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Exhibit 10.2  

  
 

    MASTER REPURCHASE AGREEMENT    
  

Dated
as of: SEPTEMBER 17, 2001 

Between: 

IMPAC WAREHOUSE LENDING GROUP

and

MONUMENT MORTGAGE, INC.

	1.
	Applicability

    From
time to time the parties hereto may enter into transactions in which one party ("Seller") agrees to transfer to the other ("Buyer") securities or financial instruments
("Securities") against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against the transfer of funds by
Seller. Each such transaction shall be referred to herein as a "Transaction" and shall be governed by this Agreement, including any supplemental terms or conditions contained in Annex 1 hereto, unless
otherwise agreed in writing. 

	2.
	Definitions

    (a) "Act
of Insolvency", with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency,
reorganization, liquidation, dissolution or similar
law, or such party seeking the appointment of a receiver, trustee, custodian or similar official for such party or any substantial part of its property, or (ii) the commencement of any such
case or proceeding against such party, or another seeking such an appointment, or the filing against a party of an application for a protective decree under the provisions of the Securities Investor
Protection Act of 1970, which (A) is consented to or not timely contested by such party, (B) results in the entry of an order for relief, such an appointment, the issuance of such a
protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days, (iii) the making by a party of a general assignment for the benefit of
creditors, or (iv) the admission in writing by a party of such party's inability to pay such party's debts as they become due; 

    (b) "Additional
Purchased Securities", Securities provided by Seller to Buyer pursuant to Paragraph 4(a) hereof; 

    (c) "Buyer's
Margin Amount", with respect to any Transaction as of any date, the amount obtained by application of a percentage (which may be equal to the percentage
that is agreed to as the Seller's Margin Amount under subparagraph (q) of this Paragraph), agreed to by Buyer and Seller prior to entering into the Transaction, to the Repurchase Price for such
Transaction as of such date; 

    (d) "Confirmation",
the meaning specified in Paragraph 3(b) hereof; 

    (e) "Income",
with respect to any Security at any time, an principal thereof then payable and all interest, dividends or other distributions thereon; 

    (f)  "Margin
Deficit", the meaning specified in Paragraph 4(a) hereof; 

    (g) "Margin
Excess", the meaning specified in Paragraph 4(b) hereof; 

    (h) "Market
Value", with respect to any Securities as of any date, the price for such Securities on such date obtained from a generally recognized source agreed to by
the parties or the most recent closing bid quotation from such a source, plus accrued Income to the extent not included therein (other than any Income credited or transferred to, or applied to the
obligations of, Seller pursuant to Paragraph 5 hereof) as of such date (unless contrary to market practice for such Securities); 

    (i)  "Price
Differential", with respect to any transaction hereunder as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such
Transaction to the Purchase Price for 

such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding)
the date of determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction); 

    (j)  "Pricing
Rate", the per annum percentage rate for determination of the Price Differential; 

    (k) "Prime
Rate", the prime rate of U.S. money center commercial banks as published in The Wall Street Journal; 

    (l)  "Purchase
Date", the date on which Purchased Securities are transferred by Seller to Buyer; 

    (m) "Purchase
Price", (i) on the Purchase Date, the price at which Purchased Securities are transferred by Seller to Buyer, and (ii) thereafter, such
price increased by the amount of any cash transferred by Buyer to Seller pursuant to Paragraph 4(b) hereof and decreased by the amount of any cash transferred by Seller to Buyer pursuant to
Paragraph 4(a) hereof or applied to reduce Seller's obligations under clause (ii) of Paragraph 5 hereof; 

    (n) "Purchased
Securities", the Securities transferred by Seller to Buyer in a Transaction hereunder, and any Securities substituted therefor in accordance with
Paragraph 9 hereof. The term "Purchased Securities" to Paragraph 4(a) and shall exclude Securities returned pursuant to Paragraph 4(b); 

    (o) "Repurchase
Date", the date on which Seller is to repurchase the Purchased Securities from Buyer, including any date determined by application of the provisions of
Paragraphs 3(c) or 11 hereof; 

    (p) "Repurchase
Price", the price at which Purchased Securities are to be transferred from Buyer to Seller upon termination of a Transaction, which will be determined
in each case (including Transactions terminable upon demand) as the sum of the Purchase Price and the Price Differential as of the date of such determination, increased by any amount determined by the
application of the provisions of Paragraph 11 hereof; 

    (q) "Seller's
Margin Amount", with respect to any Transaction as of any date, the amount obtained by application of a percentage (which may be equal to the percentage
that is agreed to as the Buyer's Margin Amount under subparagraph (c) of this Paragraph), agreed to by Buyer and Seller prior to entering into the Transaction, to the Repurchase Price for such
Transaction as of such date. 

	3.
	Initiation;
Confirmation; Termination 

    (a) An
agreement to enter into a Transaction may be made orally or in writing at the initiation of either Buyer or Seller. On the Purchase Date for the Transaction, the
Purchased Securities shall be transferred to Buyer or its agent against the transfer of the Purchase price to an account of Seller. 

    (b) Upon
agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as shall be agreed, shall promptly deliver to the other party a written confirmation
of each Transaction (a "Confirmation"). The Confirmation shall describe the Purchased Securities (including CUSIP number, if any), identify Buyer and Seller and set forth (i) the Purchase Date,
(ii) the Purchase Price, (iii) the Repurchase Date, unless the Transaction is to be terminable on demand, (iv) the Pricing Rate or Repurchase Price applicable to the Transaction,
and (v) any additional terms or conditions of the Transaction not inconsistent with this Agreement. The Confirmation, together with this Agreement, shall constitute conclusive evidence of the
terms agreed between Buyer and Seller with respect to the Transaction to which the Confirmation relates, unless with respect to the Confirmation specific objection is made promptly after receipt
thereof. In the event of any conflict between the terms of such Confirmation and this Agreement, this Agreement shall prevail. 

    (c) In
the case of transactions terminable upon demand, such demand shall be made by Buyer or Seller, no later than such time as is customary in accordance with market
practice, by telephone or otherwise on or prior to the business day on which such termination will be effective. On the date specified in such demand, or on the date fixed for termination in the case
of Transactions having a fixed term, termination of the Transaction will be effected by transfer to Seller or its agent of the 

purchased Securities and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof)
against the transfer of the Repurchase Price to an account of Buyer. 

	4.
	Margin
Maintenance 

    (a) If
at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Buyer is less than
the aggregate Buyer's Margin Amount for all such Transactions (a "Margin Deficit"), the Buyer may by notice to Seller require Seller in such Transactions, at Seller's option, to transfer to Buyer cash
or additional Securities reasonably acceptable to Buyer ("Additional Purchased Securities"), so that the cash and aggregate Market Value of the Purchased Securities, including any such Additional
Purchased Securities, will thereupon equal or
exceed such aggregate Buyer's Margin Amount (decreased by the amount of any Margin Deficit as of such date arising from any Transactions in which such Buyer is acting as Seller). 

    (b) If
at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Seller exceeds the
aggregate Seller's Margin Amount for all such Transactions at such time (a "Margin Excess"), then Seller may by notice to Buyer require Buyer in such Transactions, at Buyer's option to transfer cash
or Purchased Securities to Seller, so that the aggregate Market Value of the Purchased Securities, after deduction of any such cash or any Purchased Securities so transferred, will thereupon not
exceed such aggregate Seller's Margin Amount (increased by the amount of any Margin Excess as of such date arising from any Transactions in which such Seller is acting as Buyer). 

    (c) Any
cash transferred pursuant to this Paragraph shall be attributed to such Transactions as shall be agreed upon by Buyer and Seller. 

    (d) Seller
and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer or Seller (or both) under subparagraphs
(a) and (b) of this Paragraph may be exercised only where a Margin Deficit or Margin Excess exceeds a specified dollar amount or a specified percentage of the Repurchase Prices for such
Transactions (which amount or percentage shall be agreed to by Buyer and Seller prior to entering into any such Transactions). 

    (e) Seller
and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer and Seller under subparagraphs (a) and
(b) of this Paragraph to require the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be exercised whenever such a Margin Deficit or Margin Excess exists with respect
to any single Transaction hereunder (calculated without regard to any other Transaction outstanding under this Agreement). 

	5.
	Income
Payments 

    Where
a particular Transaction's term extends over an Income payment date on the Securities subject to that Transaction, Buyer shall, as the parties may agree with respect to such
Transaction (or, in the absence of any agreement, as Buyer shall reasonably determine in its discretion), on the date such Income is payable either (i) transfer to or credit to the account of
Seller an amount equal to such Income payment or payments with respect to any Purchased Securities subject to such Transaction or (ii) apply the Income payment or payments to reduce the amount
to be transferred to Buyer by Seller upon termination of the Transaction. Buyer shall not be obligated to take any action pursuant to the preceding sentence to the extent that such action would result
in the creation of a Margin Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit. 

	6.
	Security
Interest 

    Although
the parties intend that all transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans, Seller shall be deemed to
have pledged to Buyer as security for the performance by Seller of its obligations under each such Transaction, and shall be deemed to have granted to Buyer a security interest in, all of the
Purchased Securities with respect to all Transactions hereunder and all proceeds thereof. 

	7.
	Payment
and Transfer 

    Unless
otherwise mutually agreed, all transfers of funds hereunder shall be in immediately available funds. All Securities transferred by one party hereto to the other party
(i) shall be in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as the party receiving possession
may reasonably request, (ii) shall be transferred on the book-entry system of a Federal Reserve Bank, or (iii) shall be transferred by any other method mutually acceptable to
Seller and Buyer. As used herein with respect to Securities, "transfer" is intended to have the same meaning as when used in Section 8-313 of the New York Uniform Commercial Code
or, where applicable, in any federal regulation governing transfers of the Securities. 

	8.
	Segregation
of Purchased Securities 

    To
the extent required by applicable law, all Purchased Securities in the possession of Seller shall be segregated from other securities in its possession and shall be identified as
subject to this Agreement. Segregation may be accomplished by appropriate identification on the books and records of the holder, including a financial intermediary or a clearing corporation. Title to
all Purchased Securities shall pass to Buyer an, unless otherwise agreed by Buyer and Seller, nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased
Securities or otherwise pledging or hypothecating the Purchased Securities, but no such transaction shall relieve Buyer of its obligations to transfer Purchased Securities to Seller pursuant to
Paragraphs 3, 4, or 11 hereof, or of Buyer's obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Paragraph 5 hereof. 

Required
Disclosure for Transactions in Which the Seller Retains Custody of the Purchased Securities 

    Seller
is not permitted to substitute other securities for those subject to this Agreement and therefore must keep Buyer's securities segregated at all times, unless in this Agreement
Buyer grants Seller the right to substitute other securities. If Buyer grants the right to substitute, this means that Buyer's securities will likely be commingled with Seller's own securities during
the trading day. Buyer is advised that, during any trading day that Buyer's securities are commingled with Seller's securities, the [will]* [may]** be
subject to liens granted by Seller to [its clearing bank]* [third parties]** and may be used by Seller for deliveries on other securities transactions.
Whenever the securities are commingled, Seller's ability to resegregate substitute securities for Buyer will be subject to Seller's ability to satisfy [the clearing]*
[any]** lien or to obtain substitute securities. 

	*
	Language
to be used under 17 C.F.R. §403.4(e) if Seller is a government securities broker or dealer other than a financial institution.

	**
	Language
to be used under 17 C.F.R. §403.4(d) if Seller is a financial institution.

	9.
	Substitution

    (a) Seller
may, subject to agreement with and acceptance by Buyer, substitute other Securities for any Purchased Securities. Such substitution shall be made by transfer
to Buyer of such other Securities and transfer to Seller of such Purchased Securities. After substitution, the substituted Securities shall be deemed to be Purchased Securities. 

    (b) In
Transactions in which the Seller retains custody of Purchased Securities, the parties expressly agree that Buyer shall be deemed, for purposes of subparagraph
(a) of this Paragraph, to have agreed to and accepted in this Agreement substitution by Seller of other Securities for Purchased Securities;  provided, however, that such other Securities shall have a Market Value at least equal to the Market
Value of the Purchased Securities for which they are substituted. 

	10.
	Representations

    Each
of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement, to enter into the Transactions contemplated
hereunder and to 

perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance, (ii) it will engage in such Transactions as principal (or, if agreed
in writing in advance of any Transaction by the other party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on its behalf is duly authorized to do so on its
behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder
and such authorizations are in full force and effect and (v) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate any law, ordinance,
charter, by-law or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction Buyer and Seller shall
each be deemed to repeat all the foregoing representations made by it. 

	11.
	Events
of Default 

    In
the event that (i) Seller fails to repurchase or Buyer fails to transfer Purchased Securities upon the applicable Repurchase Date, (ii) Seller or Buyer fails, after
one business day's notice, to comply with Paragraph 4 hereof, (iii) Buyer fails to comply with Paragraph 5 hereof, (iv) an Act of Insolvency occurs with respect to Seller
or Buyer, (v) any representation made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated, or
(vi) Seller or Buyer shall admit to the other its inability to, or its intention not to, perform any of its obligations hereunder (each an "Event of Default"): 

    (a) At
the option of the nondefaulting party, exercised by written notice to the defaulting party (which option shall be deemed to have been exercised, even if no
notice is given, immediately upon the occurrence of an Act of Insolvency), the Repurchase Date for each Transaction hereunder shall be deemed immediately to occur. 

    (b) In
all Transactions in which the defaulting party is acting as Seller, if the nondefaulting party exercises or is deemed to have exercised the option referred to in
subparagraph (a) of the Paragraph, (i) the defaulting party's obligations hereunder to repurchase all Purchased Securities in such Transactions shall thereupon become immediately due and
payable, (ii) to the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate amount obtained by daily application of
(x) the greater of the Pricing Rate for such Transaction or the Prime Rate to (y) the Repurchase Price for such Transaction as of the Repurchase Date as determined pursuant to
subparagraph (a) of this Paragraph (decreased as of any day by (A) any amounts retained by the nondefaulting party with respect to such Repurchase Price pursuant to clause (iii)
of the subparagraph, (B) any proceeds from the sale of Purchased Securities pursuant to subparagraph (d)(I) of this Paragraph, and (C) any amounts credited to the account of the
defaulting party pursuant to subparagraph (e) of the Paragraph) on a 360 day per year basis for the actual number of days during the period from and including the date of the Event of
Default giving rise to such option to but excluding the date of payment of the Repurchase Price as so increased, (iii) all Income paid after such exercise or deemed exercise shall be retained
by the nondefaulting party and applied to the aggregate unpaid Repurchase Prices owed by the defaulting party, and (iv) the defaulting party shall immediately deliver to the nondefaulting party
any Purchased Securities subject to such Transactions then in the defaulting party's possession. 

    (c) In
all Transactions in which the defaulting party is acting as Buyer, upon tender by the non-defaulting party of payment of the aggregate Repurchase
Prices for all such Transactions, the defaulting party's right, title and interest in all Purchased Securities subject to such Transactions shall be deemed transferred to the nondefaulting party, and
the defaulting party shall deliver all such Purchased Securities to the non defaulting party. 

    (d) After
one business day's notice to the defaulting party (which notice need not be given if an Act of Insolvency shall have occurred, and which may be the notice
given under subparagraph (a) of 

this Paragraph or the notice referred to in clause (ii) of the first sentence of this Paragraph), the nondefaulting party may: 

     (i) as
to Transactions in which the defaulting party is acting as Seller, (A) immediately sell, in a recognized market at such price or prices as the
nondefaulting party may reasonably deem satisfactory, any or all Purchased Securities subject to such Transactions and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any
other amounts owing by the defaulting party hereunder or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities, to give the defaulting party credit
for such Purchased Securities in an amount equal to the price therefor on such date, obtained from a generally recognized source or the most recent closing bid quotation from such a source, against
the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder; and 

    (ii) as
to the Transactions in which the defaulting party is acting as Buyer, (A) purchase securities ("Replacement Securities") of the same class and amount as
any Purchased Securities that are not delivered by the defaulting party to the nondefaulting party as required hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement
Securities, to be deemed to have purchased Replacement Securities at the price therefor on such date, obtained from a generally recognized source or the most recent closing bid quotation from such a
source. 

    (e) As
to Transactions in which the defaulting party is acting as Buyer, the defaulting party shall be liable to the nondefaulting party (i) with respect to
Purchased Securities (other than Additional Purchased Securities), for any excess of the price paid (or deemed paid) by the nondefaulting party for Replacement Securities therefor over the Repurchase
Price for such Purchased Securities and (ii) with respect to Additional Purchased Securities, for the price paid (or deemed paid) by the nondefaulting party for the Replacement Securities
therefor. In addition, the defaulting party shall be liable to the nondefaulting party for interest on such remaining liability with respect to each such purchase (or deemed purchase) of Replacement
Securities from the date of such purchase (or deemed purchase until paid in full by Buyer. Such interest shall be at a rate equal to the greater of the Pricing Rate for such Transaction or the Prime
Rate. 

    (f)  For
purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder in respect of which the defaulting party is acting as Buyer shall not
increase above the amount of such Repurchase Price for such Transaction determined as of the date of the exercise or deemed exercise by the nondefaulting party of its option under subparagraph
(a) of this Paragraph. 

    (g) The
defaulting party shall be liable to the nondefaulting party for the amount of all reasonable legal or other expenses incurred by the nondefaulting party in
connection with or as a consequence of an Event of Default, together with interest thereon at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Rate. 

    (h) The
nondefaulting party shall have, in addition to its rights hereunder, any rights otherwise available to it under an other agreement or applicable law. 

	12.
	Single
Agreement 

    Buyer
and Seller acknowledge that, and have entered hereunto and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions
hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its
obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder,
(ii) that each of them shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions
hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries
and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and netted. 

	13.
	Notices
and Other Communications 

    Unless
another address is specified in writing by the respective party to whom any notice or other communication is to be given hereunder, all such notices or communications shall be
in writing or confirmed in writing and delivered at the respective addresses set forth in Annex II attached hereto. 

	14.
	Entire
Agreement; Severability 

    This
Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein
shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 

	15.
	Non-assignability;
Termination 

    The
rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by either party without the prior written consent of the other party.
Subject to the foregoing, this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. This Agreement may be
cancelled by either party upon giving written notice to the other, except that this Agreement shall, notwithstanding such notice, remain applicable to any Transactions then outstanding. 

	16.
	Governing
Law 

    This
Agreement shall be governed by the laws of the State of California without giving effect to the conflict of law principles thereof. 

	17.
	No
Waivers, Etc. 

    No
express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder. No modification
or waiver of any provision of this agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties
hereto. Without limitation on any of the foregoing, the failure to give a notice pursuant to subparagraphs 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at a later date. 

	18.
	Use
of Employee Plan Assets 

    (a) If
assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974 ("ERISA") are intended to be used by either
party hereto (the "Plan Party") in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall
represent in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance
thereon but shall not be required so to proceed. 

    (b) Subject
to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes or has furnished to Buyer its
most recent available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. 

    (c) By
entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller's latest such
financial statements, there has been no material adverse change in Seller's financial condition which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited
and unaudited statements of its financial condition as the y are issued, so long as it is a Seller in any outstanding transaction involving a Plan Party. 

	19.
	Intent

    (a) The
parties recognize that each Transaction is a "repurchase agreement" as that term is defined in Section 101 of Title 11 of the United States Code, as
amended (except insofar as the type of Securities subject to such Transaction or the term of such Transaction would render such definition 

inapplicable), and a "securities contract" as that term is defined in Section 741 of Title 11 of the United States Code, as amended. 

    (b) It
is understood that either party's right to liquidate Securities delivered to it in connection with Transactions hereunder or to exercise any other remedies
pursuant to Paragraph 11 hereof, is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of Title 11 of the United States Code, as amended. 

	20.
	Disclosure
Relating to Certain Federal Protections 

    The
parties acknowledge that they have been advised that: 

    (a) in
the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission ("SEC") under Section 15
of the Securities Exchange Act of 1934 ("1934 Act"), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970
("SIPA") do not protect the other party with respect to any Transaction hereunder; 

    (b) in
the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under
Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and 

    (c) in
the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are
not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation or the National Credit Union Share Insurance Fund, as
applicable. 

	IMPAC WAREHOUSE LENDING GROUP	 	MONUMENT MORTGAGE, INC.
	

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MASTER REPURCHASE AGREEMENTPrepared by MERRILL CORPORATION

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Exhibit 10.3  

ANNEX I  

Supplemental Terms and Conditions  

 
 
 

ANNEX I    
  

 
  SUPPLEMENTAL TERMS AND CONDITIONS    
  

    The Master Repurchase Agreement between Impac Warehouse Lending Group ("Buyer") and MONUMENT
MORTGAGE, INC., ("Seller"), dated as of SEPTEMBER 17, 2001 is amended and supplemented as set forth below. All
capitalized terms used herein that are defined in the Master Repurchase Agreement are used herein as defined therein except to the extent such terms are amended or supplemented herein. 

    1.  Paragraph 1
of the Master Repurchase Agreement is amended by adding the following after the word "instruments" and before the parenthetical "("Securities")"
in the second line thereof: 

    4"or
whole mortgage loans or any interests in any whole mortgage loans, including, without limitation, mortgage participation certificates and mortgage pass-through
certificates". 

    2.  Subparagraph
2(a) of the Master Repurchase Agreement is amended by adding the following after the word "any" and before the word "bankruptcy" in the second line
thereof: 

    "conservatorship
or receivership (within the meaning of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989),". 

    3.  Subparagraph
2(a) of the Master Repurchase Agreement is further amended by adding the following after the word "a" and before the word "receiver" in the third line
thereof: 

    "conservator,". 

    4.  Subparagraph
2(h) of the Master Repurchase Agreement is amended by deleting the defined term "Market Value" and replacing it with the defined term "Assumed
Repurchase Value", and the term Market Value throughout the Master Repurchase Agreement shall be deemed to denote the Assumed Repurchase Value. 

    5.  Subparagraph
2(h) of the Master Repurchase Agreement is amended by adding at the end thereof: 

    "except
that the Assumed Repurchase Value of any Securities that are loans secured by mortgages or deeds of trust on residential dwellings (such loans, "Mortgage Loans") as of any
date shall be the dollar amount ascribed to such Mortgage Loans on that date by Buyer in its reasonable and sole discretion, and shall not include any Income on such Mortgage Loans paid to and held by
Seller pursuant to Paragraph 5 hereof, and the Assumed Repurchase Value of any Additional Purchased Securities shall be the fair market value thereof as determined by Buyer in its reasonable
and sole discretion" 

    6.  Subparagraph
3(b) of the Master Repurchase Agreement is amended by adding at the end of the first sentence of Paragraph 3(b): 

    "In
the case of Transactions involving Securities that are Mortgage Loans, (a) the Purchased Securities shall be identified on a detailed listing to be provided by Seller to
Buyer (a "Mortgage Loan Schedule") attached to a Certificate of Seller in the form attached hereto, (b) the Confirmation shall be sent by Seller to Buyer, (c) the documents contained in
the Mortgage File (as defined in Paragraph 7) shall be delivered at the option of the Buyer to the Buyer, or the Custodian, and held by the Custodian pursuant to the terms of a Custody
Agreement, dated of even date herewith (the "Custody Agreement"), among Seller, Buyer and Custodian pursuant to which Custodian shall, among other things, issue Trust Receipts, as defined therein (the
"Trust Receipts"), and (d) the Mortgage Loans shall be serviced for Buyer by Seller pursuant to the Servicing Agreement, dated of even date herewith (the "Servicing Agreement"), between Seller
and Buyer." 

1

 

    7.  Paragraph 3(b)
of the Master Repurchase Agreement is further amended by deleting the last sentence and replacing it with the following: 

    "In
the event of any conflict between the terms of such Confirmation and this Agreement, the terms of such Confirmation shall prevail." 

    8.  Subparagraph
3(c) of the Master Repurchase Agreement is amended by adding at the end of the first sentence of Paragraph 3(c); 

    "In
the case of Transactions involving Securities that are Mortgage Loans, (i) which meet the requirements of the Seller's Warranties Agreement, such demand by Buyer may not be
made prior to 30 days following the date of the Transaction in which the Securities were originally conveyed to Buyer provided no event of default has occurred; (ii) which do not meet
the requirements of the Seller's Warranties Agreement in all material respects, such demand by Buyer may be made at any time; or (iii) Seller may repurchase at any time, irrespective of whether
the particular Mortgage Loans(s) meets the requirements of the Seller's Warranties Agreement. In any case, such demand either by Buyer or by Seller shall be for a repurchase of all Purchased
Securities subject to the related Transaction and such demand shall be made no later than 5:00 p.m. New York City time on the business day preceding the day on which such termination will be
effective, which termination shall also be on a business day. Upon receipt of the Repurchase Price in immediately available funds, Buyer shall deliver the Trust Receipt for such Transaction to
Custodian for further disposition in accordance with the terms of the Custody Agreement." 

    9.  Paragraph 4
of the Master Repurchase Agreement is amended by adding a new subparagraph (f) as follows: 

    "(f)
In the case of Transactions involving Securities that are Mortgage Loans, (i) the percentage used in calculating Buyer's Margin Amount for such Transaction shall be the
percentage specified in the Confirmation and (ii) Additional Purchased Securities shall be limited to obligations issued by the United States government or mortgaged-backed securities issued by
the Federal National Mortgage Association ("FNMA") or guaranteed by the Government National Mortgage Association ("GNMA") and otherwise acceptable to Buyer in its sole discretion, (iii) the
provisions of subparagraphs (b), (d) and (e) of this Paragraph shall not apply". 

    10. Paragraph 5
of the Master Repurchase Agreement is amended by adding the following at the end of the last sentence of Paragraph 5: 

    "Notwithstanding
the foregoing and except as provided in Paragraph 11 of this Agreement, in the case of Transactions involving Securities that are Mortgage Loans, Seller shall
be deemed to hold for the benefit of, and in trust for, Buyer all Income, including without limitation all scheduled and unscheduled principal and interest payments, received by Seller with respect to
such Mortgage Loans. Seller shall service the Mortgage Loans, or supervise the servicing of the Mortgage Loans, for the benefit of Buyer in accordance with the terms of the Servicing Agreement. On the
10th day of each month, Seller will provide Buyer with reports substantially identical in form to FNMA's form 2010 remittance report with respect to all Mortgage Loans then involved in any
Transaction hereunder. Within three business days of its receipt of each such report, Buyer either (i) shall determine that a Margin Deficit has occurred and direct Seller to pay to Buyer all
Income received in the period covered by such report to the extent of such Margin Deficit, in which case Buyer shall be deemed to have released any excess Income to Seller, or (ii) shall
determine that a Margin Deficit has not occurred, in which case Buyer shall be deemed to have released all such Income to Seller." 

2

 

    11. Paragraph 6
of the Master Repurchase Agreement is amended by adding the following after the word "the" and before the words "Purchased Securities" in the
fourth line thereof: 

    "Seller's
right (including the power to convey title thereto), title and interest in and to the". 

    12. Paragraph 6
of the Master Repurchase Agreement is amended by adding the following after the words "Purchased Securities" and before the word "with" in the
fourth line thereof: 

    ",
the contractual right to receive payments, including the right to payments of principal and interest and the right to enforce such payments, arising from or under any of the
Purchased Securities, the
contractual right to service each Mortgage Loan, any sub-servicing agreements with respect to each Mortgage Loan, and all documents in each Mortgage File,". 

    13. Paragraph 6
of the Master Repurchase Agreement is amended by adding the following after the word "all" and before the word "proceeds" in the fifth line
thereof: 

    "income,
payments, products and". 

    14. Paragraph 6
of the Master Repurchase Agreement is amended by adding the following after the word "thereof" and before the period in the fifth line thereof: 

    "(the
"Collateral")". 

    15. Paragraph 6
of the Master Repurchase Agreement is amended by adding the following at the end of the last sentence of Paragraph 6: 

    "In
such event, the parties hereto intend to create for the benefit of Buyer, as secured party, a legally valid and enforceable first priority perfected security interest in the
Collateral. On or prior to each Purchase Date, Seller shall cause to be filed in the appropriate filing offices of the jurisdiction in which Seller maintains its place of business, or its chief
executive office if Seller has more than one place of business, in accordance with applicable law, Uniform Commercial Code financing statements naming Seller as debtor, Buyer as secured party, and the
Collateral as collateral." 

    16. Paragraph 7
of the Master Repurchase Agreement is amended by adding the following at the end of the last sentence of Paragraph 7: 

    "In
the case of Transactions involving Securities that are Mortgage Loans, the transfer of such Mortgage Loans for the purposes of this Paragraph 7 shall include the delivery
to the Buyer or Custodian, as directed by the Buyer, the following documents (the "Mortgage File") with respect to each Mortgage Loan, as set forth in the Custody Agreement:
subject, however, to the paragraph immediately following clause (xii) below;" 

    (i)  the
original note or other evidence of indebtedness (the "Mortgage Note") of the obligor thereon (each such obligor, a "Mortgagor"), endorsed to the order of or
assigned to Seller by the holder/payee thereof, without recourse, and endorsed by Seller, without recourse, in blank; 

    (ii) the
original mortgage, deed of trust or other instrument (the "Mortgage") creating a first lien on the underlying property securing the Mortgage Loan (the
"Mortgaged Property"), naming Seller as the "mortgagee" or "beneficiary" thereof, and bearing on the face thereof the address of Seller as provided in Paragraph 13 of this Agreement, or, if the
Mortgage does not name Seller as the mortgagee/beneficiary, the Mortgage, together with an instrument of assignment assigning the Mortgage, individually or together with other Mortgages, to Seller and
bearing on the face thereof the address of Seller as provided in Paragraph 13 of this Agreement, and, in either case, bearing evidence that such instruments have been recorded in the
appropriate jurisdiction where the Mortgaged Property is located (or, in lieu of the original of the Mortgage or the assignment thereof, a duplicate or conformed copy of the Mortgage or the instrument
of assignment, if any, 

3

 

together with a certificate of either the closing attorney or an officer of the title insurer that issued the related title insurance policy, or a certificate of receipt from the recording office,
certifying that such copy or copies represent true and correct copy(ies) of the original(s) and that such original(s) have been or are currently submitted to be recorded in the appropriate
governmental recording office of the jurisdiction where the Mortgaged Property is located); 

    (iii) an
original assignment of Mortgage, in blank, which assignment shall be in form and substance acceptable for recording and, in the event that the Seller acquired
the Mortgage Loan in a merger, the assignment must be by "[Seller], successor by merger to [name of predecessor]"; 

    (iv) any
intervening assignment of the Mortgage not included in (ii) above, including any warehousing assignment; 

    (v) any
assumption, modification, extension or guaranty agreement; 

    (vi) the
Lender's title insurance policy, or, if such policy has not been issued, a written commitment or interim binder issued by the title insurance company
evidencing that the required title insurance coverage is in effect and unconditionally guaranteeing the holder of the Mortgage Loan that the lender's title insurance policy will be issued; 

    (vii) if
applicable, any policy or certificate of primary mortgage guaranty insurance; 

    (viii) if
the Mortgage Note or Mortgage or any other material document or instrument relating to the Mortgage Loan has been signed by a person on behalf
of the Mortgagor, the power of attorney or
other instrument that authorized and empowered such person to sign with recording information thereon; 

    (ix) with
respect to FHA insured Mortgage Loans, the original FHA Insurance Contract, together with a completed HUD Form 92080 "Mortgagee Record Change" with the
Purchasing Mortgagees name left blank; 

    (x) with
respect to VA guaranteed Mortgage Loans, the original VA Loan Guaranty Certificate; 

    (xi) with
respect to each Mortgage Loan which is subject to the provisions of the Homeownership and Equity Protection Act of 1994, a copy of a notice to each entity
which was a purchaser or assignee of the Mortgage Loan, satisfying the provisions of such Act and the regulations issued thereunder, to the effect that the Mortgage Loan is subject to special truth in
lending rules; and 

    (xii) any
other document as may be requested by Buyer. 

    "Notwithstanding
the above, Seller shall, at least one Business Day prior to the related Purchase Date, deliver to or cause to be delivered to Buyer or Custodian, as directed by
Buyer, originals or true copies of such documents contained in the Mortgage File; and within forty eight (48) hours after such purchase date Seller shall deliver or cause to be delivered to
Buyer or Custodian, as directed by Buyer, the originals (to the extent not previously delivered) of all
such documents in the Mortgage File. Failure by Seller to deliver or cause to be delivered such documents within such time periods specified in the immediately preceding sentence shall constitute an
Event of Default under the Master Repurchase Agreement. Seller shall cause each closing agent to hold any originals of such documents in the Mortgage File held by such closing agent prior to delivery
thereof to Buyer or Custodian, as directed by Buyer, in trust and as bailee for Buyer. 

    In
addition to the documents contained in the Mortgage File, Seller shall deliver to buyer on or prior to the Purchase Date for such Transaction a security release certification
acceptable to Buyer, certifying the release of any security interest of a third party which may have existed with 

4

 

respect to any of the Mortgage Loans subject to such Transaction during the 45-day period prior to the related Purchase Date. 

    Seller
shall include on each Mortgage Loan Schedule a code indicating whether the Mortgage Loan is subject to the Homeownership and Equity Protection Act of 1994." 

    Seller
shall cause to be maintained a servicing file ("Servicing File") with respect to each Mortgage Loan that shall contain the following
documents:

    (a) copies
of all the documents contained in the Mortgage File; 

    (b) any
instrument necessary to complete identification of any exception set forth in the exception schedule in the title insurance policy (e.g., map or plat,
restrictions, easements, sewer agreements, home association declarations, etc.); 

    (c) a
survey of the Mortgaged Property; 

    (d) any
hazard insurance policy or flood insurance policy, with extended coverage of the hazard insurance policy; 

    (e) the
Mortgage Loan closing statement (Form HUD-1) and any other truth-in-lending, real estate settlement procedure forms or other
disclosure statements required by law; 

    (f)  the
residential loan application, if applicable; 

    (g) any
verification of employment and income; 

    (h) if
applicable, any verification of acceptable evidence of source and amount of downpayment; 

    (i)  any
credit report on the borrower under the Mortgage Loan; 

    (j)  each
residential appraisal report; 

    (k) a
photograph of the Mortgaged Property; 

    (l)  any
tax receipts, insurance premiums, ledger sheets, payment records, insurance claim files and correspondence, current and historical computerized data files,
underwriting standards used for origination and all other papers and records developed or originated by the Seller, any servicer or others, required to document the Mortgage Loan or to service the
Mortgage Loan; and 

    (m) any
other document as may be requested by Buyer. 

    Seller
shall cause to be delivered to Buyer each Servicing File upon Event of Default by Seller under the Master Repurchase Agreement. 

    17. Paragraph 8
of the Master Repurchase Agreement is amended by deleting the last sentence of Paragraph 8 and substituting the following: 

    "Title
to all Purchased Securities (except for Securities that are Mortgage Loans) shall pass to Buyer. In the case of Purchased Securities that are Mortgage Loans, upon transfer of
the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Agreement and until termination of any Transactions as set forth in Paragraphs 3(c) or 11 of this Agreement, ownership of each
Mortgage Loan, including each document in the related Mortgage File, is vested in Buyer. Upon transfer of the Mortgage Loans to Buyer as set forth in Paragraph 3(a) of this Agreement and until
termination of any Transactions as set forth in Paragraphs 3(c) or 11 of this Agreement, record title in the name of Seller to each Mortgage shall be retained by Seller in trust, for the benefit of
Buyer, for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans pursuant to the Servicing Agreement. Unless otherwise agreed by Buyer and Seller,
nothing in this Agreement shall preclude Buyer from engaging in repurchase 

5

 

transactions with the Purchased Securities or otherwise pledging or hypothecating the Purchased Securities, but no such transaction shall relieve Buyer of its obligations to transfer Purchased
Securities (and, with respect to the Mortgage Loans, not substitutes therefor) to Seller pursuant to Paragraphs 3, 4 or 11 hereof. Upon termination of any Transactions as set forth in
Paragraph 3(c) of this Agreement, Buyer agrees to execute promptly endorsements of the Mortgage Notes, assignments of the Mortgages and UCC-3 assignments, to the extent that such
documents are prepared by Seller for Buyer's execution, are delivered to Buyer by Seller and are necessary to reconvey, without recourse, to Seller and perfect title of like tenor to that conveyed to
Buyer to the related Mortgage Loans. Buyer agrees to cooperate with Seller to identify documents that may be required to effect such reconveyance and perfection of title to Seller." 

    18. Subparagraph
9(b) of the Master Repurchase Agreement is amended by adding the following after the word "substituted" and before the period in the fifth line
thereof: 

    ";  provided, further, that, in the case of Transactions involving Securities that are Mortgage Loans, the retention by Seller of
custody of any document in any Mortgage File or otherwise shall be held by Seller in trust Buyer for purposes of servicing or supervising the servicing of the related Mortgage Loan and shall not be
deemed to constitute Seller's retention of custody of the Purchased Securities for purposes of this subparagraph". 

    19. Paragraph 10
of the Master Repurchase Agreement is amended by adding the following clauses at the end of the first sentence of Paragraph 10 after the
word "affected" and before the period: 

    ",
(vi) Seller and Buyer have entered into the Transaction described in each Confirmation contemporaneously with the sale of the Purchased Securities by Seller to Buyer and
the transfer of the Purchase Price by Buyer to Seller, or, in the event that the Transaction is deemed to constitute a loan, contemporaneously with the grant of the security interest in the Collateral
by Seller to Buyer pursuant to Paragraph 6 hereof and the transfer of the consideration therefor, consisting of the extension of the Purchase Price, which represents the loan proceeds, by Buyer
to Seller, (vii) the board of directors of Seller has approved the form of Confirmation and the Master Repurchase Agreement, and such approval is reflected in the minutes of said board, and
(viii) each Confirmation, the Master Repurchase Agreement, the Custody Agreement and the Servicing Agreement have been and shall be, continuously, from the time of their execution, a corporate
record of Seller." 

    20. Paragraph 11
is amended by inserting the words ", other than any representation made by Seller as to a particular Mortgage Loan," after the words "made by
Seller or Buyer" on the fourth line thereof. 

    21. Paragraph 11
is further amended by deleting the word "or" immediately preceding clause (vi) and by adding at the end of such clause, immediately
preceding the parenthesis, the following: 

    (vii) Buyer
shall have reasonably determined that Seller is or will be unable to meet its commitments under this Agreement, the Custody Agreement, the Guaranty, the
Sellers Warranties Agreement, the Servicing Agreement and any other related agreement (such agreements, the "Transaction Documents") and shall have notified Seller of such determination and such other
party shall not have responded with appropriate information to the contrary to the satisfaction of the notifying party within 24 hours; 

    (viii)The
Master Repurchase Agreement shall for any reason cease to create a valid, first priority security interest in any of the Purchased Securities purported to be
covered thereby; 

    (ix) A
final judgment by any competent court in the United States of America for the payment of money in an amount of at least $100,000 is rendered against Seller, and
the same 

6

 

remains undischarged for a period of 30 days during which execution of such judgment is not effectively stayed; 

    (x) Seller
shall fail to observe or perform any of the covenants or agreements under any Transaction Document, which failure materially and adversely affects the rights
of the Buyer; 

    (xi) Any
event of default or any event which with notice, the passage of time or both shall constitute an event of default shall occur and be continuing under any
repurchase or other financing agreement for borrowed funds or indenture for borrowed funds by which Seller is bound or affected shall occur and be continuing; 

    (xii) In
the good faith judgment of Buyer, a material adverse change shall have occurred in the business, operations, properties, prospects or condition (financial or
otherwise) of Seller; 

    (xiii)Seller
shall request written assurances as to the financial well-being of Buyer and such assurances shall not have been provided within
24 hours of such request; 

    (xiv) Seller
shall be in default with respect to any normal and customary covenants under any debt contract or agreement, any servicing agreement or any lease to which
it is a party, which default could materially and adversely affect the financial condition of Seller (which covenants include, but are not limited to, an Act of Insolvency of Seller or the failure of
Seller to make required payments under such contract or agreement as they become due). 

    (xv) Any
representation or warranty made by Seller in any Transaction Document shall have been incorrect or untrue in any material respect (to the extent that such
representation or warranty does not incorporate a materiality limitation in its terms) when made or repeated or when deemed to have been made or repeated; 

    (xvi) Seller
shall fail to promptly notify Buyer of (i) the acceleration of any debt obligation or the termination of any credit facility of Seller,
respectively; (ii) the amount and maturity of any such debt assumed after the date hereof; (iii) any adverse developments with respect to pending or future
litigation involving Seller, respectively; and (iv) any other developments which might materially and adversely affect the financial condition of Seller; 

    (xvii) Seller's
audited annual financial statements or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited
by reference to Seller's status as a "going concern"; 

    (xviii) Seller
shall fail to maintain a tangible net worth of no less than $ 5,000,000. The term
"tangible net worth" shall mean the excess of all of the Seller's assets (excluding any value for goodwill, trademarks, patents, copyrights, organization expense and other similar intangible items)
over all its liabilities as completed and determined in accordance with generally accepted accounting principles consistently applied. 

    (xx) Seller
shall fail to deliver to Buyer or Custodian as directed by Buyer the documents in the Mortgage File within the time period specified in 1 Paragraph 7
of the Master Repurchase Agreement. 

    22. Subparagraph
11(d) of the Master Repurchase Agreement is amended by deleting the words that precede Subparagraph 11(d)(i) and replacing them with the words
"The non-defaulting party may with concurrent notice to the defaulting party:". 

    23. Subparagraph
11(d)(i) of the Master Repurchase Agreement is amended by inserting the words "or in any other commercially reasonable manner" after the word
"market" and before the word "at", on the second line thereof. 

7

 

    24. Subparagraph 11(d)(i) of the Master Repurchase Agreement is amended by adding the following after the word "hereunder" and before the semi-colon: 

    "and
in either case upon the determination and receipt by Buyer, in a manner deemed final and complete by Buyer in its sole discretion, of the aggregate unpaid Repurchase Prices and
any other amounts owing by the defaulting party, including, without limitation, any unpaid fees, expenses or other amounts owing to the Custodian under the Custody Agreement, or to which Buyer is
otherwise entitled hereunder, Buyer shall transfer the portion of the Purchased Securities and proceeds thereof, including without limitation, any proceeds of a sale of the servicing rights to the
Mortgage Loans, held by Buyer following such receipt to either (i) Seller, if in Buyer's sole discretion Seller is legally entitled thereto, (ii) such other party or person as is in
Buyer's reasonable judgment is legally entitled thereto, or (iii) if
Buyer cannot determine in its reasonable judgment the person or party entitled thereto, a court of competent jurisdiction." 

    25. Paragraph 11
of the Master Repurchase Agreement is amended by adding a new Subparagraph (j) as follows: 

    "(j)
Seller acknowledges that any delay in the ability of Buyer to exercise its remedies pursuant to Paragraph 11 hereof shall result in irreparable injury to Buyer." 

    26. Paragraph 13
of the Master Repurchase Agreement is amended by deleting the text thereof and replacing it with the following: 

    "Any
notice or communication in respect of this Agreement will be sufficiently given to a party if in writing and delivered in person, sent by certified or registered mail, return
receipt requested, or by overnight courier or given by facsimile transfer at the following address or facsimile number: 

    If
to [BUYER]: 

Impac
Warehouse Lending Group

1401 Dove Street

Newport Beach, CA 92660 

Attention:
Gretchen Verdugo

Facsimile No.: (949) 475-3950 

    If
to [SELLER]: 

MONUMENT MORTGAGE, INC.,

2527 CAMINO RAMON, SUITE 200

SAN RAMON, CA 94583
  Attention: Matt Soto, Sr. (Official)

Facsimile Number: (925) 242-5990 or
Eva Noack (Operational)

Facsimile Number: (925) 242-5880

    A
notice or communication will be effective: 

	(i)
	if
delivered by hand or sent by overnight courier, on the day and time it is delivered;

	(ii)
	If
sent by facsimile transfer, on the day it is sent; or

	(iii)
	if
sent by certified or registered mail, return receipt requested, three days after dispatch. 

Either
party may by notice to the other change the address or facsimile number at which notices or communications are to be given to it." 

8

 

    27. Paragraph 14
of the Master Repurchase Agreement is amended by inserting the words "with respect to Securities that consist of mortgage loans" after the word
"transactions" and before the period on the second line thereof. 

    28. Intentionally
Omitted 

    29. Intentionally
Omitted 

    30. Subparagraph
20(c) is amended by deleting the words "the Federal Savings and Loan Insurance Corporation" in the third line thereof and substituting therefor the
following: 

    "through
either the Bank Insurance Fund or the Savings Association Insurance Fund,". 

    31. This
Annex I is executed and shall be construed as an agreement supplemental to the Master Repurchase Agreement and, as provided in the Master Repurchase Agreement,
this Annex I forms a part thereof. 

    32. All
of the covenants, stipulations, promises and agreements in this Annex I shall bind the successors and assigns of the parties hereto, whether expressed or not. 

    33. This
Annex I may be executed in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same
instrument. 

    34. Seller
shall promptly provide such further assurances or agreements as Buyer may request in order to effect the purposes of this Master Repurchase Agreement,
including without limitation, the delivery of any further documents to ensure that Buyer maintains a first priority perfected security interest in the Collateral pursuant to Paragraph 6 hereof
and to carry into effect the purpose, of the Transaction Documents. 

    35. Buyer
is hereby appointed the attorney-in-fact of Seller for the purpose of carrying out the provisions of this Agreement and taking any
action and executing or endorsing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, including, without limitation, completing or correcting any endorsement
of a Mortgage Note or assignment of a Mortgage, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the
foregoing, Buyer shall have the right and power during the occurrence and continuation of any Event of Default to receive, endorse and collect all checks made payable to the order of Seller
representing any payment on account of the principal of or interest on any of the Collateral and to give full discharge for the same. 

    36. Seller
shall promptly pay as and when payment is due all, and Buyer shall not be liable for any, expenses, fees and charges incurred by Buyer or Seller (other than
the salaries and overhead of Buyer and its affiliates) arising out of or related in any way, to the administration and enforcement of this Agreement or the Custody Agreement ("Costs"), including,
without limitation, legal expenses, the fees and expenses of the Custodian, recording and filing fees and any costs associated with reconveyance of the Purchased Securities and, in the event that any
Costs are incurred by Buyer, Seller shall reimburse Buyer on demand of Buyer accompanied by a statement describing the circumstances and the nature of the Cost, by wire transfer of immediately
available federal funds. 

    37. Seller
and Buyer contemplate that all Mortgage Loans purchased by Buyer and subject to repurchase pursuant to this Master Repurchase Agreement shall have an average
daily balance (in principal amount) of $ 5,000,000 (the "Minimum Usage Amount"). If, within forty-five (45) days of the date hereof,
Seller shall not have sold any Mortgage Loans to Buyer pursuant to this Master Repurchase Agreement, Seller shall promptly pay Buyer $1,500. If at any time after forty-five
(45) days after the Seller shall have commenced selling Mortgage Loans to Buyer, pursuant to this Master Repurchase Agreement but the average daily balance (in principal amount) of all Mortgage
Loans held by Buyer is less than the Minimum Usage Amount, Seller shall pay Buyer a fee to be determined by 

9

 

Buyer in its sole discretion, provided, however such fee shall not exceed $1,500 during any thirty (30) day period. 

    38. This
Annex I shall supersede any existing annex to or modification of the Master Repurchase Agreement. 

	

[BUYER]	
 	

[SELLER]
	

WAREHOUSE LENDING GROUP	
 	

MONUMENT MORTGAGE, INC.,
	

By:	

	
 	

By:	

	

Name:	

	
 	

Name:	

	

Title:	

	
 	

Title:	

	

Date:	

	
 	

Date:	

10

 
 
 

CERTIFICATE OF SELLER    

    I,
______________, hereby certify that I am the duly appointed ______________ of __________________ _, a _____________________ (the "Seller"). The undersigned hereby represents,
warrants and covenants on behalf of the Seller as follows: 

    1.  Pursuant
to the sale of the mortgage loans set forth on Annex 1 hereto (the "Mortgage Loans") by the Seller to Impac Warehouse Lending Group ("Impac") pursuant to a
Master Repurchase Agreement, dated as of SEPTEMBER 17, 2001 between the Company and Impac, the Company hereby sells, transfers, assigns, sets over and
otherwise conveys to Impac all of its right (including the power to convey title thereto), title and interest in and to each document, including, without limitation, those documents set forth on
Exhibit A hereto, held by or on behalf of the Company with respect to each Mortgage Loan. 

    IN
WITNESS WHEREOF, I have hereunto signed my name. 

	Dated:	
	 	 	 
	

 	

 	
 	

By:	

	 	 	 	Name:	

	 	 	 	Title:	

11

QuickLinks

ANNEX I

SUPPLEMENTAL TERMS AND CONDITIONS

CERTIFICATE OF SELLER

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