Document:

EX-4.1

 Exhibit 4.1 
  

 
 THIS CERTIFIES THAT is the owner ofCUSIPDATED COUNTERSIGNED AND REGISTERED:COMPUTERSHARE INC.TRANSFER AGENT AND
REGISTRAR,FULLY-PAID AND NON-ASSESSABLE SHARES OF 8.875%SERIES C CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARES OF TSAKOS ENERGY NAVIGATION LIMITED (hereinafter called the “Company”), transferable on the books of theCompany by the holder
hereof in person or by duly authorized attorney, upon surrender of this Certificate properlyendorsed. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.Witnessthe facsimile seal of the Company and
the facsimile signatures of its duly authorized officers.8.875% SERIES C CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARESPAR VALUE $1.008.875% SERIES C CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARESTHIS CERTIFICATE IS TRANSFERABLE INCANTON, MA,
NEW YORK, NY AND COLLEGE STATION, TXSEE REVERSE FOR CERTAIN DEFINITIONSCertificateNumberShares.TSAKOS ENERGY NAVIGATION LIMITEDINCORPORATED UNDER THE LAWS OF BERMUDAByAUTHORIZED SIGNATUREBERMUDATSAKOSENERGYNAVIGATIONThis Certificate and the shares
represented hereby are issued and shall be heldsubject to all the provisions of the Memorandum of Association and Bye-laws of the Corporation and the Certificate of Designation related to the8.875% Cumulative Redeemable Perpetual Preferred Shares --
Series C andthe amendments from time to time made thereto.President & Chief Executive OfficerChairman of the BoardZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS#G9108L 13
2DD-MMM-YYYY**000000*********************000000*********************000000*********************000000 *********************000000**************** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander DavidSample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. AlexanderDavid Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr.Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander DavidSample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. AlexanderDavid Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr.Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample **** Mr. Sample**000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00000
0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares ****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares**** 000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares
****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares ****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Share
s****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000 **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000
000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S***ZERO HUNDRED THOUSANDZERO HUNDRED AND ZERO***MR. SAMPLE & MRS. SAMPLE & MR. SAMPLE & MRS. SAMPLEZQ00000000Certificate
Numbers1234567890/12345678901234567890/12345678901234567890/12345678901234567890/12345678901234567890/ 12345678901234567890/1234567890Total TransactionNum/No.123456Denom.123456Total1234567MR A SAMPLEDESIGNATION (IF ANY)ADD 1ADD 2ADD 3ADD 4TSAKOS
ENERGY NAVIGATIONPO BOX 43004, Providence, RI 02940-3004CUSIPXXXXXX XX XHolder IDXXXXXXXXXXInsurance Value 1,000,000.00Number of Shares123456DTC12345678 123456789012345EX-4.1

 Exhibit 4.1 
  

			
	Certificate No.     	 	[                 Shares]

 [STONEGATE LOGO] 

CUSIP No. 

STONEGATE MORTGAGE CORPORATION 

Incorporated Under the Laws of the State of Ohio 

THIS CERTIFIES THAT: 
  

			
	is the owner of:	  	                                     
                       
(                    )

 fully paid and non-assessable shares of Common Shares, $0.01 par value, of 

Stonegate Mortgage Corporation 
 (the
“Corporation”) transferrable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are
issued and shall be held subject to all of the provisions of the Third Amended and Restated Articles of Incorporation of the Corporation and the Third Amended and Restated Code of Regulations of the Corporation, each as may be amended from time to
time. 
 IN WITNESS WHEREOF, the Corporation has caused this certificate to be signed by its duly authorized officers. 

DATED: 
  

					
	  
 Daniel J.
Bettenburg, President
	 		 	  
 Barbara A. Cutillo,
Secretary

 [REVESE SIDE OF CERTIFICATE] 

THE CORPORATION WILL SEND TO ANY SHAREHOLDER, WITHOUT CHARGE, WITHIN FIVE DAYS AFTER RECEIPT OF WRITTEN REQUEST THEREFOR, THE EXPRESS TERMS OF
THE SHARES REPRESENTED BY THIS CERTIFICATE AND OF THE OTHER CLASS OR CLASSES AND SERIES OF SHARES WHICH THE CORPORATION IS AUTHORIZED TO ISSUE. 
  

 
 KEEP THIS
CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN 
 OR DESTROYED, THE COMPANY WILL REQUIRE A BOND OF INDEMNITY AS A 

CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE 
  

 
 The following
abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations. 

 

			
	TEN COM - as tenants in common	  	 UNIF GIFT MIN ACT
                                        
            

                          
            (Custodian)             (Minor)
                

		
	TEN ENT - as tenants by the entireties	  	 under Uniform Gifts to Minors Act of
                                        

(State)                    

	
	JT TEN - as joint tenants with right of survivorship and not as tenants in common

             Additional abbreviations may also be
used though not in the above list. 
 FOR VALUE RECEIVED
                                        
HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO 
  
  

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE AND SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER, OF ASSIGNEE) 

                          
                                   (
                    ) shares of stock of the Corporation represented by this Certificate and does hereby irrevocably constitute and appoint
                                         
                    attorney to transfer the said shares on the books of the Corporation, with full power of substitution in the premises. 

 

			
	Dated:                     	 	  
 NOTICE: The signature to this
assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any other change.EX-10.22

 Exhibit 10.22 

AMENDED AND RESTATED 

MASTER PARTICIPATION AGREEMENT 

between 
 STONEGATE MORTGAGE
CORPORATION 
 (“Seller”) 

and 
 MERCHANTS BANK OF INDIANA

 (“Participant”) 

July 1, 2013 

 AMENDED AND RESTATED 

MASTER PARTICIPATION AGREEMENT 

THIS AMENDED AND RESTATED MASTER PARTICIPATION AGREEMENT (the “Agreement”) is made as of July 1, 2013, by and between
STONEGATE MORTGAGE CORPORATION, having a principal place of business at 9190 Priority Way West Drive, Suite 300, Indianapolis, Indiana 46240 (“Seller”), and MERCHANTS BANK OF INDIANA, having an office at 11555 N. Meridian Street, Suite
400, Carmel, Indiana 46032 (“Participant”). 
 WITNESSETH: 

WHEREAS, Seller is in the business of originating qualifying, single-family mortgage loans, including conforming Federal National
Mortgage Association (“FNMA”) loans, and loans insured by the Federal Housing Administration (“FHA”) or guaranteed by the Veterans Administration (“VA”), or the United States Department of Agriculture (“USDA”)
(but specifically excluding any and all construction loans, loans secured by manufactured homes, co-operatives, high-cost or Jumbo loans) (hereinafter referred to individually as a “Mortgage Loan” and collectively as the “Mortgage
Loans”) (“FNMA”, “FHA”, “VA”, and “USDA” are hereinafter from time to time referred to individually as an “Agency” or collectively as the “Agencies”); 

WHEREAS, Seller from time to time wishes to sell to Participant and Participant from time to time wishes to purchase an undivided
beneficial ownership interest in Mortgage Loans; 
 WHEREAS, Seller and Participant have previously entered into certain
participation agreements (as heretofore amended, collectively the “Prior Participation Agreement”); 
 WHEREAS,
Seller and Participant hereby agree to amend and restate the Prior Participation Agreement subject to the terms and conditions hereinafter provided; 

NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, Seller and Participant agree as follows: 

1. OWNERSHIP INTEREST; PARTICIPATION CERTIFICATES. 

1.1 Acquisition by Participant. Subject to the terms and conditions of this Agreement and in reliance on representations, warranties and
covenants contained herein, Participant establishes with Seller the terms on which Participant shall purchase an undivided beneficial ownership interest in a Mortgage Loan when Participant so elects. The percentage of Participant’s undivided
interest in any Mortgage Loan shall be the percentage that is equal at any time to the percentage that the unpaid balance of the amount paid by Participant bears to the unpaid balance of the Mortgage Loan (the “Ownership Interest”).
Participant’s Ownership Interest for any Mortgage Loan may vary from time to time. Each date of Participant’s acquisition of an Ownership Interest is referred to as a “Funding Date”. The purchase of an Ownership Interest in a
Mortgage Loan shall be subject to (a) the review and approval by Participant of the Mortgage Loan Documents (hereinafter defined) and such other documents relating to the Mortgage Loan as Participant deems appropriate, (b) the delivery to
Participant of 

  
 2 

 
an original Participation Certificate, hereinafter defined, for Participant’s Ownership Interest, (c) Participant’s satisfaction with Seller’s ability to dispose of the
Mortgage Loan through a sale or securitization of the Mortgage Loan pursuant to one or more binding agreements with an independent third party or parties (the “Take-Out”) to an investor acceptable to Participant (the “Investor”),
(d) Participant’s satisfaction with the borrower’s creditworthiness, and (e) the Mortgage Loan having terms acceptable to Participant. The purchase price for the Ownership Interest in each Mortgage Loan shall be an amount equal
to (a) the least of (i) Participant’s Ownership Interest of the unpaid principal balance of the Mortgage Loan, (ii) the amount advanced by Seller at the closing of the Mortgage Loan net of all amounts credited to Seller or
(iii) the amount to be paid by Investor in accordance with Section 2.2(gg), plus (b) the percentage of Participant’s Ownership Interest of the amount of interest accrued on the Mortgage Loan. The purchase of an Ownership Interest
in a Mortgage Loan is at Participant’s sole discretion, and there is no obligation on Purchaser’s part to acquire an Ownership Interest in any Mortgage Loan. When Purchaser does acquire an Ownership Interest in a Mortgage Loan, however,
this Agreement shall apply to the acquisition. As a guidance to Participant (and not as a commitment) Participant does not expect the aggregate amount of all of its Ownership Interests hereunder ever to exceed Four Hundred Million and 00/100 Dollars
($400,000,000.00). 
 1.2 Purchase and Sale Treatment. It is the intention of the parties that each transaction described in this
Agreement shall constitute a purchase and sale of the Ownership Interest and not a loan with pledge of security, that Purchaser’s Ownership Interest in a Mortgage Loan be isolated from any asset of Seller and not be a loan by Participant to
Seller, and that Purchaser have such control of a Mortgage Loan as shall be necessary for Purchaser’s Ownership Interest to be accounted for as a sale by Seller to Participant. 

1.3 Seller to Assign Mortgage Loan Documents. Subject to compliance with the requirements of the Investor, Seller shall transfer and
assign to Participant originals of all documents relating to each Mortgage Loan including without limitation, the related Note (defined hereinafter), Mortgage or Deed of Trust (the “Mortgage”), other security documents, UCC financing
statements, title and hazard insurance policies (the “Mortgage Loan Documents”). The title company handling the closing of any Mortgage Loan shall have duly executed a certification in the form attached hereto as Exhibit A (the
“Title Company Certification”). The transfer and assignment of the Note shall be by an assignment in blank executed by Seller pursuant to security procedures and in accordance with industry standards. At the election of Participant, the
Mortgage Loan Documents either shall be delivered directly to a custodian or delivered to Participant for later delivery to a custodian. 

1.4 Examination of Mortgage File. Prior to the Funding Date, if requested to do so by the Participant, the Seller shall deliver to the
Participant or its designee, for examination, copies of the Mortgage Loan Documents to be executed by the mortgagor and the Seller pertaining to each Mortgage Loan. 

1.5 Participation Certificates.  

(a) The Ownership Interest for each Mortgage Loan shall be evidenced by one or more certificates substantially in the form attached hereto as
Exhibit B (each a “Participation Certificate”). 

  
 3 

 (b) A Participation Certificate shall set forth for the Mortgage Loan (i) the name of the
mortgagor; (ii) description and address of mortgaged property and any improvement thereon (“Mortgaged Property”); (iii) the outstanding principal balance of the related promissory note (“Note”); (iv) the interest
rate borne by such Note; and (v) such other data as Participant may from time to time request. 
 (c) Seller shall maintain at its
office a certificate register (the “Certificate Register”) showing all pertinent information with respect to each Participation Certificate. 

(d) Seller shall provide a copy of the Certificate Register to Participant upon request. 

(e) Any Participation Certificate may be re-issued in the event of a transfer by Participant. Prior to due presentation of a Participation
Certificate for registration of transfer, Seller shall treat Participant as the owner of such Participation Certificate and the Ownership Interest relating thereto. 

(f) In the event of any mutilated, lost, destroyed, or stolen Participation Certificate, Seller shall execute and deliver a replacement
Participation Certificate of like tenor and interest, upon Participant: (i) either surrendering any mutilated Participation Certificate to Seller, or (ii) providing evidence to Seller’s satisfaction of the loss, destruction, or theft
of any Participation Certificate, as applicable and delivering a representation regarding such loss, destruction or theft, together with such indemnity as may be required by Seller, Seller shall issue a replacement Participation Certificate. Any
replacement Participation Certificate issued as provided herein shall constitute, absent fraud, complete and indisputable evidence of ownership of the Ownership Interest as if originally issued, whether or not the mutilated, destroyed, lost, or
stolen Participation Certificate shall be subsequently found at any time. 
 2. REPRESENTATIONS, WARRANTIES AND COVENANTS. 

2.1 General Representations, Warranties and Covenants of Seller. Seller represents, warrants, and covenants to Participant that at the
time of this Agreement and at the time of such purchase of a Participation Interest: 
 (a) Seller is duly organized, and is and shall
continue to be existing, under the laws of the jurisdiction of its organization; 
 (b) Seller is, and to the extent necessary to perform
its obligations under this Agreement shall continue to be, duly authorized and qualified to transact business in the jurisdictions where the Mortgaged Properties are located or not required to be so authorized; Seller possesses and shall continue to
possess all requisite authority, power, licenses, permits, franchises, and approvals to conduct its business and to execute, deliver, and comply with its obligations under this Agreement; 

(c) The execution, delivery and performance of this Agreement by Seller will not: (i) violate the articles of incorporation or by-laws of
Seller or any resolution or other instrument governing its operations or any laws which violation could have any material adverse effect upon the validity, performance, and enforceability of any of the terms of this Agreement applicable to

  
 4 

 
Seller, or (ii) constitute a default (or any event which, with notice or lapse of time or both, would constitute a default) under any contract, agreement, or other instrument to which Seller
is a party or which is applicable to any of its assets; 
 (d) This Agreement constitutes a valid, legal, and binding obligation of Seller,
enforceable in accordance with its terms and no consent, approval or authorization of any governmental authority is required for the execution, delivery or performance of, or compliance by Seller with, this Agreement or the consummation of any other
transaction contemplated hereby, except as has been duly obtained; and 
 (e) The Seller is, and throughout the term of this Agreement shall
remain, approved and in good standing with the Agencies, qualified under applicable Agency requirements to service Agency insured or guaranteed mortgage loans; the Seller shall not do anything or permit any action, directly or indirectly, which may
result in Seller’s loss of qualification as an Agency approved mortgagee or issuer in good standing or which may result in a negative designation from an Agency or an Investor, including without limitation, anything which could result in the
Seller being debarred or placed on a watch-list. 
 (f) The Seller shall provide Participant a weekly written analysis of the status of the
then existing Mortgage Loans and corresponding Take-outs and a weekly pipeline report. 
 2.2 Mortgage Loan Representations, Warranties
and Covenants of Seller. Seller further represents, warrants, and covenants to Participant that with respect to each Mortgage Loan as of each Funding Date: 

(a) The information pertaining to such Mortgage Loan set forth in the Participation Certificate is true, correct and complete to the best of
Seller’s knowledge. 
 (b) The Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds from a
party other than the owner of the Mortgaged Property, directly or indirectly, for the payment of any amount required by the Mortgage Loan and there has been no delinquency in any payment by the mortgagor thereunder. 

(c) There are no delinquent taxes, ground rents, water charges, sewer rents, assessments or other outstanding charges affecting the Mortgaged
Property. 
 (d) The terms of the Note and the Mortgage have not been impaired, waived, altered or modified in any respect. No mortgagor has
been released, in whole or in part. 
 (e) The Note and the Mortgage are not subject to any right of rescission, set-off, abatement,
diminution, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of the Note or the Mortgage, or the exercise of any right thereunder, render the Note or the Mortgage unenforceable, in whole or in part,
or subject to any right of rescission, set-off, abatement, diminution, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, abatement, diminution, counterclaim or defense has been asserted with respect
thereto. 

  
 5 

 (f) All improvements constituting a part of the Mortgaged Property are insured by a policy from
an insurer acceptable to the Investor and the applicable Agency and generally acceptable to prudent mortgage lending institutions against loss by fire, and such other risks which policy shall have terms and be in an amount as required by the
Investor and the applicable Agency. If the Mortgaged Property is in an area then identified in the Federal Register by the Flood Emergency Management Agency as having special flood hazards (and such flood insurance is then available), there is in
effect a flood insurance policy meeting the requirements of the Agency, the Investor and the current guidelines of the Federal Insurance Administration with a financially responsible insurance carrier that satisfies the requirements of the Investor
and the applicable Agency. All such individual insurance policies (collectively, the “hazard insurance policy”) shall contain a “standard” or “New York” mortgagee clause naming the Seller, its successors and assigns as
mortgagee, provide for at least thirty (30) days’ prior written notice to the Seller of any cancellation thereof, and all premiums thereon have been paid. The Mortgage obligates the mortgagor thereunder to maintain the hazard insurance
policy at the mortgagor’s cost and expense, and upon the mortgagor’s failure to do so, authorizes the holder of the mortgage to obtain and maintain such insurance at the mortgagor’s cost and expense and to seek reimbursement therefor
from the mortgagor. 
 (g) Any and all requirements of any federal, state or local law including, without limitation, usury,
truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Mortgage Loan have been complied with. 

(h) The Mortgage has not been satisfied, canceled, subordinated or rescinded, and the Mortgaged Property has not been released from the lien
of the Mortgage, in whole or in part, nor has any instrument been executed that would affect any such satisfaction, cancellation, subordination, rescission or release. 

(i) Unless otherwise agreed to by Participant, the mortgagor has fee simple estate in and to the Mortgaged Property and the Mortgaged Property
consists of a single parcel of real property with a detached single family residence erected thereon, or an individual residential condominium unit, all of which constitute real property under the laws of the State in which the Mortgaged Property is
located and Seller is qualified to do business. 
 (j) The Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged
Property (including, without limitation, all buildings constituting a part of the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or affixed to such buildings, and all
additions, alterations and replacements made at any time with respect to the foregoing). Such lien is subject only to (a) the lien of current real property taxes and assessments not yet due and payable, (b) covenants, conditions and
restrictions, rights of way, easements and other matters of public record as of the date of recording which are (i) acceptable to mortgage lending institutions generally and any applicable Agency, (ii) specifically referred to in the
Participant’s title insurance policy delivered to Seller and (iii) referred to or otherwise considered in the appraisal made for Seller or which do not adversely affect the appraised value of the Mortgage Property as set forth in such
appraisal and (c) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage, the use, enjoyment, value or marketability of the related
Mortgaged Property, or prevent realization of the benefits 

  
 6 

 
provided by any mortgage insurance or guaranty. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and
creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein. 
 (k) The
Note and the Mortgage are genuine, and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency or other
similar laws affecting the enforcement of creditors’ rights generally. 
 (l) All parties to any agreement affecting the Mortgage Loan,
including, but not limited to the mortgagor, had legal capacity to enter into such agreement and to execute and deliver such agreement and each such agreement has been duly and properly authorized, executed and delivered by such parties. 

(m) The proceeds of the Mortgage Loan have been fully disbursed and there is no obligation or requirement for future advances thereunder by
the holder of the Mortgage Loan, and any and all requirements as to completion of any on-site or off-site improvements and as to disbursements of any escrow funds therefor have been complied with. 

(n) The Note and the Mortgage have not been assigned or pledged by the Seller except to Participant as provided herein. The Seller or its
agent, or the title company handling the closing of the Mortgage Loan, has had continuous sole and complete possession of all the Mortgage Loan Documents prior to the Funding Date. At the time of the sale of the Ownership Interest in the Mortgage
Loan to Participant, the Seller had good and marketable title thereto. Seller shall not sell a participation or other interest in the Mortgage Loan to any party other than Participant without Participant’s prior written consent. 

(o) In the case of a conventional Mortgage Loan, (a) the Loan-to-Value Ratio either (i) is not more than 80% or (ii) is not
more than 95% and the excess over 80% is and will be insured by a policy of primary mortgage guaranty insurance issued by a mortgage guaranty insurer acceptable to FNMA or FHLMC until the Loan-to-Value Ratio is reduced below 80% or otherwise meets
guidelines for an applicable FNMA or FHLMC product (e.g., DU Refi Plus), (b) the mortgage interest rate for the Mortgage Loan as set forth on the Participation Certificate is net of any such insurance premium, and (c) all provisions of any
primary mortgage guaranty insurance policy have been and are being complied with and such policy is in full force and effect and all premiums due thereunder have been paid. Any Mortgage Loan subject to any such policy of primary mortgage guaranty
insurance obligates the mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith. 
 (p)
Each Mortgage Loan is covered by an American Land Title Association form of title insurance policy or other generally acceptable form of title insurance policy acceptable to the applicable Agency and any applicable insurer or guarantor of the
Mortgage Loan, issued by a title insurer acceptable to the applicable Agency and qualified to do business in the state of the Mortgaged Property, insuring the Seller, its successors and assigns, as to the first priority lien of the Mortgage in the
original principal amount of the Mortgage Loan. The Seller is the sole insured under such title insurance policy, and such title insurance policy is in full force and effect. No claims have been made under such title insurance policy and no holder
of the Mortgage Loan, including the Seller, has done or omitted to do anything which would impair the coverage of such title insurance policy. 

  
 7 

 (q) If the Mortgage Loan is insured by the FHA or guaranteed by the VA, or USDA, it shall be
guaranteed or insured for the maximum amount permitted and all necessary steps shall be taken to make and keep such guaranty or insurance valid, binding and enforceable, and such guaranty or insurance is the valid, binding and enforceable obligation
of the VA, USDA or the FHA, as the case may be, to the full extent thereof, without surcharge, set-off or defense. 
 (r) There is no
default, breach, violation, or event of acceleration existing under the Note or Mortgage and no event which, with the passage of time or the giving of notice, or both, would constitute such a default, breach, violation or event of acceleration; and
neither the Seller nor any person having or having had an interest therein has waived any such default, breach, violation or event of acceleration. 

(s) There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding
that could give rise to any such lien) affecting the related Mortgaged Property which are or may be liens prior to, or equal with, the lien of the related Mortgage and the Mortgage requires the mortgagor promptly to cause any such liens, as well as
liens which are junior to the lien of the Mortgage, to be removed. 
 (t) All improvements which were considered in determining the
appraised value of the related Mortgaged Property lie wholly within the boundary and building restriction lines of the Mortgaged Property and no improvements on adjoining properties encroach upon the Mortgaged Property in any respect so as to affect
the marketability of the Mortgaged Property. 
 (u) The Mortgage Loan was originated by the Seller. 

(v) The Note is payable monthly in self-amortizing installments of principal and interest, with interest payable in arrears, providing for
full amortization by maturity or a balloon payment, over an original term in compliance with the requirements of the applicable Agency. The original principal amount of the Note was not more than the amount prescribed by Participant. The Mortgage
contains customary and enforceable provisions for the acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event the related Mortgaged Property is sold without the prior consent of the mortgagee thereunder. 

(w) The Mortgaged Property is free of damage and waste and there is no proceeding pending or, to the best of the knowledge of the Seller,
threatened, for the total or partial condemnation or taking by eminent domain thereof. 
 (x) The Mortgage contains customary and
enforceable provisions that are sufficient for the realization against the Mortgaged Property of the benefits of the security provided thereby. There is no homestead or other exemption available to the mortgagor which would interfere with the right
to sell the Mortgaged Property at a trustee’s sale or under a power of sale, or the right to foreclose the Mortgage. 

  
 8 

 (y) The Mortgage Loan Documents relating to the Mortgage Loan include all of the documents
required by, and such documents are in the form required by, all applicable underwriting guidelines of the Participant and applicable Agency. 

(z) The Mortgage Loan Documents relating to the Mortgage Loan satisfy all of the terms and conditions required by Investor or its underwriter.

 (aa) The Note is not, and has not been, secured by any collateral except the lien of the related Mortgage and the security interest of
any applicable security agreement or chattel mortgage referred to in clause (j) above and the Mortgage was not given as collateral or security for the performance of obligations of any person other than the mortgagor. 

(bb) The Mortgage Loan meets the requirements of the Investor. 

(cc) Neither the Seller nor the mortgagor has made any statement or taken any other action that would impair or invalidate the coverage
provided by any private mortgage guaranty insurance, FHA insurance or VA, or USDA guaranty or any hazard, title or other insurance policy relating to the Mortgage Loan or the Mortgaged Property. 

(dd) The Seller has no knowledge of any circumstance or condition with respect to the Mortgage Loan, the Mortgaged Property, the mortgagor or
the mortgagor’s credit standing that can reasonably be expected to cause private institutional investors to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become delinquent or adversely affect the value or
marketability of the Mortgage Loan. 
 (ee) Seller’s interest in the Mortgage Loan is hereby duly and validly pledged by the Seller
under this Agreement to provide evidence and notice of Participant’s Ownership Interest and to secure Seller’s obligations in the event of a breach of any representation, warranty or covenant of Seller under this Agreement, and this
Agreement, together with such pledge and delivery, creates a valid and perfected first priority security interest in respect of Seller’s interest in the Mortgage Loan and all proceeds, products and profits derived therefrom, and incidents
thereto, including, without limitation, all accounts, general intangibles, instruments, moneys, goods, insurance proceeds and other tangible or intangible property received upon liquidation thereof and no further action is required to create,
preserve and perfect such security interest. 
 (ff) There is no litigation pending or, to the Seller’s knowledge, threatened, which,
if determined adversely to the Seller, would adversely affect the execution, delivery or enforceability of this Agreement, assignment of Mortgage, the sale of a participation interest in any Mortgage Loan to Participant or the ability of the Seller
to service the Mortgage Loans hereunder in accordance with the terms hereof or which would have a material adverse effect on the financial condition of the Seller. 

(gg) Seller has entered into one or more binding agreements with an Investor or other party in connection with the purchase or securitization
of the Mortgage Loan that will result in the payment to Participant of an amount equal to or greater than the balance of Participant’s Ownership Interest and interest thereon; Seller shall at all times be approved and in good standing with the
Agencies with full right to take such actions and discharge such responsibilities as are conferred by such status, and in particular to originate the Mortgage Loan and deliver it to the Investor, and the Mortgage Loan and all Mortgage Loan Documents
shall comply in all respects with the requirements of the Investor. 

  
 9 

 (hh) Seller shall sell each Mortgage Loan or issue mortgage-backed securities for the Mortgage
Loan to an Investor for an amount equal to or greater than the unpaid balance of the Mortgage Loan and interest thereon within forty-five (45) days of the Funding Date for the Ownership Interest. 

(ii) All necessary actions have been taken to qualify the Mortgage Loans for funding by the Investor. The sale of the Ownership Interest in
the Mortgage Loans, as evidenced by the Participation Certificate, shall at all times be permitted by applicable regulations of the Investor or by a waiver of such regulations. 

2.3 Participant in Reliance; Survival. Participant is purchasing the Ownership Interest in reliance upon the representations, covenants
and warranties of Seller, and Seller’s full and faithful compliance with all of the terms, covenants and conditions of this Agreement. The representations, warranties, and covenants of Seller set forth in this Section shall survive this
Agreement and shall be reaffirmed by Seller upon the execution of the Commitment Letter. 
 3. SERVICING. 

3.1 Servicing Standards. Seller shall take all actions necessary to service the Mortgage Loans in accordance with customary mortgage
banking practices of prudent lending institutions and such actions as a reasonably prudent lender would take in regard to loans held for its own account, all subject to and in accordance with the provisions of this Agreement. Sub-servicing of a
Mortgage Loan by a third party shall not occur without Participant’s written consent. Seller may, with prior written approval of Participant, service the Mortgage Loan through a subservicer or retain an independent contractor to perform certain
servicing functions; provided, however, in the event any servicing is performed by such subservicer or any functions performed by such independent contractor, Seller shall remain liable for its servicing duties and obligations under this Agreement
and for the manner in which they are exercised by such subservicer or independent contractor. 
 3.2 Collections and Application of
Mortgage Payments; Certification. Seller shall: 
 (a) Proceed diligently to collect all payments due under the Mortgage Loan Documents
as they come due and to assure the performance of all material terms, covenants and conditions of the Mortgage Loan Documents; 
 (b) Timely
file a claim for and collect applicable Agency guaranty or insurance in the event of a default in a Mortgage Loan (in filing a claim, Seller shall not elect to receive debentures). 

(c) Hold and appropriately monitor and disburse all Mortgage Loan escrows; 

(d) Keep a complete and accurate account of all sums collected by Seller from the mortgagor and the application of sums; 

  
 10 

 (e) Accept prepayments on the Note from the mortgagor only to the extent expressly permitted in
the Note or Mortgage and then only if such prepayments include any applicable prepayment penalty or other fee, and accept condemnation and hazard insurance proceeds in accordance with the Mortgage Loan Documents; 

(f) Segregate all funds received pursuant to the Mortgage Loan Documents and deposit such funds in a trust or custodial account with an
institution whose accounts are insured by an agency or instrumentality of the United States government which institution shall satisfy the requirements of the Investor for the deposit of similar funds by approved seller-servicers, which depository
requirements may be modified, only by request of the Seller, which requests must be approved by the Participant. Seller shall maintain such records and take all such actions as may be necessary to secure and obtain the maximum insurance for such
account. 
 (g) Seller shall remit to Participant its Ownership Interest percentage of all payments of principal, prepayment premiums or
penalties and interest on the Note, and all prepayments of principal made in accordance with the terms of the Note and Mortgage; Seller shall remit such amounts to Participant, in accordance with the written instructions of Participant, on receipt
by Seller. If requested, Seller shall provide Participant with a statement of payment of mortgage insurance premiums, and escrow account balances thereunder, and any release from the reserve fund for replacements (and the purpose of such release)
for each Mortgage Loan. Seller shall hold and appropriately monitor all mortgage escrows, including without limitation all operating deficit, on-site or off-site escrows, and any other such escrows required by the applicable Agency with respect to
each Mortgage Loan, in a manner to avoid negative escrow balances, and if requested by Participant, provide Participant with copies of all Agency approvals of release of any escrowed funds. 

(h) Provide Participant, on or before the fifteenth (15th) day of each month (or the
business day immediately following the fifteenth (15th) day, if the fifteenth (15th) day is not a business day), with a statement
setting forth, as of the tenth (10th) day of such month, the outstanding balance of the Notes after recordation of the current month’s financial activity, itemization of principal,
interest and any other payments collected, any delinquency in payments, any advances made by Seller pursuant to Section 3.7 hereof, and the remittance to Participant. 

(i) Provide to Participant, on an annual basis, such additional information regarding the Mortgage Loans as Participant shall reasonably
request. 
 All funds received by Seller with respect to the Mortgage Loans, other than amounts constituting servicing compensation,
reimbursement for Seller advances, or escrowed funds belonging to the mortgagors, shall be held by Seller in trust for Participant to the extent of Participant’s Ownership Interest as required by this Agreement. 

3.3 Insurance; Condemnation. 

(a) Seller shall assure that the Mortgaged Property is kept insured against loss by fire and such other hazards, casualties, and contingencies
as required by the applicable Agency and as generally shall be required by reasonably prudent lenders in similar transactions. Such insurance shall be pursuant to a broad form all-risk policy and shall name Seller and Participant

  
 11 

 
as additional insureds pursuant to a standard mortgagee clause. The insurance carrier providing the insurance shall be chosen by the mortgagor subject to Seller’s approval; such carrier
shall meet the minimum rating requirements of the Investor for carriers of hazard insurance. 
 (b) Seller shall receive the proceeds of all
such insurance, or any award for the condemnation of all or any part of the Mortgaged Property, and to the extent required obtain the consent of the applicable Agency to the disposition thereof. Such proceeds shall be deposited with Participant.
Seller will not make any agreement with respect to the reconstruction or rehabilitation of the Mortgaged Property without the prior written consent of Participant. During the term of this Agreement, Seller will retain custody of all insurance
policies or renewals thereof which are required to be provided by each mortgagor under its Mortgage Loan Documents and maintained by Seller under the requirements of the applicable Agency. To the extent that any such insurance proceeds or
condemnation award shall be applied as a prepayment on the Mortgage Loan it shall be held in trust by Seller for the benefit of Participant and remitted pursuant to Section 3.2(f) hereof. 

(c) To the extent any insurance coverages described above are not maintained by the mortgagor, Seller shall advance funds to obtain such
coverages and obtain reimbursement. 
 3.4 Material Change to Mortgaged Property. Seller shall, if and as soon as such information
comes to its attention, promptly notify Participant of any material change in the condition of the Mortgaged Property, any sale or transfer by the mortgagor of the legal or equitable title to the Mortgaged Property or any abandonment of the
Mortgaged Property, and shall take any action in regard thereto as Participant shall direct, the costs of which shall be paid by Participant. 

3.5 Fidelity Bond; Errors and Omissions Insurance. Seller agrees to keep, at no cost to Participant, fidelity bond, errors and
omissions and any other insurance required by the Agencies in amounts required by the Agencies and reasonably satisfactory to Participant as to form, substance and company. Seller shall furnish a certificate evidencing such insurance coverage to
Participant, upon request, and shall notify Participant if such fidelity bond coverage is decreased or exhausted. 
 3.6 No Variation of
Mortgage Loan Documents. Seller shall not be authorized or empowered to waive or vary any terms of any Mortgage Loan Document or consent to any postponement, delay or other deviation from strict compliance by a mortgagor with any provision of
any Mortgage Loan Document or consent to any secondary financing, except as specifically authorized in writing by Participant. Seller shall promptly forward to Participant all requests for such waiver, variance or consent, and any related
documentation received from a mortgagor. Participant shall use its best efforts to respond promptly to Seller’s request. 
 3.7
Advances by Seller. To the extent payment of a Note has not been made by the mortgagor as of the date when due, the Seller will advance from its own funds such payment; provided, however, that Seller shall not be obligated to make more than
one such advance for which it has not been reimbursed. 
 3.8 Mortgage Loan Default. If the mortgagor shall fail to make any payment
due pursuant to the respective Mortgage Loan or shall fail to comply with any other covenant of any 

  
 12 

 
Mortgage Loan Document, which failure shall give rise to Seller’s right, as mortgagee, to accelerate the Mortgage Loan, Seller shall, within five (5) business days thereafter, so notify
Participant in writing. Seller shall consult with Participant as to the course of action to be taken and Seller shall proceed as directed by Participant. 

In all cases, Seller shall take such action as is necessary to obtain the maximum benefit of the applicable Agency insurance, guaranty or
other credit enhancement benefits and in all events, Seller will act in accordance with any written instructions given by Participant with respect to such default or claim and shall make no settlement without the express written consent of
Participant. 
 3.9 Acquisition of Title to the Mortgaged Property. Seller shall not elect to acquire the Mortgaged Property in the
event of a default in a Mortgage Loan, but instead shall file a claim on the applicable Agency guaranty or insurance of the Mortgage Loan as herein provided. In the event however, that title to the Mortgaged Property is to be acquired, title shall
be taken in the name of the Participant or its designee, which may be Seller. Following acquisition of title to the Mortgaged Property, Seller shall, either itself or through an agent of its choosing, manage and operate the Mortgaged Property for
the benefit of Participant. Seller shall maintain the Mortgaged Property pursuant to such practices as are customary in the locality where the Mortgaged Property is located, and in accordance with procedures employed by prudent property owners
acting for their own account. Seller shall collect all rents for the benefit of Participant and remit to Participant on the fifteenth (15th) day of each month all Mortgaged Property income
after expenses, including reimbursement of Seller advances, including but not limited to advances of principle and interest, third party fees and legal fees incurred with respect to the enforcement of Section 3.8 herein, and payment of
Seller’s management fee described below. Seller shall cooperate with Participant in the sale of the Mortgaged Property. Any such sale shall be pursuant to terms and conditions acceptable to Participant in its sole discretion. The proceeds of
any such sale shall be paid to Seller and remitted to Participant pursuant to Section 3.2(f) of this Agreement. In the event that Participant shall elect to accept a note or other noncash compensation in the sale of the Mortgaged Property,
Participant agrees to pay to Seller upon such sale any amounts then owing to Seller pursuant to this Agreement. 
 3.10 Compliance with
Law. Seller shall comply with all applicable federal, state and local law and regulations, including, without limitation, and all applicable Agency requirements. Without limiting the generality of the preceding sentence, Seller will, in
servicing and administering each Mortgage Loan serviced under this Agreement, comply with all applicable Agency requirements as the same may from time to time be amended, and promptly discharge all of the obligations of the mortgagee thereunder, and
under such Mortgage, including the timely giving of notices thereunder. 
 3.11 Servicing Compensation. Seller shall be paid a fee
for each Mortgage Loan equal to the amount set forth in the fee schedule attached hereto as Schedule I (the “Fee Schedule”) for servicing the Mortgage Loans (the “Servicing Fee”). 

3.12 Books and Records. Seller shall keep proper books of account and records reflecting the interest of Participant in the Mortgage,
which books and records shall be available for inspection by Participant at all reasonable times during normal business hours. The accounts and records of Seller relating to the Mortgage Loans, the Mortgaged Property, and the servicing relating
thereto shall be maintained in accordance with generally accepted accounting principles. 

  
 13 

 3.13 Provision of Information. Not more often than annually, Seller shall provide to
Participant such information as Participant shall reasonably request regarding Seller’s compliance with this Agreement, including, but not limited to the requirements of Sections 3.2, 3.3, 3.4 and 3.5 hereof. 

3.14 Seller Certification. The Seller shall provide periodic certifications and reports to the Participant as described on Exhibit
C attached hereto (“Seller’s Certification”). 
 4. TERM; TERMINATION; TRANSFER. 

4.1 Term of Agreement. Unless sooner terminated as provided in this Agreement, this Agreement shall continue until the Mortgage Loans
have been paid in full and Seller has completed all obligations under this Agreement regarding the management and sale of the Mortgaged Property. Notwithstanding the foregoing, Participant’s commitment to purchase Mortgage Loans pursuant to the
terms of this Agreement shall expire on June 30, 2014. 
 4.2 Termination. This agreement may be terminated upon the happening
of any Seller Default (as defined in Section 6 hereof), at the option of the Participant, without the payment of a termination fee or compensation of any kind to the Seller. Provided that Participant does not hold an Ownership Interest in any
Mortgage Loan, Seller may terminate this Agreement upon ten (10) business days written notice to Participant. 
 4.3 Transfer by
Participant. Participant will have the right to assign, transfer, convey, pledge, hypothecate or otherwise dispose of a Participation Certificate. In the event of such assignment, transfer, conveyance, hypothecation or disposition, Seller will
re-register the Participation Certificate upon request by Participant’s transferee. Seller specifically acknowledges that Participant may (and shall have the right to) pledge an Ownership Interest in a Mortgage Loan to the Federal Home Loan
Bank of Indianapolis (“FHLBI”) as collateral under an Advances, Pledge and Security Agreement by and between Participant and FHLBI (the “APSA”). Notwithstanding anything in this Agreement to the contrary, Seller further
acknowledges and agrees that during such time as this Certificate is pledged to the FHLBI, (i) Participant and Seller will hold the Mortgage Loan Documents in trust for the benefit of both Participant and the FHLBI, as their interests may
appear, and (ii) the FHLBI shall have the right to take possession and ownership of the Ownership Interest pursuant to the APSA. Seller further agrees to provide the FHLBI with duplicate copies of all notices or other communications to or from
Participant pursuant to this Agreement with respect to such Ownership Interest. Participant also will have the right to sub-participate its Ownership Interest to one or more sub-participants. 

5. CONTROL OF MORTGAGE LOANS BY PARTICIPANT. 

5.1 Control of Mortgage Loans. By the mutual agreement of Seller and Purchaser, each Mortgage Loan in which Participant purchases an
Ownership Interest either shall be sold to an Investor or mortgage-backed securities for the Mortgage Loan shall be sold to an Investor. Such agreement does not evidence any element of retained control of the Mortgage Loan by Seller. Delivery of the
Note to Participant for each Mortgage Loan is intended to make Participant a holder of the Mortgage Loan under the Uniform Commercial Code and to vest in Participant the ability to exercise its control of a Mortgage Loan. 

  
 14 

 5.2 Bailee Letter. Seller shall provide instructions to Participant for the delivery of
the Mortgage Loan Documents to Investor in accordance with a bailee letter in the form attached hereto as Exhibit D which shall be attached to the front of every Note to facilitate the sale of a Mortgage Loan or mortgage-backed securities to
the Investor pursuant to the terms of such letter (the “Bailee Letter”). 
 5.3 Payment of Proceeds to Participant. The
Investor shall be directed to pay the purchase price for the sale of each Mortgage Loan or mortgage-backed securities for the Mortgage Loan by wire transfer to the Participant. Such direction shall state that it may not be rescinded or modified
without the written consent of Participant. A copy of such direction shall be delivered to the Seller. The proceeds from the sale of the Mortgage Loan or mortgage-backed securities for the Mortgage Loan shall be applied by the Participant to the
Participant’s and Seller’s pro rata interests in the unpaid principal balance and unpaid interest on the Mortgage Loan. Participant shall pay Seller the Servicing Fee out of the amount of Participant’s pro rata share of the unpaid
interest on the Mortgage Loan, and to the extent that the proceeds from the sale of the Mortgage Loan exceed the Seller’s and Participant’s shares in the unpaid principal balance and unpaid interest on the Mortgage Loan, the Participant
shall remit to Seller by wire transfer the excess. Any such excess payable to Seller shall represent Seller’s compensation for originating the Mortgage Loan. To the extent that such proceeds are less than the amount necessary to pay both
Participant and Seller for their pro rata interests in the Mortgage Loan and interest accrued thereon in breach of Seller’s representations and warranties, the difference shall be paid by Seller and Participant shall be entitled to recover any
shortfall in payment of its Ownership Interest and interest thereon from Seller’s share of the proceeds, and Seller shall immediately remit or cause a third party to remit any remaining deficiency to the Participant by wire transfer. 

6. SELLER DEFAULT; REMEDIES. 

(a) The occurrence of any of the following shall be a “Seller Default”: 

(i) Seller (1) fails to make remittances as provided in Section 3.2(g) hereof; (2) breaches its representation set forth in
Section 2.2(hh) hereof to timely sell Mortgage Loans or issue mortgage backed securities and fails to pay to Participant all loss or damage suffered or incurred by Participant as a result thereof, including, without limitation, reasonable
attorneys’ fees and expenses and costs of collection within two (2) business days of such breach or failure; or (3) breaches any representation, warranty or covenant, duty or obligation hereunder other than the representation set
forth in Section 2.2(hh) and the obligation to make remittances as provided in Section 3.2(g) and fails to correct or cure such breach within ten (10) days of such breach; 

(ii) Seller shall assign, hypothecate, pledge or transfer in any manner this Agreement or any of Seller’s rights hereunder, or suffer the
creation of any lien upon, or security interest in, or the transfer of, any of Seller’s rights hereunder, by operation of law or otherwise in favor of an assignee, transferee, pledgee, or secured party other than a lending bank of Seller
reasonably acceptable to Participant; 

  
 15 

 (iii) Seller shall institute proceedings for voluntary bankruptcy, or shall file a petition
seeking reorganization under the Federal Bankruptcy Laws or for relief under any other law for the relief of debtors, or shall consent to the appointment of a conservator or receiver of all or substantially all of its property, or shall make a
general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts as they become due, or shall be adjudged bankrupt or insolvent by a court of competent jurisdiction appointing a receiver, liquidator or
trustee of Seller or of all or substantially all of its property or approving any petition filed against Seller for its reorganization, and such adjudication or order shall remain in force or unstayed for a period of thirty (30) days, or a
final judgment or decree for the payment of money is entered against Seller and such judgment or decree is not discharged or stayed within sixty (60) days from the date of entry thereof; 

(iv) Any creditor of Seller files a petition to reorganize or liquidate Seller and such petition is not discharged or dismissed within ninety
(90) days after the date on which it is filed; 
 (v) A default in any other agreement by and between Participant and Seller or under
any other obligation of Seller to Participant; 
 (vi) A default by Seller and a failure to cure within any applicable cure period under any
material loan agreement, mortgage, indenture, agreement or lease with another party; 
 (vii) A failure by Seller to maintain its status as
an Agency-approved mortgagee in good standing. 
 (b) In the event of a Seller Default, Participant shall have all remedies existing at law
or equity including but not limited to the following remedies which may be exercised by Participant at its election in any order (i) have Seller purchase the Ownership Interests upon demand of Participant, for a price equal to the sum of the
following: (A) the outstanding principal balance of the Participation Certificate, (B) interest on such amount calculated from the Funding Date at a rate equal to the rate or rates set forth on the respective Note or Notes (minus any
interest on the Participation Certificate previously paid by the Seller to the Participant), and (C) any costs or expenses incurred by Participant relating to the purchase and the fee, if any, paid to Seller under this Agreement for the
Ownership Interests (“Default Price”); (ii) sell the Mortgage Loan or assign it to an Agency-approved mortgagee designated by Participant the Mortgage and other Mortgage Loan Documents for each Mortgage Loan then serviced under this
Agreement, deliver such notices of assignment as may be required by sound and prudent mortgage banking practice, and give Participant an accounting for all funds and other property in connection with such assignment. Upon such assignment under this
Section 6(b), the designated mortgagee will become the mortgagee under this Agreement in the place and stead of Seller, with all the powers and obligations conferred or imposed by this Agreement on Seller hereunder, but without any obligation
as to acts committed or omitted to be taken prior to such assignment. Further, in the event of a Seller Default, Seller will be liable to Participant for any damages, costs and expenses, including reasonable attorney’s fees, which
Participant may incur. 

  
 16 

 (c) Seller shall be liable to Participant for, and shall promptly pay to Participant, any damages
incurred or suffered as a result of a Seller Default or remaining after the exercise of any right or remedy provided herein and Seller shall indemnify Participant and Participant’s officers, directors, employees and agents (collectively, the
“Indemnitees”) and hold the Indemnitees harmless from any claim loss, damage, liability or expense whatsoever (including without limitation, attorney’s fees) suffered or incurred by any of them and arising out of or resulting from or
attributable to any Seller Default. The indemnification obligation set forth herein shall survive the termination of this Agreement. All rights and remedies of Participant herein specified are cumulative and are in addition to, not in limitation of,
any rights and remedies Participant may have by law or at equity. No waiver of any default or failure or delay to exercise any right or remedy by Participant shall operate as a waiver of any other default or of the same default in the future or of
any right or remedy with respect to the same or any other occurrence. 
 7. MISCELLANEOUS 

7.1 Assignment. Except as otherwise provided for herein or agreed to by the parties hereto, Seller shall not assign, sell, transfer or
subparticipate its rights and obligations under this Agreement without the prior written consent of Participant. 
 7.2 Default
Damages. Any loss, damage, attorneys’ fees and costs of collection suffered or incurred by Participant resulting from a default by Seller under Article 6 of this Agreement, including, without limitation, any loss, damage, attorneys’
fees and expenses and costs of collection resulting from the sale or securitization of a Mortgage Loan, shall be borne by Seller. 
 7.3
Participation not Partnership or Loan. Neither the execution of this Agreement, nor any sharing in the benefits and burdens by Seller and Participant in respect of the Mortgage Loans or in the proceeds thereof, is intended nor shall be
construed to constitute the formation of a partnership or joint venture between Seller and Participant, nor shall it be construed to be an extension of credit or a loan by Participant to Seller. It is agreed that Participant shall be the holder of
the Ownership Interest. 
 7.4 Recordation of Participation Agreement. Upon the request of Participant, the parties hereto agree that
a Memorandum of this Agreement may be prepared in a form acceptable to both parties and recorded in the county where Seller’s principal office is located and in the land records of the jurisdictions where the Mortgaged Property is located;
provided, however, upon transfer of the Participation Certificate by Participant, Participant shall deliver to Seller for recordation a termination or amendment of such recorded document. 

7.5 Amendment. No amendment or modification of this Agreement shall be valid unless evidenced by an instrument, in writing, signed by
Seller and Participant. 
 7.6 Severability. If any one or more of the covenants, agreements, provisions, or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 

  
 17 

 7.7 Waiver. Any waiver by a party of any obligation or forbearance to exercise any right
hereunder shall in no event be deemed to be binding upon such party in future instances where such right may be available to it. 
 7.8
Notice. Notices hereunder shall be in writing, and may be delivered by hand, first class, registered or certified mail, express delivery, or telecopy or other telecommunication device capable of confirmation of receipt, addressed to
Participant or Seller at the addresses set forth in the first paragraph of this Agreement or at such other address as each party may furnish to the other in writing. 

7.9 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Indiana. 

7.10 Counterparts. This Agreement may be executed and delivered in two or more counterparts, each of which when so executed and
delivered shall be an original, but all of which together shall constitute one and the same instrument. 
 7.11 Authority. The
undersigned person executing this Agreement for and on behalf of Seller represents and certifies that he or she is an authorized representative of Seller and has been fully empowered, and all necessary action has been taken, to execute and deliver
this Agreement. The undersigned person executing this Agreement for and on behalf of Participant represents and certifies that he or she is an authorized representative of Participant and has been fully empowered, and all necessary action has been
taken, to execute and deliver this Agreement. 
 7.12 Amendment and Restatement of Prior Participation Agreement. This Agreement
renews, extends, modifies, replaces and restates in its entirety the Prior Participation Agreement. 
 [Remainder of page intentionally
blank; signatures on following page] 

  
 18 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date
first written above. 
  

			
	SELLER:
	
	STONEGATE MORTGAGE CORPORATION
		
	By:	 	 /s/ John Macke

	Name:	 	 John Macke

	Its:	 	 CFO

  

			
	PARTICIPANT:
	
	MERCHANTS BANK OF INDIANA
		
	By:	 	 /s/ Michael J. Dunlap

	Name:	 	 Michael J. Dunlap

	Its:	 	 SVP

  
 19 

 Exhibit 10.22 

SCHEDULE I 
 Fee
Schedule 
 Participant shall pay Seller a fee equal to One Hundred Seventy Five basis points (1.75%) based on the days the
participation interest is outstanding of the Participant’s Ownership Interest with respect to each Mortgage Loan acquired by Participant during each calendar month (“Fee”). The Fee shall be payable monthly. As an example: 

$200,000 loan amount outstanding for 15 days would receive a $143.84 servicing fee based on $200,000 multiplied by 15 days outstanding divided
by 365 days in a year multiplied by 175 basis points. 

 EXHIBIT A 

Title Company Certification 

CERTIFICATION BY TITLE COMPANY 
  

			
	Loan Identification:	 	  

		 	  

		 	  

 The undersigned agrees to hold in trust for MERCHANTS BANK OF INDIANA (“MBI”) the funds wired to it
by MBI. The funds shall be disbursed only when the undersigned title company (a) has satisfied all closing instructions, (b) has issued a title insurance policy insuring the relevant mortgage as a first mortgage in form and substance
satisfactory to MBI, and (c) holds the original executed Mortgage Loan Documents, including an endorsement of the Note in blank and an Assignment of the Mortgage in blank in trust for MBI. 

Within two (2) business days following closing, the original Note, a certified copy of the Mortgage delivered to the applicable recording
office and original copies of other Mortgage Loan Documents, as reasonably requested by MBI, will be delivered to MBI. 
 Dated this
    day of             , 20    . 
  

			
	Title Company:
	
	  

		
	By:	 	 ------------------Specimen Only-------------------

	Name:	 	  

	Title:	 	  

 - End of Exhibit A - 

 EXHIBIT B 

Form of Participation Certificate 

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY
STATE. ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT AND SUCH LAWS MAY ONLY BE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH LAWS AND IN ACCORDANCE WITH THE PARTICIPATION
AGREEMENT REFERRED TO HEREIN. 
 PARTICIPATION CERTIFICATE 

evidencing a participation in 

a mortgage loan insured [guaranteed] by the 
  

 
 and held and
serviced by 
 STONEGATE MORTGAGE CORPORATION [Seller] 
  

 
 THIS CERTIFIES THAT MERCHANTS BANK OF
INDIANA (“Participant”) is the registered owner of the undivided participation ownership interest (“Ownership Interest”) in the
                    [insured/guaranteed] mortgage loan identified above (the “Mortgage Loan”) and more particularly described on Schedule I
attached hereto and by reference incorporated herein held by STONEGATE MORTGAGE CORPORATION (“Seller”) as mortgagee of record and servicer, pursuant to the Master Participation Agreement. Participant’s Ownership Interest shall be the
percentage that is equal at any time to the percentage that the unpaid balance of the amount paid by Participant bears to the unpaid balance of the Mortgage Loan. This Participation Certificate is issued under and is subject to the terms, provisions
and conditions of the Amended and Restated Master Participation Agreement dated as of             , 2013, entered into by Seller and Participant (the “Agreement”). 

Seller certifies to Participant that, as of the date hereof, the information set forth in Schedule I hereto is correct. 

 This Participation Certificate does not represent an obligation of, or an interest in, Seller and
is not insured or guaranteed by any government agency. This Participation Certificate is limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Agreement. 

Seller acknowledges that Participant may (and shall have the right to) pledge the Ownership Interest, as evidenced by this Participation
Certificate, to the Federal Home Loan Bank of Indianapolis (“FHLBI”) as collateral under an Advances, Pledge and Security Agreement dated as of April 13, 2000 (the “APSA”), and that such pledge shall remain in effect until
such time as Seller reacquires the Ownership Interest according to the terms of the Agreement. Seller further acknowledges and agrees that during such time as this Participation Certificate is pledged to the FHLBI, (i) Seller will hold the
Mortgage Loan Documents in trust for the benefit of both Participant and the FHLBI, as their interests may appear, and (ii) the FHLBI shall have the right to take possession and ownership of the Ownership Interest pursuant to the APSA. Seller
further agrees to provide the FHLBI with duplicate copies of all notices or other communications to or from Participant pursuant to the Agreement with respect to the Ownership Interest. Capitalized terms used in this Participation Certificate but
not defined herein shall have the meaning ascribed to them in the Agreement. 
 IN WITNESS WHEREOF, Seller has caused this Participation
Certificate to be duly executed by its duly authorized officer. 
  

			
	STONEGATE MORTGAGE CORPORATION
		
	By:	 	 -------------------Specimen Only-----------------

		
	Name:	 	  

	Its:	 	  

	Title:	 	  

 Dated:
                     

 SCHEDULE I 
  

	1.	Address of Mortgaged Property: 

  

	2.	Mortgagor: 

  

	3.	Mortgage Loan Amount: 

  

	4.	Purchase Price: 

  

	5.	Note Rate: 

  

	6.	Pass-through Rate: 

  

	7.	Lockout/Prepayment Penalties/Yield Maintenance: 

  

	8.	Loan Term: 

  

	9.	Amortization Term: 

  

	10.	Anticipated Closing Date: 

  

	11.	Investor: 

  

	12.	Interest Calculation Method: 

 - End of Exhibit B - 

 EXHIBIT C 

Seller’s Certification 

1. Stonegate Mortgage Corporation (“Seller”) shall provide Merchants Bank of Indiana (“Participant”) with a copy of the
Seller’s Balance Sheet, as contained in the Seller’s annual audited Financial Statements, certified to be true and correct by an authorized officer of the Seller, within ninety (90) days after the end of each fiscal year. In addition,
Seller shall provide Participant an annual certification, executed by an authorized officer of the Seller, certifying that “During the preceding twelve (12) months, no financial event has occurred, other than as specified in this
Certification, the effect of which has materially, adversely affected the Seller’s ability to perform its obligations pursuant to the Amended and Restated Master Participation Agreement, dated as of
            , 2013, by and between Seller and MERCHANTS BANK OF INDIANA.” 

2. Seller shall provide Merchants Bank of Indiana (“the Participant”) with an annual certification that all insurance coverage
required by the Amended and Restated Master Participation Agreement is in full force and effect. 
 3. Seller shall provide the Participant
with an annual certification that fidelity bond and errors and omissions insurance required by the Amended and Restated Master Participation Agreement is in full force and effect. 

- End of Exhibit C - 

 EXHIBIT D 

Form of Bailee Letter 

BAILEE LETTER 
  

					
	Loan Name/Number:	 	  
	 	
	Loan Amount:	 	  
	 	

 Dear Investor: 
 Merchants Bank
of Indiana (the “Participant”) owns a participation interest in the Mortgage Note(s), Mortgage(s) and other documents enclosed herewith (the “Loan Documents”) and the Loan Documents have been assigned and pledged to the
Participant to secure payment of all sums owing the Participant by Stonegate Mortgage Corporation (the “Seller”) arising under that certain Amended and Restated Master Participation Agreement dated
            , 2013, and certain related security agreements. 
 The Loan Documents, whether now
or hereafter delivered to you, is to be held by you as a bailee in possession on behalf of and for the benefit of the Participant, for the purpose of perfecting the right, title and interest of the Participant in such Loan Documents, and subject to
the Participant’s direction and control. It is our mutual understanding that the Loan Documents constitute collateral securing the obligations of Seller to the Participant and that all proceeds thereof (the “Purchase Price”) should be
promptly paid to the Participant for application to such obligations. The Loan Documents held by you hereunder for any period shall at all times be segregated from other property owned or held by you. 

In no event should the Loan Documents be delivered to any party other than the Participant, or otherwise dealt with by you, without the prior written consent
of Participant. 
 Participant hereby agrees that, upon receipt of the Purchase Price, it automatically releases all rights, interest or lien of any kind it
may have with respect to the Mortgage Loan without any further action required by Participant. Remittance of the Purchase Price shall be by wire transfer pursuant to the wiring instructions below. 

Pending the purchase of each Mortgage Loan and until the Purchase Price is received by Participant directly from you, the aforesaid interest in the Mortgage
Loan will remain in full force and effect, and you shall hold possession of such Note(s) and the documentation evidencing same as custodian, agent and bailee for and on behalf of the Participant. In the event that any Mortgage Loan is unacceptable
for purchase, return the rejected item directly to us at the address set forth below. The Mortgage Loan must be returned or Purchase Price remitted in full no later than fourteen (14) days from the date hereof. If you are unable to comply with
the above instructions, please so advise the undersigned immediately. 

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

					
	Participant’s Wiring Instructions:	 		 	Participant’s Mailing Address:
			
	Merchants Bank of Indiana	 		 	Merchants Bank of Indiana
		 		 	11555 N. Meridian Street
	ABA
#                                         
       	 		 	Suite 400
		 		 	Carmel, Indiana 46032
	                                      
                      	 		 	
			
	                                      
                      	 		 	

 If the terms hereof are acceptable to you, please have an authorized officer of your institution execute the enclosed copy of
this letter in the space provided below and promptly return such executed copy to the Participant at the above address. 
  

			
	PARTICIPANT:
	
	MERCHANTS BANK OF INDIANA
		
	By:	 	  

	Name:	 	  

	Its:	 	  

  

			
	Acceptance by Investor:
	All terms and conditions acknowledged, agreedand accepted as of the      day of             , 20    .
	
	  

		
	By:	 	  

	Name:	 	  

	Its:	 	  

 - End of Exhibit D -

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