Document:

MASTER MORTGAGE LOAN SALE AGREEMENT

between 

CITIGROUP GLOBAL MARKETS REALTY CORP.

Seller 

and 

ZFC TRUST 

Purchaser 

 

 

Dated as of May 31, 2013 

Table of Contents 
(continued) 

				Page
	TABLE OF CONTENTS	
	 
	SECTION 1.	       	Agreement to Purchase	1
	SECTION 2.		Mortgage Loan Schedule	2
	SECTION 3.		Purchase Price; Payments; Delivery of
      Mortgage Files; No Repurchase	
			Obligation for Breach Discovered During
      Due Diligence Review	2
	SECTION 4.		Closing	2
	SECTION 5.		Representations, Warranties and
      Covenants of Seller	3
	SECTION 6.		Representations, Warranties and Covenants of
      Purchaser	4
	SECTION 7.		Representations, Warranties and
      Covenants as to Individual Mortgage Loans	5
	SECTION 8.		Repurchase	10
	SECTION 9.		Costs	11
	SECTION 10.		Servicing Transfer; Interim Servicing; Foreclosure
      Actions; Use of Seller’s Name	11
	SECTION 11.		Confirmation	13
	SECTION 12.		REO Properties	13
	SECTION 13.		Survival of Agreement	13
	SECTION 14.		Notices	13
	SECTION 15.		Severability Clause	13
	SECTION 16.		Counterparts	13
	SECTION 17.		Place of Delivery and Governing
      Law	14
	SECTION 18.		Further Assurances	14
	SECTION 19.		Successors and Assigns;
      Assignment	14
	SECTION 20.		Amendments	14
	SECTION 21.		Interpretation	14
	SECTION 22.	 	Intention of the Parties	14
	SECTION 23.		Confidential Information	15
	SECTION 24.		Reproduction of Documents	15
	SECTION 25.		Exhibits	15
	 
	 
	SCHEDULES AND EXHIBITS	
	 
	EXHIBIT A	Contents of Mortgage File	
	 
	EXHIBIT B	Form of Assignment and Conveyance	
	 
	EXHIBIT C	Additional Defined Terms	
	 
	EXHIBIT D	Form of Confirmation	
	 
	EXHIBIT E	Form of Assignment and Assumption Agreement	
		 	
	EXHIBIT F	Mortgage Loan Schedule Fields	

2

 

MASTER MORTGAGE LOAN SALE AGREEMENT

      
This Master Mortgage Loan Sale Agreement (the “Agreement”) is entered into as of
May 31, 2013 by and between CITIGROUP GLOBAL MARKETS REALTY CORP., having an
office at 390 Greenwich Street, 5th Floor, New York, New York 10013
(“Seller”), and ZFC TRUST, having an office at c/o ZAIS Financial Partners,
L.P., Two Bridge Avenue, Suite 322, Red Bank, New Jersey 07701 (“Purchaser”).

      
Seller desires to sell, from time to time, and Purchaser desires to purchase,
from time to time, from Seller, without recourse, on terms and conditions
described below, (a) certain first and second lien, fixed and adjustable rate
mortgage loans which may be non-performing mortgage loans and mortgage loans in
foreclosure, including those with Mortgagors subject to bankruptcy (the
“Loans”), each secured by a mortgage, deed of trust, security deed, or any other
instrument which constitutes a lien (“Mortgage”) on residential real property
(“Mortgaged Property”), securing payment by a borrower of a promissory note (the
“Mortgage Note”) and any modification thereto and (b) certain mortgage loans
secured by Cooperative Shares (as defined on Exhibit C) and the related
Proprietary Lease (as defined on Exhibit C) conferring exclusive occupancy
rights to a cooperative apartment (“Cooperative Loans”; collectively with Loans,
the “Mortgage Loans”). The Mortgage Loans shall be sold to Purchaser on a
servicing released basis and shall be delivered in groups of whole loans (each
such group, a “Mortgage Loan Package”) on various dates as provided in the
related Confirmation (each, a “Closing Date”). For purposes of this Agreement,
“Confirmation” shall mean, with respect to any Mortgage Loan Package purchased
and sold on any Closing Date, the trade confirmation between the Purchaser and
the Seller (including any exhibits, schedules and attachments thereto)
substantially in the form of Exhibit D attached hereto, setting forth the terms
and conditions of such transaction and describing the Mortgage Loans to be
purchased by the Purchaser on such Closing Date.

      
Seller and Purchaser, in consideration of the premises and the mutual agreements
set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree as follows: 

      
SECTION 1.
Agreement to Purchase. On the related Closing Date, Seller agrees to sell, from
time-to-time and Purchaser agrees to purchase, on the terms and conditions
stated herein, certain Mortgage Loans having an aggregate principal balance as
of the date set forth in the related Confirmation (the “Cut-off Date”) in an
amount as set forth in the related Confirmation (the “Cut-off Date Principal
Balance”), or in such other amount as agreed by Purchaser and Seller as
evidenced by the actual aggregate principal balance of the Mortgage Loans
accepted by the Purchaser on the related Closing Date. Each such conveyance
shall include, without limitation, all servicing rights and the right to all
payments of interest, principal, penalties, fees, charges and other amounts
received or receivable on or in respect of the Mortgage Loans after the related
Cut-off Date, together with all of Seller’s right, title and interest in and to
the loan documents and such other documents set forth on Exhibit A hereto (the
“Mortgage Files”), and any and all proceeds of the foregoing. Seller reserves
the right, in its sole discretion, to remove from sale prior to the related
Closing Date, any Mortgage Loan that (i) becomes an REO Property (as defined
herein) or (ii) becomes subject to any litigation proceeding that the Seller
deems to be in its best interest to retain. 

1 

       SECTION 2. Mortgage Loan
Schedule. Seller and Purchaser hereby
agree that the Mortgage Loans to be purchased under this Agreement on each
Closing Date shall be the Mortgage Loans identified in the schedule (the
“Mortgage Loan Schedule”) attached as Schedule One to the related assignment and
conveyance which shall be in the form attached hereto as Exhibit B (the “Assignment
& Conveyance”). The Mortgage Loan Schedule shall include the fields
identified on Exhibit F. 

       SECTION 3. Purchase Price;
Payments; Delivery of Mortgage Files; No Repurchase Obligation for Breach Discovered During Due Diligence
Review. 

	       	(a)	       	On the related Closing
      Date, unless otherwise set forth in the related Confirmation, the purchase
      price for the Mortgage Loans (the “Purchase Price”) shall be an amount
      equal to the sum of (a) the product of (i) the percentage set forth in the
      related Confirmation (the “Purchase Price Percentage”) and (ii) the
      Cut-off Date Principal Balance and (b) accrued and unpaid interest on the
      Mortgage Loans from the last date through which interest has been paid by
      the obligor on the related Mortgage Note (the “Mortgagor”) through the day
      prior to the Closing Date for Mortgage Loans that are less than sixty (60)
      days delinquent as of the Cut-off Date.
		 
		(b)		Purchaser shall be
      entitled to all payments of principal and interest and other recoveries on
      the Mortgage Loans received after the related Cut-off Date.
		 
		(c)		Pursuant to the terms
      of a fully executed bailment agreement, Seller shall, prior to the related
      Closing Date, deliver to a document custodian acceptable to the Seller,
      the Mortgage File with respect to each Mortgage Loan to be held on behalf
      of the Seller pending the sale of the Mortgage Loans to the Purchaser. The
      Purchaser shall conduct such due diligence review as it deems appropriate
      prior to the related Closing Date.
		 
		(d)		Purchaser hereby
      agrees to pay, promptly upon receipt of any payment notice or request by
      the Seller, any costs or expenses (including, without limitation, any and
      all customary, reasonable, necessary and documented “out-of-pocket” costs
      and expenses incurred by the Seller or its servicer in the performance of
      its servicing obligations (collectively, “Servicing Advances”) incurred
      prior to the related Servicing Transfer Date) associated with the Mortgage
      Loans which are assessed or billed following the related Cut-Off Date,
      provided such costs or expenses arise after the related Cut-Off
      Date.

       SECTION 4. Closing. The closing of the
purchase and sale of the Mortgage Loans identified on the Mortgage Loan Schedule
shall take place on the related Closing Date. 

       The obligation of
Purchaser to purchase and the Seller to sell the Mortgage Loans as contemplated
by this Agreement shall be subject to each of the following conditions:

	       	(a)	       	all of the
      representations and warranties under this Agreement shall be true and
      correct in all material respects as of the related Closing
  Date;

2 

	       	(b)	       	the parties shall have
      received fully executed copies of the bailment agreement in accordance
      with Section 3(c) above;
		 
		(c)		the parties shall have
      received fully executed copies of the related Confirmation;
		 
		(d)		the parties shall have
      received fully executed copies of the escrow agreement to be entered into
      among the parties hereto and Citibank, N.A. as of the related Closing Date
      (the “Escrow Agreement”); and
		 
		(e)		all other terms and
      conditions of this Agreement shall have been complied with in all material
      respects.

      
Subject to the foregoing conditions, Purchaser shall pay to Seller on the
related Closing Date the Purchase Price as determined pursuant to Section 3 of
this Agreement, by wire transfer of immediately available funds to the account
designated in writing by Seller. Immediately upon receipt of such wire transfer,
Seller shall deliver to Purchaser or its designee (via email to the following
email address: robert.gross@bingham.com) a fully executed copy of the related
Assignment and Conveyance. Seller shall advise Purchaser in writing at least one
(1) Business Day prior to the related Closing Date of the account to which such
funds are to be wired. 

      
SECTION 5.
Representations, Warranties and Covenants of
Seller. Seller represents and
warrants to, and covenants with, Purchaser that as of the related Closing Date:

	       	(a)	       	It is a corporation
      duly organized, validly existing and in good standing under the laws of
      the state of its incorporation;
		 
		(b)		It has the full power
      and authority to hold each Mortgage Loan, to sell each Mortgage Loan and
      to execute, deliver and perform, and to enter into and consummate all
      transactions contemplated by this Agreement. Seller has duly authorized
      the execution, delivery and performance of this Agreement, has duly
      executed and delivered this Agreement, and this Agreement constitutes the
      legal, valid and binding obligations of it, enforceable against it in
      accordance with their terms, subject to bankruptcy laws and other similar
      laws of general application affecting rights of creditors and subject to
      the application of the rules of equity, including those respecting the
      availability of specific performance;
		 
		(c)		Neither the execution
      and delivery of this Agreement and the other documents and agreements
      contemplated hereby, the consummation of the transactions contemplated
      hereby and thereby, nor the fulfillment of or compliance with the terms
      and conditions of this Agreement and such other documents and agreements
      will result in the breach of any term or provision of the charter or
      by-laws of Seller or result in the breach of any material term or
      provision of, or conflict with or result in the acceleration of any
      obligation under, any material agreement, indenture or loan or credit
      agreement or other instrument to which Seller or its property is subject,
      or result in the violation of any law, rule, regulation, order, judgment
      or decree to which Seller or its property is subject, which breach,
      conflict, acceleration or violation would have a material adverse effect
      on the ability of Seller to perform its obligations under this Agreement;
      and

3 

	       	(d)	       	To the Seller’s
      knowledge, there is no action, suit, proceeding or investigation active or
      pending against Seller which, either in any one instance or in the
      aggregate, would draw into question the validity of this Agreement or of
      any action taken or to be taken in connection with the obligations of
      Seller contemplated herein. To the Seller’s knowledge, there is no action,
      suit, proceeding or investigation threatened against such Seller which,
      either in any one instance or in the aggregate, would draw into question
      the validity of this Agreement or of any action taken or to be taken in
      connection with the obligations of Seller contemplated
  herein.

      
SECTION 6. Representations, Warranties and Covenants of
Purchaser. Purchaser represents and
warrants to, and covenants with, Seller that each of the following
representations and warranties of Purchaser is true and correct and shall be
true and correct on the related Closing Date: 

	       	(a)	       	Purchaser is duly
      organized, validly existing and in good standing under the laws of the
      State of its organization with full power and authority to execute,
      deliver and perform this Agreement and to enter into and consummate the
      transactions contemplated by this Agreement. Purchaser is duly qualified
      and in good standing in all jurisdictions where it is required to be
      qualified, except where the failure to be qualified is not material.
      Purchaser has taken all action required to authorize its execution,
      delivery and performance of this Agreement;
		 
		(b)		The execution and
      delivery of this Agreement by Purchaser and the performance of its
      obligations hereunder will not (i) conflict with or violate (A) the
      organizational documents of Purchaser, or (B) any provision of any law or
      regulation to which Purchaser is subject, or (ii) conflict with or result
      in a breach of any of the terms, conditions or provisions of any agreement
      or instrument to which Purchaser is a party or by which it is bound or any
      order or decree applicable to Purchaser or result in the creation or
      imposition of any lien on any of its assets or property. Purchaser has
      obtained all consents, approvals, authorizations or orders of any court or
      governmental agency or body, if any, required for the execution, delivery
      and performance by Purchaser of this Agreement;
		 
		(c)		There is no action,
      suit or proceeding pending or, to the best of Purchaser’s knowledge,
      threatened against Purchaser in any court or by or before any other
      governmental agency or instrumentality which would prohibit its entering
      into this Agreement or performing any of its obligations under or pursuant
      to this Agreement;
		 
		(d)		This Agreement
      constitutes the valid, binding and legal obligation of Purchaser,
      enforceable against Purchaser in accordance with the terms hereof, except
      as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other similar laws affecting the
      enforcement of creditors’ rights in general and by general equity
      principles (regardless of whether such enforcement is considered in a
      proceeding in equity or at law); and

4 

	       	(e)	       	Purchaser will abide
      by the modification terms of any Mortgage Loan that has been modified
      prior to the Servicing Transfer Date and will continue to process any
      Mortgage Loan modifications that are in process as of the Servicing
      Transfer Date in accordance with the terms of such potential modification
      and if applicable, with all requirements of the Home Affordable
      Modification Program (March 2009) issued by U.S. Department of the
      Treasury pursuant to Section 101 and 109 of the Emergency Economic
      Stabilization Act of 2008, as the same may be amended or modified
      (“HAMP”); provided, however, that Purchaser’s obligations under this
      Section 6(e) are subject to its receipt from the Interim Servicer of a
      schedule of the material terms of any such modifications within a
      reasonable period of time following the related Servicing Transfer Date.
      With respect to Mortgage Loans which are sixty (60) or more days
      delinquent (using a method of calculating delinquency acceptable under
      HAMP) as of the Servicing Transfer Date (as defined hereunder), Purchaser
      agrees that it will comply with HAMP requirements, including all reporting
      requirements thereunder. Purchaser or its servicer, as applicable, is an
      eligible HAMP participant and has executed a Commitment to Purchase
      Financial Instrument and Servicer Participation Agreement (the “SPA”) with
      the Federal National Mortgage Association (“Fannie Mae”), which SPA is in
      full force and effect as of the Closing Date. If applicable, the Purchaser
      has granted all necessary consents, waivers and delegations to its
      servicer in order for its servicer to service any HAMP-eligible Mortgage
      Loans that are (i) subject to a HAMP modification as of the related
      Servicing Transfer Date, and (ii) sixty (60) or more days delinquent
      (using the MBA method of delinquency) as of the related Servicing Transfer
      Date, in each case in accordance with HAMP. Further, Purchaser or its
      servicer, as applicable, will enter into any necessary agreements with
      Seller’s servicer (the “Interim Servicer”) and Fannie Mae, as agent for
      the United States Treasury, with respect to such Mortgage Loans
      (including, without limitation, an assignment and assumption agreement in
      the form attached hereto as Exhibit E). The Purchaser covenants to the
      Seller that it will (or will cause its servicer to) reasonably cooperate
      with the Seller or the Interim Servicer with respect to any of the
      Seller’s or the Interim Servicer’s HAMP reporting obligations with respect
      to any Mortgage Loan that is subject to HAMP.

       SECTION 7. Representations,
Warranties and Covenants as to Individual Mortgage Loans. As further
material inducement to Purchaser to enter into this Agreement, Seller represents
and warrants to Purchaser, as of the related Closing Date with respect to each
Mortgage Loan, that: 

	       	(a)	       	With respect to Seller
      and the Interim Servicer, no misrepresentation, fraud or similar
      occurrence with respect to any Mortgage Loan has taken place.
		 
		(b)		The information with
      respect to the Mortgage Loan set forth in the Mortgage Loan Schedule is
      true, and correct in all material respects.
		 
		(c)		(1) During the period
      in which the Seller owned the Mortgage Loans, and the Interim Servicer
      serviced the Mortgage Loans, any and all requirements of any applicable
      federal, state or local law including, without limitation, real estate
      settlement procedures, consumer credit protection, or unfair and deceptive
      practices laws applicable to the servicing of mortgage loans of a type
      similar to the Mortgage Loan including, without limitation, any provisions
      relating to prepayment penalties, have been complied with and the
      consummation of the transactions contemplated hereby will not involve the
      violation of any such laws or regulations. (2) No Mortgage Loan is subject
      to the provisions of the Home Ownership and Equity Protection Act of 1994
      as amended (“HOEPA”), or has an “annual percentage rate” or “total points
      and fees” payable by the Mortgagor that exceeds the applicable thresholds
      defined under HOEPA and its implementing regulations, including 12 C.F.R.
      Section 226.32(a)(1)(i) and (ii)). (3) No Mortgage Loan is subject to any
      comparable federal, state or local statutes or regulations, or any other
      statute or regulation providing for heightened regulatory scrutiny,
      assignee liability to holders of such mortgage loans or additional legal
      liability for mortgage loans having high interest rates, points and/or
      fees. (4) There is no pending action or proceeding directly involving the
      Mortgaged Property in which compliance with any environmental law, rule,
      or regulation is an issue.

5 

	      	(d)	      	The Seller and the
      Interim Servicer are (or, during the period in which it held and disposed
      of an interest in the Mortgage Loan or engaged in any activity with
      respect to the Mortgage Loan, was) duly licensed or approved and validly
      authorized under applicable law to own and service, as applicable, such
      Mortgage Loan, or was exempt from such licensing or approval
      requirements.
		 
		(e)		As of the related
      Closing Date, all taxes; governmental assessments; insurance premiums;
      water, sewer, and municipal charges; leasehold payments; or ground rents
      that previously became due and owing have been paid by the Mortgagor, or
      an escrow of funds from the Mortgagor had/has been established in an
      amount sufficient to pay for every such item that remains unpaid and that
      had/has been assessed but is not yet due and payable.
		 
		(f)		To the Seller’s
      knowledge, the Mortgage Loans, the terms of the Mortgage Note and the
      Mortgage have not been impaired, waived, altered, or modified in any
      material respect, except by a written instrument that, if required by
      applicable law, has been recorded or is in the process of being recorded.
      The terms of any waiver, alteration, or modification are reflected in the
      Mortgage Loan Schedule and have been approved by each Insurer as required
      thereby. There is no default, breach, violation, or event of acceleration
      existing under the Mortgage Note and the Mortgage; the Seller has not
      waived any default, breach, violation, or event of acceleration; and no
      foreclosure action is currently being threatened or has begun with respect
      to the Mortgage Loan.

6 

	      	(g)	      	(1) The related
      Mortgaged Property is insured by a fire and extended perils insurance
      policy, and is insured against such other hazards as are customary in the
      area where the Mortgaged Property is located, in a coverage amount equal
      to the lesser of (x) the unpaid principal balance of such Mortgage Loan
      and (y) 100% of the replacement cost of all improvements to the Mortgaged
      Property. (2) If any portion of the related Mortgaged Property is in an
      area identified by any governmental authority as having special flood
      hazards, the Mortgaged Property is insured by a flood insurance policy
      that meets the current guidelines of the Federal Insurance Administration
      and in a coverage amount equal to the lesser of (x) the unpaid principal
      balance of such Mortgage Loan and (y) 100% of the replacement cost of all
      improvements to the Mortgaged Property. (3) Each such insurance policy (a)
      is issued by an insurer duly qualified as such under the laws of the
      states in which the Mortgaged Properties are located, duly authorized, and
      licensed in such states to transact the applicable insurance business and
      to write the insurance provided, (b) is a valid and binding obligation of
      the insurer and is in full force and effect, (c) contains a standard
      mortgagee clause naming the Seller, its successors, and its assigns as
      mortgagee, and (d) may not be reduced, terminated, or canceled without
      thirty (30) days' prior written notice to the mortgagee. No such notice
      has been received by Seller or the Interim Servicer. (4) All premiums due
      and owing on such insurance policies have been paid. (5) The related
      Mortgage obligates the Mortgagor to maintain all such insurance policies,
      and if the Mortgagor fails to do so, authorizes the mortgagee to maintain
      such insurance at the Mortgagor’s cost and expense and to seek
      reimbursement from the Mortgagor. (6) Neither the Seller nor the Interim
      Servicer has engaged in any act or omission that would impair the coverage
      of any such insurance policy, the benefits of the endorsement provided for
      therein, or the validity and binding effect of either including, without
      limitation, the provision or receipt of any unlawful fee, commission,
      kickback, or other compensation or value of any kind.
				 
		(h)		The Seller has not
      received notice of any circumstance that would render any Mortgage Loan
      document and any other agreement executed by a Mortgagor or obligated
      party in connection with the Mortgage Loan unenforceable in accordance
      with its terms, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization, or other similar laws affecting the
      enforcement of creditors' rights generally and by general equity
      principles (regardless of whether such enforcement is considered in a
      proceeding in equity or at law).
		 
		(i)		Any primary mortgage
      insurance policy (a “PMI Policy”) required with respect to the Mortgage
      Loan was issued by an Insurer duly qualified as such under the laws of the
      states in which the Mortgaged Properties are located, duly authorized, and
      licensed in such states to transact the applicable insurance business and
      to write the insurance provided. All provisions of such PMI Policy are
      being complied with, such policy is in full force and effect, and all
      premiums due thereunder have been paid. Any Mortgage Loan subject to a
      Mortgagor-paid PMI Policy obligates the Mortgagor thereunder to maintain
      the PMI Policy and to pay all premiums and charges in connection with the
      PMI Policy up to the time it may be discontinued according to federal law
      or, in the case of a lender-paid PMI Policy, the premiums and charges are
      included in the interest rate for the Mortgage
Loan.

7 

	       	(j)	       	A customary lender's
      title policy was issued at origination, and each policy is valid and
      remains in full force and effect. No claims have been made under such
      title insurance policy, and neither the Seller nor the Interim Servicer
      has done, by act or omission, anything that would impair its coverage.
      Neither the Seller nor the Interim Servicer has provided or received any
      unlawful fee, commission, kickback, or other compensation or value of any
      kind in connection with the title insurance policy.
		 
		(k)		The Mortgage contains
      customary and enforceable provisions such as to render the rights and
      remedies of the holder thereof adequate for the enforcement of the lien
      against the Mortgaged Property, except as such enforcement may be limited
      by bankruptcy, insolvency, reorganization, or other similar laws affecting
      the enforcement of creditors' rights generally and by general equity
      principles (regardless of whether such enforcement is considered in a
      proceeding in equity or at law). There are no known homestead exemptions
      that would prevent foreclosure of the Mortgaged Property.
		 
		(l)		The Seller is the sole
      owner and holder of the Mortgage Loan, and the Mortgage Loan is not
      assigned or pledged to any other Person. The Seller has good,
      indefeasible, and marketable title to the Mortgage Loan, and has full
      right to transfer, sell, and assign the Mortgage Loan to the Depositor.
      Each sale of the Mortgage Loan to the Seller was in exchange for fair
      equivalent value, and the Seller was solvent both prior to and after the
      transfer and had sufficient capital to pay and was able to pay its debts
      as they would generally mature.
		 
		(m)		(1) The related
      Mortgage is a valid, subsisting and enforceable (except as such
      enforcement may be limited by bankruptcy, insolvency, reorganization, or
      other similar laws affecting the enforcement of creditors' rights
      generally and by general equity principles (regardless of whether such
      enforcement is considered in a proceeding in equity or at law)) first lien
      on all of the Mortgaged Property, subject only to (i) the lien of current
      real property taxes and assessments not yet due and payable, (ii)
      covenants, conditions and restrictions, rights of way, easements and other
      matters of the public record as of the date of recording and (iii) other
      matters to which like properties are commonly subject. (2) The related
      original Mortgage has been recorded or is in the process of being recorded
      in the appropriate jurisdictions wherein such recordation is required to
      perfect the lien thereof. (3) There are no mechanics’ or similar liens or
      claims that have been filed for work, labor, or material affecting the
      Mortgaged Property that are liens prior to, or equal to or coordinate
      with, the lien of the Mortgage.
		 
		(n)		The Seller has not
      received notice from the Mortgagor, any governmental authority, or any
      other person of any noncompliance with any use or occupancy law,
      ordinance, regulation, standard, license, or certificate with respect to
      the Mortgaged Property.
		 
		(o)		The related Mortgage
      File contains each of the documents and instruments specified on
      Exhibit A attached hereto. The Mortgage Note, the Mortgage, the assignment of
      mortgage, and any other Mortgage Loan documents required to be delivered
      under the this Agreement have been delivered or will be delivered to the
      Purchaser’s document custodian. In the event the Mortgage is a deed of
      trust, a trustee, authorized and duly qualified under applicable law to
      serve as such, has been properly designated, is named in the Mortgage and
      currently so serves, and no fees or expenses are or will become payable by
      the Purchaser to the trustee under the deed of trust, except in connection
      with a trustee's sale after default by the
Mortgagor.

8 

	      	(p)	      	The Seller has not
      received notice of any pending claim that would deem any mortgaged
      property to be damaged by waste, fire, hurricane, earthquake or earth
      movement, windstorm, flood, tornado, or other casualty materially
      adversely affecting the value of each mortgaged property or the use for
      which the premises were intended. The Seller is not aware of any
      proceeding pending for the total or partial condemnation of any mortgaged
      property.
		  
		(q)		To the extent that any
      manufactured home is included as part of the Mortgaged Property: such
      manufactured home is (1) together with the related land, subject to the
      Mortgage, (2) deemed to be a part of the real property on which it is
      located pursuant to the applicable law of the jurisdiction in which it is
      located, and (3) treated as a single-family residence under Section
      25(e)(10) of the Internal Revenue Code.
		 
		(r)		To the Seller’s
      knowledge, no Mortgagor has asserted any right to rescission, set-off,
      counterclaim, or defense. The operation of the terms of the Mortgage Loan
      documents, or the exercise of any rights thereunder, will not render the
      Mortgage Loan unenforceable. Unless otherwise disclosed on the mortgage
      loan schedule, no Mortgagor is currently subject to any federal or state
      bankruptcy or insolvency proceeding.
		 
		(s)		With respect to each
      Mortgage Loan, (i) no portion of the loan proceeds is currently escrowed
      for the purpose of making monthly payments on behalf of the Mortgagor, and
      (ii), during the period in which the Seller owned the Mortgage Loans, no
      payments due and payable under the terms of the note and mortgage or deed
      of trust, except for seller or builder concessions, have been paid by any
      other person (other than a guarantor) who was involved in, or benefited
      from, the sale of the Mortgaged Property or the origination, refinancing,
      sale, or servicing of the Mortgage Loan.
		 
		(t)		The proceeds of the
      Mortgage Loan have been fully disbursed, there is no requirement for
      future advances thereunder.
		 
		(u)		The Seller has not
      received notice that any Mortgage does not contain an enforceable
      provision (except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization, or other similar laws affecting the
      enforcement of creditors' rights generally and by general equity
      principles (regardless of whether such enforcement is considered in a
      proceeding in equity or at law)) 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.
      
				 
		(v)		No Mortgage Loan is
      the subject of litigation other than standard foreclosure
      proceedings.

9 

      
For purposes of the representations set forth above, “Seller has not received
notice” refers to actual written notice received by an authorized officer of the
Seller, without further inquiry, which notice was received in connection with or
following the Seller’s acquisition of the related Mortgage Loan and subsequent
to the Mortgage Loan’s origination.

      
With respect to any representations related to insurance, no representation is
made as to, and the representations are subject to and limited by, (a) the
effect of any rescission by the insurer, the effect of an insurer’s financial
condition or insolvency, the availability of replacement insurance or insurer,
whether an insurer will seek to cancel a policy or to contest a claim, or the
amount of any actual recovery and (b) as to the enforcement of any such
insurance policy, as such enforcement may be limited by, rescission, bankruptcy,
insolvency, reorganization, or other similar laws affecting the enforceability
of insurance contracts and by general equity principles (regardless of whether
such enforcement is considered in a proceeding in equity or at law). 

       It
is understood and agreed that the representations and warranties set forth in
Section 5 and Section 7 shall survive the sale and delivery of the Mortgage
Loans to Purchaser for a period of one (1) year following the related Closing
Date and shall inure to the benefit of Purchaser, notwithstanding any
restrictive or qualified endorsement or any examination or failure to examine
any Mortgage File. 

      
SECTION 8.
Repurchase.
In the event Purchaser discovers that a
breach of any representation or warranty contained in Sections 5 and 7 has
occurred and such breach materially and adversely affects the value of the
related Mortgage Loans and the interests of the Purchaser in such Mortgage Loans
(a “Breach”), Purchaser may demand by providing written notice (the “Demand
Notice”) to the Seller that Seller repurchase the affected Mortgage Loans from
Purchaser. Such notice from the Purchaser shall be accompanied by sufficient
documentation to enable the Seller to reasonably determine the validity of
Purchaser’s assertion. Notwithstanding the foregoing, Seller shall have ninety
(90) days to cure any Breach. This cure period will commence upon the date of
Purchaser’s written notice to Seller of the related Breach. In the event a
Breach is not cured within such ninety (90) day period, at Purchaser’s option,
the affected Mortgage Loan shall be repurchased by the Seller; provided,
however, that in no event shall the Seller have any obligation to repurchase any
Mortgage Loan sold to the Purchaser hereunder if the related Demand Notice is
not received within one (1) year following the related Closing Date. With
respect to any representations and warranties made by the Seller (other than the
second sentence of Section 5(d) herein), in the event that it is discovered that
the circumstances with respect to the Mortgage Loan are not accurately reflected
in such representation and warranty notwithstanding the lack of knowledge of
Seller, then, notwithstanding that such representation and warranty is made “to
Seller’s knowledge,” there shall be a breach of such representation and Seller
shall cure such breach or repurchase the affected Mortgage Loan as provided in
this Section 8. The repurchase price shall be equal to the sum of (i) the
product of (a) the unpaid principal balance of the affected Mortgage Loan as of
the repurchase date and (b) the Purchase Price Percentage plus (ii) for Mortgage
Loans for which accrued interest was part of the Purchase Price, accrued
interest on such Mortgage Loan from the last paid-through date to the date of
repurchase (up to the amount of such interest paid by Purchaser as part of the
Purchase Price), plus (iii) all unreimbursed Servicing Advances paid as part of
the Purchase Price by the Purchaser (or its servicer), plus (iv) all Servicing
Advances incurred by the Purchaser on such Mortgage Loan following the related
Cut-off Date to the date of repurchase.

10 

      
Upon completion of any repurchase by Seller under this Agreement, the Purchaser
and the Seller shall arrange for the reassignment of the repurchased Mortgage
Loan to the Seller and the delivery to the Seller of any documents held by the
Purchaser or its custodian relating to the repurchased Mortgage Loan. In the
case of any lien for which an assignment from Seller to Purchaser has been
recorded prior to repurchase, Purchaser shall, within thirty (30) calendar days
of the repurchase, provide an executed assignment from Purchaser to Seller.

       It
is understood and agreed that the obligations of Seller set forth in this
Section 8 constitute the sole remedy available to Purchaser with respect to a
breach of Seller’s representations and warranties contained herein. In no event
shall either Seller or Purchaser be liable for any additional damages,
including, without limitation, consequential, punitive or exemplary damages,
with respect to any such breach. 

      
SECTION 9.
Costs. Each party will pay any commissions it has incurred and the fees of its
attorneys in connection with the negotiations for, documenting of and closing of
the transactions contemplated by this Agreement. Purchaser shall be responsible
for, and shall bear all fees and expenses related to, the recordation of
assignments of Mortgage from Seller to Purchaser with respect to the Mortgage
Loans.

      
SECTION 10.
Servicing Transfer; Interim Servicing;
Foreclosure Actions; Use of Seller’s Name. 

	       	(a)	       	Servicing
      Transfer. On the date or dates set
      forth in the Confirmation upon which the actual transfer of servicing or
      debt collecting responsibilities for any Mortgage Loan, as applicable,
      being herein is transferred from the Seller to the Purchaser or its
      designee (each such date, a “Servicing Transfer Date”), the Seller shall
      cause the related servicer or debt collector, as applicable, to transfer
      the servicing with respect to the Mortgage Loans to the Purchaser in
      accordance with the servicing transfer guidelines of
  such.

11 

	      	(b)	      	Interim
      Servicing. From and after the related
      Servicing Transfer Date, the Purchaser shall, and shall cause its
      servicers, agents, vendors and subservicers to, comply with all applicable
      federal, state and local laws, rules and regulations. Purchaser shall, promptly upon
      receipt of any payment notice or request by the Seller, reimburse Seller
      for any Servicing Advances made on behalf of Purchaser and any interim
      servicing fees (as applicable) incurred following the related Cut- Off
      Date through and including the related Servicing Transfer Date. The
      Purchaser shall be liable for all Servicing Advances incurred with respect
      to the Mortgage Loans after the related Cut-off Date. The Seller shall be
      liable for all Servicing Advances incurred with respect to the Mortgage
      Loans on or prior to the related Cut-off Date. Following the related
      Closing Date and prior to the related Servicing Transfer Date, the Seller
      shall cause the Interim Servicer to service the Mortgage Loan in
      accordance with Accepted Servicing Practices and all of their respective
      obligations under HAMP.
	 			
		(c)		Foreclosure
      Actions. Notwithstanding anything to
      the contrary, any foreclosure action pending at the time of the related
      Servicing Transfer Date of any Mortgage Loan may be dismissed by the
      Seller in its sole discretion. Purchaser understands that neither Seller,
      its affiliates nor its agents will be liable for any foreclosure expenses
      incurred or billed, with respect to any Mortgage Loan after the related
      Cut-Off Date; and Purchaser agrees to transfer into its name, or restart
      if required, the foreclosure action of any Mortgage Loan in process as of
      the related Closing Date. Purchaser shall notify the appropriate court
      that it is assuming such foreclosure action as soon as reasonably
      practical after the Closing Date and promptly provide to Seller evidence
      of such notice. Purchaser and Seller shall cooperate and assist each
      other, as requested, to ensure an orderly transfer of the responsibilities
      with respect to the handling of any such foreclosed Mortgage
    Loan.
		 
		(d)		Use of Seller’s
      Name. Purchaser shall not, without the
      express prior written consent of Seller: (i) use or permit the use by any
      person of Seller’s or Seller’s affiliates’ or agents’ names; (ii)
      represent or imply that it is affiliated with, authorized by, or in any
      way related to Seller or Seller’s affiliates or agents; (iii) institute
      any legal, collection or enforcement proceeding in the name of Seller or
      Seller’s affiliates or agents or continue to prosecute any pending legal,
      collection or enforcement proceeding in the name of Seller or Seller’s
      affiliates or agents; or (iv) mislead, whether through misrepresentation
      or nondisclosure or otherwise, a Mortgagor or any other person as to the
      identity of the owner of the Mortgage Loans. The Purchaser shall indemnify
      the Seller and hold it harmless against any losses, damages, penalties,
      fines, forfeitures, reasonable and necessary legal fees and related costs,
      judgments, and other costs and expenses based on or grounded upon, or
      resulting from, a breach of this Section
      10(d). The indemnification obligation
      of the Purchaser set forth herein shall survive the termination of this
      Agreement notwithstanding any applicable statute of limitations, which the
      Purchaser hereby expressly waives.

12 

      
SECTION 11. Confirmation. The terms
and conditions set forth in the related Confirmation between the Purchaser and
the Seller with respect to each Closing Date shall be incorporated herein. In
the event of any conflict between the terms of this Agreement and the related
Confirmation, this Agreement shall control unless the related Confirmation
specifically references the conflict and states that such Confirmation shall
control. 

      
SECTION 12. REO Properties. The
parties hereto agree that Seller does not intend to sell REO property (“REO
Property”) to the Purchaser hereunder and shall not sell to the Purchaser any
Mortgage Loan that becomes an REO Property prior to the related Closing Date.
The parties hereto further agree that no REO Property will be deemed to be part
of any sale hereunder and the Seller shall return to the Purchaser the portion
of the Purchase Price paid in respect to the related Mortgage Loan. Upon the
earlier of the Purchaser’s discovery of the REO Property or the Purchaser’s
receipt of notice from the Seller of the REO Property, the Purchaser shall
immediately reconvey and transfer the related REO Property to the Seller, and
the Purchaser and the Seller shall arrange for the reassignment of the REO
Property to the Seller and the delivery to the Seller of any and all documents
held by the Purchaser or its custodian relating to such REO Property and the
related Mortgage Loan. 

      
SECTION 13. Survival of Agreement.
This Agreement includes provisions which the parties hereto intend will remain
in effect after each Closing Date contemplated by this Agreement. Accordingly,
this Agreement shall survive and remain in effect after the closing. 

      
SECTION 14. Notices. All demands,
notices and communications under this Agreement shall be in writing and shall be
deemed to have been duly given if (i) mailed by registered or certified mail,
return receipt requested or by overnight delivery service, addressed to the
appropriate party hereto at the address stated in the introduction to this
Agreement or (ii) transmitted by facsimile transmission or by electronic mail
with acknowledgment, to the appropriate party hereto at the facsimile number or
the electronic mail address provided by the other party to this Agreement. Any
such demand, notice or communication shall be deemed to have been received on
the date delivered to or received at the premises of the addressee (as evidenced
by the date noted on the return receipt or overnight delivery receipt).

      
SECTION 15. Severability Clause.
Any part, provision, representation or warranty of this Agreement which is
prohibited or unenforceable or is held to be void or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provisions in any
other jurisdiction. To the extent permitted by applicable law, the parties
hereto waive any provision of law which prohibits or renders void or
unenforceable any provision hereof. 

      
SECTION 16. Counterparts. For the
purpose of facilitating the execution of this Agreement, and for other purposes,
this Agreement may be executed simultaneously in any number of counterparts.
Each counterpart shall be deemed to be an original, and all such counterparts
shall constitute one and the same instrument. The parties agree that this
Agreement, any documents to be delivered pursuant to this Agreement and any
notices hereunder may be transmitted between them by email and/or by facsimile.
The parties intend that faxed signatures and electronically imaged signatures
such as .pdf files shall constitute original signatures and are binding on all
parties. The original documents shall be promptly delivered, if
requested.

13 

      
SECTION 17. Place of Delivery and Governing Law. This Agreement shall be deemed to have been made in the
State of New York. This Agreement shall be construed in accordance with the laws
of the State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with the laws of the State of New
York, without regard to principles of conflicts of law (other than Sections
5-1401 and 5-1402 of the New York General Obligations Law which shall govern).
The parties hereby agree that all disputes arising hereunder shall be submitted
to and hereby subject themselves to the jurisdiction of the courts of competent
jurisdiction, state and federal, in the State of New York. 

      
SECTION 18. Further Assurances.
Each party to this Agreement agrees to execute and deliver such instruments and
take such actions as the other party may, from time to time, reasonably request
to effect the purpose and carry out the terms of this Agreement; provided,
however, that the requesting party shall be solely responsible for all
out-of-pocket costs and expenses incurred by the non-requesting party in
connection with any such request. 

      
SECTION 19. Successors and Assigns; Assignment. This Agreement shall inure to the benefit of and be binding
upon Seller and Purchaser and the respective successors and assigns of Seller
and Purchaser. This Agreement may not be assigned by Purchaser, other than to
(i) an affiliate of Purchaser, or (ii) to a New York common law trust created by
the Purchaser for a purpose other than the securitization of the Mortgage Loans
to third-party investors, of which the Purchaser, an affiliate of Purchaser or a
repo or lending counterparty of the Purchaser or an affiliate of the Purchaser
is the beneficial owner or an affiliate of the Purchaser, in each case, without
the prior written consent of the Seller; provided, however, that the Purchaser
may assign solely its rights but not its obligations under this Agreement. For
the avoidance of doubt, in the event that this Agreement is assigned pursuant to
clause (ii) above, the Purchaser shall not, and shall cause any beneficial owner
of the trust not to, sell the resulting securities associated with any internal
securitization of the Mortgage Loans to any third party investor.

      
SECTION 20. Amendments. Neither
this Agreement, nor any provision hereof may be changed, waived, discharged or
terminated orally, but only by a written instrument signed by both Seller and
Purchaser. 

      
SECTION 21. Interpretation. For all
purposes of this Agreement, initially capitalized terms used herein have the
meanings ascribed hereto in this Agreement. Except as expressly otherwise
provided herein or unless the context otherwise requires, for purposes of this
Agreement the words “herein,” “hereto,” “hereof” and “hereunder” and other words
of similar effect shall refer to this Agreement as a whole and not to any
particular provisions. 

      
SECTION 22. Intention of the Parties. It is the intention of the parties that Purchaser is purchasing, and
Seller is selling, the Mortgage Loans and not a debt instrument of Seller or any
other security. Accordingly, each party intends to treat the transaction for
federal income tax purposes and each transaction shall be reflected on Seller’s
books and records, tax returns, balance sheet and other financial statements as
a sale by Seller, and a purchase by Purchaser, of the Mortgage Loans.

14 

      
SECTION 23. Confidential Information. The parties hereto shall keep confidential and shall not divulge to any
party, without the other party’s prior written consent, the price paid by the
Purchaser for the Mortgage Loans, except to the extent that it is appropriate
for the related party to do so in working with legal counsel, auditors, taxing
authorities and/or other governmental agencies. Each of the parties shall, with
respect to all Mortgage Loans, comply with the applicable provisions of the
Gramm-Leach-Bliley Act of 1999 (the “GLBA”) and any applicable state and local
privacy laws pursuant to the GLBA for financial institutions and applicable
state and local privacy laws. 

      
SECTION 24. Reproduction of Documents. This Agreement and all documents relating thereto, including, without
limitation, (a) consents, waivers and modifications which may hereafter be
executed, (b) documents received by any party at the closing, and (c) financial
statements, certificates and other information previously or hereafter
furnished, may be reproduced by any photographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties agree
that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original
is in existence and whether or not such reproduction was made by a party in the
regular course of business, and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

      
SECTION 25. Exhibits. The exhibits
to this Agreement are hereby incorporated and made a part hereof and are an
integral part of this Agreement. 

[Signature Page Follows] 

15 

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

		CITIGROUP GLOBAL MARKETS
    REALTY CORP.,
		Seller	
		 
	 	By:	/s/ Shameer
      Hussein
		Name:   	Shameer
      Hussein
		Title:	Authorized
      Agent
		 
		 
		 
		ZFC TRUST,
		Purchaser
		 
		By:	/s/ Michael
      Szymanski
		Name:	Michael
      Szymanski
		Title:	Trustee

Mortgage Loan
Sale Agreement (May 2013)

EXHIBIT A 

CONTENTS OF MORTGAGE FILE 

A. With respect to each Mortgage Loan,
the Mortgage File shall include each of the following items, to the extent in
Seller’s possession: 

       1.
Mortgage Note. The original Mortgage Note, endorsed, "Pay to the order of _______,
without recourse" or a copy of the Mortgage Note together with a lost note
affidavit; 

       2.
Mortgage.
The original Mortgage, with evidence of recording thereon; provided, that (a) if
the original Mortgage has been delivered for recording to the public recording
office of the jurisdiction in which the Mortgaged Property is located but has
not yet been returned to the Seller by such recording office, then (i) a copy of
the Mortgage with the recording information included on such copy, and (ii) when
the original Mortgage becomes available, the original of such Mortgage, with
evidence of recording thereon, and (b) if such Mortgage has been lost or if such
public recording office retains the original recorded mortgage, a photocopy of
such Mortgage with the recording information included on such copy; 

       3.
Assignment of Mortgage. The original Assignment of Mortgage to Purchaser, or, if
such original Assignment of Mortgage has been delivered for recording to the
public recording office of the jurisdiction in which the Mortgaged Property is
located but has not yet been returned to the Seller by such recording office,
then a copy of such Assignment of Mortgage; 

       4.
Intervening Assignments. Originals or copies of all intervening Assignments of
Mortgage showing an unbroken chain of title from originator to Seller with
evidence of recording thereon; provided, that (i) if any original intervening
Assignment of Mortgage has been delivered for recording to the appropriate
public recording office of the jurisdiction in which the Mortgaged Property is
located but has not yet been returned to the Seller by such recording office, a
copy of such Assignment of Mortgage together with evidence of transmittal of the
original Assignment of Mortgage to the appropriate public recording office with
a request to record such original Assignment of Mortgage and such original
intervening Assignment of Mortgage, with evidence of recording thereon, if and
when such Assignment of Mortgage becomes available, and (ii) if such intervening
Assignment of Mortgage has been lost or if such public recording office retains
the original recorded intervening Assignment of Mortgage, a photocopy of such
Assignment of Mortgage with the recording information included on such copy;

       5.
Title Policy. An original or a copy of the final Title Policy or final Attorney’s
Opinion, if available;

       6.
Additional Documents. Originals or copies of all assumption, extension, release
and written modification agreements, if any;

       7.
Power of Attorney. If the Mortgage Note, the Mortgage, any Assignment of Mortgage or any
other related document has been signed by a person on behalf of the Mortgagor,
an original or copy of the power of attorney or other instrument that authorized
and empowered such person to sign; and
       8.
Guaranty.
The original or copy of any guarantee in the Seller’s possession executed in
connection with the Mortgage Loan. 

B. With respect to each Cooperative
Loan, the Mortgage File shall include each of the following items, to the extent
in Seller’s possession: 

       1.
Mortgage Note. The original Mortgage Note, endorsed, "Pay to the order of _______,
without recourse" or a copy of the Mortgage Note together with a lost note
affidavit; 

       2.
Lien Search. The original lien search performed with respect to the Cooperative
Loan; 

       3.
UCC Financing Statement. A copy of the Uniform Commercial Code (“UCC-1”) financing
statement with evidence of recording thereon. 

       4.
Assignment of UCC Financing
Statement. Original assignment of the UCC-1
from the last assignee to blank; 

       5.
Cooperative Shares. The original Cooperative Shares, membership certificate, or other
contractual agreement evidencing ownership; 

       6.
Stock Power. The original executed blank Stock Power; 

       7.
Proprietary Lease. The original Proprietary Lease or occupancy agreement; 

       8.
Recognition Agreement. The original Recognition Agreement; 

       9.
Security Agreement. The original security agreement, chattel mortgage or equivalent
document executed in connection with the Cooperative Loan (if any); 

      
10. Proprietary Lease. The original assignment of Proprietary Lease or occupancy
agreement, in blank, if applicable; 

      
11. Power of Attorney. If the Mortgage Note, the Proprietary Lease or any other
related document has been signed by a person on behalf of the Mortgagor, an
original or copy of the power of attorney or other instrument that authorized
and empowered such person to sign; 

      
12. Additional Documents. Originals or copies of all assumption, extension, release
and modification agreements, if any; and 

      
13. Guaranty. The original or copy of any guarantee in the Seller’s possession
executed in connection with the Cooperative Loan. 

EXHIBIT B 

FORM OF ASSIGNMENT AND CONVEYANCE

       On
this _______ day of ________, 20__, Citigroup Global Markets Realty Corp.
(“Seller”) as the Seller under that certain Master Mortgage Loan Sale Agreement,
dated as of May 31, 2013 (the “Agreement”) does hereby sell, transfer, assign,
set over and convey to ZFC Trust (the “Purchaser”) as the Purchaser under the
Agreement, without recourse, all rights, title and interest of the Seller in and
to the Mortgage Loans listed on the Mortgage Loan Schedule attached hereto,
together with the related servicing rights thereto, the Mortgage Files and all
rights and obligations arising under the documents contained therein. The
ownership of each Mortgage Note, Mortgage, and the contents of the Mortgage File
is vested in the Purchaser and the ownership of all records and documents with
respect to the related Mortgage Loan prepared by or which come into the
possession of the Seller shall immediately vest in the Purchaser and shall be
retained and maintained, in trust, by the Seller at the will of the Purchaser in
such custodial capacity only. 

      
Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Agreement. 

		CITIGROUP GLOBAL MARKETS
    REALTY CORP.,
		Seller
		 
		By:	 	 
		Name:   	 	 
		Title:	 	 

EXHIBIT C 

ADDITIONAL DEFINED TERMS 

      
Definitions with respect to terms used but not otherwise defined in this
Agreement: 

      
Accepted Servicing Practices: With respect
to each Mortgage Loan, those mortgage servicing practices (i) of prudent
mortgage lending institutions that service mortgage loans of the same type as
such Loan in the jurisdiction where the related Mortgaged Property (as
applicable) is located, (ii) that are in compliance with all applicable federal,
state and local laws and regulations, including HAMP, if applicable, and (iii)
in compliance with the terms of the Mortgage and the Note. 

      
Cooperative: The private, non-profit
cooperative apartment corporation which owns all of the real property that
comprises the Project, including the land, separate dwelling units and all
common areas.

      
Cooperative Apartment: The specific
dwelling unit relating to a Cooperative Loan.

      
Cooperative Shares: The shares of stock
issued by the Cooperative, owned by the Mortgagor, and allocated to a
Cooperative Apartment and represented by a Stock Certificate 

      
Project: All real property owned by the
Cooperative including the land, separate dwelling units and all common areas.

      
Proprietary Lease: A lease on a
Cooperative Apartment evidencing the possessory interest of the Mortgagor in
such Cooperative Apartment.

      
Recognition Agreement: An agreement
whereby a Cooperative and a lender with respect to a Cooperative Loan (i)
acknowledge that such lender may make, or intends to make, such Cooperative
Loan, and (ii) make certain agreements with respect to such Cooperative Loan.

      
Stock Certificates: The certificates
evidencing ownership of the Cooperative Shares issued by the
Cooperative.

      
Stock Power: An assignment of the Stock
Certificate or an assignment of the Cooperative Shares issued by the
Cooperative. 

EXHIBIT D

FORM OF CONFIRMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Confirmation
Citi-Zais (May 2013)

Exhibit A 

 

Mortgage Loan Schedule

EXHIBIT E

FORM OF ASSIGNMENT AND ASSUMPTION
AGREEMENT

This Assignment and Assumption
Agreement (the “Assignment and Assumption
Agreement”) is entered into as of
[_________], 2010, by and between [______________] (“Assignor”) and [_____________]
(“Assignee”).

All terms used, but not defined, herein
shall have the meanings ascribed to them in the Underlying Agreement (defined
below).

WHEREAS, Assignor and Federal National Mortgage Association, a federally
chartered corporation, as financial agent of the United States (“Fannie Mae”),
are parties to a Commitment to Purchase Financial Instrument and Servicer
Participation Agreement, a complete copy of which (including all exhibits,
amendments and modifications thereto) is attached hereto and incorporated herein
by this reference (the “Underlying
Agreement”);

WHEREAS, Assignor has agreed to assign to Assignee all of its rights and
obligations under the Underlying Agreement with respect to the Eligible Loans
that are identified on the schedule attached hereto as Schedule 1 (collectively,
the “Assigned Rights and
Obligations”); and

WHEREAS, Assignee has agreed to assume the Assigned Rights and
Obligations.

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

1. Assignment. Assignor hereby assigns to
Assignee all of Assignor’s rights and obligations under the Underlying Agreement
with respect to the Assigned Rights and Obligations.

2. Assumption. Assignee hereby accepts
the foregoing assignment and assumes all of the rights and obligations of
Assignor under the Underlying Agreement with respect to the Assigned Rights and
Obligations.

3. Effective Date. The date on which the
assignment and assumption of rights and obligations under the Underlying
Agreement is effective is [_________], 2010.

4. Successors. All future transfers and
assignments of the Assigned Rights and Obligations transferred and assigned
hereby are subject to the transfer and assignment provisions of the Underlying
Agreement. This Assignment and Assumption Agreement shall inure to the benefit
of, and be binding upon, the permitted successors and assigns of the parties
hereto.

5. Counterparts. This Assignment and
Assumption Agreement may be executed in counterparts, each of which shall be an
original, but all of which together constitute one and the same
instrument.

E-1

IN WITNESS WHEREOF, Assignor and Assignee, by their duly authorized officials,
hereby execute and deliver this Assignment and Assumption Agreement, together
with Schedule 1, effective as of the date set forth in Section 3 above. 

ASSIGNOR:

	By:	 
	Name:  	 
	Title:	 
	Date:	 

ASSIGNEE: 

	By:	 
	Name:  	 
	Title:	 
	Date:	 

E-2 

SCHEDULE I TO
EXHIBIT E

MORTGAGE
LOANS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E-3

EXHIBIT A TO EXHIBIT
E

SERVICER
PARTICIPATION AGREEMENT

(TO BE ATTACHED ON THE NEXT
PAGE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E-4

EXHIBIT F 

MORTGAGE LOAN SCHEDULE FIELDS

	1. Seller Loan ID
	2. Servicer Loan ID
	3. Original Balance
	4. Current Unpaid Principal Balance
	5. Deferred Principal Balance
	6. Interest Bearing Principal Balance
	7. Origination Date
	8. First Payment Date
	9. Current Maturity Date
	10. Current P&I Payment
	11. Original Interest Rate
	12. Current Interest Rate
	13. Next Payment Due Date/Interest Paid to
  Date
	14. ARM Next Interest Rate Change Date/Next Payment
      Change Date
	15. ARM Index
	16. ARM Gross Margin
	17. ARM Interest Rate Ceiling
	18. ARM Interest Rate Floor
	19. ARM Life Rate Cap
	20. ARM Periodic Rate Cap
	21. ARM Rate Frequency (Interest Adj Period)
	22. I0 Indicator
	23. MI Flag
	24. Lien Status
	25. Property Type
	26. Modification Flag
	27. Borrower Name First
	28. Borrower Name Last
	29. Property Street Address
	30. Property City
	31. Property State
	32. Property Zip Code
	33. Bankruptcy Flag
	34. Foreclosure Flag
	35. Purchase Price Percentage
	36. Modification Date
	37. Current rate type (Fixed, ARM or Step)
	38. REO Flag
	39. MERS MIN ID
	40. Active in MERS Flag (Y/N) as of the closing
      date

F-1Citigroup Global Markets Realty
Corp.
390 Greenwich Street 5th Floor
New York, New York 10013

May 31, 2013 

ZFC Trust
c/o ZAIS Financial Partners,
L.P.
2 Bridge Avenue, Suite 322
Red Bank, NJ 07701
Attention: Don Kutch

	                           
      	Re:       	Sale of First Lien, Performing and Re-performing Mortgage
      Loans
			by Citigroup Global Markets Realty
  Corp.

Ladies and Gentlemen: 

    
This trade confirmation (the “Confirmation”) confirms
the agreement between Citigroup Global Markets Realty Corp. (the “Seller”) and
ZFC Trust (the “Purchaser”) pursuant to which the Seller has agreed to sell, and
the Purchaser has agreed to purchase, without recourse, certain first lien,
performing and re-performing residential mortgage loans identified on the
mortgage loan schedule attached hereto as Exhibit A (the “Mortgage Loans”), on a
servicing released basis, subject to the terms set forth herein. The Mortgage
Loans will be sold pursuant to a mutually agreeable Master Mortgage Loan Sale
Agreement (the “Purchase Agreement”), between the Seller and the
Purchaser.

For purposes of the Mortgage Loans to be
sold pursuant to this Confirmation, the following terms shall have the following
meanings: 

	Cut-off Date:	April 30, 2013 or such other date as mutually agreed to
      by the parties hereto.
		       
	Cut-off Date Principal Balance:	$136,564,152.31
	       	
	Closing Date:	May 31, 2013 or such other date as mutually agreed to
    by        the parties hereto.
		       
	Bid Cut-off Date	February 28, 2013.
		       
	Bid Cut-off Date Principal Balance:	$146,503,111.36
		       
	Servicing Retained/Released:	Released.
		       
	Servicing Transfer Date:	Not applicable
		       
	Purchase Price Percentage:	As set forth in Exhibit A

	Purchase Price:	
      The purchase price for the each
      Mortgage Loan shall be equal to the sum of (a) the product of (i) the
      Purchase Price Percentage and (ii) the Cut-off Date Principal Balance, (b)
      accrued and unpaid interest on the Mortgage Loan from the last date
      through which interest has been paid by the Mortgagor through the day
      prior to the Closing Date for Mortgage Loans that are less than sixty (60)
      days delinquent as of the Cut-off Date.

		      
    
	Due Diligence:	The Purchaser
      will have completed its due diligence prior to the Closing Date and has
      agreed to purchase the Mortgage Loans based on the results of such due
      diligence. 
		       
	Certain Provisions of the Purchase Agreement
      Inapplicable:	
      The parties hereto acknowledge that
      the following sections of the Purchase Agreement are inapplicable to this
      specific transaction and therefore shall be of no force or
      effect:

      Section 6(e), Sections 10(a) and the
      second sentence of 10(b).

      The parties intend that, pursuant to
      Section 11 of the Purchase Agreement, that this Confirmation shall
      control. 

		      
    
	Entire Agreement/Governing Law:	
      This Confirmation and the Purchase
      Agreement contain the entire agreement relating to the subject matter
      hereof between Purchaser and Seller and supersede any prior oral or
      written agreement between the parties. This Confirmation may only be
      amended by a written document signed by both parties. This letter shall be
      governed in accordance with the laws of the state of New York, without
      regard to conflict of laws rules (other than section 5-1401 of the New
      York General Obligations Law which shall govern).

     Please
acknowledge your agreement to the terms and conditions of this Confirmation by
signing in the appropriate space below and returning a copy of the same to the
undersigned. Telecopy signatures shall be deemed valid and binding to the same
extent as the original.

	
      CITIGROUP GLOBAL MARKETS REALTY
      CORP.

	
      as Seller

	      
	
	      
	
	By:	/s/ Shameer Hussein
	Name: 	Shameer Hussein
	Title:	Authorized Agent 

Confirmed and Agreed to:

ZFC TRUST, as Purchaser

	      
	
	      
	
	By:	/s/ Michael F. Szymanski
	Name: 	Michael F. Szymanski
	Title:	Trustee

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