Document:

Mortgage Loan Purchase Agreement

 Exhibit 10.1 
  
 EXECUTION 
  

  
 HOMEBANC CORP., 
  
 SELLER 
  
 and 
  
 HMB ACCEPTANCE CORP., 
  
 DEPOSITOR 
  
 MORTGAGE LOAN PURCHASE AGREEMENT 
  
 Dated as of May 1,
2005 
  
 HomeBanc Mortgage Trust 2005-3 
 (Mortgage Backed Notes) 
  

  
 TABLE OF CONTENTS 

 

			
	 Section 1. Sale and Purchase of Mortgage Loans
	  	2
		
	 Section 2. Purchase Price of Mortgage Loans
	  	2
		
	 Section 3. Transfer of the Mortgage Loans
	  	2
		
	 Section 4. Representations and Warranties of the Seller
	  	4
		
	 Section 5. Covenants of the Seller
	  	6
		
	 Section 6. Cure, Repurchase and Substitution Obligations
	  	6
		
	 Section 7. Conditions to Obligation of the Depositor
	  	8
		
	 Section 8. Mandatory Delivery; Grant of Security Interest
	  	9
		
	 Section 9. Indemnification
	  	9
		
	 Section 10. Notices
	  	11
		
	 Section 11. Severability of Provisions
	  	12
		
	 Section 12. Governing Law
	  	12
		
	 Section 13. Agreement of the Seller
	  	12
		
	 Section 14. Survival
	  	13
		
	 Section 15. Assignment; Third Party Beneficiaries
	  	13
		
	 Section 16. Miscellaneous
	  	13
		
	 Section 17. Request for Opinions
	  	14

  

			
	 Schedule I
	  	Mortgage Loan Schedule
		
	 Exhibit A
	  	Representations and Warranties of HomeBanc Corp.

  

 i 

  
 MORTGAGE LOAN PURCHASE
AGREEMENT 
  
 This MORTGAGE LOAN PURCHASE AGREEMENT dated as of
May 1, 2005 (this “Agreement”), is by and between HMB Acceptance Corp., a Delaware corporation (the “Depositor”) and HomeBanc Corp., a Georgia corporation (the “Seller”). 
  
 RECITALS 
  
 (1) Schedule I attached hereto and made a part hereof lists one pool of one- to four-family, adjustable rate mortgage loans
(collectively, the “Mortgage Loans”) currently owned by the Seller that the Seller desires to sell to the Depositor. 
  
 (2) The Depositor desires to purchase the Mortgage Loans from the Seller and intends immediately thereafter to transfer the Mortgage Loans and any other
assets constituting the Trust Estate, and assign all its rights and delegate all of its obligations under this Agreement, to HomeBanc Mortgage Trust 2005-3 (the “Issuer”) pursuant to the terms of a transfer and servicing agreement (the
“Transfer and Servicing Agreement”) dated as of May 1, 2005, among the Issuer, the Depositor, HomeBanc Corp., as Seller and as servicer (in such capacity, the “Servicer”), Wells Fargo Bank, N.A., as master servicer (in such
capacity, the “Master Servicer”) and as securities administrator (in such capacity, the “Securities Administrator”), and U.S. Bank National Association, as indenture trustee (in such capacity, the “Indenture Trustee”).
The Issuer will in turn pledge the Trust Estate and all such rights and obligations to the Indenture Trustee for the benefit of the Noteholders. 
  
 (3) The Issuer will be formed pursuant to a trust agreement (the “Trust Agreement”) dated as of May 1, 2005, among the Depositor, the Securities
Administrator and Wilmington Trust Company, as owner Trustee (the “Owner Trustee”). The Issuer (i) pursuant to an indenture (the “Indenture”) dated as of May 1, 2005, among the Issuer, the Securities Administrator and the
Indenture Trustee, will issue the HomeBanc Mortgage Trust 2005-3 Mortgage Backed Notes (the “Notes”) and (ii) pursuant to the Trust Agreement will issue a single class of ownership certificate (the “Ownership Certificate,” and
together with the Notes, the “Securities”). 
  
 (4) The
Securities to be delivered to the Depositor or its designee(s), registered in such names as the Depositor shall designate, will be designated as (i) the HomeBanc Mortgage Trust 2005-3 Mortgage Backed Notes, Class A-1, Class A-2, Class M-1, Class
M-2, Class M-3, Class M-4, Class M-5 and Class B, and (ii) the HomeBanc Mortgage Trust 2005-3 Ownership Certificate. 
  
 (5) Capitalized terms used and not defined herein shall have the meanings assigned to them in the Transfer and Servicing Agreement. 
  

 AGREEMENT 
  
 NOW THEREFORE, in consideration of the mutual promises herein made and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereby agree as follows: 
  
 Section 1.
Sale and Purchase of Mortgage Loans. 
  
 (a) Subject to
the terms and conditions of this Agreement, the Seller agrees to sell, and the Depositor agrees to purchase, on the date of issuance of the Securities, which is expected to be on or about May 27, 2005 (the “Closing Date”), the Mortgage
Loans having an aggregate principal balance as of May 1, 2005 (the “Cut-off Date”), of $985,673,426.69, including all related Mortgage Files and any Insurance Proceeds, REO Property, Liquidation Proceeds and other recoveries relating to
the Mortgage Loans, and all income, revenues, issues products, revisions, substitutions, replacements, profits, rents and all cash and non-cash proceeds of the foregoing. 
  
 (b) The Seller and the Depositor have agreed upon which of the mortgage loans owned by the Seller are to be purchased by the
Depositor pursuant to this Agreement, and the Seller has prepared, or has provided information to the Depositor enabling the Depositor to prepare, Schedule I attached hereto (“Schedule I”), setting forth information with respect to the
Mortgage Loans to be purchased by the Depositor as of the Closing Date. The Seller shall, with the Depositor’s consent, amend or modify, or provide information to the Depositor enabling the Depositor to amend or modify Schedule I on or prior to
the Closing Date if necessary to reflect the actual Mortgage Loans transferred by the Seller and accepted by the Depositor on the Closing Date. Schedule I, as so amended or modified, shall conform to the requirements of the Depositor as set forth in
this Agreement and to the definition of “Mortgage Loan Schedule” under the Transfer and Servicing Agreement, and shall be the definitive Mortgage Loan Schedule attached as an exhibit to the Transfer and Servicing Agreement. 
  
 Section 2. Purchase Price of Mortgage Loans. 
  
 (a) On the Closing Date, as full consideration for the Seller’s sale of
the Mortgage Loans to the Depositor, the Depositor shall deliver to the Seller cash equal to $985,673,426.69. 
  
 (b) The Depositor or any assignee or transferee of the Depositor (which may include the Issuer, acting on behalf of the Noteholders) shall be entitled to
all Monthly Payments due after the Cut-off Date, and all curtailments or other principal prepayments received with respect to the Mortgage Loans paid by each borrower after the Cut-off Date, except that the Depositor or any assignee or transferee of
the Depositor will not be entitled to any curtailments or other prepayments received on or after the Cut-off Date but reflected in the aggregate Cut-off Date Balance. All Monthly Payments due on or before the Cut-off Date and collected on or after
the Cut-off Date shall belong to the Seller. 
  
 (c) Pursuant to
the Transfer and Servicing Agreement, the Depositor will transfer and assign all its right, title and interest in and to the Mortgage Loans and any other assets constituting the Trust Estate to the Issuer in consideration of the issuance of the
Securities to the Depositor or its designee(s). 
  
 Section 3.
Transfer of the Mortgage Loans. 
  
 (a) Mortgage
File. For purposes of this Agreement, the “Mortgage File” will be as defined in the Transfer and Servicing Agreement. 
  

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 (b) Transfer of Ownership. Upon the sale of any Mortgage Loans, the ownership of each Mortgage
Loan Document (as defined below) with respect thereto shall be vested in the Depositor, and the ownership of all other records and documents with respect thereto prepared by or which come into the possession of the Seller shall immediately vest in
the Depositor. The Seller shall, upon the direction of the Depositor, promptly deliver to JPMorgan Chase Bank, National Association (the “Custodian”) or such other designee as the Depositor may direct, any documents that come into its
possession with respect to such Mortgage Loans following such sale. Prior to such delivery, the Seller shall hold any such documents for the benefit of the Depositor, its successors and assigns. 
  
 (c) Delivery of Mortgage Files. To the extent not previously delivered
to the Depositor or a designee of the Depositor, the Seller shall, not later than two Business Days prior to the Closing Date, at the direction of the Depositor, deliver to the Custodian, each of the mortgage loan documents required to be included
in the Mortgage File pursuant to Section 2.01(b) of the Transfer and Servicing Agreement (the “Mortgage Loan Documents”). The Mortgage Note for each such Mortgage Loan shall be endorsed in blank or as otherwise directed by the Depositor,
and the Mortgage for each such Mortgage Loan shall name the Depositor, the Custodian or such other party as designated by the Depositor as mortgagee or beneficiary, as appropriate, or be assigned in blank or as otherwise directed by the Depositor.

  
 Prior to the transfer and sale of any Mortgage Loans, the
Mortgage Loan Documents delivered to the Custodian shall be held by the Custodian for the benefit of the Seller and the possession by the Custodian of such Mortgage Loan Documents will be at the will of the Seller and will be in a custodial capacity
only. Following the transfer and sale of any Mortgage Loans from the Seller to the Depositor in accordance with the terms and upon satisfaction of the conditions of this Agreement, the Custodian will hold all Mortgage Loan Documents delivered to it
hereunder for the benefit of the Depositor, as its agent and bailee. The Custodian will act as a custodian for the receipt and custody of all Mortgage Files and, after the transfer of any Mortgage Loans from the Depositor to the Issuer, the
Custodian will hold all Mortgage Loan Documents delivered to it hereunder for the benefit of the Issuer and on behalf of the Noteholders. 
  
 (d) Examination of Mortgage Loan Documents: Acceptance of Mortgage Loans. To the extent not previously delivered to the Depositor or a designee of
the Depositor, the Seller shall, prior to the Closing Date either (i) deliver to the Depositor or its designee in escrow, for examination, the Mortgage Loan Documents pertaining to each Mortgage Loan then being sold by it or (ii) make such Mortgage
Loan Documents available to the Depositor or its designee for examination at the Seller’s offices or at such other place as the Seller shall specify. Any such Mortgage Loan Documents so held by the Seller and so made available to the Depositor
or its designee shall be held by the Seller and so made available solely as a matter of convenience to the Depositor or its designee and in lieu of delivering such Mortgage Loan Documents to the Depositor or its designee. The Depositor, the
Custodian or a designee of either entity may review the Mortgage Loan Documents to verify that all documents required to be included in each Mortgage File (as such term has been defined in the Transfer and Servicing Agreement) are so included.

  

 3 

 Prior to the Closing Date, the Seller shall cause the Custodian to review the documents delivered
pursuant to Section 3(c) hereof to ascertain that, as to each Mortgage Loan listed on Schedule I, (i) all documents required to be delivered by the Seller pursuant to Section 3(c) have been received, (ii) such documents appear regular on their face
and relate to such Mortgage Loan and (iii) the information on Schedule I accurately reflects the information set forth in the corresponding Mortgage File, to the extent required by Section 2.01 of the Transfer and Servicing Agreement. An additional
review shall be conducted by the Custodian or its designee prior to the first anniversary of the Closing Date to determine that all Mortgage Loan Documents required to be included in the Mortgage File are included therein. If at any time the
Depositor or the Indenture Trustee, or the Custodian, discovers or receives notice that any Mortgage Loan Document is missing or defective in any material respect with respect to any Mortgage Loan, the Seller shall correct or cure any such omission
or defect or, if such omission or defect materially impairs the value of the Mortgage Loan, repurchase the defective Mortgage Loan or substitute for such defective Mortgage Loan a Qualified Substitute Mortgage Loan in accordance with and if
permitted by the terms of Section 6 hereof. At the time of such repurchase or substitution, the Custodian shall release documents in its possession relating to such Mortgage Loan to the Seller. The fact that the Depositor, the Indenture Trustee or a
designee of either entity has conducted or has failed to conduct any partial or complete examination of the Mortgage Loan Documents prior to the Closing Date shall not affect the rights of the Depositor (or any assignee or successor thereof) to
demand repurchase or other relief as provided herein. 
  
 (e)
Recordation of Assignments of Mortgage. Subject to the sale of the Mortgage Loans by the Seller to the Depositor, the Depositor hereby authorizes and instructs the Seller, and the Seller hereby agrees, to record all Assignments required to be
contained in the Mortgage File to the extent required pursuant to Section 2.01 of the Transfer and Servicing Agreement. All recording fees relating to the recordation of the Assignments as described above shall be paid by the Seller. With respect to
any Non-MERS Mortgage Loans, if the Indenture Trustee does not receive, within the time specified in the Transfer and Servicing Agreement, evidence satisfactory to it of such recording with respect to any Mortgage Loan to the extent required
pursuant to Section 2.01 of the Transfer and Servicing Agreement, the Seller shall, in cooperation with the Indenture Trustee, correct or cure any such omission or repurchase the affected Mortgage Loan within 90 days of such demand, which demand
shall be made within the time specified in the Transfer and Servicing Agreement (including any such extensions provided for therein). 
  
 Section 4. Representations and Warranties of the Seller. 
  
 The Seller hereby represents and warrants to the Depositor as follows: 
  
 (a) The Seller is a corporation duly organized, validly existing and in good
standing under the laws of the State of Georgia and has full power and authority (i) to conduct its business as presently conducted by it and (ii) to execute and deliver this Agreement and perform its obligations under this Agreement. The Seller is
and will remain in compliance with the laws of each state in which any Mortgaged Property is located to the extent necessary to perform its obligations in respect of this Agreement. 
  
 (b) The execution and delivery of this Agreement, the performance by the Seller of its obligations hereunder and the
consummation of the transactions contemplated hereby have been 

  

 4 

 
duly authorized by all necessary action on the part of the Seller. This Agreement has been duly executed and delivered by the Seller and constitutes a legal,
valid and binding obligation of the Seller, enforceable in accordance with its respective terms subject to bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and to general principles
of equity and public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of this Agreement which purport to provide indemnification from securities
laws liabilities. 
  
 (c) The execution, delivery and performance
of this Agreement by the Seller, and the consummation of the transactions contemplated hereby, will not (i) violate or conflict with any law, rule, regulation, order, judgment, award, administrative interpretation, injunction, writ, decree or the
like affecting the Seller or by which the Seller is bound or (ii) result in a breach of or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under any indenture or other material agreement to
which the Seller is a party or by which the Seller is bound, which in the case of either clause (i) or (ii) will have a material adverse effect on the Seller’s ability to perform its obligations under this Agreement. 
  
 (d) No authorization, consent, approval, license, exemption or other action
by or notice to or registration or filing with any governmental authority or administrative or regulatory body is required for either the execution, delivery or performance of this Agreement by the Seller or the consummation of the transactions
contemplated hereby, except such as shall have been made or obtained on or prior to the Closing Date. 
  
 (e) There are no pending or, to the best of the Seller’s knowledge, threatened actions, proceedings or investigations against the Seller before any
court, governmental arbitrator or instrumentality which if determined adversely to the Seller may reasonably be expected, individually or in the aggregate, to (i) have a material and adverse affect on the Seller’s ability to perform its
obligations under this Agreement or (ii) to affect the legality, validity or enforceability of this Agreement. 
  
 (f) The Seller is solvent and the sale of the Mortgage Loans will not cause the Seller to become insolvent. The sale of the Mortgage Loans is not
undertaken with the intent to hinder, delay or defraud any of the Seller’s creditors. 
  
 (g) The transfer of the Mortgage Loans to the Depositor at the Closing Date will be treated by the Seller for financial accounting and reporting purposes as a financing. 
  
 (h) The Seller has not dealt with any broker or agent or other Person who
might be entitled to a fee, commission or compensation in connection with the transaction contemplated by this Agreement other than the Depositor and its affiliates. 
  
 (i) The Seller is not in default with respect to any order or decree of any court, regulation or demand of any federal,
state, municipal or governmental agency, which default would materially and adversely affect the condition (financial or other) or operations of the Seller or its properties or the consequences of which would have a material adverse effect on the
Seller’s ability to perform its obligations under this Agreement. 
  

 5 

 (j) The transfer, assignment and conveyance of the Mortgage Notes and the Mortgages by the Seller
hereunder are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 
  
 (k) The transactions contemplated by this Agreement are in the ordinary course of business of the Seller. 
  
 (l) Each of the representations and warranties set forth in Exhibit A hereto
is true and correct with respect to the Mortgage Loans as of the Closing Date. 
  
 (m) The Seller has been organized in conformity with the requirements for qualification as a real estate investment trust (a “REIT”); the Seller will file with its federal income tax return for its taxable
year ending December 31, 2004, an election to be treated as a REIT for federal income tax purposes; and the Seller currently qualifies as, and it proposes to operate in a manner that will enable it to continue to qualify as, a REIT. 
  
 Section 5. Covenants of the Seller. 
  
 The Seller hereby covenants with the Depositor as follows: 
  
 (a) On or before the Closing Date, the Seller shall take all steps required
of it to effectuate the transfer of the Mortgage Loans to the Issuer, as transferee of the Depositor, free and clear of any lien, charge or encumbrance. 
  
 (b) The Seller shall use its best efforts to make available to counsel for the Depositor in executed form each of the documents listed in Section 7(b)
below no later than two Business Days before the Closing Date, it being understood that such documents are to be released and delivered only on the closing of the transaction contemplated hereby and the sale of the Securities. 
  
 (c) The Seller shall deliver or cause to be delivered to the Depositor (i) an
Opinion of Counsel as to various corporate matters substantially in a form satisfactory to the Depositor and (ii) such other Opinions of Counsel, if any, as are required by any Rating Agency for the issuance of the ratings on the Notes specified in
Section 7(d) below. 
  
 Section 6. Cure, Repurchase and
Substitution Obligations. 
  
 (a) Each of the representations
and warranties of the Seller contained herein shall survive the purchase by the Depositor of any of the Mortgage Loans and shall continue in full force and effect, notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and
notwithstanding subsequent termination of this Agreement or the Transfer and Servicing Agreement. The representations and warranties shall not be impaired by any review and examination of Mortgage Loan Documents or other documents evidencing or
relating to the Mortgage Loans or any failure on the part of the Depositor to review or examine such documents and shall inure to the benefit of any assignee, transferee or designee of the Depositor, including the Issuer for the benefit of the
Noteholders and the Custodian. With respect to the representations and warranties contained herein that are made to the best of the Seller’s 

  

 6 

 
knowledge or as to which the Seller has no knowledge, if it is discovered by the Seller, the Depositor, the Custodian or the Indenture Trustee that the
substance of any such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan, then notwithstanding the Seller’s knowledge or lack of knowledge with respect to the
inaccuracy of such representation and warranty at the time it was made, the Seller shall take the action described in the following paragraph in respect of such Mortgage Loan. 
  
 (b) Upon discovery or receipt of notice by the Seller, the Depositor, the Indenture Trustee or the Custodian of any missing
or materially defective document in any Mortgage File, or a breach of any of the Seller’s representations and warranties set forth in Section 4 hereof with respect to any Mortgage Loan, which in any of the foregoing cases materially and
adversely affects the value of any Mortgage Loan or the interest therein of the Depositor, the Indenture Trustee or the Noteholders, the party discovering or receiving notice of such missing or materially defective document, breach, or default shall
give prompt written notice to the others. Upon its discovery or its receipt of notice of any such missing or materially defective document, breach or default (the “Defect Discovery Date”), the Seller shall either (a) within 90 days of
discovery or receipt of such notice, provide the Custodian with such missing documents or cure such defect, breach or default, in all material respects or (b) within 90 days of such discovery or receipt of such notice, either repurchase the affected
Mortgage Loan at the purchase price therefor or cause the removal of such Mortgage Loan from the Trust Estate (in which case it shall become a Deleted Mortgage Loan) and substitute therefor one or more Qualified Substitute Mortgage Loans as defined
in the Transfer and Servicing Agreement; provided, however, that any such substitution shall occur within two years of the Closing Date. The Indenture Trustee or its designee shall amend the Mortgage Loan Schedule to reflect the withdrawal of
any Mortgage Loan from the terms of this Agreement and the Transfer and Servicing Agreement and the addition, if any, of a Qualified Substitute Mortgage Loan. In order to effect a substitution pursuant to this Section, the Seller will deliver (i) to
the Custodian each of the Mortgage Loan Documents required to be contained in the Mortgage File with respect to the Substitute Mortgage Loan(s) and (ii) if the aggregate Scheduled Principal Balance on the date of substitution of the Qualified
Substitute Mortgage Loan(s) is less than the aggregate Scheduled Principal Balance of the Deleted Mortgage Loan(s) (after application of Monthly Payments due in the month of substitution), to the Issuer cash in an amount equal to such substitution
adjustment amount. Any repurchase pursuant to this Section shall be accomplished by the delivery into the Custodial Account, or at the direction of the Depositor, on (or determined as of) the last day of the calendar month in which such repurchase
is made, of the purchase price for the Mortgage Loans to be repurchased. 
  
 (c) In addition to such repurchase or substitution obligation, the Seller shall indemnify the Depositor 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 resulting from any claim, demand, defense or assertion based on or grounded upon, or resulting from, a breach of the Seller’s representations and warranties contained in this
Agreement. It is understood and agreed that the obligations of the Seller set forth in this Section 6 to cure, substitute for or repurchase a defective Mortgage Loan and to indemnify the Depositor as provided in this Section 6 constitute the sole
remedies of the Depositor respecting a breach of the foregoing representations and warranties. 
  

 7 

 (d) The obligations of the Seller set forth in this Agreement to cure or to repurchase a materially
defective Mortgage Loan or to substitute a Qualified Substitute Mortgage Loan for such Mortgage Loan and to indemnify the Depositor and others as provided in this Agreement constitute the sole remedies of the Depositor and the Issuer against the
Seller respecting a defective document in any Mortgage File or a breach of representations and warranties of the Seller set forth in Section 4 hereof. 
  
 Section 7. Conditions to Obligation of the Depositor. 
  
 The obligation of the Depositor hereunder to purchase the Mortgage Loans is subject to: 
  
 (a) The representations and warranties of the Seller under this Agreement (exclusive of Exhibit A hereto) shall be accurate
in all material respects as of the Closing Date, and no event shall have occurred which, with notice or the passage of time, would constitute a default under this Agreement; 
  
 (b) The Depositor shall have received, or the Depositor’s attorneys shall have received, in escrow (to be released from
escrow at the time of closing), the following documents in such forms as are agreed upon and acceptable to the Depositor, duly executed by all signatories other than the Depositor as required pursuant to the respective terms thereof: 
  
 (i) An Opinion of Counsel for the Seller as to various
corporate matters and such other Opinions of Counsel as are necessary in order to obtain the ratings set forth in Section 7(d) below, each of which shall be acceptable to the Depositor, its counsel, the Underwriters, their counsel and the Rating
Agencies referred to below; 
  
 (ii) The Transfer
and Servicing Agreement referred to in the Recitals; 
  
 (iii) A letter from Deloitte & Touche LLP dated the date hereof containing in substance the information required by Section 6(c) of the underwriting agreement dated May 23, 2005, among the Depositor, the Seller, Bear, Stearns & Co.
Inc. and KeyBanc Capital Markets, A Division of McDonald Investments Inc.; and 
  
 (iv) The Seller shall have delivered to the Custodian, in escrow, all documents (including, without limitation, the Mortgage assigned by
the Seller in blank or to the Issuer or Custodian and the Mortgage Note endorsed in blank or to the Issuer or Custodian with respect to each Mortgage Loan) required to be delivered hereunder and shall have released its interest therein to the
Depositor or its designee; 
  
 (c) All other terms and conditions
of this Agreement shall have been complied with; 
  
 (d) The
receipt of written confirmation from each of Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (“S&P”), as to the assignment
of the ratings shown in the following table: 
  

					
	 Class

	 	 Moody’s

	 	 S&P

	A-1	 	Aaa	 	AAA
	A-2	 	Aaa	 	AAA
	M-1	 	Aa1	 	AA+
	M-2	 	Aa2	 	AA
	M-3	 	Aa3	 	AA-
	M-4	 	A2	 	A
	M-5	 	Baa2	 	BBB
	B	 	Ba2	 	BB

  

 8 

 Section 8. Mandatory Delivery; Grant of Security Interest. 
  
 The sale and delivery on the Closing Date of the Mortgage Loans described in
the Mortgage Loan Schedule is mandatory, it being specifically understood and agreed that each Mortgage Loan is unique and identifiable on the date hereof and that an award of money damages would be insufficient to compensate the Depositor for the
losses and damages incurred by the Depositor in the event of the Seller’s failure to deliver the Mortgage Loans on or before the Closing Date. The Seller hereby grants to the Issuer for the benefit of the Noteholders, a lien on and a continuing
first priority security interest in each Mortgage Loan and each document and instrument evidencing each Mortgage Loan to secure the performance by the Seller of its obligation to deliver such Mortgage Loans hereunder. All rights and remedies of the
Depositor under this Agreement are distinct from, and cumulative with, any other rights or remedies under this Agreement or afforded by law or equity and all such rights and remedies may be exercised concurrently, independently or successively.

  
 Any Mortgage Loans rejected by the Depositor shall
concurrently therewith be released from the security interest created hereby. The Seller agrees that, upon acceptance of the Mortgage Loans by the Depositor or its designee and delivery of payment to the Seller, that its security interest in the
Mortgage Loans shall be released. All rights and remedies of the Depositor under this Agreement are distinct from, and cumulative with, any other rights or remedies under this Agreement or afforded by law or equity and all such rights and remedies
may be exercised concurrently, independently or successively. 
  
 Section 9. Indemnification. 
  
 (a) The Seller
agrees to indemnify and hold harmless the Depositor and each person, if any, who controls the Depositor within the meaning of Section 15 of the Securities Act (collectively, the “Indemnified Party”) against any and all losses, claims,
expenses, damages or liabilities to which the Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such losses, claims, expenses, damages or liabilities (or actions in respect thereof) arise out of or are based
upon (a) any untrue statement or alleged untrue statement of any material fact contained in the Prospectus Supplement or the omission or the alleged omission to state therein a material fact necessary in order to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with information furnished in writing to the Depositor
by the Seller specifically for use therein, which shall include the information set forth in the Prospectus Supplement under “Risk Factors” and 

  

 9 

 
“Description of the Mortgage Loans;” (b) any representation, warranty or covenant made by the Seller in this Agreement or in the Transfer and
Servicing Agreement being, or alleged to be, untrue or incorrect in any material respect; or (c) the information regarding the mortgage loan data as set forth on the Mortgage Loan Schedule attached hereto as Schedule I and made a part hereof for all
purposes being, or alleged to be, untrue or incorrect in any material respect; provided, however, that to the extent that any such losses, claims, expenses, damages or liabilities to which the Indemnified Party may become subject arise out of or are
based upon both (1) statements, omissions, representations, warranties, covenants or information of the Seller described in clause (a), (b) or (c) above and (2) any other factual basis, the Seller shall indemnify and hold harmless the Indemnified
Party only to the extent that the losses, claims, expenses, damages or liabilities of the person or persons asserting the claim are determined to arise from or be based upon matters set forth in clauses (a), (b) and/or (c) above. This indemnity will
be in addition to any liability that the Seller may otherwise have. 
  
 (b) Promptly after receipt by the Indemnified Party of notice of the commencement of any such action, the Indemnified Party will, if a claim in respect thereof is to be made against the Seller under this Section 9, promptly notify the
Seller in writing of the commencement thereof and the Seller, upon the request of the Indemnified Party, shall retain counsel satisfactory to the Indemnified Party to represent the Indemnified Party and shall pay the reasonable fees and
disbursements of such counsel related to such proceeding (in which case the Seller shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the Indemnified Party except as set forth below). In any such
proceeding, the Indemnified Party shall have the right to employ separate counsel (including local counsel), and the Seller shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the Seller to
represent the Indemnified Party would present such counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the Indemnified Party and the Seller and the Indemnified Party shall have
reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to the Seller, (iii) the Seller shall not have employed counsel satisfactory to the Indemnified Party to represent the
Indemnified Party within a reasonable time after notice of the institution of such action or (iv) the Seller shall authorize the Indemnified Party to employ separate counsel at the expense of the Seller. The Seller shall reimburse the Indemnified
Party for such fees, costs and expenses as they are incurred. The Seller will not, without the prior written consent of the Indemnified Party, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such claim or action) unless such settlement, compromise or
consent includes an unconditional release of each Indemnified Party from all liability arising out of such claim, action, suit or proceeding. In addition, for so long as the Seller is covering all costs and expenses of the Indemnified Party as
provided herein, no Indemnified Party will settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder without the consent of the Seller, which consent shall not be unreasonably withheld. The Seller shall respond to any written request to provide such consent within ten (10) days after receipt thereof; if the Seller fails to respond within
such time period, the Seller shall be deemed to have responded in the negative to such request. 
  

 10 

 (c) Nothing in this Agreement shall be construed to allow an Indemnified Party to recover punitive
damages or consequential damages from the Seller; provided however, that this Section shall not limit indemnification of any Indemnified Party for damages (however construed) actually recovered from an Indemnified Party by third parties. 

 
 Section 10. Notices.  
  
 All demands, notices and communications hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered to or mailed by registered mail, postage prepaid, or transmitted by telecopier, telex or telegraph and confirmed by a similar mailed writing, as follows: 
  

	 	(a)	If to the Depositor: 

  
 HMB Acceptance Corp. 
 2002 Summit Boulevard

 Atlanta, Georgia 30319 
 Attention: Debra F. Watkins, EVP Capital Markets 
 Telecopier: (404) 705-2301 
  
 with a copy, given in the manner prescribed above, to each of: 

 
 HMB Acceptance Corp. 
 2002 Summit Boulevard 
 Atlanta, Georgia 30319

 Attention: General Counsel 
 Telecopier: (404) 303-4069 
  
 Edward E. Gainor

 McKee Nelson LLP 
 1919 M
Street, N.W. 
 Washington, D.C. 20036 
 Telecopier: (202) 775-8586 
  

	 	(b)	If to the Seller: 

  
 HomeBanc Corp. 
 2002 Summit Boulevard

 Atlanta, Georgia 30319 
 Attention: Debra F. Watkins, EVP Capital Markets 
 Telecopier: (404) 705-2301 
  

 11 

 with a copy, given in the manner prescribed above, to: 
  
 HomeBanc Corp. 
 2002 Summit Boulevard 
 Atlanta, Georgia 30319

 Attention: General Counsel 
 Telecopier: (404) 303-4069 
  
 Any party may alter the
address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section for the giving of notice. 
  
 Section 11. Severability of Provisions. 
  
 Any part, provision, representation or warranty of this Agreement which is prohibited or which is held to be void or
unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation or warranty of this Agreement that 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 as to any Mortgage Loan shall not invalidate or render unenforceable such provision 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 12. Governing Law. 
  
 THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 13. Agreement of the Seller. 
  
 The
Seller agrees to execute and deliver such instruments and take such actions as the Depositor, the Indenture Trustee, the Owner Trustee, the Custodian or the Securities Administrator may, from time to time, reasonably request in order to effectuate
the purpose and to carry out the terms of this Agreement, the Indenture, the Trust Agreement or the Transfer and Servicing Agreement, including, without limitation, the execution and filing of any UCC financing statements to evidence the interests
of the Depositor and any of its transferees in the Mortgage Loans and other assets assigned to the Issuer. 
  

 12 

 Section 14. Survival.  
  
 The Seller agrees that the representations, warranties and agreements made by it herein and in any certificate or other
instrument delivered pursuant hereto shall be deemed to be relied upon by the Depositor, notwithstanding any investigation heretofore or hereafter made by the Depositor or on the Depositor’s behalf, and that the representations, warranties and
agreements made by the Seller herein or in any such certificate or other instruments shall survive the delivery of and payment for the Mortgage Loans. 
  
 Section 15. Assignment; Third Party Beneficiaries. 
  

The Seller hereby acknowledges that the Depositor will assign all its rights hereunder (except the Depositor’s rights set forth in Section 9) to
the Issuer. The Seller agrees that, upon the execution of the Transfer and Servicing Agreement, the Issuer as assignee of the Depositor will have all such rights and remedies provided to the Depositor hereunder (except those rights of the Depositor
set forth in Section 9) and this Agreement will inure to the benefit of the Issuer, which will in turn pledge such rights and remedies to the Indenture Trustee for the benefit of the Noteholders. The Issuer and Indenture Trustee shall be intended
third party beneficiaries of this Agreement. 
  
 Section 16.
Miscellaneous. 
  
 (a) This Agreement may be executed in
two or more counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. This Agreement shall inure to the benefit of, and be binding upon, the parties
hereto and their respective successors and assigns. 
  
 (b) Any
person into which the Seller may be merged or consolidated or any person resulting from a merger or consolidation involving the Seller or any person succeeding to the business of the Seller shall be considered the successor of the Seller hereunder,
without the further act or consent of either party. Except as provided in Section 15 and the preceding sentence, this Agreement may not be assigned, pledged or hypothecated by any party without the written consent of each other party to this
Agreement. 
  
 (c) This Agreement supersedes all prior agreements
and understandings relating to the subject matter hereof. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the
change, waiver, discharge or termination is sought. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (d) The Depositor shall immediately effect the redelivery of the Mortgage Loans and all Mortgage Loan Documents and any
security interest created by Section 8 hereof shall be deemed to have been released if, on the Closing Date, any of the conditions set forth in Section 7 hereof shall not have been satisfied or waived. 
  

 13 

 (e) It is the express intent of the parties hereto that the conveyances of the Mortgage Loans by the
Seller to the Depositor as contemplated by this Agreement be construed as a sale of the Mortgage Loans by the Seller to the Depositor. It is, further, not the intention of the parties that such conveyances be deemed a pledge of the Mortgage Loans by
the Seller to the Depositor or any assignee of the Depositor, including, but not limited to, the Indenture Trustee, to secure a debt or other obligation of the Seller. Nevertheless, if, notwithstanding the intent of the parties, the Mortgage Loans
are held to be property of the Seller then (i) this Agreement shall also be deemed to be a security agreement within the meaning of Article 9 of the Delaware Uniform Commercial Code and the Uniform Commercial Code of any other state as necessary;
(ii) the conveyances provided for herein shall be deemed to be an assignment and a grant by the Seller to the Depositor of a security interest in all of the Seller’s right, title and interest in and to the Mortgage Loans, all insurance policies
and proceeds thereof relating to the Mortgage Loans, all amounts payable by the holder of the Mortgage Loans in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments,
securities, or other property, including, without limitation, all amounts from time to time held or invested in the Custodial Account, the Collection Account, the Note Payment Account, the Certificate Distribution Account or any other account
established under the Transfer and Servicing Agreement, whether in the form of cash, instruments, securities or other property; (iii) the possession by the Depositor or its agents of Mortgage Notes and such other items of property as constitute
instruments, money, negotiable documents or tangible chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to Section 8.9A-313 of the Delaware Uniform Commercial
Code; and (iv) notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the Depositor for the purpose of perfecting such security interest under applicable law. Any assignment of the interest of the Depositor pursuant to any provision hereof shall also be deemed to be
an assignment of any security interest created hereby. The Seller and the Depositor shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement is deemed to create a security interest
in the Mortgage Loans, such security interest will be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement and the Transfer and Servicing Agreement. 
  
 (f) The Seller shall not file any involuntary petition or otherwise institute
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any federal or state bankruptcy or similar law against the Depositor so long as any debt instrument issued by the Issuer is outstanding and
for one year and one day thereafter. 
  
 Section 17. Request
for Opinions. 
  
 The Seller and the Depositor hereby request
and authorize McKee Nelson LLP, as their counsel in this transaction, to issue on behalf of the Seller and the Depositor such legal opinions to the Depositor, the Servicer, the Master Servicer, the Securities Administrator, the Issuer, the Indenture
Trustee, the Owner Trustee, the Underwriters and the Rating Agencies as may be (i) required by any and all documents, certificates or agreements executed in connection with this Mortgage Loan Purchase Agreement or (ii) requested by the Depositor,
the Servicer, the Master Servicer, the Securities Administrator, the Issuer, the Indenture Trustee, the Owner Trustee, the Underwriters or the Rating Agencies, or their respective counsel. 
  

 14 

  
 IN WITNESS WHEREOF, the
parties hereto have caused this Mortgage Loan Purchase Agreement to be executed and delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

					
	 HMB ACCEPTANCE CORP.

		
	By:	 	 /s/ Debra F. Watkins

	 	 	 Name:
	 	 Debra F. Watkins

	 	 	 Title:
	 	 Executive Vice President

	
	 HOMEBANC CORP.

		
	By:	 	 /s/ Debra F. Watkins

	 	 	 Name:
	 	 Debra F. Watkins

	 	 	 Title:
	 	 Executive Vice President

  

  
 SCHEDULE I 

 
 MORTGAGE LOANS 
  

  
 EXHIBIT A 
 REPRESENTATIONS AND WARRANTIES OF HOMEBANC CORP. 
  
 Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned to them in this Agreement, or if not assigned in this
Agreement, the Transfer and Servicing Agreement dated as of May 1, 2005, among the Issuer, the Depositor, the Seller, the Master Servicer, the Securities Administrator, the Servicer and the Indenture Trustee. 
  
 The Seller represents and warrants with respect to each Mortgage Loan being
conveyed by it to the Depositor (for purposes of this Exhibit, the “Mortgage Loan”), as of the Closing Date, as follows: 
  
 (a) The Seller has good title to and is the sole owner and holder of the Mortgage Loan. 
  
 (b) Immediately prior to the transfer and assignment to the Depositor, the Mortgage Note and the Mortgage were not subject
to an assignment or pledge, other than with respect to which a release has been obtained in connection with such transfer, and the Seller has full right and authority to sell and assign the Mortgage Loan. 
  
 (c) The Seller is transferring such Mortgage Loan to the Depositor free and
clear of any and all liens, pledges, charges or security interests of any nature encumbering the Mortgage Loans. 
  
 (d) The information set forth on the Mortgage Loan Schedule is true and correct in all material respects as of the Cut-off Date or such other date as may
be indicated in such schedule. 
  
 (e) The Mortgage Loan has been
originated, acquired, serviced, collected and otherwise dealt with in compliance with all applicable federal, state and local laws (including with respect to fraud in the origination) and regulations, including, without limitation, predatory and
abusive lending laws, usury, truth in lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws, and the terms of the related Mortgage Note and Mortgage. 
  
 (f) The related Mortgage Note and 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 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). 
  
 (g) The related Mortgage is a valid and enforceable first or second lien on the related Mortgaged Property, which Mortgaged Property is free and clear of
all encumbrances and liens (including mechanics liens) having priority over such lien (other than the related first lien in the case of a second lien Mortgage) of the Mortgage except for: (i) liens for real estate taxes and assessments not yet due
and payable; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such exceptions appearing of record being acceptable to mortgage lending institutions
generally or 

  

 B-1 

 
specifically reflected or considered in the lender’s title insurance policy delivered to the originator of the Mortgage Loan and (iii) other matters to
which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by such Mortgage. 
  
 (h) Any security agreement, chattel mortgage or equivalent document related to such Mortgage Loan establishes and creates a valid and enforceable lien on
the property described therein. 
  
 (i) No payment due on any
Mortgage Loan was more than fifty-nine (59) days past due as of the applicable date set forth on the Mortgage Loan Schedule. 
  
 (j) The Seller has not impaired, waived, altered or modified the related Mortgage or Mortgage Note in any material respect, or satisfied, canceled,
rescinded or subordinated such Mortgage or Mortgage Note in whole or in part or released all or any material portion of the Mortgaged Property from the lien of the Mortgage, or executed any instrument of release, cancellation, rescission or
satisfaction of the Mortgage Note or Mortgage, in each case other than pursuant to a written agreement or instrument contained in the Mortgage File. 
  
 (k) The Mortgage has not been satisfied, canceled or subordinated, in whole, or rescinded, and the Mortgaged Property has not been released from the lien
of the Mortgage, in whole or in part (except for a release that does not materially impair the security of the Mortgage Loan or a release the effect of which is reflected in the Loan-to-Value Ratio or Combined Loan-to-Value Ratio, as applicable, for
the Mortgage Loan as set forth in the Mortgage Loan Schedule). 
  
 (l) No condition exists with respect to a Mortgage Loan which could give rise to any right of rescission, set off, counterclaim, or defense including, without limitation, the defense of usury, and no such right has been asserted.

  
 (m) Each Mortgage Loan other than a Cooperative Loan is
covered by either (i) a mortgage title insurance policy or other generally acceptable form of insurance policy customary in the jurisdiction where the Mortgaged Property is located or (ii) if generally acceptable in the jurisdiction where the
Mortgaged Property is located, an attorney’s opinion of title given by an attorney licensed to practice law in the jurisdiction where the Mortgaged Property is located. All of the Seller’s rights under such policies, opinions or other
instruments shall be transferred and assigned to the Depositor upon sale and assignment of the Mortgage Loans hereunder. The title insurance policy has been issued by a title insurer licensed to do business in the jurisdiction where the Mortgaged
Property is located, insuring the original lender, its successor and assigns, as to the first or second priority lien of the Mortgage, as the case may be, in the original principal amount of the Mortgage Loan, subject to the exceptions contained in
such policy. The Seller is the sole insured of such mortgagee title insurance policy, and such mortgagee title insurance policy is in full force and effect and will be in force and effect upon the consummation of the transactions contemplated by
this Agreement. The Seller has not made, and the Seller has no knowledge of, any claims under such mortgagee title insurance policy. The Seller is not aware of any action by a prior holder and the Seller has not done, by act or omission, anything
that could 

  

 B-2 

 
impair the coverage or enforceability of such mortgagee title insurance policy or the accuracy of such attorney’s opinion of title. 
  
 (n) Other than delinquency in payment, there is no material default, breach,
violation or event of acceleration existing under the related Mortgage or the related 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 material default,
breach, violation or event of acceleration. The Seller has not waived any material default, breach, violation or event of acceleration. 
  
 (o) With respect to any Mortgage Loan that provides for an adjustable interest rate, all rate adjustments have been performed in accordance with the terms
of the related Mortgage Note, subsequent modifications, if any, and all applicable law. 
  
 (p) There are no delinquent taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold payments, including assessments payable in future installments or other outstanding charges,
affecting the related Mortgaged Property. 
  
 (q) To the
Seller’s best knowledge no material litigation or lawsuit relating to the Mortgage Loan is pending. 
  
 (r) The Mortgage Loan obligates the mortgagor thereunder to maintain a hazard insurance policy (“Hazard Insurance”) in an amount at least equal
to the maximum insurable value of any improvements made to the related Mortgaged Property, and, if it was in place at origination of the Mortgage Loan, flood insurance, at the mortgagor’s cost and expense. If the Mortgaged Property is in an
area identified in the Federal Register by the Federal Emergency Management Agency (“FEMA”) as having special flood hazards, a flood insurance policy is in effect which met the requirements of FEMA at the time such policy was issued. The
Mortgage obligates the Mortgagor to maintain the Hazard Insurance and, if applicable, flood insurance policy at the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and
maintain such insurance at the Mortgagor’s cost and expense, and to seek reimbursement therefor from the Mortgagor. The Mortgaged Property is covered by Hazard Insurance (unless such Mortgaged Property is unimproved land). 
  
 (s) The Mortgage Note is not and has not been secured by any collateral
except the lien of the corresponding Mortgage, any holdback amounts or any reserve amounts, and the security interest of any applicable security agreement or chattel mortgage. 
  
 (t) 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 (i) in the case of a Mortgage designated as a deed of trust, by trustee’s sale or non-judicial foreclosure and (ii)
otherwise by judicial foreclosure. The Mortgaged Property is not subject to any bankruptcy proceeding or foreclosure proceeding and the Mortgagor has not filed for protection under applicable bankruptcy laws. There is no homestead or other exemption
available to the Mortgagor that would interfere with the right to sell the Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage. In the event 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 

  

 B-3 

 
serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Depositor to the trustee under the deed of trust, except in
connection with a trustee’s sale after default by the related Mortgagor. The Mortgagor has not notified the Seller and the Seller has no knowledge of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act.

  
 (u) The Mortgaged Property, normal wear and tear excepted, is
undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect materially and adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were
intended. 
  
 (v) Except to the extent insurance is in place which
will cover such damage, the physical property subject to any Mortgage is free of material damage and is in good repair and there is no proceeding pending or threatened for the total or partial condemnation of any Mortgaged Property; 
  
 (w) No improvements on the related Mortgaged Property encroach on adjoining
properties (and in the case of a condominium unit, such improvements are within the project with respect to that unit), and no improvements on adjoining properties encroach upon the Mortgaged Property unless there exists in the Mortgage File a title
policy with endorsements which insure against losses sustained by the insured as a result of such encroachments. 
  
 (x) None of the Mortgage Loans (by Principal Balance as of the Cut-off Date) permit negative amortization. 
  
 (y) With respect to escrow deposits, if any, all such payments are in the
possession of or under the control of, the Seller or the related servicer and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. 
  
 (z) There are no mechanics’ or similar liens or claims that have been
filed for work, labor or material (and no rights are outstanding that under law could give rise to such lien) affecting the related Mortgaged Property that are or may be liens prior to, or equal or coordinate with, the lien of the related Mortgage.

  
 (aa) The Mortgaged Property with respect to each Mortgage Loan
is either (i) real property owned by the related Mortgagor in fee simple (including, in the case of a condominium, a proportionate undivided interest in areas and facilities designated for the common use of condominium owners) or (ii) in the case of
a Cooperative Loan, the related Cooperative Shares and Proprietary Lease. 
  
 (bb) All of the Mortgage Loans (by Scheduled Principal Balance as of the Cut-off Date) are first or second lien Mortgage Loans having, in each case, a Combined Loan-to-Value Ratio of less than 125%. 
  
 (cc) No Mortgage Loan was, at the time of origination, subject to the Home
Ownership and Equity Protection Act of 1994 or any comparable state law. 
  

 B-4 

 (dd) The Mortgage Loan was originated by a mortgagee approved by the Secretary of Housing and Urban
Development pursuant to sections 203 and 211 of the National Housing Act, a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution which is supervised and examined by a federal or
state authority. 
  
 (ee) The Servicer for each Mortgage Loan has
fully furnished, and will continue to fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (i.e. favorable and unfavorable) on its borrower credit files to Equifax,
Experian, and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis. 
  
 (ff) Each Mortgage Loan was originated by the Seller in accordance with the underwriting standards generally applied by the Seller as set forth in the
Prospectus Supplement. 
  
 (gg) Each primary
insurance policy to which any Mortgage Loan is subject will be issued by an insurer acceptable to Fannie Mae or Freddie Mac and will provide the coverage described in the Prospectus Supplement. All provisions of such primary insurance policy have
been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such primary insurance policy obligates the Mortgagor thereunder to maintain such insurance and to
pay all premiums and charges in connection therewith at least until Loan-to-Value Ratio of such Mortgage Loan is reduced to less than 80%. The Mortgage Rate for the Mortgage Loan does not include any such insurance premium. 

 
 (hh) With respect to each Mortgage Loan (a) no Mortgage Loan is a
“high cost” or “covered” loan within the meaning of any applicable federal, state or local predatory or abusive lending law; (b) no Mortgage Loan originated on or after November 27, 2003, is a “High-Cost Home Loan”
subject to the New Jersey Home Ownership Security Act of 2003 (N.J.S.A. 46:10B-22 et seq.); no Mortgage Loan is a “High-Cost Home Loan” subject to the New Mexico Home Loan Protection Act (N.M. Stat. Ann. §§58-21A-1 et seq.); (c)
no Mortgage Loan is a High-Cost Loan or Covered Loan, as applicable (as such terms are defined in the then current Standard & Poor’s LEVELS® Glossary, which is now Version 5.6(b) Revised, Appendix E), and no Mortgage Loan originated on or after October 1, 2002, through March 6, 2003, is
governed by the Georgia Fair Lending Act; (d) no proceeds from any Mortgage Loan were used to finance single-premium credit insurance policies; and (e) no prepayment penalty is payable on any Mortgage Loan for a period in excess of five years
following origination. 
  

 B-5Trust Agreement

 Exhibit 10.2 
  
 EXECUTION 
  
 TRUST AGREEMENT 
  
 among 
  
 HMB
ACCEPTANCE CORP., 
 as Depositor, 
  
 WILMINGTON TRUST COMPANY, 
 as Owner Trustee

  
 and 
  
 WELLS FARGO BANK, N.A., 
 as Securities Administrator 
  
 Dated as of May 1, 2005 
  
 HOMEBANC MORTGAGE TRUST 2005-3 
 Mortgage Backed
Notes 

  
 TABLE OF CONTENTS 

 

			
	 	  	Page

	ARTICLE I	  	 
	DEFINITIONS	  	 
		
	 Section 1.01. Definitions
	  	1
	 Section 1.02. Other Definitional Provisions
	  	4
		
	ARTICLE II	  	 
	ORGANIZATION	  	 
		
	 Section 2.01. Name
	  	5
	 Section 2.02. Office
	  	5
	 Section 2.03. Purpose and Powers
	  	5
	 Section 2.04. Appointment of the Owner Trustee
	  	6
	 Section 2.05. Initial Capital Contribution; Declaration of Trust
	  	6
	 Section 2.06. Initial Beneficiary
	  	7
	 Section 2.07. Liability of the Holder of the Ownership Certificate
	  	7
	 Section 2.08. Situs of Trust
	  	7
	 Section 2.09. Title to Trust Property
	  	7
	 Section 2.10. Representations and Warranties of the Depositor
	  	8
	 Section 2.11. Tax Administration
	  	9
	 Section 2.12. Investment Company
	  	9
		
	ARTICLE III	  	 
	THE OWNERSHIP CERTIFICATE AND TRANSFERS OF INTERESTS	  	 
		
	 Section 3.01. The Ownership Certificate
	  	9
	 Section 3.02. Execution, Authentication and Delivery of the Ownership Certificate
	  	9
	 Section 3.03. Registration of and Limitations on Transfers and Exchanges of the Ownership Certificate
	  	10
	 Section 3.04. Lost, Stolen, Mutilated or Destroyed Ownership Certificate
	  	12
	 Section 3.05. Persons Deemed Certificateholders
	  	12
	 Section 3.06. Access to List of Certificateholders’ Names and Addresses
	  	13
	 Section 3.07. Maintenance of Office or Agency
	  	13
	 Section 3.08. Certificate Paying Agent
	  	13
		
	ARTICLE IV	  	 
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	 
		
	 Section 4.01. Certificate Distribution Account
	  	14
	 Section 4.02. Application of Trust Funds
	  	15
	 Section 4.03. Method of Payment
	  	15
	 Section 4.04. Segregation of Moneys; No Interest
	  	16

  

 i 

			
		
	ARTICLE V	  	 
	 AUTHORITY AND DUTIES OF THE OWNER TRUSTEE; ACTION BY
 CERTIFICATEHOLDERS
	  	 
		
	 Section 5.01. General Authority
	  	16
	 Section 5.02. General Duties
	  	16
	 Section 5.03. Action Upon Instruction
	  	17
	 Section 5.04. No Duties Except as Specified under Specified Documents or in Instructions
	  	17
	 Section 5.05. Restrictions
	  	18
	 Section 5.06. Prior Notice to the Holder with Respect to Certain Matters
	  	18
	 Section 5.07. Action by the Holder with Respect to Bankruptcy
	  	20
	 Section 5.08. Restrictions on the Holder’s Power
	  	20
		
	ARTICLE VI	  	 
	CONCERNING THE OWNER TRUSTEE	  	 
		
	 Section 6.01. Acceptance of Trusts and Duties
	  	20
	 Section 6.02. Furnishing of Documents
	  	21
	 Section 6.03. Books and Records
	  	21
	 Section 6.04. Representations and Warranties
	  	22
	 Section 6.05. Reliance; Advice of Counsel
	  	23
	 Section 6.06. Not Acting in Individual Capacity
	  	24
	 Section 6.07. Owner Trustee Not Liable for Ownership Certificate or Collateral
	  	24
	 Section 6.08. Owner Trustee May Own Ownership Certificate and Notes
	  	24
	 Section 6.09. Licenses
	  	25
	 Section 6.10. Doing Business in Other Jurisdictions
	  	25
		
	ARTICLE VII	  	 
	INDEMNIFICATION AND COMPENSATION	  	 
		
	 Section 7.01. Trust Expenses
	  	25
	 Section 7.02. Indemnification
	  	25
	 Section 7.03. Compensation
	  	26
	 Section 7.04. Lien on Trust Estate
	  	26
		
	ARTICLE VIII	  	 
	TERMINATION OF AGREEMENT	  	 
		
	 Section 8.01. Termination of Agreement.
	  	27
		
	ARTICLE IX	  	 
	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	 
		
	 Section 9.01. Eligibility Requirements for Owner Trustee
	  	27
	 Section 9.02. Resignation or Removal of Owner Trustee
	  	28
	 Section 9.03. Successor Owner Trustee
	  	28
	 Section 9.04. Merger or Consolidation of Owner Trustee
	  	29
	 Section 9.05. Appointment of Co-Trustee or Separate Trustee
	  	29

  

 ii 

			
	ARTICLE X	  	 
	MISCELLANEOUS	  	 
		
	 Section 10.01. Supplements and Amendments
	  	30
	 Section 10.02. No Legal Title to Trust Estate in Holder
	  	32
	 Section 10.03. Pledge of Collateral by Owner Trustee is Binding
	  	32
	 Section 10.04. Limitations on Rights of Others
	  	32
	 Section 10.05. Notices
	  	32
	 Section 10.06. Severability
	  	32
	 Section 10.07. Separate Counterparts
	  	33
	 Section 10.08. Successors and Assigns
	  	33
	 Section 10.09. Headings
	  	33
	 Section 10.10. Governing Law
	  	33
	 Section 10.11. No Petition
	  	33
	 Section 10.12. No Recourse
	  	33
	 Section 10.13. Reporting Requirements of the Commission and Indemnification
	  	33
		
	ARTICLE XI	  	 
	OFFICERS	  	 
		
	 Section 11.01. Appointment of Officers
	  	34
	 Section 11.02. Officers to Provide Information to the Owner Trustee
	  	34

  
 EXHIBITS: 
  

			
	Exhibit A	  	Form of Ownership Certificate
	Exhibit B	  	Form of Certificate of Trust
	Exhibit C	  	Form of Rule 144A Investment Letter
	Exhibit D	  	Owner Trustee Fee Letter Agreement
	Exhibit E	  	Form of Representation and Warranty Regarding Transferee’s Status as a REIT, Qualified REIT Subsidiary or Disregarded Entity

  

 iii 

  
 This TRUST AGREEMENT dated
as of May 1, 2005, is by and among HMB ACCEPTANCE CORP., a Delaware corporation (the “Depositor”), WILMINGTON TRUST COMPANY, a Delaware banking corporation, as owner trustee (the “Owner Trustee”) and WELLS FARGO BANK, N.A., a
national banking association, as securities administrator (the “Securities Administrator”). 
  
 WHEREAS, pursuant to the Transfer and Servicing Agreement entered into simultaneously with this Trust Agreement, Depositor intends to sell, transfer and
assign to a Delaware statutory trust created hereunder certain Mortgage Loans and related assets (collectively, the “Collateral”), which statutory trust would then pledge such Collateral under an indenture in order to secure the issuance
of the HomeBanc Mortgage Trust 2005-3 Mortgage-Backed Notes (the “Notes”), the net proceeds of which would be applied toward the purchase of the Collateral. 
  
 WHEREAS, the Depositor, the Owner Trustee and the Initial Holder intend that the Trust be treated as a Qualified REIT
Subsidiary for federal income tax purposes. 
  
 WHEREAS,
the Depositor, the Owner Trustee and the Securities Administrator desire to enter into this Agreement in order to effect the foregoing. 
  
 NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Section 1.01. Definitions. For all purposes of this Agreement, the following terms shall have the meanings set forth below. 
  
 Actual Knowledge: With respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee responsible for
administering the Trust hereunder, or under the Operative Agreements, who has actual knowledge of an action taken or an action not taken with regard to the Trust. Actions taken or actions not taken of which the Owner Trustee should have had
knowledge, or has constructive knowledge, do not meet the definition of Actual Knowledge hereunder. With respect to the Securities Administrator, any Responsible Officer of the Securities Administrator who has actual knowledge of an action taken or
an action not taken with regard to the Trust. 
  
 Agreement or
Trust Agreement: This Trust Agreement and any amendments or modifications hereof. 
  
 Authorized Officer: With respect to the Trust, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Trust and who is identified on the list of Authorized
Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and, so long as the Administration Agreement is in effect, any Vice President, Assistant
Vice President, Trust Officer, or more senior officer of the Securities Administrator who is authorized to act for the Securities Administrator in matters relating to the Trust and to be acted upon by the 

  

 
Securities Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Securities
Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
  
 Bank: Wilmington Trust Company in its individual capacity and not as Owner Trustee under this Agreement. 
  
 Certificate: Any Ownership Certificate issued pursuant to this
Agreement. 
  
 Certificate Distribution Account: The
certificate distribution account maintained by or on behalf of the Securities Administrator for the benefit of the Trust and the Certificateholders pursuant to Section 4.01. 
  
 Certificate of Trust: The Certificate of Trust to be filed by the Owner Trustee for the Trust pursuant to Section
3810(a) of the Delaware Trust Statute in the form of Exhibit B hereto. 
  
 Certificate Paying Agent: Initially, the Securities Administrator, in its capacity as Certificate Paying Agent, or any successor to the Securities Administrator in such capacity. 
  
 Certificate Register: The register maintained by the Certificate
Registrar in which the Certificate Registrar shall provide for the registration of the Ownership Certificate and of transfers and exchanges of such Ownership Certificate. 
  
 Certificate Registrar: Initially, the Securities Administrator, in its capacity as Certificate Registrar, or any
successor to the Securities Administrator in such capacity. 
  
 Certificateholder or Holder: The Person in whose name an Ownership Certificate is registered in the Certificate Register. 
  
 Collateral: As defined in the Indenture. 
  
 Corporate Trust Office: With respect to (i) the Owner Trustee, the principal corporate trust office of the Owner Trustee located at Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001, or at such other address in the State of Delaware as the Owner Trustee may designate by notice to the Securities Administrator and the Certificateholder, or the principal corporate
trust office of any successor Owner Trustee (the address (which shall be in the State of Delaware) of which the successor owner trustee will notify the Securities Administrator and the Certificateholder); (ii) the Securities Administrator, the
principal corporate trust office of the Securities Administrator at which, at any particular time, its corporate trust business shall be administered, which office at the date hereof for purposes of transfers and exchanges and for presentment and
surrender of the Ownership Certificate and for payment thereof is located at Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client Manager (HomeBanc Mortgage Trust 2005-3), and for all other
purposes is located at Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, Attention: Corporate Trust Group (HomeBanc Mortgage Trust 2005-3) (or for overnight deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
Client Manager (HomeBanc Mortgage Trust 2005-3)); and (iii) the Certificate Registrar, the principal office of the Certificate Registrar at which at any particular time its corporate trust business shall be 

  

 2 

 
administered, which office at the date of execution of this Agreement is located at the Corporate Trust Office of the Securities Administrator, or at such
other address as the Certificate Registrar may designate from time to time by notice to the Securityholders and the Trust, or the principal corporate trust office of any successor Certificate Registrar at the address designated by such successor
Certificate Registrar by notice to the Securityholders and the Trust. 
  
 Delaware Trust Statute: Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. Section 3801 et seq., as the same may be amended from time to time. 
  
 Depositor: HMB Acceptance Corp., a Delaware corporation. 
  
 Disregarded Entity: An entity that is both (a) solely owned by a REIT
or Qualified REIT Subsidiary and (b) disregarded as an entity separate from its owner within the meaning of Section 301.7701-2(c)(2) of the Treasury Regulations. 
  
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
  
 Indenture: The indenture dated as of May 1, 2005, among the Issuer,
the Indenture Trustee and the Securities Administrator, as such may be amended or supplemented from time to time. 
  
 Indenture Trustee: U.S. Bank National Association, not in its individual capacity but solely as Indenture Trustee, or any successor in
interest. 
  
 Initial Holder: HMB Acceptance Corp.,
or any successor in interest. 
  
 Liabilities: The meaning
specified in Section 7.02. 
  
 Master Servicer:
Wells Fargo Bank, N.A., or any successor in interest. 
  
 Net
Proceeds from the Notes: The proceeds received by the Trust from time to time from the issuance and sale of its Notes, less the costs and expenses incurred in connection with the issuance and sale of such Notes. 
  
 Non-U.S. Person: Any person other than a “United States
person” as defined in Section 7701(a)(30) of the Code. 
  
 Officer: Those officers of the Trust referred to in Article XI. 
  
 Opinion of Counsel: One or more written opinions of counsel who may, except as otherwise expressly provided in this Agreement, be employees of or counsel to the Depositor and who shall be satisfactory to the
Owner Trustee and the Securities Administrator, which opinion shall be addressed to the Owner Trustee and the Securities Administrator. 
  
 Ownership Certificate: An equity certificate representing a 100% undivided beneficial interest in the Trust in substantially the form annexed
hereto as Exhibit A. 
  

 3 

 Owner Trustee: Wilmington Trust Company, a Delaware banking corporation, and any successor in
interest, not in its individual capacity, but solely as owner trustee under the Trust Agreement. 
  
 Percentage Interest: With respect to any Ownership Certificate, the percentage set forth on the face thereof. 
  
 Proposer: The Certificateholder making a written request pursuant to
Section 5.07. 
  
 Prospective Holder: Each prospective
purchaser and any subsequent transferee of the Ownership Certificate. 
  
 Qualified REIT Subsidiary: A direct or indirect 100% owned subsidiary of a REIT that satisfies the requirements of Section 856(i) of the Code. 
  

REIT: A real estate investment trust within the meaning of Sections 856 and 857 of the Code. 
  
 Responsible Officer: With respect to (i) the Owner Trustee, any
officer within the Corporate Trust Office of the Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of, and familiarity with, the particular subject; and (ii) the Securities Administrator, any officer within the Corporate Trust Office of the Securities Administrator with direct responsibility for the administration of the
Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of, and familiarity with, the particular subject. 
  
 Secretary of State: The Secretary of State of the State of Delaware.

  
 Securities Administrator: Wells Fargo Bank, N.A., or
any successor in interest. 
  
 Seller: HomeBanc
Corp. 
  
 Single Certificate: An Ownership Certificate
representing a 100% Percentage Interest. 
  
 Transfer and
Servicing Agreement: The Transfer and Servicing Agreement dated as of May 1, 2005, by and among the Trust, as Issuer, HMB Acceptance Corp., as Depositor, HomeBanc Corp., as Seller and Servicer, Wells Fargo Bank, N.A., as Master Servicer and
Securities Administrator, and U.S. Bank National Association, as Indenture Trustee, as such may be amended or supplemented from time to time. 
  
 Trust: The trust established pursuant to this Agreement which shall carry on its business operations under the name of “HomeBanc Mortgage
Trust 2005-3.” 
  
 Section 1.02. Other Definitional
Provisions. 
  
 Capitalized terms used herein and not defined
herein shall have the same meanings assigned to them in the Transfer and Servicing Agreement or in the Indenture, as applicable. 
  

 4 

 (a) All terms defined in this Agreement shall have the defined meanings when used in any certificate or
other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (b) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the
definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any
such certificate or other document shall control. 
  
 (c) The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit
references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 
  
 (d) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well as the feminine and neuter genders of such terms. 
  
 (e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are
also to its permitted successors and assigns. 
  
 ARTICLE II

 ORGANIZATION 
  
 Section 2.01. Name. The trust established under this Agreement shall be referred to as “HomeBanc Mortgage Trust 2005-3” in which name the
Owner Trustee and the Officers may conduct the activities contemplated hereby, including the making and executing of contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 Section 2.02. Office. The principal office of the Trust shall be in
care of the Owner Trustee, at its Corporate Trust Office. The Trust shall also have an office in care of the Securities Administrator at its Corporate Trust Office. 
  
 Section 2.03. Purpose and Powers. The Trust shall have the power and authority to engage in any of the following
activities: 
  
 (a) to issue one or more Classes of Notes from
time to time pursuant to the Indenture and the Ownership Certificate pursuant to this Agreement and to sell, transfer and exchange such Notes and such Ownership Certificate; 
  

 5 

 (b) with the proceeds of the sale of the Notes and the Ownership Certificate, to pay the organizational,
start-up and transactional expenses of the Trust and to pay the balance of the Net Proceeds from the Notes to the Depositor in consideration of the transfer to the Trust of the Collateral; 
  
 (c) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate
pursuant to the Indenture and to hold, manage and distribute to the Certificateholder pursuant to the terms of the Transfer and Servicing Agreement any portion of the Collateral released from the lien of, and remitted to the Trust pursuant to, the
Indenture; 
  
 (d) to enter into and perform its obligations under
the Operative Agreements and any Cap Agreement to which it is to be a party; 
  
 (e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  
 (f) subject to compliance with the Operative Agreements, to engage in such
other activities as may be required in connection with conservation of the Trust Estate and the making of distributions and payments to the Certificateholders and the Noteholders. 
  
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than
in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Operative Agreements. 
  
 Section 2.04. Appointment of the Owner Trustee. The Depositor hereby appoints the Bank to act as owner trustee (the “Owner Trustee”) of
the Trust effective as of the date hereof to have all the rights, powers and duties set forth herein with respect to accomplishing the purposes of the Trust. 
  
 The Owner Trustee is hereby authorized to execute this Agreement, the Indenture, the Administration Agreement, the Transfer and Servicing Agreement and
any other Operative Agreement on behalf of the Trust. The Owner Trustee is hereby authorized to take all actions required or permitted to be taken by it in accordance with the terms of this Agreement. 
  
 Section 2.05. Initial Capital Contribution; Declaration of Trust.

  
 (a) The Depositor hereby sells, assigns, transfers, conveys
and sets over to the Trust, as of the date hereof, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of the Closing Date, of the foregoing contribution which shall constitute the initial corpus of the Trust
Estate and shall be deposited in the Certificate Distribution Account. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such
expenses paid by the Owner Trustee. 
  
 (b) The Owner Trustee
hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Operative Agreements. It is the
intention of the parties 

  

 6 

 
hereto that the Trust constitute a statutory trust under the Delaware Trust Statute and that this Agreement constitute the governing instrument of such
statutory trust. No later than the Closing Date, the Owner Trustee shall cause the filing of the Certificate of Trust with the Secretary of State. Except as otherwise provided in this Agreement, the rights of the Certificateholders will be those of
beneficial owners of the Trust. 
  
 Section 2.06. Initial
Beneficiary. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Ownership Certificate, the Depositor shall be the sole beneficiary of the Trust. 
  
 Section 2.07. Liability of the Holder of the Ownership Certificate.
The Certificateholder shall be liable directly to and shall indemnify any injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Liabilities, to the extent not paid out of the Trust Estate); provided,
however, that the Certificateholder shall not be liable for payments required to be made to or for any losses incurred by a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than
in connection with the obligations described in the following sentence for which the Certificateholder shall be liable) shall be deemed third party beneficiaries of this paragraph. The Certificateholder shall be liable for any entity level taxes
imposed on the Trust. The obligations of the Certificateholder under this paragraph shall be evidenced by the Ownership Certificate. 
  
 Section 2.08. Situs of Trust. The Trust will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of
the Trust shall be located in the States of Delaware, New York or the jurisdiction where the Securities Administrator maintains bank accounts with respect to collections on the Collateral. The only offices of the Trust will be as described in
Section 2.02 hereof. The Trust shall not have any employees; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the
Trust only in Delaware, New York, the jurisdiction in which the Securities Administrator maintains the Certificate Distribution Account or such other jurisdiction designated by the Depositor, and payments will be made by the Trust only from the
Trust Accounts or from Delaware, New York or such other jurisdiction designated by the Depositor. 
  
 Section 2.09. Title to Trust Property. 
  
 (a) Subject to the Indenture, title to all of the Trust Estate shall be vested at all times in the Trust as a separate legal entity until this Agreement
terminates pursuant to Article VIII hereof; provided, however, that if the laws of any jurisdiction require that title to any part of the Trust Estate be vested in the trustee of the Trust, then title to that part of the Trust Estate shall be
deemed to be vested in the Owner Trustee or any co-trustee or separate trustee, as the case may be, appointed pursuant to Article IX of this Agreement. 
  
 (b) The Certificateholders shall have beneficial but not legal title to any part of the Trust Estate. No transfer by operation of law or otherwise of any
interest of the Certificateholders shall operate to terminate this Agreement or the trusts created hereunder or entitle any transferee to an accounting or to the transfer to it of any part of the Trust Estate. 
  

 7 

 Section 2.10. Representations and Warranties of the Depositor. The Depositor hereby represents and
warrants to the Owner Trustee and the Securities Administrator as of the Closing Date, as follows: 
  
 (a) The Depositor is duly organized and validly existing as a corporation in good standing under the laws of the State of Delaware, with power and
authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and had at all relevant times, and now has, power, authority and the legal right to acquire and own the
Mortgage Loans. 
  
 (b) The Depositor is duly qualified to do
business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications. 

 
 (c) The Depositor has the power and authority to execute and deliver any
Operative Agreement to which it is a party and to carry out its terms; the Depositor has full power and authority to sell and assign the Collateral to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such
assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement or any other Operative Agreement to which it is a party has been duly authorized by the Depositor by all necessary
corporate action and, assuming the due authorization, execution and delivery of each such agreement by the other parties thereto, each such agreement constitutes a valid and binding obligation of the Depositor, enforceable against the Depositor in
accordance with its terms, except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws relating to or affecting creditors’ rights generally and by general equitable
principles. 
  
 (d) The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof and thereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the
certificate of incorporation or by-laws of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Operative Agreements); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the
Depositor of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 (e) There are no proceedings or investigations, pending or, to the best knowledge of the Depositor, threatened before any
court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any other Operative Agreement to which the Depositor is a
party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Operative Agreement to which the Depositor is a party or (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Operative Agreement to which the Depositor is a party. 
  

 8 

 (f) The representations and warranties of the Depositor made pursuant to the Transfer and Servicing
Agreement are true and correct. 
  
 (g) This Agreement is not
required to be qualified under the Trust Indenture Act of 1939, as amended, and the Trust is not required to be registered as an “investment company” under the Investment Company Act of 1940, as amended. 
  
 Section 2.11. Tax Treatment. The Depositor, the Owner Trustee and the
Initial Holder intend that the Trust be treated for federal income tax purposes as a Qualified REIT Subsidiary. In accordance with Section 5.08(c) of the Transfer and Servicing Agreement and Section 6.06 of the Indenture, the Securities
Administrator will perform the calculation of accrual of original issue discount and the amortization of premium on the Securities and will prepare and make any necessary tax filings under the Code with respect to the payments on the Notes.

  
 Section 2.12. Investment Company. Neither the Depositor
nor any holder of an Ownership Certificate shall take any action which would cause the Trust to become an “investment company” which would be required to register under the Investment Company Act of 1940, as amended. 
  
 ARTICLE III 
 THE OWNERSHIP CERTIFICATE AND TRANSFERS OF INTERESTS 
  
 Section 3.01. The Ownership Certificate. The Ownership Certificate shall initially be issued as a single certificate in definitive, fully
registered form and shall initially be registered in the name of the Initial Holder. No Ownership Certificate shall be issued in authorized denominations of less than a 100% Percentage Interest in such Certificate. The Ownership Certificate shall be
executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee and authenticated in the manner provided in Section 3.02. An Ownership Certificate bearing the manual signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be
so authorized prior to the authentication and delivery of such Ownership Certificate or did not hold such offices at the date of authentication and delivery of such Ownership Certificate. A Person shall become a Certificateholder and shall be
entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such Person’s acceptance of an Ownership Certificate duly registered in such Person’s name pursuant to Section 3.03. 
  
 Section 3.02. Execution, Authentication and Delivery of the Ownership
Certificate. 
  
 Concurrently with the sale of the Collateral
to the Trust pursuant to the Transfer and Servicing Agreement, the Owner Trustee shall cause the Ownership Certificate issued hereunder to be executed and authenticated on behalf of the Trust and authenticated and delivered to the Initial Holder or
upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, without further corporate action by the Depositor. The Ownership Certificate shall not entitle its Holder to any benefits under this
Agreement or be valid for any purpose unless there shall appear on such Ownership Certificate a certificate of 

  

 9 

 
authentication substantially in the form set forth in Exhibit A hereto, executed by the Certificate Registrar, as the Owner Trustee’s authenticating
agent, by manual signature; such authentication shall constitute conclusive evidence that such Ownership Certificate shall have been duly authenticated and delivered hereunder. An Ownership Certificate shall be dated the date of its authentication.

  
 Section 3.03. Registration of and Limitations on Transfers
and Exchanges of the Ownership Certificate. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.07, a Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Certificate Registrar shall provide for the registration of the Ownership Certificate and of transfers and exchanges of the Ownership Certificate as herein provided; provided, however, that no Ownership Certificate shall be
issued in any such transfer and exchange representing less than a 100% Percentage Interest in such Certificate; and provided, further, that no Ownership Certificate shall be issued in any such transfer and exchange except in accordance
with the provisions and conditions set forth below in this Section 3.03. The Securities Administrator shall be the initial Certificate Registrar. If the Certificate Registrar resigns or is removed, the Owner Trustee, with the consent of the
Depositor, shall appoint a successor Certificate Registrar. 
  
 Subject to satisfaction of the conditions set forth below, upon surrender for registration of transfer of an Ownership Certificate at the office or agency maintained pursuant to Section 3.07, the Owner Trustee shall execute, authenticate
and deliver (or cause the Securities Administrator as its authenticating agent to authenticate and deliver), in the name of the designated transferee, a new Ownership Certificate evidencing the Percentage Interest of the Ownership Certificate so
surrendered and dated the date of authentication by the Owner Trustee or the Certificate Registrar. 
  
 Every Ownership Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing. Each Ownership Certificate surrendered for registration of transfer or exchange shall be
cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of the Ownership Certificate, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Ownership Certificate or any other expense arising as a result of any registration of
transfer or exchange. 
  
 The preceding provisions of this Section
notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register transfer or exchanges of an Ownership Certificate for a period of 15 days preceding the due date for any payment with respect to the Ownership
Certificate. 
  
 No transfer of an Ownership Certificate shall be
made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable state securities laws 

  

 10 

 
or is made in accordance with said Act and laws. Except in the case of the initial transfer to the Initial Holder, in the event of any such transfer, the
Certificate Registrar or the Depositor shall prior to such transfer require the transferee to execute an investment letter (in the form attached hereto as Exhibit C) certifying to the Trust, the Owner Trustee, the Securities Administrator, the
Certificate Registrar and the Depositor that such transferee is a “qualified institutional buyer” under Rule 144A under the Securities Act, and any expense associated with the preparation and execution of any such investment letter shall
not be an expense of the Trust, the Owner Trustee, the Securities Administrator, the Certificate Registrar or the Depositor. A Holder desiring to effect the transfer of an Ownership Certificate shall, and does hereby agree to, indemnify the Trust,
the Owner Trustee, the Securities Administrator, the Certificate Registrar and the Depositor against any and all liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. 
  
 Except in the case of the initial transfer to the Initial Holder, no transfer
of an Ownership Certificate shall be made unless the Certificate Registrar shall have received a representation letter (in the form attached hereto as Exhibit C) from the proposed transferee of such Ownership Certificate to the effect that such
proposed transferee is not an employee benefit plan or other retirement arrangement subject to Section 406 of ERISA, or Section 4975 of the Code, or any substantially similar applicable law, or a Person acting on behalf of or using the assets of any
such plan, which representation letter shall not be an expense of the Trust, the Owner Trustee, the Securities Administrator, the Certificate Registrar or the Depositor. 
  
 Prior to and as a condition of the registration of any transfer, sale or other disposition of the Ownership Certificate, the
Initial Holder of the Ownership Certificate and each Prospective Holder of the Ownership Certificate shall represent and warrant in writing, in substantially the form set forth in Exhibit F hereto, to the Owner Trustee, the Securities Administrator
and the Certificate Registrar and any of their respective successors that: 
  
 (i) Such Person is duly authorized to purchase the Ownership Certificate and its purchase of investments having the characteristics of the Ownership Certificate is authorized under, and not directly or indirectly in
contravention of, any law, charter, trust instrument or other operative document, investment guidelines or list of permissible or impermissible investments that is applicable to the investor; 
  
 (ii) Such Person understands that each holder of an
Ownership Certificate, by virtue of its acceptance thereof, assents to the terms, provisions and conditions of the Agreement; and 
  
 (iii) Such Person is a REIT, a Qualified REIT Subsidiary or a Disregarded Entity. 
  
 The Trust shall cause each Certificate to contain a legend, substantially in
the form of the applicable legends provided in Exhibit A hereto, stating that transfer of such Certificate is subject to certain restrictions and referring prospective purchasers of the Certificates to this Section 3.03 with respect to such
restrictions. 
  

 11 

 Notwithstanding anything to the contrary herein, no transfer, pledge or encumbrance of any Ownership
Certificate shall be made to any Person unless the Owner Trustee and the Certificate Registrar have received an Opinion of Counsel (which shall not be an expense of the Owner Trustee or the Certificate Registrar) to the effect that such transfer,
pledge or encumbrance would not have any adverse effect of the status of the Notes as debt for federal income tax purposes and would not result in the Trust’s becoming taxable for federal income tax purposes. 
  
 If any purported transferee shall become a Holder in violation of the
provisions of this Section, then upon receipt of written notice to the Certificate Registrar and the Certificate Paying Agent that the registration of transfer of the Ownership Certificate to such Holder was not in fact permitted by this Section,
then the transfer to that Holder shall be void ab initio and the last preceding Holder that was and that continues to be an eligible Holder in accordance with the provisions of this Section shall be restored to all rights as Holder thereof
retroactive to the date of such registration of transfer of the Ownership Certificate. The Certificate Registrar shall be under no liability to any Person for any registration of transfer of an Ownership Certificate that is in fact not permitted by
this Section, for making any payment due on such Certificate to the Holder thereof or for taking any other action with respect to such Holder under the provisions of this Agreement so long as the transfer was registered upon receipt of the affidavit
described in the immediately preceding paragraph. 
  
 Section 3.04. Lost, Stolen, Mutilated or Destroyed Ownership Certificate. If (a) a mutilated Ownership Certificate is surrendered to the Certificate Registrar, or (b) the Certificate Registrar receives evidence to its satisfaction
that an Ownership Certificate has been destroyed, lost or stolen, and there is delivered to the Certificate Registrar proof of ownership satisfactory to the Certificate Registrar, together with such security or indemnity as required by the
Certificate Registrar and the Owner Trustee to save each of them harmless, then in the absence of notice to the Certificate Registrar or the Owner Trustee that such Ownership Certificate has been acquired by a protected purchaser, the Owner Trustee
shall execute on behalf of the Trust, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Ownership Certificate, a new Ownership Certificate
of like tenor and Percentage Interest. In connection with the issuance of any new Ownership Certificate under this Section 3.04, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any expenses of the
Owner Trustee or the Certificate Registrar (including any fees and expenses of counsel) and any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Ownership Certificate issued pursuant to this Section 3.04
shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Ownership Certificate shall be found at any time. 
  
 Section 3.05. Persons Deemed Certificateholders. Prior to due presentation of an Ownership Certificate for
registration of transfer, the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent may treat the Holder as the owner of such Ownership Certificate for the purpose of receiving distributions pursuant to Section 4.02 and for all
other purposes whatsoever, and none of the Trust, the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be bound by any notice to the contrary. 
  

 12 

 Section 3.06. Access to List of Certificateholders’ Names and Addresses. The Certificate
Registrar shall furnish or cause to be furnished to the Depositor, the Certificate Paying Agent or the Owner Trustee, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Depositor, the Certificate Paying
Agent or the Owner Trustee, in such form as the Depositor or the Owner Trustee, as the case may be, may reasonably require, of the name and address of the Holder as of the most recent Record Date. A Holder, by receiving and holding an Ownership
Certificate, shall be deemed to have agreed not to hold any of the Trust, the Depositor, the Certificate Registrar, the Certificate Paying Agent or the Owner Trustee accountable or liable for damages by reason of the disclosure of its name and
address, regardless of the source from which such information was derived. 
  
 Section 3.07. Maintenance of Office or Agency. The Certificate Registrar on behalf of the Trust, shall maintain an office or offices or agency or agencies where an Ownership Certificate may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Ownership Certificate and the Operative Agreements may be served. The Certificate Registrar shall give the Owner Trustee prompt notice,
in writing, of any such notice or demand. The Certificate Registrar initially designates the Corporate Trust Office of the Securities Administrator as its office for such purposes. The Certificate Registrar shall give prompt written notice to the
Depositor, the Owner Trustee, the Certificate Paying Agent and the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
  
 Section 3.08. Certificate Paying Agent. 
  
 (a) The Owner Trustee may appoint, and hereby appoints, the Securities Administrator as Certificate Paying Agent under this
Agreement. The Certificate Paying Agent shall make distributions to the Holder from the Certificate Distribution Account pursuant to Section 4.02 hereof and Section 6.02 of the Transfer and Servicing Agreement and, upon request, shall report the
amounts of such distributions to the Owner Trustee. The Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Securities
Administrator hereby accepts such appointment and further agrees that it will be bound by the provisions of this Agreement and the Transfer and Servicing Agreement relating to the Certificate Paying Agent and shall: 
  
 (i) hold all sums held by it for the payment of amounts due
with respect to the Ownership Certificate in trust for the benefit of the Person entitled thereto until such sums shall be paid to such Person or otherwise disposed of as herein provided; 
  
 (ii) give the Owner Trustee notice of any default by the
Trust of which a Responsible Officer of the Securities Administrator has actual knowledge in the making of any payment required to be made with respect to the Ownership Certificate; 
  
 (iii) at any time during the continuance of any such default, upon the written request of the Owner Trustee
forthwith pay to the Owner Trustee on behalf of the Trust all sums so held in Trust by such Certificate Paying Agent; 
  

 13 

 (iv) immediately resign as Certificate Paying Agent and forthwith pay to the Owner
Trustee on behalf of the Trust all sums held by it in trust for the payment of Ownership Certificate if at any time it ceases to meet the standards under this Section 3.08 required to be met by the Certificate Paying Agent at the time of its
appointment; and 
  
 (v) comply with all
requirements of the Code with respect to the withholding from any payments made by it on the Ownership Certificate of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith;
provided, however, that with respect to reporting requirements applicable to original issue discount, the accrual of market discount or the amortization of premium on the Ownership Certificate, the Securities Administrator shall have first
provided the calculations pertaining thereto and the amount of any resulting withholding taxes to the Securities Administrator and the Certificate Paying Agent. 
  
 (vi) not institute bankruptcy proceedings against the Trust in connection with this Agreement. 

 
 (b) In the event that the Securities Administrator shall no longer be the
Certificate Paying Agent hereunder, the Owner Trustee, with the consent of the Depositor, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Certificate
Paying Agent or any additional Certificate Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with
the Owner Trustee that as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any, held by it for payment in trust for the benefit of the Holder entitled thereto until such
sums shall be paid to such Holder. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee, and upon removal of a Certificate Paying Agent, such Certificate Paying Agent shall also return all funds in its possession to the
Owner Trustee. The provisions of Sections 5.03, 5.04, 6.01, 6.05, 6.07, 6.08, 7.01 and 7.02 shall apply to the Securities Administrator, as though it had been named in such sections, also in its roles as Certificate Paying Agent and as Certificate
Registrar for so long as the Securities Administrator shall act as Certificate Paying Agent and as Certificate Registrar and, to the extent applicable, to any other Certificate Paying Agent or Certificate Registrar appointed hereunder. Any reference
in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  
 ARTICLE IV 
 APPLICATION OF TRUST FUNDS; CERTAIN
DUTIES 
  
 Section 4.01. Certificate Distribution Account.

  
 (a) The Securities Administrator shall establish and maintain
on behalf of the Trust and the Certificateholder, the Certificate Distribution Account. 
  
 (b) The Certificate Distribution Account shall be an Eligible Account. If the Certificate Distribution Account ceases to be an Eligible Account, the Securities Administrator shall 

  

 14 

 
establish a new Certificate Distribution Account that is an Eligible Account within 10 days and transfer all funds and investment property on deposit in such
existing Certificate Distribution Account into such new Certificate Distribution Account. 
  
 (c) The Certificate Paying Agent shall withdraw funds from the Certificate Distribution Account for payments to the Certificateholder in the manner specified in this Agreement. In addition, the Securities
Administrator may prior to making the payment required pursuant to Section 4.02 from time to time make withdrawals from the Certificate Distribution Account for the following purposes: 
  
 (i) to withdraw funds deposited in error in the Certificate Distribution Account; and 
  
 (ii) to clear and terminate the Certificate Distribution
Account upon the termination of the Trust. 
  
 (d) All of the
right, title and interest of the Trust in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof shall be held for the benefit of the Holder and such other persons entitled to payments therefrom.
Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholder. 
  
 Section 4.02. Application of Trust Funds. 
  
 (a) On each Payment Date, the Owner Trustee shall direct the Certificate
Paying Agent to distribute to the Holder, from amounts on deposit in the Certificate Distribution Account, after payment of any amounts required to be paid pursuant to Section 7.02, the distributions as provided in Section 6.02 of the Transfer and
Servicing Agreement with respect to such Payment Date. The Owner Trustee hereby directs the Certificate Paying Agent to distribute on each Payment Date to the Holder amounts on deposit in the Certificate Distribution Account in accordance with
Section 6.02 of the Transfer and Servicing Agreement and the Certificate Paying Agent hereby acknowledges such direction. 
  
 (b) All payments to be made under this Agreement by the Certificate Paying Agent shall be made only from the income and proceeds of the Trust Estate and
only to the extent that the Certificate Paying Agent has received such income or proceeds. The Certificate Paying Agent shall not be liable to any Holder, the Indenture Trustee or the Owner Trustee for any amounts payable pursuant to this Section
4.02 except to the extent that non-payment is due to the Certificate Paying Agent’s acts or omissions amounting to willful misconduct or gross negligence. 
  

(c) Distributions to the Holder shall be subordinated to the creditors of the Trust, including, without limitation, the Noteholders. 
  
 Section 4.03. Method of Payment. Subject to Section 8.01(c),
distributions required to be made to the Holder on any Payment Date as provided in Section 4.02 shall be made to the Person who was the Holder on the preceding Record Date either by wire transfer, in immediately available funds, to the account of
such Holder at a bank or other entity having appropriate 

  

 15 

 
facilities therefor, if the Holder shall have provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to
such Payment Date or, if not, by check mailed to such Holder at the address of such Holder appearing in the Certificate Register. 
  
 Section 4.04. Segregation of Moneys; No Interest. Moneys received by or on behalf of the Owner Trustee hereunder and deposited into the Certificate
Distribution Account will be segregated except to the extent required otherwise by law or the provisions of the Transfer and Servicing Agreement. The Owner Trustee shall not be liable for payment of any interest in respect of such moneys.

  
 ARTICLE V 
 AUTHORITY AND DUTIES OF THE OWNER TRUSTEE; 
 ACTION BY CERTIFICATEHOLDERS 
  
 Section 5.01. General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Notes, the Ownership Certificate, and the other Operative Agreements to which the Trust is to be a party and each certificate or other document attached as an
exhibit to or contemplated by the Operative Agreements to which the Trust is to be a party and any amendment or other agreement or instrument described herein, as evidenced conclusively by the Owner Trustee’s execution thereof, and, on behalf
of the Trust, to direct the Owner Trustee to authenticate the Notes. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Operative Agreements.

  
 Section 5.02. General Duties. 
  
 (a) It shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Operative Agreements to which the Trust is a party and to administer the Trust in the interest of the Certificateholders, subject to the Operative
Agreements and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Operative Agreements to the extent the
Securities Administrator has agreed in the Administration Agreement, the Transfer and Servicing Agreement or this Agreement, respectively, to perform any act or to discharge any duty of the Owner Trustee or the Trust hereunder or under any Operative
Agreement, and the Owner Trustee shall not be held liable for the default or failure of the Securities Administrator to carry out its obligations under the Administration Agreement, this Agreement, the Transfer and Servicing Agreement, or any other
Operative Agreement, respectively; and 
  
 (b) It shall be the
duty of the Depositor under the Administration Agreement to obtain and preserve the Trust’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the
Indenture, the Notes, the Collateral and each other instrument and agreement included in the Trust Estate. It shall be the duty of the Owner Trustee to cooperate with the Depositor with respect to such matters. 
  

 16 

 Section 5.03. Action Upon Instruction. 
  
 (a) Subject to this Article V and in accordance with the terms of the
Operative Agreements, the Holder may by written instruction direct the Owner Trustee in the management of the Trust, but only to the extent consistent with the limited purpose of the Trust. Such direction may be exercised at any time by written
instruction of the Holder pursuant to this Article V. 
  
 (b)
Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action hereunder or under any Operative Agreement if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is
likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Operative Agreement or is otherwise contrary to law. 
  

(c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under
any other Operative Agreement, or in the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any other Operative Agreement or any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect
to a particular set of facts, the Owner Trustee may promptly give notice (in such form as shall be appropriate under the circumstances) to the Holder requesting instruction as to the course of action to be adopted, and to the extent the Owner
Trustee acts in good faith in accordance with any written instruction of the Holder, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days
of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with
this Agreement or any other Operative Agreement, as it shall deem to be in the best interests of the Holder, and the Owner Trustee shall have no liability to any Person for such action or inaction. 
  
 Section 5.04. No Duties Except as Specified under Specified Documents or
in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which the Owner Trustee or the Issuer is a party, except as expressly provided (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, and (ii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 5.03; and no implied duties or obligations shall be read into this Agreement or any Operative Agreement against
the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to the
Trust or to prepare or file any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Operative Agreement or to prepare or file any tax return for the Trust. The Owner Trustee nevertheless agrees that it will, at
its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against the Bank that are not related to the ownership or the administration of the
Trust Estate. 
  

 17 

 Section 5.05. Restrictions. 
  
 (a) The Owner Trustee shall not take any action that is inconsistent with the purposes of the Trust set forth in Section
2.03. The Holder shall not direct the Owner Trustee to take action that would violate the provisions of this Section 5.05. 
  
 (b) The Owner Trustee shall not, except as provided herein, convey or transfer any of the Trust’s properties or assets, including those included in
the Trust Estate, to any person unless such conveyance or transfer shall not violate the provisions of the Indenture. 
  
 Section 5.06. Prior Notice to the Holder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Holder in writing of the proposed action and the Holder shall have notified the Owner Trustee in writing prior to the 30th day after such
notice is given that such Holder has consented to such action or provided alternative direction: 
  
 (a) The initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of cash distributions due and
owing under the Collateral) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of cash distributions due and owing under the Collateral);

  
 (b) the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the Delaware Trust Statute); 
  
 (c) the amendment of the Indenture by a supplemental indenture or of this Agreement or any other Operative Agreement in circumstances where the consent of
any Noteholder is required; 
  
 (d) the amendment or other change
of the Indenture by a supplemental indenture or of this Agreement, any Cap Agreement or any other Operative Agreement in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests
of the Holder; 
  
 (e) the amendment of the Transfer and Servicing
Agreement in circumstances where the consent of any Securityholder is required; 
  
 (f) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially and adversely
affect the interests of the Holder; 
  
 (g) the appointment
pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar or Certificate Paying Agent or the consent to the assignment by the Note Registrar, Paying
Agent, Indenture Trustee, Certificate Registrar or Certificate Paying Agent of its obligations under the Indenture or this Agreement, as applicable; 
  

 18 

 (h) the consent to the calling or waiver of any default of any Operative Agreement; 
  
 (i) the consent to the assignment by the Indenture Trustee of its obligations
under any Operative Agreement; 
  
 (j) except as provided in
Article VIII hereof, dissolve, terminate or liquidate the Trust in whole or in part; 
  
 (k) the merger, conversion or consolidation of the Trust with or into any other entity, or conveyance or transfer of all or substantially all of the Trust’s assets to any other entity; 
  
 (l) the incurrence, assumption or guaranty by the Trust of any indebtedness
other than as set forth in this Agreement; 
  
 (m) the taking of
any action which conflicts with any Operative Agreement or would make it impossible to carry on the ordinary business of the Trust or change the Trust’s purpose and powers set forth in this Agreement; 
  
 (n) the confession of a judgment against the Trust; 
  
 (o) the possession of the Trust assets, or assignment of the Trust’s
right to property, for other than a Trust purpose; or 
  
 (p) the
lending of funds by the Trust to any entity. 
  
 In addition, the
Trust shall not commingle its assets with those of any other entity. The Trust shall maintain its financial and accounting books and records separate from those of any other entity. Except as expressly set forth herein, the Trust shall pay its
indebtedness, operating expenses and liabilities from its own funds, and the Trust shall neither incur any indebtedness nor pay the indebtedness, operating expenses and liabilities of any other entity. Except as expressly set forth herein, the Trust
shall not engage in any dissolution, liquidation, consolidation, merger or sale of assets. The Trust shall maintain appropriate minutes or other records of all appropriate actions and shall maintain its office separate from the offices of the
Depositor or any of its Affiliates. The Trust shall not engage in any business activity in which it is not currently engaged other than as contemplated by the Operative Agreements and related documentation. The Trust shall not form, or cause to be
formed, any subsidiaries and shall not own or acquire any asset other than as contemplated by the Operative Agreements and related documentation. Other than as contemplated by the Operative Agreements and related documentation, the Trust shall not
follow the directions or instructions of the Depositor. The Trust shall conduct its own business in its own name. The Trust shall observe all formalities required under the Delaware Trust Statute. The Trust shall not hold out its credit as being
available to satisfy the obligations of any other person or entity. The Trust shall not acquire the obligations or securities of its Affiliates or the Seller. Other than as contemplated by the Operative Agreements and related documentation, the
Trust shall not pledge its assets for the benefit of any other person or entity. The Trust shall correct any known misunderstanding regarding its separate identity. The Trust shall not identify itself as a division of any other person or entity.

  

 19 

 For accounting purposes, the Trust shall be treated as an entity separate and distinct from the Holder.
The pricing and other material terms of all transactions and agreements to which the Trust is a party shall be intrinsically fair to all parties thereto. This Agreement is and shall be the only agreement among the parties thereto with respect to the
creation, operation and termination of the Trust. 
  
 The Owner
Trustee shall not have the power, except upon the written direction of the Holder, and to the extent otherwise consistent with the Operative Agreements, to (i) remove or replace the Indenture Trustee, or (ii) institute a bankruptcy against the
Trust. So long as the Indenture remains in effect, to the extent permitted by applicable law, the Holder shall have no power to commence, and shall not commence, any bankruptcy with respect to the Trust or direct the Owner Trustee to commence any
bankruptcy with respect to the Trust. 
  
 (q) The Owner Trustee
shall not have the power, except upon the written direction of the Holder, to (i) remove the Securities Administrator under the Administration Agreement pursuant to Section 9 thereof, (ii) appoint a successor Securities Administrator pursuant to
Section 9 of the Administration Agreement, or (iii) except as expressly provided in the Indenture, to sell the Collateral after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only
upon written instructions signed and authorized by the Holder. 
  
 Section 5.07. Action by the Holder with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence or consent to a bankruptcy relating to the Trust without the prior approval of the Holder and the delivery to the
Owner Trustee by the Holder of a certificate certifying that the Holder reasonably believes that the Trust is insolvent. This paragraph shall survive for one year and one day following termination of this Agreement. So long as the Indenture remains
in effect, the Holder shall not have the power to institute, and shall not institute, any bankruptcy with respect to the Trust or direct the Owner Trustee to take such action. 
  
 Section 5.08. Restrictions on the Holder’s Power. The Holder shall not direct the Owner Trustee to take or to
refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Operative Agreements or would be contrary to Section 2.03 nor shall the Owner Trustee
be obligated to follow any such direction, if given. 
  
 ARTICLE VI

 CONCERNING THE OWNER TRUSTEE 
  
 Section 6.01. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform the same but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this Agreement. The Bank shall not be answerable or accountable hereunder or under any
other Operative Agreements under any circumstances, except (i) for its own willful misconduct, gross negligence or bad faith, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.04, (iii) for liabilities
arising from the failure by the Bank to perform obligations expressly undertaken by it in the last sentence of Section 5.04, 

  

 20 

 
or (iv) for taxes, fees or other charges based on or measured by any fees, commissions or compensation received by the Bank in connection with any of the
transactions contemplated by this Agreement, any other Operative Agreements or the Notes. In particular, but not by way of limitation: 
  
 (a) The Bank shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee; 
  
 (b) The Bank shall not be liable with respect to any action taken or omitted
to be taken by the Owner Trustee in accordance with the instructions of the Holder; 
  
 (c) No provision of this Agreement shall require the Bank to expend or risk funds or otherwise incur any financial liability in the performance of any of the Owner Trustee’s rights or powers hereunder or under
any other Operative Agreements if the Bank shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (d) Under no circumstance shall the Bank be liable for indebtedness evidenced
by or arising under any of the Operative Agreements, including the principal of and interest on the Notes; 
  
 (e) The Bank shall not be liable with respect to any action taken or omitted to be taken by the Depositor, the Securities Administrator, the Master
Servicer, the Indenture Trustee, any Officer or the Certificate Paying Agent under this Agreement or any other Operative Agreement or otherwise and the Bank shall not be obligated to perform or monitor the performance of any obligations or duties
under this Agreement or the other Operative Agreements which are to be performed by the Certificate Paying Agent under this Agreement, the Securities Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or by
any other Person under any of the Operative Agreements; and 
  
 (f) The Bank shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or
validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Operative Agreements, other than the certificate of authentication on the Ownership Certificate, and the Bank shall in no event assume or incur any
liability, duty or obligation to any Noteholder, the Depositor or to the Holder, other than as expressly provided for herein. 
  
 Section 6.02. Furnishing of Documents. The Owner Trustee will furnish to the Securities Administrator (for distribution to the Holder), promptly
upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee hereunder or under the Operative Agreements
unless the Securities Administrator shall have already received the same. 
  
 Section 6.03. Books and Records. The Owner Trustee shall keep or cause to be kept proper books of record and account of all the transactions under this Agreement, including a record of the name and address of
the Holder. The Owner Trustee shall be deemed to have 

  

 21 

 
complied with this Section 6.03 by the appointment of the Securities Administrator and the Certificate Paying Agent to perform the duties hereunder.

  
 Section 6.04. Representations and Warranties.

  
 (a) The Bank represents and warrants to the Depositor, for the
benefit of the Holder, as follows: 
  
 (i) the
Bank is a banking corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the power and authority to execute, deliver and perform its obligations under this Agreement and (assuming due
authorization, execution and delivery of this Agreement by the Depositor and Securities Administrator), has the power and authority as Owner Trustee to execute and deliver the Operative Agreements and to perform its obligations thereunder and,
assuming the due authorization, execution and delivery hereof by the other parties hereto, this Agreement constitutes a legal, valid and binding obligation of the Bank or the Owner Trustee, as the case may be, enforceable against the Bank or the
Owner Trustee, as the case may be, in accordance with its terms, except that (a) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and
(b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 
  
 (ii) the Bank has no reason to believe that anyone
authorized to act on its behalf has offered any interest in and to the Trust for sale to, or solicited any offer to acquire any of the same from, anyone; 
  
 (iii) the execution, delivery and performance by the Bank, either in its individual capacity or as Owner Trustee, as the case may be, of
the Operative Agreements will not result in any violation of, or be in any conflict with, or constitute a default under any of the provisions of any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, note or
bond purchase agreement, license, judgment, order or other agreement to which the Bank is a party or by which it or any of its properties is bound; 
  
 (iv) the execution and delivery by the Bank of this Agreement, and the performance of its duties as Owner Trustee hereunder, do not
require the consent or approval of, the giving of notice to, or the registration with, or the taking of any other action with respect to, any governmental authority or agency of the State of Delaware (except as may be required by the Delaware Trust
Statute); and 
  
 (v) there are no pending or, to
the best of its knowledge, threatened actions or proceedings against the Bank before any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability, either in its individual
capacity or as Owner Trustee, as the case may be, to perform its obligations under this Agreement or the Operative Agreements. 
  

 22 

 (b) Wells Fargo Bank, N.A., as Securities Administrator, hereby represents and warrants to the Depositor,
for the benefit of the Holder, that: 
  
 (i) it
is a national banking association duly organized and validly existing in good standing under the laws of the United States, and has the power and authority to execute, deliver and perform its obligations under this Agreement and, assuming the due
authorization, execution and delivery hereof by the other parties hereto, this Agreement constitutes a legal, valid and binding obligation of the Securities Administrator, enforceable against the Securities Administrator in accordance with its
terms, except that (a) the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally and (b) the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; 
  
 (ii) it has taken all action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf; and 
  
 (iii) neither the execution nor the delivery by it of this Agreement nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene any federal, governmental rule or regulation governing the banking or trust powers of the Securities Administrator or any judgment or order binding on it, or constitute
any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
  
 Section 6.05. Reliance; Advice of Counsel. 
  
 (a) Except as provided in Section 6.01, the Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any corporate or partnership entity as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As
to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president (or the general partner, in the case
of a partnership) and by the treasurer or any assistant treasurer or the secretary or any assistant secretary of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In its exercise or administration of the trusts and powers hereunder, including its obligations under Section 5.02(b), and in the performance of its duties and obligations under this Agreement or the other Operative Agreements, the
Owner Trustee may employ agents and attorneys and enter into agreements (including the Administration Agreement) with any of them, 

  

 23 

 
and the Owner Trustee shall not be answerable for the default or misconduct of any such agents or attorneys if such agents or attorneys shall have been
selected by the Owner Trustee with reasonable care. If, and to the extent, the Depositor shall have failed to reimburse the Owner Trustee for all reasonable expenses and indemnities incurred pursuant to this Section 6.05(b), as provided in Sections
7.01 and 7.02, the Owner Trustee may seek reimbursement therefor from the Trust Estate. 
  
 (c) In the administration of the trusts and performance of its duties hereunder, the Owner Trustee may consult with counsel, accountants and other skilled Persons to be selected and employed by it, and the Owner
Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the reasonable advice or opinion of any such counsel, accountants or other skilled Persons. If, and to the extent, the Depositor shall have
failed to reimburse the Owner Trustee for all reasonable expenses and indemnities incurred pursuant to this Section 6.05(c), as provided in Sections 7.01 and 7.02, the Owner Trustee may seek reimbursement therefor from the Trust Estate. 

 
 Section 6.06. Not Acting in Individual Capacity. Except as provided
in this Article VI, in accepting the trusts hereby created the Owner Trustee acts solely as trustee hereunder and not in its individual capacity, and all persons having any claim against the Owner Trustee by reason of the transactions contemplated
by the Operative Agreements shall look only to the Trust Estate for payment or satisfaction thereof. 
  
 Section 6.07. Owner Trustee Not Liable for Ownership Certificate or Collateral. The recitals contained herein and in the Ownership Certificate
(other than the signature and countersignature of the Owner Trustee on the Ownership Certificate) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes
no representations as to the validity or sufficiency of this Agreement, of any Operative Agreement or of the Ownership Certificate (other than the signature and countersignature of the Owner Trustee on the Ownership Certificate) or the Notes, or of
any Collateral or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Collateral, or the perfection and priority of any security interest
created by any Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or
the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Collateral; the existence and enforceability of any insurance thereon; the existence and contents of any Collateral on any computer or
other record thereof; the validity of the assignment of any Collateral to the Trust or of any intervening assignment; the completeness of any Collateral; the performance or enforcement of any Collateral; the compliance by the Depositor with any
warranty or representation made under any Operative Agreements or in any related document or the accuracy of any such warranty or representation or any action of the Securities Administrator or the Indenture Trustee taken in the name of the Owner
Trustee. 
  
 Section 6.08. Owner Trustee May Own Ownership
Certificate and Notes. The Owner Trustee in its individual capacity may become the Holder (provided that if the Owner Trustee should acquire the Ownership Certificate, it shall be a REIT, a Qualified REIT Subsidiary or a 

  

 24 

 
Disregarded Entity) or the owner or pledgee of Notes and may deal with the Depositor, the Securities Administrator and the Indenture Trustee in banking
transactions with the same rights as it would have if it were not Owner Trustee. 
  
 Section 6.09. Licenses. The Depositor shall cause the Trust to use its best efforts to obtain and maintain the effectiveness of any licenses required in connection with this Agreement and the other Operative
Agreements and the transactions contemplated hereby and thereby until such time as the Trust shall terminate in accordance with the terms hereof. It shall be the duty of the Owner Trustee to cooperate with the Depositor with respect to such matters.

  
 Section 6.10. Doing Business in Other Jurisdictions.
Notwithstanding anything contained herein to the contrary, neither the Bank nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent
or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware;
(ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Bank or the Owner Trustee; or
(iii) subject the Bank or the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Bank or the Owner Trustee, as
the case may be, contemplated hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Trust) to determine whether any action required to be taken pursuant to this Agreement results in the
consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that such counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee will appoint a co-trustee pursuant to
Section 9.05 hereof to proceed with such action. 
  
 ARTICLE VII

 INDEMNIFICATION AND COMPENSATION 
  
 Section 7.01. Trust Expenses. The Owner Trustee shall be reimbursed from amounts on deposit in the Collection Account in accordance with Section
5.07(viii) of the Transfer and Servicing Agreement for the reasonable expenses of the Owner Trustee hereunder, including, without limitation, the reasonable compensation, expenses and disbursements of such agents, representatives, experts and
counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and duties under the Operative Agreements. 
  
 Section 7.02. Indemnification. 
  
 (a) The Bank shall be entitled to be indemnified and held harmless from and against any and all liabilities, obligations, indemnity obligations, losses
(excluding loss of anticipated profits), damages, claims, actions, suits, judgments, out-of-pocket costs, expenses and disbursements (including legal and consultants’ fees and expenses) and taxes of any kind and nature whatsoever (collectively,
the “Liabilities”) that may be imposed on, incurred by or asserted at any time against the Bank or the Owner Trustee in any way relating to or arising out of the Trust Estate, any of the properties included therein, the administration of
the Trust Estate 

  

 25 

 
or any action or inaction of the Owner Trustee hereunder or under the Operative Agreements, except to the extent that such Liabilities arise out of or result
from (i) the Owner Trustee’s own willful misconduct, fraud or gross negligence, (ii) the inaccuracy of any of the Owner Trustee’s representations or warranties contained in Section 6.04 of this Agreement, (iii) the Owner Trustee’s
failure to perform obligations expressly undertaken by it in this Agreement; (iv) taxes based on or measured by any fees, commissions or compensation received by the Owner Trustee for acting as such in connection with any of the transactions
contemplated by this Agreement or any other Operative Agreement and (v) the Owner Trustee’s failure to use due care to receive, manage and disburse moneys actually received by it in accordance with the terms hereof. The indemnities contained in
this Section 7.02(a) shall survive the termination of this Agreement and the removal or resignation of the Owner Trustee hereunder. 
  
 (b) Any fees, reimbursements and indemnities to the Bank or the Owner Trustee pursuant to this Section 7.02 shall be payable: first, out of amounts
on deposit in the Certificate Distribution Account prior to payments on the Ownership Certificate; second, to the extent not paid pursuant to clause first within 60 days of first being incurred, by the Certificateholder; and third, to
the extent not paid pursuant to clause first and second within 60 days of first being incurred, by HomeBanc Corp. If any amounts shall be on deposit in the Certificate Distribution Account subsequent to the payment of any reimbursement or
indemnification amounts pursuant to clauses second or third of the preceding sentence, then reimbursement for such payment shall be payable out of amounts on deposit in the Certificate Distribution Account prior to payments on the Ownership
Certificate on any Payment Date first to HomeBanc Corp. and second to the Certificateholder who made payment pursuant to clause second of the preceding sentence, in each case to the extent of the payment made by it to the Owner Trustee pursuant to
the preceding sentence. 
  
 The indemnities contained in this
Section 7.02 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner
Trustee’s choice of legal counsel shall be subject to the approval of HomeBanc Corp., which approval shall not be unreasonably withheld. 
  
 Section 7.03. Compensation. The Bank shall receive as compensation for its services hereunder from the Master Servicer an annual fee pursuant to
the terms of a separate fee agreement between the Master Servicer and the Owner Trustee. 
  
 Section 7.04. Lien on Trust Estate. The Bank shall have a lien on the Trust Estate for any compensation or indemnity due hereunder, such lien to be subject only to prior liens of the Indenture. The Bank shall
not bring any proceedings to foreclose on such lien if and to the extent the Trust Estate is subject to the lien of the Indenture. Any amount paid to the Owner Trustee pursuant to this Article VII shall be deemed not to be part of the Trust Estate
immediately after such payment. 
  

 26 

 ARTICLE VIII 
 TERMINATION OF AGREEMENT 
  
 Section 8.01. Termination of Agreement. 
  
 (a)
This Agreement (other than Article VII) shall terminate and the trusts created hereby shall dissolve and terminate and the Trust Estate shall, subject to the Indenture and Sections 4.01 and 7.04 and Section 3808 of the Delaware Trust Statute, be
distributed to the Holder, and this Agreement shall be of no further force or effect, upon the earlier of (i) the full payment of principal and interest due on all Classes of the Notes; and (ii) the sale or other final disposition by the Indenture
Trustee or the Owner Trustee, as the case may be, of all the Trust Estate and the final distribution by the Securities Administrator or the Owner Trustee, as the case may be, of all moneys or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture, the Transfer and Servicing Agreement and Section 4.02. The bankruptcy, liquidation or dissolution of the Holder shall not operate to terminate this Agreement, nor entitle such Holder’s legal
representatives to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Estate, nor otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in Section 8.01(a), neither the Depositor nor the
Holder shall be entitled to revoke or terminate the Trust established hereunder. 
  
 (c) Notice of any termination of the Trust, specifying the Payment Date upon which the Holder shall surrender its Ownership Certificate to the Certificate Paying Agent for payment of the final distribution and
cancellation, shall be given by the Certificate Paying Agent by letter to the Holder and the Rating Agencies mailed within five Business Days of receipt of notice of the final payment on the Notes pursuant to the Transfer and Servicing Agreement,
stating (i) the Payment Date upon or with respect to which final payment of the Ownership Certificate shall be made upon presentation and surrender of the Ownership Certificate at the office of the Certificate Paying Agent therein designated, (ii)
the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Ownership Certificate at the office of the Certificate
Paying Agent therein specified. The Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar at the time such notice is given to the Holder. Upon presentation and surrender of the Ownership Certificate, the
Certificate Paying Agent shall cause to be distributed to the Holder amounts distributable on such Payment Date pursuant to Section 4.1 of the Transfer and Servicing Agreement. 
  
 (d) Upon the winding up of the Trust and its termination, the Owner Trustee shall upon the written request of the Depositor
cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Delaware Trust Statute. 
  
 ARTICLE IX 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
  
 Section 9.01. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of
Section 3807(a) of the Delaware Trust Statute; authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a
parent which has) a short-term debt rating of at least “A-1” or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish 

  

 27 

 
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of
this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02. 
  
 Section 9.02. Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged
from the trusts hereby created by giving 30 days’ prior written notice thereof to the Depositor, the Holder and the Indenture Trustee. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.01 and shall fail to resign after written request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the
Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee by written instrument in duplicate, one copy of which instrument
shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and payment of all fees owed to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Securities Administrator shall
provide notice of such resignation or removal of the Owner Trustee to the Rating Agencies. 
  
 Section 9.03. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 9.02 shall execute, acknowledge and deliver to the Depositor and the Securities Administrator and to its
predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its
fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor, the Securities Administrator and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be 

  

 28 

 
required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties, and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.01. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Securities Administrator shall mail notice of the successor of
such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Securities Administrator fails to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee,
the successor Owner Trustee shall cause such notice to be mailed at the expense of the Securities Administrator. 
  
 Section 9.04. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be
consolidated or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the
successor of the Owner Trustee hereunder, provided such Person shall be eligible pursuant to Section 9.01, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. 
  
 Section 9.05. Appointment of
Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Collateral may at the time be
located, and for the purpose of performing certain duties and obligations of the Owner Trustee with respect to the Trust and the Certificates under the Transfer and Servicing Agreement, the Owner Trustee shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person,
in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Owner Trustee may consider necessary or desirable. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section
9.03. 
  
 The Owner Trustee hereby appoints the Securities
Administrator for the purpose of establishing and maintaining the Certificate Distribution Account and making the distributions therefrom to the Persons entitled thereto pursuant to Section 6.02 of the Transfer and Servicing Agreement. 

 

 29 

 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject
to the following provision and conditions: 
  
 (a) all rights,
powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly
by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (b) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (c) the Owner Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to the separate trustees and co-trustees, as if given to each of them. Every instrument appointing any separate trustee or co-trustee, other than this Agreement, shall refer to this Agreement and to the conditions of this
Article. Each separate trustee and co-trustee, upon its acceptance of appointment, shall be vested with the estates specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the
Owner Trustee and a copy thereof given to the Securities Administrator. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its Agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. 
  
 ARTICLE X 
 MISCELLANEOUS 
  
 Section 10.01. Supplements and Amendments. This Agreement may be amended by the Depositor, the Securities
Administrator and the Owner Trustee, with the consent of the Holder and with prior written notice to the Rating Agencies, but without the consent of any of the Noteholders or the Indenture Trustee, to (a) cure any ambiguity, to correct or supplement
any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Holder or (b) to
comply with any SEC Rules (as defined in Section 10.13 hereof); provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder or the Holder or
adversely affect the tax status of the Trust. An amendment shall not be deemed to adversely 

  

 30 

 
affect in any material respect the interests of any Noteholder or the Holder and no opinion referred to in the preceding proviso shall be required to be
delivered if the Person requesting the amendment obtains a letter from each Rating Agencies stating that the amendment would not result in the downgrading or withdrawal of the respective ratings then assigned to each Class of Notes. Notwithstanding
the preceding sentence, an opinion shall be required with respect to tax matters as set forth in this paragraph. Notwithstanding the foregoing, neither an Opinion of Counsel nor any letters from any Rating Agency referred to above shall be required
if such amendment is made pursuant to (b) above. 
  
 This
Agreement may also be amended from time to time by the Depositor, the Securities Administrator and the Owner Trustee, with the prior written consent of the Rating Agencies and with the prior written consent of the Indenture Trustee, the Holders (as
defined in the Indenture) of Notes evidencing more than 662/3% of the Outstanding Balance of the Notes, and the
consent of the Holder, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holder; provided, however, that no such
amendment shall, as evidenced by an Opinion of Counsel, adversely affect the tax status of the Trust; and provided, further, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on the Collateral or payments that shall be required to be made for the benefit of the Noteholders or the Holder or (b) reduce the aforesaid percentage of the Outstanding Balance of the Notes required to consent to
or to waive the requirement for the Holder to consent to any such amendment, in either case of clause (a) or (b) without the consent of the holders of all the outstanding Notes and the Holder. 
  
 Notwithstanding the foregoing, no provision of Sections 2.03 or 5.06 hereof
may be amended in any manner unless (i) 100% of the Outstanding Balance of the Noteholders have consented in writing thereto, (ii) the Rating Agencies have consent in writing thereto or (iii) the Notes have been paid in full and the Indenture has
been discharged. 
  
 Promptly after the execution of any such
amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Holder, the Indenture Trustee and the Rating Agencies. 
  
 It shall not be necessary for the consent of the Holder, the Noteholders or the Indenture Trustee pursuant to this Section
10.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Holder provided for in
this Agreement or in any other Operative Agreement) and of evidencing the authorization of the execution thereof by the Holder shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 Promptly after the execution of any amendment to the Certificate of Trust,
the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
  
 Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel, at the expense of the Trust, stating that the
execution of such amendment is authorized or permitted by this 

  

 31 

 
Agreement. Neither the Owner Trustee nor the Securities Administrator shall be obligated to enter into any such amendment which affects the Owner
Trustee’s or Securities Administrator’s own rights, duties or immunities under this Agreement or otherwise. 
  
 Section 10.02. No Legal Title to Trust Estate in Holder. The Holder shall not have legal title to any part of the Trust Estate and shall only be
entitled to receive distributions with respect to its undivided beneficial interest therein pursuant to Section 4.02 once all amounts then owing with respect to the Notes have been paid in accordance with the Indenture. No transfer, by operation of
law of any right, title and interest of the Holder in and to its undivided beneficial interest in the Trust Estate or hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or
to the transfer to it of legal title to any part of the Trust Estate. 
  
 Section 10.03. Pledge of Collateral by Owner Trustee is Binding. The pledge of the Collateral to the Indenture Trustee by the Trust made under the Indenture and pursuant to the terms of this Agreement shall bind the Holder and shall
be effective to transfer or convey the rights of the Trust and the Holder in and to such Collateral to the extent set forth in the Indenture. No purchaser or other grantee shall be required to inquire as to the authorization, necessity, expediency
or regularity of such pledge or as to the application of any proceeds with respect thereto by the Owner Trustee. 
  
 Section 10.04. Limitations on Rights of Others. Nothing in this Agreement, whether express or implied (except for Section 7.04), shall be construed
to give to any Person other than the Owner Trustee and the Holder any legal or equitable right in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 Section 10.05. Notices. Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and delivered by hand, by courier or mailed by certified mail, postage prepaid, (a) if to the Owner Trustee or the Trust, addressed to it at the Corporate Trust Office of the Owner
Trustee or to such other address as the Owner Trustee may have set forth in a written notice to the Holder and the Depositor addressed to it at the address set forth for such Certificateholders in the Certificate Register; (b) if to the Securities
Administrator, addressed to it at the Corporate Trust Office of the Securities Administrator; and (c) if to the Certificate Registrar, addressed to it at the Corporate Trust office of the Certificate Registrar; and (d) if to the Depositor, addressed
to it at HMB Acceptance Corp., 2002 Summit Boulevard, Suite 100, Atlanta, Georgia 30319, Attention: HomeBanc 2005-3. Whenever any notice in writing is required to be given by the Owner Trustee or the Securities Administrator, such notice shall be
deemed given and such requirement satisfied if such notice is mailed by certified mail, postage prepaid, addressed as provided above. 
  
 Section 10.06. Severability. Any provision of this Agreement which is prohibited 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 provision in any other jurisdiction. 
  

 32 

 Section 10.07. Separate Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 10.08. Successors and Assigns. All representations, warranties, covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the Owner Trustee and its successors and assigns and the Depositor and the Holder and its respective successors, all as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by the Holder shall bind the successors of such Holder. 
  
 Section 10.09. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 Section 10.10. Governing Law. THIS AGREEMENT SHALL IN ALL RESPECTS BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO THE CONFLICT OF LAWS PROVISIONS THEREOF, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 10.11. No Petition. 
  
 (a) The Owner Trustee and the Securities Administrator, by entering into this Agreement, the Holder, by accepting the Ownership Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy under any United States federal or state bankruptcy or similar law in
connection with any obligations relating to the Ownership Certificate, the Notes, this Agreement or any of the other Operative Agreements. 
  
 (b) The Depositor shall not be liable for the default or misconduct of the Securities Administrator, the Owner Trustee, the Indenture Trustee or the
Certificate Paying Agent under any of the Operative Agreements or otherwise and the Depositor shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the Operative Agreements that are required to be
performed by the Securities Administrator under the Administration Agreement or the Indenture Trustee under the Indenture. 
  
 Section 10.12. No Recourse. The Holder by accepting an Ownership Certificate acknowledges that such Certificate represents a beneficial interest in
the Trust only and does not represent an interest in or an obligation of the Depositor, the Securities Administrator, the Owner Trustee, any co-trustee, the Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Ownership Certificate or the other Operative Agreements. 
  
 Section 10.13. Reporting Requirements of the Commission and Indemnification. Notwithstanding any other provision of this Agreement, the Owner
Trustee shall (i) agree 

  

 33 

 
to such modifications and enter into such amendments to this Agreement as may be necessary, in the judgment of the Depositor and its counsel, to comply with
any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission (collectively, “SEC Rules”) and (ii) promptly upon request provide to the Depositor for inclusion in any periodic report required to be
filed under the Exchange Act such items of information regarding this Agreement and matters related to the Owner Trustee, including as applicable (by way of example and not limitation), a description of any material litigation or governmental action
or proceeding involving the Owner Trustee or its affiliates, as applicable (collectively, the “Owner Trustee Information”); provided, that such information shall be required to be provided by the Owner Trustee only to the extent
that such shall be determined by the Depositor in its sole discretion and its counsel to be necessary or advisable to comply with any SEC Rules. 
  
 ARTICLE XI 
 OFFICERS 
  
 Section 11.01. Appointment of Officers. The Trust may have one or more
Officers who are hereby empowered to take and are responsible for performing all ministerial duties on behalf of the Trust pursuant to this Agreement and the other Operative Agreements, including, without limitation, the execution of the
Officers’ Certificate (as defined in the Indenture), the Trust Order (as defined in the Indenture), the Trust Request (as defined in the Indenture), the annual compliance report required under Section 3.09 of the Indenture, and any annual
reports, documents and other reports which the Trust is required to file with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. Each of the Chairman of the Board, the Chief
Executive Officer, the President, each Senior Vice President and each Vice President of the Depositor is hereby appointed as an Officer of the Trust. The Depositor shall promptly deliver to the Owner Trustee and the Indenture Trustee a list of its
officers who shall become the Officers of the Trust pursuant to this Section 11.01. 
  
 Section 11.02. Officers to Provide Information to the Owner Trustee. It shall be the duty of each Officer to keep the Owner Trustee reasonably and promptly informed as to material events relating to the Trust,
including, without limitation, all claims pending or threatened against the Trust, the purchase and sale of any material portion of the Trust Estate and the execution by such Officer on behalf of the Trust of any material agreements or instruments.

  

 34 

  
 IN WITNESS WHEREOF, the
parties hereto have caused this Trust Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written. 
  

					
	 HMB ACCEPTANCE CORP., as Depositor

		
	By:	 	/s/ Debra F. Watkins
	 	 	 Name:
	 	 Debra F. Watkins

	 	 	 Title:
	 	 Executive Vice President

	
	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Janel R. Havrilla
	 	 	 Name:
	 	 Janel R. Havrilla

	 	 	 Title:
	 	 Financial Services Officer

	
	WELLS FARGO BANK, N.A.,
not in its individual capacity but solely as Securities Administrator
		
	By:	 	/s/ Stacey Taylor
	 	 	 Name:
	 	 Stacey Taylor

	 	 	 Title:
	 	 Assistant Vice President

  

					
	 Acknowledged and Agreed, solely
 for purposes
of Section 7.02:

	
	 HOMEBANC CORP.

		
	By:	 	 /s/ Debra F. Watkins

	 	 	 Name:
	 	 Debra F. Watkins

	 	 	 Title:
	 	 Executive Vice President

  

  
 EXHIBIT A 
  
 [FORM OF OWNERSHIP CERTIFICATE] 
  
 [Face] 
  
 THIS OWNERSHIP CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE. THIS OWNERSHIP CERTIFICATE MAY BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER HEREOF ONLY TO A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
UNDER THE ACT, IN A TRANSACTION THAT IS REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR THAT IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT PURSUANT TO RULE 144A. NO PERSON IS OBLIGATED TO REGISTER THIS OWNERSHIP
CERTIFICATE UNDER THE ACT OR ANY STATE SECURITIES LAWS. 
  
 THIS OWNERSHIP
CERTIFICATE MAY NOT BE ACQUIRED BY A TRANSFEREE FOR, OR ON BEHALF OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR ANY SUBSTANTIALLY SIMILAR LAW, OR ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF THE FOREGOING. EACH INVESTOR IN THIS CERTIFICATE WILL BE DEEMED TO MAKE THE
FOREGOING REPRESENTATIONS AND WILL FURTHER BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS CERTIFICATE IN VIOLATION OF THE FOREGOING. 
  
 THIS OWNERSHIP CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE
SECURITIES ADMINISTRATOR OR ANY OF THEIR RESPECTIVE AFFILIATES, EXCEPT AS EXPRESSLY PROVIDED IN THE TRUST AGREEMENT OR THE OTHER OPERATIVE AGREEMENTS. 
  
 THIS OWNERSHIP CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE TRANSFER AND SERVICING AGREEMENT REFERRED TO HEREIN. 
  
 NO TRANSFER OF THIS OWNERSHIP CERTIFICATE SHALL BE MADE UNLESS THE CERTIFICATE REGISTRAR
SHALL HAVE RECEIVED AN AFFIDAVIT FROM THE PROPOSED TRANSFEREE IN WHICH THE PROPOSED TRANSFEREE DECLARES THAT IT IS A REAL ESTATE INVESTMENT TRUST (A “REIT”) WITHIN THE MEANING OF SECTIONS 856 AND 857 OF THE CODE, A QUALIFIED REIT
SUBSIDIARY WITHIN THE MEANING OF SECTION 856(i) OF THE CODE OR AN ENTITY THAT IS BOTH (A) SOLELY OWNED BY A REIT OR QUALIFIED REIT SUBSIDIARY AND (B) 

  

 A-1 

 
DISREGARDED AS AN ENTITY SEPARATE FROM ITS OWNER WITHIN THE MEANING OF SECTION 301.7701-2(C)(2) OF THE TREASURY REGULATIONS (A “DISREGARDED
ENTITY”). MOREOVER, ANY ATTEMPTED TRANSFER OF THIS OWNERSHIP CERTIFICATE TO A PERSON OTHER THAN A REIT, A QUALIFIED REIT SUBSIDIARY OR A DISREGARDED ENTITY SHALL BE VOID AB INITIO AND THE PURPORTED TRANSFEREE SHALL ACQUIRE NO RIGHTS IN
THIS OWNERSHIP CERTIFICATE. 
  

 A-2 

  
 HOMEBANC MORTGAGE TRUST
2005-3 
  
 Certificate No.
                        Percentage Interest: 100% 
  
 First Payment Date: June 27, 2005 
  

Evidencing a fractional undivided equity interest in the Trust Estate, the property of which consists primarily of the Collateral in HomeBanc Mortgage
Trust 2005-3 (the “Trust” or the “Issuer”), a Delaware statutory trust formed by HMB Acceptance Corp., a Delaware corporation, as depositor (the “Depositor”), pursuant to the Agreement referred to below. 
  
 This certifies that [insert name of Holder] is the registered owner of the
Percentage Interest referred to above. 
  
 The Trust was created
pursuant to a trust agreement dated as of May 1, 2005 (as amended and supplemented from time to time, the “Agreement” or “Trust Agreement”), among the Depositor, Wilmington Trust Company, as owner trustee (the “Owner
Trustee,” which term includes any successor entity under the Agreement), and Wells Fargo Bank, N.A., as securities administrator (in such capacity, the “Securities Administrator”), a summary of certain of the pertinent provisions of
which is set forth hereinafter. This Ownership Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Ownership Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound, and the transfer and servicing agreement dated as of May 1, 2005 (as amended and supplemented from time to time, the “Transfer and Servicing Agreement”), among the Issuer, the Depositor, HomeBanc
Corp., as seller and servicer, Wells Fargo Bank, N.A., as master servicer and Securities Administrator, and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”). Distributions on this Ownership Certificate shall
be made by the Securities Administrator, in its capacity of Certificate Paying Agent under the Agreement. 
  
 This Ownership Certificate is issued under the Agreement to which reference is hereby made for a statement of the respective rights thereunder of the
Depositor, the Owner Trustee and the Holder of the Ownership Certificate and the terms upon which the Ownership Certificate is executed and delivered. The Trust Estate consists of the Collateral in the HomeBanc Mortgage Trust 2005-3. To the extent
not otherwise defined herein, capitalized terms used herein have the meanings assigned to such terms in the Agreement or the Transfer and Servicing Agreement. The rights of the Holder are subordinated to the rights of the Noteholders, as set forth
in the indenture dated as of May 1, 2005 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Indenture Trustee and the Securities Administrator. 
  
 There will be distributed on the 25th day of each month or, if such 25th day is not a Business Day, the next Business Day (each, a “Payment Date”), commencing in June 2005, to the Holder at the close of business on the last Business Day of the month preceding the month of such Payment
Date (the “Record Date”), the amount to be distributed to the Holder on such Payment Date, all as provided in the Transfer and Servicing Agreement and the Trust Agreement. 
  

 A-3 

 The Holder, by its acceptance of this Ownership Certificate, agrees that it will look solely to the funds
on deposit in the Certificate Distribution Account that have been released from the lien of the Indenture for payment hereunder and that neither the Owner Trustee, the Securities Administrator or the Certificate Paying Agent in their individual
capacities nor the Depositor is personally liable to the Holder for any amount payable under this Ownership Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement. 
  
 The Holder acknowledges and agrees that its rights to receive distributions
in respect of this Ownership Certificate are subordinated to the rights of the Noteholders as described in the Indenture and the rights of the Owner Trustee as described in the Trust Agreement. 
  
 The Depositor and the Holder, by acceptance of an Ownership Certificate,
agree to treat, and to take no action inconsistent with the treatment of, the Ownership Certificate for federal, state and local income tax purposes as an equity interest in the Trust. 
  
 The Holder, by its acceptance of an Ownership Certificate, covenants and agrees that it will not at any time institute
against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the Ownership Certificate, the Notes, the Agreement or any other of the Operative Agreements. 
  
 Distributions on this Ownership Certificate will be made as provided in the Agreement by the Certificate Paying Agent by
wire transfer or check mailed to the Holder without the presentation or surrender of this Ownership Certificate or the making of any notation hereon. Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution
on this Ownership Certificate will be made after due notice by the Certificate Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Ownership Certificate at the office or agency maintained by the
Certificate Registrar for that purpose. 
  
 Reference is hereby
made to the further provisions of this Ownership Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee, or an authenticating agent by manual signature, this Ownership Certificate shall not entitle the Holder hereof to any benefit under the Agreement or be valid for any purpose. 
  
 THIS OWNERSHIP CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 A-4 

  
 IN WITNESS WHEREOF, the
Owner Trustee, on behalf of the Trust and not in its individual capacity, has caused this Ownership Certificate to be duly executed. 
  

			
	HOMEBANC MORTGAGE TRUST 2005-3
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	 	 	 Authorized Signatory

  
 Dated:
______________________________ 
  

 A-5 

  
 CERTIFICATE OF AUTHENTICATION

  
 This is the Ownership Certificate referred to in the
within-mentioned Trust Agreement. 
  

			
	WELLS FARGO BANK, N.A., not in its individual capacity but solely as Securities Administrator
		
	By:	 	 
	 	 	 Authorized Signatory

			
		
	 Dated:
	 	 _________________________

  

 A-6 

  
 [REVERSE OF OWNERSHIP
CERTIFICATE] 
  
 HOMEBANC MORTGAGE TRUST 2005-3 OWNERSHIP
CERTIFICATE 
  
 The Ownership Certificate does not represent
an obligation of, or an interest in, the Depositor, the Seller, the Indenture Trustee, the Owner Trustee, the Securities Administrator, the Securities Administrator or any Affiliates of any of them and no recourse may be had against any such parties
or their assets, except as expressly set forth or contemplated herein or in the Agreement or the other Operative Agreements. In addition, this Ownership Certificate is not guaranteed by any governmental agency or instrumentality and is limited in
right of payment to certain collections and recoveries with respect to the Collateral, all as more specifically set forth herein. A copy of the Agreement may be examined by any Certificateholder upon written request during normal business hours at
the principal office of the Depositor and at such other places, if any, designated by the Depositor. 
  
 The Agreement permits the amendment thereof as specified below, provided that any amendment be accompanied by an Opinion of Counsel to the effect that
such amendment complies with the provisions of the Agreement and would not cause the Trust to be subject to an entity level tax. If the purpose of the amendment is to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal with
any matter not covered, it shall not be necessary to obtain the consent of any Noteholder or the Indenture Trustee. If the purpose of the amendment is to add or eliminate or change any provision of the Agreement, other than as specified in the
preceding sentence, the amendment shall require the consent of the Holder and the consent of Noteholders evidencing more than 662/3% of the Outstanding Balance of the Notes and the Indenture Trustee; provided, however, that no such amendment shall, as evidenced by an Opinion of Counsel, adversely affect the tax status of the Trust; and provided,
further, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on the Collateral or distributions that shall be required to be made for the benefit of the
Noteholders or the Holder or (b) reduce the aforesaid percentage of the Outstanding Balance of the Notes required to consent to or to waive the requirement for the Holder to consent to any such amendment, in either case of clause (a) or (b) without
the consent of the holders of all the outstanding Securities and the Indenture Trustee. 
  
 As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Ownership Certificate is registerable in the Certificate Register upon surrender of this Ownership Certificate
for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney
duly authorized in writing, and thereupon a new Ownership Certificate will be issued to the designated transferee. The initial Certificate Registrar appointed under the Agreement is the Securities Administrator. 
  
 Except as provided in the Agreement, the Ownership Certificate is issuable
only in a minimum Percentage Interest of 100%. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or
governmental charge payable in connection therewith or any expense incurred thereby. 
  

 A-7 

 The Owner Trustee, the Certificate Paying Agent, the Certificate Registrar, the Securities Administrator
and any agent of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar and the Securities Administrator may treat the Holder as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Paying Agent, the
Certificate Registrar, the Securities Administrator or any such agent shall be affected by any notice to the contrary. 
  
 The obligations and responsibilities created by the Agreement and the Trust created thereby shall terminate upon the satisfaction and discharge of the
Indenture pursuant to Section 4.01 thereof and the termination of the Transfer and Servicing Agreement. 
  

 A-8 

  
 ASSIGNMENT 

 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and assign(s) and transfer(s) unto

  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 (Please print or type name and address, including postal zip code, of assignee and social security number or employer identification number) 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 the within Ownership Certificate, and all rights thereunder, hereby irrevocably constituting and appointing 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 to transfer said Ownership Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  
 I [we] further direct the Certificate Registrar to issue a new Ownership
Certificate to the above-named assignee and deliver such Ownership Certificate to the following address: 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  

					
	 Dated: _______________________
	 	 	  	 
	 	 	 	  	Signature by or on behalf of Assignor
			
	 ____________________________
	 	 	  	 
	 Authorized Officer
	 	 	  	Signature Guaranteed
			
	 ____________________________
	 	 	  	 
	 Name of Institution
	 	 	  	NOTICE: The signature(s) of this assignment must correspond with the name(s) on the face of this Certificate without alteration or any change whatsoever. The signature must be guaranteed by a
participant in the Securities Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchanges Medallion Program. Notarized or witnessed signatures are not acceptable as guaranteed
signatures.

  

 A-9 

  
 DISTRIBUTION INSTRUCTIONS

  
 The assignee should include the following for the information
of the Certificate Paying Agent. Distributions shall be made by wire transfer in immediately available funds to 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
 for the account of                                 
                                        
                                        
                                        
                                        
                               
  
 account number ___________________ or, if mailed by check, to                     
                                        
                                        
                               
  
                                       
                                        
                                        
                                        
                                        
                                        
                  . 
  
 Applicable reports and statements should be mailed to                        
                                        
                                        
                                        
          
  
                                       
                                        
                                        
                                        
                                        
                                        
                  . 
  
 This information is provided by                              
                                        
                                        
                                        
                                        
     , 
  
 the assignee named above, or
_____________________________________________________ as its agent. 
  

	
	
	 
	 Signature of assignee or agent
 (for authorization of
wire transfer only)

  

 A-10 

  
 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRUST OF 
  
 HOMEBANC MORTGAGE TRUST 2005-3 
  
 This Certificate of Trust of HomeBanc Mortgage Trust 2005-3 (the
“Trust”), is being duly executed and filed by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 DEL. CODE, Sections 3801 et seq.) (the “Act”) 
  
 1. NAME. The name of the statutory trust formed hereby is “HOMEBANC
MORTGAGE TRUST 2005-3.” 
  
 2. DELAWARE TRUSTEE. The name and
business address of the trustee of the Trust in the State of Delaware are Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration. 
  
 3. EFFECTIVE DATE. This Certificate of Trust shall be effective on
[            ], 2005. 
  
 IN WITNESS WHEREOF, the undersigned, being the owner trustee of the Trust, has executed this Certificate of Trust in accordance with Section 3811(a) of the Act. 
  

			
	WILMINGTON TRUST COMPANY,
as Owner Trustee
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 B-1 

  
 EXHIBIT C 
  
 FORM OF RULE 144A INVESTMENT LETTER 
  
 ________________ 
 Date             
  
 Wells Fargo Bank, NA 
 as Certificate Registrar 
 Sixth Street and Marquette Avenue 
 Minneapolis, Minnesota 55479 

 
 Attention: Corporate Trust Department 
  

	Re:	HomeBanc Mortgage Trust 2005-3  

 Ownership
Certificate 
  
 Ladies and Gentlemen: 
  
 In connection with our acquisition of the HomeBanc Mortgage Trust 2005-3
Ownership Certificate (the “Certificate”), we certify that (a) we understand that the Certificate has not been registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and is being
transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b) we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of
investment in the Certificate, (c) we have had the opportunity to ask questions of and receive answers from the HMB Acceptance Corp. (the “Depositor”) concerning the purchase of the Certificate and all matters relating thereto or any
additional information deemed necessary to our decision to purchase the Certificate, (d) we have not, nor has anyone acting on our behalf, offered, transferred, pledged, sold or otherwise disposed of the Certificate or any interest in the
Certificate, or solicited any offer to buy, transfer, pledge or otherwise dispose of the Certificate or any interest in the Certificate from any person in any manner, or made any general solicitation by means of general advertising or in any other
manner, or taken any other action that would constitute a distribution of the Certificate under the Act or that would render the disposition of the Certificate a violation of Section 5 of the Act or any state securities laws or require registration
pursuant thereto, and we will not act, or authorize any person to act, in such manner with respect to the Certificate and (e) we are a “qualified institutional buyer” as that term is defined in Rule 144A under the Act (“Rule
144A”). We are aware that the sale to us is being made in reliance on Rule 144A. 
  
 We are acquiring the Certificate for our own account or for resale pursuant to Rule 144A and understand that such Certificate may be resold, pledged or transferred only (1) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (2) pursuant to another
exemption from registration under the Act. 
  

 C-1 

 In addition, we hereby certify that we are not an employee benefit plan or other retirement arrangement
subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal Revenue Code of 1986, as amended (or to any other substantially similar law) or any entity deemed to
hold the plan assets of the foregoing. 
  
 We hereby acknowledge
that under the terms of the Trust Agreement among HMB Acceptance Corp., as Depositor, Wilmington Trust Company, as Owner Trustee, and Wells Fargo Bank, N.A., as Securities Administrator, dated as of May 1, 2005, no transfer of the Certificate shall
be permitted to be made to any person unless the Certificate Registrar has received a certificate from such transferee in the form hereof. 
  
 We hereby indemnify the Depositor, Certificate Registrar and the Owner Trustee against any liability that may result to either of them if our transfer or
other disposition of the Certificate (or any interest therein) is not exempt from the registration requirements of the Act and any applicable state securities laws or is not made in accordance with such federal and state laws, the provisions of this
certificate or the applicable provisions of the Indenture. 
  

			
	 Very truly yours,

	
	 [Name of Transferee]

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 C-2 

  
 EXHIBIT D 
  
 OWNER TRUSTEE FEE LETTER AGREEMENT 
  
 [Retained on file at: 
  
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street

 Wilmington, Delaware 19890] 
  

 D-1 

  
 EXHIBIT E 
  
 FORM OF REPRESENTATION AND WARRANTY REGARDING TRANSFEREE’S 
 STATUS AS A REIT OR QUALIFIED REIT SUBSIDIARY 
  
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-1600 
 Attention: HomeBanc 2005-3 
  
 Wells Fargo Bank, N.A. 
 Sixth Street and Marquette Avenue 
 Minneapolis, Minnesota 55479 
 Attention: HomeBanc 2005-3 
  

	Re:	HomeBanc Mortgage Trust 2005-3 

 Ownership
Certificate 
  
 This representation and warranty is delivered
pursuant to Section 3.03 of the Trust Agreement dated as of May 1, 2005 (the “Agreement”), among HMB Acceptance Corp., as depositor (the “Depositor”), Wilmington Trust Company, as owner trustee (the “Owner Trustee”),
and Wells Fargo Bank, N.A., as Securities Administrator (the “Securities Administrator”), in connection with the transfer by [HomeBanc Mortgage Trust 2005-3 (the “Trust”) to [[the transferor] to the undersigned] as beneficial
owner (the “Beneficial Owner”) of a 100% Percentage Interest in the Ownership Certificate. Capitalized terms used but not defined in this document have the meanings ascribed to them in the Agreement. 
  
 The Beneficial Owner hereby certifies that it has received a copy of the
Agreement and that it understands the restrictions on transferability of the Ownership Certificate set forth in Section 3.03 of the Agreement and the indemnity provisions set forth in Section 7.02 of the Agreement. In connection with the transfer of
the Ownership Certificate to the Beneficial Owner, the Beneficial Owner represents and warrants that: 
  
 (1) The Beneficial Owner either (i) qualifies for taxation as a real estate investment trust (a “REIT”) within the meaning of
Sections 856 and 857 of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) is a qualified REIT subsidiary within the meaning of Section 856(i) of the Code (a “Qualified REIT Subsidiary”) or (iii) is an entity (a
“Disregarded Entity”) that is both (A) solely owned by an entity described in (i) or (ii) and (B) is disregarded as an entity separate from its owner within the meaning of Section 301.7701-2(c)(2) of the Treasury Regulations. 

 
 (2) The Beneficial Owner hereby agrees to be subject to
the indemnification provisions set out in Section 7.02 of the Agreement, and hereby warrants that the Beneficial Owner shall indemnify the Trust for any income tax imposed upon the Trust due to the Beneficial Owner’s failure to qualify as a
REIT, a Qualified REIT Subsidiary 

  

 E-1 

 
or a Disregarded Entity at any time at which such Beneficial Owner owns the Ownership Certificate. 
  
 (3) The Beneficial Owner hereby agrees to be subject to the
provisions governing events of default set out in the Indenture among HomeBanc Mortgage Trust 2005-3 (the “Trust”), as issuer, U.S. Bank National Association, as indenture trustee, and Wells Fargo Bank, N.A., as Securities Administrator,
dated as of May 1, 2005. 
  
 (4) The Beneficial
Owner hereby agrees to notify the Trust within sixty (60) days of the date on which the Beneficial Owner discovers that it has failed to qualify as a REIT, a Qualified REIT Subsidiary or a Disregarded Entity at any time at which the Beneficial Owner
owns the Ownership Certificate. 
  
 (5) The
Beneficial Owner is not, and on                      [date of transfer] will not be, an employee benefit plan or other retirement arrangement
subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code or any substantially similar applicable law (collectively, a “Plan”) or a person acting on behalf of
or investing the assets of any such Plan to acquire the Ownership Certificate. 
  
 (6) The Beneficial Owner hereby acknowledges that under the terms of the Agreement, no transfer of the Ownership Certificate shall be
permitted to be made to any person unless the Certificate Registrar has received a certificate from such transferee to the effect that such transferee (i) is not a Plan and is not using the assets of any Plan to acquire the Ownership Certificate and
(ii) is a REIT, a Qualified REIT Subsidiary or a Disregarded Entity. 
  
 (7) The Beneficial Owner will not transfer the Ownership Certificate to any person or entity (i) as to which the Purchaser has reason to believe does not satisfy the requirements set forth in this affidavit, and (ii)
without obtaining from the prospective Purchaser an affidavit substantially in this form and providing to the Certificate Registrar a written statement substantially in the form of Exhibit E to the Agreement. 
  
 The Holder of the Ownership Certificate will not take any action or inaction that would cause
the Trust to be subject to any United States federal income taxation. 
  

 E-2

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