Document:

EX-10.1

FLEXIBLE EARLY PURCHASE FACILITY

(Repo Contract)

MULTIFAMILY AND HEALTH CARE MORTGAGE LOAN REPURCHASE AGREEMENT

THIS MULTIFAMILY AND HEALTH CARE MORTGAGE LOAN REPURCHASE AGREEMENT (“Agreement”), dated as of
May 31, 2006, is by and between WASHINGTON MUTUAL BANK, a federal association, (“Washington
Mutual”) and MMA MORTGAGE INVESTMENT CORPORATION, a Florida corporation (“Seller”).

Recitals

A. Seller originates multifamily mortgage loans and health care facility mortgage loans and
sells such loans (or securities backed by such loans) to one or more Takeout Investors (as defined
herein) pursuant to purchase agreements and related purchase commitments.

B. A sale of mortgage loan (or a security backed by such a loan) to a Takeout Investor is
normally completed some days or weeks after the mortgage loan was originated. The period of time
between the origination of the mortgage loan and sale of it (or of a security backed by it) to the
Takeout Investor is referred to herein as the “Post-Origination Period.” Normally the
Post-Origination Period does not exceed ninety (90) days. During the Post-Origination Period,
Seller continues to service the mortgage loan, Seller assembles documents and information
concerning the mortgage loan and submits related files, and the Takeout Investor reviews the files
for compliance with the applicable requirements. Seller normally completes the sale of the
mortgage loan (or the security backed by it) to the Takeout Investor one (1) Business Day after the
Takeout Investor approves the files and determines that all other conditions precedent to the sale
have been satisfied or waived.

C. Washington Mutual now wishes to offer to purchase certain qualifying mortgage loans after
such a mortgage loan has been originated, on a servicing-retained basis, subject to Seller’s
obligation to repurchase the mortgage loan (or a security backed by such mortgage loan) from
Washington Mutual and further subject to the terms and conditions of this Agreement.

Agreement 

1. Definitions. The following definitions apply (except to the extent such
definitions are modified in an Annex):

“Acquisition Date” means, with respect to any Eligible Mortgage Loan, the date of payment by
MBF to Seller of the Acquisition Price.

“Acquisition Price” means, with respect to each Eligible Mortgage Loan, the amount specified
in Annex 1 for that type of Eligible Mortgage Loan.

“Act of Insolvency” means (a) the commencement by Seller as debtor of any case or proceeding
under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, or a
request by Seller for the appointment of a receiver, trustee, custodian or similar official for
Seller or any substantial part of its property; (b) the commencement of any such case or proceeding
against Seller, or another’s seeking such appointment, or the filing against Seller of an
application for a protective decree which (i) is consented to or not timely contested by Seller, or
(ii) 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 and that continues undischarged
or unstayed for sixty (60) days or (iii) is not dismissed or stayed within sixty (60) days; (c) the
making by Seller of a general assignment for the benefit of creditors; or (d) the admission in
writing by Seller that it is unable to pay its debts as they become due, or the nonpayment of its
debts generally as they become due.

“Adjusted Tangible Net Worth” means the total of (a) net worth, determined in accordance with
GAAP, plus (b) an amount equal to seventy-five percent (75%) of the Fair Market Value (as defined
herein) of Seller’s Servicing Portfolio, minus (c) any advances or loans to or investments in
Seller’s shareholders, officers or entities that are controlled by Seller’s shareholders or
officers, minus (d) organizational costs net of accumulated amortization, minus (e) servicing
contracts net of accumulated amortization, and minus (f) other items treated as intangible assets
under GAAP. For such purposes, the term “Fair Market Value” means the current fair market
value of the Servicing Portfolio as reasonably determined by Washington Mutual based on appraisals
of independent appraisers reasonably satisfactory to Washington Mutual (if such appraisals present
a range of values, Washington Mutual shall apply the midpoint of such values to determine the Fair
Market Value).

“Administrative Costs” means those fees, charges and expenses listed on Exhibit A.

“Affiliate” means, as to a specified Person, any other Person (a) that directly or indirectly
through one or more intermediaries controls, is controlled by or is under common control with the
specified Person; (b) that is a director, trustee, general partner or executive officer of the
specified Person or serves in a similar capacity in respect of the specified Person; (c) that,
directly or indirectly through one or more intermediaries, is the beneficial owner of ten percent
(10%) or more of any class of equity securities of the specified Person; or (d) of which the
specified Person is directly or indirectly the owner of ten percent (10%) or more of any class of
equity securities.

“Agencies” means Fannie Mae, Freddie Mac, Ginnie Mae, and HUD.

“Agency Guidelines” means those requirements, standards and procedures which may be adopted by
the Agencies from time to time with respect to their purchase, insurance, or guaranty of mortgage
loans, which requirements govern the Agencies’ willingness to purchase, insure, and/or guaranty
such loans.

“Agency Security” means a Mortgage-backed Security issued or guaranteed by Fannie Mae, Freddie
Mac or Ginnie Mae.

“Agreement” is defined in the preamble.

“Annual Reporting Date” is defined in Annex 1.

"Appraisal” means the appraisal of the Servicing Portfolio that Fannie Mae requires on an
annual basis pursuant to its requirements for Seller as a DUS Lender; provided, however, that if
during any calendar year Seller is not required by Fannie Mae to obtain an appraisal of the
Servicing Portfolio, Appraisal shall mean the following: a certificate of independent certified
public accountants or independent financial consultants selected by the Seller and reasonably
satisfactory to MBF as to the Appraisal Value of the Servicing Portfolio, which shall evaluate such
Servicing Contracts based upon reasonably determined categories of the Mortgage Loans contained
therein, which certificate shall be in form, substance and detail reasonably satisfactory to MBF.
For such purposes, the term “Appraisal Value” means, at any date of determination, with respect to
the Servicing Portfolio, the median fair market value of Seller’s right to service Mortgage Loans
pursuant to such Servicing Contracts, calculated as a percentage of the unpaid principal amount of
each Mortgage Loan serviced pursuant thereto, as set forth in the most recent Appraisal.

“Approved Custodian” means a pool custodian or other Person which is deemed acceptable to MBF
from time to time in its sole discretion to hold a Mortgage Loan for inclusion in a Mortgage Pool
or to hold a Mortgage Loan as agent for a Takeout Investor who has issued a Takeout Commitment for
such Mortgage Loan.

“Assignment in Blank” means each assignment of mortgage in recordable form and otherwise in
form and substance satisfactory to MBF, executed in blank by Seller and delivered to MBF as part of
the Dry Funding Documents Package or the Wet Funding Documents Package.

“Bailee Letter” means a letter as may be acceptable to the Takeout Investor and to MBF in its
sole discretion, pursuant to which MBF will release a Mortgage Note or Mortgage Security to another
Person before MBF has received the Repurchase Price proceeds for the related Mortgage Loan or
Mortgage Security.

“Business Day” means any day other than a Saturday, Sunday or other day on which MBF is closed
for business.

“Capitalized Lease” means any lease under which rental payments are required to be capitalized
on a balance sheet of the lessee in accordance with GAAP.

“Capitalized Rentals” means the amount of aggregate rentals due and to become due under all
Capitalized Leases under which Seller is a lessee that would be reflected as a liability on a
balance sheet of Seller.

“Code” means the Internal Revenue Code of 1986, as amended.

“Combined Outstandings” means, at any one time, the aggregate Acquisition Price of all
Mortgage Loans purchased hereunder and then owned by MBF (or released by MBF in exchange for a
Mortgage Security then owned by MBF).

“Confidential Information” means, with respect to a party, information about hardware,
software, screens, specifications, designs, plans, drawings, data, prototypes, discoveries,
research, developments, methods, processes, procedures, improvements, “know-how”, compilations,
market research, marketing techniques and plans, business plans and strategies, customer names and
all other information related to customers, price lists, pricing policies and financial information
or other business and/or technical information and materials, in oral, demonstrative, written,
graphic or machine-readable form, which is unpublished, not available to the general public or
trade, and maintained as confidential and proprietary information by the disclosing party for
regulatory, customer relations, and/or competitive reasons. Confidential Information also includes
such confidential and proprietary information or material belonging to a disclosing party or to
which the other party may obtain knowledge or access through or as a result of the performance of
its obligations under the Agreement. Confidential Information also includes any information
described above which the disclosing party has obtained in confidence from another party who treats
it as proprietary or designates it as Confidential Information, whether or not owned or developed
by the disclosing party. Without limiting the foregoing, Confidential Information includes all
such information provided to each party by the other party both before and after the date of this
Agreement and also includes the terms of this Agreement.

“Conventional Mortgage Loan” means a Multifamily Mortgage Loan or a Health Care Mortgage Loan
other than a Fannie Mae DUS Mortgage Loan, an FHA Project Mortgage Loan, an FHA Construction
Mortgage Loan, a Freddie Mac Mortgage Loan, or a HUD Mortgage Loan.

“Credit File” means, with respect to a Mortgage Loan, all of the paper and documents required
to be maintained pursuant to the related Takeout Commitment, and all other papers and records of
whatever kind or description, whether developed or created by Seller or others, required to
originate, document or service the Mortgage Loan or for the issuance of a related Mortgage
Security.

“Current Assets” means, with respect to any person at any date, those assets set forth in the
consolidated balance sheet of the Person, prepared in accordance with GAAP, as current assets,
defined as those assets that are now cash or will be by their terms or disposition be converted to
cash within one year of the date of calculation.

“Current Liabilities” means, with respect to any person at any date, those liabilities set
forth in the consolidated balance sheet of the Person, prepared in accordance with GAAP, as current
liabilities, defined as those liabilities due upon demand or within one year from the date of
calculation.

“Current Ratio” means, with respect to any person at any date, the sum of the amounts set
forth in the consolidated balance sheet of the Person, prepared in accordance with GAAP, as Current
Assets divided by the sum of the amounts set forth in such consolidated balance sheet as Current
Liabilities.

“Custodial Account” is defined in Section 5.2.

“Debt” means, with respect to any Person, at any date (a) all indebtedness or other
obligations of such Person which, in accordance with GAAP, would be included in determining total
liabilities as shown on the liabilities side of a balance sheet of such Person at such date; and
(b) all indebtedness or other obligations of such Person for borrowed money or for the deferred
purchase price of property or services; provided, however, that, for
purposes of this Agreement, there shall be excluded from Debt at any date loan loss reserves,
deferred taxes arising from capitalized excess service fees, operating leases and Subordinated
Debt.

“Debt Service Coverage Ratio” means, as calculated for each period of four consecutive fiscal
quarters of Seller, the ratio of: (a) the remainder of (i) Earnings Before Interest, Depreciation
and Amortization for such four-quarter period, less (ii) any non-cash revenues included in (a)(i)
pursuant to application of FAS 140 or any similar requirement of GAAP; to (b) the sum of (i)
mandatory principal payments of Indebtedness of Seller, plus (ii) the interest expense of Seller
(determined in accordance with GAAP), each of the same four-quarter period.

“Default” means the occurrence or non-occurrence of any event that, with the giving of notice,
the lapse of time, or both, would become an Event of Default.

“Default Rate” is defined in Annex 1.

“Defective Mortgage Loan” means a Mortgage Loan (i) that does not conform to any one or more
of the representations or warranties made by Seller pursuant to Section 11, (ii) that is sold in a
transaction in which any one or more of the representations and warranties of Seller contained in
Section 12 are not true, correct and complete on the Acquisition Date, (iii) that is subject to a
Takeout Commitment with respect to which Seller is in default, (iv) that is rejected or excluded
for any reason (other than default by MBF) from the related Takeout Commitment by the Takeout
Investor, (v) that is not purchased by the Takeout Investor in compliance with the Takeout
Commitment and this Agreement at or prior to the expiration or termination of the Takeout
Commitment for any reason (other than default by MBF), or (vi) that is not repurchased by Seller in
compliance with the provisions of Section 7.

“Deposit Agreement” means that certain letter agreement dated June 3, 2005 between Washington
Mutual and Municipal Mortgage & Equity, LLC regarding deposit accounts maintained at Washington
Mutual.

“Dry Funding” means any purchase of a Mortgage Loan on the Acquisition Date that is not a Wet
Funding.

“Dry Funding Documents Package” means, with respect to any Mortgage Loan, the applicable
documents designated as such on Exhibit D, each in form and substance satisfactory to MBF
in its sole discretion.

“DUS Program” means Fannie Mae’s Delegated Underwriting and Servicing Guide program.

“Early Repurchase Date” is defined in Section 8.2(b).

“Earnings Before Interest, Depreciation and Amortization” means the net income of Seller
before deductions for interest expense, depreciation and amortization, all as determined in
accordance with GAAP, excluding therefrom (a) nonoperating gains (including, without limitation,
extraordinary or unusual gains, gains arising from the sale of assets other than inventory and
other nonrecurring gains) during such period and (b) similar nonoperating losses (including,
without limitation, losses arising from the sale of assets other than inventory and other
nonrecurring losses) during such period.

“Effective Date” means the date this Agreement is executed by both parties (which shall
conclusively be deemed to be the date appearing in the preamble absent manifest error), unless a
contrary intent specifically appears herein.

“Eligible Bank” means an FDIC-insured bank selected by Seller, licensed to conduct trust and
other banking business in any state in which Seller conducts operations, and in compliance at all
times with all applicable Agency Guidelines.

“Eligible Mortgage Loan” means a Mortgage Loan that, at all times during the term of this
Agreement, (a) is, without duplication, a Conventional Mortgage Loan, a Fannie Mae DUS Mortgage
Loan, an FHA Project Mortgage Loan, an FHA Construction Mortgage Loan, a Freddie Mac Mortgage Loan,
or a HUD Mortgage Loan, (b) is evidenced by loan documents that are the standard forms approved by
Fannie Mae, Freddie Mac, FHA or HUD or forms previously approved by Fannie Mae, Freddie Mac, FHA or
HUD or approved, in writing, by MBF in its sole discretion; and (c) except in the case of FHA
Construction Mortgage Loans, has closed less than thirty (30) days prior to the date of delivery to
MBF.

“Eligible Mortgage Pool” means a Mortgage Pool for which (a) an Approved Custodian has issued
its initial certification (on the basis of which an Agency Security is to be issued), (b) there
exists a Takeout Commitment covering the related Agency Security, and (c) such Agency Security will
be delivered to MBF.

“ERISA” means the Employee Retirement Income Security Act of 1974 and all rules and
regulations promulgated thereunder, as amended from time to time, and any successor statute, rules
and regulations.

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common
control with Seller within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m)
and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by
Seller or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan
year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a
cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a
complete or partial withdrawal by Seller or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent
to terminate, the treatment of a Plan amendment as a termination under Sections 4041 or 4041A of
ERISA, or the commencement of proceedings by the Pension Benefit Guaranty Corporation to terminate
a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA
upon Seller or any ERISA Affiliate in connection with the termination of a Pension Plan.

“Event of Default” means any of the following events shall have occurred and be continuing:

(i) Seller fails to remit any sum due to MBF under Section 5.2 or Section 6.2 when due;
or

(ii) Seller fails to repurchase any Mortgage Loan or Mortgage Security at the time and
for the amount required under Section 7.3 or Section 8.2; or

(iii) in any thirty (30) day period, MBF requires Seller to repurchase more than two
(2) Mortgage Loans and/or Mortgage Securities pursuant to Section 8.2; or

(iv) any representation or warranty made by Seller in connection with this Agreement or
contained herein (other than representations and warranties concerning Mortgage Loans made
pursuant to Section 11 hereof) is inaccurate or incomplete in any material respect on or as
of the date made or hereafter becomes untrue; or

(v) Seller fails in the observance or performance of any duty, responsibility or
obligation contained in this Agreement, other than a duty to remit on a Remittance Date or
to repurchase a Mortgage Loan or Mortgage Security, and such failure continues unremedied
for a period of thirty (30) days after the earliest of (1) receipt by Seller of notice from
MBF of that failure, (2) receipt by MBF of notice from Seller of that failure, or (3) the
date Seller should have notified MBF of that failure under Section 13.4(c) hereof; or

(vi) any Act of Insolvency occurs; or

(vii) one or more judgments or decrees are entered against Seller involving claims not
paid or not fully covered by insurance, and that exceed, in the aggregate Seven Million Five
Hundred Thousand Dollars ($7,500,000.00), and all such judgments or decrees are not vacated,
discharged, or stayed or bonded pending appeal within sixty (60) days from entry thereof; or

(viii) any Agency, or private investor, or any other party seizes or takes control of
Seller’s servicing portfolio, for breach of any servicing agreement applicable to such
servicing portfolio or for any other reason whatsoever; or

(ix) any Agency or Regulatory Authority revokes Seller’s authority to originate
Mortgage Loans; or

(x) Any event of default occurs under the Warehouse Agreement;

(xi) Seller or any of its Subsidiaries fails to pay when due any other Indebtedness in
the aggregate amount equal to or greater than the amount specified in Annex 1 beyond
any period of grace provided, or there occurs any breach or default with respect to any
material term of any other Indebtedness, if the effect of such failure, breach or default is
to cause, or to permit the holder or holders thereof (or a trustee on behalf of such holder
or holders) to cause, Indebtedness of Seller or one of its Subsidiaries in the aggregate
amount equal to or greater than the amount specified in Annex 1 to become or be
declared due prior to its stated maturity (upon the giving or receiving of notice, if
required);

(xii) there is a Material Adverse Change; or

(xiii) Seller defaults under any mortgage loan repurchase arrangement similar to this
Agreement which it may have with any other party, under any mortgage loan purchase
arrangement which it may have with any party under which Seller sells mortgage loans
(including, if applicable, a “purchase and sale contract” with MBF itself), or under any
warehouse lending or correspondent lending arrangement which may support its mortgage loan
program, beyond applicable notice and grace periods.

“Fannie Mae” means the corporation created under the laws of the United States known as
Federal National Mortgage Association, and any successor corporation or organization.

“Fannie Mae DUS Mortgage Loan” means a Multifamily Mortgage Loan originated under the DUS
Program.

“FAS 140” means Statement 140 on Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities promulgated by the Financial Accounting Standard Board, as the
same may be restated, modified or changed from time to time.

“FDIC” means the Federal Deposit Insurance Corporation or any successor.

“FHA” means the agency of the United States government known as the Federal Housing
Administration, and any successor.

“FHA Construction Mortgage Loan” means an FHA fully-insured Mortgage Loan for the construction
or substantial rehabilitation of a Multifamily Property or a Health Care Facility.

“FHA Project Mortgage Loan” means an FHA fully-insured permanent Multifamily Mortgage Loan or
a Health Care Mortgage Loan.

“Freddie Mac” means the corporation created under the laws of the United States known as the
Federal Home Loan Mortgage Corporation, and any successor.

“Freddie Mac Mortgage Loan” means a Mortgage Loan originated under the Freddie Mac
issuer/servicer program.

“GAAP” means generally accepted accounting principles in the United States consistently
applied.

“Ginnie Mae” means the organization known as the Government National Mortgage Association, an
agency of the United States, and any successor.

“Health Care Facility” means a retirement service center, an assistance living facility, an
independent living facility, an adult day care center, a board and care facility, an intermediate
care facility, a nursing home or a hospital.

“Health Care Mortgage Loan” means a Mortgage Loan that is secured by a Mortgage on a Health
Care Facility and committed for purchase by a Takeout Investor pursuant to a Takeout Commitment.

“HUD” means the Department of Housing and Urban Development and any successor thereto.

“HUD Mortgage Loan” means a Multifamily Mortgage Loan that is insured by HUD and committed for
purchase by a Takeout Investor pursuant to a Takeout Commitment.

“Indebtedness” means and includes, without duplication, (i) all items which in accordance with
GAAP, consistently applied, would be included on the liabilities side of a balance sheet on the
date as of which Indebtedness is to be determined (excluding shareholders’ equity),
(ii) Capitalized Rentals under any Capitalized Lease, (iii) guaranties, endorsements and other
contingent obligations in respect of, or any obligations to purchase or otherwise acquire,
indebtedness of others, and (iv) indebtedness secured by any mortgage, pledge, security interest or
other Lien existing on any property owned by the Person with respect to which indebtedness is being
determined, whether or not the indebtedness secured thereby shall have been assumed.

“Investment Return Rate” means the LIBOR Rate plus the number of basis points specified in
Annex 1; provided, however, to the extent the Seller maintains Net Investable Balances with
Washington Mutual, the Investment Return Rate as applied to Combined Outstandings matched to Net
Investable Balances shall be equal to the fixed percentages per annum set forth in the chart below:

	 	 	 	 	 	 	 	 	 
	Net Investable Balances	 	Combined Outstandings	 	Investment Return Rate
	< $20,000,000
	 	Equal to Net Investable Balances
	 	 	1.00	%
	 
	 	 	 	 	 	 	 	 
	=$20,000,000 but <$30,000,000
	 	Equal to Net Investable Balances
	 	 	0.825	%
	 
	 	 	 	 	 	 	 	 
	=$30,000,000
	 	Equal to Net Investable Balances
	 	 	0.65	%
	 
	 	 	 	 	 	 	 	 

For the purposes of calculating the Investment Return Rate as applied to Combined Outstandings
matched to Net Investable Balances at the time of any determination, Net Investable Balances may be
used only to the extent such amounts were not used to the determine the fee payable to Municipal
Mortgage & Equity, LLC under the Deposit Agreement and/or the NIB Advances under the Warehouse
Agreement. For the purposes of the foregoing calculations, Seller and MBF agree that the Net
Investable Balances shall be used in the following priority: (1) first, used in accordance with
the Warehouse Agreement to determine the interest rate applicable to NIB Advances thereunder, (2)
second, used in accordance with this Agreement to determine the Investment Return Rate, and (3) the
balance, if any, used to determine the fee payable to Municipal Mortgage & Equity, LLC under the
Deposit Agreement

“LIBOR Rate” means the rate of interest equal to the London Interbank Offered Rate for U.S.
dollar deposits for an interest period of one (1) month as quoted or published by Telerate,
Bloomberg or any other rate quoting service, selected by MBF in its sole discretion for an interest
period of one (1) month, effective two (2) Business Days from the date of quotation. In the event
such rate quoting service ceases to be selected by MBF, MBF’s determination of the LIBOR Rate shall
be conclusive and binding on Seller absent manifest error.

“Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof, and any agreement to give any security interest.)

“Liquid Assets” means the following unrestricted and unencumbered assets owned by a Person
(and, if applicable, that Person’s Subsidiaries, on a consolidated basis) as of any date of
determination: (a) cash, (b) funds on deposit in accounts with any bank located in the United
States (net of the aggregate amount payable under all outstanding and unpaid checks, drafts and
similar items drawn by a Person against those accounts for all purposes), (c) investment grade
commercial paper, (d) money market funds and (e) marketable securities.

“Litigation” means, as to any Person, any action, lawsuit, investigation, claim, proceeding,
judgment, order, decree or resolution pending or threatened against or affecting such Person or the
business, operations, properties or assets of such Person before, or by, any Regulatory Authority.

“Loan Purchase Detail” means a loan purchase detail, transmitted by facsimile in a form
acceptable to Seller and MBF or transmitted electronically in an appropriate data layout, prepared
by Seller, containing certain information regarding the characteristics of all Mortgage Loans being
offered for sale by Seller to MBF on a particular Business Day.

“Loan Sale Confirmation” means, with respect to each Mortgage Loan purchased by MBF from
Seller, a sale confirmation confirming the completion of MBF’s purchase of such Mortgage Loan,
prepared by Seller and delivered to MBF by facsimile in the form of Exhibit C or delivered
electronically in an appropriate data layout.

“Margin Stock” has the meaning assigned to that term in Regulation U of the Board of Governors
of the Federal Reserve Systems as in effect from time to time.

“Material Adverse Change” means any (i) material adverse effect upon the validity, performance
or enforceability of this Agreement, (ii) material adverse effect upon the properties, business or
condition, financial or otherwise, of Seller, or (iii) material adverse effect upon the ability of
Seller to fulfill its obligations under this Agreement.

“Maximum Takeout Commitment Expiration Date” is defined in Annex 1.

“MBF” means Washington Mutual, operating through its unincorporated division commonly known as
its Mortgage Banker Finance group, identified more completely by the contact information provided
in Section 15.1.

“Mortgage” means the mortgage, deed of trust or other instrument creating a lien on an estate
in real property securing a Mortgage Note.

“Mortgage Loan” means any whole mortgage loan evidenced by a Mortgage Note. The term
“Mortgage Loan” shall include first lien Mortgage Loans and second lien Mortgage Loans unless the
context otherwise requires.

“Mortgage Note” means the note or other evidence of the indebtedness evidencing a Mortgage
Loan.

“Mortgage Note Rate” means the per annum rate of interest stated in the Mortgage Note.

“Mortgage Pool” means a pool of one or more Mortgage Loans on the basis of which there is to
be issued one or more Mortgage Securities.

“Mortgage Security” means either a Mortgage-backed Security or a Participation Certificate.

“Mortgage-backed Security” means a security that is secured or otherwise backed by one or more
Mortgage Loans or a participation certificate evidencing a beneficial interest in one or more
Mortgage Loans.

“Mortgaged Property” means the property subject to the lien of the Mortgage securing a
Mortgage Note.

“Mortgagor” means the obligor on a Mortgage Note.

“Multiemployer Plan” means any employee benefit plan subject to Title IV of ERISA of the type
described in Section 4001(a)(3) of ERISA, to which Seller or any ERISA Affiliate makes or is
obligated to make contributions, or during the preceding five plan years, has made or been
obligated to make contributions.

“Multifamily Mortgage Loan” means a Mortgage Loan secured by a Mortgage on Multifamily
Property.

“Multifamily Property” means real property containing or which will contain more than four (4)
dwelling units and as more particularly defined by the regulations promulgated by HUD.

“NASD” means the National Association of Securities Dealers or any successor agency or
authority.

"Net Investable Balances” means the average collected balances in non-interest bearing deposit
accounts controlled or maintained by Municipal Mortgage & Equity, LLC and its Subsidiaries in
accounts at Washington Mutual, less balances to support float, activity charges, reserve
requirements, Federal Deposit Insurance Corporation insurance premiums and such other assessments
as may be imposed by governmental authorities from time to time, as calculated and imposed by
Washington Mutual with respect to its commercial customers generally.

“OTS” means the Office of Thrift Supervision or any successor agency or authority.

“Par Value” means the unpaid principal balance of a Mortgage Loan on the date of
determination.

“Participation Certificate” means a participation certificate issued by a Takeout Investor, a
pool custodian satisfactory to MBF or Seller evidencing an undivided interest in a Mortgage Loan
owned by MBF or a Mortgage Pool consisting of Mortgage Loans owned by MBF.

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in Section
3(2) of ERISA) that is subject to Title IV of ERISA, other than a Multiemployer Plan, and is
sponsored or maintained by Seller or any ERISA Affiliate or to which Seller or any ERISA Affiliate
contributes or has an obligation to contribute, or in the case of a multiple employer or other plan
described in Section 4064(a) of ERISA, has made contributions at any time during the immediately
preceding five plan years.

“Person” means an individual, partnership, corporation, business trust, limited liability
company, joint stock company, trust, unincorporated association, joint venture, governmental
authority, or other entity of whatever nature.

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA)
established by Seller or, with respect to any such plan that is subject to Section 412 of the Code
or Title IV, any ERISA Affiliate.

“Post-Origination Period” is defined in Recital B.

“Property Charges” means all taxes, fees, assessments, water, sewer and municipal charges
(general or special) and all insurance premiums, leasehold payments or ground rents.

“Quarterly Reporting Date” is defined in Annex 1.

“Regulatory Authority” means, with respect to any Person, any governmental or
quasi-governmental department, commission, board, regulatory authority, bureau, agency or
instrumentality, domestic, foreign, federal, state or municipal (including, without limitation, the
OTS, FDIC, SEC or the NASD), any court or arbitration panel, or any private body having regulatory
jurisdiction over such Person or its business or assets (including any insurance company or
underwriter through whom such Person has obtained insurance coverage).

“Remittance Date” is defined in Annex 1.

“Repurchase Date” means, with respect to a Mortgage Loan or Mortgage Security, the date that
Seller remits the Repurchase Price to MBF.

“Repurchase Price” means, for any Mortgage Loan or related Mortgage Security, the Acquisition
Price for such Mortgage Loan, plus the aggregate amount obtained by the daily application
of the Investment Return Rate to the Acquisition Price on a 360-day-per-year basis for the actual
number of days in the period from the immediately preceding Remittance Date (or the Acquisition
Date if there is no such Remittance Date) to and excluding the Repurchase Date, plus the
amount of any then-unpaid Administrative Costs with respect to such Mortgage Loan, plus the
amount of any then-unpaid Successor Servicer Costs with respect to such Mortgage Loan, if any,
plus the amount of any accrued but unpaid Default Rate interest under subsection 5.2(h).

“Requirement of Law” means, with respect to any Person, any law, ordinance, requirement,
order, direction, rule, regulation, decision, ruling, writ, injunction, instruction, resolution,
decree, or other similar document, instrument or directive, whether currently existing or
promulgated hereafter, of any Regulatory Authority, or any requirement of the organizational
documents of such Person.

“Scheduled Repurchase Date” means, with respect to a Mortgage Loan or Mortgage Security, the
earlier of (i) the date that is the number of days following the Acquisition Date specified in
Annex 1, and (ii) the date of the expiration of the Takeout Commitment for such Mortgage
Loan or Mortgage Security, subject to acceleration as provided in subsection 8.3(c).

“SEC” means the United States Securities and Exchange Commission or any successor agency or
authority.

“Seller” is defined in the preamble.

“Seller’s Account” means Seller’s Funding Account or Seller’s Operating Account.

“Seller’s Concentration Limit” means the amount specified as such in Annex 1.

“Seller’s Funding Account” means the account established by Seller at Washington Mutual and
under the control of MBF, through which Acquisition Prices will be paid by deposit, and amounts due
from Seller to MBF may be paid by withdrawal.

“Seller’s Operating Account” means the account established by Seller at Washington Mutual and
under the control of Seller, to which funds will be transferred from Seller’s Funding Account, from
time to time, through which Servicing Fees due from MBF to Seller may be paid by deposit, and
through which amounts due from Seller to MBF may be paid by withdrawal.

“Seller’s Power of Attorney” means a limited power of attorney substantially in the form of
Exhibit E, executed by Seller with regard to Mortgage Loans and Mortgage Securities and
delivered pursuant to Section 3.1.

“Servicing Contract” means, with respect to any Person, the arrangement, whether or not in
writing, pursuant to which such Person has the right to service Mortgage Loans.

“Servicing Fee” means, with respect to a Mortgage Loan, the sum of all amounts deposited in
the Custodial Account between the Acquisition Date and the Repurchase Date, other than escrow
payments for Property Charges.

“Servicing Portfolio” means, as to any Person, the unpaid principal balance of Mortgage Loans
whose Servicing Contracts are owned by such Person, minus the unpaid principal balance of all
Mortgage Loans that are serviced by that Person for others under subservicing arrangements and
minus construction mortgage loans unless such construction mortgage loans will (under applicable
documents) be converted to permanent loans that will be serviced by the Seller.

“Settlement Amount” is defined in subsection 7.4(a).

“Shipping Instructions” mean the advice prepared by Seller and sent to MBF by facsimile or
electronically which instructs MBF to send a Mortgage Note or Mortgage Security to a Takeout
Investor, an agent of a Takeout Investor or another Person designated by Seller or an Approved
Custodian. This advice shall include, for each such Mortgage Note or Mortgage Security, the loan
number of the corresponding Mortgage Loan, the Mortgagor’s name, the current loan amount, and
applicable delivery instructions for the Takeout Investor or its agent, or such other Person
designated by Seller or the Approved Custodian, and such other information as MBF may reasonably
request.

“Statement Date” is defined in subsection 3.1(c).

“Subsidiary” means any corporation, association or other business entity in which more than
fifty percent (50%) of the total voting power or shares of stock entitled to vote in the election
or directors, managers or trustees thereof is at the time owned or controlled, directly or
indirectly, by any Person or one or more of the other Subsidiaries of that Person or a combination
thereof

“Successor Servicer” is defined in subsection 5.1(d).

“Successor Servicer Costs” means the costs incurred by MBF in transferring the servicing of a
Mortgage Loan to a Successor Servicer pursuant to subsection 5.1(d) and all the amounts paid or
payable to the Successor Servicer for servicing the Mortgage Loan until the date on which the
Mortgage Loan or related Mortgage Security is repurchased by Seller.

“Takeout Commitment” means a commitment issued by a Takeout Investor to acquire one or more
Mortgage Loans or Mortgage Securities on or before a specified delivery date or expiration date,
which shall in no event exceed the Maximum Takeout Commitment Expiration Date, which shall be in
form and substance acceptable to MBF in its sole discretion.

“Takeout Commitment Price” means the dollar amount which the Takeout Investor has committed to
pay for the Mortgage Loan (or for a Mortgage Security backed by such Mortgage Loan) in its Takeout
Commitment.

“Takeout Funding” means the completion of all of the transactions required to be completed on
the Takeout Funding Date.

“Takeout Funding Advice” means the statement, in form and substance acceptable to MBF,
prepared either by the Takeout Investor pursuant to the applicable Takeout Commitment or Seller, as
the case may be, and delivered to Seller or MBF on or before the Takeout Funding Date itemizing,
for a particular Mortgage Loan or group of Mortgage Loans, or a particular Mortgage Security or
group of Mortgage Securities, the aggregate net funds that will be paid by the Takeout Investor to
Seller. This statement will identify each Mortgage Loan and each Mortgage Security to be purchased
by the Takeout Investor as part of the proposed Takeout Funding by the Mortgagor’s name, confirm
that net amount to be disbursed at the Takeout Funding for each such Mortgage Loan or Mortgage
Security, and state the Business Day on which the Takeout Funding shall occur.

“Takeout Funding Date” means the date on which the Takeout Investor acquires ownership of a
Mortgage Loan or Mortgage Security from Seller pursuant to the terms of the applicable Takeout
Commitment.

“Takeout Guidelines” means (i) the eligibility requirements established by the Takeout
Investor that must be satisfied by a mortgage loan originator to sell mortgage loans or
mortgage-backed securities or participation certificates to the Takeout Investor, and (ii) the
specifications that a mortgage loan must meet, and the requirements that it must satisfy, for the
mortgage loan to qualify for the Takeout Investor’s program, as such requirements and
specifications may be revised or supplemented from time to time.

“Takeout Investor” means Fannie Mae, Freddie Mac, Ginnie Mae, or any of the private
institution investors listed on Exhibit I, subject to such deletions from the list as MBF
may hereafter make from time to time in its sole discretion, and such other investors as may be
hereafter approved by MBF in writing from time to time in its sole discretion. Without limitation
to the foregoing, at the request of Seller, MBF may add Washington Mutual Bank, or any Affiliate or
Subsidiary thereof, to Exhibit I if said entity conducts a mortgage loan or mortgage
security purchase program that Seller wishes to utilize, and, in that event, such Washington Mutual
entity shall be treated as an unrelated “Takeout Investor” by both parties for all purposes
hereunder. MBF may (but is not required to) issue an amended and restated Exhibit I from
time to time to reflect its deletions from and additions to this list.

“Term” means the period between the Effective Date and the date on which this Agreement shall
be terminated in accordance with the provisions of Section 14.

“UCC” means the Uniform Commercial Code as then in effect in the applicable jurisdiction.

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in
accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the
Code for the applicable plan year.

“VA” means the U.S. Department of Veteran Affairs or any successor.

“Warehouse Agreement” means that certain Warehousing Credit and Security Agreement dated May
31, 2006 by and between MMA Construction Finance, LLC and Washington Mutual as it has been or may
from time to time be supplemented, modified or amended..

“Warehouse Lender” means any party (including MBF) providing interim financing to Seller in
any fractional amount for the purpose of originating or purchasing mortgage loans, which lender has
a security interest in the Mortgage Loan(s) as collateral for the obligations of Seller to such
lender.

“Warehouse Lender’s Release” means a letter or document, substantially in the form of
Exhibit F or in such other form as MBF may have approved in advance, from a third-party
Warehouse Lender to MBF conditionally releasing (or agreeing to release) all of said Warehouse
Lender’s right, title and interest in the Mortgage Loan(s) identified therein upon receipt of
payment by the Warehouse Lender.

“Warehouse Lender’s Wire Instructions” means written or electronic instructions in form
reasonably acceptable to MBF, delivered by a Warehouse Lender to MBF and setting forth the bank
wire coordinates to be used for the payment of all amounts due and payable to such Warehouse Lender
hereunder.

“Washington Mutual” is defined in the preamble.

“Wet Funding” means the purchase of a Mortgage Loan that is originated by Seller on the
Acquisition Date under escrow arrangements satisfactory to MBF pursuant to which Seller is
permitted to use the Acquisition Price proceeds to close the Mortgage Loan.

“Wet Funding Deadline” means the Business Day specified in Annex 1.

“Wet Funding Documents Package” means, with respect to any Mortgage Loan, the documents
designated as such on Exhibit D, each in form and substance satisfactory to MBF in its sole
discretion.

2. Purchase and Sale. Seller agrees to sell to MBF, and MBF agrees to purchase from
Seller, from time to time, on a servicing-retained basis, Eligible Mortgage Loans on the terms and
conditions of this Agreement, subject to the obligation of Seller to repurchase such Mortgage Loans
(or related Mortgage Securities) and subject to the requirements of applicable Agency Guidelines.
In no event shall MBF be required to purchase any Eligible Mortgage Loan if the Acquisition Price
of such Mortgage Loan, when combined with the aggregate Acquisition Price of all Mortgage Loans
purchased hereunder and then held by MBF (or released by MBF in exchange for a Mortgage Security
then held by MBF), is in excess of the Seller’s Concentration Limit.

3. Purchase Procedures.

3.1 Initial Conditions Precedent. MBF shall not be obligated to purchase any Eligible
Mortgage Loan under this Agreement until MBF shall have first received the following documents,
each of which shall be in form and substance satisfactory to MBF, except to the extent waived by
MBF in its sole discretion:

(a) this Agreement and the Seller’s Power of Attorney, each duly executed by Seller;

(b) one or more certificates of Seller’s corporate secretary attesting to certain factual
matters, certifying the text of Seller’s articles or certificate of incorporation and bylaws or
other governing charter documents, certifying the text of the resolution(s) of the board of
directors or managers of Seller authorizing the execution, delivery and performance of this
Agreement, and certifying the incumbency and the signatures of those officers of Seller authorized
to execute and deliver, on behalf of Seller, this Agreement, each Mortgage Note endorsement, each
Assignment in Blank, and all other instruments or documents to be executed and delivered pursuant
hereto (MBF being entitled to rely thereon until a new certificate has been furnished to MBF upon
which MBF shall thereafter be entitled to rely);

(c) financial statements of Seller (and, if applicable, its Subsidiaries, on a consolidated
basis) containing a balance sheet as of the most recent fiscal year-end of Seller (the “Statement
Date”) and related statements of income, changes in stockholders’ equity and cash flows for the
period ended on the Statement Date, all prepared in accordance with GAAP applied on a basis
consistent with prior periods and audited by PriceWaterhouseCoopers LLP or other independent
certified public accountants of regional or national standing approved by MBF (such approval not to
be unreasonably withheld, delayed or conditioned);

(d) such other financial statements, public record search reports, legal opinions and other
documents and statements as MBF may reasonably require under the circumstances.

3.2 Conditions Precedent. MBF’s obligation to purchase any Eligible Mortgage Loan
shall be subject to satisfaction (or waiver by MBF in its sole discretion) of the following
conditions precedent:

(a) the Loan Purchase Detail, the Loan Sale Confirmation, and the documents in the Dry Funding
Documents Package or the Wet Funding Documents Package for the Mortgage Loan have been received by
MBF and are in form and substance satisfactory to MBF;

(b) no Default or Event of Default has occurred and is continuing;

(c) all of Seller’s representations and warranties are (and will be on the proposed
Acquisition Date) accurate in all respects;

(d) purchase of the Mortgage Loan shall not cause Seller to exceed the Seller’s Concentration
Limit or any other sublimit with respect to such type of Mortgage Loan established by an Annex to
this Agreement applicable to such Mortgage Loan;

(e) this Agreement, the applicable Takeout Commitment, and the Seller’s Power of Attorney have
not been terminated or revoked, and each remains in full force and effect; and

(f) except as disclosed by Seller and accepted by MBF, the Mortgage Loan to be purchased by
MBF shall be a first lien Mortgage Loan.

3.3 Deliverables. Seller will give MBF not less than three (3) Business Days prior
notice that it intends to offer a particular Mortgage Loan for sale to MBF hereunder. Not less
than one (1) Business Day prior to completing the sale, Seller shall transmit (either
electronically or via facsimile transmission) or deliver to MBF a Loan Purchase Detail and a Loan
Sale Confirmation for the Mortgage Loan, and it shall deliver or cause to be delivered to MBF
either the Dry Funding Documents Package or the Wet Funding Documents Package for the Mortgage
Loan. At its request for its convenience, Seller is authorized to deliver to MBF each Loan Sale
Confirmation electronically without an original signature thereon, and each Loan Sale Confirmation
so delivered is incorporated herein by this reference and fully effective and binding on Seller
even though without such a signature when it is released to MBF at closing pursuant to Section 3.5
or Section 3.6, as applicable.

3.4 Assignment of Takeout Commitment. Except as provided herein and in any Annex, MBF
shall not be obligated to purchase any Eligible Mortgage Loan which is not covered by a Takeout
Commitment for either the Mortgage Loan or the Mortgage Security or Mortgage Securities to be
created on the basis of each Mortgage Loan. To the extent the applicable Takeout Commitment is
assignable, the sale of each Eligible Mortgage Loan to MBF shall include Seller’s rights under the
applicable Takeout Commitment to deliver the Mortgage Loan or related Mortgage Security to the
Takeout Investor and to receive the net sum therefor specified in the Takeout Commitment from the
Takeout Investor. Effective on and after the Acquisition Date for each Mortgage Loan purchased by
MBF hereunder, and to the extent any applicable Takeout Commitment is assignable, Seller assigns to
MBF, free and clear of any security interest, lien, claim or encumbrance of any kind, all of
Seller’s right, title and interest in any applicable Takeout Commitment for such Mortgage Loan or
related Mortgage Security.

3.5 Dry Funding Closing. The provisions of this Section 3.5 shall apply only to the
purchase of Mortgage Loans with respect to which Section 3.6 does not apply. Not later than one
(1) Business Day after receipt of the Loan Purchase Detail, the Loan Sale Confirmation and a Dry
Funding Documents Package, and subject to satisfaction or waiver of the conditions precedent stated
in Sections 3.1 and 3.2, MBF shall complete the purchase of the Mortgage Loan by payment of the
Acquisition Price for the Mortgage Loan, by transfer of immediately available funds into Seller’s
Funding Account or as provided in Section 4, as applicable. Simultaneously with payment by MBF of
the Acquisition Price, Seller shall convey to MBF absolutely, and not by way of collateral
assignment, all rights, title and interest in and to the Mortgage Loan, free and clear of any lien,
claim or encumbrance, subject to Seller’s retention of servicing rights with respect to the
Mortgage Loan and subject also to the right of Seller to repurchase the Mortgage Loan, or a related
Mortgage Security, as herein provided. The Loan Sale Confirmation and the documents in the Dry
Funding Documents Package previously delivered by Seller are unconditionally released to MBF upon
payment of the Acquisition Price. MBF may elect, in its sole discretion, not to complete and
record an Assignment in Blank for the sole purpose of facilitating the servicing of the related
Mortgage Loan. In such event, Seller agrees until further notice to remain the last named payee or
endorsee of such Mortgage Note and the mortgagee or assignee of record of such Mortgage in trust
for the sole and exclusive benefit of MBF.

3.6 Wet Funding Closing. The provisions of this Section 3.6 shall apply only to the
purchase of Mortgage Loans with respect to which “Wet Funding” is indicated as the purchase method
in the applicable Loan Purchase Detail. Not later than one (1) Business Day after receipt of the
Loan Purchase Detail, the Loan Sale Confirmation and a Wet Funding Documents Package, and subject
to satisfaction or waiver of the conditions precedent stated in Sections 3.1 and 3.2, MBF shall
complete the purchase of the Mortgage Loan by payment of the Acquisition Price for the Mortgage
Loan, by transfer of immediately available funds into Seller’s loan closing escrow and the closing
of that escrow in accordance with escrow instructions. Simultaneously with release of the
Acquisition Price proceeds in such escrow, Seller shall convey to MBF absolutely, and not by way of
collateral assignment, all rights, title and interest in and to the Mortgage Loan free and clear of
any lien, claim or encumbrance, subject to Seller’s retention of servicing rights with respect to
the Mortgage Loan and subject also to the right of Seller to repurchase the Mortgage Loan, or a
related Mortgage Security, as herein provided. The Loan Sale Confirmation and the documents in the
Wet Funding Documents Package previously delivered by Seller are unconditionally released to MBF
upon close of the escrow. Seller shall deliver a Dry Funding Documents Package for the Mortgage
Loan not later than the Wet Funding Deadline. MBF may elect, in its sole discretion, not to
complete and record an Assignment in Blank for the sole purpose of facilitating the servicing of
the related Mortgage Loan. In such event, Seller agrees until further notice to remain the last
named payee or endorsee of such Mortgage Note and the mortgagee or assignee of record of such
Mortgage in trust for the sole and exclusive benefit of MBF.

3.7 Post-Closing. If, at any time after payment of the Acquisition Price, Seller
holds or receives any documents or funds relating to a purchased Mortgage Loan, Seller shall
segregate and hold such documents and/or funds in trust for MBF, and Seller shall deliver such
documents or funds at the time and as required by other provisions of this Agreement or as directed
by MBF. The parties acknowledge that, so long as Seller is servicing the Mortgage Loan pursuant to
Section 5, Seller may be required to retain possession of such documents or funds solely in its
capacity as Mortgage Loan servicer.

4. Warehouse Lender Arrangements. If a Mortgage Loan to be sold and purchased
hereunder has been previously assigned or pledged by Seller to a Warehouse Lender in connection
with any interim financing thereof, then, as applicable (i) if MBF is the Warehouse Lender, the
amount owing to the Warehouse Lender on the Acquisition Date shall be satisfied by internal
application of sale proceeds, in which event MBF will transfer into Seller’s Funding Account only
the balance, if any, of the Acquisition Price after such application; or (ii) if the Warehouse
Lender is a third party, MBF will transfer the full amount of the Acquisition Price in Seller’s
Funding Account but will promptly wire transfer from that account the amount due to the third party
Warehouse Lender in accordance with the Warehouse Lender’s Wire Instructions. If any balance of
the Acquisition Price remains in Seller’s Funding account after the Warehouse Lender has been
repaid in full in accordance with the foregoing, that balance shall be transferred by MBF in
immediately available funds, from Seller’s Funding Account to Seller’s Operating Account.

5. Servicing of Mortgage Loans and Related Provisions.

5.1 Servicing of Mortgage Loans.

(a) As a condition of purchasing a Mortgage Loan, MBF requires Seller to service such Mortgage
Loan as agent for MBF for the entire period between the Acquisition Date and the Repurchase Date of
the Mortgage Loan (including any period during which such Mortgage Loan backs, or has been
transferred to a Mortgage Pool that backs, one or more Mortgage Securities) on the following terms
and conditions:

(i) Seller shall service and administer the Mortgage Loan on behalf of MBF in accordance with
prudent mortgage loan servicing standards and procedures generally accepted in the mortgage banking
industry and in accordance with all applicable requirements of the Agencies, Requirements of Law
and the requirements of any applicable Takeout Commitment and the Takeout Investor, so that the
eligibility of the Mortgage Loan, or Mortgage Security backed by such Mortgage Loan, for purchase
under such Takeout Commitment is not voided or reduced by such servicing and administration;

(ii) Subject to subsection 5.1(d), Seller shall at all times maintain and safeguard the Credit
File for the Mortgage Loan (including photocopies of the documents delivered to MBF pursuant to
Section 3.3), and accurate and complete records of its servicing of the Mortgage Loan; Seller’s
possession of such Credit File being for the sole purpose of servicing such Mortgage Loan and such
retention and possession by Seller being in a custodial capacity only;

(iii) MBF may, at any time during Seller’s business hours on reasonable notice, examine and
make copies of such documents and records;

(iv) At MBF’s request, Seller shall promptly deliver to MBF reports regarding the status of
any Mortgage Loan being serviced by Seller, which reports shall include, but shall not be limited
to, a description of any default thereunder for more than thirty (30) days or such other
circumstances that could cause a material adverse effect on such Mortgage Loan, MBF’s title to such
Mortgage Loan or the collateral securing such Mortgage Loan; Seller may be required to deliver such
reports until the repurchase of the Mortgage Loan or related Mortgage Security by Seller; and

(v) Seller shall immediately notify MBF if it becomes aware of any payment default that occurs
under the Mortgage Loan.

(b) Seller shall not attempt to sell or transfer any rights to service a Mortgage Loan without
the prior consent of MBF.

(c) Seller shall release its custody of the contents of any Credit File only in accordance
with the written instructions of MBF, except when such release is required as incidental to
Seller’s servicing of the Mortgage Loan, is required to complete the Takeout Funding or comply with
the Takeout Guidelines, or as required by Requirements of Law.

(d) At any time during an Event of Default (other than Events of Default specified in clause
(vii), (ix), (xi), or (xii) of the definition of Event of Default set forth in Section 1 hereof so
long as such Events of Default are cured within thirty (30) days after notice thereof) , MBF shall
have the right to appoint a successor servicer to service any Mortgage Loan (each a “Successor
Servicer”) in its sole discretion. In the event of such an appointment, Seller shall perform all
acts and take all action so that any part of the Credit File and related servicing records held by
Seller, together with all funds in the Custodial Account and other receipts relating to such
Mortgage Loan, are promptly delivered to Successor Servicer. Seller shall have no claim for lost
servicing income, lost profits or other damages if MBF appoints a Successor Servicer hereunder and
the Servicing Fee is reduced or eliminated.

5.2 Custodial Account.

(a) Seller shall establish and maintain a segregated time or demand deposit account for the
benefit of MBF (the “Custodial Account”) with an Eligible Bank and shall promptly deposit into the
Custodial Account all interest and/or principal payments received with respect to each Mortgage
Loan sold hereunder (but not any interest accrued on such Mortgage Loan up to but not including the
Acquisition Date for such Mortgage Loan) and all other receipts in respect of each Mortgage Loan
sold hereunder that are payable to the owner of such loan including, without limitation, all escrow
withholds and escrow payments for Property Charges. Seller may use a deposit account at an
Eligible Bank established to serve as a custodial account for mortgage loans that Seller services
for other parties, but under no circumstances shall Seller deposit any of its own funds into the
Custodial Account or otherwise commingle its own funds with funds belonging to MBF as owner of any
Mortgage Loans. In the event Seller establishes a deposit account solely for use in connection
with collections on the Mortgage Loans, Seller shall name the account “[Name of Seller] as agent
for Washington Mutual Bank.” In the event Seller elects to use a deposit account maintained for
collections on the Mortgage Loans and other mortgage loans owned by third parties, MBF shall
approve the title of the account in advance of use by Seller hereunder.

(b) Any interest and/or principal payments, and other amounts received with respect to a
Mortgage Loan purchased hereunder (but not any interest accrued on such Mortgage Loan up to but not
including the Acquisition Date for such Mortgage Loan), whether or not deposited in the Custodial
Account, shall be held in trust for the exclusive benefit of MBF as the owner of such Mortgage Loan
and shall be released only as follows:

(i) after the Repurchase Price for such Mortgage Loan, or related Mortgage Security, has been
paid in full to MBF, all amounts previously deposited in the Custodial Account with respect to such
Mortgage Loan and then in the Custodial Account shall be: released by MBF to Seller in full or
partial payment of the Servicing Fee or in the exercise of Seller’s right of set-off in subsection
5.2(e); transferred to the Takeout Investor or its designee if authorized by Seller; or remitted to
MBF;

(ii) if a Successor Servicer is appointed by MBF, all amounts deposited in the Custodial
Account with respect to Mortgage Loans to be so serviced shall be transferred into an account
established by the Successor Servicer pursuant to its agreement with MBF;

(iii) upon the occurrence of an Event of Default hereunder, Seller shall remit all funds then
held in the Custodial Account with respect to Mortgage Loans to or at the direction of MBF; and

(iv) funds shall be remitted to MBF as provided in subsections 5.2(c).

(c) On each Remittance Date, subject to subsection 5.2(e), Seller shall remit to MBF a portion
of the funds held in the Custodial Account with respect to a Mortgage Loan for which the Repurchase
Date has not yet occurred (other than principal payments on the Mortgage Note and escrow payments
for Property Charges) equal to the sum determined by the daily application of the Investment Return
Rate to the Acquisition Price for such Mortgage Loan on a 360-day per year basis for the actual
number of days in the period since the Acquisition Date or the immediately preceding Remittance
Date (whichever is later). Such remittances shall be by wire transfer in accordance with wire
transfer instructions previously given to Seller.

(d) In lieu of the monthly wire transfer remittances of funds in the Custodial Account
described in subsection 5.2(c), Seller authorizes MBF to withdraw the remittance amount each month
from Seller’s Operating Account. MBF shall notify Seller of each such withdrawal, and Seller shall
have the right to set-off such withdrawn amount(s) against funds in the Custodial Account to be
released to or for the benefit of MBF pursuant to subsection 5.2(b)(i). Seller may release funds
in the Custodial Account to itself in an amount equal to such withdrawal amount(s), in the exercise
of such set-off right, at the time all funds in the Custodial Account are distributed pursuant to
subsection 5.2(b)(i). In the event funds in the Custodial Account are insufficient to fully
reimburse Seller for such withdrawn amount(s) upon the exercise of this set-off right, MBF shall
pay Seller the deficit.

(e) Seller shall not change the identity or location of the Custodial Account without thirty
(30) days prior notice to MBF. Seller shall from time to time, at its own cost and expense,
execute such directions to the depository Eligible Bank, and other papers, documents or instruments
as may be reasonably requested by MBF to reflect MBF’s partial or complete ownership interest in
the Custodial Account.

(f) If MBF so requests, Seller shall promptly notify MBF of each deposit in the Custodial
Account, and each withdrawal from the Custodial Account, made by it with respect to Mortgage Loans
owned by MBF and serviced by Seller. Seller shall also promptly deliver to MBF photocopies of all
periodic bank statements and other records relating to the Custodial Account as MBF may from time
to time request.

(g) The amount of any remittance or transfer of funds by Seller pursuant to this Section 5,
any Administrative Costs or Successor Servicer Costs payable pursuant to Section 6.2, and any
Repurchase Price or other sum payable by Seller pursuant to Section 8, not made when due shall bear
interest from the due date until the remittance, transfer or payment is made, payable by Seller
from its own funds, at the lesser of (i) the Default Rate or (ii) the maximum rate of interest
permitted by law. If there is no maximum rate of interest specified by applicable law, interest on
such sums shall accrue at the Default Rate.

6. Seller’s Continuing Duties.

6.1 Takeout Commitments. Except to the extent superceded by this Agreement, Seller
shall continue to perform all of its duties and obligations to the Takeout Investor under any
applicable Takeout Commitment and otherwise, with respect to a purchased Mortgage Loan or related
Mortgage Security as if such Mortgage Loan or related Mortgage Security were still owned by Seller
and to be sold directly by Seller to the Takeout Investor pursuant to such Takeout Commitment on
the Takeout Funding Date without the intervening ownership of MBF pursuant to this Agreement.
Without limiting the generality of the foregoing, Seller shall timely assemble all records and
documents concerning the Mortgage Loan or related Mortgage Security required under any applicable
Takeout Commitment (except that photocopies instead of originals shall be used for those documents
already provided to MBF in the Dry Funding Documents Package or any Wet Funding Documents Package)
and all other documents and information that may have been required or requested by the Takeout
Investor, and Seller shall make all representations and warranties required to be made to the
Takeout Investor.

6.2 Administrative and Successor Servicer Costs. Not later than each Remittance Date,
Seller shall pay to MBF all then-unpaid Administrative Costs incurred by it and invoiced by MBF.
Not later than the Remittance Date, Seller shall pay to MBF all Successor Servicer Costs incurred
by MBF and invoiced to Seller by MBF for which reimbursement has not yet been made.

6.3 Early Transfers of Mortgage Loans.

(a) If a Mortgage Loan is transferred to an Approved Custodian or to Freddie Mac, Fannie Mae
or Ginnie Mae for inclusion in a Mortgage Pool, MBF’s ownership interest in such Mortgage Loan
shall be released only against payment to it of the projected Repurchase Price on the Scheduled
Repurchase Date for such Mortgage Loan. If MBF’s ownership interest in the Mortgage Loans
comprising the Mortgage Pool is not released prior to the issuance of the Mortgage-backed Security
or Participation Certificate, then the Mortgage-backed Security or Participation Certificate, when
issued, shall be a Mortgage Security deemed owned by MBF. MBF shall be entitled to possession of
such Mortgage Security in the manner provided below.

(b) If a Mortgage Loan is transferred to an Approved Custodian and included in an Eligible
Mortgage Pool, MBF’s ownership interest in the Mortgage Loans comprising the Eligible Mortgage Pool
shall be released upon the issuance of the Agency Security, which shall be a Mortgage Security
deemed owned by MBF. MBF’s ownership interest in such security shall be released only against
payment to MBF of the Repurchase Price for the Mortgage Loans backing such security. MBF shall be
entitled to possession of such Agency Security in the manner provided below.

(c) MBF shall have the exclusive right to possession of the Mortgage Securities or, if the
securities are issued in book-entry form or issued in certificated form and delivered to a clearing
corporation (as such term is defined in the Uniform Commercial Code of Texas) or its nominee, MBF
shall have the right to have the Mortgage Securities registered in the name of a securities
intermediary (as such term is defined in the Uniform Commercial Code of Texas) in an account
containing only customer securities and credited to an account of MBF, and MBF shall have the right
to cause delivery of the Mortgage Securities to be made to the Takeout Investor or the Mortgage
Securities credited to the account of the Takeout Investor or the Takeout Investor’s designee only
against payment therefor. Seller acknowledges that MBF may enter into one or more standing
arrangements with other financial institutions with respect to Mortgage Securities issued in
book-entry form or issued in certificated form and delivered to a clearing corporation, pursuant to
which such Mortgage Securities are registered in the name of such financial institution, as agent
or securities intermediary for MBF, and Seller agrees upon request of MBF to execute and deliver to
such other financial institutions Seller’s written concurrence in any such standing arrangements.

(d) Notwithstanding the foregoing or anything else contained in this Agreement to the
contrary, Seller and MBF acknowledge and agree that a Mortgage Security will not normally come into
the possession of Seller or MBF prior to its delivery to the Takeout Investor notwithstanding MBF’s
ownership of such Mortgage Securtiy. If, however, any Mortgage Security comes into the possession
of the Seller or Seller controls the possession of such Mortgage Security and MBF has not received
the Repurchase Price in connection with such Mortgage Security, Seller shall either (a) pay to MBF,
the Repurchase Price in connection with such Mortgage Security or (b) deliver such Mortgage
Security to MBF.

(e) Prior to the occurrence of an Event of Default, Seller may repurchase a Mortgage Loan or
Mortgage Security from MBF by notifying MBF of its intention to do so and either (a) paying, or
causing a Takeout Investor to pay, to MBF, the Repurchase Price in connection with such Mortgage
Loan or Mortgage Security or (b) delivering a substitute Mortgage Loan or Mortgage Security which
is acceptable to MBF in its sole discretion.

(f) Following the occurrence of a Default or Event of Default, MBF may, with no liability to
Seller, or any Person, continue to release its ownership interest in any Mortgage Loan or Mortgage
Security against payment of all amounts due to MBF in connection with such Mortgage Loan or
Mortgage Security. Following the occurrence of a Default or Event of Default, with no liability to
Seller, or any Person, MBF may refuse to release its ownership interest in any Mortgage Loan or
Mortgage Security.

7. Takeout Funding Procedures.

7.1 Takeout Funding Advice. Seller shall provide the Takeout Funding Advice with
respect to each Mortgage Loan or Mortgage Security to MBF no later than 11:00a.m. (Central Time) on
the scheduled date of the related Takeout Funding.

7.2 Note Shipment. If Seller does not provide Shipping Instructions to MBF with
respect to a Mortgage Loan or Mortgage Security as hereinafter described, MBF shall send the
Mortgage Note or Mortgage Security, and Assignment in Blank, directly to Seller at such time as it
receives the provisional payment of the Repurchase Price pursuant to Section 7.3. If Seller
desires that MBF send the Mortgage Note or Mortgage Security, and Assignment in Blank, directly to
the Takeout Investor (or to another party designated by Seller and acceptable to MBF in its sole
discretion) in connection with Seller’s repurchase and immediate resale (to the Takeout Investor)
of the related Mortgage Loan or Mortgage Security, Seller may cause MBF to do so (if no Default or
Event of Default exists) by sending to MBF signed Shipping Instructions and by complying with the
procedures described in Exhibit J. If a Default or Event of Default then exists, MBF may,
in its sole discretion, without liability to Seller or any other Person, comply with Shipping
Instructions received from Seller and deliver the Mortgage Note or Mortgage Security, and
Assignment in Blank, to the Takeout Investor or to another party acceptable to MBF in its sole
discretion.

7.3 Repurchase Closing.

(a) On the Scheduled Repurchase Date or such earlier date as the parties mutually agree upon
(such earlier date for all purposes shall be deemed the “Scheduled Repurchase Date”), Seller shall
(i) if such date is also the Takeout Funding Date, take or cause to be taken all actions required
to be taken in accordance with the terms of the applicable Takeout Commitment, and (ii) complete
the repurchase of the Mortgage Loan or related Mortgage Security by provisional payment of the
Repurchase Price by transfer of immediately available funds into an account specified by MBF not
later than 3:00 p.m. Central Time on such date in an amount equal to an estimate of the Repurchase
Price (such estimate to be determined by MBF in its sole discretion based upon the most recent
available information with respect to the Mortgage Loan, provided that in no event shall the
estimate of the Repurchase Price be less than the Acquisition Price of such Mortgage Loan). Funds
received by MBF after said time shall be deemed received on the next Business Day. Seller
acknowledges that the provisional payment of the Repurchase Price described herein will not reflect
the final calculation of the Repurchase Price.

(b) Upon receipt of the provisional payment of the Repurchase Price, MBF (i) shall convey to
Seller or its designee absolutely, and not by way of collateral assignment, all rights, title and
interest in and to the Mortgage Loan or related Mortgage Security free and clear of any lien, claim
or encumbrance and (ii) if a Successor Servicer has been appointed with respect to the Mortgage
Loan, transfer, or cause the transfer of, the servicing of such Mortgage Loan to Seller or its
designee. Upon receipt of payment of the estimated Repurchase Price from Seller, MBF shall
deliver, or cause to be delivered, to Seller or its designee all documents for the Mortgage Loan or
related Mortgage Security previously delivered to MBF. MBF shall have no responsibility for the
ownership or servicing of a Mortgage Loan or Mortgage Security following the repurchase of the
Mortgage Loan or related Mortgage Security as set forth hereunder.

(c) Seller, or a Takeout Investor acting on behalf of Seller, may aggregate the provisional
payments of the Repurchase Prices for several Mortgage Loans or related Mortgage Securities in one
wire transfer. Upon receipt by MBF of such amounts, MBF will attempt to match the funds received
to the Mortgage Loans or related Mortgage Securities by reviewing the settlement information that
has been supplied by Seller or the Takeout Investor in advance. MBF will place all unidentified
funds in a non-interest bearing account and will promptly contact Seller.

(d) MBF shall pay to Seller the Servicing Fee, accrued to the Repurchase Date, for each
Mortgage Loan or related Mortgage Security repurchased by Seller under this Section 7. Subject to
Section 7.5, within one (1) Business Day after the completion of the repurchase of a Mortgage Loan
or related Mortgage Security by Seller in accordance with subsection 7.3(a), MBF shall make a
provisional payment to Seller of such Servicing Fee by releasing to Seller any sum then on deposit
in the Custodial Account with respect to such Mortgage Loan or related Mortgage Security (other
than escrowed payments for Property Charges) and, if necessary, by depositing in Seller’s Operating
Account such additional sum of money as MBF may estimate in its sole discretion is due to Seller in
order that Seller shall have received the estimated Servicing Fee for such Mortgage Loan. Seller
acknowledges that the provisional payment of this Servicing Fee is without prejudice to the final
calculation of the Servicing Fee.

(e) Each repurchase of a Mortgage Loan or related Mortgage Security under this Section 7 shall
include a release to Seller of all escrowed payments for Property Charges then in the Custodial
Account and a reassignment to Seller of its rights under the applicable Takeout Commitment to
deliver the applicable Mortgage Loan or related Mortgage Security to the Takeout Investor and to
receive the net sum therefor specified in the Takeout Commitment from the Takeout Investor.
Effective on the Repurchase Date, MBF assigns to Seller, free and clear of any security interest,
lien, claim, or encumbrance of any kind, all of MBF’s right, title and interest in any applicable
Takeout Commitment for the Mortgage Loan or related Mortgage Security then repurchased by Seller.

7.4 Definitive Repurchase Price and Servicing Fee.

(a) After the close of the month in which the Repurchase Date occurs for a Mortgage Loan or
related Mortgage Security, MBF shall make a final calculation of the Repurchase Price for such
Mortgage Loan or related Mortgage Security due on the Repurchase Date, all unpaid Administrative
Costs and Successor Servicer Costs as of that date, and the Servicing Fee (if any) due to Seller on
such date with respect to such Mortgage Loan or related Mortgage Security. MBF shall compare the
final calculation of the Repurchase Price to the estimated Repurchase Price provisionally paid to
MBF pursuant to subsection 7.3(a) and the final calculation of the Servicing Fee to the estimated
Servicing Fee, if any, provisionally paid to Seller pursuant to subsection 7.3(d); and, if there is
a difference between one or both of the estimated amounts that were provisionally paid and final
calculations of such amounts actually due, MBF shall, by netting the amounts due from one party to
the other, determine the final amount due from one party to the other (the “Settlement Amount”).
MBF’s final calculations of the Repurchase Price, the Servicing Fee and the Settlement Amount
hereunder shall be final and binding on the parties in the absence of manifest error.

(b) If MBF determines that the Settlement Amount with respect to a Mortgage Loan or related
Mortgage Security is an amount due to MBF, MBF is authorized to charge either or both of Seller’s
Accounts in the amount of the Settlement Amount in order to reconcile the final payment made to MBF
with the amount determined by MBF’s final calculations to have been the Repurchase Price and the
final payment made to Seller with the amount determined by MBF’s final calculations to have been
the Servicing Fee with respect to such Mortgage Loan or related Mortgage Security. (In the event
that Seller’s Accounts do not contain sufficient funds to satisfy in whole any amount due to MBF
under this subsection 7.4(b), Seller shall promptly deposit funds in Seller’s Funding Account
sufficient to satisfy such amount due to MBF, and Seller shall notify MBF of each such deposit.)
If MBF determines that the Settlement Amount with respect to a Mortgage Loan or related Mortgage
Security is an amount due to Seller, and subject to Section 7.5 and subsection 8.3(a), MBF shall
promptly pay to Seller the amount of the deficit by deposit of funds in the amount of the
Settlement Amount in Seller’s Operating Account in order to reconcile the final payment made to MBF
with the amount determined by MBF’s final calculations to have been the Repurchase Price and the
final payment made to Seller with the amount determined by MBF’s final calculations to have been
the Servicing Fee with respect to such Mortgage Loan.

7.5 Use of Custodial Account Funds. Seller is authorized to withdraw from the
Custodial Account funds held with respect to a Mortgage Loan for which a Repurchase Date has
occurred, in whole or partial satisfaction of MBF’s payment obligation to Seller under subsection
7.3(d) and Section 7.4, in which event MBF’s deposit in Seller’s Operating Account pursuant to such
provision may be reduced by the amount of such authorized withdrawal funds.

8. Early Repurchase; Other Remedies.

8.1 Sale Not Caveat Emptor. The sale of a Mortgage Loan hereunder is not caveat
emptor, it being understood that MBF is expressly relying on the representations by Seller as to
each Mortgage Loan provided in Section 11 and in any applicable Annex, and the representations
about Seller itself provided in Section 12, and in any applicable Annex.

8.2 Early Repurchases.

(a) If, after MBF purchases a Mortgage Loan, MBF determines or receives notice (whether from
Seller or otherwise) that a purchased Mortgage Loan is (or has become) a Defective Mortgage Loan,
MBF shall promptly notify Seller and Seller shall repurchase such purchased Mortgage Loan, or the
Mortgage Security backed by such Mortgage Loan (if any), at the Repurchase Price for such Mortgage
Loan or Mortgage Security on the date of repurchase. In the case of a Wet Funding, if Seller fails
to deliver a Dry Funding Documents Package for the Mortgage Loan not later than the Wet Funding
Deadline, MBF may notify Seller, in which event Seller shall repurchase such purchased Mortgage
Loan at the Repurchase Price on the date of repurchase. If a Takeout Investor refuses to honor its
Takeout Commitment and complete the purchase of a Mortgage Loan, or the Mortgage Security backed by
such Mortgage Loan (if any), for any reason, MBF may notify Seller and Seller shall repurchase such
Mortgage Loan, or such Mortgage Security, if any, at the Repurchase Price for such Mortgage Loan or
Mortgage Security on the date of repurchase.

(b) If Seller becomes obligated to repurchase a Mortgage Loan or Mortgage Security pursuant to
subsection (a) above, MBF shall promptly give Seller notice of such repurchase obligation and a
provisional calculation of the Repurchase Price. On or before the tenth (10th) Business Day after
such notice (the “Early Repurchase Date”), Seller shall repurchase the Mortgage Loan, or the
Mortgage Security, if any, by making a provisional payment of the Repurchase Price in the amount of
the estimated Repurchase Price, and MBF is authorized to charge either or both of Seller’s Accounts
in such amount unless the parties have agreed in writing to a different method of payment. (In the
event that Seller’s Accounts do not contain sufficient funds to satisfy in whole any amount due to
MBF under this subsection 8.2(b) or if the amounts due are not provided by any applicable
alternative method of payment agreed upon by the parties, Seller shall promptly deposit funds in
Seller’s Funding Account sufficient to satisfy such amount due to MBF, and Seller shall notify MBF
of each such deposit.) Upon receipt of the provisional payment of the estimated Repurchase Price
from Seller, MBF shall deliver, or cause to be delivered, to Seller all documents for the Mortgage
Loan (or for the Mortgage Security backed by such Mortgage Loan, if any) previously delivered to
MBF. MBF shall pay to Seller the Servicing Fee for each Mortgage Loan repurchased by Seller under
this Section 8. Subject to subsection 8.3(a), within one (1) Business Day after the completion of
the repurchase of a Mortgage Loan or Mortgage Security by Seller in accordance with subsection
8.2(b), MBF shall make a provisional payment to Seller of such Servicing Fee (if any), by releasing
to Seller any sum then on deposit in the Custodial Account with respect to such Mortgage Loan and,
if necessary, by depositing in Seller’s Operating Account such additional sum of money as MBF may
estimate in its sole discretion is due to Seller in order that Seller shall have received the
estimated Servicing Fee for such Mortgage Loan. Seller acknowledges that the provisional payment
of this Servicing Fee is without prejudice to the final calculation of the Servicing Fee.

(c) After the close of the month in which the early repurchase was completed, MBF shall make a
final calculation of the Repurchase Price for the repurchased Mortgage Loan, or Mortgage Security,
if any, due on the Early Repurchase Date, all Administrative Costs and Successor Servicer Costs as
of that date, and the Servicing Fee (if any) due to Seller with respect to such Mortgage Loan as of
that date. MBF shall then calculate the Settlement Amount (if any) due from one party to the other
in the manner set forth in subsection 7.4(a), using the estimated Repurchase Price and estimated
Servicing Fee (if any) provisionally paid pursuant to subsection 8.2(b) to make such calculation.
If MBF determines that the Settlement Amount with respect to a Mortgage Loan or Mortgage Security
is an amount due to MBF, MBF is authorized to charge either or both of Seller’s Accounts in the
amount of the Settlement Amount in order to reconcile the final payment made to MBF with the amount
determined by MBF’s final calculations to have been the Repurchase Price and the final payment made
to Seller with the amount determined by MBF’s final calculations to have been the Servicing Fee
with respect to such Mortgage Loan. (In the event that Seller’s Accounts do not contain sufficient
funds to satisfy in whole any amount due to MBF under this subsection 8.2(c), Seller shall promptly
deposit funds in Seller’s Funding Account sufficient to satisfy such amount due to MBF, and Seller
shall notify MBF of each such deposit.) If MBF determines that the Settlement Amount with respect
to a Mortgage Loan or Mortgage Security is an amount due to Seller, and subject to
subsection 8.3(a), MBF shall promptly pay to Seller the amount of the deficit by deposit of funds
in the amount of the Settlement Amount in Seller’s Operating Account in order to reconcile the
final payment made to MBF with the amount determined by MBF’s final calculations to have been the
Repurchase Price and the final payment made to Seller with the amount determined by MBF’s final
calculations to have been the Servicing Fee with respect to such Mortgage Loan.

(d) Each repurchase of a Mortgage Loan or Mortgage Security, if any, under this Section 8
shall include a release to Seller of all escrowed payments for Property Charges then in the
Custodial Account and a reassignment to Seller of its rights under the applicable Takeout
Commitment to deliver the applicable Mortgage Loan or Mortgage Security to the Takeout Investor and
to receive the net sum therefor specified in the Takeout Commitment from the Takeout Investor.
Effective on the Repurchase Date, MBF assigns to Seller, free and clear of any security interest,
lien, claim or encumbrance of any kind, all of MBF’s right, title and interest in any applicable
Takeout Commitment for the Mortgage Loan or Mortgage Security then repurchased by Seller.

8.3 Other Remedies.

(a) Seller hereby grants to MBF a right of set-off against the payment of any amounts that may
be due and payable to MBF from Seller, such right to be upon any and all monies and property of
Seller held or received by MBF or due and owing from MBF to Seller and exercisable whenever an
Event of Default has occurred.

(b) During the existence of an Event of Default, notwithstanding any other provision of this
Agreement, Seller shall have no right to withdraw or release any funds in the Custodial Account to
itself or for its benefit, nor shall it have any right to set-off any amount owed to it by MBF
against funds held by it for MBF in the Custodial Account. During the existence of an Event of
Default, Seller shall promptly remit to or at the direction of MBF all funds related to the
Mortgage Loans in the Custodial Account (i) on the date of the Event of Default first occurs (as
required by subsection 5.2(b)(iv)) and (ii) deposited by Seller in the Custodial Account after such
date pursuant to other provisions of this Agreement.

(c) During the existence of an Event of Default, MBF may at any time, (i) upon notice to
Seller, accelerate the Scheduled Repurchase Date for any or all the Mortgage Loans and all Mortgage
Securities backed by such Mortgage Loans and declare the Repurchase Price for each such Mortgage
Loan and Mortgage Security immediately due and payable, (ii) proceed against Seller (and any other
obligor) with respect to all amounts due from Seller; (iii) act, or appoint a third party to act,
as a Successor Servicer of the Mortgage Loans at Seller’s expense, and notify all obligors under
the Mortgage Loans that all payments on such Mortgage Loans are to be made directly to such
Successor Servicer; and (iv) enter onto the property where any Credit Files and related Mortgage
Loan servicing records are held by Seller and take possession of such documents with or without
judicial process (but in any event upon reasonable notice to Seller and during regular office
hours), and require Seller to perform all acts and take all action so that all Credit Files and
related Mortgage Loan servicing records held by Seller are promptly delivered to MBF or its
Successor Servicer (as MBF shall direct), so that MBF may use the foregoing and the information
contained therein in any manner MBF deems necessary for recovery of amounts due from Seller
hereunder.

(d) During the existence of an Event of Default, MBF may complete the sale of any Mortgage
Loan or any Mortgage Security backed by a Mortgage Loan pursuant to the related Takeout Commitment
(with such modifications in light of the Event of Default as may be acceptable to MBF and the
Takeout Investor). In lieu of the sale of a Mortgage Loan or Mortgage Security to the Takeout
Investor, MBF may sell any Mortgage Loan or Mortgage Security at a public or private sale, in a
commercially reasonable manner at such price or prices and on such terms as MBF may deem
satisfactory, and Seller waives any right it may have to prior notice of such a sale to the extent
allowed by applicable law; but if notice is required under applicable law, MBF will give Seller not
less than ten (10) days’ notice of any public sale or of the date after which any private sale of
the Mortgage Loan or Mortgage Security may be held. Seller agrees that ten (10) days’ notice is
reasonable notice; and MBF may, without notice or publication, adjourn any such public or private
sale one or more times by announcement at the time and place fixed for the sale, and the sale may
be held at any time or place announced at the adjournment.

(e) MBF will incur no liability as a result of the commercially reasonable sale or other
disposition of a Mortgage Loan or Mortgage Security at any public or private sale or other
disposition. Seller waives (to the extent permitted by law) any claims it may have against MBF
arising by reason of the fact that the price at which the Mortgage Loan or Mortgage Security may
have been sold at a private sale was less than the price that MBF might have obtained at a public
sale, or was less than the amount due to MBF with respect to the repurchase of said Mortgage Loan
or Mortgage Security, even if MBF accepts the first offer received and does not offer the Mortgage
Loan or Mortgage Security to more than one offeree. Any sale of a Mortgage Loan or Mortgage
Security under the terms of the related Takeout Commitment will be deemed to have been made in a
commercially reasonable manner.

(f) Proceeds received by MBF from any such sale pursuant to subsection 8.3(d), or pursuant to
the enforcement of any of the foregoing remedies, shall be applied by MBF (i) first, to the payment
for the costs and expenses of such sale or enforcement, including reasonable compensation for MBF’s
counsel and agents; (ii) second, to the payment of Repurchase Price for the Mortgage Loan or
Mortgage Security; (iii) third, to the payment of all other sums due from Seller to MBF; and
(iv) fourth, to Seller. In the event the proceeds realized from the sale or other disposition of
all the Mortgage Loans and all the Mortgage Securities owned by MBF at the time of an Event of
Default are in the aggregate insufficient to pay all amounts owing to MBF as described in clauses
(i) through (iii) above, Seller shall be liable to MBF for any such deficiency.

(g) In lieu of sale of a Mortgage Loan or Mortgage Security pursuant to subsection 8.3(d), MBF
may elect (by notice to Seller) to hold the Mortgage Loan or Mortgage Security for its own account
and to release Seller from the obligation to repurchase the same, in which event MBF may do so
(without further notice to any Person or obligation to Seller) unless Seller gives MBF notice of
objection within five (5) Business Days. If Seller timely lodges such an objection, MBF may
exercise all of the other remedies provided in this Section 8.3, including sale of the Mortgage
Loan or Mortgage Security to the Takeout Investor or to another Person pursuant to
subsection 8.3(d). If Seller fails to timely lodge such an objection, Seller shall promptly
deliver to MBF or its designee any part of the Credit File and related servicing records held by
Seller, together with all funds in the Custodial Account and other receipts relating to such
Mortgage Loan.

9. True Sales of Mortgage Loans.

9.1 True Sales. FOR THE AVOIDANCE OF DOUBT, MBF AND SELLER CONFIRM THAT THE
TRANSACTIONS CONTEMPLATED HEREIN ARE INTENDED TO BE TRUE SALES AND ABSOLUTE ASSIGNMENTS OF THE
MORTGAGE LOANS BY SELLER TO MBF (AND THEN BY MBF TO SELLER) AND NOT BORROWINGS SECURED BY THE
MORTGAGE LOANS. MBF shall own each Mortgage Loan acquired pursuant to Section 3 hereof and have
all right and entitlement appurtenant thereto, including, without limitation, the right to pledge
or transfer the Mortgage Loan (subject only to any continuing obligations MBF may have to Seller
hereunder), and the right to replace Seller as the servicing agent with respect to such Mortgage
Loan, all on such terms as it deems appropriate. Seller shall not take any action inconsistent
with MBF’s ownership of a Mortgage Loan purchased hereunder and shall not claim any legal,
beneficial or other interest in such a Mortgage Loan other than its limited right and obligation,
under Section 5 hereof, to provide servicing for such Mortgage Loan. For the avoidance of doubt,
MBF may, in its sole discretion, assign all of its right, title and interest in, or grant a
security interest in, any Mortgage Loan purchased hereunder. No notice of such assignment need be
given by MBF to Seller except as required by Section 5. Assignment by MBF of a Mortgage Loan as
provided in this Section 9.1 shall not release MBF from its obligations under this Agreement.

9.2 Precautionary Security Interest. Without prejudice to the provisions of
Section 9.1 and the expressed intent of the parties, in the event that, for any reason, any
transaction hereunder concerning a Mortgage Loan is construed by any Regulatory Authority as a
borrowing or financing, rather than a true sale and absolute conveyance of the Mortgage Loan,
Seller and MBF intend and agree that MBF shall have a perfected first priority security interest in
such Mortgage Loan purchased hereunder and in all Mortgage-backed Securities and Participation
Certificates created on the basis of such Mortgage Loan. In such case, Seller shall be deemed to
have hereby granted to MBF (and possession of any promissory notes, instruments, documents,
securities and certificates by Seller or any Successor Servicer as servicer shall constitute
possession on behalf of MBF for this purpose) a security interest in and lien upon the Mortgage
Loan, the Mortgage Note, any applicable Takeout Commitment (to the extent assignable by Seller),
any related Mortgage-backed Security or Participation Certificate, all servicing rights and other
rights and privileges appurtenant thereto, the Custodial Account, and all proceeds of any and all
of the foregoing. In such an event, Seller agrees that such security interest shall be of first
priority and shall be free and clear of adverse claims, liens and interests. In such event, this
Agreement shall constitute a security agreement, and MBF shall have all of the rights of a secured
party under applicable law. Without prejudice to the provisions of Section 9.1 and the expressed
intent of the parties, and merely as a precaution in the event that any transaction hereunder may
be so construed, Seller authorizes MBF to file a financing statement for the above-described
collateral. At MBF’s request, Seller and MBF will enter into a precautionary control agreement
with the depository Eligible Bank with respect to the Custodial Account. Seller will also deliver
possession of Mortgage Securities to MBF, will register all Mortgage Securities in MBF’s name by
book entries, and will take such other actions to perfect its precautionary security interest as
MBF requests.

10. Seller Representations. All the representations and warranties made by Seller to
MBF in this Agreement are binding on Seller regardless whether the subject matter thereof was under
the control of Seller or a third party. Seller acknowledges that MBF will rely upon all such
representations and warranties with respect to each Mortgage Loan purchased by MBF hereunder, and
Seller makes such representations and warranties in order to induce MBF to purchase the Mortgage
Loans. The representations and warranties by Seller in this Agreement with respect to a Mortgage
Loan shall be unaffected by, and shall supersede, any provision in any endorsement of any Mortgage
Loan or in any assignment with respect to such Mortgage Loan to the effect that such endorsement or
assignment is without recourse or without representation or warranty. The representations and
warranties of Seller in this Agreement shall inure to the benefit of MBF and its successors and
assigns, notwithstanding any examination by MBF of any Mortgage Loan documents or related files.

11. Representations and Warranties Concerning Mortgage Loans. By each delivery of a
Loan Sale Confirmation, Seller shall be deemed to make, as of the effective date of the described
sale of the Mortgage Loan or Loans (or, if another date is expressly provided in such
representation or warranty, as of such other date), each of the representations and warranties set
forth in Annex 2 concerning each Mortgage Loan then sold to MBF (as such representations
and warranties may be modified by another Annex) and each representation and warranty concerning
the Mortgage Loan set forth in another applicable Annex. All Seller representations and warranties
concerning each Mortgage Loan shall survive delivery of the Dry Funding Documents Packages, the Wet
Funding Documents Packages, and the Loan Sale Confirmations, purchase by MBF of Mortgage Loans,
delivery of the Credit Files, transfer of the servicing for the Mortgage Loans to a Successor
Servicer, the Takeout Fundings (if any), repurchases of the Mortgage Loans and Mortgage Securities
by Seller (if any), and termination of this Agreement. With respect to any particular Mortgage
Loan, Seller shall have the right to propose exceptions to the representations and warranties set
forth in Annex 2 (or any other applicable Annex) and MBF may accept or reject such exceptions in
its sole discretion and any exception made by MBF with respect to any particular Mortgage Loan
shall not apply to any future Mortgage Loan unless such exception is specifically approved by MBF
for such Mortgage Loan at the time of its purchase.

12. Representations and Warranties Concerning Seller. As a material inducement to
enter into this Agreement and the transactions contemplated hereby, Seller makes the following
representations and warranties as of the Effective Date and as of each Acquisition Date (unless
otherwise noted in this Section 12). All Seller representations and warranties set forth in this
Section 12 shall survive delivery of the Dry Funding Documents Packages, the Wet Funding Documents
Packages, and the Loan Sale Confirmations, purchase by MBF of Mortgage Loans, delivery of the
Credit Files, transfer of the servicing for the Mortgage Loans to a Successor Servicer, the Takeout
Fundings (if any), and repurchases of the Mortgage Loans and Mortgage Securities by Seller (if
any), and shall terminate upon the date no Mortgage Loans purchased prior to the effective date of
the termination of this Agreement pursuant to Section 14 hereof exist that have not been
repurchased by Seller (or held by MBF or sold to a Takeout Investor, if applicable) and there is no
continuing Event of Default.

12.1 Organization and Good Standing. Seller is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction under which it was organized, has
full legal power and authority to own its property and to carry on its business as currently
conducted, and is duly qualified as a foreign corporation to do business and is in good standing in
each jurisdiction in which the transaction of its business makes such qualification necessary,
except in jurisdictions, if any, where a failure to be in good standing has no material adverse
effect on the business, operations, assets or financial condition of Seller or any such Subsidiary.
For the purposes hereof, good standing shall include qualification for any and all licenses and
payment of any and all taxes required in the jurisdiction of its incorporation and in each
jurisdiction in which Seller transacts business. Seller has no Subsidiaries except those
identified by Seller to MBF in writing. With respect to each such Subsidiary, Seller has
accurately described to MBF its name, address, place of incorporation, each state in which it is
qualified as a foreign corporation, and the percentage ownership of Seller in such Subsidiary.
Each of Seller’s Subsidiaries is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization, and each has full legal power and authority to own
its property and to carry on its business as currently conducted.

12.2 Authority and Capacity. Seller has all requisite power, authority and capacity
to enter into this Agreement and to perform the obligations required of it thereunder. This
Agreement constitutes a valid and legally binding agreement of Seller enforceable in accordance
with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium,
reorganization, conservatorship and similar laws, and by equitable principles. No consent,
approval, authorization or order of or registration or filing with, or notice to, any Regulatory
Authority is required under state or federal law prior to the execution, delivery and performance
of or compliance by Seller with this Agreement or the consummation by Seller of any transaction
contemplated thereby, other than those that have been obtained and remain in full force and effect.
If Seller is a depository institution, this Agreement shall be maintained in Seller’s official
records.

12.3 No Conflict. Neither the execution and delivery of this Agreement, nor the
consummation of the transactions contemplated by this Agreement, nor compliance with its terms and
conditions, shall conflict with or result in the breach of, or constitute a default under, or
result in the creation or imposition of any lien, charge or encumbrance of any nature upon the
properties or assets of Seller, any of the terms, conditions or provisions of Seller’s charter or
by-laws or any similar corporate documents of Seller, or any mortgage, indenture, deed of trust,
loan or credit agreement or other agreement or instrument to which Seller is now a party or by
which it is bound (other than this Agreement).

12.4 Performance. Seller does not believe, nor does it have any reason or cause to
believe, that it cannot perform each and every covenant contained in this Agreement.

12.5 Ordinary Course Transaction. The consummation of the transactions contemplated
by this Agreement are in the ordinary course of business of Seller, and the sale, transfer,
assignment and conveyance of Mortgage Loans by Seller pursuant to this Agreement are not subject to
the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.

12.6 Litigation; Compliance with Laws. There is no Litigation pending or, to Seller’s
knowledge threatened, that might cause a Material Adverse Change or that might materially and
adversely affect (i) the validity or enforceability of this Agreement or (ii) the Mortgage Loans to
be sold pursuant to this Agreement. Seller has not violated any Requirement of Law applicable to
Seller that would, if violated, materially and adversely affect (i) the validity or enforceability
of this Agreement or (ii) the Mortgage Loans to be sold pursuant to this Agreement or that might
cause a Material Adverse Change.

12.7 Statements Made. No representation, warranty or written statement made by Seller
in this Agreement or in any schedule, written statement or certificate furnished to MBF by Seller
in connection with this Agreement or the transactions contemplated thereunder contains or will
contain any untrue statement of a material fact or omits or will omit to state a material fact
necessary to make the statements contained herein or therein not misleading.

12.8 Approved Company. Seller currently holds all approvals, authorizations and other
licenses from the Takeout Investors and the Agencies required under the Takeout Guidelines (or
otherwise) to originate, purchase, hold, service and sell Mortgage Loans of the types to be offered
for sale to MBF hereunder.

12.9 Fidelity Bonds. Seller maintains fidelity bonds and policies of insurance with
financially sound and reputable insurance companies and in such amounts as are customarily carried
under similar circumstances by such Persons engaged in the same or similar business.

12.10 Solvency. Seller is solvent. Seller will be solvent at all relevant times
prior to, will not be rendered insolvent by, will have a valid business reason for and not have any
intent to hinder, delay or defraud any of Seller’s creditors in connection with, any sale of a
Mortgage Loan pursuant to this Agreement.

12.11 Reporting. In its financial statements, Seller intends to report each sale of a
Mortgage Loan hereunder as a financing in accordance with GAAP. Seller has been advised by or
confirmed with its independent public accountants that such sales can be so reported under GAAP on
its financial statements.

12.12 Financial Condition. The balance sheets of Seller provided to MBF pursuant to
subsection 3.1(c) hereof (and, if applicable, its Subsidiaries, on a consolidated basis) as at the
Statement Date, and the related statements of income, changes in stockholders’ equity, and cash
flows for the periods ended on the Statement Date heretofore furnished to MBF, fairly present the
financial condition of Seller and its Subsidiaries as at the Statement Date and the results of its
and their operations for the periods ended on the Statement Date. On the Statement Date, Seller
had no known material liabilities, direct or indirect, fixed or contingent, matured or unmatured,
or liabilities for taxes, long-term leases or unusual forward or long-term commitments which are
required to be disclosed or reserved against in accordance with GAAP which are not so disclosed by,
or reserved against on, said balance sheets and related statements. Said financial statements were
prepared in accordance with GAAP applied on a consistent basis throughout the periods involved.
Since the Statement Date, there has been no Material Adverse Change, nor is Seller aware of any
state of facts particular to Seller which (with or without notice or lapse of time or both) would
or could result in any such Material Adverse Change.

12.13 Regulation U. Seller is not engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying Margin
Stock, and no part of the proceeds of any sales made hereunder will be used to purchase or carry
any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin
Stock.

12.14 Investment Company Act. Neither Seller nor any of its Subsidiaries is required
to be registered as an “investment company” under the Investment Company Act of 1940, as amended,
or is controlled by a Person that is required to be registered as an “investment company” under the
Investment Company Act of 1940, as amended.

12.15 Agreements. Neither Seller nor any of its Subsidiaries is a party to any
agreement, instrument or indenture, or subject to any restriction, materially and adversely
affecting its business, operations, assets or financial condition, except as disclosed in the
financial statements described in subsection 3.1(c) hereof. Seller and each Subsidiary are not in
default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in any agreement, instrument, or indenture which default would or could result
in Material Adverse Change. No holder of any Indebtedness of Seller or of any of its Subsidiaries
has given notice of any alleged default thereunder, or, if given, the same has been cured or will
be cured by Seller within the cure period provided therein. No liquidation or dissolution of
Seller or any of its Subsidiaries and no receivership, insolvency, bankruptcy, reorganization or
other similar proceedings relative to Seller or any of its Subsidiaries or any of their respective
properties is pending or, to the knowledge of Seller, threatened.

12.16 Title to Properties. Seller and each Subsidiary of Seller has good, valid,
insurable (in the case of real property) and marketable title to all of its properties and assets
(whether real or personal, tangible or intangible) reflected on the financial statements described
in subsection 3.1(c) hereof, except for those properties and assets that Seller(or its
Subsidiaries, as applicable) has disposed of since the date of those financial statements either
in the ordinary course of business or because they were no longer used or useful in the conduct of
Seller’s or the Subsidiary’s business or except as would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Change. All of Seller’s properties and
assets are free and clear of all Liens except as disclosed in Seller’s financial statements.

12.17 ERISA.(a) There are no violations of the applicable provisions of ERISA, the
Code and other Federal or state laws that have resulted in or could be reasonably be expected to
have a Material Adverse Change. Seller and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412 of the Code, and no application for a funding
waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made
with respect to any Plan.

(b) There are no pending or, to the knowledge of Seller, threatened claims, actions or
lawsuits, or action by any governmental authority, with respect to any Plan that could be
reasonably be expected to have a Material Adverse Change. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or
could reasonably be expected to result in a Material Adverse Change.

(c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) adequate
provision has been made for any Pension Plan that has any Unfunded Pension Liability; (iii) neither
Seller nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under
Title IV of ERISA with respect to the termination of any Pension Plan; (iv) neither Seller nor any
ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such
liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v)
neither Seller nor any ERISA Affiliate has engaged in a transaction that could be subject to
Sections 4069 or 4212(c) of ERISA.

12.18 Assumed Names. Seller does not originate Mortgage Loans or otherwise conduct
business under any names other than its legal name and those assumed names, tradenames or division
names previously disclosed in writing to MBF. Seller has made all filings and taken all other
actions as may be required under the laws of any jurisdiction in which it originates Mortgage Loans
or otherwise conduct business under any assumed name, tradename or division name. Seller’s use of
such assumed names, tradename or division name does not conflict with any other Person’s legal
rights to any such name, nor otherwise give rise to any liability by Seller to any other Person.
Seller may adopt another assumed name to conduct business if Seller first delivers to MBF an
assumed name certificate in the jurisdictions in which the assumed name is to be used, which must
be satisfactory in form and content to MBF, in its sole discretion.

12.19 No Undisclosed Liabilities. Other than as disclosed in the financial statements
delivered pursuant to subsection 3.1(c) and Section 13.7 hereof, Seller does not have any
liabilities or Indebtedness, direct or contingent, except for liabilities or Indebtedness which, in
the aggregate, do not exceed the amount specified in Annex 1.

12.20 Tax Returns and Payments. All federal, state and local income, excise, property
and other tax returns required to be filed with respect to Seller’s operations and those of its
Subsidiaries in any jurisdiction have been filed on or before the due date thereof (plus any
applicable extensions); all such returns are true and correct; all taxes, assessments, fees and
other governmental charges upon Seller, and Seller’s Subsidiaries and upon its property, income or
franchises, which are due and payable have been paid, including, without limitation, all FICA
payments and withholding taxes, if appropriate, other than those which are being contested in good
faith by appropriate proceedings, diligently pursued and as to which Seller has established
adequate reserves determined in accordance with GAAP, consistently applied, or that would not
reasonably be expected to result in a Material Adverse Change. The amounts reserved, as a
liability for income and other taxes payable, in the financial statements described in
subsection 3.1(c) are sufficient for payment of all unpaid federal, state and local income, excise,
property and other taxes, whether or not disputed, of Seller and its Subsidiaries, accrued for or
applicable to the period and on the dates of such financial statements and all years and periods
prior thereto and for which Seller, and Seller’s Subsidiaries may be liable in their own right or
as transferee of the assets of, or as successor to, any other Person.

12.21 Subsidiaries. Seller has not issued, and does not have outstanding, any
warrants, options, rights or other obligations to issue or purchase any shares of its capital stock
or other securities. The outstanding shares of capital stock of Seller have been duly authorized
and validly issued and are fully paid and nonassessable.

12.22 Holding Company. Seller is not a “holding company” or a “subsidiary company” of
a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as
amended.

12.23 Credit Information. Seller has full right and authority and is not precluded by
law or contract from furnishing to MBF all credit information relating to each Mortgage Loan sold
hereunder, and MBF will not be precluded from furnishing such materials to the related Takeout
Investor by such laws. The foregoing shall not be construed to impose any obligation on MBF to
keep the above described materials confidential or to otherwise comply with the Fair Credit
Reporting Act or any similar laws.

12.24 No Discrimination. Seller makes credit accessible to all qualified applicants
in accordance with all applicable laws and regulations. Seller has not discriminated, and will not
discriminate, against credit applicants on the basis of any prohibited characteristic, including
race, color, religion, national origin, sex, marital or familial status, age (provided that the
applicant has the ability to enter into a binding contract), handicap, or sexual orientation.
Furthermore, Seller has not discouraged, and will not discourage, the completion of any credit
application based on any of the foregoing prohibited bases. In addition, Seller has complied with
all anti-redlining provisions and equal credit opportunity laws applicable under state and federal
statute and regulation.

13. Seller’s Covenants. Seller shall perform the following duties during the term of
this Agreement:

13.1 Maintenance of Existence; Conduct of Business. Seller shall preserve and
maintain its corporate or other existence in good standing and all of its rights, privileges,
licenses and franchises necessary in the normal conduct of its business, including without
limitation its eligibility as lender, seller/servicer and issuer described under Section 12.8
hereof, except to the extent that failure to do so would not reasonably be expected to result in a
Material Adverse Change; and it shall conduct its business in an orderly and efficient manner,
except to the extent that failure to do so would not reasonably be expected to result in a Material
Adverse Change; and make no material change in the nature or character of its business or engage in
any business in which it was not engaged on the date of this Agreement if such activity could
reasonably be expected to result in a Material Adverse Change.

13.2 Compliance with Applicable Laws. Seller shall comply with the requirements of
all applicable laws, rules, regulations and orders of any governmental authority, a breach of which
could materially adversely affect its business, operations, assets, or financial condition, except
where contested in good faith and by appropriate proceedings, and with sufficient reserves
established therefor.

13.3 Inspection of Properties and Books. Upon reasonable advance notice to Seller and
at such reasonable times as MBF may request, Seller shall permit authorized representatives of MBF
to (a) discuss the business, operations, assets and financial condition of Seller and Seller’s
Subsidiaries with their officers and employees and to examine their books of account, records,
reports and other papers and make copies or extracts thereof, and (b) inspect all of Seller’s
property and all related information and reports at Seller’s expense; provided, however, that as
long as no Default or Event of Default exists, Seller shall not be liable for the costs of more
than one such examination and inspection during each calendar quarter. Seller will provide its
accountants with a photocopy of this Agreement promptly after the execution hereof and will
instruct its accountants to answer candidly any and all questions that the officers of MBF or any
authorized representatives of MBF may address to them in reference to the financial condition or
affairs of Seller and Seller’s Subsidiaries. Seller may have its representatives in attendance at
any meetings between the officers or other representatives of MBF and Seller’s accountants held in
accordance with this authorization.

13.4 Notices. Seller shall give prompt notice to MBF of (a) any action, suit or
proceeding instituted by or against Seller or any of its Subsidiaries in any federal or state court
or before any commission or other regulatory body (federal, state or local, domestic or foreign)
which action, suit or proceeding involves a claim against Seller or any of its Subsidiaries in
excess of the amount specified in Annex 1 (except for normal collection and foreclosure
proceedings initiated by Seller in connection with a Mortgage Loan or any other mortgage loan), or
any such proceedings threatened against Seller or any of Seller’s Subsidiaries in writing, (b) the
filing, recording or assessment of any federal, state or local tax Lien against it, or any of its
assets or any of its Subsidiaries with respect to a tax liability in excess of SEVEN MILLION FIVE
HUNDRED THOUSAND AND NO/100 DOLLARS ($7,500,000.00), (c) the occurrence of any Event of Default
hereunder or the occurrence of any Default and continuation thereof for five (5) days, (d) the
suspension, revocation or termination of any of Seller’s licenses or eligibility as described under
Section 12.8 hereof, and (e) any other action, event or condition of any nature which may result in
a Material Adverse Change.

13.5 Payment of Debt, Taxes, etc. Seller shall pay and perform all obligations and
Indebtedness of Seller, and cause to be paid and performed all obligations and Indebtedness of its
Subsidiaries in accordance with the terms thereof, and pay and discharge or cause to be paid and
discharged all taxes, assessments and governmental charges or levies imposed upon Seller or its
Subsidiaries, or upon their respective income, receipts or properties, before the same shall become
past due, as well as all lawful claims for labor, materials or supplies or otherwise which, if
unpaid, might become a Lien or charge upon such properties or any part thereof; provided,
however, that Seller and its Subsidiaries shall not be required to pay obligations,
Indebtedness, taxes, assessments or governmental charges or levies or claims for labor, materials
or supplies for which Seller or its Subsidiaries shall have obtained an adequate bond or adequate
insurance or which are being contested in good faith and by proper proceedings that are being
reasonably and diligently pursued, if such proceedings do not involve any likelihood of the sale,
forfeiture or loss of any such property or any interest therein while such proceedings are pending;
and provided further that book reserves adequate under GAAP shall have been
established with respect thereto.

13.6 Insurance. Seller shall maintain with financially sound and reputable insurance
companies not Affiliates of Seller, insurance with respect to its properties and business against
loss or damage of the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under similar circumstances
by such other Persons.

13.7 Financial Statements and Other Reports. Seller shall deliver or cause to be
delivered to MBF:

(a) As soon as available and in any event not later than the Quarterly Reporting Date,
statements of income and changes in stockholders’ equity and cash flow of Seller and, if
applicable, Seller’s Subsidiaries, on a consolidated basis for the immediately preceding fiscal
quarter, and related balance sheet as at the end of the immediately preceding fiscal quarter, all
in reasonable detail, prepared in accordance with GAAP applied on a consistent basis, and certified
as to the fairness of presentation by the treasurer or chief financial officer of Seller, subject,
however, to normal year-end audit adjustments;

(b) As soon as available and in any event not later than the Annual Reporting Date, statements
of income, changes in stockholders’ equity and cash flows of Seller, and, if applicable, Seller’s
Subsidiaries, on a consolidated basis for the preceding fiscal year, the related balance sheet as
at the end of such year (setting forth in comparative form the corresponding figures for the
preceding fiscal year), all in reasonable detail, prepared in accordance with GAAP applied on a
consistent basis throughout the periods involved, and accompanied by an opinion in form and
substance satisfactory to MBF and prepared by PriceWaterhouseCoopers LLP (or if Seller ceases to
employ PriceWaterhouseCoopers LLP, an accounting firm reasonably satisfactory to MBF, or other
independent certified public accountants of recognized standing selected by Seller and approved by
MBF, such approval not to be unreasonably withheld, delayed or conditioned), as to said financial
statements;

(c) Together with each delivery of financial statements required in Section 13.7(a) and (b),
Seller shall deliver an Officer’s Certificate for Seller signed by Seller’s chief financial officer
or Treasurer and substantially in the form of Exhibit H hereto;

(d) As soon as available and in any event not later than the Quarterly Reporting Date, a
consolidated report (the “Servicing Portfolio Report”) as of the end of the immediately preceding
fiscal quarter detailing, as to all Mortgage Loans the servicing rights to which are owned by
Seller (specified by investor type, recourse and non-recourse) and that have been sold hereunder
and which report shall be substantially in the form of Exhibit K hereto;

(e) To be delivered within five (5) Business Days after the date when due to Fannie Mae, an
Appraisal of the Servicing Portfolio; provided, however, that if during any calendar year, Seller
is not required by Fannie Mae to obtain an Appraisal, the Appraisal shall be due as of each
anniversary date of this Agreement (to be delivered within ninety (90) days of such date), an
Appraisal of the Servicing Portfolio; if the Seller shall at any time fail to obtain an Appraisal
required by this Section, MBF may obtain such Appraisal, and the Seller shall reimburse MBF for its
costs and expenses incurred in connection therewith.

(f) Photocopies or electronic copies of all regular or periodic financial and other reports,
if any, which Seller shall file with the SEC or any Agency, of any audits completed by any Agency,
and of the Mortgage Bankers, Financial Reporting Forms (Freddie Mac Form 1055/Fannie Mae Form 1002)
which Seller shall file with Fannie Mae or Freddie Mac, all in such detail and at such times as any
MBF may reasonably request; and

(g) From time to time, with reasonable promptness, such further information regarding the
business, operations, properties or financial condition of Seller as MBF may reasonably request.

Documents required to be delivered pursuant to Section 13.7 may be delivered electronically.

13.8 Limits on Corporate Distributions. Seller shall not pay, make or declare or
incur any liability to pay, make or declare any dividend (excluding stock dividends) or other
distribution, direct or indirect, on or on account of any shares of its stock or any redemption or
other acquisition, direct or indirect, of any shares of its stock or of any warrants, rights or
other options to purchase any shares of its stock, nor purchase, acquire, redeem or retire any
stock or ownership interest in itself whether now or hereafter outstanding if an Event of Default
exists at such time or will occur as a result of such payment or action.

13.9 Use of Washington Mutual’s Name. Seller shall confine its use of Washington
Mutual’s logo and the “Washington Mutual” name to those uses specifically authorized by Washington
Mutual in writing. Seller may not use Washington Mutual’s name or logo to obtain any
mortgage-related services.

13.10 Reporting. In its financial statements, Seller will report each sale of a
Mortgage Loan hereunder as a financing in accordance with GAAP.

13.11 Minimum Adjusted Tangible Net Worth. Seller shall not permit
Adjusted Tangible Net Worth of the Seller (and its Subsidiaries, on a consolidated
basis) to be less than TWENTY-SEVEN MILLION AND NO/100 DOLLARS ($27,000,000.00),
computed as of the end of each calendar quarter.

13.12 Debt Service Coverage Ratio. Seller shall not permit the Debt
Service Coverage Ratio of Seller, calculated for each period of four consecutive fiscal
quarters, to be less than 1.15 to 1 for any such four-quarter period, computed as of
the end of each calendar quarter.

13.13 Minimum Servicing Portfolio. Seller shall not permit the Servicing
Portfolio of Seller (and its Subsidiaries, on a consolidated basis) to be less than TWO
BILLION SEVEN HUNDRED MILLION AND NO/100 DOLLARS ($2,700,000,000.00), computed as of
the end of each calendar quarter.

13.14 Liquidity. Seller shall not permit the Liquid Assets of the Seller
(and its Subsidiaries, on a consolidated basis) to be less than the sum of FIVE HUNDRED
THOUSAND ($500,000.00) plus an amount equal to .001% of the unpaid principal balance of
Fannie Mae DUS Mortgage Loans whose Servicing Contracts are owned by Seller at such
date, computed as of the end of each calendar quarter.

14. Term. This Agreement shall terminate (a) on the Termination Date specified in
Annex 1, in which event termination will not affect the obligations hereunder as to any Mortgage
Loan with respect to which a Loan Purchase Detail, a Loan Sale Confirmation, a Dry Funding
Documents Package, or a Wet Funding Documents Package has been delivered by Seller pursuant to the
terms of this Agreement prior to said notice; or (b) by notice of immediate termination from MBF
following the occurrence of, and during the continuance of, an Event of Default; provided,
however, that termination shall be immediately effective, without the necessity of a notice
from MBF, upon the occurrence of an Act of Insolvency. Termination will not affect the obligations
hereunder as to any Mortgage Loans purchased prior to the effective date of such termination.

15. Notices; Service.

15.1 Notices. All notices, demands, consents, requests and other communications
required or permitted to be given or made hereunder shall, except as otherwise expressly provided
hereunder, be in writing and shall be delivered in person or mailed, first class, return receipt
requested, postage prepaid, or delivered by overnight courier or facsimile transmission, addressed
to the respective parties hereto at their respective addresses hereinafter set forth or, as to any
such party, at such other address as may be designated by it in a notice to the other. All such
communications shall be conclusively deemed to have been properly given or made when duly
delivered, in person or by overnight courier, or if mailed on the third Business Day after being
deposited in the mails, or if delivered by facsimile transmission, when sent and receipt has been
confirmed by telephone, addressed to the applicable address specified in Annex 1, or to
such other address(es) or telex or telecopier number(s) as the party to be served may direct by
notice to the other party in the manner hereinabove provided.

15.2 Service. SELLER IRREVOCABLY CONSENTS TO THE SERVICE OF ANY PLEADING OR DOCUMENT
IN ANY LITIGATION BY DELIVERY THEREOF TO IT BY HAND OR BY MAIL IN THE MANNER PROVIDED FOR UNDER
SECTION 15.1 HEREOF. NOTHING CONTAINED HEREIN SHALL AFFECT MBF’S RIGHT TO SERVE PROCESS IN ANY
MANNER PERMITTED BY LAW.

16. Fees and Expenses; Indemnities.

16.1 Fees and Expenses. Seller will promptly pay all reasonable out-of-pocket costs
and expenses incurred by MBF, including without limitation reasonable attorneys’ fees, in
connection with (i) preparation, negotiation, documentation and administration of this Agreement
and purchase and resale of Mortgage Loans by MBF hereunder, (ii) protection of the Mortgage Loans
purchased hereunder (including, without limitation, all costs of filing or recording any
assignments, financing statements and other documents), and (iii) enforcement of MBF’s rights
hereunder (including, without limitation, costs and expenses suffered or incurred by MBF in
connection with any Act of Insolvency related to Seller, appeals and any anticipated post-judgment
collection services).

16.2 Seller Indemnity. In addition to its other rights hereunder, Seller shall
indemnify and defend MBF and MBF’s directors, officers, agents and employees against, and hold MBF
and each of them harmless from, all losses, liabilities, damages, claims, costs and expenses
(including reasonable attorneys’ fees and disbursements) suffered or incurred by MBF or any of them
arising out of, resulting from, or in any manner connected with, the purchase by MBF of any
Defective Mortgage Loans.

16.3 MBF Indemnity. MBF shall indemnify and defend Seller and Seller’s directors,
officers, agents and employees against, and hold Seller and each of them harmless from, all loss,
liabilities, damages, claims, costs and expenses (including reasonable attorneys’ fees and
disbursements) suffered or incurred by Seller or any of them arising out of or resulting from
action taken by MBF in its capacity as owner of a Mortgage Loan after the Acquisition Date and
prior to the Repurchase Date for such Mortgage Loan or related Mortgage Security (other than the
performance of its duties, the enforcement of its rights and the exercise of its remedies
hereunder).

16.4 Gross Negligence and Willful Misconduct. The foregoing indemnities shall not, as
to any indemnitee described in this Section 16, be available to the extent that such losses,
liabilities, damages, claims, costs and expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such indemnitee.

16.5 Survival. The provisions of Section 16 shall survive termination of this
Agreement.

17. Confidential Information.

17.1 Restrictions on Use of Confidential Information. Seller and MBF agree not to use
Confidential Information of the other for any purpose other than the fulfillment of its obligations
under the Agreement. Seller and MBF shall not disclose, publish, release, transfer or otherwise
make available Confidential Information of the other in any form to, or for the use or benefit of,
any Person without the other’s consent. Seller and MBF shall, however, be permitted to disclose
relevant aspects of the other’s Confidential Information to its officers, agents, subcontractors,
employees, attorneys, accountants and other professionals to the extent that such disclosure is
reasonably necessary for the performance of its duties and obligations under the Agreement and such
disclosure is not prohibited by applicable law; provided, however, that
Seller and MBF shall take all reasonable measures to ensure that Confidential Information of the
other is not disclosed or duplicated in contravention of these provisions by such officers, agents,
subcontractors, employees, attorneys, accountants and other professionals, including, without
limitation, the disclosure of Confidential Information related to Seller’s customers to Washington
Mutual, MBF or their Affiliates, or the officers, agents, subcontractors, employees, attorneys,
accountants and other professionals thereof, for any purpose other than the fulfillment of MBF’s
obligations under the Agreement. Seller and MBF further agree promptly to advise the other in
writing of any misappropriation, or unauthorized disclosure or use by any person of Confidential
Information which may come to its attention and to take all steps reasonably requested by the other
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use. If
applicable law now or hereafter in effect imposes a higher standard of confidentiality to the
Confidential Information, such standard shall prevail over the provisions of this Section.

17.2 Controls on Confidential Information. Seller and MBF shall establish
commercially reasonable controls to ensure that the confidentiality of the Confidential Information
and to ensure that the Confidential Information is not disclosed contrary to the provisions of this
Section or any applicable privacy laws and regulations. Without limiting the foregoing, Seller and
MBF shall implement such physical and other security measures as are necessary to (i) ensure the
security and confidentiality of the Confidential Information, protect against any threats or
hazards to the security and integrity of the Confidential Information and (iii) protect against any
unauthorized access to or use of the Confidential Information. To the extent that any duties and
responsibilities under the Agreement are delegated to an agent or other subcontractor, reasonable
steps shall be taken to ensure that such agents and subcontractor adhere to the same requirements.
Seller and MBF will not make any more copies of the other’s written or graphic materials containing
Confidential Information than is necessary for its use under the terms of the Agreement, and each
such copy shall be marked with the same proprietary notices as appear on the originals.

17.3 Audits. Seller and MBF shall have the right, during regular office hours and
upon reasonable notice, to audit the other party to ensure compliance with the terms of this
Section 17 and applicable privacy laws and regulations.

17.4 Confidential Information Not Subject to Restrictions. Notwithstanding anything
to the contrary contained herein, neither Seller nor MBF shall have any obligation with respect to
any Confidential Information of the other party, or any portion thereof, which the receiving party
can establish by competent proof:

	 	(i)	 	is or becomes generally known to companies engaged in the same
or similar businesses as the parties hereto on a non-confidential basis,
through no wrongful act of the receiving party;

	 	(ii)	 	is lawfully obtained by the receiving party from a third party
which has no obligation to maintain the information as confidential and which
provides it to the receiving party without any obligation to maintain the
information as proprietary or confidential;

	 	(iii)	 	was known prior to its disclosure to the receiving party
without any obligation to keep it confidential as evidenced by the tangible
records kept by the receiving party in the ordinary course of its business;

	 	(iv)	 	is independently developed by the receiving party without
reference to the disclosing party’s Confidential Information; or

	 	(v)	 	is the subject of a written agreement whereby the disclosing
party consents to the use or disclosure of such Confidential Information.

17.5 Required Disclosures. If a receiving party or any of its representatives shall
be under a legal obligation in any administrative or judicial circumstance to disclose any
Confidential Information, the receiving party shall give the disclosing party prompt notice so that
the disclosing party may seek a protective order and/or waive the duty of nondisclosure; provided
that in the absence of such order or waiver, if the receiving party or any such representative
shall, in the opinion of its counsel, stand liable for contempt or suffer other censure or penalty
for failure to disclose, disclosure pursuant to the order of such tribunal may be made by the
receiving party or its representative without liability hereunder.

17.6 Continued Restrictions. For as long as Seller or MBF continues to possess or
control Confidential Information furnished by the other, and for so long as the Confidential
Information remains unpublished, confidential and legally protectable as the property of the
disclosing party, except as otherwise specified herein, the receiving party shall make no use of
such Confidential Information whatsoever, notwithstanding the termination or expiration of the
Agreement. Seller and MBF acknowledge their understanding that the termination or expiration of
the Agreement shall not be deemed to give either a right or license to use or disclose the
Confidential Information of the other. Any materials or documents, including copies that contain
Confidential Information, shall be promptly returned when necessary to prevent disclosure of the
Confidential Information to third parties.

17.7 Injunctive Relief Permitted. It is agreed that the unauthorized disclosure or
use of any Confidential Information may cause immediate or irreparable injury to the party
providing the Confidential Information, and that such party may not be adequately compensated for
such injury in monetary damages. Seller and MBF therefore acknowledge and agree that, in such
event, the other shall be entitled to seek any temporary or permanent injunctive relief necessary
to prevent such unauthorized disclosure or use, or threat of disclosure or use, and each consents
to the jurisdiction of any federal or state court of competent jurisdiction sitting in Seattle,
Washington for purpose of any suit hereunder and to service of process therein by certified or
registered mail, return receipt requested.

18. Modifications, Consents and Waivers. No modification, amendment or waiver of, or
with respect to, any provision of this Agreement or any other instruments and documents delivered
pursuant hereto or thereto, nor consent to any departure by Seller from any of the terms or
conditions hereof or thereof, shall in any event be effective unless it shall be in writing and
signed by MBF. Any such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. No consent to or demand on Seller in any case shall, of itself,
entitle it to any other or further notice or demand in similar or other circumstances. Upon not
less than five (5) Business Days’ prior notice to Seller, MBF may modify any Exhibit or the form of
any document referred to in any Exhibit, prospectively, to conform to current legal requirements or
MBF’s practices and, as so modified, those Exhibits and documents will be part of this Agreement.

19. Integration. This Agreement embodies the entire agreement and understanding
between MBF and Seller on the subject hereof and supersedes all prior agreements and understandings
relating to the subject matter hereof.

20. Remedies Cumulative. Each and every right granted to MBF hereunder or under any
other document delivered hereunder or in connection herewith, or allowed MBF by law or equity,
shall be cumulative and may be exercised from time to time. No course of dealing on the part of
MBF, nor any failure on MBF’s part to exercise, nor any delay in exercising, any right shall
operate as a waiver thereof or otherwise prejudice the rights, powers and remedies of MBF. No
single or partial exercise of any right shall preclude any other or future exercise thereof or the
exercise of any other right. The due payment and performance of Seller’s obligations hereunder
shall be without regard to any counterclaim, right of offset or any other claim whatsoever which
Seller may have against MBF and without regard to any other obligation of any nature whatsoever
which MBF may have to Seller, and no such counterclaim or offset shall be asserted by Seller, in
any action, suit or proceeding instituted by MBF to enforce this Agreement.

21. Counterparts. This Agreement may be signed in any number of counterparts with the
same effect as if the signatures thereto and hereto were upon the same instrument.

22. Governing Law. THIS AGREEMENT IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, ALL
MATTERS OF CONSTRUCTION, INTERPRETATION, VALIDITY, ENFORCEMENT AND PERFORMANCE SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS, WITHOUT
REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW.

23. Severability. The provisions of this Agreement are severable, and if any clause
or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction,
then such invalidity or unenforceability shall affect only such clause or provision, or part
thereof, in such jurisdiction and shall not in any manner affect any other clause or provision or
such clause or provision in any other jurisdiction.

24. Binding Effect; Assignment or Delegation. This Agreement shall be binding upon
and shall inure to the benefit of Seller, MBF and their respective successors and permitted
assigns. It is expressly agreed that MBF may assign its right to enforce this Agreement as to any
Mortgage Loan to any party that subsequently purchases such Mortgage Loan from MBF or provides
financing to MBF with respect to such Mortgage Loan. The rights and obligations of Seller under
this Agreement shall not be assigned or delegated without the prior written consent of MBF, which
consent may be withheld in MBF’s sole discretion, and any purported assignment or delegation
without such consent shall be void.

25. Annexes, Exhibits and Riders. All Annexes, Exhibits and Contract Riders attached
hereto are incorporated in this Agreement by this reference.

26. Time of the Essence. Any payment, remittance or transfer of funds due hereunder
by one party to the other (or to a designated third party) due on a day that is not a Business Day
shall be made on the next succeeding Business Day. TIME IS OF THE ESSENCE WITH REGARD TO THE
PERFORMANCE OF SELLER’S OBLIGATIONS UNDER THIS AGREEMENT.

[Signature Page Follows]

1

WASHINGTON MUTUAL BANK, a federal association

	 	 	 
	By:

	 	/s/ John L. Thomas
	
 
	 	 
	Name:

	 	John L. Thomas
	
 
	 	 
	Title:

	 	Vice President
	
 
	 	 

	 	 	MMA MORTGAGE INVESTMENT CORPORATION,

a Florida corporation

	 	 	 	 	 
	
 
	 	 	 	By: /s/ Gary A. Mentesana
	
 
	 	 	 	 
	
 
	 	 	 	Name: Gary A. Mentesana
	
 
	 	 	 	 
	
 
	 	 	 	Title: Executive Vice President
	
 
	 	 	 	 
	 
	 	 	 	 
	Applicable Annexes

	 	

	 	

	 
	 	 	 	 
	 
	 	 
	 
	 	 	 	 
	[X]

[X]

	 	Annex 1

Annex 2
	 	Customized Terms

Representations and Warranties Concerning Mortgage Loans

2

Annex 1

Customized Terms

1. Additional Definitions. The following definitions are added to Section 1 of the
Agreement:

“Annual Reporting Date” means the one hundred twenty (120th) day after the end of each fiscal
year (see subsection 13.7(b)).

“Default Rate” means four percent (4%) per annum over the Investment Return Rate.

“Maximum Takeout Commitment Expiration Date” means the ninetieth (90th) day after the
Acquisition Date for a particular Mortgage Loan or Mortgage Security.

“Quarterly Reporting Date” means the sixtieth (60th) day after the end of each of the first
three fiscal quarters (see subsection 13.7(a)).

“Remittance Date” means, with respect to each Mortgage Loan, the twenty-fifth (25th) day of
each month.

“Seller’s Concentration Limit” means $125,000,000.00 at any one time.

“Wet Funding Deadline” means the second (2nd) Business Day after the closing of the Mortgage
Loan.

2. Modified or Clarified Definitions Terms. The following definitions and terms are
clarified or modified, as applicable, as follows:

“Acquisition Price”: The Acquisition Price shall be determined as follows:

	 	 	 
	Type of Loan	 	Acquisition Price
	Conventional Mortgage Loan with

Takeout Commitment from Fannie

Mae or Freddie Mac

	 	

lesser of Par Value or 100% of

the Takeout Commitment Price
	 
	 	 
	Conventional Mortgage Loan with

Takeout Commitment from Takeout

Investor other than Fannie Mae or

Freddie Mac

	 	

lesser of Par Value or 100% of

the Takeout Commitment Price
	 
	 	 
	FHA Project Mortgage Loan, FHA

Construction Mortgage Loan, or

HUD 241 Mortgage Loan

	 	

lesser of Par Value or 100% of

the Takeout Commitment Price

“Event of Default”: The amount of Indebtedness referenced in clause (xi) of the definition of
“Event of Default” in Section 1 of the Agreement is Seven Million Five Hundred Thousand Dollars
($7,500,000.00).

 “Investment Return Rate”: The following basis points based on the Net Investable
Balances of the Seller as set forth below shall be the basis points referenced in the definition of
“Investment Return Rate” in Section 1 of the Agreement.

	 	 	 
	Net Investable Balances	 	Investment Return Rate
	< $20,000,000

	 	100 basis points (1.00%)
	 
	 	 
	=$20,000,000 but <$30,000,000

	 	87.5 basis points (0.875%)
	 
	 	 
	=$30,000,000

	 	75 basis points (0.75%)

“Scheduled Repurchase Date”: The number of days referenced in the definition of “Scheduled
Repurchase Date” in Section 1 of the Agreement is ninety (90).

No Undisclosed Liabilities: The amount of liabilities and Indebtedness referenced in Section
12.19 of the Agreement is ONE MILLION AND NO/100 DOLLARS ($1,000,000.00).

Notices of Actions, Suits or Proceedings: The amount at issue referenced in Section 13.4 of
the Agreement is SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($7,500,000.00).

3. [Reserved.]

4. Additional Seller Representation: Place of Business and Formation. Section 12 of
the Agreement is amended by the addition of the following Section 12.27:

12.27 Place of Business and Formation. The principal place of
business of Seller is 621 East Pratt Street, Suite 300, Baltimore, Maryland
21202. As of the Effective Date, and during the four (4) months immediately
preceding that date, the chief executive office of Seller and the office where
it keeps its financial books and records relating to its property and all
contracts relating thereto and all accounts arising therefrom is and has been
located at the address set forth for Seller in Section 6 of Annex 1. As
of the Effective Date, Seller’s jurisdiction of organization is Florida.

5. Termination Date. For the purposes of clause (a) of Section 14 of the Agreement,
Termination Date means February 1, 2008; provided, however, MBF shall have the right, in its sole
and absolute discretion, upon at least thirty (30) days prior written notice to the Seller, to
terminate this Agreement on the first anniversary date of this Agreement, in which event
termination will not affect the obligations hereunder as to any Mortgage Loan with respect to which
a Loan Purchase Detail, a Loan Sale Confirmation, a Dry Funding Documents Package, or a Wet Funding
Documents Package has been delivered by Seller pursuant to the terms of this Agreement prior to
said notice.

6. Notices. Notices to Seller made pursuant to Section 15.1 of the Agreement shall be
addressed as follows:

	 	 	 
	MMA Mortgage Investment Corporation

	 
	 	 
	621 East Pratt Street, Suite 300

	 
	 	 
	Baltimore, Maryland 21202

Attention:

	 	

Treasurer

Telecopy No.: (410) 727-5387

With a copy to

MMA Financial

621 East Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: General Counsel

Telecopy No.: (410) 727-5387

Notices to MBF made pursuant to Section 15.1 of the Agreement shall be addressed as follows:

Washington Mutual Bank

Mortgage Banker Finance

620 W. Germantown Pike, Suite 200

Plymouth Meeting, PA 19462

Attention: Joseph Meehan

Telecopy No.: (610) 828-9657

with a copy to:

Washington Mutual Bank

Legal Department

9200 Oakdale Avenue

Chatsworth, CA 91311

Attention: Carol A. Robertson

Telecopy No.: (818) 349-2734

3

Annex 2

Representations and Warranties Concerning Mortgage Loans

[Loan Characteristics]

1. Valid Lien. The Mortgage is a valid, subsisting, enforceable and perfected first
lien (if the Mortgage Loan is indicated by Seller to be a first lien Mortgage Loan on the Loan
Purchase Detail) or second lien (if the Mortgage Loan is indicated by Seller to be a second lien
Mortgage Loan on the Loan Purchase Detail) on the Mortgaged Property, including all buildings on
the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air
conditioning systems located in or annexed to such buildings, and all additions, alterations and
replacements made at any time with respect to the foregoing, and the Mortgaged Property is owned by
the Mortgagor in fee simple or is a leasehold estate, subject only to:

	 	(a)	 	if the Mortgage Loan is indicated by Seller to be a second lien Mortgage Loan
on the Loan Purchase Detail, a prior mortgage lien on the Mortgaged Property;

	 	(b)	 	the lien of current real property taxes and assessments not yet due and
payable;

	 	(c)	 	covenants, conditions and restrictions, rights of way, easements and other
matters of public record as of the date of recording acceptable to mortgage lending
institutions generally and specifically referred to in the lender’s title insurance
policy delivered to the originator of the Mortgage Loan and

	 	(i)	 	referred to or otherwise considered in the appraisal made for
the originator of the Mortgage Loan or

	 	(ii)	 	which do not adversely affect the appraised value of the
Mortgaged Property set forth in such appraisal; and

	 	(d)	 	other matters to which like properties are commonly subject to which do not
individually or in the aggregate materially interfere with the benefits of the security
intended to be provided by the Mortgage or the use, enjoyment, value or marketability
of the Mortgaged Property.

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 (if the Mortgage Loan is indicated by Seller to be a
first lien Mortgage Loan on the Loan Purchase Detail) or second lien and second priority security
interest (if the Mortgage Loan is indicated by Seller to be a second lien Mortgage Loan on the Loan
Purchase Detail) on the Mortgaged Property described therein, and Seller has full right to sell and
assign the same to MBF. All tax identifications and property descriptions are legally sufficient;
and tax segregations, where required, have been completed. The Mortgaged Property is not, and as
of the date of the origination of the Mortgage Loan was not, subject to a mortgage, deed of trust,
deed to secure debt or other security instrument creating a lien subordinate to the lien of the
Mortgage, except to the extent permitted by the Takeout Investor under any applicable Takeout
Commitment.

2. Deeds of Trust. If the Mortgage constitutes a deed of trust, a trustee, duly
qualified under applicable law to serve as such, has been properly designated and currently so
serves and is named in the deed of trust, and no fees or expenses are or will become payable by MBF
to the trustee under the deed of trust, except in connection with a trustee’s sale after default by
the Mortgagor.

3. Buydown Loans. If the Mortgage Loan is a “buydown loan”, the amount of the buydown
is fully funded, the period of the buydown does not exceed three years, and the change in the
Mortgagor’s interest rate will not exceed 1 percent per annum as a result of the buydown.

4. Full Disbursement of Proceeds. Except in the case of an FHA Construction Mortgage
Loan or a HUD 241 Mortgage Loan, the Mortgage Loan has been closed, the proceeds of the Mortgage
Loan have been fully disbursed and there is no requirement for future advances thereunder, and,
except as specifically permitted by MBF in writing, any and all requirements as to completion of
any on-site or off-site improvement and as to disbursements of any escrow funds therefor have been
satisfied. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the
recording of the Mortgage have been paid, any FHA mortgage insurance premium, if applicable, has
been paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the
Mortgage Note or Mortgage. There is no obligation on the part of Seller, or of any other party, to
make supplemental payments in addition to those made by the Mortgagor. All future advances, if
any, made in connection with the Mortgage Loan have been consolidated with the outstanding
principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears
a single interest rate and single repayment term. The consolidated principal amount does not
exceed the original principal amount of the Mortgage Loan.

5. No Defenses. The Mortgage Loan is not subject to any right of rescission, set-off,
counterclaim or defense, including without limitation the defense of usury, nor will the operation
of any of the terms of the Mortgage Note or the Mortgage, or the exercise of any right thereunder,
render either the Mortgage Note or the Mortgage unenforceable, in whole or in part, or subject to
any right of rescission, set-off, counterclaim or defense, including without limitation the defense
of usury. No such right of rescission, set-off, counterclaim or defense has been asserted with
respect thereto, and no Mortgagor was a debtor in any state or federal bankruptcy or insolvency
proceeding at the time the Mortgage Loan was originated. The Mortgage Loan is not subject to a
bankruptcy plan, nor has Seller received notice of nor does Seller have knowledge that the
Mortgagor has filed bankruptcy. The Mortgagor has not notified Seller or any prior servicer of the
Mortgage Loan, and Seller has no knowledge, of any relief requested or allowed to the Mortgagor
under the Soldiers’ and Sailors’ Civil Relief Act of 1940.

6. Payments Current. All payments due on the Mortgage Loan, if any, have been made by
the Mortgagor, the Mortgage Loan has not been delinquent (i.e. was more than thirty days past due)
more than once in the preceding 12 months, and any such delinquency lasted for no more than
30-days.

7. No Defaults. There is no default, breach, violation or event of acceleration
existing under the Mortgage or the Mortgage Note and no event which, with the passage of time or
with notice and the expiration of any grace or cure period, would constitute a default, breach,
violation or event of acceleration, and neither Seller nor its predecessors have waived any
default, breach, violation or event of acceleration.

8. No Outstanding Charges. There are no defaults in complying with the terms of the
Mortgage, and all taxes, governmental assessments, insurance premiums, water, sewer and municipal
charges, leasehold payments or ground rents which previously became due and owing have been paid.
Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds by
a party other than the Mortgagor, directly or indirectly, for the payment of any amount required
under the Mortgage Loan, except of interest accruing from the date of the Mortgage Note or date of
disbursement of the Mortgage Loan proceeds, whichever is earlier, to the day which precedes by one
month the due date of the first installment of principal and interest. No subordinate financing
was used by the Mortgagor to acquire the Mortgaged Property, except to the extent permitted by the
Takeout Investor under any applicable Takeout Commitment and any guides, rules and regulations
governing such Takeout Commitment.

9. No Mechanics’ Liens. There are no mechanics’ or similar liens or claims which have
been filed for work, labor or material (and no rights are outstanding that under the law could give
rise to such liens) affecting the Mortgaged Property which are or may be liens prior to, or equal
or coordinate with, the lien of the Mortgage.

10. Ownership. Immediately prior to MBF’s purchase of the Mortgage Loan, and subject
to the Warehouse Lender’s security interest other than in the context of Wet Fundings, Seller was
the sole legal, beneficial and equitable owner of record and holder of the Mortgage Loan. Except
for any applicable Takeout Commitment, the Mortgage Loan has not been assigned or pledged and
Seller has good and marketable title thereto and full right to transfer and sell the Mortgage Loan
to MBF free and clear of any encumbrance, equity, participation interests, lien, pledge, charge,
claim or security interest. Seller has full right and authority subject to no interest or
participation of, or agreement with, any other party, to sell and assign the Mortgage Loan pursuant
to the Agreement, and upon its purchase of the Mortgage Loan MBF has received good and marketable
title to the Mortgage Loan free of any encumbrance, equity, participation interest, lien, pledge,
charge, claim or security interest, but subject to any applicable Takeout Commitment. There is no
litigation pending or, to the best of Seller’s knowledge, threatened, affecting or relating to
Seller which may in any way affect, by attachment or otherwise, the title or interest of MBF in and
to the Mortgage Loan, the Mortgaged Property or the Mortgage Note or security instrument.

11. Occupancy of the Mortgaged Property. Except to the extent MBF has specifically
agreed in writing to the contrary, the Mortgaged Property is lawfully occupied under applicable
law. All inspections, licenses and certificates required to be made or issued with respect to all
occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same,
including but not limited to certificates of occupancy and fire underwriting certificates, have
been made or obtained from the appropriate authorities.

12. No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled,
subordinated or rescinded, in whole or in part, 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
effect any such release, cancellation, subordination or rescission. Seller has not waived the
performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would
cause the Mortgage Loan to be in default resulting from any action or inaction by the Mortgagor.

13. No Servicing Restrictions. Except as may be set forth in any applicable Takeout
Commitment, no servicing agreement has been entered into with respect to the Mortgage Loan, or if
any such servicing agreement has been entered into it has been terminated, and there are no
restrictions, contractual, statutory or otherwise, which would impair the ability of MBF to appoint
a Successor Servicer with respect to the Mortgage Loan (other than applicable Agency Guidelines).

14. No Refinance Agreements. Except as disclosed to MBF, neither Seller nor any of
its Affiliates have entered into an agreement, formal or informal, with the Mortgagor during the
initial origination process of the Mortgage Loan to refinance the Mortgage Loan at some future date
as an inducement for the Mortgagor to enter into the original mortgage transaction.

15. No Adverse Selection. Seller used no adverse selection procedures in selecting
the Mortgage Loan from among the outstanding first lien and second lien mortgage loans owned by it
which were available for sale to MBF.

16. Right of Rescission. With respect to refinance loans, the borrower’s right of
rescission has not been waived.

17. No Graduated Payment or Shared Appreciation Feature. The Mortgage Loan is not a
graduated payment mortgage loan, and the Mortgage Loan does not have a shared appreciation or other
contingent interest feature.

18. No Construction Loan. Except for an FHA Construction Mortgage Loan and except as
may be permitted by MBF in writing, the Mortgage Loan was not made in connection with the
construction or rehabilitation of the Mortgaged Property.

19. No Liabilities. There are no liabilities of Seller with respect to the Mortgage
Loan or with respect to facts or circumstances prior to the date on which MBF purchased the
Mortgage Loan for which MBF would be responsible as a result of its purchase of the Mortgage Loan.

20. [Intentionally Omitted]

21. [Intentionally Omitted]

22. Third Party Originations. If the Mortgage Loan was completely or partially
originated, underwritten, closed, funded or packaged by any Person other than Seller (each such
mortgage loan, a “TPO Mortgage Loan”):

	 	(a)	 	Seller has received written authorization from the Takeout Investor to sell to
MBF TPO Mortgage Loans which comply with the terms and conditions set forth in such
authorization, such authorization has not been rescinded, terminated or revoked, and
the sale of such TPO Mortgage Loan, or a related Mortgage Security, by MBF to the
Takeout Investor will not be inconsistent with, or exceed, any limitations or
restrictions stated in such authorization;

	 	(b)	 	Seller has implemented, and the TPO Mortgage Loan was subject to, prudent
third-party origination risk management procedures which identify potential
deficiencies in TPO Mortgage Loans including, but not limited to, misrepresentations of
borrower income and assets and inaccuracies in appraisal reports;

	 	(c)	 	during the time the TPO Mortgage Loan was being originated, and at the
Acquisition Date, each entity that participated in the origination of the TPO Mortgage
Loan (each a “TPO”)

	 	(i)	 	was duly organized, validly existing and in good standing under
the laws of such TPO’s state of organization and

	 	(ii)	 	had all licenses, registrations and certifications in all
applicable jurisdictions and such licenses, registrations and certifications
were in full force and effect at such times;

	 	(d)	 	each TPO complied with all applicable agreements, contracts, laws and
regulations with respect to, and the violation of which might adversely affect, the TPO
Mortgage Loan or result in any cost or liability to MBF; and

	 	(e)	 	the TPO and the TPO Mortgage Loan comply with all applicable Fannie Mae and
Freddie Mac requirements for third party originated mortgage loans. For purposes of
this representation and warranty, Seller’s use of a “contract underwriter” will not, by
itself, cause a Mortgage Loan to be considered a TPO Mortgage Loan. In addition, a
Mortgage Loan that is partially originated or funded by Seller’s parent corporation, or
any other Affiliate of Seller, will not be considered a TPO Mortgage Loan as long as no
unaffiliated third party participated in any aspect of the origination or funding of
the Mortgage Loan.

23. Conformity to Takeout Commitment. The Mortgage Loan conforms in all respects with
the requirements of the Takeout Investor under any applicable Takeout Commitment. The applicable
Takeout Commitment, if any, is a legal, valid and binding obligation of Seller and the Takeout
Investor, respectively, enforceable against Seller and the Takeout Investor in accordance with its
terms (except as enforceability may be limited by bankruptcy, insolvency, moratorium,
reorganization, conservatorship and similar laws, and by equitable principles affecting the
enforceability of the rights of creditors, including those relating to specific performance). The
applicable Takeout Commitment is a bona fide current, unused and unexpired commitment by the
Takeout Investor pursuant to which such Takeout Investor has irrevocably agreed to acquire the
Mortgage Loan, or a related Mortgage Security, not later than the Maximum Takeout Commitment
Expiration Date upon the satisfaction only of those terms and conditions contained in the Takeout
Commitment, all of which, in the reasonably anticipated course of events, can be complied with and
satisfied prior to such date.

24. Assignment of Takeout Commitment. To the extent assignable by Seller, any Takeout
Commitment for the Mortgage Loan, has been duly assigned to MBF. Assuming that MBF is an eligible
assignee under the Takeout Guidelines, the assignment of the Takeout Commitment with respect to
such Mortgage Loan does not violate the terms of the Takeout Commitment.

[Mortgage Loan Information and Documentation]

25. Mortgage Loan as Described. The information contained in all commitments,
advises, schedules, computer tapes or other documents or media prepared by Seller or on behalf of
Seller or otherwise furnished to MBF relating to the Mortgage Loan is complete, true and correct.
Each of the documents contained in the Wet Funding Documents Package or the Dry Funding Documents
Package for each Mortgage Loan is an authentic original document, except that, if a photocopy of
such document is permitted to be provided under the Agreement (as indicated on Exhibit D),
then such photocopy contained therein is a true, correct and complete photocopy of the original
document.

26. Documents. The Mortgage Note and the Mortgage are on forms acceptable to the
Takeout Investor or are instruments approved by MBF, and Seller has not made any representation to
the Mortgagor which is inconsistent with the mortgage instruments used. The Mortgage contains
customary and enforceable provisions such as to render the rights and remedies of the holder
thereof adequate for the realization against the Mortgaged Property of the benefits of the security
provided thereby, including, (a) in the case of a Mortgage designated as a deed of trust, by
trustee’s sale and (b) otherwise, by judicial foreclosure. Upon default by the Mortgagor and
foreclosure on, or trustee’s sale of, the Mortgaged Property pursuant to the proper procedures, the
holder of the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged
Property. 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 the right to
foreclose the Mortgage subject to applicable federal and state laws and judicial precedent with
respect to bankruptcy and right of redemption. Payments under the Mortgage Note are due on the
first day of each month with interest payable in arrears.

27. Due on Sale. The Mortgage Loan documents contain an enforceable provision for the
acceleration of the payment of the unpaid principal balance of the Mortgage Loan in the event that
the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee
thereunder; by the terms of the Mortgage Note, however, the provision for acceleration may not be
exercised at the time of a transfer if prohibited by federal law or, in the event that the mortgage
interest rate for the Mortgage Loan is adjustable, if the prospective purchaser is the transferee
of the original mortgagor, meets the applicable creditworthiness standards of the mortgagee and
pays an agreed upon fee.

28. Appraisals. The appraisal obtained in connection with the origination of the
Mortgage Loan, as well as the appraiser who performed it, meet all of the applicable requirements
of the Takeout Investor and all applicable Agency Guidelines. The value of the Mortgaged Property
is at least equal to the appraised value stated in the appraisal.

29. Original Terms Unmodified. The terms of the Mortgage and Mortgage Note have not
been impaired, waived, altered or modified in any respect, except by a written instrument which has
been recorded, if necessary, to protect the interests of MBF and which has been delivered to and
approved by MBF or its designee. The substance of any such waiver, alteration or modification has
been approved by any applicable issuer of a title insurance policy or a primary mortgage insurance
policy covering the Mortgage Loan, to the extent required by the policy, and by the Takeout
Investor, and its terms are reflected in the Credit File. No Mortgagor has been released, in whole
or in part, except in connection with an assumption agreement approved by MBF, the Takeout Investor
and any applicable issuer of a title insurance policy or a primary mortgage insurance policy
covering the Mortgage Loan, to the extent required by the policy, and which assumption agreement is
part of the Credit File.

30. Validity of Mortgage Documents. The Mortgage 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 such enforcement may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium or other similar laws relating to or affecting the rights
of creditors generally, and by general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law). All parties to the Mortgage Note and the Mortgage
and any other related agreement had legal capacity to enter into the Mortgage Loan and to execute
and deliver the Mortgage Note and the Mortgage and any other related agreement, and the Mortgage
Note and the Mortgage and any other related agreement have been duly and properly executed by such
parties. The documents, instruments and agreements submitted for loan underwriting were not
falsified and contain no untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the information and statements therein not
misleading. Seller has reviewed all of the documents constituting the Credit File and has made
such inquiries as it deems necessary to make and confirm the accuracy of the representations and
warranties set forth herein. There has been no misrepresentation, error or fraud committed in
connection with the origination of the Mortgage Loan.

31. Assignment of Mortgage. The assignment of mortgage to MBF is in recordable form
and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property
is located.

32. Escrow Holdback Loans. In the event that an escrow holdback was established in
connection with the Mortgage Loan, Seller represents and warrants that:

	 	(a)	 	a temporary or final certificate of occupancy has been issued for the Mortgaged
Property;

	 	(b)	 	a valid and enforceable written escrow holdback agreement has been executed by
the appropriate parties and is in the Credit File. The escrow holdback agreement
includes, among other things:

	 	(i)	 	a specific description of the work to be completed;

	 	(ii)	 	a date on which such work must be completed;

	 	(iii)	 	provisions for completion of the work and disbursement of
escrow funds in the event of non-completion or dispute among the parties, and

	 	(iv)	 	a provision that the mortgagee’s rights under the escrow
holdback agreement, including the mortgagee’s rights to the escrow funds, are
automatically transferred to any assignee of the escrow holdback loan;

	 	(c)	 	the escrow funds initially retained in connection with the escrow holdback loan
equal at least 100 percent of the amount estimated to complete the required
improvements;

	 	(d)	 	the escrow funds are separately identified and itemized on the final HUD-1
Settlement Statement;

	 	(e)	 	the title insurance and mortgage insurance (if applicable) have not been, and
shall not be, impaired or adversely affected during the escrow holdback period;

	 	(f)	 	any and all requirements for completion of the improvements on the Mortgaged
Property shall be satisfied, and all escrow funds shall be fully disbursed, as required
by any applicable Takeout Commitment;

	 	(g)	 	as of the date of the certificate of completion, there shall be no mechanics’
or similar liens or claims that have been filed for work, labor or material (and no
rights are outstanding that under the law could give rise to such liens) affecting the
Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the
lien of the Mortgage;

	 	(h)	 	no litigation, proceeding, claim, dispute, demand, or investigation is or shall
become pending or threatened relating to the escrow holdback agreement, the work to be
performed in accordance therewith, the escrow funds or any other matter related
thereto; and

	 	(i)	 	all other representations and warranties made by Seller with respect to the
Mortgage Loan are true and correct.

[Compliance] 

33. Compliance with Applicable Laws. The origination of the Mortgage Loan was in
compliance with all federal, state, local and municipal laws, ordinances, rules and regulations
including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer
credit protection, equal credit opportunity, fair housing and lending disclosure laws.

34. Servicing Performance. Prior to the Acquisition Date, the Mortgage Loan has been
properly serviced in accordance with all applicable laws, the terms of the Mortgage, Mortgage Note
and related documents. With respect to escrow deposits and escrow payments, all such payments are
in the possession of Seller and there exist no deficiencies in connection therewith for which
customary arrangements for repayment thereof have not been made. All escrow payments have been
collected in full compliance with all applicable laws, the Agreement and any applicable Takeout
Commitment. An escrow of funds has been established in an amount sufficient to pay for every item
which remains unpaid and which has been assessed but is not yet due and payable. No escrow
deposits or escrow payments or other charges or payments due Seller have been capitalized under the
Mortgage or the Mortgage Note. All mortgage payment and mortgage interest rate adjustments and
notices thereof have been made in strict compliance with all applicable laws and the terms of the
related Mortgage Note and any applicable riders or modifications to the Mortgage Note. Any
interest required to be paid pursuant to all applicable laws has been properly paid and credited.
All taxes, governmental assessments, insurance premiums, water, sewer and municipal charges,
leasehold payments, ground rents relating to the Mortgage Loan have been paid to the extent such
items are required to be paid pursuant to prudent mortgage banking standards and as herein
provided.

35. Acceptable Investment. Seller has no knowledge of any circumstances or conditions
with respect to the Mortgage Note, the Mortgage, the Mortgaged Property, the Mortgagor or the
Mortgagor’s credit standing that could 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.

36. Agency Requirements. If the Mortgage Loan or related Mortgage Security is to be
acquired by the Takeout Investor under (a) an FHA mortgage loan purchase program, the Mortgage Loan
complies with all applicable HUD guidelines and regulations, including those relating to
underwriting, is insured or guaranteed by FHA, complies with all Ginnie Mae requirements relating
to mortgage loans included in the Ginnie Mae mortgage-backed securities pools, and complies or
shall comply, on or before the prescribed dates with all Ginnie Mae document custodian
requirements; and (b) a conventional conforming mortgage loan purchase program, the Mortgage Loan
complies with all applicable Fannie Mae and Freddie Mac guidelines, including those relating to
underwriting, all Fannie Mae and Freddie Mac requirements relating to mortgage loans included in
Fannie Mae or Freddie Mac mortgage-backed securities pools, and complies or shall comply, on or
before the prescribed dates, with all Fannie Mae or Freddie Mac document custodian requirements.

37. Doing Business. All parties which have had any interest in the Mortgage Loan,
whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held
and disposed of such interest, were) (a) in compliance with any and all applicable licensing
requirements of the laws of the state wherein the Mortgaged Property is located and (b) (i)
organized under the laws of such state, (ii) qualified to do business in such state, (iii) a
federal savings and loan association or national bank having principal offices in such state, or
(iv) not doing business in such state.

38. Origination; Loan Terms. The Mortgage Loan was originated by a mortgagee approved
under all applicable regulations.

39. Underwriting. The Mortgage Loan was underwritten in accordance with the
applicable Agency Guidelines for underwriting and any underwriting conditions relating to the
Mortgage Loan were fully satisfied, the satisfaction of those underwriting conditions is properly
documented in accordance with standard industry practices, and such documentation has been, to the
extent required by the Takeout Investor, submitted to the Takeout Investor.

40. [Intentionally Omitted]

41. Prepayment Fees. In the event that the Mortgage Note requires the Mortgagor to
pay a fee if the Mortgage Loan is prepaid in full or part within the time periods specified in the
Mortgage Note, the provision in the Mortgage Note requiring the payment of such fee (the
“Prepayment Provision”) complies with all applicable local, state and federal law, all disclosures
required under all applicable law in connection with the Prepayment Provision have been properly
provided to the Mortgagor and the enforcement of the Prepayment Provision in accordance with the
terms set forth in the mortgage note will be in compliance with all applicable laws and
regulations.

[Insurance]

42. [intentionally omitted]

43. Government Loans. If the Mortgage Loan is subject to a commitment which provides
that such Mortgage Loan will be insured by FHA, the Mortgage Loan is fully insured, and all
insurance premiums due on or before the purchase date have been paid in full.

44. Title Insurance. The Mortgage Loan is covered by an ALTA form of lender’s title
insurance policy or other generally acceptable form of policy of insurance acceptable to the
Takeout Investor, issued by, and the binding obligation of, a title insurer acceptable to HUD,
Fannie Mae or Freddie Mac, as applicable, and qualified to do business in the jurisdiction where
the Mortgaged Property is located, if required, insuring Seller, its successors and assigns, as to
the first priority lien (if the Mortgage Loan is indicated by Seller to be a first lien Mortgage
Loan on the Loan Purchase Detail) of the Mortgage in the original principal amount of the Mortgage
Loan, or as to the second priority lien (if the Mortgage Loan is indicated by Seller to be a second
lien Mortgage Loan on the Loan Purchase Detail) of the Mortgage in the original principal amount of
the Mortgage Loan, and against any loss by reason of the invalidity or unenforceability of the lien
resulting from the provisions for the Mortgage providing for adjustment in the mortgage interest
rate and monthly payment. Where required by state law or regulation, the Mortgagor has been given
the opportunity to choose the carrier of the required title insurance unless the premium for such
insurance was not paid by the Mortgagor. Additionally, such lender’s title insurance policy
affirmatively insures ingress and egress, and against encroachments by or upon the Mortgaged
Property or any interest therein. With the exception of any applicable Takeout Investor, Seller is
the sole insured of such lender’s title insurance policy, and such lender’s title insurance policy
is in full force and effect and will inure to the benefit of MBF without any further act. No
claims have been made under such lender’s title insurance policy, and no prior holder of the
Mortgage, including Seller, has done, by act or omission, anything which would impair the coverage
of such lender’s title insurance policy.

45. Hazard and Flood Insurance. The improvements upon the Mortgaged Property are
insured against loss by fire and other hazards as required by the Takeout Guidelines, including
flood insurance if required under the National Flood Insurance Act of 1968, as amended. The
Mortgage requires Mortgagor to maintain such casualty insurance at the Mortgagor’s 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 expense and to seek reimbursement therefore from the Mortgagor.
The hazard insurance policy is the valid and binding obligation of the insurer, and is in full
force and effect and will inure to the benefit of MBF upon its purchase of the Mortgage Loan. All
flood insurance and hazard insurance premiums have been paid when due. Where required by state law
or regulation, the Mortgagor has been given the opportunity to choose the carrier of the hazard
insurance. Seller has not engaged in, and has no knowledge of the Mortgagor’s or of any prior
servicer of the Mortgage Loan having engaged in, any act or omission which would impair the
coverage of any such policy, the benefits of the endorsement provided for therein or the validity
and binding effect of either.

46. Coverage of Insurance. No action, inaction, or event has occurred and no state of
facts exists or has existed that has resulted or will result in the exclusion from, denial of, or
defense to coverage under any applicable insurance policy or guarantee including, but not limited
to, a title insurance policy, a hazard insurance policy, a primary mortgage insurance policy, FHA
insurance coverage, or a mortgage pool insurance policy obtained in connection with the Mortgage
Loan. In connection with the placement of any such insurance or guarantee, no commission, fee,
other unlawful compensation or value of any kind has been or will be received by Seller or any
designee of Seller or any corporation in which Seller or any officer, director or employee of
Seller had a financial interest at the time of placement of such insurance and, to the best of
Seller’s knowledge, no such commission, fee, other unlawful compensation or value of any kind has
been received by any attorney, firm or other person or entity.

[Mortgaged Property]

47. No Additional Collateral. The Mortgage Note is not and has not been secured by
any collateral except the lien of the Mortgage and except as otherwise disclosed to MBF in writing.

48. Location of Improvements. All improvements which were considered in determining
the appraised value of the Mortgaged Property lay wholly within the boundaries and building
restriction lines of the Mortgaged Property, no improvements on adjoining properties encroach upon
the Mortgaged Property, or the policy of title insurance affirmatively insures against loss or
damage by reason of any violation, variation, encroachment or adverse circumstance which is either
disclosed or would have been disclosed by an accurate survey. Seller has obtained a zoning letter
to the effect that improvements located on or being part of the Mortgaged Property are conforming
uses or permitted nonconforming uses.

49. Environmental Matters. Based on the Phase I environmental assessment and any
Phase II environmental assessment, the Mortgaged Property is free from any and all toxic or
hazardous substances, and there exists no violation of any local, state or federal environmental
law, rule or regulation, except for such violations for which the mortgagor is in compliance with
an approved O&M program. The Mortgaged Property is not within a one-mile radius of any site listed
in the National Priorities List as defined under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, or on any similar state list of hazardous
wastes that are known to contain any hazardous substances or hazardous wastes.

50. No Encroachments. No improvements on adjoining properties encroach upon the
Mortgaged Property in any respect so as to effect the value or marketability of the Mortgage Loan
or the Mortgaged Property.

51. [Intentionally Omitted]

52. No Condemnation and Mortgaged Property Undamaged. There is no proceeding pending
or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged
Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or
other casualty so as to affect adversely the value of the Mortgaged Property as security for the
Mortgage Loan or the use for which the premises were intended.

53. Detrimental Conditions. As of the origination date and the Acquisition Date of
the Mortgage Loan, Seller did not know, nor did Seller have any reason to know, that the Mortgaged
Property and the improvements constructed thereon were subject to any detrimental conditions which
could reasonably be expected to adversely affect the market value of the Mortgaged Property. The
term “detrimental conditions” includes, but is not limited to, expansive soils, underground mines,
soil subsidence, landfills, superfund sites, special study zones, and other conditions which affect
the stability of the improvements erected on the Mortgaged Property or the drainage on or from the
Mortgaged Property.

54. [Intentionally Omitted]

55. Land Trust Loans. If legal and equitable title to the Mortgaged Property is held
by a land trust, Seller represents the following, but only to the extent such representations are
required by any applicable Agency with respect to such Mortgage Loans:

	 	(a)	 	the Mortgaged Property is located in the State of Illinois;

	 	(b)	 	the land trust is duly formed and validly existing under the laws of the State
of Illinois;

	 	(c)	 	the documents relating to the Mortgage are the binding obligations of the land
trust and the beneficiaries of the land trust and such documents are enforceable
against the parties in accordance with their respective terms;

	 	(d)	 	the beneficiaries of the land trust have covenanted to perform or to cause the
land trustee to perform, as applicable, all of the obligations imposed upon the
borrower under the security instrument;

	 	(e)	 	neither the Mortgaged Property nor the interests of the beneficiaries in the
land trust may be transferred except in accordance with the provisions of the security
instrument;

	 	(f)	 	to the extent permitted by law, the beneficiaries of the land trust have
directed the land trustee to waive, and the land trustee has waived, any and all rights
of redemption from sale in accordance with the terms of the security instrument;

	 	(g)	 	the interests of the beneficiaries are deemed personal property under Illinois
law;

	 	(h)	 	Seller has assigned to MBF Seller’s rights under a binding, valid and
enforceable agreement among the trustee of the land trust, the beneficiaries of the
land trust and Seller pursuant to which the trustee agreed to notify Seller in writing
in the event that any beneficiary attempts to transfer, assign or otherwise convey a
beneficial interest in the land trust to a third party; and

	 	(i)	 	the Mortgage Loan complies with all of the requirements of Fannie Mae for land
trust loans.

56. Leasehold Loans. If the Mortgage Loan is secured by a leasehold estate, Seller
represents the following, but only to the extent such representations are required by any
applicable Agency with respect to such Mortgage Loans:

	 	(a)	 	the property subject to the lease is located in an area in which leasehold
loans have received market acceptance;

	 	(b)	 	the Mortgage and the title insurance policy cover the improvements to the
property and the Mortgagor’s leasehold interest in the land;

	 	(c)	 	the term of the leasehold estate exceeds the maturity of the Mortgage Note by
at least 10 years unless fee simple title vests in the Mortgagor or an owner’s
association on an earlier date;

	 	(d)	 	the leasehold estate, and any purchase option with respect to the land, is
assignable or transferable;

	 	(e)	 	the lease does not contain any default provisions that could give rise to
termination of the lease except for non-payment of the lease rents;

	 	(f)	 	the lease is valid, and in full force and effect and there is no default under
any provision of the lease;

	 	(g)	 	the lease provides that:

	 	(i)	 	the Mortgagor will pay taxes, insurance and any applicable
homeowner’s association dues related to the land, in addition to those the
Mortgagor is paying with respect to the improvements;

	 	(ii)	 	the Mortgagor retains voting rights in any applicable
homeowner’s association;

	 	(iii)	 	if the lease contains an option for the Mortgagor to purchase
the fee interest in the land, the purchase is at the Mortgagor’s sole option,
there is no time limit within which the option must be exercised and the
purchase price is the lower of (x) the current appraised value of the land and
(y) the product of the percentage of the total original appraised value that
represented the land alone and the appraised value of the land and
improvements;

	 	(iv)	 	the leasehold can be transferred, mortgaged and sublet an
unlimited number of times either without restriction or on payment of a
reasonable fee and delivery of reasonable documentation to the lessor; and

	 	(v)	 	the lessor will provide the mortgagee with at least thirty (30)
days notice of the Mortgagor’s default under the lease and give the mortgagee
the option to (x) cure the default or (y) take over the Mortgagor’s rights
under the lease.

	 	(h)	 	the lessor may not require a credit review or impose other qualifying criteria
on any transferee, mortgagee or sublessee;

	 	(i)	 	the leasehold estate and the Mortgage may not be impaired by any merger of
title between lessor and lessee or by any default of a sublessor; and

	 	(j)	 	the lease and the leasehold estate meet all of the requirements of FNMA for
leasehold loans.

[Other Representations]

57. FHA. Each FHA-insured Mortgage Loan sold hereunder meets all applicable
governmental requirements for such insurance. Each such Mortgage Loan purchased hereunder on the
basis of a Takeout Commitment meets all requirements of such Takeout Commitment. Seller shall
assure that such Mortgage Loans which are intended to be used in the issuance of Mortgage
Securities or asset-backed securities shall comply or, prior to the issuance of any such Mortgage
Security or asset-backed securities, shall comply with the requirements of the governmental
instrumentality, department or agency issuing or guaranteeing such Mortgage Security or
asset-backed securities or at least one Takeout Investor that purchases similar Mortgage Loans for
securitization and two Rating Agencies.

58. Ginnie Mae. For Mortgage Loans which will be used to back Ginnie Mae
Mortgage-backed Securities, Seller has received from Ginnie Mae a Confirmation Notice or
Confirmation Notices for Request Additional Commitment Authority and for Request Pool Numbers, and
there remains available thereunder a commitment on the part of Ginnie Mae sufficient to permit the
issuance of Ginnie Mae Mortgage-backed Securities in an amount at least equal to the amount of such
Mortgage Loans designated by Seller as those Mortgage Loans to be used to back such Ginnie Mae
Mortgage-backed Securities; each such Confirmation Notice is in full force and effect; each of such
Mortgage Loans has been assigned by Seller to one of such Pool Numbers and a portion of the
available Ginnie Mae Commitment has been allocated thereto by Seller, in an amount at least equal
to such Mortgage Loans; and each such assignment and allocation has been reflected in the books and
records of Seller.

4

Exhibit A

Administrative Costs

All usual and customary cost and expenses incurred by MBF in connection with processing,
administering and settling of a Mortgage Loan, currently including without limitation:

(a) an internal allocation for processing expense for each Mortgage Loan in the following
amounts (as applicable):

	 	(i)	 	Mortgage Loan purchased under Section 3.5 with a Dry Funding
Documents Package or under Section 3.6 with a Wet Funding Documents Package:
$250.00; and

	 	(ii)	 	Mortgage Loan purchased requiring release of warehouse lender
lien and interest held by

	 	(x)	 	MBF: $100.00 or

	 	(y)	 	a third party warehouse lender: $100.00.

(b) $500.00 internal allocation for processing files regarding a Mortgage Loan or Mortgage
Security repurchased early pursuant to Section 8.2 (unless the repurchase is financed by MBF as
Warehouse Lender); and

(c) messenger, overnight courier and wire transfer fees.

5

Exhibit B

DELETED

6

Exhibit C

Loan Sale Confirmation

	 	 	 	Parties The parties to this Loan Sale Confirmation are the following:

	 	 	 
	Seller:

	 	

	
 
	 	 
	Purchaser:

	 	Washington Mutual Bank

	 	 	 	Mortgage Loans THE MORTGAGE LOAN(S) COVERED BY THIS LOAN SALE CONFIRMATION ARE LISTED AND
DESCRIBED IN THE ATTACHED SCHEDULE OF MORTGAGE LOAN(S).

	 	 	 	Sale: For value received, Seller hereby conveys to the Purchaser all rights, title
and interest in and to the following

(a) The Mortgage Note and the related Mortgage for each
Mortgage Loan; (b) all rights to payment thereunder; (c) all
rights related thereto, such as financing statements,
guaranties and insurance policies (issued by governmental
agencies or otherwise), including (i) mortgage and title
insurance policies, (ii) fire and extended coverage insurance
policies (including the right, if any, to any return
premiums), and (iii) if applicable, FHA insurance and private
mortgage insurance and all rights, if any, in escrow deposits
consisting of impounds, insurance premiums, or other funds
held in account thereof; (d) all right, title and interest of
the owner of such loan in the real property, including all
improvements thereon, and the personal property (tangible and
intangible) that are encumbered by such mortgage (or deed of
trust) and/or security agreements; (e) all rights to service,
administer and/or collect such loan and all rights to the
payment of money on account of such servicing, administration
and/or collection appraisals, computer programs, tapes,
discs, cards, accounting records, and other books, records,
information, and data relating to such loan necessary to the
administration or servicing of such loan (subject to Seller’s
right to service set forth in the Multifamily and Health Care
Mortgage Loan Repurchase Agreement described below); and
(f) all accounts, contract rights (including rights under any
applicable Takeout Commitment to the extent assignable), and
general intangibles constituting or relating to such loan.

	 	 	 	Price The price paid for the above-described rights is described (as the
“Acquisition Price”) in the attached Schedule of Mortgage Loans.

Seller hereby reaffirms the representations, warranties and
covenants made in that certain Multifamily and Health Care
Mortgage Loan Repurchase Agreement between Seller and
Purchaser with respect to Seller on and as of the Effective
Date stated therein and with respect to the sold Mortgage
Loans on the Acquisition Date, and it hereby remakes all such
representations, warranties and covenants on and as of the
Acquisition Date. Subject to the following exceptions with
respect to the Mortgage Loans covered by this Loan Sale
Confirmation:     

	 	 	 	Definitions Terms used but not defined herein shall have the meanings assigned to them in
the above-referenced Multifamily and Health Care Mortgage Loan Repurchase Agreement.

	 	 	NAME OF SELLER:

	 	 	AUTHORIZED SIGNATURE:

	 	 	NAME AND TITLE:

7

Schedule to Exhibit C, Loan Sale Confirmation

SCHEDULE OF MORTGAGE LOANS

SELLER:

DATE:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage Loan
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Takeout Funding
	Number
	 	Mortgagor Last Name	 	Principal Amount	 	Acquisition Price	 	Takeout Investor	 	Amount
	_______________
_
	 		—		 		—		 		—		 		—		 		—	
	________________
	 		—		 		—		 		—		 		—		 		—	
	________________
	 		—		 		—		 		—		 		—		 		—	
	________________
	 		—		 		—		 		—		 		—		 		—	
	________________
	 		—		 		—		 		—		 		—		 		—	
	________________
	 		—		 		—		 		—		 		—		 		—	
	TOTAL
	 	 	 	 	 	 	 	 	 		—		 	 	 	 	 		—	

8

THIS FORM NOT NECESSARY IF SELLER IS TRANSMITTING DATA ELECTRONICALLY

Exhibit D

Dry Funding Documents Package

	1.	 	If a Mortgage Loan, or related Mortgage Security, is the subject of a Takeout Commitment, a
photocopy of Takeout Commitment, or Takeout Commitment information in format acceptable to
MBF, and related document(s) according to the Takeout Commitment Schedule set forth in
Exhibit D-1.

	2.	 	The original Mortgage Note as signed and bearing all intervening endorsements, endorsed “Pay
to the order of      without recourse” and signed in the name of the last endorsee
(the “Last Endorsee”) by an authorized Person (in the event that the Mortgage Loan was
acquired by the Last Endorsee in a merger, the signature must be in the following form:
“[Last Endorsee], successor by merger to [name of predecessor]”; in the event that the
Mortgage Loan was acquired or originated by the Last Endorsee while doing business under
another name, the signature must be in the following form: “[Last Endorsee], formerly known
as [previous name]”).

	3.	 	An original Assignment in Blank for the Mortgage Loan, in form and substance acceptable for
recording and signed in the name of the Last Endorsee by an authorized Person (in the event
that the Mortgage Loan was acquired by the Last Endorsee in a merger, the signature must be in
the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in the
event that the Mortgage Loan was acquired or originated by the Last Endorsee while doing
business under another name, the signature must be in the following form: “[Last Endorsee],
formerly known as [previous name]”).

	4.	 	An original Warehouse Lender’s Release (if the Mortgage Loan is subject to a lien held by a
third party Warehouse Lender).

	5.	 	Photocopy of Mortgage as signed (with or without recording information on face of document).

Wet Funding Documents Package

	1.	 	If a Mortgage Loan, or related Mortgage Security, is the subject of a Takeout Commitment, a
photocopy of Takeout Commitment, or Takeout Commitment information in format acceptable to
MBF, and related document(s) according to the Takeout Commitment Schedule set forth in
Exhibit D-1.

	2.	 	A photocopy of Assignment in Blank for the Mortgage Loan, in form and substance acceptable
for recording and signed in the name of the Last Endorsee by an authorized Person (in the
event that the Mortgage Loan was acquired by the Last Endorsee in a merger, the signature must
be in the following form: “[Last Endorsee], successor by merger to [name of predecessor]”; in
the event that the Mortgage Loan was acquired or originated by the Last Endorsee while doing
business under another name, the signature must be in the following form: “[Last Endorsee],
formerly known as [previous name]”).

	3.	 	Photocopy of Mortgage Note prepared for signature of Mortgagor.

	4.	 	Photocopy of Mortgage prepared for signature of Mortgagor.

	5.	 	Closing Agent’s Wire Instructions.

	6.	 	Photocopy of Escrow Instructions from MBF, acknowledged by Closing Agent.

9

Exhibit D-1

Takeout Commitment Schedule

Conventional and Fannie Mae DUS Mortgage Loans

	 	•	 	For a Fannie Mae-committed Conventional Mortgage Loan, the Fannie Mae Multifamily Cash
Commitment printed from the MCodes System

	 	•	 	For a Fannie Mae DUS Mortgage Loan, the Fannie Mae MBS/DUS Commitment printed from the
MCodes System

	 	•	 	For any other Conventional Mortgage Loan or Health Care Mortgage Loan, the Takeout
Commitment

	 	•	 	If a Mortgage Security is to be issued, the Takeout Commitment for the Mortgage Security

	 	•	 	If a Participation Certificate is to be issued, the Participation and Servicing
Agreement

FHA Project Loans and FHA Construction Mortgage Loans

	 	•	 	FHA Firm Commitment to Insure

	 	•	 	If no Mortgage Security is to be issued, the Takeout Commitment

	 	•	 	If a Mortgage Security is to be issued, the Takeout Commitment for the Mortgage
Security, together with copies of the Confirmation Notice for Request for Additional
Commitment Authority from Ginnie Mae and the Confirmation Notice for Request Pool Numbers

	 	•	 	For an FHA Construction Mortgage Loan, the Takeout Commitment for each construction loan
advance and related FHA Project Mortgage Loan (or, if a Mortgage Security is to be issued
backed by the related FHA Project Mortgage Loan, the Takeout Commitment for the Mortgage
Securities (construction loan and project loan securities)

	 	•	 	If a Participation Certificate is to be issued, the Participation and Servicing
Agreement

	 	•	 	For FHA Construction Mortgage Loans, a copy of the Application for Insurance of Advance
of Mortgage Proceeds (HUD Form 92403) to be submitted to HUD

10

Exhibit E

Seller’s Power of Attorney

LIMITED POWER OF ATTORNEY

(“Seller”) has entered into that certain Multifamily and Health Care Mortgage Loan Repurchase
Agreement dated as of      , 200     , as the same may be amended or supplemented from time to
time (the “Repurchase Agreement”), by and between Seller and WASHINGTON MUTUAL BANK. All
capitalized terms not defined herein shall have the meanings given them in the Repurchase
Agreement.

Seller hereby appoints Washington Mutual Bank as special attorney-in-fact (“Attorney-in-Fact”)
to supply missing Mortgage Note endorsements and missing assignments of Mortgages, on an as needed
basis, with regard to Mortgage Loans sold to Washington Mutual Bank pursuant to the Repurchase
Agreement; to give notices of its ownership of the Mortgage Loans (and any Mortgage Securities
backed by such Mortgage Loans) to any Person, either in the name of Seller or in its own name, to
endorse all Mortgages and Mortgage Securities that are payable to the order of Seller, to change or
cause to be changed the book entry registration or name of subscriber or investor on any Mortgage
Security, or 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, or the proceeds of sale of,
any of the Mortgage Loans or Mortgage Securities and to give full discharge for the same.

Attorney-in-Fact accepts such appointment and appoints the persons named on that certain Power
of Attorney dated as of      , of which a facsimile is attached hereto and incorporated
herein by reference, as same may be amended by Attorney-in-Fact from time to time, as its agents.

This Limited Power of Attorney shall commence and be in full force and effect as of the date
hereof and shall remain and be in full force and effect until revoked in writing by
Attorney-in-Fact or revoked in writing by Seller, in a format acceptable to Attorney-in-Fact, such
as the form of Revocation of Limited Power of Attorney attached hereto as Exhibit E-1,
effective as of the date signed by Attorney-in-Fact.

This Limited Power of Attorney is coupled with the interest of Washington Mutual Bank in each
such Mortgage Loan as the purchaser and owner thereof pursuant to the terms of the Repurchase
Agreement.

Attorney-in-Fact shall exercise the foregoing powers only after notice to the Seller and
Seller’s failure to take the action proposed by Attorney-in-Fact in such notice within two (2)
Business Days after receipt thereof; provided, however, that no prior notice shall be required as a
condition to the Attorney-in-Fact’s exercise of the foregoing powers after the occurrence of a
Default or an Event of Default.

Seller hereby covenants and agrees that it will indemnify, defend, and hold harmless the
Attorney-in-Fact and its officers acting hereunder from and against any and all claims, demands, or
causes of action, in any way associated with or related to the acts performed under this Limited
Power of Attorney, other than claims, demands or causes of action arising out of or in connection
with the gross negligence or willful misconduct of the Attorney-in-Fact and its officers.

IN WITNESS WHEREOF, this instrument is executed by Seller on this      day of      ,
200     .

SELLER:

[     ]

By:

Name:

Title:

STATE OF      

COUNTY OF      

This instrument was acknowledged before me this day of , 200     , by on behalf of

        .

	 	 	 
	[SEAL]

	 	Notary Public in and for the State of
	 
	 	 
	ACKNOWLEDGED BY

ATTORNEY-IN-FACT:

	 	

	 
	 	 
	WASHINGTON MUTUAL BANK,

a federal association

	 	

	 
	 	 
	By:

	 	

	 

	 	 
	Name:

	 	

	 

	 	 
	Title:

	 	

	 

	 	 

11

Exhibit E-1

Revocation of Limited Power of Attorney

[date]

WASHINGTON MUTUAL BANK

Attn: Carol A. Robertson

Legal Department

9200 Oakdale Avenue

Chatsworth, CA 91311

Phone: (818) 775-3392

Fax: (818) 349-2734

Reference is made herein to that Limited Power of Attorney granted by (“Seller”) to WASHINGTON
MUTUAL BANK, a federal association (“Attorney-in-Fact”) dated as of      , 200     .

This document acknowledges and constitutes that Seller hereby revokes, rescinds, and
terminates said Limited Power of Attorney and all authority, rights, and power thereto, effective
this date. Grantor hereby reaffirms and agrees that it will indemnify, defend, and hold harmless
the Attorney-in-Fact and its officers acting under said Limited Power of Attorney from and against
any and all claims, demands, or causes of action, in any way associated with or related to the acts
performed under the Limited Power of Attorney. This Revocation of Limited Power of Attorney is
effective as of the date signed by Attorney-in-Fact, other than claims, demands or causes of action
arising out of or in connection with the gross negligence or willful misconduct of the
Attorney-in-Fact and its officers.

Signed under seal as of the date above written:

	 	 	 
	[ ]	 	 
	By:

	 	

	
 
	 	 
	Name:

	 	

	
 
	 	 
	Title:

	 	

	
 
	 	 
	 
	 	 

12

STATE OF      

COUNTY OF      

This instrument was acknowledged before me this      day of      , 200     , by
     ,      on behalf of .

	 	 	 
	[SEAL]

	 	Notary Public in and for the State of
	
 
	 	 
	 
	 	 
	
 
	 	ACKNOWLEDGED BY

ATTORNEY-IN-FACT:
	 
	 	 
	
 
	 	WASHINGTON MUTUAL BANK,

a federal association
	 
	 	 
	
 
	 	By:
	
 
	 	 
	
 
	 	Name:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 
	
 
	 	Date:
	
 
	 	 

13

Exhibit F

Warehouse Lender’s Release

	 	 	Ladies and Gentlemen:

We hereby release all right, interest or claim of any kind with respect to the mortgage
loan(s) referenced below, such release to be effective automatically without any further action by
any part, upon receipt of payment/funding, in one or more installments, from Washington Mutual
Bank, in accordance with the wire instructions which we delivered to you in a letter dated
     , 200     , in immediately available funds.

	 	 	 	 	 
	Loan #	 	Mortgagor	 	Note Amount Warehouse Amount
	
 
	 	 	 	Very truly yours,

[WAREHOUSE LENDER]
	 
	 	 	 	 
	
 
	 	 	 	By:
	
 
	 	 	 	 
	
 
	 	 	 	Name:
	
 
	 	 	 	 
	
 
	 	 	 	Title:
	
 
	 	 	 	 

14

Exhibit G

15

INTENTIONALLY OMITTED

Exhibit H

Compliance Certificate

	 	 	 
	SELLER:

	 	MMA MORTGAGE INVESTMENT CORPORATION
	 

	 	 
	 
	 	 
	MBF:

	 	WASHINGTON MUTUAL BANK,

a federal association
	 

	 	 
	 
	 	 
	TODAY’S DATE:

	 	     /     /20      
	 

	 	 
	 
	 	 
	REPORTING PERIOD ENDED:

	 	     /     /     
	 

	 	 

This certificate is delivered to MBF pursuant to the Multifamily and Health Care Mortgage Loan
Repurchase Agreement dated as of      ,      between Seller and MBF (the “Agreement”). All
the defined terms of which have the same meanings when used herein.

I hereby certify that: (a) I am, and at all times mentioned herein have been, the duly elected,
qualified, and acting officer of Seller designated below; (b) to the best of my knowledge, the
financial statements of Seller from the period shown above (the “Reporting Period”) and which
accompany this certificate were prepared in accordance with GAAP and present fairly the financial
condition of Seller as of the end of the Reporting Period and the results of its operations for the
Reporting Period; (c) a review of the Agreement and of the activities of Seller during the
Reporting Period has been made under my supervision with a view to determining Seller’s compliance
with the covenants, requirements, terms, and conditions of the Agreement, and such review has not
disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of
the existence as of the date hereof) of any Default or Event of Default, except as disclosed herein
(which specifies the nature and period of existence of each Default or Event of Default, if any,
and what action Seller has taken, is taking, and proposes to take with respect to each); and (d)
the calculations described herein evidence that Seller is in compliance with the requirements of
Sections 13.11, 13.12, 13.13, and 13.14 of the Agreement at the end of the Reporting Period (or if
Seller is not in compliance, showing the extent of non-compliance and specifying the period of
non-compliance and what actions Seller proposes to take with respect thereto).

	 
	 

	MMA MORTGAGE INVESTMENT CORPORATION

	 

	 

	By:

	 

	 

	Name:

	 

	 

	Title:

	 

	 

16

	 	 	 	 	 
	The Company:
	 	MMA MORTGAGE INVESTMENT CORPORATION

	 
	 	 	 	 
	Reporting Date:
	 		—	
	 
	 	 	 	 

All financial calculations set forth herein are as of the Reporting Date.

	 	 	 	 	 
	I. ADJUSTED TANGIBLE NET WORTH	 	 	 	 
	A. Adjusted Tangible Net Worth of the Company is:
	 	 	 	 
	 
	 	 	 	 
	GAAP Net Worth
	 	$	______________	
	 
	 	 	 	 
	Plus: .75 times Fair Market Value of Servicing
Portfolio
(from Section III Below):
	 	$	______________	
	 
	 	 	 	 
	Minus: Advances/loans to owners, officers,
Affiliates
Minus: Organizational costs net of accumulated
amortization
	 	$	______________	
	Minus: Servicing contracts net of accumulated
	 	$	—	 
	amortization
	 	$	—	 
	Minus: Intangible Assets
	 	$	—	 
	 
	 	 	 	 
	ADJUSTED TANGIBLE NET WORTH
	 	$	______________	
	 
	 	 	 	 
	B. Requirements of the Agreement:
THE MINIMUM ADJUSTED TANGIBLE NET WORTH OF THE COMPANY IS TWENTY-SEVEN MILLION AND NO/100 DOLLARS ($27,000,000.00)

	 

	C. Covenant Satisfied: __________ Covenant Not Satisfied: __________

	 

	II. DEBT SERVICE COVERAGE RATIO
	 	 	 	 
	 
	 	 	 	 
	D. Earnings Before Interest, Depreciation and Amortization
minus
E. Non-cash revenues pursuant to application of FAS 140 or similar
GAAP requirement
to
F. Mandatory principal payments of Indebtedness of Seller
	 	 	—	 
	Plus
	 	 	—	 
	G. GAAP interest expense of Seller
	 	 	—	 
	H. The Debt Service Coverage Ratio is:
	 	_________ to 1
	 
	 	 	 	 
	I. Requirements of the Agreement:
THE MINIMUM DEBT SERVICE COVERAGE RATIO IS 1.15 TO 1

	 

	J. Covenant Satisfied: __________ Covenant Not Satisfied: __________

	 

	II. SERVICING PORTFOLIO
	 	 	 	 
	 
	 	 	 	 
	A. Servicing Portfolio of the Company is:
	 	 	 	 
	 
	 	 	 	 
	Unpaid principal balance of Mortgage Loans whose
Servicing Contracts are owned by the Company:
	 	$	______________	
	 
	 	 	 	 
	Minus: The unpaid principal balance of Mortgage
Loans serviced by the Company for others under
subservicing arrangements:
	 	$	______________	
	 
	 	 	 	 
	Minus: The unpaid principal balance of Mortgage
Loans that are construction loans (other than
construction loans to be converted to permanent loans
and serviced by the Company)
	 	$	______________	
	 
	 	 	 	 
	SERVICING PORTFOLIO
	 	$	—	 
	 
	 	 	 	 
	B. Requirements of the Agreement:
THE MINIMUM SERVICING PORTFOLIO OF THE COMPANY IS TWO BILLION SEVEN HUNDRED MILLION AND NO/100 DOLLARS
($2,700,000,000.00).

	 

	C. Covenant Satisfied: __________ Covenant Not Satisfied: __________

	 

	III. LIQUID ASSETS OF THE COMPANY
	 	 	 	 
	 
	 	 	 	 
	A. Cash,  funds on deposit in accounts with any bank located in the
United States (net of the aggregate amount payable under all
outstanding and unpaid checks, drafts and similar items drawn by a
Person against those accounts for all purposes), investment grade
commercial paper, money market funds and  marketable securities.
	 	$	—	 
	 
	 	 	 	 
	LIQUID ASSETS
	 	$	—	 
	 
	 	 	 	 
	B. Requirements of the Agreement:
LIQUID ASSETS SHALL NOT BE LESS THAN FIVE HUNDRED THOUSAND plus an amount equal to .001% of the unpaid principal balance
of Fannie Mae DUS Mortgage Loans whose Servicing Contracts are owned by Seller at such date.

	 

	C. Covenant Satisfied: __________ Covenant Not Satisfied: __________

	 

17

Exhibit J

Delivery Procedures 

No later than 11:00a.m. (Central Time) on the date the Takeout Investor must receive the
Mortgage Loan or related Mortgage Security pursuant to the Takeout Commitment, MBF must receive the
following:

	(1)	 	Signed Shipping Instructions for the delivery of the Mortgage, including the following:

	 	(a)	 	Name and address of the Takeout Investor (or third party) to which the Credit
File or other Mortgage Loan documents are to be shipped, the desired shipping date and
the preferred method of delivery;

	 	(b)	 	Name of project securing the Mortgage Loan;

	 	(c)	 	Date by which the Takeout Investor (or the third party) must receive the
Mortgage Loan or Mortgage Security; and

	 	(d)	 	Instructions for endorsement of the Mortgage Note or Mortgage Security.

	(2)	 	For an FHA Construction Mortgage Loan or an FHA Project Mortgage Loan, the following
additional documents must be received:

	 	(a)	 	For cash payments, the signed original Wire Transfer Authorization for a Cash
Delivery, showing MBF as interim funder and specifying the Account as the receiving
account for loan purchase proceeds; and

	 	(b)	 	Completed, but not signed, Release of Interest, to be signed by MBF.

	 	(c)	 	If a Mortgage Security is to be issued by Freddie Mac, a Release of Interest
with security wire instructions completed, instructing Freddie Mac to deliver the
Mortgage Security to MBF’s custody account.

	 	(d)	 	If a Mortgage Security is to be issued, completed and signed Security Delivery
Instructions, in the form attached as Schedule I to this Exhibit.

	(3)	 	For other Fannie Mae Mortgage Loans and Fannie Mae DUS Mortgage Loans, the following
additional documents must be received:

	 	(a)	 	Executed Bailee Letter (in form approved by Fannie Mae and MBF).

	 	(b)	 	For cash payments, the signed original Wire Transfer Request or Fannie Mae
Wiring Instructions printed from the MCodes System, specifying the Account as the
receiving account for loan purchase proceeds.

	 	(c)	 	If a Mortgage Security is to be issued by Fannie Mae, a copy of the Fannie Mae
Wiring Instructions printed from the MCodes System, instructing Fannie Mae to issue the
Mortgage Security in Seller’s name and to deliver the Mortgage Security to MBF’s
custody account at      .

	 	(d)	 	If a Mortgage Security is to be issued, completed and signed Security Delivery
Instructions, in the form attached as Schedule I to this Exhibit.

	(4)	 	The remainder of those documents in the Credit File, or other Mortgage Loan documents,
required for shipping to the Takeout Investor (or third party) as specified by the Takeout
Investor or in the applicable Takeout Commitment or Seller/Servicer Guide.

Unless otherwise agreed in writing with Seller, if there is no Default or Event of Default then
pending, MBF exclusively will deliver the Mortgage Note or Mortgage Security (as applicable) and
other original documents required by this Exhibit evidencing the Mortgage Loan, together with a
Bailee Letter, to the Takeout Investor or a third party approved by Seller and MBF. Upon
instruction by Seller, MBF will complete the endorsement of the Mortgage Note or Mortgage Security
(as applicable). If no Mortgage Security is to be issued, MBF will deliver the Mortgage Note and
the other documents required for shipping to the Takeout Investor (or third party) as specified by
the Takeout Investor or in the applicable Seller/Servicer Guide with a Bailee Letter to the Takeout
Investor that issued the Takeout Commitment for the Mortgage Loan or Mortgage Security. If a
Mortgage Security is to be issued, MBF will deliver the Mortgage Note and the other documents
required for shipping.

18

SECURITY DELIVERY INSTRUCTIONS

INSTRUCTIONS MUST BE RECEIVED 2 BUSINESS DAYS IN ADVANCE OF PICK-UP/DELIVERY

     BOOK-ENTRY DATE: __________________                                               SETTLEMENT DATE: __________________

ISSUER: ______________________________                                                 SECURITY: $__________________________

NO. OF CERTIFICATES: ________________                                                  1) ____________________________________

                                                                                       2) ____________________________________

                                                                                       3) ____________________________________

CUSIP NO. ____________________________                                                 Coupon Rate:
                                                                                       ------------

Pool No. ____________                  MI No. ___                                      Maturity Rate (M/DY):
                                                                                       ---------------------

Issue Date (M/D/Y): _____________________

POOL TYPE (Circle one)

   Ginnie Mae:                       GINNIE MAE I                                GINNIE MAE II

   Freddie Mac:                        FIXED ARM                                 DISCOUNT NOTE

   Fannie Mae:                         FIXED ARM                                 DISCOUNT NOTE                               DEBENTURES                     REMIC

                                                                                       (   ) Versus Payment
                                                                                       DVP AMOUNT $__________________
DELIVER TO:                                                                            (   ) Free Delivery
-----------

                                                                                       (   ) Versus Payment
                                                                                       DVP AMOUNT $__________________
DELIVER TO:                                                                            (   ) Free Delivery
-----------

                                                                                       (   ) Versus Payment
                                                                                       DVP AMOUNT $__________________
DELIVER TO:                                                                            (   ) Free Delivery
-----------

AUTHORIZED SIGNATURE:
---------------------
TITLE:
------

19

Directory of Defined Terms

	 	 	 
	“Acquisition Date”

“Acquisition Price”

“Act of Insolvency”

“Adjusted Tangible Net Worth”

“Administrative Costs”

“Affiliate”

“Agencies”

“Agency Guidelines”

“Agency Security”

“Agreement”

“Annual Reporting Date”

“Approved Custodian”

“Assignment in Blank”

	 	Section 1

Section 1, Annex 1, Annex 3

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Annex 1

Section 1

Section 1
	 
	 	 
	“Bailee Letter”

“Business Day”

	 	Section 1

Section 1
	 
	 	 
	“Capitalized Lease”

“Capitalized Rentals”

“Confidential Information”

“Conventional Mortgage Loan”

“Credit File”

“Current Assets”

“Current Liabilities”

“Current Ratio”

“Custodial Account”

	 	Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“Debt”

“Default”

“Default Rate”

“Defective Mortgage Loan”

“Dry Funding Documents Package”

“DUS Program”

	 	Section 1

Section 1

Annex 1

Section 1

Section 1

Section 1
	 
	 	 
	“Early Repurchase Date”

“Effective Date”

“Eligible Bank”

“Eligible Mortgage Loan”

“Eligible Mortgage Pool”

“ERISA”

“Event of Default”

	 	Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1, Annex 1
	 
	 	 
	“Fannie Mae”

“Fannie Mae DUS Mortgage Loan”

“Fannie Mae DUS Mortgage Loan Sublimit”

“FDIC”

“FHA”

“FHA Construction Mortgage Loan”

“FHA Project Mortgage Loan”

“Freddie Mac”

	 	Section 1

Section 1

Annex 3

Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“GAAP”

“Ginnie Mae”

“Health Care Facility”

“Health Care Mortgage Loan”

“Hedging Arrangement”

“HUD”

“HUD 241 Mortgage Loan”

“HUD 241 Program”

	 	Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“Indebtedness”

“Investment Return Rate”

	 	Section 1

Section 1, Annex 1
	 
	 	 
	“LIBOR Rate”

“Lien”

“Litigation”

“Loan Purchase Detail”

“Loan Sale Confirmation”

	 	Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“Margin Stock”

“Material Adverse Change”

“Maximum Takeout Commitment

Expiration Date”

“MBF”

“Mortgage”

“Mortgage Loan”

“Mortgage Note”

“Mortgage Note Rate”

“Mortgage Pool”

“Mortgage Security”

“Mortgage-backed Security”

“Mortgaged Property”

“Mortgagor”

“Multifamily Mortgage Loan”

“Multifamily Property”

	 	Section 1

Section 1

Annex 1, Annex 3

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“NASD”

	 	Section 1
	 
	 	 
	“OTS”

	 	Section 1
	 
	 	 
	“Par Value”

“Participation Certificate”

“Person”

“Post-Origination Period”

“Property Charges”

	 	Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“Quarterly Reporting Date”

	 	Annex 1
	 
	 	 
	“Regulatory Authority”

“Remittance Date”

“Repurchase Date”

“Repurchase Price”

“Requirement of Law”

	 	Section 1

Annex 1

Section 1

Section 1

Section 1
	 
	 	 
	“Scheduled Repurchase Date”

“SEC”

“Seller”

“Seller’s Account”

“Seller’s Concentration Limit”

“Seller’s Funding Account”

“Seller’s Operating Account”

“Seller’s Power of Attorney”

“Servicing Contract”

“Servicing Fee”

“Servicing Portfolio”

“Settlement Amount”

“Shipping Instructions”

“Statement Date”

“Subordinated Debt”

“Subsidiary”

“Successor Servicer”

“Successor Servicer Costs”

	 	Section 1, Annex 1

Section 1

Section 1

Section 1

Annex 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“Takeout Commitment”

“Takeout Commitment Price”

“Takeout Funding”

“Takeout Funding Advice”

“Takeout Funding Date”

“Takeout Guidelines”

“Takeout Investor”

“Tangible Net Worth”

“Term”

	 	Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1

Section 1
	 
	 	 
	“UCC”

“Undesignated Loan”

	 	Section 1

Annex 3
	 
	 	 
	“VA”

	 	Section 1
	 
	 	 
	“Warehouse Lender”

“Warehouse Lender’s Release”

“Warehouse Lender’s Wire Instructions”

“Washington Mutual”

“Wet Funding”

“Wet Funding Deadline”

“Wet Funding Documents Package”

	 	Section 1

Section 1

Section 1

Section 1

Section 1

Annex 1

Section 1

Houston_1\833941\12

17419-560 5/31/2006

20EX-10.2

WAREHOUSING CREDIT AND SECURITY AGREEMENT

AMONG

MMA CONSTRUCTION FINANCE, LLC

as Borrower

AND

WASHINGTON MUTUAL BANK,

1

as Lender

TABLE OF CONTENTS

	1.	 	THE CREDIT

	 	 	 
	1.1.

1.2.

1.3.

	 	The Warehousing Commitment

Expiration of Warehousing Commitment

Warehousing Note

	2.	 	PROCEDURES FOR OBTAINING ADVANCES

	 	2.1.	 	Warehousing Advances

	3.	 	INTEREST, PRINCIPAL AND FEES

	 	 	 
	3.1.

3.2.

3.3.

3.4.

3.5.

3.6.

3.7.

3.8.

	 	Interest

Interest Limitation

Principal Payments

Warehousing Fees

Miscellaneous Fees and Charges

Overdraft Advances

Method of Making Payments

Buydowns.

	4.	 	COLLATERAL

	 	 	 
	4.1.

4.2.

4.3.

4.4.

4.5.

4.6.

	 	Grant of Security Interest

Maintenance of Collateral Records

Release of Security Interest in Pledged Loans

Collection and Servicing Rights

Return of Collateral at End of Warehousing Commitment

Delivery of Collateral Documents

	5.	 	CONDITIONS PRECEDENT

	 	 	 
	5.1.

5.2.

5.3.

	 	Initial Advance

Each Advance

Force Majeure

	6.	 	GENERAL REPRESENTATIONS AND WARRANTIES

	 	 	 
	6.1.

6.2.

6.3.

6.4.

6.5.

6.6.

6.7.

6.8.

6.9.

6.10.

6.11.

6.12.

6.13.

6.14.

	 	Place of Business

Organization; Good Standing; Subsidiaries

Authorization and Enforceability

Approvals

Financial Condition

Litigation

Compliance with Laws

Regulation U

Investment Company Act

Payment of Taxes

Agreements

Title to Properties

ERISA

Assumed Names

	7.	 	AFFIRMATIVE COVENANTS

	 	 	 
	7.1.

7.2.

7.3.

7.4.

7.5.

7.6.

7.7.

7.8.

7.9.

7.10.

7.11.

7.12.

	 	Payment of Obligations

Financial Statements

Other Borrower Reports

Maintenance of Existence; Conduct of Business

Compliance with Applicable Laws

Inspection of Properties and Books; Operational Reviews

Notice

Payment of Debt, Taxes and Other Obligations

Insurance

Closing Instructions

Other Loan Obligations

Use of Proceeds of Warehousing Advances

	8.	 	NEGATIVE COVENANTS

	 	 	 
	8.1.

8.2.

8.3.

8.4.

8.5.

8.6.

8.7.

8.8.

	 	Restrictions on Fundamental Changes

Accounting Changes

Minimum Consolidated Tangible Net Worth

Maximum Consolidated Leverage Ratio

Minimum Liquidity

Maximum Consolidated Senior Indebtedness Ratio

Minimum Consolidated Interest and Distributions Coverage Ratio

Underwriting Guidelines

	9.	 	SPECIAL REPRESENTATIONS, WARRANTIES AND COVENANTS CONCERNING COLLATERAL

	 	 	 
	9.1.

9.2.

9.3.

9.4.

	 	Special Representations and Warranties Concerning Warehousing Collateral

Special Affirmative Covenants Concerning Warehousing Collateral

Special Negative Covenants Concerning Warehousing Collateral

Special Representations and Warranties Concerning Bridge Mortgage Loans

	10.	 	DEFAULTS; REMEDIES

	 	 	 
	10.1.

10.2.

10.3.

10.4.

10.5.

	 	Events of Default

Remedies

Application of Proceeds

Lender Appointed Attorney-in-Fact

Right of Set-Off

	11.	 	MISCELLANEOUS

	 	 	 
	11.1.

11.2.

11.3.

11.4.

11.5.

11.6.

11.7.

11.8.

11.9.

11.10.

11.11.

11.12.

11.13.

11.14.

11.15.

11.16.

	 	Notices

Reimbursement Of Expenses; Indemnity

Financial Information

Terms Binding Upon Successors; Survival of Representations

Assignment

Amendments

Governing Law

Participations

Relationship of the Parties

Severability

Counterparts

Headings/Captions

Entire Agreement

Consent to Jurisdiction

Waiver of Jury Trial

Waiver of Punitive, Consequential, Special or Indirect Damages

	12.	 	DEFINITIONS

	 	12.1.	 	Defined Terms

	 	12.2.	 	Other Definitional Provisions; Terms of Construction

2

EXHIBITS

	 	 	 
	Exhibit A-BR

	 	Request for Advance Against Eligible Bridge Mortgage Loans
	 

	 	

	Exhibit A-APP-BR

	 	Approval Request for Warehousing Advance Against Bridge Mortgage Loans
	 

	 	

	Exhibit B-BR

	 	Procedures and Documentation for Warehousing Bridge Mortgage Loans
	 

	 	

	Exhibit B

	 	Schedule of Servicing Portfolio
	 

	 	

	Exhibit C

	 	Omitted Intentionally
	 

	 	

	Exhibit D

	 	Subsidiaries
	 

	 	

	Exhibit E

	 	Compliance Certificate
	 

	 	

	Exhibit F

	 	Schedule of Lines of Credit
	 

	 	

	Exhibit G

	 	Assumed Names
	 

	 	

	Exhibit H

	 	Eligible Loans and Other Assets
	 

	 	

	Exhibit I

	 	Collateral Operations Fee Schedule
	 

	 	

3

WAREHOUSING CREDIT AND SECURITY AGREEMENT

WAREHOUSING CREDIT AND SECURITY AGREEMENT, dated as of May 31, 2006 among MMA CONSTRUCTION
FINANCE, LLC, a Maryland limited liability company, as borrower (the “Borrower”) and WASHINGTON
MUTUAL BANK, as lender (“Lender”).

	A.	 	Borrower has requested certain financing from Lender.

	B.	 	Lender has agreed to provide that financing to Borrower subject to the terms and conditions
of this Agreement.

	C.	 	Subject to Borrower’s satisfaction of the conditions set forth in Article 5, the “Closing
Date” for the transactions contemplated by this Agreement is the date set forth as the
Closing Date on the signature page to this Agreement.

NOW, THEREFORE, the parties to this Agreement agree as follows:

	1.	 	THE CREDIT

1.1. The Warehousing Commitment

On the terms and subject to the conditions and limitations of this Agreement, including
Exhibit H, Lender agrees to make Warehousing Advances to Borrower from the Closing Date to
the Business Day immediately preceding the Warehousing Commitment Termination Date, during which
period Borrower may borrow, repay and reborrow in accordance with the provisions of this Agreement.
Lender has no obligation to make Warehousing Advances in excess of the Warehousing Commitment
Amount. While a Default or Event of Default exists, Lender may refuse to make any additional
Warehousing Advances to Borrower. All Warehousing Advances under this Agreement constitute a
single indebtedness, and all of the Collateral is security for the Warehousing Note and for the
performance of all of the Obligations.

1.2. Expiration of Warehousing Commitment

	1.2	 	(a) The Warehousing Commitment expires on the earlier of (“Warehousing Commitment
Termination Date”): (a) April 1, 2008, on which date the Warehousing Commitment will
expire of its own term; provided, however, Lender shall have the option (exercisable
at its sole and absolute discretion) in connection with its annual review of Borrower and
Borrower’s business, operations, assets or financial condition to either (i) reset the
covenants contained herein or (ii) immediately terminate its obligations under this Agreement
(including, without limitation, as a result of any change in the general business plan of
Lender or any adverse change in Borrower’s business, operations, assets or financial condition
as a whole); provided further that if Lender opts to so terminate and subject to Lender’s
other rights and remedies hereunder, the Warehousing Maturity Date shall be deemed to be 12
months after the effective date of such termination; and (b) the date the Warehousing
Commitment is terminated and the Warehousing Advances become due and payable under
Section 10.2.

	1.2	 	(b) Upon not less than sixty (60) days prior written notice to the Lender, Borrower may
terminate the Warehousing Commitment (effective 60 days from the date of such notice) at any
time in which event Borrower shall pay to the Lender the outstanding principal amount of all
Warehousing Advances and any accrued and unpaid interest on or before the effective date of
such termination.

1.3. Warehousing Note

Warehousing Advances are evidenced by Borrower’s promissory note, payable to Lender on the
form prescribed by Lender (“Warehousing Note”). The term “Warehousing Note” as used in
this Agreement includes all amendments, restatements, renewals or replacements of the original
Warehousing Note and all substitutions for it. All terms and provisions of the Warehousing Note
are incorporated into this Agreement.

	2.	 	PROCEDURES FOR OBTAINING ADVANCES

2.1. Warehousing Advances

To obtain a Warehousing Advance under this Agreement, Borrower must deliver not later than
(a) 7 Business Days before the Business Day on which Borrower desires the Warehousing Advance
against a Bridge Mortgage Loan, an Approval Request and Underwriting Documents and (b) 12:00 p.m.
(Central Time) on the Business Day on which Borrower desires the Warehousing Advance against a
Bridge Mortgage Loan which has been previously approved by the Lender for inclusion in Collateral
pursuant to this Section 2.1, a Warehousing Advance Request (“Warehousing Advance
Request"). Within 5 Business Days after receipt of an Approval Request and Underwriting
Documents for a Bridge Mortgage Loan, Lender may, in its sole discretion, accept or reject that
Approval Request, and will notify Borrower of its decision. Subject to the delivery and approval
of a Warehousing Advance Request, the delivery of the Underwriting Documents and the satisfaction
of the conditions set forth in Sections 5.1 and 5.2, Borrower may obtain a Warehousing Advance
under this Agreement upon compliance with the procedures set forth in this Section and in the
applicable Exhibit B, including delivery to Lender of all required Collateral Documents.
Lender’s current form of Warehousing Advance Request is set forth in the applicable
Exhibit A. Upon not less than 3 Business Days’ prior Notice to Borrower, Lender may modify
its form of Approval Request and Warehousing Advance Request to conform to current legal
requirements or Lender practices and, as so modified, those documents will become part of this
Agreement.

	3.	 	INTEREST, PRINCIPAL AND FEES

3.1. Interest

	3.1	 	(a) Except as otherwise provided in this Section, Borrower must pay interest on the unpaid
amount of each Warehousing Advance from the date the Warehousing Advance is made until it is
paid in full at the Interest Rate.

	3.1	 	(b) Lender computes interest on the basis of the actual number of days in each month and a
year of 360 days (“Accrual Basis”). Lender shall on or before the fifteenth (15th) of
each month deliver to the Borrower billings for interest due and payable for the immediately
preceding month on Warehousing Advances and administrative fees due and payable as set forth
in Section 3.1(c) below and all Miscellaneous Fees and Charges. On or before the twenty-fifth
(25th) of each month, the Borrower shall pay to the Lender the full amount of interest and
fees billed for the immediately preceding month.

	3.1	 	(c) If, for any reason, (1) Borrower repays a Warehousing Advance on the same day that it was
made by Lender or (2) Borrower instructs Lender not to make a previously requested Warehousing
Advance after Lender has reserved funds or made other arrangements necessary to enable Lender
to fund that Warehousing Advance, Borrower agrees to pay to Lender an administrative fee equal
to 1 day of interest on that Warehousing Advance at the rate of 1.50% per annum. Borrower
must pay all administrative fees in accordance with Section 3.1(b) above.

	3.1	 	(d) After an Event of Default occurs and upon Notice to Borrower by Lender, unless and until
such Event of Default is waived or cured as provided in this Agreement, the unpaid amount of
each Warehousing Advance will bear interest at the Default Rate until paid in full.

	3.1	 	(e) Lender will adjust the rates of interest pursuant to the terms of in this Agreement as of
the effective date of each change in the applicable index. Lender’s determination of such
rates of interest as of any date of determination is conclusive and binding, absent manifest
error.

3.2. Interest Limitation

Lender does not intend, by reason of this Agreement, the Warehousing Note or any other Loan
Document, to receive interest in excess of the amount permitted by applicable law. If Lender
receives any interest in excess of the amount permitted by applicable law, whether by reason of
acceleration of the maturity of this Agreement, the Warehousing Note or otherwise, Lender will
apply the excess to the unpaid principal balance of the Warehousing Advances and not to the payment
of interest. If all Warehousing Advances have been paid in full and the Warehousing Commitment has
expired or has been terminated, Lender will remit any excess to Borrower. This Section controls
every other provision of all agreements between Borrower and Lender and is binding upon and
available to any subsequent holder of the Warehousing Note.

3.3. Principal Payments

	3.3	 	(a) Borrower must pay Lender the outstanding principal amount of all Warehousing Advances and
any accrued and unpaid interest on the Warehousing Maturity Date.

	3.3	 	(b) Except as otherwise provided in Section 3.1, Borrower may prepay any portion of the
Warehousing Advances without premium or penalty at any time.

	3.3	 	(c) Upon telephonic or written Notice to Borrower by Lender, Borrower must pay to Lender, and
Borrower authorizes Lender to charge Borrower’s Operating Account for, the amount of any
outstanding Warehousing Advance against a specific Pledged Asset upon the earliest occurrence
of any of the following events:

	 	(1)	 	For any Pledged Loan, the Warehouse Period elapses.

	 	(2)	 	For any Pledged Loan, the Shipped Period elapses.

	 	(3)	 	With respect to Pledged Loans which are to be funded with a Warehousing
Advance, on the date a Warehousing Advance was made if the Pledged Loan to be funded by
that Warehousing Advance is not closed and funded.

	 	(4)	 	Two (2) Business Days elapse from the date a Warehousing Advance was made
against a Pledged Loan, without receipt of the Collateral Documents relating to that
Pledged Loan required to be delivered on that date or such Collateral Documents, upon
examination by Lender, are not found to be in compliance with the requirements of this
Agreement.

	 	(5)	 	Ten (10) Business Days elapse without the return of a Collateral Document
delivered by Lender to Borrower under a Trust Receipt for correction or completion.

	 	(6)	 	On the date on which a Pledged Loan is determined to have been originated based
on untrue, incomplete or inaccurate information or otherwise to be subject to fraud,
whether or not Borrower had knowledge of the misrepresentation, incomplete or incorrect
information or fraud, on the date on which Borrower knows, has reason to know, or
receives Notice from Lender, that (A) one or more of the representations and warranties
set forth in Article 9 is or becomes inaccurate or incomplete in any material respect
on any date regardless of when made or deemed made, or (B) Borrower has failed to
perform or comply with any covenant, term or condition applicable to it set forth in
Article 9.

	 	(7)	 	On the date the Pledged Loan or a Lien prior to the interest securing repayment
of the Pledged Loan is defaulted and remains in default for a period of 60 days or
more.

	 	(8)	 	Upon the sale, other disposition, refinancing or other prepayment of any
Pledged Asset.

	 	(9)	 	With respect to any Pledged Loan, any of the Collateral Documents, upon
examination by Lender, are found not to be in compliance with the requirements of this
Agreement.

	 	(10)	 	On the date 60 days after Borrower’s initiation of foreclosure proceeding or
against a Pledged Loan.

	 	(11)	 	On the date after a bankruptcy proceeding is commenced and has not been
dismissed against an obligor of a Pledged Loan.

	 	(12)	 	Upon the sale, maturity, other disposition, refinancing or repayment of any
Pledged Loan.

	3.3	 	(d) In addition to the payments required by Sections 3.3(a) and 3.3(c), if the principal
amount of any Pledged Loan is prepaid in whole or in part while a Warehousing Advance is
outstanding against the Pledged Loan, Borrower must pay to Lender, without the necessity of
prior demand or Notice from Lender, and Borrower authorizes Lender to charge Borrower’s
Operating Account for, the amount of the prepayment, to be applied against the Warehousing
Advance.

	3.3	 	(e) The proceeds of the sale, other disposition or repayment of Pledged Assets must be paid
directly by the purchaser or refinancing lender to the Cash Collateral Account. Borrower must
give Notice to Lender in writing or by telephone (followed promptly by written Notice) of the
Pledged Assets for which proceeds have been received. Upon receipt of Borrower’s Notice,
Lender will apply any proceeds deposited into the Cash Collateral Account to the payment of
the Warehousing Advances related to the Pledged Assets identified by Borrower in its Notice,
and those Pledged Assets will be considered to have been redeemed from pledge. Lender is
entitled to rely upon Borrower’s affirmation that deposits in the Cash Collateral Account
represent proceeds of the purchase or repayment of the Pledged Assets specified by Borrower in
its Notice. If the payment for the purchase or repayment of Pledged Assets is less than the
outstanding Warehousing Advances against the Pledged Assets identified by Borrower in its
Notice, Borrower must pay to Lender, and Borrower authorizes Lender to charge Borrower’s
Operating Account in, an amount equal to that deficiency. As long as no Default or Event of
Default exists, Lender will return to Borrower any excess proceeds of Pledged Assets.

	3.3	 	(f) Lender reserves the right to revalue any Pledged Loan. Borrower must pay to Lender,
without the necessity of prior demand or Notice from Lender, and Borrower authorizes Lender to
charge Borrower’s Operating Account for, any amount required after any such revaluation to
reduce the principal amount of the Warehousing Advance outstanding against the revalued
Pledged Loan to an amount equal to the Advance Rate for the applicable type of Eligible Loan
multiplied by the Fair Market Value of the Pledged Loan.

	3.3	 	(g) Borrower must give Lender Notice not later than 1:00 p.m. (Central Time) on any Business
Day of the payment on such day to Lender of proceeds of Pledged Assets or any other payment on
the Obligations if the amount of the payment exceeds $10,000,000.00.

3.4. Warehousing Fees

	3.4	 	(a) At the end of each month during the term of this Agreement (i.e., from its effective date
through the Termination Date), the Lender shall determine average usage of the Warehousing
Commitment by calculating the arithmetic daily average of the outstanding balance of
Warehousing Advances in that month. The Lender shall then subtract the average usage (the
“Used Portion”) from the Warehousing Commitment Amount (the result being called the
“Unused Portion”) and the Borrower shall pay in arrears (without duplication of
payment), on or before five (5) days after the later of (a) the end of each month or (b) the
Borrower’s receipt of the Lender’s bill for such monthly period, a fee (“Non-Usage
Fee”) equal to .125% per annum on the total amount of the Unused Portion of the
Warehousing Commitment for that month, as compensation to the Lender for its agreement to make
the Warehousing Commitment available to the Borrower during that month and not as compensation
for the use, forbearance or detention of money (i.e., as a “true commitment fee” under
Texas law); provided that such fee shall be waived for any calendar month if the
Unused Portion for such month is equal to or less than fifty percent (50%) of the Warehousing
Commitment Amount. Each calculation by the Lender of the amount of any Non-Usage Fee shall be
conclusive and binding on the Borrower, absent manifest error.

	3.4	 	(b) At the end of each month during the term of this Agreement, the Borrower shall pay to the
Lender in arrears on or before five (5) days after the later of (a) the end of each calendar
month or (b) the Borrower’s receipt of the Lender’s bill for such monthly period, a
transaction fee equal to TWO HUNDRED FIFTY AND NO/100 DOLLARS ($250.00) for each Pledged Loan
then held by Lender during such month and for which Lender has not previously received a
transaction fee, for the handling and administration of Advances and Collateral.

3.5. Miscellaneous Fees and Charges

Borrower must reimburse Lender for all Miscellaneous Fees and Charges actually incurred and
which are separately itemized in writing by Lender. Borrower must pay to the Lender all
Miscellaneous Fees and Charges in accordance with Section 3.1(b) above..

3.6. Overdraft Advances

If Lender debits Borrower’s Operating Account or honors an item presented against the
Operating Account and that debit or honor results in an overdraft, Lender may make an additional
Warehousing Advance to fund that overdraft (“Overdraft Advance”). Borrower must pay
(a) the outstanding amount of any Overdraft Advance, within 1 Business Day after the date of the
Overdraft Advance, and (b) interest on the amount of the Overdraft Advance, at a rate per annum
equal to the Prime Rate plus 2%, within 9 days after the date of Lender’s invoice.

3.7. Method of Making Payments

	3.7	 	(a) Unless otherwise specified in this Agreement, Borrower must make all payments under this
Agreement to Lender by the close of business on the date when due unless the date is not a
Business Day. If the due date is not a Business Day, payment is due on, and interest will
accrue to, the next Business Day. Borrower must make all payments in United States dollars in
immediately available funds transferred by wire to accounts designated by Lender.

	3.7	 	(b) Borrower authorizes Lender to charge Borrower’s Operating Account for the full amount of
interest and fees billed for the immediately preceding month pursuant to Section 3.1(b) of
this Agreement, which are due and payable on the 25th day of each calendar month,
without the necessity of prior demand or Notice from Lender.

	3.7	 	(c) While a Default or Event of Default exists, Borrower authorizes Lender to charge
Borrower’s Operating Account for any Obligations due and payable to Lender, without the
necessity of prior demand or Notice from Lender.

3.8. Buydowns.

Borrower may prepay a portion of the Warehousing Advances in an amount equal to $250,000 or an
integral multiple $100,000 in excess thereof pursuant to this Section 3.8 (any such prepayments
hereafter referred to as a “Buydown”). A Buydown shall be deemed a prepayment of Warehousing
Advances as agreed between Borrower and Lender, but shall not entitle Borrower to the release of
any Collateral. Borrower shall provide Lender with advance notice of any Buydown not later than
11:00 a.m. (Central Time) on the date of such Buydown. All or any portion of a Buydown may be
reborrowed (“Buyup”) in an amount equal to $250,000 or an integral multiple of $100,000 in excess
thereof, upon written notice to Lender no later than 10:30 a.m. (Central Time) on any Business Day,
provided no Default or Event of Default has occurred and is continuing and all other conditions
precedent have been satisfied or waived. Lender shall withdraw each Buydown from Borrower’s
Operating Account by 12:00 noon (Central Time) on the day thereof. Each request for a Buydown or
Buyup will be on the corporate letterhead of Borrower and no more than 2 Buydowns/Buyups will occur
in any one week period. In the event Lender receives a payment of Warehousing Advances which
would, as a result of the Buydown, reduce the outstanding principal balance of the Warehousing
Advances to an amount less than zero, a portion of the Buydown sufficient to eliminate such
shortfall equal to $250,000 or an integral multiple of $100,000 in excess thereof, will be
readvanced to Borrower. Lender may apply the Buydown to reduce the interest on Warehousing
Advances in such order as Lender, in its sole discretion, shall determine.

	4.	 	COLLATERAL

4.1. Grant of Security Interest

As security for the payment of the Warehousing Note and for the performance of all of
Borrower’s Obligations, Borrower grants a security interest to Lender in all of Borrower’s right,
title and interest in and to the following described property (“Collateral”):

	4.1	 	(a) All amounts advanced by Lender to or for the account of Borrower under this Agreement to
fund a Bridge Mortgage Loan until that Bridge Mortgage Loan is closed and those funds
disbursed.

	4.1	 	(b) All Bridge Mortgage Loans, including all Mortgage Notes, Mortgages and Security
Agreements evidencing or securing those Bridge Mortgage Loans, that are delivered or caused to
be delivered to Lender (including delivery to a third party on behalf of Lender), or that
otherwise come into the possession, custody or control of Lender for the purpose of assignment
or pledge in connection with this Agreement, are otherwise described in any Warehousing
Advance Request or in respect of which Lender has made a Warehousing Advance under this
Agreement, and in the event the Release Amount has not been paid with respect to any Bridge
Mortgage Loans pledged hereunder (collectively, “Pledged Loans”).

	4.1	 	(c) All commitments, if any, to insure or guarantee any Bridge Mortgage Loans included in the
Pledged Loans; all Purchase Commitments held by Borrower covering Pledged Loans or proposed
permanent Pledged Loans, and all proceeds from the sale of Pledged Loans to Investors pursuant
to those Purchase Commitments; and all personal property, contract rights, servicing rights or
contracts and servicing fees and income or other proceeds, amounts and payments payable to
Borrower as compensation or reimbursement, accounts, payments, intangibles and general
intangibles of every kind relating to Pledged Loans, Purchase Commitments, private mortgage
insurance and commitments, and all other documents or instruments relating to Pledged Loans,
including any guaranties, intercreditor agreements and any interest of Borrower in any fire,
casualty or hazard insurance policies and any awards made by any public body or decreed by any
court of competent jurisdiction for a taking or for degradation of value in any eminent domain
proceeding as the same relate to Pledged Loans.

	4.1	 	(d) All escrow accounts, documents, instruments, files, surveys, certificates,
correspondence, appraisals, computer programs, tapes, discs, cards, accounting records,
including all information, records, tapes, data, programs, discs and cards necessary or
helpful in the administration or servicing of the Collateral, (in each case if and to the
extent applicable to the Collateral) and other information and data of Borrower relating to
the Collateral.

	4.1	 	(e) All cash, whether now existing or acquired after the date of this Agreement, delivered to
or otherwise in the possession of Lender or Lender’s agent, bailee or custodian or designated
on the books and records of Borrower as assigned and pledged to Lender, including all cash
deposited in the Cash Collateral Account and the Wire Disbursement Account.

	4.1	 	(f) All Hedging Arrangements related to the Collateral (“Pledged Hedging
Arrangements”) and Borrower’s accounts in which those Hedging Arrangements are held
(“Pledged Hedging Accounts”), including all rights to payment arising under the
Pledged Hedging Arrangements and the Pledged Hedging Accounts, except that Lender’s security
interest in the Pledged Hedging Arrangements and Pledged Hedging Accounts applies only to
benefits, including rights to payment, related to the Collateral.

	4.1	 	(g) All cash and non-cash proceeds of the Collateral, including all dividends, distributions
and other rights in connection with, and all additions to, modifications of and replacements
for, the Collateral, and all products and proceeds of the Collateral, together with whatever
is receivable or received when the Collateral or proceeds of Collateral are sold, collected,
exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary,
including all rights to payment with respect to any cause of action affecting or relating to
the Collateral or proceeds of Collateral.

4.2. Maintenance of Collateral Records

As long as the Warehousing Commitment is outstanding or there remain any Obligations to be
paid or performed under this Agreement or under any other Loan Document, Borrower must preserve and
maintain, at its chief executive office and principal place of business or in a regional office
approved by Lender, or in the office of a computer service bureau engaged by Borrower and approved
by Lender and, upon Lender’s reasonable request, make available to Lender the originals, or copies
in any case where the originals have been delivered to Lender or to an Investor, of any Mortgage
Notes, Mortgages and Security Agreements included in Pledged Loans and all other agreements or
documents evidencing, securing or backing Pledged Assets, Purchase Commitments, and all related
Mortgage Loan documents and instruments, and all files, surveys, certificates, correspondence,
appraisals, computer programs, tapes, discs, cards, accounting records and other information and
data relating to the Collateral.

4.3. Release of Security Interest in Pledged Loans

	4.3	 	(a) Except as provided in Section 4.3(b), Lender will release its security interest in the
Pledged Loans only against payment to Lender of the Release Amount in connection with those
Pledged Loans. Borrower shall not convert Pledged Loans to Mortgage-backed Securities.

	4.3	 	(b) If no Default or Event of Default occurs and is continuing, Borrower may redeem a Pledged
Loan from Lender’s security interest by notifying Lender of its intention to redeem the
Pledged Loan from pledge and paying, or causing an Investor to pay, to Lender, for application
as a prepayment on the principal balance of the Warehousing Note, the Release Amount in
connection with the Pledged Loan.

	4.3	 	(c) After a Default or Event of Default occurs, Lender may, with no liability to Borrower or
any Person, continue to release its security interest in any Pledged Loan against payment of
the Release Amount for that Pledged Loan.

	4.3	 	(d) The amount to be paid by Borrower to obtain the release of Lender’s security interest in
a Pledged Loan (“Release Amount”) will be (1) in connection with the sale of a Pledged
Loan by Lender while an Event of Default exists, the amount paid to Lender in a commercially
reasonable disposition of that Pledged Loan and (2) otherwise, until an Event of Default
occurs, the principal amount of the Warehousing Advance outstanding against the Pledged Loan.

4.4. Collection and Servicing Rights

	4.4	 	(a) If no Event of Default exists, Borrower may service and receive and collect directly all
sums payable to Borrower in respect of the Collateral other than proceeds of any Purchase
Commitment or proceeds of the sale of any Collateral. All proceeds of any Purchase Commitment
or any other sale of Collateral must be paid directly to the Cash Collateral Account for
application as provided in this Agreement.

	4.4	 	(b) After an Event of Default, Lender or its designee is entitled to service and receive and
collect all sums payable to Borrower in respect of the Collateral, and in such case (1) Lender
or its designee in its discretion may, in its own name, in the name of Borrower or otherwise,
demand, sue for, collect or receive any money or property at any time payable or receivable on
account of or in exchange for any of the Collateral, but Lender has no obligation to do so,
(2) Borrower must, if Lender requests it to do so, hold in trust for the benefit of Lender and
immediately pay to Lender at its office designated by Notice, all amounts received by Borrower
upon or in respect of any of the Collateral, advising Lender as to the source of those funds
and (3) all amounts so received and collected by Lender will be held by it as part of the
Collateral.

4.5. Return of Collateral at End of Warehousing Commitment

If (a) the Warehousing Commitment has expired or been terminated, and (b) no Warehousing
Advances, interest or other Obligations are outstanding and unpaid, Lender will, after notice from
the Borrower, promptly release its security interest and will promptly deliver all Collateral in
its possession to Borrower at Borrower’s expense. Borrower’s acknowledgement or receipt for any
Collateral released or delivered to Borrower under any provision of this Agreement is a complete
and full acquittance for the Collateral so returned, and Lender is discharged from any liability or
responsibility for that Collateral.

4.6. Delivery of Collateral Documents

	4.6	 	(a) Lender may deliver documents relating to the Collateral to Borrower for correction or
completion under a Trust Receipt.

	4.6	 	(b) If no Default or Event of Default exists, upon delivery by Borrower to Lender of shipping
instructions pursuant to the applicable Exhibit B, Lender will deliver the Mortgage
Notes evidencing Pledged Loans, together with all related loan documents previously received
by Lender under the requirements of the applicable Exhibit B, to the designated
Investor or to another party designated by Borrower and acceptable to Lender in its sole
discretion.

	4.6	 	(c) If a Default or Event of Default exists, Lender may, without liability to Borrower or any
other Person, continue to deliver Pledged Loans, together with all related loan documents in
Lender’s possession, to the applicable Investor or to another party acceptable to Lender in
its sole discretion.

	4.6	 	(d) Borrower Remains Liable

Anything herein to the contrary notwithstanding, Borrower shall remain liable under each
item of the Collateral to observe and perform all the conditions and obligations to be
observed and performed by it thereunder, all in accordance with the terms thereof and any
other agreement giving rise thereto, and in accordance with and pursuant to the terms and
provisions thereof. Whether or not Lender has exercised any rights in any of the
Collateral, Lender shall have no obligation or liability under any of the Collateral (or any
agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt
by Lender of any payment relating thereto, nor shall Lender be obligated in any manner to
perform any of the obligation of Borrower under or pursuant to any of the Collateral (or any
agreement giving rise thereto) to make any payment, to make any inquiry as to the nature or
the sufficiency of any payment received by it or as to the sufficiency of any performance by
any party under any of the collateral (or any agreement giving rise thereto), to present or
file any claim, to take any action to enforce any performance or to collect the payment of
any amounts which may have been assigned to it or to which it may be entitled at any time or
times.

	4.6	 	(e) Further Assurance

Borrower authorizes Lender to file financing statements to perfect and continue Lender’s
security interest in the Collateral. Borrower will execute and cooperate with Lender in
obtaining from third parties control agreements in form satisfactory to Lender with respect
to collateral consisting of investment property, deposit accounts, letter-of-credit rights,
and electronic chattel paper.

	5.	 	CONDITIONS PRECEDENT

5.1. Initial Advance

Lender’s obligation to make the initial Warehousing Advance, is subject to the satisfaction,
in the sole discretion of Lender, of the following conditions precedent:

	5.1	 	(a) Lender must receive the following, all of which must be satisfactory in form and content
to Lender, in its sole discretion:

	 	(1)	 	The Warehousing Note and this Agreement duly executed by Borrower.

	 	(2)	 	Borrower’s articles of organization or formation, together with all amendments,
as certified by the Secretary of State of Maryland, Borrower’s operating agreement,
together with all amendments, certified by the manager of Borrower, and certificates of
good standing dated within 60 days of the date of this Agreement, together with a
certification from the Franchise Tax Board or other state tax authority stating that
Borrower is in good standing with the Franchise Tax Board or such state tax authority,
if applicable.

	 	(3)	 	A resolution, consent or approval of all of the members of Borrower authorizing
the execution, delivery and performance of this Agreement and the other Loan Documents,
each Warehousing Advance Request and all other agreements, instruments or documents to
be delivered by Borrower under this Agreement.

	 	(4)	 	A certificate as to the incumbency and authenticity of the signatures of the
managers of Borrower executing this Agreement and the other Loan Documents.

	 	(5)	 	Assumed Name Certificates dated within 30 days of the date of this Agreement
for any assumed name used by Borrower in the conduct of its business.

	 	(6)	 	Uniform Commercial Code, tax lien and judgment searches of the appropriate
public records for Borrower that do not disclose the existence of any prior Lien on the
Collateral other than in favor of Lender or as permitted under this Agreement.

	 	(7)	 	Copies of Borrower’s errors and omissions insurance policy or mortgage
impairment insurance policy, and blanket bond coverage policy, or certificates in lieu
of policies, showing compliance by Borrower as of the date of this Agreement with the
provisions of Section 7.9.

	 	(8)	 	The Guaranty duly executed by Guarantor.

	 	(9)	 	Guarantor’s articles of organization or formation, together with all
amendments, as certified by the Secretary of State of Delaware, Guarantor’s operating
agreement, together with all amendments, certified by the Secretary of Guarantor, and
certificates of good standing dated within 60 days of the date of this Agreement,
together with a certification from the Franchise Tax Board or other state tax authority
stating that Guarantor is in good standing with the Franchise Tax Board or such state
tax authority, if applicable.

	 	(10)	 	A resolution, consent or approval of certified by the Secretary of Guarantor
authorizing the execution, delivery and performance of the Guaranty.

	 	(11)	 	Receipt by Lender of any fees due on the date of this Agreement.

	5.1	 	(b) Borrower must not have incurred any material liabilities, direct or contingent, other
than in the ordinary course of its business, since the Audited Statement Date.

5.2. Each Advance

Lender’s obligation to make the initial and each subsequent Warehousing Advance is subject to
the satisfaction, in the sole discretion of Lender, as of the date of each Warehousing Advance, of
the following additional conditions precedent:

	5.2	 	(a) Borrower must have delivered to Lender the Warehousing Advance Request and Collateral
Documents required by, and must have satisfied the procedures set forth in, Article 2 and the
Exhibits described in that Article. All items delivered to Lender must be satisfactory to
Lender in form and content, and Lender may reject any item that does not satisfy the
requirements of this Agreement.

	5.2	 	(b) Lender must have received evidence satisfactory to it as to the making or continuation of
any book entry or the due filing and recording in all appropriate offices of all financing
statements and other instruments necessary to perfect the security interest of Lender in the
Collateral under the Uniform Commercial Code or other applicable law.

	5.2	 	(c) The representations and warranties of Borrower contained in Article 6 and Article 9 must
be accurate and complete in all material respects as if made on and as of the date of each
Warehousing Advance.

	5.2	 	(d) Borrower must have performed in all material respects all agreements to be performed by
it under this Agreement, and after giving effect to the requested Warehousing Advance, no
Default or Event of Default will exist under this Agreement.

Delivery of a Warehousing Advance Request by Borrower will be deemed a representation by
Borrower that all conditions set forth in this Section have been satisfied as of the date of
the Warehousing Advance.

5.3. Force Majeure

Notwithstanding Borrower’s satisfaction of the conditions set forth in this Agreement, Lender
has no obligation to make a Warehousing Advance if Lender is prevented from obtaining the funds
necessary to make a Warehousing Advance, or is otherwise prevented from making a Warehousing
Advance as a result of any fire or other casualty, failure of power, strike, lockout or other labor
trouble, banking moratorium, embargo, sabotage, confiscation, condemnation, riot, civil
disturbance, insurrection, act of terrorism, war or other activity of armed forces, act of God or
other similar reason beyond the control of Lender. Lender will make the requested Warehousing
Advance as soon as reasonably possible following the occurrence of such an event.

	6.	 	GENERAL REPRESENTATIONS AND WARRANTIES

Borrower represents and warrants to Lender, as of the date of this Agreement and as of the
date of each Warehousing Advance Request and the making of each Warehousing Advance, that:

6.1. Place of Business

Borrower’s chief executive office and principal place of business is 621 East Pratt Street,
suite 300, Baltimore, Maryland 21202.

6.2. Organization; Good Standing; Subsidiaries

Borrower is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Maryland, and has the full legal power and authority to own its
property and to carry on its business as currently conducted. Borrower is duly qualified as a
foreign limited liability company to do business and is in good standing in each jurisdiction in
which the transaction of its business makes qualification necessary, except in jurisdictions, if
any, where a failure to be in good standing has no material adverse effect on Borrower’s business,
operations, assets or financial condition as a whole. For the purposes of this Agreement, good
standing includes qualification for all licenses and payment of all taxes required in the
jurisdiction of its formation and in each jurisdiction in which Borrower transacts business.
Borrower has no Subsidiaries except as set forth on Exhibit D, which sets forth with
respect to each Subsidiary, its name, address, jurisdiction of organization, each state in which it
is qualified to do business, and the percentage ownership of its membership interests by Borrower.
Each of Borrower’s Subsidiaries is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization, and has the full legal power and authority to own its
property and to carry on its business as currently conducted.

6.3. Authorization and Enforceability

Borrower has the power and authority to execute, deliver and perform this Agreement, the
Warehousing Note and other Loan Documents to which Borrower is party and to make the borrowings
under this Agreement. The execution, delivery and performance by Borrower of this Agreement, the
Warehousing Note and the other Loan Documents to which Borrower is party and the making of the
borrowings under this Agreement, and the Warehousing Note, have been duly and validly authorized by
all necessary company action on the part of Borrower (none of which actions has been modified or
rescinded, and all of which actions are in full force and effect) and do not and will not (a)
conflict with or violate any provision of law, of any judgments binding upon Borrower, or of the
articles of organization or operating agreement of Borrower, or (b) conflict with or result in a
breach of, constitute a default or require any consent under, or result in or require the
acceleration of any indebtedness of Borrower under any agreement, instrument or indenture to which
Borrower is a party or by which Borrower or its property may be bound or affected, or result in the
creation of any Lien upon any property or assets of Borrower (other than the Lien on the Collateral
granted under this Agreement). This Agreement, the Warehousing Note and the other Loan Documents
constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with
their respective terms, except as limited by bankruptcy, insolvency or other such laws affecting
the enforcement of creditors’ rights.

6.4. Approvals

The execution and delivery of this Agreement, the Warehousing Note and the other Loan
Documents and the performance of Borrower’s obligations under this Agreement, the Warehousing Note
and the other Loan Documents and the validity and enforceability of this Agreement, the Warehousing
Note and the other Loan Documents do not require any license, consent, approval or other action of
any state or federal agency or governmental or regulatory authority other than those that have been
obtained and remain in full force and effect.

6.5. Financial Condition

The balance sheet of Borrower (and, if applicable, Borrower’s Subsidiaries, on a consolidated
basis) as of each Statement Date, and the related statements of income, cash flows and changes in
members’ equity for the fiscal period ended on each Statement Date, furnished to Lender, fairly
present the financial condition of Borrower (and, if applicable, Borrower’s Subsidiaries) as at
that Statement Date and the results of its operations for the fiscal period ended on that Statement
Date. Borrower had, on each Statement Date, no known material liabilities, direct or indirect,
fixed or contingent, matured or unmatured, or liabilities for taxes, long-term leases or unusual
forward or long-term commitments which are required to be disclosed or reserved against in
accordance with GAAP which are not so disclosed by, or reserved against in, those financial
statements. Those financial statements were prepared in accordance with GAAP applied on a
consistent basis throughout the periods involved. Since the Audited Statement Date, there has been
no material adverse change in the business, operations, assets or financial condition of Borrower
(and, if applicable, Borrower’s Subsidiaries), nor is Borrower aware of any state of facts that
(with or without notice or lapse of time or both) would or could result in any such material
adverse change.

6.6. Litigation

There are no actions, claims, suits or proceedings pending or, to Borrower’s knowledge,
threatened or reasonably anticipated against or affecting Borrower or any Subsidiary of Borrower in
any court or before any arbitrator or before any government commission, board, bureau or other
administrative agency that, if adversely determined, may reasonably be expected to result in a
material adverse change in Borrower’s business, operations, assets or financial condition as a
whole, or that would affect the validity or enforceability of this Agreement, the Warehousing Note
or any other Loan Document.

6.7. Compliance with Laws

Neither Borrower nor any Subsidiary of Borrower is in violation of any provision of any law,
or of any judgment, award, rule, regulation, order, decree, writ or injunction of any court or
public regulatory body or authority that could result in a material adverse change in Borrower’s
business, operations, assets or financial condition as a whole or that would affect the validity or
enforceability of this Agreement, the Warehousing Note or any other Loan Document.

6.8. Regulation U

Borrower is not engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the
proceeds of any Warehousing Advance made under this Agreement will be used to purchase or carry any
Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin
Stock.

6.9. Investment Company Act

Borrower is not an “investment company” or controlled by an “investment company” within the
meaning of the Investment Company Act.

6.10. Payment of Taxes

Borrower and each of its Subsidiaries has filed or caused to be filed all federal, state and
local income, excise, property and other tax returns that are required to be filed with respect to
the operations of Borrower and its Subsidiaries, all such returns are true and correct and Borrower
and each of its Subsidiaries has paid or caused to be paid all taxes shown on those returns or on
any assessment, to the extent that those taxes have become due, including all FICA payments and
withholding taxes, if appropriate, except in each case those which are being contested in good
faith or which would not reasonably be expected to result in a Material Adverse Change. The
amounts reserved as a liability for income and other taxes payable in the financial statements
described in Section 6.5 are sufficient for payment of all unpaid federal, state and local income,
excise, property and other taxes, whether or not disputed, of Borrower and its Subsidiaries accrued
for or applicable to the period and on the dates of those financial statements and all years and
periods prior to those financial statements and for which Borrower and its Subsidiaries may be
liable in their own right or as transferee of the assets of, or as successor to, any other Person.
No tax Liens have been filed and no material claims are being asserted against Borrower, any
Subsidiary of Borrower or any property of Borrower or any Subsidiary of Borrower with respect to
any taxes, fees or charges.

6.11. Agreements

Neither Borrower nor any Subsidiary of Borrower is in default in the performance, observance
or fulfillment of any of the obligations, covenants or conditions contained in any agreement,
instrument, or indenture which default could result in a material adverse change in Borrower’s
business, operations, properties or financial condition as a whole. No holder of any indebtedness
of Borrower or of any of its Subsidiaries in the amount of $7,500,000.00 or more has given notice
of any asserted default under that indebtedness, and no liquidation or dissolution of Borrower or
of any of its Subsidiaries and no receivership, insolvency, bankruptcy, reorganization or other
similar proceedings relative to Borrower or of any of its Subsidiaries or any of its or their
properties is pending, or to the knowledge of Borrower, threatened.

6.12. Title to Properties

Borrower and each Subsidiary of Borrower has good, valid, insurable and (in the case of real
property) marketable title to all of its properties and assets (whether real or personal, tangible
or intangible) reflected on the financial statements described in Section 6.5, except for those
properties and assets that Borrower has disposed of since the date of those financial statements
either in the ordinary course of business or because they were no longer used or useful in the
conduct of Borrower’s or the Subsidiary’s business or except as would not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Change.

6.13. ERISA

	6.13	 	(a) There are no violations of the applicable provisions of ERISA, the Code and other Federal
or state laws that have resulted in or could be reasonably be expected to have a Material
Adverse Change. Borrower, Guarantor, and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412 of the Code, and no application for a
funding waiver or an extension of any amortization period pursuant to Section 412 of the Code
has been made with respect to any Plan.

	6.13	 	(b) There are no pending or, to the knowledge of Borrower, threatened claims, actions or
lawsuits, or action by any governmental authority, with respect to any Plan that could be
reasonably be expected to have a Material Adverse Change. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that
has resulted or could reasonably be expected to result in a Material Adverse Change.

	6.13	 	(c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) adequate
provision has been made for any Pension Plan that has any Unfunded Pension Liability; (iii)
neither Borrower, Guarantor, nor any ERISA Affiliate has incurred, or reasonably expects to
incur, any liability under Title IV of ERISA with respect to the termination of any Pension
Plan; (iv) neither Borrower, Guarantor, nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the giving of notice
under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of
ERISA with respect to a Multiemployer Plan; and (v) neither Borrower, Guarantor, nor any ERISA
Affiliate has engaged in a transaction that could be subject to Sections 4069 or 4212(c) of
ERISA.

6.14. Assumed Names

Borrower does not originate Bridge Mortgage Loans or otherwise conduct business under any
names other than its legal name and the assumed names set forth on Exhibit G. Borrower has
made all filings and taken all other action as may be required under the laws of any jurisdiction
in which it originates Bridge Mortgage Loans or otherwise conducts business under any assumed name.
Borrower’s use of the assumed names set forth on Exhibit G does not conflict with any
other Person’s legal rights to any such name, nor otherwise give rise to any liability by Borrower
to any other Person. Borrower may amend Exhibit G to add or delete any assumed names used
by Borrower to conduct business. An amendment to Exhibit G to add an assumed name is not
effective until Borrower has delivered to Lender an assumed name certificate in the jurisdictions
in which the assumed name is to be used, which must be satisfactory in form and content to Lender,
in its sole discretion. In connection with any amendment to delete a name from Exhibit G,
Borrower represents and warrants that it has ceased using that assumed name in all jurisdictions.

	7.	 	AFFIRMATIVE COVENANTS

As long as the Warehousing Commitment is outstanding or there remain any Obligations to be
paid or performed under this Agreement or under any other Loan Document, Borrower must:

7.1. Payment of Obligations

Punctually pay or cause to be paid all Obligations, including the Obligations payable under
this Agreement and under the Warehousing Note, in accordance with their terms.

7.2. Financial Statements

Deliver to Lender:

	7.2	 	(a) As soon as available and in any event within 60 days after the end of each of the first
three fiscal quarters of Borrower, excluding the last fiscal quarter of Borrower’s fiscal
year, an interim statement of income of Borrower (and, if applicable, Borrower’s Subsidiaries,
on a consolidated basis) for that fiscal quarter and the period from the beginning of the
fiscal year to the end of that fiscal quarter, and the related balance sheet as at the end of
that fiscal quarter, all in reasonable detail, subject, however, to year-end audit
adjustments.

	7.2	 	(b) As soon as available and in any event within 120 days after the end of each fiscal year
of Borrower, fiscal year-end statements of income, changes in shareholders’ equity and cash
flow of Borrower (and, if applicable, Borrower’s Subsidiaries, on a consolidated basis) for
that year, and the related balance sheet as of the end of that year (setting forth in
comparative form the corresponding figures for the preceding fiscal year), all in reasonable
detail and accompanied by (1) an opinion as to those financial statements in form and
substance satisfactory to Lender and prepared by independent certified public accountants of
recognized standing acceptable to Lender and (2) any management letters, management reports or
other supplementary comments or reports delivered by those accountants to Borrower or its
board of directors.

	7.2	 	(c) As soon as available and in any event within 60 days after the end of each of the first
three fiscal quarters of Guarantor, excluding the last fiscal quarter of Guarantor’s fiscal
year, an interim statement of income of Guarantor (and, if applicable, Guarantor’s
Subsidiaries, on a consolidated basis) for that fiscal quarter and the period from the
beginning of the fiscal year to the end of that fiscal quarter, and the related balance sheet
as at the end of that fiscal quarter, all in reasonable detail, subject, however, to year-end
audit adjustments.

	7.2	 	(d) As soon as available and in any event within 120 days after the end of each fiscal year
of Guarantor, fiscal year-end statements of income, changes in shareholders’ equity and cash
flow of Guarantor (and, if applicable, Guarantor’s Subsidiaries, on a consolidated basis) for
that year, and the related balance sheet as of the end of that year (setting forth in
comparative form the corresponding figures for the preceding fiscal year), all in reasonable
detail and accompanied by (1) an opinion as to those financial statements in form and
substance satisfactory to Lender and prepared by independent certified public accountants of
recognized standing acceptable to Lender and (2) any management letters, management reports or
other supplementary comments or reports delivered by those accountants to Borrower or its
board of directors.

	7.2	 	(e) Together with each delivery of financial statements required by this Section, a
Compliance Certificate substantially in the form of Exhibit E.

	7.2	 	(f) Copies of all regular or periodic financial and other reports that Borrower files with
the Securities and Exchange Commission or any successor governmental agency or other entity.

7.3. Other Borrower Reports

Deliver to Lender:

	7.3	 	(a) On or before the 25th day of each Calendar Quarter, a status report with respect to each
Bridge Mortgage Loan pledged under this Agreement substantially in the form of
Exhibit C as of the end of the prior Calendar Quarter, in form and substance
satisfactory to Lender.

	7.3	 	(b) A copy of any material change to the Underwriting Guidelines prior to the effective date
of that change.

	7.3	 	(c) Other reports in respect of Pledged Assets, including copies of purchase confirmations,
if applicable, issued by Investors purchasing Pledged Loans from Borrower, in such detail and
at such times as Lender in its discretion may reasonably request.

	7.3	 	(d) With reasonable promptness, all further information regarding the business, operations,
properties or financial condition of Borrower as Lender may reasonably request, including
copies of any audits completed by HUD, Ginnie Mae, Fannie Mae or Freddie Mac.

Documents required to be delivered pursuant to Section 7.2 and this Section 7.3 may
be delivered electronically and if so delivered, shall be deemed to have been delivered upon
delivery or on the date on which Borrower posts such documents, or provides a link thereto on the
Borrower’s website on the Internet; provided that: Borrower shall notify (which may be by
facsimile or electronic mail) the Lender of the posting of any such documents and provide to the
Lender by electronic mail electronic versions (i.e., soft copies) of such documents.

7.4. Maintenance of Existence; Conduct of Business

Preserve and maintain its existence as a limited liability company in good standing and all of
its rights, privileges, licenses and franchises necessary or desirable in the normal conduct of its
business; and make no material change in the nature or character of its business.

7.5. Compliance with Applicable Laws

Comply with the requirements of all applicable laws, rules, regulations and orders of any
governmental authority, a breach of which could result in a material adverse change in Borrower’s
business, operations, assets, or financial condition as a whole or on the enforceability of this
Agreement, the Warehousing Note, any other Loan Document or any Collateral, except where contested
in good faith and by appropriate proceedings.

7.6. Inspection of Properties and Books; Operational Reviews

Permit Lender (and its authorized representatives) to discuss the business, operations, assets
and financial condition of Borrower and its Subsidiaries with Borrower’s managers and other
management officials, agents and employees, and to examine and make copies or extracts of
Borrower’s and its Subsidiaries’ books of account, all as Lender may reasonably request. Provide
its accountants with a copy of this Agreement promptly after its execution and authorize and
instruct them to answer candidly all questions that the officers of Lender or any authorized
representatives of Lender may reasonably address to them in reference to the financial condition or
affairs of Borrower and its Subsidiaries. Borrower may have its representatives in attendance at
any meetings held between the officers or other representatives of Lender and Borrower’s
accountants under this authorization. Permit Lender (and its authorized representatives) access to
Borrower’s premises and records for the purpose of conducting a review of Borrower’s general
mortgage business methods, policies and procedures, auditing its loan files and reviewing the
financial and operational aspects of Borrower’s business, all as Lender may reasonably request.

7.7. Notice

Give prompt Notice to Lender of (a) any action, suit or proceeding instituted by or against
Borrower or any of its Subsidiaries in any federal or state court or before any commission or other
regulatory body (federal, state or local, domestic or foreign), which action, suit or proceeding
has at issue in excess of $7,500,000 (or, in the case of a personal injury claim fully covered by
insurance, $7,500,000), or any such proceedings threatened against Borrower or any of its
Subsidiaries in a writing containing the details of that action, suit or proceeding; (b) the
filing, recording or assessment of any federal, state or local tax Lien against Borrower, or any of
its assets or any of its Subsidiaries; (c) an Event of Default; (d) a Default that continues for
more than 5 days; (e) the occurrence of any ERISA Event; and (f) any other action, event or
condition of any nature that may reasonably be expected to result in a Material Adverse Change.

7.8. Payment of Debt, Taxes and Other Obligations

Pay, perform and discharge, or cause to be paid, performed and discharged, all of the
obligations and indebtedness of Borrower and its Subsidiaries, all taxes, assessments and
governmental charges or levies imposed upon Borrower or its Subsidiaries or upon their respective
income, receipts or properties before those taxes, assessments and governmental charges or levies
become past due, and all lawful claims for labor, materials and supplies or otherwise that, if
unpaid, could become a Lien or charge upon any of their respective properties or assets, except in
each case to the extent that a failure to do so could not reasonably be expected to result in a
Material Adverse Change. Borrower and its Subsidiaries are not required to pay, however, any
taxes, assessments and governmental charges or levies or claims for labor, materials or supplies
for which Borrower or its Subsidiaries have obtained an adequate bond or insurance or that are
being contested in good faith and by proper proceedings that are being reasonably and diligently
pursued and for which proper reserves have been created.

7.9. Insurance

Maintain with financially sound and reputable insurance companies not Affiliates of Borrower
insurance with respect to its properties and business against loss or damage of the kinds
customarily insured against by Persons engaged in the same or similar business, of such types and
in such amounts as are customarily carried under similar circumstances by such other Persons.

7.10. Closing Instructions

Indemnify and hold Lender harmless from and against any loss, including reasonable attorneys’
fees and costs, attributable to the failure of any title insurance company, agent or attorney to
comply with Borrower’s disbursement or instruction letter relating to any Bridge Mortgage Loan.
Lender has the right to pre-approve Borrower’s choice of title insurance company, agent or attorney
and Borrower’s disbursement or instruction letter to them in any case in which Borrower intends to
obtain a Warehousing Advance against the Bridge Mortgage Loan to be created at settlement or to
pledge that Bridge Mortgage Loan as Collateral under this Agreement.

7.11. Other Loan Obligations

Perform all material obligations under the terms of each loan agreement, note, mortgage,
security agreement or debt instrument by which Borrower is bound or to which any of its property is
subject, and promptly notify Lender in writing of a declared default under or the termination,
cancellation, reduction or nonrenewal of any of its other lines of credit or agreements with any
other lender. Exhibit F is a true and complete list of all such lines of credit or
agreements as of the date of this Agreement. Borrower must give Lender at least 30 days Notice
before entering into any additional lines of credit or loan agreements.

7.12. Use of Proceeds of Warehousing Advances

Use the proceeds of each Warehousing Advance for the purpose of funding Eligible Loans
included in Collateral and other general business purposes of the Borrower.

	8.	 	NEGATIVE COVENANTS

As long as the Warehousing Commitment is outstanding or there remain any Obligations to be
paid or performed, Borrower must not, either directly or indirectly, without the prior written
consent of Lender:

8.1. Restrictions on Fundamental Changes

Merge, dissolve, liquidate, consolidate with or into another Person, convert its equity
securities or Dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any
Person, except that, so long as no Default exists or would result therefrom, and Borrower has
promptly provided Lender with written notice thereof, (i) any Subsidiary of the Guarantor may merge
with the Guarantor or another Subsidiary of the Guarantor, provided that, if any such merger is
with Guarantor, the Guarantor shall be the continuing or surviving Person, and (ii) any Subsidiary
of the Guarantor may Dispose of all or substantially all of its assets (upon voluntary liquidation
or otherwise) to the Guarantor or to another Subsidiary of the Guarantor; provided that if
the transferor in such a transaction is a wholly-owned Subsidiary of the Guarantor, then the
transferee must either be the Guarantor or a wholly-owned Subsidiary of the Guarantor.

8.2. Accounting Changes

Make, or permit any Subsidiary of Borrower to make, any significant change in accounting
treatment or reporting practices, except in compliance with GAAP, or change its fiscal year or the
fiscal year of any Subsidiary of Borrower.

8.3. Minimum Consolidated Tangible Net Worth

Permit Guarantor’s Consolidated Tangible Net Worth at any time to be less than $350,000,000,
computed as of the end of each calendar quarter.

8.4. Maximum Consolidated Leverage Ratio

Permit Guarantor’s Consolidated Leverage Ratio at any time to exceed 5.0 to 1, computed as of
the end of each calendar quarter.

8.5. Minimum Liquidity

Permit the Unencumbered Liquidity of the Guarantor (and its Subsidiaries, on a consolidated
basis) to be less than $15,000,000, computed as of the end of each calendar quarter.

8.6. Maximum Consolidated Senior Indebtedness Ratio

Permit the ratio of Consolidated Senior Indebtedness to Consolidated Tangible Net Worth of the
Guarantor and its Subsidiaries at any time to exceed 3.5:1, computed as of the end of each calendar
quarter.

8.7. Minimum Consolidated Interest and Distributions Coverage Ratio

Permit Guarantor’s Consolidated Interest and Distributions Coverage Ratio at any time to be
less than 1.5:1, computed as of the end of each calendar quarter.

8.8. Underwriting Guidelines

Make any material change to the Underwriting Guidelines other than in accordance with
Section 7.3(b) of this Agreement.

	9.	 	SPECIAL REPRESENTATIONS, WARRANTIES AND COVENANTS CONCERNING COLLATERAL

9.1. Special Representations and Warranties Concerning Warehousing Collateral

Borrower represents and warrants to Lender, as of the date of this Agreement and as of the
date of each Warehousing Advance Request and the making of each Warehousing Advance, that:

	9.1	 	(a) Borrower has not selected the Collateral in a manner so as to affect adversely Lender’s
interests.

	9.1	 	(b) Borrower is the legal and equitable owner and holder, free and clear of all Liens (other
than Liens granted under this Agreement), of the Pledged Loans. All Pledged Loans have been
duly authorized and validly issued to Borrower, and all of the foregoing items of Collateral
comply with all of the requirements of this Agreement, and have been and will continue to be
validly pledged or assigned to Lender, subject to no other Liens.

	9.1	 	(c) Borrower has, and will continue to have, the full right, power and authority to pledge
the Collateral pledged and to be pledged by it under this Agreement.

	9.1	 	(d) Each Bridge Mortgage Loan and each related document included in the Pledged Loans (1) has
been duly executed and delivered by the parties to that Bridge Mortgage Loan and that related
document, (2) has been made in compliance with all applicable laws, rules and regulations
(including all laws, rules and regulations relating to usury), (3) is and will continue to be
a legal, valid and binding obligation, enforceable in accordance with its terms, without
setoff, counterclaim or defense in favor of the obligor or mortgagor under the Bridge Mortgage
Loan or any other obligor on the Mortgage Note and (4) has not been modified, amended or any
requirements of which waived, except in writing that is part of the Collateral Documents.

	9.1	 	(e) Each Bridge Mortgage Loan is secured by a First Mortgage on the real property and
improvements described in or covered by that Mortgage.

	9.1	 	(f) Each Bridge Mortgage Loan has or will have a title insurance policy, in ALTA form or
equivalent, from a recognized title insurance company, insuring the priority of the Lien of
the Mortgage.

	9.1	 	(g) Each Mortgage Loan has been evaluated or appraised in accordance with Title XI of FIRREA.

	9.1	 	(h) The Mortgage Note for each Pledged Loan is (1) payable or endorsed to the order of
Borrower, (2) an “instrument” within the meaning of Article 9 of the Uniform Commercial Code
of all applicable jurisdictions and (3) is denominated and payable in United States dollars.

	9.1	 	(i) No default has existed for 60 days or more under any Bridge Mortgage Loan included in the
Pledged Loans unless otherwise permitted by Lender.

	9.1	 	(j) No party to a Bridge Mortgage Loan or any related document is in violation of any
applicable law, rule or regulation that would impair the collectibility of the Bridge Mortgage
Loan or materially impair the performance by the mortgagor or any other obligor of its
obligations under the Mortgage Note or any related document.

	9.1	 	(k) All fire and casualty policies of the real property and improvements encumbered by each
Mortgage included in the Pledged Loans and each Property (1) name and will continue to name
Borrower and its successors and assigns as the insured under a standard mortgagee clause,
(2) are and will continue to be in full force and effect and (3) afford and will continue to
afford insurance against fire and such other risks as are usually insured against in the broad
form of extended coverage insurance generally available.

	9.1	 	(l) Each Property and Pledged Loan secured by real property and improvements located in a
special flood hazard area designated as such by the Director of the Federal Emergency
Management Agency are and will continue to be covered by special flood insurance under the
National Flood Insurance Program.

	9.1	 	(m) The original assignments of Mortgage, if applicable, delivered to Lender for each Pledged
Loan are in recordable form and comply with all applicable laws and regulations governing the
filing and recording of such documents.

	9.1	 	(n) None of the mortgagors, guarantors or other obligors of any Pledged Loan is a Person
named in any Restriction List and to whom the provision of financial services is prohibited or
otherwise restricted by applicable law.

9.2. Special Affirmative Covenants Concerning Warehousing Collateral

As long as the Warehousing Commitment is outstanding or there remain any Obligations to be
paid or performed under this Agreement or under any other Loan Document, Borrower must:

	9.2	 	(a) Warrant and defend the right, title and interest of Lender in and to the Collateral
against the claims and demands of all Persons.

	9.2	 	(b) Service or cause to be serviced all Mortgage Loans in accordance with the Underwriting
Guidelines, including without limitation taking all actions necessary to enforce the
obligations of the obligors under such Mortgage Loans. Borrower will hold all escrow funds
collected in respect of Pledged Assets in trust, without commingling the same with
non-custodial funds, and apply the same for the purposes for which such funds were collected.

	9.2	 	(c) Pay (or require to be paid) prior to their becoming delinquent all taxes, assessments,
insurance premiums, charges, encumbrances and liens now or hereafter imposed upon or affecting
any Collateral (provided, that nothing herein shall require Borrower to discharge Liens on
properties subject to Mortgage Loans serviced by Borrower).

	9.2	 	(d) Execute and deliver to Lender with respect to the Collateral those further instruments of
sale, pledge, assignment or transfer, and those powers of attorney, as required by Lender, and
do and perform all matters and things necessary or desirable to be done or observed, for the
purpose of effectively creating, maintaining and preserving the security and benefits intended
to be afforded Lender under this Agreement.

	9.2	 	(e) Compare the names of every mortgagor, guarantor and other obligor of every Bridge
Mortgage Loan, together with appropriate identifying information concerning those Persons
obtained by Borrower, against every Restriction List, and make certain that none of the
mortgagors, guarantors or other obligors of any Bridge Mortgage Loan is a Person named in any
Restriction List and to whom the provision of financial services is prohibited or otherwise
restricted by applicable law.

	9.2	 	(f) From and after the occurrence and during the continuance of an Event of Default, as soon
as available but in no event later than 45 days after the request of Lender, deliver to Lender
an appraisal of any Property securing a Pledged Loan, setting forth the Appraised Property
Value of that Property.

	9.2	 	(g) Review the Underwriting Guidelines periodically to confirm that those policies and
procedures are being complied with in all material respects and are adequate to meet
Borrower’s business objectives.

9.3. Special Negative Covenants Concerning Warehousing Collateral

As long as the Warehousing Commitment is outstanding or there remain any Obligations to be
paid or performed, Borrower must not, either directly or indirectly, without the prior written
consent of Lender:

	9.3	 	(a) Amend or modify, or waive any of the terms and conditions of, or settle or compromise any
claim in respect of, any Pledged Loans, except for amendments or modifications which (i) do
not affect or relate to the principal, interest or any other payments due under the Pledged
Loans, (ii) would not result in the Pledged Loans being ineligible to be financed under this
Agreement and (iii) do not materially and adversely affect the mortgagee’s remedies under such
Pledged Loans.

	9.3	 	(b) Sell, transfer or assign, or grant any option with respect to, or pledge (except under
this Agreement) any of the Collateral or any interest in any of the Collateral.

	9.3	 	(c) Make any compromise, adjustment or settlement in respect of any of the Collateral or
accept other than cash in payment or liquidation of the Collateral.

	9.3	 	(d) Make any material change in the Underwriting Guidelines and procedures without providing
Notice of that change to Lender pursuant to Section 7.3(b).

9.4. Special Representations and Warranties Concerning Bridge Mortgage Loans

Borrower represents and warrants to Lender, as of the date of this Agreement and as of the
date of each Warehousing Advance Request and the making of each Warehousing Advance, that:

	9.4	 	(a) Each Bridge Mortgage Loan is a Mortgage Loan as to which Borrower has conducted its
customary due diligence and review, including review of the financial condition of the obligor
under the related Mortgage Note and inspection of the improved real property subject to the
Mortgage, and such customary due diligence and review have not revealed facts that would
adversely affect collectibility of the Bridge Mortgage Loan.

	9.4	 	(b) Each Pledged Loan will be underwritten in accordance with the Underwriting Guidelines.

	9.4	 	(c) The principal amount of each Bridge Mortgage Loan does not exceed $15,000,000.

	9.4	 	(d) In the case of a Bridge Mortgage Loan, a portion of which will be used to repair or
rehabilitate the improvements to the related real property, the portion of the proceeds of the
Bridge Mortgage Loan to be used to finance the repair or rehabilitation of the improvements to
the related real property does not exceed 20% of the stabilized value of the property, and
that portion of the proceeds, net of any amounts disbursed at closing to pay for repairs or
rehabilitation commenced before closing, must be deposited at closing into escrow under an
escrow agreement with an escrow agent containing disbursement instructions satisfactory to
Lender, in its sole discretion, and containing terms satisfactory to Lender, in its sole
discretion, permitting Lender to effectuate the assignment of Borrower’s rights under the
escrow agreement to Lender.

	10.	 	DEFAULTS; REMEDIES

10.1. Events of Default

The occurrence of any of the following is an event of default (“Event of Default”):

	10.1	 	(a) Borrower fails to pay the principal of any Warehousing Advance when due, whether at
stated maturity, by acceleration, or otherwise; or fails to pay any installment of interest on
any Warehousing Advance when due, whether at stated maturity, by acceleration, or otherwise;
or fails to pay, within 5 days after the same becomes due, any other amount due under this
Agreement or any other Obligation of Borrower to Lender.

	10.1	 	(b) Borrower or any of its Subsidiaries fails to pay, or defaults in the payment of any
principal or interest on, any other indebtedness or any contingent obligation within any
applicable grace period or breaches or defaults with respect to any other material term of any
other indebtedness or of any loan agreement, mortgage, indenture or other agreement relating
to that indebtedness, if the effect of that failure to pay, breach or default is to cause, or
to permit the holder or holders of that indebtedness (or a trustee on behalf of such holder or
holders) to cause, indebtedness of Borrower or its Subsidiaries in the aggregate amount of
$7,500,000 or more to become or be declared due before its stated maturity (upon the giving or
receiving of notice, lapse of time, both, or otherwise).

	10.1	 	(c) Borrower fails to perform or comply with any term or condition applicable to it contained
in any Section of Article 8.

	10.1	 	(d) Any representation or warranty made or deemed made by Borrower under this Agreement, in
any other Loan Document or in any written statement or certificate at any time given by
Borrower pursuant to the terms of this Agreement, other than the representations and
warranties set forth in Article 9 with respect to specific Pledged Loans, is inaccurate or
incomplete in any material respect on the date as of which it is made or deemed made.

	10.1	 	(e) Borrower defaults in the performance of or compliance with any term contained in this
Agreement or any other Loan Document other than those referred to in Sections 10.1(a), 10.1(c)
or 10.1(d) and such default has not been remedied or waived within 30 days after the earliest
of (1) receipt by Borrower of Notice from Lender of that default, (2) receipt by Lender of
Notice from Borrower of that default or (3) the date Borrower should have notified Lender of
that default under Section 7.7(c) or 7.7(d).

	10.1	 	(f) Any default or event of default occurs under the Repo Agreement.

	10.1	 	(g) A case (whether voluntary or involuntary) is filed by or against Borrower or any
Subsidiary of Borrower under any applicable bankruptcy, insolvency or other similar federal or
state law; or a court of competent jurisdiction appoints a receiver (interim or permanent),
liquidator, sequestrator, trustee, custodian or other officer having similar powers over
Borrower or any Subsidiary of Borrower, or over all or a substantial part of their respective
properties or assets (and any such involuntary case or appointment without the consent of the
Borrower continues undismissed, undischarged or unstayed for 60 days); or Borrower or any
Subsidiary of Borrower (1) consents to the appointment of or possession by a receiver (interim
or permanent), liquidator, sequestrator, trustee, custodian or other officer having similar
powers over Borrower or any Subsidiary of Borrower, or over all or a substantial part of their
respective properties or assets, (2) makes an assignment for the benefit of creditors, or
(3) fails, or admits in writing its inability, to pay its debts as those debts become due.

	10.1	 	(h) Any money judgment, writ or warrant of attachment or similar process involving an amount
in excess of $7,500,000 is entered or filed against Borrower or any of its Subsidiaries or any
of their respective assets and remains undischarged, unvacated, unbonded or unstayed for a
period of 30 days or 5 days before the date of any proposed sale under that money judgment,
writ or warrant of attachment or similar process.

	10.1	 	(i) Any order, judgment or decree decreeing the dissolution of Borrower is entered and
remains undischarged or unstayed for a period of 20 days.

	10.1	 	(j) Borrower purports to disavow the Obligations or contests the validity or enforceability
of any Loan Document.

	10.1	 	(k) Lender’s security interest on any portion of the Collateral becomes unenforceable or
otherwise impaired and such has not been cured or waived.

	10.1	 	(l) A Material Adverse Change occurs.

	10.1	 	(m) Any Lien for any taxes, assessments or other governmental charges in excess of $7,500,000
(1) is filed against Borrower or any of its property, or is otherwise enforced against
Borrower or any of its property, or (2) obtains priority that is equal to or greater than the
priority of Lender’s security interest in any of the Collateral and such Lien is not release
within 30 days of its filing.

	10.1	 	(n) Any Person, other than Borrower or any controlled Affiliates of the Guarantor, is the
servicer with respect to any Collateral.

10.2. Remedies

	10.2	 	(a) If an Event of Default described in Section 10.1(g) occurs with respect to Borrower, the
Warehousing Commitment will automatically terminate and the unpaid principal amount of and
accrued interest on the Warehousing Note and all other Obligations will automatically become
due and payable, without presentment, demand or other Notice or requirements of any kind, all
of which Borrower expressly waives.

	10.2	 	(b) If any other Event of Default occurs, Lender may, by Notice to Borrower, terminate the
Warehousing Commitment and declare the Obligations to be immediately due and payable.

	10.2	 	(c) If any Event of Default occurs, Lender may also take any of the following actions:

	 	(1)	 	Foreclose upon or otherwise enforce its security interest in any Lien on the
Collateral to secure all payments and performance of the Obligations in any manner
permitted by law or provided for in the Loan Documents.

	 	(2)	 	Notify all obligors under any of the Collateral that the Collateral has been
assigned to Lender (or to another Person designated by Lender) and that all payments on
that Collateral are to be made directly to Lender (or such other Person); settle,
compromise or release, in whole or in part, any amounts any obligor or Investor owes on
any of the Collateral on terms acceptable to Lender; enforce payment and prosecute any
action or proceeding involving any of the Collateral; and where any Collateral is in
default, foreclose on and enforce any Lie ns securing that Collateral in any manner
permitted by law and sell any property acquired as a result of those enforcement
actions.

	 	(3)	 	Prepare and submit for filing Uniform Commercial Code amendment statements
evidencing the assignment to Lender or its designee of any Uniform Commercial Code
financing statement filed in connection with any item of Collateral.

	 	(4)	 	Act, or contract with a third party to act, at Borrower’s expense, as servicer
or subservicer of Collateral requiring servicing, and perform all obligations required
under any Collateral, including Servicing Contracts and Purchase Commitments.

	 	(5)	 	Require Borrower to assemble and make available to Lender the Collateral and
all related books and records at a place designated by Lender.

	 	(6)	 	Enter onto property where any Collateral or related books and records are
located and take possession of those items with or without judicial process(but in any
event upon reasonable notice to Seller and during regular office hours), and require
Borrower to perform all acts and take all action to permit Lender the right to use,
without charge, Borrower’s computer programs, other programs, labels, patents,
copyrights, rights of use of any name, trade secrets, trade names, trademarks, service
marks and advertising matter, or any property of a similar nature, as it pertains to
the Collateral and use all of the foregoing and the information contained in the
foregoing in any manner Lender deems necessary for the purpose of effectuating its
rights under this Agreement and any other Loan Document.

	 	(7)	 	Before the disposition of the Collateral, prepare it for disposition in any
manner and to the extent Lender deems appropriate.

	 	(8)	 	Exercise all rights and remedies of a secured creditor under the Uniform
Commercial Code of Texas or other applicable law, including selling or otherwise
disposing of all or any portion of the Collateral at one or more public or private
sales, whether or not the Collateral is present at the place of sale, for cash or
credit or future delivery, on terms and conditions and in the manner as Lender may
determine, including sale under any applicable Purchase Commitment. Borrower waives
any right it may have to prior notice of the sale of all or any portion of the
Collateral to the extent allowed by applicable law. If notice is required under
applicable law, Lender will give Borrower not less than 10 days’ notice of any public
sale or of the date after which any private sale may be held. Borrower agrees that 10
days’ notice is reasonable notice. Lender may, without notice or publication, adjourn
any public or private sale one or more times by announcement at the time and place
fixed for the sale, and the sale may be held at any time or place announced at the
adjournment. In the case of a sale of all or any portion of the Collateral on credit
or for future delivery, the Collateral sold on those terms may be retained by Lender
until the purchaser pays the selling price or takes possession of the Collateral.
Lender has no liability to Borrower if a purchaser fails to pay for or take possession
of Collateral sold on those terms, and in the case of any such failure, Lender may sell
the Collateral again upon notice complying with this Section.

	 	(9)	 	Instead of or in conjunction with exercising the power of sale authorized by
Section 10.2(c)(8), Lender may proceed by suit at law or in equity to collect all
amounts due on the Collateral, or to foreclose Lender’s Lien on and sell all or any
portion of the Collateral pursuant to a judgment or decree of a court of competent
jurisdiction.

	 	(10)	 	Proceed against Borrower on the Warehousing Note.

	 	(11)	 	Proceed against Guarantor on the Guaranty.

	 	(12)	 	Retain all excess proceeds from the sale or other disposition of the
Collateral, and apply them to the payment of the Obligations under Section 10.3.

	10.2	 	(d) Lender will incur no liability as a result of the commercially reasonable sale or other
disposition of all or any portion of the Collateral at any public or private sale or other
disposition. Borrower waives (to the extent permitted by law) any claims it may have against
Lender arising by reason of the fact that the price at which the Collateral may have been sold
at a private sale was less than the price that Lender might have obtained at a public sale, or
was less than the aggregate amount of the outstanding Warehousing Advances, accrued and unpaid
interest on those Warehousing Advances, and unpaid fees, even if Lender accepts the first
offer received and does not offer the Collateral to more than one offeree. Borrower agrees
that any sale of Collateral under the terms of a Purchase Commitment, or any other disposition
of Collateral arranged by Borrower, whether before or after the occurrence of an Event of
Default, will be deemed to have been made in a commercially reasonable manner.

	10.2	 	(e) Borrower acknowledges that Bridge Mortgage Loans may be suitable for purchase by
investors in the secondary mortgage market. Borrower agrees that Lender may purchase Pledged
Loans at a private sale of such Collateral.

	10.2	 	(f) Borrower specifically waives and releases (to the extent permitted by law) any equity or
right of redemption, stay or appraisal that Borrower has or may have under any rule of law or
statute now existing or adopted after the date of this Agreement, and any right to require
Lender to (1) proceed against any Person, (2) proceed against or exhaust any of the Collateral
or pursue its rights and remedies against the Collateral in any particular order, or
(3) pursue any other remedy within its power. Lender is not required to take any action to
preserve any rights of Borrower against holders of mortgages having priority to the Lien of
any Mortgage or Security Agreement included in the Collateral or to preserve Borrower’s rights
against other prior parties.

	10.2	 	(g) Lender may, but is not obligated to, advance any sums or do any act or thing necessary to
uphold or enforce the Lien and priority of, or the security intended to be afforded by, any
Mortgage or Security Agreement included in the Collateral, including payment of delinquent
taxes or assessments and insurance premiums. All advances, charges, costs and expenses,
including reasonable attorneys’ fees and disbursements, incurred or paid by Lender in
exercising any right, power or remedy conferred by this Agreement, or in the enforcement of
this Agreement, together with interest on those amounts at the Default Rate, from the time
paid by Lender until repaid by Borrower, are deemed to be principal outstanding under this
Agreement and the Warehousing Note.

	10.2	 	(h) No failure or delay on the part of Lender to exercise any right, power or remedy provided
in this Agreement or under any other Loan Document, at law or in equity, will operate as a
waiver of that right, power or remedy. No single or partial exercise by Lender of any right,
power or remedy provided under this Agreement or any other Loan Document, at law or in equity,
precludes any other or further exercise of that right, power, or remedy by Lender, or Lender’s
exercise of any other right, power or remedy. Without limiting the foregoing, Borrower waives
all defenses based on the statute of limitations to the extent permitted by law. The remedies
provided in this Agreement and the other Loan Documents are cumulative and are not exclusive
of any remedies provided at law or in equity.

	10.2	 	(i) Borrower will perform all acts and take all action to permit Lender the right to use,
without charge, Borrower’s computer programs, other programs, labels, patents, copyrights,
rights of use of any name, trade secrets, trade names, trademarks, service marks and
advertising matter, or any property of a similar nature, as it pertains to the Collateral, in
advertising for sale and selling any of the Collateral.

10.3. Application of Proceeds

Lender may apply the proceeds of any sale, disposition or other enforcement of Lender’s Lien
on all or any portion of the Collateral to the payment of the Obligations in the order Lender
determines in its sole discretion. From and after the indefeasible payment to Lender of all of the
Obligations, any remaining proceeds of the Collateral will be paid to Borrower, or to its
successors or assigns, or as a court of competent jurisdiction may direct. If the proceeds of any
sale, disposition or other enforcement of the Collateral are insufficient to cover the costs and
expenses of that sale, disposition or other enforcement and payment in full of all Obligations,
Borrower is liable for the deficiency.

10.4. Lender Appointed Attorney-in-Fact

Borrower appoints Lender its attorney-in-fact, with full power of substitution, for the
purpose of carrying out the provisions of this Agreement, the Warehousing Note and the other Loan
Documents and taking any action and executing any instruments that Lender deems necessary or
advisable to accomplish that purpose. Borrower’s appointment of Lender as attorney-in-fact is
irrevocable and coupled with an interest. Without limiting the generality of the foregoing, Lender
may give notice of its Lien on the Collateral to any Person, either in Borrower’s name or in its
own name, endorse all Pledged Loans payable to the order of Borrower, change or cause to be changed
the book-entry registration or name of subscriber or Investor, prepare and submit for filing
Uniform Commercial Code amendment statements with respect to any Uniform Commercial Code financing
statements filed in connection with any item of Collateral or receive, endorse and collect all
checks made payable to the order of Borrower representing payment on account of the principal of or
interest on, or the proceeds of sale of, any of the Pledged Loans and give full discharge for those
transactions.

10.5. Right of Set-Off

If Borrower defaults in the payment of any Obligation or in the performance of any of its
duties under the Loan Documents, Lender may, without Notice to or demand on Borrower (which Notice
or demand Borrower expressly waives), set-off, appropriate or apply any property of Borrower held
at any time by Lender, or any indebtedness at any time owed by Lender to or for the account of
Borrower, against the Obligations, whether or not those Obligations have matured.

	11.	 	MISCELLANEOUS

11.1. Notices

Except where telephonic, electronic, or facsimile notice is expressly authorized by this
Agreement, all communications required or permitted to be given or made under this Agreement
(“Notices”) must be in writing and must be sent by manual delivery, overnight courier or
United States mail (postage prepaid), addressed as follows (or at such other address as may be
designated by it in a Notice to the other):

	 	 	 	If to Borrower: MMA Construction Finance, LLC

	 	 	 
	621 East Pratt Street, Suite 300

Baltimore, Maryland 21202

Attention: Treasurer

Facsimile: (410) 727-5387

With a copy to :

	 	

MMA Construction Finance, LLC

	 	 	 
	621 East Pratt Street, Suite 300

	 
	 	 
	Baltimore, Maryland 21202

Attention: General Counsel

Facsimile: (410) 727-5387

If to Lender:

	 	

620 West Germantown Pike, Suite 200

Plymouth Meeting, PA 19462

Attention: Paul Ulrich

Facsimile: (610) 828-7293

All periods of Notice will be measured from the date of delivery if delivered manually or by
facsimile or electronic transmission, from the first Business Day after the date of sending if sent
by overnight courier or from 4 days after the date of mailing if sent by United States mail, except
that Notices to Lender under Article 2 shall be deemed to have been given only when actually
received by Lender. Borrower authorizes Lender to accept Borrower’s Warehousing Advance Requests,
shipping requests, wire transfer instructions and security delivery instructions transmitted to
Lender by facsimile or electronic transmission and those documents, when transmitted to Lender by
facsimile have the same force and effect as the originals.

11.2. Reimbursement Of Expenses; Indemnity

Borrower must: (a) pay all reasonable out-of-pocket costs and expenses incurred by Lender,
including without limitation reasonable attorneys’ fees, in connection with the preparation and
negotiation of this Agreement; (b) pay such additional documentation production fees as Lender may
require and all reasonable out-of-pocket costs and expenses of Lender, including reasonable fees,
service charges and disbursements of counsel to Lender, actually incurred in connection with the
amendment, enforcement and administration of this Agreement, the Warehousing Note, and other Loan
Documents, the making, repayment and payment of interest on the Warehousing Advances and the
payment of all other Obligations under Loan Documents; (c) indemnify, pay, and hold harmless Lender
and any other holder of the Warehousing Note from and against, all present and future stamp,
documentary and other similar taxes with respect to the foregoing matters and save Lender and any
other holder of the Warehousing Note harmless from and against all liabilities with respect to or
resulting from any delay or omission to pay such taxes; and (d) indemnify, pay and hold harmless
Lender and all of its Affiliates, officers, directors, employees or agents and any subsequent
holder of the Warehousing Note (collectively called the “Indemnitees”) from and against all
liabilities, obligations, losses, damages, penalties, judgments, suits, costs, expenses and
disbursements of every kind or nature (including the reasonable fees and disbursements of counsel
to the Indemnitees (including allocated costs of internal counsel) in connection with any
investigative, administrative or judicial proceeding, whether or not the Indemnitees have been
designated as parties to such proceeding) that may be imposed upon, incurred by or asserted against
such Indemnitees in any manner relating to or arising out of this Agreement, the Warehousing Note,
or any other Loan Document or any of the transactions contemplated by this Agreement, the
Warehousing Note and the other Loan Documents, including against all liabilities, obligations,
losses, damages, penalties, judgments, suits, costs, expenses and disbursements of every kind or
nature (including the reasonable fees and disbursements of counsel to the Indemnitees (including
allocated costs of internal counsel) in connection with any investigative, administrative or
judicial proceeding, whether or not the Indemnitees have been designated as parties to such
proceeding) arising from any breach of Sections 9.1(n) or 9.2(e) or the making of any Bridge
Mortgage Loan in which any mortgagor, guarantor or other obligor is a Person named in any
Restriction List and to whom the provision of financial services is prohibited or otherwise
restricted by applicable law (“Indemnified Liabilities”), except that Borrower has no
obligation under this Agreement with respect to Indemnified Liabilities arising from the gross
negligence or willful misconduct of any such Indemnitees. To the extent that the undertaking to
indemnify, pay and hold harmless as set forth in the preceding sentence may be unenforceable
because it is violative of any law or public policy, Borrower must contribute the maximum portion
that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all
Indemnified Liabilities incurred by the Indemnitees or any of them. The agreement of Borrower
contained in this Article survives the expiration or termination of this Agreement and the payment
in full of the Warehousing Note. Attorneys’ fees and disbursements incurred in enforcing, or on
appeal from, a judgment under this Agreement are recoverable separately from and in addition to any
other amount included in such judgment, and this clause is intended to be severable from the other
provisions of this Agreement and to survive and not be merged into such judgment.

11.3. Financial Information

All financial statements and reports furnished to Lender under this Agreement must be prepared
in accordance with GAAP, applied on a basis consistent with that applied in preparing the financial
statements as at the end of and for Borrower’s most recent fiscal year (except to the extent
otherwise required to conform to good accounting practice).

11.4. Terms Binding Upon Successors; Survival of Representations

The terms and provisions of this Agreement are binding upon and inure to the benefit of
Borrower, Lender and their respective successors and assigns. All of Borrower’s representations,
warranties, covenants and agreements survive the making of any Warehousing Advance, and except
where a longer period is set forth in this Agreement, remain effective for as long as the
Warehousing Commitment is outstanding or there remain any Obligations to be paid or performed.

11.5. Assignment

Borrower cannot assign this Agreement. Lender may at any time, without Notice to or the
consent of Borrower, transfer or assign, in whole or in part, its interest in this Agreement and
the Warehousing Note along with Lender’s security interest in any of the Collateral, and any
assignee of Lender may enforce this Agreement, the Warehousing Note and its security interest in
the Collateral assigned.

11.6. Amendments

Except as otherwise provided in this Agreement, this Agreement may not be amended, modified or
supplemented unless the amendment, modification or supplement is set forth in writing signed by
both Borrower and Lender.

11.7. Governing Law

This Agreement and the other Loan Documents are governed by the laws of the State of Texas,
without reference to its principles of conflicts of laws.

11.8. Participations

Lender may at any time sell, assign or grant participations in, or otherwise transfer to any
other Person (“Participant”), all or part of the Obligations. Without limiting Lender’s
exclusive right to collect and enforce the Obligations, Borrower agrees that each participation
will give rise to a debtor-creditor relationship between Borrower and the Participant, and Borrower
authorizes each Participant, upon the occurrence of an Event of Default, to proceed directly by
right of setoff, banker’s lien, or otherwise, against any assets of Borrower that may be held by
that Participant. Borrower authorizes Lender to disclose to prospective and actual Participants
all information in Lender’s possession concerning Borrower, this Agreement and the Collateral.

11.9. Relationship of the Parties

This Agreement provides for the making and repayment of Warehousing Advances by Lender (in its
capacity as a lender) and Borrower (in its capacity as a borrower), for the payment of interest on
those Warehousing Advances and for the payment of certain fees by Borrower to Lender. The
relationship between Lender and Borrower is limited to that of creditor and secured party on the
part of Lender and of debtor on the part of Borrower. The provisions of this Agreement and the
other Loan Documents for compliance with financial covenants and the delivery of financial
statements and other operating reports are intended solely for the benefit of Lender to protect its
interest as a creditor and secured party. Nothing in this Agreement creates or may be construed as
permitting or obligating Lender to act as a financial or business advisor or consultant to
Borrower, as permitting or obligating Lender to control Borrower or to conduct Borrower’s
operations, as creating any fiduciary obligation on the part of Lender to Borrower, or as creating
any joint venture, agency, partnership or other relationship between Lender and Borrower other than
as explicitly and specifically stated in the Loan Documents. Borrower acknowledges that it has had
the opportunity to obtain the advice of experienced counsel of its own choice in connection with
the negotiation and execution of the Loan Documents and to obtain the advice of that counsel with
respect to all matters contained in the Loan Documents, including the waivers of jury trial and of
punitive, consequential, special or indirect damages contained in Sections 11.16 and 11.17,
respectively. Borrower further acknowledges that it is experienced with respect to financial and
credit matters and has made its own independent decisions to apply to Lender for credit and to
execute and deliver this Agreement.

11.10. Severability

If any provision of this Agreement is declared to be illegal or unenforceable in any respect,
that provision is null and void and of no force and effect to the extent of the illegality or
unenforceability, and does not affect the validity or enforceability of any other provision of the
Agreement.

11.11. Counterparts

This Agreement may be executed in any number of counterparts, each of which will be deemed an
original, but all of which together constitute but one and the same instrument.

11.12. Headings/Captions

The captions or headings in this Agreement and the other Loan Documents are for convenience
only and in no way define, limit or describe the scope or intent of any provision of this Agreement
or any other Loan Document.

11.13. Entire Agreement

This Agreement, the Warehousing Note and the other Loan Documents represent the final
agreement among the parties with respect to their subject matter, and may not be contradicted by
evidence of prior or contemporaneous oral agreements among the parties. There are no oral
agreements among the parties with respect to the subject matter of this Agreement, the Warehousing
Note and the other Loan Documents.

11.14. Consent to Jurisdiction

AT THE OPTION OF LENDER, THIS AGREEMENT, THE WAREHOUSING NOTE AND THE OTHER LOAN DOCUMENTS MAY
BE ENFORCED IN ANY STATE OR FEDERAL COURT WITHIN THE STATE OF TEXAS BORROWER CONSENTS TO THE
JURISDICTION AND VENUE OF THOSE COURTS, AND WAIVES ANY OBJECTION TO THE JURISDICTION OR VENUE OF
THOSE COURTS, INCLUDING THE OBJECTION THAT VENUE IN THOSE COURTS IS NOT CONVENIENT. ANY SUCH SUIT,
ACTION OR PROCEEDING MAY BE COMMENCED AND INSTITUTED BY SERVICE OF PROCESS UPON BORROWER BY FIRST
CLASS REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO BORROWER AT ITS ADDRESS
LAST KNOWN TO LENDER. BORROWER’S CONSENT AND AGREEMENT UNDER THIS SECTION DOES NOT AFFECT LENDER’S
RIGHT TO ACCOMPLISH SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER JURISDICTION OR COURT. IN THE EVENT
BORROWER COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY
ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS, LENDER AT ITS OPTION MAY HAVE THE CASE TRANSFERRED TO A STATE OR FEDERAL COURT WITHIN
THE STATE OF TEXAS OR, IF A TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, MAY HAVE
BORROWER’S ACTION DISMISSED WITHOUT PREJUDICE.

11.15. Waiver of Jury Trial

BORROWER AND LENDER EACH PROMISES AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY A JURY, AND FULLY WAIVES ANY RIGHT TO TRIAL BY JURY TO THE EXTENT THAT ANY SUCH RIGHT
NOW EXISTS OR ARISES AFTER THE DATE OF THIS AGREEMENT. THIS WAIVER OF THE RIGHT TO TRIAL BY JURY
IS SEPARATELY GIVEN, KNOWINGLY AND VOLUNTARILY, BY BORROWER AND LENDER, AND IS INTENDED TO
ENCOMPASS EACH INSTANCE AND EACH ISSUE FOR WHICH THE RIGHT TO TRIAL BY JURY WOULD OTHERWISE APPLY.
LENDER AND BORROWER ARE EACH AUTHORIZED AND DIRECTED TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING
JURISDICTION OVER THE SUBJECT MATTER AND THE PARTIES TO THIS AGREEMENT AS CONCLUSIVE EVIDENCE OF
THIS WAIVER OF THE RIGHT TO TRIAL BY JURY. FURTHER, BORROWER AND LENDER EACH CERTIFIES THAT NO
REPRESENTATIVE OR AGENT OF THE OTHER PARTY, INCLUDING THE OTHER PARTY’S COUNSEL, HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, TO ANY OF ITS REPRESENTATIVES OR AGENTS THAT THE OTHER PARTY WILL NOT SEEK
TO ENFORCE THIS WAIVER OF RIGHT TO TRIAL BY JURY.

11.16. Waiver of Punitive, Consequential, Special or Indirect Damages

BORROWER WAIVES ANY RIGHT IT MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT
DAMAGES FROM LENDER OR ANY OF LENDER’S AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS WITH
RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY
BORROWER AGAINST LENDER OR ANY OF LENDER’S AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS
WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT. THIS WAIVER OF THE RIGHT TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES IS
KNOWINGLY AND VOLUNTARILY GIVEN BY BORROWER, AND IS INTENDED TO ENCOMPASS EACH INSTANCE AND EACH
ISSUE FOR WHICH THE RIGHT TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES WOULD
OTHERWISE APPLY. LENDER IS AUTHORIZED AND DIRECTED TO SUBMIT THIS AGREEMENT TO ANY COURT HAVING
JURISDICTION OVER THE SUBJECT MATTER AND THE PARTIES TO THIS AGREEMENT AS CONCLUSIVE EVIDENCE OF
THIS WAIVER OF THE RIGHT TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES.

	12.	 	DEFINITIONS

12.1. Defined Terms

Capitalized terms defined below or elsewhere in this Agreement have the following meanings or,
as applicable, the meanings given to those terms in Exhibits to this Agreement:

"Accrual Basis” has the meaning set forth in Section 3.1(b).

"Advance Rate” means, with respect to any Eligible Loan, the Advance Rate set forth in
Exhibit H for that type of Eligible Loan.

"Affiliate” means, when used with reference to any Person, (a) each Person that,
directly or indirectly, controls, is controlled by or is under common control with, the Person
referred to, (b) each Person that beneficially owns or holds, directly or indirectly, 10% or more
of any class of voting Equity Interests of the Person referred to, (c) each Person, 10% or more of
the voting Equity Interests of which is beneficially owned or held, directly or indirectly, by the
Person referred to, and (d) each of such Person’s officers, directors, joint venturers and
partners. For these purposes, the term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of the Person in question.

"Agreement” means this Warehousing Credit and Security Agreement, either as originally
executed or as it may be amended, restated, renewed or replaced.

"Appraised Property Value” means with respect to an interest in real property, the
then current fair market value of the real property and any improvements on it as of recent date
determined in accordance with Title XI of FIRREA by a qualified appraiser who is a member of the
American Institute of Real Estate Appraisers or other group of professional appraisers.

"Approval Request” means a request for approval of a Warehousing Advance in the form
of Exhibit A-APP-BR

"Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

"Audited Statement Date” means December 31, 2005.

"Borrower” has the meaning set forth in the first paragraph of this Agreement.

"Bridge Loan Approval Request” has the meaning set forth in Section 2.1.

"Bridge Mortgage Loan” has the meaning set forth in Exhibit H.

"Business Day” means any day other than Saturday, Sunday or any other day on which
Lender is closed for business.

"Calendar Quarter” means the 3 month period beginning on each January 1, April 1,
July 1 or October 1.

"Cash Collateral Account” means a demand deposit account maintained at Lender in
Lender’s name and designated for receipt of the proceeds of the sale or other disposition of
Collateral.

"Closing Date” has the meaning set forth in the Recitals to this Agreement.

“Code” means the Internal Revenue Code of 1986, as amended.

"Collateral” has the meaning set forth in Section 4.1.

"Collateral Documents” means, with respect to each Bridge Mortgage Loan, (a) the
Mortgage Note, the Mortgage and all other documents including, if applicable, any Security
Agreement, executed in connection with or relating to the Bridge Mortgage Loan; (b) as applicable,
the original lender’s ALTA Policy of Title Insurance or its equivalent, documents evidencing the
FHA Commitment to Insure, or private mortgage insurance, the appraisal, the environmental
assessment, the engineering report, certificates of casualty or hazard insurance, credit
information on the maker of the Mortgage Note; (c) any other document listed in the applicable
Exhibit B; and (d) any other document that is customarily desired for inspection or
transfer incidental to the purchase of any Mortgage Note by an Investor or that is customarily
executed by the seller of a Mortgage Note to an Investor.

"Committed Purchase Price” means for an Eligible Loan the dollar price as set forth in
the Purchase Commitment or, if the price is not expressed in dollars, the product of the Mortgage
Note Amount multiplied by the price (expressed as a percentage) as set forth in the Purchase
Commitment for the Eligible Loan.

"Compliance Certificate” means a certificate executed on behalf of Borrower by its
manager having principal financial accounting responsibilities, substantially in the form of
Exhibit E.

"Consolidated CAD” means for any period of determination, the cash available for
distribution for such period, as determined in accordance with Guarantor’s policies and procedures
for determining cash available for distribution (a) as reflected in its earnings packages furnished
to the SEC as supporting documentation for the financial information contained in its periodic
filings on Form 10-K or Form 10-QA or any relevant filings on Form 8-K or (b) as otherwise made
available to Guarantor’s investors and research analyst from time to time.

"Consolidated Debt” means the total liabilities minus deferred taxes of Guarantor and
its Subsidiaries, all as determined on a consolidated basis in accordance with GAAP, excluding any
liabilities of Guarantor and its Subsidiaries existing solely the application of FIN46.

"Consolidated Interest Charges and Distribution” means for any period, for the
Guarantor and its Subsidiaries on a consolidated basis, the sum of (a) all interest, premium
payments, debt discount fees, charges and related expenses of the Guarantor and its Subsidiaries in
connection with borrowed money (including capitalized interest) or in connection with the deferred
purchase price of assets, in each case to the extent treated as interest in accordance with GAAP,
(b) the portion of rent expense of the Guarantor and its Subsidiaries with respect to such period
under capital leases that is treated as interest in accordance with GAAP, and (c) Restricted
Payments made with respect to the preferred shares of Guarantor and its Subsidiaries provided, that
there shall be excluded any interest which would otherwise have been included herein solely as
result of application of FIN 46.

"Consolidated Interest and Distributions Coverage Ratio” means, as of any date of
determination, for Guarantor and its Subsidiaries on a consolidated basis the ratio of (a)
Consolidated CAD for the four fiscal quarters most recently ended for which the Guarantor has
delivered or should have delivered financial statements in accordance with this Agreement, plus
Consolidated Interest Charges and Distributions for such periods to (b) Consolidated Interest
Charges and Distributions for such period.

"Consolidated Leverage Ratio” means, as of any date of determination, for Guarantor
and its Subsidiaries on a consolidated basis, the ratio of Consolidated Debt to Consolidated
Tangible Net Worth of the Guarantor and its Subsidiaries on that date.

"Consolidated Senior Indebtedness” means, as of any date of determination, for
Guarantor and its Subsidiaries on a consolidated basis, the aggregate amount of the following
liabilities which would be shown on the consolidated balance sheet of the Guarantor and its
Subsidiaries prepared in accordance with GAAP: (a) the outstanding principal amount of all
obligations, whether current or long term, for borrowed money (including Obligations hereunder) and
all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments, (b) all purchase money Indebtedness, (c) all obligations in respect of the deferred
purchase price of property or services (other than trade accounts payable in the ordinary course of
business), (d) Attributable Indebtedness in respect of capital leases and Synthetic Lease
Obligations, and (e) all Indebtedness of the types referred to in clauses (a) through (d) above of
any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which the Guarantor or a subsidiary is a general partner or joint
venture, unless such indebtedness is expressly made non-recourse to the Borrowers or such
subsidiary, excluding, however (i) Subordinated Debt and (ii) any such Indebtedness which exists
solely as a result of the application of FIN 46.

"Consolidated Tangible Net Worth” means, as of any date of determination, for
Guarantor and its Subsidiaries on a consolidated basis, the difference of (a) Shareholders’ Equity
of Guarantor and its Subsidiaries on that date minus (b) the Intangible Assets of Guarantor and its
Subsidiaries on that date, provided, that the determination of Consolidated Tangible Net Worth
shall be adjusted to exclude the effects of FIN 46.

"Default” means the occurrence of any event or existence of any condition that, but
for the giving of Notice or the lapse of time, would constitute an Event of Default.

"Default Rate” means, for any Warehousing Advance, the Interest Rate applicable to
that Warehousing Advance plus 4% per annum. If no Interest Rate is applicable to a Warehousing
Advance, “Default Rate” means, for that Warehousing Advance, the highest Interest Rate then
applicable to any outstanding Warehousing Advance plus 4% per annum.

“Deposit Agreement” means that certain letter agreement dated June 3, 2005 between
Washington Mutual and Municipal Mortgage & Equity, LLC regarding deposit accounts maintained at
Washington Mutual.

"Dispose” means the sale, transfer, license or other disposition (including any sale
and leaseback transaction) of any property by any Person, including any sale, assignment,
transferor other disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith.

"Eligible Loan” means a Bridge Mortgage Loan that satisfies the conditions and
requirements set forth in Exhibit H.

"Equity Interests” means all shares, interests, participations or other equivalents,
however, designated, of or in a Person (other than a natural person), whether or not voting,
including common stock, membership interests, partnership interests, warrants, preferred stock,
convertible debentures and all agreements, instruments and documents convertible, in whole or in
part, into any one or more of the foregoing.

“ERISA” means the Employee Retirement Income Security Act of 1974 and all rules and
regulations promulgated thereunder, as amended from time to time, and any successor statute, rules
and regulations.

“ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with Borrower or Guarantor within the meaning of Section 414(b) or (c) of the Code
(and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by Borrower, Guarantor, or any ERISA Affiliate from a Pension Plan subject to Section
4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower, Guarantor, or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization;
(d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a
termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the
Pension Benefit Guaranty Corporation to terminate a Pension Plan or Multiemployer Plan; (e) an
event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or
the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the
imposition of any liability under Title IV of ERISA upon Borrower, Guarantor, or any ERISA
Affiliate in connection with the termination of a Pension Plan.

"Event of Default” means any of the conditions or events set forth in Section 10.1.

"Exchange Act” means the Securities Exchange Act of 1934 and all rules and regulations
promulgated under that statute, as amended, and any successor statute, rules, and regulations.

"Exhibit A” means Exhibit A-BR, Exhibit A-APP-BR,

"Fair Market Value” means, at any time for an Eligible Loan as of any date of
determination, (a) the Committed Purchase Price if the Eligible Loan is covered by a Purchase
Commitment from Fannie Mae or Freddie Mac, or (b) otherwise, the market price for such Eligible
Loan determined by Lender based on market data for similar Bridge Mortgage Loans and such other
criteria as Lender deems appropriate in its sole discretion.

"Fannie Mae” means Fannie Mae, a corporation created under the laws of the United
States, and any successor corporation or other entity.

"FHA” means the Federal Housing Administration and any successor agency or other
entity.

"FICA” means the Federal Insurance Contributions Act and all rules and regulations
promulgated under that statute, as amended, and any successor statute, rules and regulations.

"FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989
and all rules and regulations promulgated under that statute, as amended, and any successor
statute, rules, and regulations.

"First Mortgage” means a Mortgage that constitutes a first Lien on the real property
and improvements described in or covered by that Mortgage.

"First Mortgage Loan” means a Mortgage Loan secured by a First Mortgage.

"Fraudulent Loan” means any Mortgage Loan (a) originated based on any material untrue,
incomplete or inaccurate information, whether or not Borrower had knowledge of such
misrepresentation or inaccurate information, or (b) that, for any reason, including, without
limitation, any fraudulent activity on the part of the mortgagor or Borrower, does not constitute
the legal, valid and binding obligation of the mortgagor or other obligor with respect to such
Mortgage Loan, enforceable against such mortgagor or other obligor in accordance with its terms.

"Freddie Mac” means the Federal Home Loan Mortgage Corporation, a corporation created
under the laws of the United States, and any successor corporation or other entity.

"GAAP” means generally accepted accounting principles set forth in opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public
Accountants and in statements and pronouncements of the Financial Accounting Standards Board, or in
opinions, statements or pronouncements of any other entity approved by a significant segment of the
accounting profession, which are applicable to the circumstances as of the date of determination.

"Ginnie Mae” means the Government National Mortgage Association, an agency of the
United States government, and any successor agency or other entity.

"Guarantor” means Municipal Mortgage & Equity, LLC, a Delaware limited liability
company.

"Guaranty” means a Guaranty in substantially the form of Exhibit J hereto
dated of even date herewith executed by the Guarantor, as it may be amended, supplemented, renewed,
restated or replaced from time to time.

"Hedging Arrangements” means, with respect to any Person, any agreements or other
arrangements (including interest rate swap agreements, interest rate cap agreements and forward
sale agreements) entered into to protect that Person against changes in interest rates or the
market value of assets.

"HUD” means the Department of Housing and Urban Development, and any successor agency
or other entity.

"Indemnified Liabilities” has the meaning set forth in Section 11.2.

"Indemnitees” has the meaning set forth in Section 11.2.

"Intangible Assets” means assets that are considered to be intangible assets under
GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks,
patents, franchises, licenses, unamortized deferred charges, and unamortized debt discount.

"Interest Rate” means, for any Warehousing Advance, the LIBOR Rate plus the number of
basis points determined by the Net Investable Balances of the Borrower as specified in the first
chart below; provided, however, the Interest Rate as applied to NIB Advances shall be equal to the
fixed percentages per annum set forth in the second chart below:

	 	 	 
	Net Investable Balances	 	Basis Points
	< $20,000,000

	 	185 basis points (1.85%)
	 
	 	 
	=$20,000,000 but <$30,000,000

	 	175 basis points (1.75%)
	 
	 	 
	=$30,000,000

	 	165 basis points (1.65%)

	 	 	 	 	 
	NIB Advances	 	Interest Rate
	< $20,000,000

	 	 	1.85	%
	 
	 	 	 	 
	=$20,000,000 but <$30,000,000

	 	 	1.70	%
	 
	 	 	 	 
	=$30,000,000

	 	 	1.55	%

"Interim Statement Date” means March 31, 2006.

"Internal Revenue Code” means the Internal Revenue Code of 1986, Title 26 of the
United States Code, and all rules, regulations and interpretations issued under those statutory
provisions, as amended, and any subsequent or successor federal income tax law or laws, rules,
regulations and interpretations.

"Investment Company Act” means the Investment Company Act of 1940 and all rules and
regulations promulgated under that statute, as amended, and any successor statute, rules, and
regulations.

"Investor” means Fannie Mae, Freddie Mac or a financially responsible private
institution that Lender deems acceptable, in its sole discretion.

"Lender” has the meaning set forth in the first paragraph of this Agreement.

“LIBOR Rate” means the rate of interest equal to the London Interbank Offered Rate for
U.S. dollar deposits for an interest period of one (1) month as quoted or published by Telerate,
Bloomberg or any other rate quoting service, selected by Lender in its sole discretion for an
interest period of one (1) month, effective two (2) Business Days from the date of quotation. In
the event such rate quoting service ceases to be selected by Lender, Lender’s determination of the
LIBOR Rate shall be conclusive and binding on Borrower absent manifest error.

"Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any
lease in the nature of such an agreement and any agreement to give any security interest).

"Loan Documents” means this Agreement, the Warehousing Note, the Guaranty, any
agreement of Borrower relating to Subordinated Debt, and each other document, instrument or
agreement executed by Borrower in connection with any of those documents, instruments and
agreements, as originally executed or as any of the same may be amended, restated, renewed or
replaced.

"Loan-to-Value Ratio” means, for any Bridge Mortgage Loan, the ratio of (a) the
maximum amount that may be borrowed under the Bridge Mortgage Loan (whether or not borrowed) at the
time of origination, plus the Mortgage Note Amounts of all other Mortgage Loans secured by senior
or pari passu Liens on the related Property, to (b) the Appraised Property Value of the related
Property.

"Margin Stock” has the meaning assigned to that term in Regulation U of the Board of
Governors of the Federal Reserve System, as amended.

“Material Adverse Change” means any (i) material adverse effect upon the validity,
performance or enforceability of this Agreement, (ii) material adverse effect upon the properties,
business or condition, financial or otherwise, of Borrower or Guarantor or (iii) material adverse
effect upon the ability of Borrower or Guarantor to fulfill its obligations under this Agreement
and the Guaranty.

"Maximum Rate” means the maximum lawful non-usurious rate of interest (if any) that,
under applicable law, the Lender may charge the Borrower on the Obligations from time to time. To
the extent that the interest rate laws of the State of Texas are applicable and unless changed in
accordance with law, the applicable rate ceiling shall be the weekly ceiling determined in
accordance with Chapter 303 of the Texas Finance Code, as amended.

"Miscellaneous Fees and Charges” means all miscellaneous disbursements, charges and
expenses incurred by or on behalf of Lender for the handling and administration of Warehousing
Advances and Collateral, including costs for Uniform Commercial Code, tax lien and judgment
searches conducted by Lender, filing fees, charges for wire transfers and check processing charges,
charges for security delivery fees, charges for overnight delivery of Collateral to Investors,
recording fees, service fees and overdraft charges.

"Mortgage” means a mortgage or deed of trust on real property that is improved and
substantially completed.

"Mortgage-backed Securities” means securities that are secured or otherwise backed by
Pledged Loans.

"Mortgage Loan” means any loan evidenced by a Mortgage Note and secured by a Mortgage
and, if applicable, a Security Agreement, including, without limitation, a Bridge Mortgage Loan.

"Mortgage Note” means a promissory note secured by one or more Mortgages and, if
applicable, one or more Security Agreements.

"Mortgage Note Amount” means, as of any date of determination, the then outstanding
and unpaid principal amount of a Mortgage Note (whether or not an additional amount is available to
be drawn under that Mortgage Note).

"Mortgage Pool” means a pool of one or more Pledged Loans on the basis of which a
Mortgage-backed Security is to be issued.

“Multiemployer Plan” means any employee benefit plan subject to Title IV of ERISA of
the type described in Section 4001(a)(3) of ERISA, to which Borrower, Guarantor, or any ERISA
Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has
made or been obligated to make contributions.

"Multifamily Mortgage Loan” means a Mortgage Loan secured by a Multifamily Property.

"Multifamily Property” means real property that contains more than 4 dwelling units.

"Net Investable Balances” means, as of any date of determination, the average
collected balances in non-interest bearing deposit accounts controlled or maintained by the
Guarantor and its Subsidiaries in accounts at Lender, less balances to support float, activity
charges, reserve requirements, Federal Deposit Insurance Corporation insurance premiums and such
other assessments as may be imposed by governmental authorities from time to time.

"NIB Advances” means, as of any date of determination, the amount of the aggregate
outstanding unpaid Warehousing Advances on any date that are equal to the Net Investable Balances
on such date. For the purposes of calculating the amount of NIB Advances at the time of any
determination, Net Investable Balances may be used only to the extent such amounts were not used to
the determine the fee payable to Municipal Mortgage & Equity, LLC under the Deposit Agreement
and/or the Investment Rate as applied to Combined Outstandings matched to Net Investable Balances
under the Repo Agreement. In connection with the foregoing, Borrower and Lender agree that the Net
Investable Balances shall be used in the following priority: (1) first, used in accordance with
this Agreement to determine the Interest Rate applicable to NIB Advances, (2) second, used in
accordance with the Repo Agreement to determine the Investment Return Rate, and (3) the balance, if
any, used to determine the fee, if any, payable to Municipal Mortgage & Equity, LLC under the
Deposit Agreement

"Notices” has the meaning set forth in Section 11.1.

"Obligations” means all indebtedness, obligations and liabilities of Borrower to
Lender and Lender’s Subsidiaries (whether now existing or arising after the date of this Agreement,
voluntary or involuntary, joint or several, direct or indirect, absolute or contingent, liquidated
or unliquidated, or decreased or extinguished and later increased and however created or incurred),
including Borrower’s obligations and liabilities to Lender under the Loan Documents and
disbursements made by Lender for Borrower’s account.

"Operating Account” means a demand deposit account maintained at Lender in Borrower’s
name.

"Overdraft Advance” has the meaning set forth in Section 3.6.

"Participant” has the meaning set forth in Section 11.8.

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA) that is subject to Title IV of ERISA, other than a Multiemployer Plan, and
is sponsored or maintained by Borrower, Guarantor, or any ERISA Affiliate or to which Borrower,
Guarantor, or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of
a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at
any time during the immediately preceding five plan years.

"Person” means and includes natural persons, corporations, limited liability
companies, limited liability partnerships, limited partnerships, general partnerships, joint stock
companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and governments and agencies
and political subdivisions of those governments.

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by Borrower, Guarantor, or, with respect to any such plan that is subject to
Section 412 of the Code or Title IV, any ERISA Affiliate.

"Pledged Assets” means Pledged Loans.

"Pledged Hedging Accounts” has the meaning set forth in Section 4.1(f).

"Pledged Hedging Arrangements” has the meaning set forth in Section 4.1(f).

"Pledged Loans” has the meaning set forth in Section 4.1(b).

"Prime Rate” means, on any day, the rate announced by Lender as its Prime Rate.

"Prohibited Transaction” has the meanings set forth for such term in Section 4975 of
the Internal Revenue Code and Section 406 of ERISA.

"Projected Net Operating Income” means, with respect to any Property, the following
amount (determined for the 12 months following the date of the related Warehousing Advance):

PNOI = PFOR  —  VR  —  NOE,

where “PNOI” means Projected Net Operating Income, “PFOR” means the projected
amount of rent that would be paid by tenants of such related property assuming (a) full occupancy
thereof and (b) an average rental rate equal to the lower of the actual current average rental rate
for such property or the current market rental rate for comparable properties, “VR” means
the projected amount of PFOR that will not be received as a result of vacancies, assuming a vacancy
rate equal to the greater of the actual current vacancy rate for such property and the current
market vacancy rate for comparable properties, and rent concessions agreed to with existing
tenants, and “NOE” means the projected net operating expenses (i.e., total expenses minus
interest expense) for such related property.

"Property” means a Multifamily Property securing a Mortgage Loan.

"Property Debt Service Coverage Ratio” means, at any date of determination for any
Property, the ratio of (a) the Projected Net Operating Income of the subject Property, as
determined by Borrower in accordance with GAAP, to (b) projected interest expense and scheduled
payments in respect of the related Bridge Mortgage Loan, as applicable, for the 12 months after
such date of determination.

"Purchase Commitment” means a written commitment, in form and substance satisfactory
to Lender, issued in favor of Borrower by an Investor under which that Investor commits to purchase
Bridge Mortgage Loans or Mortgage-backed Securities.

"Rating Agency” means any nationally recognized statistical rating organization that
in the ordinary course of its business rates Mortgage-backed Securities.

"Release Amount” has the meaning set forth in Section 4.3(d).

“Repo Agreement” means that certain Multifamily and Health Care Mortgage Loan
Repurchase Agreement dated May 31, 2006 by and between MMA Mortgage Investment Corporation, a
Florida corporation and Washington Mutual as it has been or may from time to time be supplemented,
modified or amended.

"Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other equity interest of
Guarantor or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other equity interest or of
any option, warrant or other right to acquire any such capital stock or other equity interest.

"Restriction List” and “Restriction Lists” means each and every list of
Persons to whom the Government of the United States prohibits or otherwise restricts the provision
of financial services. For the purposes of this Agreement, Restriction Lists include the list of
Specifically Designated Nationals and Blocked Persons established pursuant to Executive Order 13224
(September 23, 2001) and maintained by the Office of Foreign Assets Control, U.S. Department of the
Treasury, current as of the day the Restriction List is used for purposes of comparison in
accordance with the requirements of this Agreement.

"Second Mortgage” means a Mortgage that constitutes a second Lien on the real property
and improvements described in or covered by that Mortgage.

"Second Mortgage Loan” means a Mortgage Loan secured by a Second Mortgage.

"Security Agreement” means a security agreement or other agreement that creates a Lien
on personal property, including furniture, fixtures and equipment, to secure repayment of a
Mortgage Loan.

"Senior Housing Facility” means a real property that contains more than 4 dwelling
units and derives more than 20% of its revenue from rental units dedicated to assisted living
residences for senior citizens. A Senior Housing Facility shall not include a retirement service
center, a continuing care facility, a skilled nursing facility, an adult day care center, a board
and care facility, an intermediate care facility, a nursing home or a hospital.

"Senior Housing Mortgage Loan” means a Mortgage Loan secured by a Mortgage on a Senior
Housing Facility.

"Servicing Contract” means, with respect to any Person, the arrangement, whether or
not in writing, under which that Person has the right to service Bridge Mortgage Loans.

"Servicing Portfolio” means, as to any Person, the unpaid principal balance of
Mortgage Loans serviced by that Person under Servicing Contracts, minus the principal balance of
all Mortgage Loans that are serviced by that Person for others under subservicing arrangements.

"Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of Guarantor and its Subsidiaries as of that date determined in accordance
with GAAP.

"Shipped Period” means the maximum number of days specified in Exhibit H
during which a Warehousing Advance may remain outstanding against a Pledged Loan that has been sent
to an Investor or a custodian for an Investor for examination and purchase.

"Statement Date” means the Audited Statement Date or the Interim Statement Date, as
applicable.

"Sublimit” means the aggregate amount of Warehousing Advances (expressed as a dollar
amount or as a percentage of the Warehousing Commitment Amount) that is permitted to be outstanding
at any one time against a specific type of Eligible Loan.

"Subordinated Debt” means all indebtedness of Borrower for borrowed money that is
effectively subordinated in right of payment to all present and future Obligations either (1) under
a Subordination of Debt Agreement on the form prescribed by Lender or (2) otherwise on terms
acceptable to Lender.

"Subsidiary” means any corporation, partnership, association or other business entity
in which more than 50% of the shares of stock or other ownership interests having voting power for
the election of directors, managers, trustees or other Persons performing similar functions is at
the time owned or controlled by any Person either directly or indirectly through one or more
Subsidiaries of that Person.

"Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

"Third Party Originated Loan” means a Bridge Mortgage Loan originated and funded by a
third party (other than with funds provided by Borrower at closing to purchase the Bridge Mortgage
Loan) and subsequently purchased by Borrower.

"Trust Receipt” means a trust receipt in a form approved by and under which Lender may
deliver any document relating to the Collateral to Borrower for correction or completion.

"Underwriting Documents” means, with respect to any Bridge Loan submitted to Lender
pursuant to Section 2.1 hereof, the reports, certificates, documents and other information included
in the underwriting package and used by Borrower in evaluating and approving such Bridge Loan,
including, but not limited to, items listed in the applicable Exhibit B.

"Underwriting Fee” has the meaning set forth in Exhibit I.

"Underwriting Guidelines” means Borrower’s policies and procedures for underwriting
Bridge Mortgage Loans secured by Multifamily Properties, as in effect on the date of this
Agreement, a copy of which has been provided to and approved by Lender, as the same may be modified
from time to time in accordance with this Agreement.

"Unencumbered Liquidity” means, as of any date of determination, for any Person, the
aggregate market value of the following assets owned by such Person and which are neither (i) the
subject of any Lien nor (it) being held for the benefit of third parties or otherwise restricted:
(a) cash, and obligations issued or guaranteed by the United States of America, (b) marketable
direct obligations issued or guaranteed by any Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America pursuant to authority granted by the
Congress of the United States, and maturing within one year of the date of acquisition thereof, (c)
certificates of deposit issued, or banker’s acceptances drawn on and accepted by, or money market
accounts or time deposits in, commercial banks which are members of the Federal Deposit Insurance
Corporation and which have a combined capital, surplus and undistributed profits of at least
$50,000,000, and maturing within one year of the date of acquisition thereof, (d) repurchase
agreements maturing within one year of the date of acquisition thereof with any such commercial
bank, or with broker-dealers or other institutions, that are secured by marketable direct
obligations issued or guaranteed by the United States of America or an agency or instrumentality
thereof, (e) other money market instruments and mutual funds, substantially all of the assets of
which are invested in any or all of the investments described in clauses (a) through (d) above,
and(f) commercial paper (other than commercial paper issued by any Borrower or any of its
Affiliates), maturing no more than ninety (90) days after the date of creation thereof, and with a
rating of at least P-l by Moody’s or A-l by S&P on the date of acquisition (the value of which
shall be determined in accordance with generally accepted accounting principles).

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
412 of the Code for the applicable plan year.

"Warehouse Period” means, for any Eligible Loan, the maximum number of days a
Warehousing Advance against that type of Eligible Loan may remain outstanding as set forth in
Exhibit H.

"Warehousing Advance” means a disbursement by Lender under Section 1.1.

"Warehousing Advance Request” has the meaning set forth in Section 2.1.

"Warehousing Collateral Value” means, as of any date of determination, (a) with
respect to any Eligible Loan, the lesser of (1) the amount of any Warehousing Advance made, or that
could be made, against such Eligible Loan under Exhibit H or (2) an amount equal to the
Advance Rate for the applicable type of Eligible Loan multiplied by the Fair Market Value of such
Eligible Loan; and (b) with respect to cash, the amount of the cash.

"Warehousing Commitment” means the obligation of Lender to make Warehousing Advances
to Borrower under Section 1.1.

"Warehousing Commitment Amount” means $70,000,000.

"Warehousing Commitment Fee” has the meaning set forth in Section 3.4.

"Warehousing Commitment Termination Date” has the meaning set forth in Section 1.2.

"Warehousing Maturity Date” means October 31, 2008 or such earlier date as set forth
in Section 1.2.

"Warehousing Note” has the meaning set forth in Section 1.3.

"Wire Disbursement Account” means a demand deposit account maintained at Lender in
Lender’s name for clearing wire transfers requested by Borrower to fund Warehousing Advances.

12.2. Other Definitional Provisions; Terms of Construction

	12.2	 	(a) Accounting terms not otherwise defined in this Agreement have the meanings given to those
terms under GAAP.

	12.2	 	(b) Defined terms may be used in the singular or the plural, as the context requires.

	12.2	 	(c) All references to time of day mean the then applicable time in Chicago, Illinois, unless
otherwise expressly provided.

	12.2	 	(d) References to Sections, Exhibits, Schedules and like references are to Sections,
Exhibits, Schedules and the like of this Agreement unless otherwise expressly provided.

	12.2	 	(e) The words “include,” “includes” and “including” are deemed to be followed by the phrase
“without limitation.”

	12.2	 	(f) Unless the context in which it is used otherwise clearly requires, the word “or” has the
inclusive meaning represented by the phrase “and/or.”

	12.2	 	(g) All incorporations by reference of provisions from other agreements are incorporated as
if such provisions were fully set forth into this Agreement, and include all necessary
definitions and related provisions from those other agreements. All provisions from other
agreements incorporated into this Agreement by reference survive any termination of those
other agreements until the Obligations of Borrower under this Agreement and the Warehousing
Note are irrevocably paid in full and the Warehousing Commitment is terminated.

	12.2	 	(h) All references to the Uniform Commercial Code shall be deemed to be references to the
Uniform Commercial Code in effect on the date of this Agreement in the applicable
jurisdiction.

	12.2	 	(i) Unless the context in which it is used otherwise clearly requires, all references to
days, weeks and months mean calendar days, weeks and months.

4

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of
the date first above written.

MMA CONSTRUCTION FINANCE, LLC

a Maryland limited liability company

	 	 	 	 	 
	 	 	By:	 	MuniMae Holdings, LLC, its Sole Member
	 	 	 	 	By: Municipal Mortgage & Equity, LLC
	 	 	 	 	By: _/s/ Gary A. Mentesana_________
	 	 	 	 	Name: Gary A. Mentesana_________
	 	 	 	 	Title: _Executive Vice President____
	Closing Date:	 	WASHINGTON MUTUAL BANK,	 	 
	 	 	a federal association	 	 
	May 31, 2006	 	 	 	 
	(to be completed by Lender)	 	 	 	 
	
 
	 	By:
	 	/s/ John L. Thomas
	
 
	 	 	 	 

Name: John L. Thomas     

Title: Vice President      

5

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