in respect of its Convertible Notes.

 

		(i)	The Company may deduct any amount in respect of Tax it is required to deduct from any payment due to a Noteholder under these
Conditions.

 

		(j)	Where a calculation is required under these Conditions, the calculation will be performed to 4 decimal places and will be,
in the absence of manifest error, final and binding on the Company and each Noteholder.

 

    	16

    	 

    

 

Schedule 1 - Conversion
Notice

 

	Notice of conversion or redemption of CRP Note
	 

 

		To:	Mission NewEnergy Limited ACN 117 065 719

("Company")

 

[Insert name of Noteholder] ("Noteholder"),
gives notice in accordance with Condition 5(a) of the Conditions of Issue of Convertible Notes to convert [insert number
of Convertible Notes to be converted] Convertible Notes held by it into Shares.

 

The Noteholder applies for such number of Shares
in the capital of the Company as is equal to the number of ordinary shares that the Noteholder is entitled to upon conversion,
as calculated in accordance with Condition 5(c) of the Conditions of Issue of Convertible Notes.

 

The Noteholder agrees to accept the Shares issued
to it subject to the Constitution and the restrictions on transfer set out in Condition 7 of the Conditions of Issue of Convertible
Notes.

 

Words used in this notice have the same meaning
as in the Conditions of Issue of Convertible Notes.

 

Execution by individual:

 

Signed by [insert name] in the

presence of:

 

	 	 	 
	Signature of witness	 	 
	 	 	 
	 	 	 
	Name of witness (BLOCK LETTERS)	 	 
	 	 	 
	 	 	 
	Address of witness	 	 

 

    	17

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