Document:

Agreement for the Purchase of Co-Issue GNMA Servicing Rights

 EXHIBIT 10.2 
  
 AGREEMENT 
 FOR THE PURCHASE OF COISSUE GNMA SERVICING 
  
 between 
  
 CHASE MANHATTAN MORTGAGE CORPORATION

  
 PURCHASER 
  
 and 
  
 CRESCENT BANKING COMPANY, 
 CRESCENT MORTGAGE SERVICES, INC., AND 
 CRESCENT BANK & TRUST COMPANY 
  
 SELLER 
  
 Dated as of June 1, 1998 
  

 1 

 Table of Contents 
  

	 ARTICLE I:
	  	DEFINITIONS	  	5
			
	 ARTICLE II:
	  	CONVEYANCE FROM SELLER TO PURCHASER BY PURCHASER	  	11
			
	 Section 2.01:
	  	Conveyance of Mortgage and Servicing Rights	  	11
			
	 Section 2.02:
	  	Limitations and Conditions on the Transfer of Mortgage	  	11
			
	 Section 2.03:
	  	Broken Pools	  	11
			
	 Section 2.04:
	  	Rights to GNMA MBS or Proceeds Thereof	  	11
			
	 Section 2.05:
	  	Assignments of Mortgage; GNMA Commitments	  	12
			
	 Section 2.06:
	  	Assumption of Servicing: Delivery of Servicing Files	  	12
			
	 Section 2.07:
	  	Seller Covenants Regarding Transfer of Servicing	  	12
			
	 Section 2.08:
	  	Purchaser Covenants Regarding Transfer of Servicing	  	15
			
	 Section 2.09:
	  	Seller Covenants Regarding Final Certification	  	15
			
	 ARTICLE III:
	  	PURCHASE PRICE	  	16
			
	 Section 3.01:
	  	Calculation of the Purchase Price	  	16
			
	 Section 3.02:
	  	Payment, Billing and Monthly Certification	  	16
			
	 Section 3.03:
	  	Broken Pools	  	16
			
	 Section 3.04:
	  	Purchase Price Adjustment and Holdback	  	16
			
	 Section 3.05:
	  	VA Loan Percentage	  	17
			
	 Section 3.06:
	  	Correction of Discrepancies	  	17
			
	 ARTICLE IV:
	  	SERVICING OF THE MORTGAGE LOANS	  	17
			
	 Section 4.01:
	  	Purchaser to Service Pursuant to the GNMA Requirements	  	17
			
	 ARTICLE V:
	  	REPRESENTATIONS, WARRANTIES AND AGREEMENTS	  	17
			
	 Section 5.01:
	  	Representations, Warranties and Agreements of the Purchaser	  	17
			
	 Section 5.02:
	  	Representations and Warranties of the Seller	  	18
			
	 Section 5.03:
	  	Representations and Warranties of the Seller as to Mortgage Loans	  	21
			
	 Section 5.04:
	  	Compliance with Percentage Limitations	  	28
			
	 ARTICLE VI:
	  	REMEDIES AND INDEMNIFICATION	  	29
			
	 Section 6.01:
	  	Remedies for Breach of Representations and	  	29
			
	 Section 6.02:
	  	Remedies for Breach of Representations and	  	29
			
	 Section 6.03:
	  	Seller’s Substitution, Repurchase and Related	  	30
			
	 Section 6.04:
	  	Additional Indemnification by the Seller	  	31
			
	 Section 6.05:
	  	Purchaser’s Indemnification Obligations	  	32

  

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	 ARTICLE VII:
	  	CLOSING CONDITIONS AND DOCUMENTS	  	32
			
	 Section 7.01:
	  	Purchaser’s Conditions	  	32
			
	 Section 7.02:
	  	Seller’s Conditions	  	33
			
	 Section 7.03:
	  	Closing Documents	  	34
			
	 Section 7.04:
	  	Closing Documents for Subsequent Settlements	  	34
			
	 Section 7.05:
	  	Future Covenants of the Seller	  	34
			
	 ARTICLE VIII:
	  	MISCELLANEOUS PROVISIONS	  	35
			
	 Section 8.01:
	  	Costs	  	35
			
	 Section 8.02:
	  	Taxes and Insurance	  	36
			
	 Section 8.03:
	  	Cooperation	  	36
			
	 Section 8.04:
	  	Protection of Confidential Information	  	36
			
	 Section 8.05:
	  	Publicity	  	36
			
	 Section 8.06:
	  	Termination and Repricing	  	36
			
	 Section 8.07:
	  	Notices	  	37
			
	 Section 8.08:
	  	Severability Clause	  	38
			
	 Section 8.09:
	  	Counterparts	  	38
			
	 Section 8.10:
	  	Place of Delivery and Governing Law	  	38
			
	 Section 8.11:
	  	Further Agreements	  	38
			
	 Section 8.12:
	  	Intention of the Parties	  	38
			
	 Section 8.13:
	  	Successors and Assigns; Assignment of Agreement	  	38
			
	 Section 8.14:
	  	Waivers	  	39
			
	 Section 8.15:
	  	Exhibits	  	39
			
	 Section 8.16:
	  	General Interpretive Principles	  	39
			
	 Section 8.17:
	  	Reproduction of Documents	  	39

  

 3 

 AGREEMENT 
 FOR THE PURCHASE OF GNMA SERVICING 
  
 This is an Agreement (the “Agreement”), dated as of June 1, 1998, by and between Chase Manhattan Mortgage Corporation, a New Jersey corporation having its principal office at 343 Thornall Street, Edison, NJ
08837 (the “Purchaser”) and CRESCENT BANKING COMPANY (CBC) having an office at 251 Highway 515, Jasper, GA 30143 (Parent); CRESCENT MORTGAGE SERVICES, INC. (CMSI) having an office at 115 Perimeter Center Place, NE, Suite 285, Atlanta, GA
30346; and CRESCENT BANK & TRUST COMPANY (CBTC) having an office at 115 Perimeter Center Place, NE, Suite 285, Atlanta, GA 30346 (individually and collectively referred to as “Seller”) 
  
 BACKGROUND 
  
 This Agreement relates to the Seller’s desire to sell to Purchaser and
the Purchaser’s desire to purchase from Seller the Servicing Rights associated with Pools comprised of fixed-rate and adjustable rate Mortgage Loans. The parties contemplate that the sale of servicing hereunder will continue for a six (6) month
period commencing in June 1998 and that during such period the Seller will sell on a best efforts basis and the Purchaser will purchase the Servicing Rights for loans hereunder with an aggregate unpaid principal balance of approximately $90-$ 120
million. 
  
 The parties expect that each month during the term of
the Agreement beginning June 1998, the Servicing Rights will be transferred under this Agreement for loans with an unpaid principal balance of approximately $15 - $20 million (“CoIssue Sale”). The Mortgage Loans associated with these
Servicing Rights will be transferred to GNMA and will back GNMA MBSs in accordance with GNMA Requirements, such Mortgage Loans must be transferred by the Seller to GNMA and prior thereto the Seller (as the “Issuer” under its related
Guaranty Agreement with GNMA) must enter into commitments with GNMA to effect such transfers. In the event such GNMA MBS is not issued the Purchaser shall promptly transfer such Mortgage Loans and Servicing Rights to the Seller and will disclaim any
further interest therein. 
  
 Capitalized terms used in this
Background section are defined in Article I hereof. 
  

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 ARTICLE I 
  

DEFINITIONS 
  
 Whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 
  
 1.1. Act: The Cranston-Gonzalez National Affordable Housing Act of
1990, as in effect at the time any notices provided for in the Act are required to be made pursuant to this Agreement. 
  
 1.2. Agreement: This Agreement, including all Exhibits and Schedules attached hereto or delivered pursuant hereto, and all amendments hereof and
supplements hereto. 
  
 1.3. ALTA: The American Land Title
Association or any successor thereto. 
  
 1.4. Assignment
Agreement: The Assignment Agreement for the Immediate Transfer of Servicing executed by Purchaser, Seller and GNMA. 
  
 1.5. Assignment Date: The date of the Assignments of Mortgage from the Seller to the Purchaser relating to a Pool as set forth in the Mortgage Loan
Delivery Procedures, Exhibit G. 
  
 1.6. Assignment of
Mortgage: An assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgage Property is located to reflect the sale of the Mortgage to an
Investor. 
  
 1.7. Business Day: Any day other than (i) a
Saturday or Sunday, or (ii) a day on which banking and savings and loan institutions, in the State of New Jersey or the state in which the Purchaser’s servicing operations are located, are authorized or obligated by law or executive order to be
closed. 
  
 1.8. Closing Documents: The documents
enumerated in Section 7.03 hereof. 
  
 1.9. Condemnation
Proceeds: All awards or settlements with respect to a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in
accordance with the terms of the related Mortgage Loan Documents. 
  
 1.10. Custodian: An entity acting as a Mortgage Loan Document custodian under any Custodial Agreement or pursuant to GNMA Requirements, or any successor in interest to the Custodian. 
  
 1.11. Delivery Date: The date on which GNMA delivers a GNMA MBS issued
by the Seller to the “Subscriber” designated by the Seller on the relevant Form HUD 11705. 
  
 1.12. Due Date: The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace. All Due Dates are the
first day of the month 
  
 1.13. Escrow Account: An account
maintained for the deposit of Escrow Payments received in respect of one or more Mortgage Loans. 
  

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 1.14. Escrow Payments: With respect to any Mortgage Loan, any amounts required to be escrowed by
the Mortgage Loan Documents, FHA or VA Regulations, GNMA Requirements or applicable law, including without limitation amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal charges, mortgage insurance premiums,
fire and hazard insurance premiums and condominium charges. 
  
 1.15. FHA: The Federal Housing Administration, an agency within HUD, or any successor thereto and including the Federal Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA
Regulations. 
  
 1.16. FHA Approved Mortgagee: A
corporation or institution approved as a mortgagee by FHA under applicable HUD regulations, and eligible to own and service mortgage loans such as the FHA Loans. 
  
 1.17. FHA Loan: A Mortgage Loan which is the subject of an FHA Mortgage Insurance Contract as evidenced by an FHA
Mortgage Insurance Certificate. 
  
 1.18. FHA Mortgage
Insurance: Mortgage insurance authorized under Sections 202, 203(b), 221 (d)(2) 229, and 234 of the National Housing Act and provided by the FHA. 
  
 1.19. FHA Mortgage Insurance Certificate: The certificate evidencing a FHA Mortgage Insurance Contract. 
  
 1.20. FHA Mortgage Insurance Contract: The contractual obligation of
the FHA respecting the insurance of a Mortgage Loan. 
  
 1.21.
FHA Regulations: Regulations promulgated by HUD under the National Housing Act, codified in Title 24 of the Code of Federal Regulations, and other HUD issuance’s relating to FHA Loans, including the related handbooks, Circular, Notices
and Mortgagee Letters. 
  
 1.22. FHLMC: The Federal Home
Loan Mortgage Corporation, or any successor hereto. 
  
 1.23.
Final Certification: The certification by the Custodian to GNMA on Part IV of Form HUD 11706 which evidences the Custodian’s receipt of all of the Mortgage Loan Documents required for the final certification of each Pool. 
  
 1.24. FNMA: The Federal National Mortgage Association, or any
successor thereto. 
  
 1.25. Foreclosure Loan: A Mortgage
Loan with respect to which foreclosure proceedings have been referred to an attorney or have been instituted and are pending or have been completed, or a deed in lieu of foreclosure has been accepted or is pending. 
  
 1.26. GNMA: The Government National Mortgage Association. 

 
 1.27. GNMA Guide: The GNMA Mortgaged-Backed Securities Guide and
any amendment or additions thereto. 
  
 1.28. GNMA MBS: A
“fully modified” mortgaged-back security issued by the Seller guaranteed by GNMA pursuant to the GNMA Guide and backed by a Pool. 
  

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 1.29. GNMA Requirements: The applicable rules, regulations, directives of GNMA, including, without
limitation, the applicable requirements of the GNMA Guide. 
  
 1.30. HUD: The Department of Housing and Urban Development, or any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA Mortgage Insurance. For purposes of this Agreement,
“HUD” also shall include subdivisions thereof such as the FHA and GNMA. 
  
 1.31. Initial Certification Date: As to any Pool, the date on which the Custodian completes the initial certification on the related Form HUD 11706. 
  
 1.32. Insurance Proceeds. With respect to each Mortgage Loan, proceeds of insurance policies, insuring the Mortgage
Loan or the related Mortgaged Property. 
  
 1.33. Investor:
Any owner, purchaser or beneficiary (including any Agency or private investor) of the Mortgage Loans and/or any proceeds of, or interest from, the Mortgage Loans. 
  
 1.34. Issue Date: With respect to a GNMA MBS, the date from which the rights of the holder thereof to receive
principal and interest payments thereunder accrue. The Issue Date is the first day of the calendar month in which the Settlement Date occurs. 
  
 1.35. Liquidation Proceeds: Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment
of such Mortgage Loan, trustee’s sale, foreclosure sale or otherwise, or the sale of the related Mortgaged Property. 
  
 1.36. Loan Guaranty Certificate: The certificate evidencing a VA Loan Guaranty Agreement. 
  
 1.37. Monthly Certification: The certificate required under Sections
3.02 and 7.04 in the form attached as Exhibit C-2. 
  
 1.38.
Monthly Payment: The scheduled Monthly Payment of principal, interest and taxes and insurance on a Mortgage Loan. 
  
 1.39. Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note, which creates a first lien on an unsubordinated estate in
fee simple or a leasehold interest in real property securing the Mortgage Note. 
  
 1.40. Mortgage Interest Rate: The annual rate at which interest accrues on a Mortgage Note, in accordance with the provisions of the Mortgage Note. 
  
 1.41. Mortgage Loan: An individual 15 year fixed rate or 30 year fixed rate Mortgage Loan which is included in a Pool
and the Servicing Rights to which are the subject of this Agreement. Notwithstanding the foregoing, no more than five percent (5%) of the Mortgage Loans may have terms of more than 15 years and less than 30 years [“Odd Maturity Mortgage
Loans”]. Any such Odd Maturity Mortgage Loan shall be a fixed-rate, fully amortizing Mortgage Loan and the applicable Purchase Price for the Servicing Rights related thereto shall be the Purchase Price payable for the Servicing Rights for 15
year fixed rate Mortgage Loans of the same type. Each Mortgage Loan will be identified on the Mortgage Loan Schedule for the relevant Pool and each Mortgage Loan includes without limitation the Monthly Payments, Principal Prepayments, Liquidation
Proceeds, Condemnation Proceeds, Insurance Proceeds and all other rights, benefits, proceeds and obligations 

  

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arising from or in connection with such Mortgage Loan. All Mortgage Loans are either FHA Loans or VA Loans. 
  
 1.42. Mortgage Loan Documents: The documents pertaining to any
Mortgage Loan, including, without limitation, the Mortgage Note, the Mortgage, the Assignment of Mortgage and all other assignments, the title insurance policy, evidence of VA Guaranty or FHA MIP, and any other documents required for Final
Certification. 
  
 1.43. Mortgage Loan File. The files and
documents delivered in accordance with Exhibit G and the information relating to such Mortgage Loan contained in any electronic format. 
  
 1.44. Mortgage Loan Schedule: As to each Pool, the related Form HUD 11706. 
  
 1.45. Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 

 
 1.46. Mortgaged Property: The real property securing repayment of
the debt evidenced by a Mortgage Note. 
  
 1.47. Mortgagor:
The obligor on a Mortgage Note. 
  
 1.48. Officer’s
Certificate: A certificate signed by the President or any Vice President of the Seller or the Purchaser, a form of Officer’s Certificate is attached hereto as Exhibit C-l. 
  
 1.49. Opinion of Counsel: A written opinion of Seller’s counsel, reasonably acceptable to the Purchaser, in a
form of Opinion of Counsel Letter attached hereto as Exhibit D. 
  
 1.50. Person: Any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof. 
  
 1.51. Pool: A group of Mortgage Loans which back the issuance of a
GNMA MBS and is otherwise segregated on the basis of applicable GNMA Requirements and which is considered to be aggregated for the purposes of servicing. 
  
 1.52. Principal Prepayment: Any payment or other recovery of principal on a Mortgage Loan which is received in advance of its scheduled Due Date
and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment. 
  
 1.53. Prior Servicer: Any servicer of a Mortgage Loan, other than the Seller. 
  
 1.54. Prospectus: As to each GNMA MBS, a standard form prospectus as
set forth in Form HUD 11717 
  
 1.55. Purchase Price: The
amount to be paid by the Purchaser to the Seller in exchange for the Servicing Rights for each Pool calculated and payable in accordance with Article III of this Agreement. 
  

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 1.56. Purchase Price Payment Date: The date on which the Purchase Price for all Pools having a
Settlement Date within a calendar month shall be payable which date shall be no later than five (5) Business Days following the Transfer Date. 
  
 1.57. Purchaser: Chase Manhattan Mortgage Corporation or its successor in interest or assigns. 
  
 1.58. Reimbursement Amount: The amount paid by the Seller to the
Purchaser with respect to any reimbursement of the Purchase Price related to the Servicing Rights of a particular Mortgage Loan or Loans required pursuant to Sections 3.01 or 6.03 and Exhibit A hereof. The Reimbursement Amount with respect to the
Servicing Rights of each Mortgage Loan shall equal the Purchase Price percentage paid by the Purchaser for the Servicing Rights multiplied by the unpaid principal balance of the Mortgage Loan at the time of repurchase plus the amount of any
advances, costs or other expenses incurred by the Purchaser related thereto through the date of such reimbursement. 
  
 1.59. Sale Date: The related Sale Date shall be the Transfer Date. 
  
 1.60. Seller: Crescent Banking Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, or
their successors in interest and assigns. 
  
 1.61. Servicing
File: The documents, files and other items pertaining to a particular Mortgage Loan which, at a minimum, shall include the items listed in Exhibit G, and the information relating to such Mortgage Loan contained in any electronic data format by
the Seller to the Purchaser in accordance with the EDP File Format attached hereto as Exhibit J. 
  
 1.62. Servicing Rights: With respect to each Mortgage Loan, any and all of the following: (a) all rights to service the Mortgage Loans; (b) any
payments or monies payable or received for servicing the Mortgage Loans; (c) any late fees, assumption fees, penalties or similar payments with respect to the Mortgage Loans; (d) all agreements or documents creating, defining or evidencing any such
servicing rights and all rights of the Seller thereunder, including, but not limited to any clean-up calls and termination options; (e) Escrow Payments or other similar payments with respect to the Mortgage Loans and any amounts actually collected
with respect thereto; (f) all accounts and other rights to payment related to any of the property described in this paragraph; (g) possession and use of any and all Servicing Files pertaining to the Mortgage Loans or pertaining to the past, present
or prospective servicing of the Mortgage Loans; and (h) all rights, powers and privileges incident to any of the foregoing. 
  
 1.63. Servicing Transfer Procedures: The procedures by which the Seller shall effect the transfer to the Purchaser of the Servicing Rights,
including the Servicing Files, in accordance with GNMA Requirements which procedures are substantially in accordance with the Service Transfer Procedures attached hereto as Exhibit F. 
  
 1.64. Settlement Date: The dates determined by the Public Securities
Association (PSA) on which a GNMA MBS issued by the Purchaser under this Agreement and having certain characteristics will be settled. Settlement Dates are set forth on the PSA Settlement Dates attached hereto as Exhibit I. 
  
 1.65. Third Party Lender: Any lender other than the Seller which has
originated and closed a Third Party Loan. 
  
 1.66. Third Party
Loan: A Mortgage Loan which has been originated and closed in the name of a Third Party Lender. 
  

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 1.67. Transfer Date: The transfer date shall be the latest PSA Settlement Date in the month of
issue. 
  
 1.68. VA: The Veterans Administration, an agency
of the United States of America, or any successor thereto including the Administrator of Veterans Affairs. 
  
 1.69. VA Approved Lender: Those lenders which are approved by the VA to act as a lender in connection with the origination of VA Loans. 

 
 1.70. VA Loan: A Mortgage Loan which is the subject of a VA Loan
Guaranty Agreement as evidenced by a Loan Guaranty Certificate. 
  
 1.71. VA Loan Guaranty Agreement: The obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount) upon default of the Mortgagor pursuant to the Serviceman’s Readjustment Act.

  
 1.72. VA Rate: The annual rate of interest applicable
to VA Loan. 
  
 1.73 VA Regulations: Regulations
promulgated by the VA pursuant to the Serviceman’s Readjustment Act, as amended, codified in Title 38 of the Code of Federal Regulations, and other VA issuances relating to VA Loans, including related Handbooks, Circulars and Notices.

  

 10 

 ARTICLE II 
  

CONVEYANCE FROM SELLER TO PURCHASER 
 ASSUMPTION OF SERVICING BY PURCHASER 
  
 Section
2.01. Conveyance of Mortgage and Servicing Rights. 
  
 Subject to the limitations and conditions set forth in Section 2.02, by its execution and delivery of this Agreement, the Seller does hereby agree to sell, transfer, assign, set over and convey to the Purchaser as of each Settlement Dates,
all rights, title and interest of the Seller in and to the (i) Mortgage Loans comprising the Pool and (ii) related Servicing Rights, including the Servicing Files, such Servicing Files to be delivered in accordance with Section 2.06. On the
execution by all parties of the Assignment Agreement, the Purchaser shall assume actual servicing of such Mortgage Loans in accordance with GNMA Requirements. 
  

During each month in which transfers of Mortgage Loans and Servicing Rights occur hereunder, the Seller agrees to sell on a best efforts basis to the
Purchaser, Servicing Rights on Mortgage Loans pursuant to this Agreement with an aggregate unpaid principal balance of at least $15 million up to $20 million. During the term of this Agreement, the Seller expects to sell such Servicing Rights
relating to Mortgage Loans with an approximate unpaid principal balance of $90 to $120 million. The Seller agrees that the characteristics of the Mortgage Loans included in the Pools shall conform in all material respects to the Mortgage Loan
Characteristics attached hereto as Exhibit B. 
  
 Section
2.02. Limitations and Conditions on the Transfer of Mortgage Loans and Servicing Rights. 
  
 Prior to the Delivery Date of such GNMA MBS, the Purchaser will assert no ownership rights over the Mortgage Loans and the related Servicing Rights beyond
that which is necessary to satisfy GNMA Requirements. 
  
 Section
2.03. Broken Pools. 
  
 In the event that GNMA fails to
deliver the relevant GNMA MBS on a Delivery Date the Purchaser agrees to assign and deliver (or cause its Custodian to assign and deliver) to Seller or Seller’s designee and Seller agrees to accept such assignment and delivery of the Mortgage
Loans. Following such assignment and delivery, the Purchaser shall have no rights, title or interest in such Mortgage Loans or the related Servicing Rights and no servicing or other obligations with respect thereto. Seller shall be responsible for
all costs associated with such assignments and the recording thereof and shall reimburse the Purchaser for all costs incurred by the Purchaser arising from or relating to such non-delivery unless such non delivery was caused in whole or part by
Purchaser or Purchaser’s custodian. 
  
 Section 2.04.
Rights to GNMA MBS or Proceeds Thereof. 
  
 The Purchaser
hereby disclaims any rights, title or interest in any GNMA MBS backed by a Pool or in any proceeds of the sale thereof. The Seller hereby agrees that the delivery of the GNMA MBS to the “Subscriber” identified in the related Form HUD 11705
in accordance with the Seller’s instructions shall constitute full and adequate consideration for the Seller’s transfer of the Mortgage Loans to the Purchaser as set forth in Section 2.01. The Purchaser assumes no responsibility for
GNMA’s delivery of any GNMA MBS or for any payment therefore. 
  

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 Section 2.05. Assignments of Mortgage; GNMA Commitments. 
  
 With respect to Assignments of Mortgages, record title to each Mortgage and
the related Mortgage Note shall be transferred by the Seller to the Purchaser or its designee, to the extent required by the GNMA Requirements and in accordance with the Transfer of Servicing Procedures. The Seller shall at its cost provide the
Assignments of Mortgages (including the recording thereof) and endorsements of Mortgage Notes for such transfers. 
  
 Section 2.06. Assumption of Servicing: Delivery of Servicing Files. 
  
 In accordance with Sections 2.02 and 2.03, the Purchaser’s obligations to perform servicing functions will commence
with the execution by all parties of the Assignment Agreement. Seller will deliver the complete Servicing File to the Purchaser in the manner provided in the Mortgage Loan Delivery Procedures, Exhibit G and the GNMA Requirements. 
  
 Section 2.07. Seller Covenants Regarding Transfer of Servicing.

  
 The parties acknowledge and agree that the Purchaser’s
contractual obligations to GNMA to service the Mortgage Loans comprising a Pool commence on the Delivery Date. 
  
 (a) Compliance with GNMA Requirements and FHA and VA Regulations. Prior to each Initial Certification Date, the Seller shall have complied with all
applicable GNMA Requirements, FHA Regulations and VA Regulations including all procedural and documentary requirements applicable to the Seller which relate to (i) the underwriting of the Mortgage Loans, (ii) the eligibility for sale of a Pool to
GNMA and (iii) the formation and delivery of a Pool in accordance with the GNMA Requirements and, in each case, in a manner that shall permit GNMA to deliver the related GNMA MBS. 
  
 (b) Notice to Mortgagors. The Seller shall, in accordance with the relevant provisions of the Act, mail to the
Mortgagor of each Mortgage Loan in the Pool, a letter (in form and substance approved by the Purchaser) advising the Mortgagor of the transfer of the servicing thereof to the Purchaser. The Seller shall provide the Purchaser with a sample form of
such letter. The Seller shall also provide an EDP tape to the Purchaser in accordance with Exhibit J to enable the Purchaser to comply with its notice obligations under the Act. 
  
 (c) Notice to Taxing Authorities and Insurance Companies. The Seller shall transmit to the applicable tax service and
insurance companies and/or agents, notification of the transfer of the servicing to the Purchaser and instructions to deliver all notices, tax bills and insurance statements, as the case may be, to the Purchaser from and after the Transfer Date.

  
 (d) Notice to Warehouse and Secured Lenders. The Seller
shall provide to the Purchaser or its designee release of warehouse lender. The Seller represents, warrants and covenants to provide evidence satisfactory to the Purchaser, that effective on the relevant Delivery Date neither shall any warehouse or
secured lender have any right, title or interest in the Pool or in the related Servicing Rights. 
  
 (e) Delivery of Files and Records. In the manner provided in the Mortgage Loan Delivery Procedures, Exhibit G, and the GNMA Requirements, the
Seller shall forward to the Purchaser all Mortgage Loan Files including copies of the Mortgage Loan Documents the originals of which must be held by the Custodian to the extent such documents are then available. 
  

 12 

 (f) Escrow Payments and Other Payments. No later than five (5) Business Days following the
Transfer Date, the Seller shall provide the Purchaser, in immediately available funds by wire transfer and in a manner provided in the Servicing Transfer Procedures and the GNMA requirements, the amount of Mortgage Loan Escrow Payments, impound and
suspense balances, and all loss draft balances associated with the related Pools. The Seller shall provide the Purchaser, in immediately available funds by wire transfer and in a manner provided in the Servicing Transfer Procedures and the GNMA
requirements, all buydown fees. The Seller shall provide the Purchaser with an accounting statement of Escrow Payments and suspense balances and loss draft balances sufficient to enable the Purchaser to reconcile the amount of such payment with the
accounts of the Mortgage Loans. Additionally, the Seller shall provide the Purchaser by overnight delivery all checks (endorsed over to the Purchaser) representing any prepaid Mortgage Loan payments and all other similar amounts held by the Seller
in a manner provided in the Servicing Transfer Procedures. 
  
 (g)
Mortgage Payments Received After Transfer Date. Except as provided below for late payments, the Seller shall forward by overnight carrier for sixty (60) days following applicable Transfer Date, and thereafter by regular mail to the Purchaser
the amount of any Monthly Payments and correspondence relating to the Mortgage Loans received by the Seller after the Transfer Date no later than the Business Day following the date of receipt. The Seller shall notify the Purchaser of the
particulars of the payment, which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller assumes full responsibility for
the delivery of Monthly Payments received by it after the Transfer Date for a period not to exceed sixty (60) days. Thereafter any payments received by Seller shall be returned to borrower. Such Monthly Payments shall be endorsed to the Purchaser
and provide the particulars of the payment such as the Purchaser’s account number, dollar amount, date received and any special Mortgagor application instructions. 
  
 (h) Misapplied Payments. Misapplied payments shall be processed as follows: 
  
 (i) The parties shall cooperate in correcting misapplication errors;

  
 (ii) The party receiving notice of a misapplied payment
occurring prior to the Transfer Date and discovered after the Transfer Date shall immediately notify the other party; 
  
 (iii) If a misapplied payment which occurred prior to the Transfer Date cannot be identified and such misapplied payment has resulted in a shortage in an
Escrow (or other) Account the balances of which are being transferred to the Purchaser, the Seller shall be liable for the amount of such shortage. The Seller shall reimburse the Purchaser for the amount of such shortage within five (5) Business
Days after receipt of written demand and evidence supporting the misapplied payment from the Purchaser; 
  
 (iv) If a misapplied payment which occurred prior to the Transfer Date has created an improper Purchase Price as the result of an inaccurate outstanding
principal balance, a check shall be issued to the party adversely affected by the improper payment application within five (5) Business Days after notice thereof by the other party; 
  
 (v) Any check issued under the provisions of this Section 2.07(h) shall be accompanied by a statement indicating the
corresponding Seller and the Purchaser Mortgage Loan identification number and an explanation of the allocation of any such payments. 
  

 13 

 (i) Books and Records. On the Transfer Date, the books, records and accounts of the Seller with
respect to the Servicing Rights and the Mortgage Loans shall be in accordance with the Purchaser requirements as provided in the Servicing Transfer Procedures. 
  

(j) Reconciliation. The Seller shall, on or before the Transfer Date, reconcile principal balances and make any monetary adjustments to the
Mortgage Loans reasonably required by the Purchaser. Under the terms of this Agreement, any such monetary adjustments will be transferred between the Seller and the Purchaser as appropriate. 
  
 (k) IRS Forms. The Seller shall file all IRS forms, which forms
include but are not limited to, forms 1098, 1099, 1041 and K-l which are required to be filed in connection with any period of time during which the Seller owned and serviced the Mortgage Loans. Upon request, the Seller shall provide evidence
acceptable to the Purchaser that such forms have been filed and shall reimburse the Purchaser for any costs or penalties incurred by the Purchaser due to the Seller’s failure to comply with this paragraph. 
  
 (l) Record Title. The Seller shall, at its sole expense, (i) cause
each of the Assignments of Mortgage to be recorded, where required under applicable law in the name of the Purchaser or its designee in the appropriate public offices for real property records in all the counties or their comparable jurisdictions in
which the related Mortgaged Property is situated, and in any other appropriate public recording office or elsewhere, (ii) deliver such recorded Assignments of Mortgage to the Purchaser’s Custodian and (iii) prepare on behalf of the Purchaser,
subsequent assignments from the Purchaser to GNMA and deliver such assignments to the Purchaser’s Custodian in accordance with the Mortgage Loan Delivery Procedures, Exhibit G. With respect to FHA Loans, the Seller shall provide Purchaser with
sufficient data to provide notice to HUD on Form 92080 or such other form prescribed by HUD. 
  
 (m) Tax Contracts. The Seller shall transfer to the TransAmerica “Life of Loan” tax contracts relating to each Mortgage Loan or pay to Purchaser a $69.00 per loan fee which fee shall be deducted from
the Purchase Price on the Purchase Price Payment Date. 
  
 (n)
No Solicitation. From and after the applicable Sales Dates the Seller shall not directly or indirectly solicit, and the Seller shall prevent any of its affiliates, employees or brokers from knowingly directly or indirectly soliciting, by
means of direct mail, or telephonic or personal solicitation, the Mortgagors of any of the Mortgages (i) for purposes of prepayment or refinance or modification of such Mortgages, or (ii) for any financial services or products including, but not
limited to, (a) checking and savings accounts, certificates of deposit, safe deposit boxes, automatic teller machines, second mortgage loans, equity source accounts, personal loans and credit cards, except for banking customers of Seller Third Party
Originators who are community banks, and (b) homeowners, ordinary life, ordinary health, credit life, credit health, credit unemployment and any other forms of group or individual insurance coverage. Seller agrees to refund to Purchaser the
Reimbursement Amount for any Mortgage Loan refinanced by Seller in breach of this contract. Seller shall also reasonably ensure that no brokers, correspondents or other third parties related in any manner to this transaction, solicit any of the
Mortgage Loans. 
  
 (o) Third Party Loans. The Seller and
the Purchaser expect that 100% of Mortgage Loans shall have been underwritten by the Seller. 
  

 14 

 (p) Flood Certification. The Seller shall transfer to the Purchaser a “Life-of-Loan”
flood certification with Flood Data Service, Inc. relating to each Mortgage Loan or pay to Purchaser a $ 9.00 per loan fee which fee shall be deducted from the Purchase Price on the Purchaser Price Payment Date. 
  
 Section 2.08. Purchaser Covenants Regarding Transfer of Servicing.

  
 The Purchaser shall have done the following, on or prior to
each Delivery Date (except where a different time period is expressly provided): 
  
 (a) Compliance with GNMA Requirements. Unless such compliance is prevented by the Seller’s noncompliance with the Transfer of Servicing, the Purchaser shall have complied with applicable GNMA Requirements
including all procedural and documentary requirements applicable to the Purchaser in connection with Purchaser’s issuance of a GNMA MBS. 
  
 (b) Misapplied Payments. Misapplied payments shall be processed as follows: 
  
 (i) The parties shall cooperate in correcting misapplication errors; 
  
 (ii) The party receiving notice of a misapplied payment occurring prior to
the Transfer Date and discovered after the Transfer Date shall immediately notify the other party; 
  
 (iii) If a misapplied payment which occurred prior to the Transfer Date cannot be identified and such misapplied payment has resulted in a shortage in an
Escrow (or other) Account, the balances of which are being transferred to the Purchaser, the Seller shall be liable for the amount of such shortage. The Seller shall reimburse the Purchaser for the amount of such shortage within five (5) Business
Days after receipt of written demand and evidence supporting such misapplied payment from the Purchaser: 
  
 (iv) If a misapplied payment which occurred prior to the Transfer Date has created an improper Purchase Price as the result of an inaccurate outstanding
principal balance, a check shall be issued to the party adversely affected by the improper payment application within five (5) Business Days after notice thereof by the other party; 
  
 (v) Any check issued under the provisions of this Section 2.08(b) shall be accompanied by a statement indicating the
corresponding Seller and the Purchaser Mortgage Loan identification number and an explanation of the allocation of any such payments. 
  
 (c) Notice to Mortgagors. The Purchaser shall, in accordance with the relevant provisions of the Act, mail to the Mortgagor of each Mortgage Loan
in the Pool, a letter advising the Mortgagor of the transfer of the servicing thereof to the Purchaser from the Seller. 
  
 (d) No Change to Subscribers. Purchaser shall not change the name of any subscriber identified in a HUD Form 11705 by the Seller which has been
completed in accordance with the Transfer of Servicing. 
  
 Section 2.09. Seller Covenants Regarding Final Certification. 
  
 Within eleven (11) months of the relevant Issue Date, the Seller shall deliver all Mortgage Loan Documents to the Purchaser or the Custodian which are required for the Final Certification of each Pool. 
  

 15 

 The Seller hereby agrees, subject to GNMA approval, to repurchase any Mortgage Loan which the Custodian has identified as
preventing Final Certification in accordance with Section 6.03. Purchaser and Seller will cooperate in order to enable the Custodian to effectuate Final Certification of the Pools. 
  
 ARTICLE III 
  
 PURCHASE PRICE 
  
 Section 3.01. Calculation of the Purchase Price. 
  
 Subject to Section 3.04, the Purchase Price with respect to the Servicing Rights for each Pool shall be calculated as a percentage, determined by
reference to the Purchase Price and Adjustment Schedule attached hereto as Exhibit A, multiplied by the aggregate principal balance of such Pool. Seller and Purchaser agree the Purchase Prices listed in Exhibit A are subject to review after
six (6) months. Any Mortgage Loan thirty (30) days or more delinquent as of the Sale Date or any Mortgage Loan which is a Foreclosure Loan or in bankruptcy will be deemed to have an outstanding principal balance of zero for the purpose of
calculating the Purchase Price. Payments of scheduled principal and interest prepaid for a due date beyond the Transfer Date shall not be applied to the principal balance as of such date. Seller shall refund to the Purchaser the Purchase Price for
any Mortgage Loans which payoff within three (3) months of the Sale Date. 
  
 Section 3.02. Payment, Billing and Monthly Certification. 
  
 With respect to the monthly transfer of Servicing Rights, ten (10) Business Days prior to each Purchase Price Payment Date, the Seller shall submit to the
Purchaser (i) its billing for the Servicing Rights transferred during the calendar month in which the Transfer Date occurs, substantially in accordance with the format provided in Exhibit M and (ii) the Monthly Certification. Following the
Purchaser’s receipt thereof and the calculation of adjustments to the Purchase Price, the Purchaser shall pay the appropriate Purchase Price by wire transfer on such Purchase Price Payment Date. 
  
 Section 3.03 Broken Pools. 
  
 In accordance with Section 2.03, no amounts shall be payable by the Purchaser
to the Seller in connection with any Pool unless GNMA shall have delivered the related GNMA MBS. 
  
 Section 3.04 Purchase Price Adjustment and Holdback. 
  
 The aggregate Purchase Price payable on any Purchase Price Payment Date shall be adjusted to reflect unreimbursed costs and expenses associated with
broken Pools. 
  
 Purchaser shall retain ten percent (10%) of the
Purchase Price (“Holdback Amount”). The Holdback Amount for each Sale shall be payable to the Seller on a prorata basis quarterly to the extent Seller complies with its obligations for release of the funds which includes, but is not
limited to, receipt by Purchaser or Purchaser Custodian’s of the complete documentation required for the Final Certification of a Pool per agency requirements. The Holdback Amount, as it relates to any pool, shall be released quarterly.

  
 Notwithstanding any language contained herein to the contrary,
Purchaser shall pay the last $5,000 of the Holdback Amount to Seller only upon the receipt by Purchaser of all of the final, recorded assignments and all other documentation from Seller to Purchaser related to each Sale. 
  

 16 

 Section 3.05 VA Loan Percentage. 
  
 During any one month period, the percentage of VA Loans (by dollar amount of loans) included in the Mortgage Loans shall not
exceed thirty percent (30%). 
  
 Section 3.06. Correction of
Discrepancies. 
  
 The parties agree that discrepancies may
arise in the calculation and payment of the Purchase Price. The parties agree further that within thirty (30) Business Days of the discovery of any such discrepancy by one party (notice of which shall immediately be given to the other party) and the
parties’ mutual determination of the appropriate adjustment to the Purchase Price, a check shall be issued and forwarded by overnight mail to the party entitled to receive such adjustment by the other party. 
  
 ARTICLE IV 
  
 SERVICING OF THE MORTGAGE LOANS 
  
 Section 4.01. Purchaser to Service Pursuant to the GNMA Requirements
and Applicable Law. 
  
 The Purchaser shall commence
servicing and administration of the Mortgage Loans from and after the related Transfer Date and shall have full power and authority, acting alone to do any and all things in connection with such servicing and administration which the Purchaser may
deem necessary or desirable, consistent with the GNMA Requirements and the terms of this Agreement. The Purchaser shall service the Mortgage Loans in accordance with applicable federal and state laws and regulations. 
  
 ARTICLE V 
  
 REPRESENTATIONS, WARRANTIES AND AGREEMENTS 
  
 Section 5.01. Representations, Warranties and Agreements of the Purchaser. 
  
 The Purchaser hereby makes the following representations and warranties to
the Seller as of the date hereof and each Initial Certification Date: 
  
 (a) Due Organization and Authority. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of New Jersey and has all licenses necessary to carry on its business as now being conducted and
is licensed, qualified and in good standing in each state where a Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type conducted by the Purchaser, and in any event the
Purchaser is in compliance with the laws of any state to the extent necessary to ensure the enforceability of the terms of this Agreement; the Purchaser has the full corporate power and authority to execute and deliver this Agreement and to perform
in accordance herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by the Purchaser and the consummation of the transactions contemplated hereby have
been duly and validly authorized; and upon execution by the Seller this Agreement constitutes the valid, binding and enforceable obligation of the Purchaser (subject, as to enforcement of remedies to applicable bankruptcy, 

  

 17 

 
reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of
equity). 
  
 (b) No Conflicts. Neither the execution and
delivery of this Agreement, nor the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict with or result in a breach of any of the terms, conditions or provisions of the Purchaser’s charter or bylaws or any
legal restriction or any agreement or instrument to which the Purchaser is now a party or by which it is bound, or constitute a default or result in an acceleration under any of the foregoing, or result in the violation of any law, rule, regulation,
order, judgment or decree to which the Purchaser or its property is subject, or impair the ability of the Purchaser to service the Mortgage Loans, or impair the value of the Servicing Rights. 
  
 (c) No Litigation Pending. There is no action, suit, proceeding or
investigation pending or threatened against the Purchaser which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Purchaser, or in
any material impairment of the right or ability of the Purchaser to carry on its business substantially as now conducted, or in any material liability on the part of the Purchaser, or which would draw into question the validity of this Agreement or
of any action taken or to be taken in connection with the obligations of the Purchaser contemplated herein, or which would be likely to impair materially the ability of the Purchaser to perform under the terms of this Agreement. 
  
 (d) No Consent Required. No consent or other approval, authorization
or order of any court or governmental agency or body is required for the execution, delivery and performance by the Purchaser of or compliance by the Purchaser with this Agreement, or if required, such approval has been obtained prior to the Initial
Certification Date. 
  
 (e) No Commissions to Third
Parties. The Purchaser has not dealt with any broker or agent or third party who might be entitled to a fee or commission from the Purchaser in connection with this transaction. 
  
 (f) Agency Approvals. The Purchaser is an FHA Approved Mortgagee, a VA Approved Lender, an approved issuer of GNMA
MBS. 
  
 (g) Ordinary Course of Business. The consummation
of the transactions contemplated by this Agreement is in the ordinary course of business of the Purchaser 
  
 (h) Ability to Perform. The Purchaser does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every
covenant applicable to Purchaser contained in this Agreement. 
  
 Section 5.02. Representations and Warranties of the Seller. 
  
 The Seller (Crescent Bank Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company) makes the following representations and warranties to the Purchaser as of the date hereof and as of each Sale
Date: 
  
 (a) Due Organization and Authority. The Seller,
Crescent Banking Company (Parent) is a corporation duly organized, validly existing and in good standing under the laws of the State of Georgia; Crescent Mortgage Services, Inc. is a corporation duly organized, validly existing and in good standing
under the laws of the State of Georgia; and Crescent Bank & Trust Company is a corporation d____ 

  

 18 

 
organized, validly existing and in good standing under the laws of the State of Georgia. The Seller was at all times and now is qualified to do business and
duly licensed to carry on its business as now being conducted in all states in which any Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type engaged in by the Seller in
relation to the origination and servicing of the Mortgage Loans and in any case the Seller is qualified in each state to the extent necessary to ensure the enforceability of each Mortgage Loan and this Agreement. The Seller has the full corporate
power and authority to execute and deliver this Agreement and to perform in accordance herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by the
Seller and the consummation of the transactions contemplated hereby have been duly and validly authorized; and upon execution by the Purchaser this Agreement constitutes the valid, binding and enforceable obligation of the Seller (subject as to
enforcement of remedies to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity). 
  
 (b) Ordinary Course of Business. The consummation of the transactions
contemplated by this Agreement is in the ordinary course of business of the Seller. 
  
 (c) No Conflicts. Neither the execution and delivery of this Agreement, the sale of the Servicing Rights to the Purchaser or the transactions contemplated hereby, nor the fulfillment of or compliance with the
terms and conditions of this Agreement, will conflict with or result in a breach of any of the terms, conditions or provisions of the Seller’s charter or by-laws or any legal restriction or any agreement or instrument to which the Seller is now
a party or by which it is bound, or constitute a default or result in an acceleration under any of the foregoing, or result in the violation of any law, rule, regulation, order, judgment or decree to which the Seller or its property is subject, or
impair the value of the Servicing Rights. 
  
 (d) Ability to
Perform. The Seller does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant applicable to Seller contained in this Agreement. 
  
 (e) No Litigation Pending. There is no action, suit, proceeding or investigation pending or threatened against the
Seller which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Seller, or in any material impairment of the right or ability of
the Seller to carry on its business substantially as now conducted, or in any material liability on the part of the Seller, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the
obligations of the Seller contemplated herein, or which would be likely to impair materially the ability of the Seller to perform under the terms of this Agreement, or which would materially affect any of the Mortgage Loans or the related Servicing
Rights. To the best of Seller’s knowledge there are no Mortgage Loans for which Servicing Rights are being transferred that are the subject of any litigation or investigation. 
  
 (f) No Consent Required. No consent, approval, authorization or order of any court or governmental agency or body is
required for the execution, delivery and performance by the Seller of or compliance by the Seller with this Agreement, or if required, such approval has been obtained prior to the Initial Certification Date. 
  
 (g) Ownership. Crescent Mortgage Services, Inc. and Crescent Bank
& Trust Company, as Sellers, are the sole owners and holders of all right, title and interest in and to the Servicing Rights, and immediately prior to the Seller’s transfer of the related Mortgage Loans to the Purchaser, the Seller was the
sole owner and holder of such Mortgage Loans. The Servicing Rights have not been assigned or 

  

 19 

 
pledged, and, the Seller has good and marketable title and interest in the Servicing Rights and has full right and authority subject to no interest, or
agreement with, any other party, to sell and assign the Servicing Rights pursuant to this Agreement. All Servicing Rights acquired by the Purchaser hereunder shall be free and clear of any encumbrance, equity, interest, lien, pledge, charge, claim
or security interest. 
  
 (h) No Untrue Information and
Operative Documents. Neither this Agreement, nor any statement, report or other document which is within the control of the Seller furnished or to be furnished pursuant to this Agreement or the GNMA Requirements (including without limitation,
delivery schedules and other documentation delivered or to be delivered to GNMA or the Purchaser’s Custodian in connection with the formation and delivery of a Pool and the settlement of the related GNMA MBS and in accordance with the Transfer
of Servicing) or in connection with the transactions contemplated hereby contains any untrue statement of fact or omits to state a fact necessary to make the statements contained therein not misleading. Each such document delivered to the Purchaser
represents an executed original or is a certified true and correct copy of the original and in either case represents true, correct and complete copies of the same. Each such document is in full force and effect and has not been amended, modified or
altered except as the same shall have been provided to the Purchaser. 
  
 (i) No Commissions to Third Parties. The Seller will be solely liable for any fee or commission due and payable to any brokers or agent who might be entitled to a fee or commission connection with this transaction. 
  
 (j) No Inquiries. The Seller has not been the subject of an audit by
any of the FHA, VA or GNMA which audit included allegations of failure to comply with applicable loan origination, servicing or claims procedures, which resulted in a refusal to purchase any Mortgage Loan or a request for indemnification in
connection with any Mortgage Loan. 
  
 (k) No Accrued
Liabilities. There are no accrued liabilities of the Seller with respect to the Mortgage Loans or the Servicing Rights or circumstances under which such accrued liabilities will arise against the Purchaser as successor to the Servicing Rights
with respect to occurrences prior to the Initial Certification Date. 
  
 (l) Compliance with Insurance Contracts. The Seller has complied with all obligations under all applicable insurance contracts, including the insurance contracts with the FHA and guaranty contracts with the VA with respect to, and
which might materially and adversely affect, the Mortgage Loans and any of the Servicing Rights. The Seller has not taken any action or failed to take any action which might cause the cancellation of or otherwise affect any of the FHA Mortgage
Insurance Contracts, the VA Loan Guaranty or any other applicable insurance or guaranty contracts. 
  
 (m) Compliance With Law: Fidelity, Error and Omission and Director and Officer Bonds. The Seller has complied with any and all requirements of any
federal, state or local law including, without limitation, FHA Regulations and VA Regulations, the provisions of any federal, state or local law or regulation governing or pertaining to permissible charges, whether in a commercial transaction or in
connection with the extensions of credit or the billing or collection of obligations arising from the extensions of credit, including, but not limited to, laws relating to usury, installment sales, truth-in-lending (including, without limitation,
Regulation Z thereunder), fair housing, real estate settlement procedures, escrow practices, unlawful ILLEGIBLE in residential lending (including, without limitation, anti-redlining, equal credit opportunity and ILLEGIBLE reporting), debt
collection, loan disclosure, adjustable rate mortgages, adjustable rate mortgage ILLEGIBLE other consumer protection matters (including, without limitation, laws regulating unfair or ILLEGIBLE 

  

 20 

 
practices), and all other federal, state or local laws, regulations and ordinances pertaining to the business of mortgage lending or to the provision of
services relating to mortgage lending. Seller has and shall continue to maintain enforceable bonds for errors and omissions, fidelity and directors and officers of Seller. Seller shall, at the request of Purchaser, produce evidence of such coverage.

  
 (n) Pool Formation Practices. The Seller has observed
and complied with all GNMA Requirements applicable to Seller pursuant to this Agreement and Transfer of Servicing Procedures which are a prerequisite or otherwise relate to Pool formation. 
  
 (o) Third Party Lenders and Third Party Loans. Seller shall be deemed
to have made all of the representations and warranties contained in this Section 5.02 and in Section 5.03 on behalf of each Third Party Lender and with respect to each Third Party Loan. 
  
 (p) Representations and Warranties to Agencies. All representations and warranties made by the Seller to the FHA or
VA as appropriate in connection with the Mortgage Loans are incorporated herein by reference and inure to the benefit of the Purchaser. 
  
 Section 5.03. Representations and Warranties of the Seller as to Mortgage Loans. 
  
 As further inducement to the Purchaser to enter into this Agreement, the Seller represents and warrants to the Purchaser as
of the date hereof and the Initial Certification Dates (or other date indicated) with respect to each Mortgage Loan, as follows: 
  
 (a) Mortgage Loans as Described, Representative Distribution, No Adverse Selection. The information set forth in each Mortgage Loan Schedule is
complete, true and correct. No waivers with respect to any published or unpublished GNMA, FHA or VA requirements have been obtained which adversely affect the credit quality of any Mortgage Loan. None of the Mortgage Loans is a VA vendee loan and
except as otherwise expressly permitted elsewhere in this Agreement, none of the Mortgage Loans is a loan subject to interest rate subsidies or special escrow arrangements. 
  
 The Servicing Rights sold under this Agreement are representative of, and conform in all material respects to, the
characteristics of Seller’s normal FHA or VA loan production for sale to GNMA, without any adverse selection as to, among other things, interest rates, loan characteristics, property types, geographical locations and escrow waivers. The GNMA
Servicing Rights to be sold under this Agreement are created and designated for sale to the Purchaser. 
  
 (b) Payments Current. All payments required to be made for each Mortgage Loan under the terms of the related Mortgage Note in order for such
Mortgage Loan to be eligible for inclusion in a Pool under GNMA Requirements have been made. The Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds from a party other than the Mortgagor, directly or
indirectly, for the payment of any amount required by the Mortgage Loan. 
  
 (c) No Outstanding Charges. There are no defaults in complying with the terms of the Mortgage (other than as permitted under Section 5.03(b)) and all taxes, governmental assessments, insurance premiums, water,
sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid, or an escrow of funds with respect to taxes and insurance premiums has been established in accordance with applicable FHA or VA
requirements for every such item which remains unpaid and which has been assessed but is not yet due and payable. The Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds by a party other 

  

 21 

 
than the Mortgagor, directly or indirectly, for the payment of any amount required under the Mortgage Loan, except for interest accruing from the date of the
Mortgage Note or date of disbursement of the Mortgage Loan proceeds, whichever is greater, to the day which precedes by one month the Due Date of the first installment of principal and interest. 
  
 (d) Original Terms Unmodified. The terms of the Mortgage Note and
Mortgage have not been impaired, waived, altered or modified in any respect from the date of their origination except by a written instrument which has been recorded, if necessary to protect the interests of the owner thereof. The substance of any
such waiver, alteration or modification is in accordance with FHA Regulations or VA Regulations as appropriate and no FHA or VA approval of such waiver, alteration or modification is required. The substance of any such waiver, alteration or
modification has been communicated to and approved by the title insurer, to the extent required by the title policy, and its terms are reflected on the Mortgage Loan Schedule. No Mortgagor has been released in whole or in part. 
  
 (e) Enforceability; No Defenses. Each Mortgage and Mortgage Note is a
genuine, valid, binding and enforceable document according to its terms (subject to applicable bankruptcy and insolvency laws),and conforms to all applicable laws and regulations, including without limitation the Federal Truthin-Lending Act, as
amended, and Regulation Z. Neither the operation of any of the terms of any Mortgage or Mortgage Note, nor the exercise of any right thereunder, will render the Mortgage or Mortgage Note unenforceable, in whole or in part, or with respect to FHA
Loans, impair an Investor’s ability to collect full insurance benefits under the FHA Mortgage Insurance Contract, without indemnity to HUD, or, with respect to VA Loans, impair an Investor’s ability to collect full value under the Loan
Guaranty Certificate upon the Mortgagor’s default. To the best of Seller’s knowledge, the Mortgage Loan is not subject to any right of rescission, set-off, counterclaim or defense (including without limitation the defense of usury), and no
such right of rescission, set-off, counterclaim or defense has been asserted by legal process with respect thereto. 
  
 (f) FHA Mortgage Insurance; VA Loan Guaranty. With respect to each FHA Loan, the Seller has taken all steps required by FHA Regulations (including,
without limitation, (i) the underwriting and closing of such FHA Loan in accordance with FHA Regulations and any conditions imposed by the FHA in its “firm commitment” which relates to such FHA Loan and (ii) the timely remittance of the
related mortgage insurance premium (MIP) to the FHA in accordance with FHA Regulations) which are a prerequisite to the issuance of the FHA Mortgage Insurance Certificate and the issuance of such certificate is subject only to the completion of
standard FHA clerical procedures. With respect to each VA Loan, the Seller has taken all steps required by VA Regulations (including, without limitation, (i) the underwriting and closing of such VA Loan in accordance with VA Regulations and any
conditions imposed by the VA in its “firm commitment” which relates to such VA Loan and (ii) the timely remittance of the related funding fee to the VA in accordance with VA Regulations) which are a prerequisite to the issuance of the Loan
Guaranty Certificate and the issuance of such certificate is subject only to the completion of standard VA clerical procedures. 
  
 (g) Hazard Insurance. Pursuant to the terms of the Mortgage, all buildings or other improvements upon the Mortgaged Property are insured by an
insurer acceptable to the FHA, VA or GNMA as applicable in accordance with the requirements thereof against loss by fire, hazards included within an extended coverage liability policy and such other hazards as are customary in the area where the
Mortgaged Property is located. If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance is required by federal regulation and such
flood insurance has been made available) a flood insurance policy meeting the requirements of the applicable guidelines of the Federal Insurance Administration is in effect. All individual insurance policies contain a standard mortgagee clause
naming 

  

 22 

 
the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain
the hazard insurance policy at the Mortgagor’s cost and expense, and flood insurance, if applicable, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such
Mortgagor’s cost and expense, and to seek reimbursement therefor from the Mortgagor. The hazard insurance policy and, if applicable, flood insurance policy, is the valid and binding obligation of the insurer, is in full force and effect, and
will be in full force and effect and inure to the benefit of the Purchaser on behalf of the GNMA upon the consummation of the transactions contemplated by this Agreement. The Seller has not engaged in, and has no knowledge of the Mortgagor’s
having engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either. 
  
 (h) Coinsurance Claims. There are no uninsured casualty losses or
casualty losses where coinsurance has been (and the Seller has no reason to believe, will be) claimed by an insurance company or where the loss, exclusive of contents, is greater than the recovery, less actual expenses incurred in such recovery from
the insurance carrier. 
  
 (i) Condemnation. There is no
proceeding pending or threatened for the partial or total condemnation of any Mortgaged Property, and the Seller has no notice that all or any part of any Mortgaged Property has been or will be condemned. 
  
 (j) Compliance with Applicable Laws. Each of the Mortgage Loans has
been originated and serviced in compliance with all applicable requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit
opportunity or disclosure laws and any other laws or regulations referred to in Section 5.02(m). 
  
 (k) No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged
Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission. 
  
 (1) Location and Type of Mortgaged Property. The Mortgaged Property is
located in the state identified in the Mortgage Loan Schedule and consists of a parcel of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or (subject to limitations set forth elsewhere in
this Agreement) (i) manufactured housing, or (ii) an individual condominium unit in a condominium project, or (iii) an individual unit in a planned unit development. No residence or dwelling is a mobile home. 
  
 (m) Valid First Lien. The Mortgage is a valid, subsisting and
enforceable first lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all
additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to: 
  
 (i) the lien of current real property taxes and assessments not yet due and Payable; 
  
 (ii) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date
of recording acceptable to FHA, VA or GNMA as applicable and to prudent 

  

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mortgage lending institutions generally and which are specifically referred to in the lender’s title insurance policy delivered to the Seller as
originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal made in connection with the origination of the Mortgage Loan or (b) which do not adversely affect the appraised value of the Mortgaged Property set forth in
such appraisal; 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 the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. 
  
 Any security agreement, chattel mortgage or equivalent document related to
and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and the Seller has full right to sell and assign the
same to the relevant Agency. 
  
 (n) Validity of Mortgage
Documents. The Mortgage Note and the Mortgage are each genuine, and is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms subject to applicable bankruptcy and insolvency laws. All parties to the
Mortgage Note and the Mortgage had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties. 

 
 (o) Pools. Each Mortgage assigned by the Seller to the Purchaser
for inclusion in a Pool meets all eligibility requirements for inclusion in such Pool, in accordance with all GNMA Requirements. The Mortgage Loan Documents to be delivered to the Purchaser or the Custodian shall include all documents necessary in
order for the Custodian to certify the Pools have Final Certification in accordance with applicable GNMA Requirements. 
  
 (p) Full Disbursement of Proceeds. Except in the case of escrow for buydown loans permitted under this Agreement and completion escrow which comply
with the Servicing Transfer Procedures, the proceeds of the Mortgage Loan have been fully disbursed including any requirement for future advances thereunder, and any and all requirements as to completion of any on-site or off-site improvement and as
to disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any
amounts paid or due under the Mortgage Note or Mortgage. 
  
 (q)
Escrow Accounts Current. The Seller has maintained all required Escrow Accounts in accordance with applicable law, the terms of the Mortgage Loans and the requirements of the FHA, VA and GNMA applicable thereto. The Escrow Payments required
by the Mortgage which have been paid to the Seller for the account of the Mortgagor are on deposit in the appropriate Escrow Account. All funds received by the Seller in connection with the Mortgage Loan, including, without limitation, foreclosure
proceeds, fire insurance proceeds for fire losses, condemnation proceeds and principal reductions, have been properly applied or promptly deposited in the appropriate Escrow Account, and all such funds have been applied to reduce the principal
balance of the Mortgage Loan in question, or for reimbursement of repairs to the Mortgaged Property or as otherwise required by applicable law and the requirements of the FHA, VA and GNMA. The Seller shall provide complete information in accordance
with the Servicing Transfer Procedures regarding any escrow waivers which the Seller has granted. 
  

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 (r) Doing Business. All parties which have had any interest in the Mortgage Loan, whether as
mortgagee (including permitted Third Party Lenders), assignee, or otherwise, are (or, during the period in which they held and disposed of such interest, were) (i) in compliance with any and all applicable licensing requirements of the laws of the
state wherein the Mortgaged Property is located, and (ii)(a) organized under the laws of such state, (b) qualified to do business in such state, (c) federal savings and loan associations or national banks having principal offices in such state, or
(d) not doing business in such state, so as to require qualification as a foreign corporation. 
  
 (s) Title Insurance. The Mortgage Loan is covered by either (i) an ALTA. lender’s title insurance policy or other generally acceptable form of policy or insurance acceptable to the FHA or VA, or (ii) an
attorney’s opinion of title and abstract of title, the form and substance of which is acceptable to the FHA or VA as appropriate and to prudent mortgage lending institutions making mortgage loans in the area where the Mortgaged Property is
located as appropriate and each such title insurance policy is issued by a title insurer acceptable to GNMA and qualified to do business in the jurisdiction where the Mortgaged Property is located, and insures the Seller, its successors and assigns,
as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan. GNMA, as assignee of the Seller’s rights, is an insured of such lender’s title insurance policy, and such lender’s policy is in full
force and effect. No claims have been made under such lender’s policy, and the Seller has not done any act or omission which would impair the coverage of such lender’s policy. 
  
 (t) No Defaults. There is no default, breach, violation or event of acceleration existing under the Mortgage or the
Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and neither the Seller nor its predecessors has waived
any default, breach, violation or event of acceleration. 
  
 (u)
No Mechanics’ Liens. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under the law could give rise to such liens) affecting the related
Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of the related Mortgage or such liens, claims or rights are adequately insured against by the lender’s title insurance policy referred to in Section
5.03(s). 
  
 (v) Location of Improvements; No
Encroachments. All improvements which were considered in determining the appraised value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property (any such encroachment has been incurred
by applicable title insurance policies) and no improvements on adjoining properties encroach upon the Mortgaged Property unless such encroachment is permitted by applicable FHA or VA Regulations. No improvement located on or being part of the
Mortgaged Property is in violation of any applicable zoning law or regulation. 
  
 (w) Origination Average Balance; Payment Terms; Age. Except as permitted under Section 2.07(o), the Mortgage Loan was originated by the Seller. It is anticipated that the average balance of all Mortgage Loans
shall be $86,490. The Mortgage Note is payable each month in equal monthly installments of principal and interest, with interest calculated and payable in arrears. With the exception of the first delivery date, the Mortgage Loans shall have closed
within sixty (60) days prior to the Delivery Date of their respective Pools. 
  
 (x) Customary Provisions. 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 material benefits of the security provided thereby, including, (i) in the case of 

  

 25 

 
a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. There is no homestead or other exemption
available to a Mortgagor which would prevent the sale of the Mortgaged Property by trustee’s sale or the foreclosure of the Mortgage. 
  
 (y) Conformance with FHA, VA and GNMA Standards. Each Mortgage Loan was underwritten in accordance with FHA and VA underwriting standards as
appropriate in effect at the time the Mortgage Loan was originated, and each Mortgage Loan is in conformity with applicable GNMA standards under one of its respective home mortgage purchase programs and the Mortgage Note and Mortgage are on forms
acceptable to GNMA. Notwithstanding the foregoing, all Mortgage Loan Files shall include complete appraisals, where required, which appraisals comply in all respects to FHA or VA requirements as applicable. 
  
 (z) Occupancy of the Mortgaged Property. The Mortgaged Property is
lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy thereof, including but not
limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. 
  
 (aa) No Additional Collateral. The Mortgage Note is not and has not been secured by any collateral except the lien of the corresponding Mortgage.

  
 (bb) Deeds of Trust. In the event the Mortgage is in
the form of a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Purchaser, or
GNMA, or their respective successors and assigns to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor. 
  
 (cc) Condominiums/Planned Unit Developments. If the Mortgaged Property is a condominium unit project it complies with
applicable FHA Regulations or VA Regulations, as appropriate. No more than ten percent (10%) of the Mortgage Loans (by number of Mortgage Loans) are secured by a Mortgaged Property which is a condominium. 
  
 (dd) Mobile Homes. None of Mortgage Loans are secured by mobile homes,
i.e, properties that do not comply with HUD Title II or VA title 38 requirements for manufactured housing. 
  
 (ee) Transfer of Mortgage Loans. The Assignment of Mortgage, if applicable, is in recordable form and is acceptable for recording under the laws of
the jurisdiction in which the Mortgaged Property is located. 
  
 (ff) Buydown Provisions. No Graduated Payments or Contingent Interests. No more than five percent (5%) of the Mortgage Loans (by number of Mortgage Loans) contain a “buydown” provision pursuant to which Monthly Payments are
paid or partially paid with funds deposited in any separate account established by the Seller, the Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other than the Mortgagor or which contain any other similar provisions which may
constitute a “buydown” provision. The Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature. 
  
 (gg) Consolidation of Future Advances. Any future advances made prior
to the Initial Certification Date have been consolidated with the outstanding principal amount secured by the 

  

 26 

 
Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the
consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other title evidence acceptable to the applicable
Agency. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan. 
  
 (hh) Mortgage Property Undamaged. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado,
hazardous or toxic substances or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended. 
  
 (ii) Collection Practices; Escrow Deposits. The origination and
collection practices used with respect to the Mortgage Loan have been in accordance with the Mortgage Loan Documents, applicable law, rules, regulations and requirements and have been in all respects legal and proper. With respect to escrow deposits
and Escrow Payments, all such payments shall be in the possession of the Purchaser as provided in the Servicing Transfer Procedures and GNMA Requirements, and there exist no deficiencies in connection therewith for which customary arrangements for
repayment thereof have not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been capitalized under the Mortgage or the Mortgage Note. 
  
 (jj) Notice of Relief Requested Pursuant to the Soldiers and Sailors Relief Act 1940. The Seller has not received
notice from any Mortgagor or other party with respect to the Mortgage Loans of a request for relief pursuant to or invoking any of the provisions of the Soldiers and Sailors Relief Act of 1940 or any other federal or state law which would have the
effect of suspending or reducing the Borrower’s payment obligations under a Mortgage Loan or which would prevent such loan from going into foreclosure. 
  
 (kk) Tax Service Contracts. Subject to the provisions of Section 2.07 (m), Seller shall cooperate with Purchaser to ensure that a tax service
contract is in place for each Mortgage Loan with TransAmerican Real Estate Tax Services. 
  
 (ll) Prior Servicers and Servicing. There have been no Prior Servicers of any Mortgage Loans other than the Seller. At all relevant times, the Seller has been and will be a FHA, VA, FNMA, and FHLMC-approved
mortgagee, lender and seller/servicer as applicable to the extent required to be approved and fully authorized to originate sell or service the Mortgage Loans. The Seller has serviced all of the Mortgage Loans on its own behalf in compliance with
the terms thereof and with all laws, rules, regulations and requirements in connection therewith and in a manner consistent with the GNMA Requirements that will apply to the Mortgage Loans upon their transfer to GNMA. There has been no occurrence as
of the Delivery Date of any event that could obligate the Purchaser to repurchase any Mortgage Loans in accordance with GNMA Requirements or cause the cancellation of the Servicing Rights or any material changes in procedures with respect to the
Mortgage Loans. 
  
 (mm) Origination and Servicing
Practices. There has been no improper act or omission or alleged improper act or omission, or error by the Seller or any employee, agent or representative acting on Seller’s behalf, with respect to the origination, underwriting or servicing
of any of the Mortgage Loans. Each Mortgage Loan has been originated and underwritten in compliance with all applicable FHA Regulations and VA Regulations. 
  

 27 

 (nn) Eligible Loans and Percent Limitations. The Servicing Rights sold under this Agreement
conform to the specifications in Exhibit B. All loans are either 15 year fixed rate, 30 year fixed rate or one year adjustable rate Mortgage Loans sold to GNMA under the GNMA MBS program. The following characteristics are anticipated to exist for
loans sold under this Agreement: 
  
 (i) The percent of 30 year
fixed rate loans is 80% minimum. 
  
 (ii) The average loan size
is: $86,490 for fixed rate. 
  
 (iii) The maximum weighted
average service fee is .69%. 
  
 (iv) The aggregate average
escrow balances expressed as a percent of the aggregate principal balance of loans transferred under this Agreement is one percent (1%). 
  
 (v) The Mortgage Loans are current originations and will reflect the normal distribution of interest rates without any adverse selection. 
  
 (vi) The weighted average mortgage rate is representative of current
production and reflective of current market interest rates, but in no event is any individual Mortgage Loan interest rate greater than 8.0% for 30 year fixed rate loans and 7.5% for 15 year fixed rate loans 
  
 Purchaser and Seller recognize that the criteria on Exhibit B represents limitations of the
servicing to be delivered at the respective Transfer Dates. Both the Purchaser and Seller recognize that flexibility is important as long as the economic value of the servicing to be delivered at the respective Transfer Date is not materially
different from the criteria outlined on Exhibit B. 
  
 (oo)
Knowledge of Detrimental Conditions. Seller has no knowledge of any circumstances or conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor of the Mortgagor’s credit standing that can reasonably be expected to
cause the Mortgage Loan to become delinquent, or adversely affect the value or marketability of the Mortgage Loan or the related Servicing Rights. 
  
 Section 5.04. Compliance with Percentage Limitations. 
  
 The Seller shall be deemed to have complied with the percentage limitations on escrow waivers and on planned unit development, condominium and buydown
loans set forth in Sections 5.03 (cc) and (ff) if the aggregate unpaid principal balance dollar amount of Mortgage Loans having such feature for which Servicing Rights have been transferred hereunder as of each Transfer Date comply with such
limitations. It is expressly understood and agreed that the percentage limits referred to above represent a maximum and not a goal. Seller will not deviate from its standard origination practices for the purpose of trying to achieve the maximum
permitted percentages. 
  

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 ARTICLE VI 
  

REMEDIES AND INDEMNIFICATION 
  
 Section 6.01. Remedies for Breach of Representations and Warranties of the Purchaser. 
  
 It is understood and agreed that the representations and warranties set forth in Section 5.01 shall survive each Initial
Certification Date and the related transfer of Servicing Rights to the Purchaser and shall inure to the benefit of the Seller. 
  
 Within thirty (30) days of the earlier of either discovery by or notice to the Purchaser of any material breach of a representation or warranty set forth
in Section 5.01, the Purchaser shall use its best efforts promptly to cure such breach in all material respects. 
  
 The Purchaser shall indemnify the Seller and hold it harmless against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees and related costs, judgments, and other costs and expenses (including any such costs, expenses and attorney’s fees incurred in enforcing such right of indemnification) resulting from any claim, demand, defense or assertion based on or
grounded upon, or resulting from, a material breach of the Purchaser’s representations and warranties contained in Section 5.01 or the Purchaser’s obligations contained in Section 2.08 and Article IV hereof. It is understood and agreed
that the obligation of the Purchaser to indemnify the Seller set forth in this Section 6.01 constitutes the sole remedy of the Seller respecting a breach of such representations and warranties. 
  
 Any cause of action against the Purchaser relating to or arising out of the
breach of any representations and warranties made in Section 5.01 shall accrue upon the last of (i) discovery of such breach by the Purchaser or notice thereof by the Seller to the Purchaser, (ii) failure by the Purchaser to cure such breach, and
(iii) demand upon the Purchaser by the Seller for compliance with this Agreement. 
  
 Section 6.02. Remedies for Breach of Representations and Warranties of the Seller. 
  
 It is understood and agreed that the representations and warranties set forth in Sections 5.02 and 5.03 shall survive the transfer of the Servicing Rights
to the Purchaser, the delivery of the Servicing Files to the Purchaser and termination of this Agreement and shall inure to the benefit of the Purchaser. Upon discovery by either the Purchaser or the Seller of a breach of any of the foregoing
representations and warranties which materially and adversely affects the value of the Servicing Rights or the interest of the Purchaser therein, the party discovering such breach shall give prompt written notice to the other. 
  
 Within thirty (30) days of the earlier of either discovery by or notice to
the Seller of any such breach of a representation or warranty set forth in Section 5.02 or Section 5.03, the Seller shall use its best efforts promptly to cure such breach in all material respects, and if such breach cannot be cured, the Seller
shall, at the Purchaser’s option and within thirty (30) Business Days following receipt by the Seller of notice thereof, pay the Purchaser an amount equal to any unrecovered advances, costs or other expenses incurred by the Purchaser relating
to such breach in accordance with the Purchaser’s customary and reasonable servicing practices, which amount shall include, in the case of breaches which render any Servicing Rights to be of no further value to the Purchaser, the Purchase Price
for such Servicing Rights. In the event that the Purchaser recovers a previously unrecovered advance subsequent to the Seller’s payment thereof in accordance with the foregoing sentence, the Purchaser shall repay such amount to Seller.

  

 29 

 Any payment pursuant to the foregoing paragraph shall be accomplished by the Seller by wire transfer of
immediately available funds to the account designated by the Purchaser. 
  
 In addition to such payment obligation, the Seller shall indemnify the Purchaser 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, (i) a breach of (a) the Seller’s representations and warranties contained in this Agreement or (b) the Seller’s
obligations or covenants hereunder, which breach materially and adversely (singly or in the aggregate with like breaches) affects the Purchaser, or (ii) the Seller’s errors, omissions, and unresolved HUD review findings in connection with the
Seller’s underwriting, processing, or closing of an FHA Loan. Notwithstanding the foregoing, Seller shall not be required to assume the defense of any claim until the Purchaser has pursued other remedies under applicable insurance policies,
government guarantees or tax contracts. The Purchaser shall not be required to commence litigation in connection with such remedies . 
  
 Any cause of action against the Seller relating to or arising out of the breach of any representations and warranties made in Sections 5.02 or 5.03 shall
accrue upon the last of (i) discovery of such breach by the Seller or notice thereof by the Purchaser to the Seller, (ii) failures by the Purchaser to cure such breach, and (iii) demand upon the Seller by the Purchaser for compliance with this
Agreement. 
  
 Section 6.03. Seller’s Substitution,
Repurchase and Related Indemnification Obligations. 
  
 Upon
receipt by the Purchaser of notice from (i) GNMA that it has rejected a Mortgage Loan because of defective loan documentation or that the Mortgage Loan is ineligible for inclusion in a Pool under the GNMA Requirements, (ii) the Purchaser’s
Custodian that a Mortgage Loan is not eligible for Initial or Final Certification or (iii) the FHA that it does not issue or it is withdrawing its FHA Mortgage Insurance Contract, or from the VA that it does not issue or it is withdrawing its VA
Loan Guaranty Agreement with respect to a Mortgage Loan due to problems therewith relating to the origination, processing and underwriting thereof, the Purchaser shall promptly notify the Seller thereof. 
  
 In the case of (i) and (ii) and if the notice of rejection from GNMA or
ineligibility from the Custodian permits a substitution of the defective Mortgage Loan, the Seller may provide the Purchaser with an acceptable substitute Mortgage Loan within the time period permitted by GNMA or the Custodian. The Seller shall be
responsible for all costs associated with the removal of the defective Mortgage Loan from the Pool and, to the extent applicable, (a) the reassignment and delivery thereof from GNMA to the Purchaser and from the Purchaser to the Seller and (b) the
assignment and delivery from the Seller to the Purchaser (or the Purchaser’s Custodian) and from the Purchaser to GNMA of the substitute Mortgage Loan acceptable to GNMA. In the case of (iii), the Seller shall take whatever action is possible
within the time period permitted by GNMA Requirements to correct the problem which gave rise to the FHA’s or VA’s notice of withdrawal of its insurance or guaranty, as applicable. 
  
 The Seller shall repurchase from the Purchaser any Mortgage Loan described in
(i), (ii) or (iii) of this Section 6.03 (including repurchases required because the substitution or corrective action referred to above were not accomplished within the permitted time period). 
  
 The repurchase price to be paid by the Seller to the Purchaser shall equal
that repurchase price paid by the Purchaser to GNMA plus all reasonable costs and expenses borne by the Purchaser in connection with the repurchase of such Mortgage Loan from GNMA including, but not limited to, all costs and expenses of Purchaser
incurred to cure such breach and reasonable attorneys’ fees. In addition, 

  

 30 

 
the Seller shall repurchase the Servicing Rights with respect to such Mortgage Loan from the Purchaser at the Reimbursement Amount. 
  
 At the time of repurchase, the Custodian and the Purchaser shall arrange for
the reassignment of the repurchased Mortgage Loan to the Seller and the delivery to the Custodian of any documents held by GNMA with respect to the repurchased Mortgage Loan pursuant to applicable GNMA Requirements. In the event of a repurchase, the
Purchaser shall, simultaneously with such reassignment, give written notice to the Seller that such repurchase has taken place, and advise the Purchaser’s Custodian to amend the Mortgage Loan Schedule to reflect the deletion of the repurchased
Mortgage Loan from this Agreement and forward to the Seller all the Mortgage Loan Documents, Servicing Files, related Escrow Accounts and records and documents relating to such Mortgage Loan. 
  
 In addition, the Seller shall indemnify and hold harmless the Purchaser and
each of its directors, officers, employees and agents from and against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments, and other costs and expenses incurred by Purchaser in
accordance with this Section 6.03. 
  
 In the event that any
Mortgage Loan becomes ninety (90) days delinquent and is determined to be a Foreclosure Loan within six (6) months of the applicable Sale Date, as defined in 1.25, Seller shall repurchase the Mortgage Loan from the Purchaser and refund the Purchase
Price. 
  
 Section 6.04. Additional Indemnification by the
Seller. 
  
 The Seller shall indemnify and hold harmless the
Purchaser and each of its officers, directors, employees and agents, as of the date hereof and when the relevant claim arises, from and against, and shall reimburse it or them for, any losses (including loss of Servicing Rights), damages,
deficiencies, claims, causes of action or expenses of any nature (including attorney’s fees and foreclosure costs) to the extent relating to or resulting from: 
  
 (i) any liabilities of, claims against or obligations of the Seller (whether absolute, accrued, contingent or otherwise,
including, without limitation, any tax claim asserted against the Purchaser with respect to any taxes relating to the operations of the Seller) existing as of or prior to the Transfer Date which were not expressly assumed by the Purchaser pursuant
to this Agreement or pursuant to any instrument of assumption executed by the Purchaser to consummate the sale; 
  
 (ii) any claims (other than those based on the Purchaser’s or Purchaser’s custodian’s actions or failure to act) asserted against the
Purchaser by the subscriber of any GNMA MBS relating to any failure to timely deliver such GNMA MBS; and 
  
 (iii) any material act or omission or error of the Seller or any employee, agent or representative acting on its behalf occurring between the Assignment
Date and the Transfer Date. 
  
 The indemnity provided in this
Section 6.04 shall remain in full force and effect regardless of any investigation made by the Purchaser or its representatives and shall survive the transfer of Servicing Rights and the termination of this Agreement. Upon receipt of written notice
of a claim covered by this indemnity, the Seller shall immediately assume defense of such claim at its own cost and expense, with counsel acceptable to the Purchaser, and the Seller shall be directly responsible for the payment of all costs and
expenses and any award or judgment which may become due as a result of such claim, however, that the Purchaser at its sole option instead may assume defense of such claim and continue to 

  

 31 

 
be protected under this indemnity if it reasonably believes such assumption is necessary or appropriate to discharge its responsibilities as servicer of the
Mortgage Loans or to preserve its authority and approvals to service the Mortgage Loans. The Seller shall not be entitled to settle, compromise, decline to appeal, or otherwise dispose of any such claim without the consent or agreement of the
Purchaser (which consent will not be unreasonably withheld or delayed) but which may be denied, but not be unreasonably denied, because, among other reasons, it believes in good faith that such settlement, compromise or other disposition is likely
to have an adverse impact on the Purchaser’s right or ability to enforce other mortgage loans or servicing rights or to preserve its authority and approvals to service the Mortgage Loans. 
  
 Section 6.05. Purchaser’s Indemnification Obligations.

  
 Purchaser shall indemnify and hold harmless the Seller and
each of its officers, directors, employees and agents, as of the date hereof and when the relevant claim arises, from and against and shall reimburse it or them for, any losses, causes of action, damages, penalties, fines, forfeitures, reasonable
and necessary legal fees, and related costs, judgments, and other costs and expenses incurred by Seller to the extent relating to or resulting from: 
  
 (i) any breach of Purchaser’s obligations under the Agency Agreements; 
  
 (ii) the non-fulfillment or nonperformance of any covenants, condition or action required of the Purchaser pursuant to this
Agreement; 
  
 (iii) any act or omission, or alleged act or
omission or error, of the Purchaser or any employee, agent or representative acting on its behalf, with respect to the servicing of any of the Mortgage Loans occurring after the Settlement Date; 
  
 The indemnity provided in this Section 6.05 shall remain in full force and
effect and shall survive the termination of this Agreement. Upon receipt of written notice of a claim covered by this indemnity, the Purchaser shall immediately assume defense of such claim at its own cost and expense, with counsel approved by the
Seller and the Purchaser shall be directly responsible for the payment of all costs and expenses and any award or judgment which may become due as a result of such claims; provided, however, that the Seller at its sole option instead may assume
defense of such claim and continue to be protected under this indemnity if it reasonably believes such assumption is necessary or appropriate. The Purchaser shall not be entitled to settle, compromise, decline to appeal, or otherwise dispose of any
such claim without the consent or agreement of the Seller (which consent will not be unreasonably withheld or delayed). 
  
 ARTICLE VII 
  
 CLOSING CONDITIONS AND DOCUMENTS 
  
 Section 7.01. Purchaser’s Conditions. 
  
 The Purchaser’s obligation to consummate the purchase of the Servicing Rights pursuant to this Agreement is subject to the satisfaction or waiver by the Purchaser of the conditions enumerated in this Section 7.01
on or prior to Initial Certification Date. In addition, prior to the first Initial Certification Date, the Seller shall have executed and delivered or caused to have executed and delivered the Closing Documents required in Section 7.03. 

 

 32 

 (a) The Seller shall have performed in all material respects all of its covenants and agreements
contained herein which are required to be performed by it on or prior to the Initial Certification Date including but not limited to compliance with applicable GNMA Requirements and FHA and VA Regulations; the Servicing Transfer Procedures; and the
obligations of the Seller set forth in Article II hereof. 
  
 (b)
All of the representations and warranties of the Seller contained in this Agreement shall be true and correct in all material respects as of the date such representations and warranties are made. 
  
 (c) Prior to the execution of this Agreement, the Purchaser shall have
completed a due diligence review relating to the Mortgage Loans, the GNMA Requirements and the contents of the Servicing Files and the Seller’s prior servicing activities and shall have determined in its discretion, that, among other things:
(i) the books, records and accounts of the Seller with respect to the Agencies are in order, (ii) the information provided in the Mortgage Loan Schedule is true and correct, (iii) the Mortgage Loans comply with applicable laws, regulations and all
GNMA Requirements; (iv) there is no missing or improper documentation; and (v) servicing is being performed in a manner consistent with the servicing that the Purchaser shall be required to perform under the GNMA Requirements. During the conduct of
the Purchaser’s due diligence, the Seller shall provide access to servicing records, loan files and other Seller books and records and will cooperate with the Purchaser in completing such due diligence. In the event that (because of the flow
nature of the transactions contemplated hereunder) Mortgage Loans have not yet been identified or segregated into Pools at the time such initial due diligence is performed, the Seller will make available for review a sample of other Mortgage Loans
and representative Servicing Files with characteristics similar to those of the Mortgage Loans and related Servicing Files. 
  
 (d) The approval of the Purchaser of all documentation, and such other agreements and the execution thereof by the Purchaser and the Seller as may be
required to effectuate the transfer of the Servicing Rights by the Seller to the Purchaser in accordance with the GNMA Requirements. 
  
 (e) The Seller’s payment of the costs of preparing and recording Assignments of Mortgages and/or preparing endorsements of Mortgage Notes, as
required. 
  
 (f) The Purchaser’s determination in its
discretion that the Seller has the financial ability to discharge its indemnification and repurchase obligations as set forth herein. 
  
 (g) There shall not have been commenced or, to the knowledge of either party hereto, threatened any action, suit or proceeding which is likely to
materially and adversely affect the consummation of the transactions contemplated hereby. 
  
 Section 7.02. Seller’s Conditions. 
  
 The Seller’s obligation to consummate the sale of the Servicing Rights to the Purchaser pursuant to this Agreement is subject to the satisfaction or waiver by the Seller of the following conditions: 

 
 (a) The Purchaser shall have performed in all material respects all of its
covenants and agreements contained herein and shall have complied with all GNMA Requirements which are required to be performed or complied with by it on or prior to the first Initial Certification Date. 
  

 33 

 (b) All of the representations and warranties of the Purchaser contained or incorporated by reference in
this Agreement shall be true and correct in all material respects as of the date such representations and warranties are made. 
  
 (c) The approval of the Seller of all documentation, and such other agreements and the execution thereof by the Purchaser and the Seller as may be
required to effectuate the transfer of the Servicing Rights by the Seller to the Purchaser in accordance with the GNMA Requirements. 
  
 (d) The Seller’s determination in its discretion that the Purchaser has the financial ability to discharge its indemnification obligations as set
forth herein. 
  
 (e) There shall not have been commenced or, to
the knowledge of either party hereto, threatened any action, suit or proceeding which is likely to materially and adversely affect the consummation of the transactions contemplated hereby. 
  
 Section 7.03. Closing Documents. 
  
 The Closing Documents shall consist of fully executed originals of the
following documents: 
  
 (a) this Agreement; 
  
 (b) a copy of a corporate resolutions of the Seller authorizing the execution
and delivery of this Agreement and the consummation of the transactions contemplated hereby, certified by an appropriate officer of the Seller together with such other certificates of incumbency and other evidences of corporate authority as
Purchaser or its counsel may reasonably request; 
  
 (c) an
Officer’s Certificate in the form attached hereto as Exhibit C-1, to the effect that each of the Seller’s representations and warranties made in Article V hereof are true and correct and that all of the terms, covenants and conditions of
this Agreement required to be complied with and performed by the Seller at or prior to the date of the first Initial Certification Date have been duly complied with and performed in all material respects; and 
  
 (d) an Opinion of Counsel of the Seller, in the form attached as Exhibit D
hereto. 
  
 Section 7.04. Closing Documents for Subsequent
Settlements. 
  
 In accordance with Section 3.02, the Seller
shall mail or telecopy to the Purchaser prior to each Purchase Price Payment Date, a Monthly Certification signed by an authorized officer of the Seller (either CBC, CMSI, or CBTC, binding on all CBC, CMSI or CBTC) in the form provided in Exhibit
C-2, a monthly invoice provided on paper and on a data disc in a format prescribed by Purchaser, a trial balance of mortgage loans aggregated in a similar manner to the Schedule of Mortgages, Pool Documents supporting the principal balances,
interest rates, net service fee, net guaranty fee, weighted average coupon and other information necessary to support Seller’s monthly invoice substantially in the format of Exhibit M. 
  
 Section 7.05. Future Covenants of the Seller. 
  
 (a) Future On-Site Due Diligence. In anticipation of the reconsideration of
the pricing matrix referred to in Section 8.06, the Seller shall permit the Purchaser to perform a relevant on-site due 

  

 34 

 
diligence review of the Seller’s operations. In addition, upon the Purchaser’s request, the Seller shall permit the Purchaser to perform relevant
on-site due diligence review of the Seller’s operations. 
  
 (b) Notice of Significant Events. During the period of this Agreement on which the Seller transfers Servicing Rights to the Purchaser, the Seller will promptly notify the Purchaser of the occurrence of any of the following: 
  
 (i) any change in the Seller’s business address and/or telephone
number. 
  
 (ii) any merger, consolidation or reorganization of
the Seller, or any changes in the Seller’s ownership by direct or indirect means. Indirect means include any change in ownership of 10% or more of the Seller’s direct or indirect corporate parent. 
  
 (iii) any change in the Seller’s name. 
  
 (iv) any increases in capital, alteration of debt/equity ratios, or changes
in management ordered or required by a regulatory authority licensing the Seller. 
  
 (v) any significant adverse change in the Seller’s financial position. 
  
 (vi) termination of employment of senior management with a rank of Senior Vice President or higher. 
  
 (vii) entry of any court judgment or regulatory order in which the Seller is
or may be required to pay a claim or claims which, in the Seller’s opinion, could have a material adverse effect on the Seller’s financial condition. 
  

(viii) the Seller admits to committing, or is found to have committed, a material violation of any law, regulation, or order. 
  
 (ix) the initiation of any investigations of the Seller by any third party
including any state or federal agency which could have a material affect on the Seller’s ability to perform its delivery, repurchase or indemnification obligations hereunder. 
  
 (c) Financial Statements. The Seller has provided the Purchaser with audited financial statements for the year ended
December 31, 1997 and unaudited financial statements as of March 31, 1998, and will provide unaudited quarterly financial statements for each calendar quarter during which Servicing Rights will be transferred hereunder no later than forty-five (45)
days following the end of each calendar quarter. 
  
 ARTICLE
VIII 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 8.01. Costs. 
  
 The Seller shall pay any commissions due its salesmen and the legal fees and
expenses of its attorneys, the costs of delivery of the Servicing Files to the Purchaser, the costs of securing Agency commitment authority and the recording fees if applicable with respect to the Assignments of Mortgage to the Purchaser and 

  

 35 

 
Assignments of Mortgage from the Purchaser back to the Seller in the case of broken Pools described in Section 2.03. 
  
 Section 8.02. Taxes and Insurance. 
  
 Following each Transfer Date and in accordance with the Servicing Transfer
Procedures, the Seller shall promptly provide the Purchaser with all tax and insurance bills related to the Mortgage Loans as available from taxing authorities or insurance carriers. 
  
 The Seller shall reimburse the Purchaser for all late payments and expenses identified within four (4) months after the
relevant Transfer Date as a result of the Purchaser’s late receipt from the Seller of such tax and insurance bills. 
  
 Section 8.03. Cooperation. 
  
 To the extent reasonably possible, the parties hereto shall cooperate with and assist each other, as requested, in carrying out the purposes of this
Agreement, and they shall comply with all material laws and regulations governing the Servicing Rights and the GNMA Requirements. 
  
 Section 8.04. Protection of Confidential Information. 
  
 The Seller and Purchaser shall keep confidential and shall not divulge to any Party, without the other party’s prior written consent, the purchase
price paid by the Purchaser for the Servicing Rights, any information pertaining to the Mortgage Loans or any borrower thereunder, except to the extent that it is appropriate for the divulging Party to do so in working with legal counsel, auditors,
taxing authorities or other governmental agencies or as required by law. 
  
 Section 8.05. Publicity. 
  
 The Purchaser and the Seller agree that no press release or similar public announcement or communication shall be released by either party which relates to the execution or performance of this Agreement and the transactions contemplated
hereby; provided, however, that no party shall be restrained, after consultation with the other party, from making such disclosure as it shall be advised by counsel is required by law or by the applicable regulations of any regulatory body or
securities exchange to be made. 
  
 Section 8.06. Termination
and Repricing. 
  
 The Seller’s obligation to sell
Mortgage Loans, Servicing Rights and obligations to the Purchaser and the Purchaser’s obligation to purchase Mortgage Loans, Servicing Rights and obligations from the Seller under this Agreement shall terminate following the November 1998,
monthly transfer of Mortgage Loans by the Seller to the Purchaser hereunder. In addition, such obligations may be terminated as follows: 
  
 At Purchaser’s option, Purchaser can immediately terminate this Agreement if Purchaser determines there has been deception, fraud, concealment,
non-performance, or material misrepresentation by Seller in any of its duties, obligations, responsibilities or actions in connection with this Agreement, including, but not limited to Seller’s; (i) origination, purchase, or servicing of the
Mortgage Loans, (ii) making of any representation or warranties under this Agreement; (iii) performance of its repurchase obligations under this Agreement, as described. These actions are in addition to Purchaser’s other rights and remedies
under this Agreement. 
  

 36 

 At Seller’s option, Seller can immediately terminate this Agreement if Seller determines there has
been deception, fraud, concealment, non-performance, or material misrepresentation by Purchaser in any of its duties, obligations, responsibilities or actions in connection with this Agreement, including, but not limited to Purchaser’s
servicing of the Mortgage Loans or making of any representation or warranties under this Agreement. This action is in addition to Seller’s other rights and remedies under this Agreement. 
  
 In the event that the Purchaser in its good faith judgment makes a
determination that (i) five percent (5%) or more (based on the number of Mortgage Loans) with respect to which the Servicing Rights have been delivered by the Seller to the Purchaser hereunder were characterized by defects or deficiencies which
could not be reasonably cured within the cure period permitted by GNMA so as to render such Mortgage Loans subject to likely repurchase requests by GNMA, or (ii) in the discretion of the Purchaser, the Seller lacks the financial ability to discharge
its indemnification and repurchase obligations set forth herein, this Agreement may be terminated by the Purchaser. Such termination shall be effective in the case of (i) or (ii), thirty (30) days after the Purchaser provides written notification to
the Seller in accordance with Section 8.07, provided, however, that during such thirty (30) days period, at least 90% of the Mortgage Loans relating to the Servicing Rights transferred to the Purchaser shall not be characterized by the defects or
deficiencies referred to in (i). In the case of termination by the Purchaser because the circumstances described in both (i) and (ii) are present, such termination will be effective immediately upon the Purchaser’s written notification thereof
to the Seller. Notwithstanding the provisions in this paragraph, Purchaser agrees that any termination hereunder shall not be retroactive to any Sale Date that may have passed but shall apply only to any future Sale Dates. 
  
 Section 8.07. Notices. 
  
 Except as otherwise provided herein, all demands, notices and communications
hereunder shall be in writing and shall be deemed to have been duly given if mailed, by registered or certified mail, return receipt requested, or by telex, telecopy or other written form of electronic communication, if to the Seller, to:

  

	 If to the Purchaser, to:
	  	If to the Seller, to:
			
	 	  	 Mr. Anthony P. Meli, Jr.
 First Vice
President
 Chase Manhattan Mortgage Corp.
 343 Thornall
Street
 Edison, New Jersey 08837
	  	 Robert C. KenKnight
 Executive Vice
President
 Crescent Bank & Trust Company
 115 Perimeter
Center Place, Suite 285
 Atlanta, Georgia 30346

			
	 cc:
	  	 Steve Rotella
 Servicing Manager

Chase Manhattan Mortgage Corporation
 200 Old Wilson Bridge Road

Worthington, Ohio 43085
	  	cc:

  
 or such other address as may hereafter
be furnished to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date delivered to or received at the premises of the addressee (as evidenced, in the case of registered
or certified mail, by the date noted on the return receipt). 
  

 37 

 Section 8.08. Severability Clause. 
  
 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 which is prohibited or unenforceable or
is held to be void or unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction, 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. If the invalidity of any part, provision, representation or warranty of this Agreement shall deprive any party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good-faith, to develop a structure the economic effect of which is as close as possible to the economic effect of this Agreement without regard to such invalidity. 
  
 Section 8.09. Counterparts. 
  
 This Agreement may be executed simultaneously in any number of counterparts.
Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. 
  
 Section 8.10. Place of Delivery and Governing Law. 
  
 This Agreement shall be made in the State of New Jersey. The Agreement shall be construed in accordance with the laws of the State of New Jersey and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with the laws of the State of New Jersey, applicable to agreements made and to be performed therein except to the extent preempted by federal law.

  
 Section 8.11. Further Agreements. 
  
 The Seller and the Purchaser each agree to execute and deliver to the other
such reasonable and appropriate additional documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes of this Agreement (including but not limited to updates of Exhibits and Schedules to be attached hereto and
incorporated herein). 
  
 Section 8.12. Intention of the
Parties. 
  
 It is the intention of the parties that the
Seller is selling, and the Purchaser is purchasing only the Servicing Rights to the Mortgage Loans. Accordingly, the parties hereby acknowledge that as of the relevant Delivery Date, GNMA the relevant Agency shall be the sole and absolute owner of
the Mortgage Loans. 
  
 Section 8.13. Successors and Assigns;
Assignment of Agreement. 
  
 This Agreement shall be
unassignable by either party. 
  

 38 

 Section 8.14. Waivers. 
  
 No term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing and signed
by the party against whom such waiver or modification is sought to be enforced. 
  
 Section 8.15. Exhibits. 
  
 The Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. 
  
 Section 8.16. General Interpretive Principles. 
  
 For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Agreement have the meanings assigned to them in
this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender; 
  
 (b) accounting terms not otherwise defined herein have the meanings assigned to them in accordance with Generally Accepted Accounting Principles:

  
 (c) references herein to “Articles”,
“Sections”, “Subsections”, “Paragraphs”, and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement; 
  
 (d) a reference to a Subsection without further reference to a Section is a
reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 
  
 (e) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular provision; and 
  
 (f) the term “include” or “including” shall mean by reason of enumeration. 
  
 Section 8.17. Reproduction of Documents. 
  
 This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications which may hereafter be executed,
(b) documents received by any party at the closing, and (c) financial statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic
or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such
reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 
  

 39 

 SCHEDULE OF EXHIBITS 
  
 FOR CONTRACT BETWEEN 
  
 CRESCENT BANKING COMPANY, 
 CRESCENT
MORTGAGE SERVICES, INC., AND 
 CRESCENT BANK & TRUST COMPANY 
  
 And 
 CHASE MANHATTAN MORTGAGE CORPORATION 
  

	EXHIBIT
NO.

	  	 ITEM

	  	CONTRACT REFERENCE

			
	A	  	Price Schedule	  	1.58 and 3.016
			
	B	  	Mortgage Loan Characteristics	  	2.01, 5.03(nn), 5.03(nn)(vii)
			
	C-1	  	Officer’s Certification (signed with Contract)	  	1.48 and 7.03(c)
			
	C-2	  	Monthly Certification (signed with each Sale)	  	1.37, 3.02, and 7.02
			
	D	  	Opinion of Counsel	  	1.49 and 7.03(d)
			
	E	  	OMITTED	  	 
			
	F	  	Servicing Transfer Procedures: Cenlar Coissue	  	 1.63, 2.07(f), (i) and (l),
 5.03(p), (q) and (ii), 7.01(a)
and 8.02

			
	G	  	Mortgage Loan Delivery Procedures: CLA Sub-Servicer, Bank One Custodian	  	1.5, 1.43, 1.61, 2.06, 2.07(e)
and 2.07(l)
			
	H	  	OMITTED	  	 
			
	I	  	PSA Settlement Dates	  	1.64 and 1.67
			
	J	  	EDP Magnetic Tape Record Layout	  	2.07(b) and 1.61
			
	K	  	Warehouse Release Letter–Format	  	Page 13
			
	L	  	Corporate Resolution	  	Page 35, 7.03(b)
			
	M	  	Monthly Billing Format	  	3.02 and 7.04

 EXHIBIT A 
  
 PRICING EXHIBIT 
  
 FOR 
  
 CRESCENT MORTGAGE SERVICES 
  
 EFFECTIVE FOR POOL ISSUE DATES AND SALES
DATES 
 JUNE 1998 THROUGH NOVEMBER 1998 
 Monthly Coissue Sale and Transfer 
  

	 MATURITY

	 	 GNMA

	30 Year fixed	 	2.40
	15 Year fixed	 	1.95

  

	 	•	The Purchase Price will increase for excess service fee calculated at the pool level based on the following price ratios for each basis point of excess service fee or increment
thereof, rounded to four decimal places (e.g., .xxxx%) The maximum monthly weighted average service fee for all GNMA pools is .69. 

  
  

	 30 Year
	  	5:1
	 15 Year
	  	4:1

  
 Purchase Price Adjustments:

  

	 	•	$69/loan will be charged for “life of loan” TransAmerica Tax Contracts, if applicable 

  

	 	•	$9/loan will be charged for FDSI Flood Contracts, if applicable 

  

	 	•	A set up fee of $5.00 per loan. 

  
 Initials Seller       /s/    Illegible 
 Initials Purchaser /s/    Illegible 

 EXHIBIT B 
  

CRESCENT MORTGAGE COMPANY 
  
 MORTGAGE LOAN CHARACTERISTICS 
  

	 Monthly Sales and Transfers
	  	$15 miflion-$20 million
		
	 Total Contract (6 months)
	  	$90 million-$120 million
		
	 Re-Pricing
	  	Six Months
		
	 Type of Servicing
	  	GNMA
		
	 Maximum Weighted Average Net Servicing Fee:
	  	0.69%
		
	 Maximum Interest Rate:
	  	8.0%-30 year, 7.5% 15 year
		
	 State/Geo Breakdown:
	  	AL 18%, GA 74%, NC 8%, SC 10%, TN 10%
		
	 Minimum Average Loan Balance
	  	$86,490
		
	 Term:
	  	 30 Yr Fixed 90%
 15 Yr Fixed
10%

		
	 Weighted Average Escrow
	  	1% (as a percentage of principal balance for escrowed loans) 100% of the mortgage loans are accompanied by an escrow for taxes and insurance.
		
	 Age of Loans:
	  	£ 60 days of each Sale Date; 5% may be beyond 60 days
		
	 Property Types:
	  	 Minimum 97% single family
 Maximum 10%
condominium and PUD combined
 Maximum 3% 2-4; Maximum 1% 3-4 family

		
	 Owner Occupancy:
	  	100%
		
	 Buydowns and Interest Rate Subsidies:
	  	<10% of the number of loans delivered
		
	 Third Party Loans:
	  	100% Maximum

  

	*	All percent limitations are expressed as a percentage of the principal balance of the loan servicing purchased and delivered unless expressed otherwise in this Agreement.

  

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

	 CHASE MANHATTAN MORTGAGE CORPORATION
 (Purchaser)
	 	 	 	 
					
	By:	 	/s/    ANTHONY P. MELI, JR.        	 	 	 	Attest:	 	/s/    ILLEGIBLE        
	 	
	 	 	 	 	

	Name:	 	Anthony P. Meli, Jr.	 	 	 	 	 	 
	Title:	 	First Vice President	 	 	 	 	 	 

  

	 CRESCENT BANKING COMPANY
 (Seller)
	 	 	 	 
					
	By:	 	/s/    J. DONALD BOGGUS, JR.        	 	 	 	Attest:	 	/s/    ILLEGIBLE        
	 	
	 	 	 	 	

	Name:	 	J. Donald Boggus, Jr.	 	 	 	 	 	 
	Title:	 	President & CEO	 	 	 	 	 	 

  

	 CRESCENT MORTGAGE SERVICES
 (Seller)
	 	 	 	 
					
	By:	 	/s/    ILLEGIBLE        	 	 	 	Attest:	 	/s/    ILLEGIBLE        
	 	
	 	 	 	 	

	Name:	 	Illegible	 	 	 	 	 	 
	Title:	 	A.V.P.	 	 	 	 	 	 

  

	 CRESCENT BANK & TRUST COMPANY
 (Seller)
	 	 	 	 
					
	By:	 	/s/    ROBERT C. KENKNIGHT        	 	 	 	Attest:	 	/s/    ILLEGIBLE        
	 	
	 	 	 	 	

	Name:	 	Robert C. KenKnight	 	 	 	 	 	 
	Title:	 	Exec. V.P.	 	 	 	 	 	 

  

 40 

 EXHIBIT C-l 
  
 OFFICER’S CERTIFICATE 
  
 I,
                            a duly authorized officer of
                             (the Seller”) under the Agreement for the Purchase of Servicing dated as of
                                    , 1996 between Chase Manhattan
Mortgage Corporation (the” Purchaser”) and the Seller hereby certify to the Purchaser pursuant to the Agreement that: 
  
 1. The Seller has complied in all material respects with all provisions of the Agreement, Agency Requirements, and the Servicing Transfer Procedures
(except to the extent later compliance is expressly authorized therein) applicable to Seller. 
  
 2. All Seller’s representations and warranties included in Sections 5.02 and 5.03 of the Agreement are true and correct in all materiel respects as of the date hereof and the Sale Date. 
  
 3. Without limiting the generality of the foregoing and as of the Sale Date
and the date hereof (i) the Mortgage Loans Schedules delivered to GNMA and FHA were and are true, correct and complete, and (ii) the Servicing Rights were not and are not subject to any lien, pledge or other encumbrance. 
  
 4. The Seller’s accounting method with respect to the service fees
associated with the Servicing Rights sold under the Agreement conforms to the ”Safe Harbor” provisions of Revenue Ruling 91-46. This is in effect and will continue to remain in effect for the Servicing Rights delivered under the Agreement.

  
 5. There has been no material adverse change in the
Seller’s financial conditions since the date of the Seller’s most recent financial Statements delivered to the Purchaser which would affect the Seller’s ability to perform all of its obligations under the Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has set his hand hereunto this ___ day of
______________, 1996. 
  

		
	By:	 	 
	 	

	 	 	 Title:

 EXHIBIT C-2 
  
 MONTHLY CERTIFICATE 
  
 I _________________ a duly authorized officer of ___________________ (the Seller”) under the Agreement for the Purchase of GNMA Servicing dated as of
______________, 199_ between Chase Manhattan Mortgage Corporation (the” Purchaser”) and the Seller hereby certify to the Purchaser pursuant to the Agreement on the Sale Date schedule for ______________, 199_ with respect to all Servicing
Rights transferred to the Purchaser pursuant to the Agreement for which payment is due to the Seller on the Purchase Price Date for: 
  
 1. The Seller has complied in all material respects with all provisions of the Agreement, the Servicing Transfer Procedures (except to the extent later
compliance is expressly authorized therein) applicable to Seller. 
  
 2. All Seller’s representations and warranties included in Sections 5.02 and 5.03 of the Agreement are true and correct in all materiel respects as of the date hereof and the Sale Date. 
  
 3. Without limiting the generality of the foregoing and as of the Sale Date
and the date hereof (i) the Mortgage Loans Schedules delivered to GNMA, FHA and VA were and are true, correct and complete, and (ii) the Servicing Rights were not and are not subject to any lien, pledge or other encumbrance. 
  
 4. The Seller’s accounting method with respect to the service fees
associated with the Servicing Rights sold under the Agreement conforms to the “Safe Harbor” provisions of Revenue Ruling 91-46. This is in effect and will continue to remain in effect for the Servicing Rights delivered under the Agreement.

  
 5. There has been no material adverse change in the
Seller’s financial conditions since the date of the Seller’s most recent financial Statements delivered to the Purchaser which would affect the Seller’s ability to perform all of its obligations under the Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has set his hand hereunto this ___ day of
______________, 1996. 
  

		
	By:	 	 
	 	

	 Title:
	 	 
	 	

 EXHIBIT D 
 OPINION OF COUNSEL 
  
                                        
         ,199 
  
 Dear Sir or Madam,

  
 I am General Counsel to
                                    , a
                                     corporation (“Seller”)
and in such capacity am familiar with the Agreement for the Purchase of GNMA Servicing dated as of June, 1998,
                                     between Chase Manhattan Mortgage
Corporation (“Purchaser”) and Crescent Banking Company, Crescent Mortgage Services, and Crescent Bank & Trust Company, the Seller (hereinafter referred to as the “Agreement”). 
  
 In that connection, I have been provided with the originals or copies
authenticated or certified to my satisfaction, of records of the Seller, of communications and certificates of public officials and the officers of the Seller, and upon such other documents, and have made such other examination and investigations,
as I have deemed necessary as a basis for the opinions hereinafter expressed. As to certain matters of fact of which I have no independent knowledge, I have also relied upon representations and certificates of public officials and officers and other
representatives of the Seller, as well as resolutions adopted by the Board of Directors and officers of the Seller. 
  
 I have assumed the genuineness of all signatures and the certifications of all documents submitted to me as originals and conformity to original documents
of all documents submitted to me as copies hereof. For the purposes of this opinion, I have assumed that you have all requisite power and authority and have taken all necessary corporate actions to execute and deliver the Agreement to effect the
transactions contemplated thereby. 
  
 This opinion is rendered
pursuant to Section 6.03 of each of the Agreements. Capitalized terms used herein have the meanings given them in the Agreements. 

 Based on the foregoing, it is my opinion that: 
  
 1. Seller is a corporation duly organized and validly existing in good
standing under the laws of the State of Georgia; 
  
 2. Seller has
all requisite corporate power and authority to execute and enter into the Agreements and to perform the obligations required of Seller thereunder and under the other documents, instruments and agreements referred to therein or required to be
executed by Seller pursuant thereto. The execution and delivery of the Agreements and all other documents, instruments and agreements to be executed and delivered by Seller pursuant thereto, and the consummation of the transactions contemplated
thereby, have each been duly validly authorized by all necessary corporate action of the Seller. Assuming due authorization, execution and delivery of the Agreements by the Purchaser, the Agreements constitute the legal, valid and binding agreements
of the Seller enforceable i accordance with their respective terms except that the enforceability thereof (i) may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws relating to or affecting
the rights of enforceability is considered in a proceeding in equity or at law. 
  
 3. The execution, delivery and performance of the Agreements by Seller, it compliance with the terms thereof and consummation of the transactions contemplated thereby in accordance with the terms thereof will not
violate, conflict with, result in a breach of, give rise to any right of termination, cancellation or acceleration, constitute a default under, by prohibited by or require any approval under (i) Seller’s certificate of incorporation or by-laws,
(ii) any material instrument or agreement to which Seller is a party or by which Seller is bound or which affects the servicing performed by Seller, or (iii) any law, rule, regulation, ordinance, order, injunction or decree applicable to Seller or
to the servicing performed by Seller. 
  
 4. The Servicing Rights
are free and clear of all liens, claims, security interests and encumbrances. 
  
 Very truly yours, 

 EXHIBIT E 
  

OMITTED 

 [LOGO] 
  
 EXHIBIT F 
  
 SERVICING TRANSFER PROCEDURES 
  
 CONCURRENT DELIVERY 
  
 CENLAR LOAN ADMINISTRATION 
  

		
	 Change Notices
	  	 Central Loan Administration and Reporting
 Its successors and/or Assigns
 P.O. Box 77411
 Trenton, NJ 08628

		
	 Goodbye Letter
	  	 The goodbye letter should reflect a statement that Central Loan Administration will provide payment coupons, provide address for
mailing payments, and provide a toll free telephone number.
  
 Address
Until Coupons are Received:
 Central Loan Administration & Reporting
 P. O. Box 77413
 Trenton, New Jersey 08628

		
	 Customer Service
 Telephone Number
	  	1-800-223-6527
		
	 Correspondence Address
	  	 Central Loan Administration & Reporting
 P. O. Box 77404
 Trenton, New Jersey 08628

		
	 Key Contact
	  	 Lori Pinto
 Telephone: 609:
883-3900 (ext. 2147)
 Fax:              609: 538-4009

  

 1 

 [LOGO] 
  
 EXHIBIT F 
  
 SERVICING TRANSFER PROCEDURES 
  
 CONCURRENT DELIVERY 
  
 GENERAL SERVICING REQUIREMENTS AT TIME OF MONTHLY TRANSFER TO CMMC 
  
 GENERAL REQUIREMENTS 
  

	A.	SELLERS SIGNED CERTIFICATION 

  
 Seller confirms that with each and every servicing transfer that the representations and warranties made in the Purchase and Sale Agreement between the
Seller and the Purchaser are in effect as of the Sale Date. 
  

	B.	PRINT OUTS OF LOAN DATA 

  
 Sufficient data is provided in the monthly transfer to enable Purchaser to prepare reports containing the following information: 
  

	 	•	 	Loan Number 

  

	 	•	 	Original loan amount 

  

	 	•	 	Term of loan 

  

	 	•	 	Maturity date 

  

	 	•	 	First payment due date 

  

	 	•	 	P&I payment 

  

	 	•	 	Name and mailing address 

  

	 	•	 	Property address 

  

	 	•	 	Escrow amount 

  

	 	•	 	Total payment 

  

	 	•	 	Unpaid principal balance 

  

	 	•	 	Escrow balance 

  

	 	•	 	Next payment due 

  

	 	•	 	Social security number 

  

	 	•	 	Interest rate 

  

	 	•	 	Service fee rate 

  

	 	•	 	Type loan 

  

 2 

	C.	RECONCILIATION REPORTS 

  
 Seller will provide sufficient information to enable Purchaser to prepare the following reports: 
  

	 	•	Trial balance as of cut-off date, one sort by CMMC Number, one sort by investor, then Pool Number. 

  

	 	•	Current suspense trial balance 

  

	 	•	Trial balance on delinquent loans 

  

	 	•	Trial balance on buydown loans 

  

	 	•	Prepaid loans report as of cutoff date 

  

	 	•	Curtailment collection reports as of cutoff date 

  

	 	•	Loans paid in full 

  

	D.	CROSS REFERENCE REPORTS 

  
 Seller will provide sufficient information to enable Purchaser to prepare the following reports: 
  

	 	•	Payee codes cross-reference, taxes, hazard insurance, PMI 

  

	 	•	State code cross reference 

  

	 	•	Seller loan number, Chase loan number, and Insurer loan number cross reference. 

  

	E.	WIRE TRANSFER OF FUNDS FROM SELLER TO CMMC 

  
 Seller will provide funds for escrows, buydowns, and all items related to the mortgage loans: 
  

	 	•	no latter than the 27th day of the month.

  

	F.	REPORTS AND/OR RECORDS FOR EACH LOAN 

  
 Seller will provide sufficient information to enable Purchaser to prepare the following reports: 
  

	 	•	Interest on Escrow: 

  

	 	1.	List of non-escrow loans with escrow balances and a list of non-escrow loans with escrow payments. 

  

	 	2.	Seller certifies that all 1099 forms have been prepared and have been, or will be, mailed reflecting interest on escrow paid to borrowers for the period of January through the
Transfer Date. 

  

 3 

	 	•	Information required on buydown loans: 

  

	 	1.	Remaining buydown funds with a detailed listing, by loan number. 

  

	G.	INVESTOR REPORTING 

  

	 	•	GNMA: Reports and Files Required: 

  
 Complete original GNMA pool files should include: 
  

	 	•	 	11705’s 

  

	 	•	 	11706’s 

  

	 	•	MBS Security Information Required (GNMA I only): 

  

	 	1.	Listing of current security holders to include name, address, tax identification number, and pro-rata share. 

  

	 	2.	Transfer advices. 

  

	 	•	FNMA MBS and FNMA Whole Loans: Reports and Files Required: 

  
 Complete original FNMA pool files to include: 
  

	 	•	 	2005’s 

  

	 	•	 	Reconciliation of pool principal balance to security balances 

  

	 	•	 	Trial balance as of cutoff 

  

	 	•	 	Prepaid and Delinquent Loans reports as of cutoff 

  

	 	•	 	Curtailment collection reports as of cutoff 

  

	 	•	FHLMC: Reports and Files Required: 

  

	 	1.	Copies of original Funding Reports (forms 15 and 15 A) 

  

	 	2.	Trial Balance 

  

	 	3.	Prepaid and Delinquent Loans Reports 

  

	 	4.	Curtailment Collection Report 

  

	 	5.	Loans paid in full 

  

	H.	TAX 

  

	 	•	Seller will provide data sufficient to enable Purchaser to prepare the following Reports and Records: 

  

	 	•	 	Listing of all overdue taxes and/or assessments as of transfer date 

  

	 	•	 	Provide tape to tax service providing legal descriptions and tax/parcel ID numbers 

  

	 	•	 	Verification of transfer notification to tax service, if applicable 

  

	 	•	 	List of loans missing contract number 

  

	 	•	Provide reverse/adds tape, if applicable to TransAmerica 

  

 4 

	I.	HAZARD INSURANCE 

  

	 	•	Seller will provide current insurance policies included in each Servicing Loan File as applicable: 

  

	 	1.	homeowner’s or fire and extended coverage policy 

  

	 	2.	flood insurance policy 

  

	 	3.	catastrophe policies 

  

	 	4.	boiler insurance policy 

  

	 	5.	PMI policy 

  

	 	6.	All other policies, correspondence, or information applicable 

  

	J.	LOSS DRAFTS 

  

	 	•	Seller has provided sufficient data to Purchaser to enable the preparation of the following reports: 

  

	 	1.	Listing of all loans having a loss draft pending 

  

	 	2.	Loss draft files for each loan which contains for the following information: 

  

	 	•	Date of loss 

  

	 	•	Cause of loss 

  

	 	•	Amount of loss 

  

	 	•	Amount of insurance proceeds received to date 

  

	 	•	Amount of insurance proceeds released to customer to date 

  

	 	•	Number of outstanding claims and total dollar amount of claim dollars held 

  

	 	•	Information received from contractors or record of conversation with contractors Correspondent from and/or record of conversation with borrowers and insurance companies

  

	 	•	Status report on repairs 

  

	 	•	Inspection reports, if any 

  

	 	•	Report on receipt of future proceeds, if expected 

  

	 	•	Record of any special consideration agreed upon with customer prior to transfer 

  

	 	•	Check payable to Chase Manhattan Mortgage Corporation representing monies in a restricted field for loss drafts with a detailed listing by loan number, showing how the funds are to
be applied 

  

	K.	MIP/PMI 

  
 Certification that a Notice of Change of Servicer has been made to Mortgage Insurer (PMI) (FHA) (VA). 
  

	L.	BORROWER NOTIFICATION OF TRANSFER 

  

	 	1.	Good-bye Letter (Seller’s Good-bye letters must be approved by Purchaser). 

  

 5 

 [LOGO] 
  
 SERVICING TRANSFER PROCEDURES 
  
 VALIDATING REQUIREMENTS AT TIME OF 
 TESTING PRELIMINARY DATA PRIOR TO TRANSFER 
  
 CONCURRENT DELIVERY 
  
 INFORMATION REQUIRED ON BUYDOWN LOANS

  

	 	•	Listing of all buydown loans included in transfer; listing/printout should include: 

  

	 	•	 	Original loan amount 

  

	 	•	 	First payment due date 

  

	 	•	 	Remaining buydown funds 

  

	 	•	 	Date next payment is due 

  

	 	•	 	Total P&I payment 

  

	 	•	 	Homeowner’s current P&I payment amount 

  

	 	•	 	Current subsidized payment amount & next subsidy amount 

  

	 	•	 	Total current payment including escrow 

  

	 	•	 	Next subsidy charge date 

  
 INFORMATION REQUIRED ON ARM LOANS (IF APPLICABLE) 
  
 List of all ARM Plans or Basis Codes with full explanation of all adjustment related parameters for each. This should include, but not be limited to, the look back period, frequency of rate change, frequency of rate
change, frequency of payment change, change caps, floor/maximum decrease, ceiling/maximum increase, and change calculation routine. Also, include first change limitations if different than that of other change parameters. 
  
 TAX INFORMATION 
  

	 	•	Payee listing indicating the following for each payee: 

  

	 	•	 	Name 

  

	 	•	 	Address 

  

	 	•	 	Due dates 

  

	 	•	 	Term 

  

	 	•	 	Type 

  

	 	1)	Multi-parcel listing by loan 

  

	 	2)	Definitions for tax types and/or flags (example: County=312) 

  

	 	3)	List of co-op loans 

  

	 	4)	Information concerning existing tax service 

  

 6 

 HAZARD INSURANCE INFORMATION 
  

	 	•	The following information is needed for escrow detail: 

  

	 	1)	Payee (agent or carrier) 

  

	 	2)	Policy expiration date 

  

	 	3)	Coverage amount (not applicable for FHA/PMI records) 

  

	 	4)	Last premium paid for FHA or PMI policies 

  

	 	•	Binders/Force Placed Coverage - Hazard/Flood: 

  

	 	1)	Name and phone number of Force Placed Carrier 

  

	 	2)	Information on when, or if, the policies will be canceled by the carrier 

  

	 	•	Flood Determination carrier: 

  

	 	1)	Name and phone number of flood determination company 

  
 MIP/PMI INFORMATION 
  

	 	•	Information Required on MIP/PMI: 

  

	 	1)	Method of MIP payment 

  

	 	2)	Next premium due 

  

	 	3)	MIP year to date amount paid for each loan 

  

	 	4)	Identify monthly payment plans (up front or yearly) 

  

	 	5)	Amount of annual premium 

  

	 	6)	FHA case number and section of the Act, ADP code 

  

	 	7)	Last remit date 

  

	 	8)	Monthly MIP escrow amount 

  

	 	9)	Original appraised property value 

  

	 	10)	PMI information to be provided: 

  

	 	•	Seller’s ID number 

  

	 	•	Certificate number 

  

	 	•	PMI Carrier 

  

	 	•	Maturity date of loan 

  

	 	•	Original loan amount 

  

	 	•	Amount of annual premium or monthly premium 

  

	 	•	PMI rate 

  

	 	•	Current month due 

  

	 	•	Date PMI was last paid 

  

	 	•	Original appraised value 

  

	 	•	List of PMI carriers and definition of PMI codes 

  

 7 

 CRESCENT MORTGAGE 
 EXHIBIT G (CLA) 
 Page 1 of 2 
  
 Servicing Loan File Delivery Procedures: Co-Issue 
 CENLAR LOAN ADMINISTRATION (CLA) AS SUB-SERVICER 
  

	1)	Loan Servicing Files Must Be Delivered To CLA Prior to Funding 

  
 Files must be delivered by the Transfer Date, but no later than the end of the month. Chase cannot fund without confirmation
of the delivery of loan servicing files. 
  

	2)	Deliver loan servicing files to: 

  
 Cenlar Loan Administration, 425 Phillips Blvd., Trenton,NJ 08618 
 Attn: Donna Lynch; Telephone (609) 883-3900 
  
 Supplemental Filing: 
  
 Cenlar Loan Administration, 425 Phillips Blvd., Trenton,NJ 08618 
 Attn: Donna Lynch; Telephone (609) 883-3900 
 (Include a transmittal cover sheet and Chase’s 10-digit loan number) 
  

	3)	Servicing File Format 

  

	Labels:	  	 Last Name, First Name
 Address,
City/State/Zip
	  	Chase’s 10 digit loan number	  	 
		
	File Format:	  	 Integrity File Control Form (form provided by Chase)
 Copies of documents listed on the Integrity File Control Form
 Copies of closing documents
 Credit/Underwriting File
 Application Package

  

	4)	Final Documentation 

  
 Recorded Mortgages/Deeds of Trust, Title Insurance Policy, Recorded Assignments, Mortgage Insurance Certificationes identified with Chase’s 10 digit
loan number and pool number and Seller’s Loan Number: include transmittal cover sheet for return receipt. 
  
 Chase Manhattan Mortgage Corporation 
 1500
North 19th Street 
 Monroe, Louisiana 71201 
 Attn: Post Production Services - Third Floor, South 
  
 Final Document Receipt, Research & Resolution 
 T. J. Cox
        (318) 329-1528 phone 
     (318) 340-3578 fax 

 
 October 15, 1997 

 CRESCENT MORTGAGE 
 EXHIBIT G 
  
 Page 2 of 2

  
 CUSTODIAL FILE DELIVERY REQUIREMENTS : CO-ISSUE

  

	5)	Delivery Custodial Files to Chase’s Custodian, Bank One 

  
 File delivery must occur by the Transfer Date, but no later than the Funding Date. 
  

	 Bank One Trust Company, N.A.
	  	Contact: Dustie Heisler	  	Custodian No.	  	 
	 1040 Oliver Road
	  	(318) 388-4156 phone	  	GNMA	  	131
	 Monroe, Louisiana 71201
	  	(310) 323-4369 fax	  	FHLMC	  	1000153
	 Attn: Initial Certification Department (or
 Recertification Department)
	  	 	  	FNMA	  	20000256647

  
 Package files in pool
number order with Chase Loan Number and Correspondent Seller Loan Number on Folder Tab Label. 
  
 Contents: 
 Original Note and riders (endorsed from Seller to Chase Manhattan Mortgage Corporation)

 Required Assignments of Mortgage/Deed of Trust 
 Original Allonge/Endorsement from 3rd party to Seller, if applicable 
 Power of Attorney, if applicable

 Name Affidavit, if applicable 
 Pool Documents (FHLMC 996/1034/15A; HUD 1706/1711A/1711B; FNMA 2005) 
 GNMA/FNMA/FHLMC Approval of Transfer 
 Initial Certification from Seller’s Custodian, if applicable 
 Chase 10 Digit Loan Number and Pool Number Shown on Each Folder Tab Label 
 Assignment Agreement 

 
 Manual Set-Up Requirements 
  

	6)	In addition to the above, a Data Input Sheet, a copy of the Integrity File Control Form along with copies of the documents listed on the Integrity File Control Form
must be received no later than the 15th day of the month of Transfer. Send to: 

  
 Cenlar Loan Administration 
 425
Phillips Blvd., Trenton, New Jersey 08618 
  

	 Label
	 	Last Name, First Name                         Chase 10 digit ID
 Number
	 	 	Addresss, City, State, Zip                     Seller
Name

  
 October 15, 1997

 EXHIBIT H 
  

OMITTED 

 [GRAPHIC] 

 RECORD LAYOUT FOR COISSUE ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 021-1 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED; WILL BE AN 8 POSITION NUMBER WITH NO CHECK DIGIT
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘1’
				
	 15-17
	  	BRANCH #	  	3 POS NUM	  	HARD CODE FROM LOAN # - 1ST 3 POS
				
	 18-22
	  	INVESTOR #	  	5 POS NUM	  	TO BE ASSIGNED; WILL BE A 5 DIGIT NUMBER
				
	 	  	 	  	 	  	50600 - GNMA I                            
50604 - FNMA CASH
				
	 	  	 	  	 	  	50601 - FNMA MBS                       50605 - FNMA
EXPRESS
				
	 	  	 	  	 	  	50602 - GNMA II
				
	 	  	 	  	 	  	50603 - FHLMC
				
	 23-33
	  	ACCOUNT #	  	11 POS NUM	  	THIRD PARTY INVESTOR LOAN NUMBER (FOR FNMA , GNMA OR FHLMC). IF GNMA ,DEFAULT TO CHASE LOAN NUMBER.
				
	 34
	  	TYPE	  	1 POS ALPHA	  	‘C’ - CONVENTIONAL, ‘F’ - FHA, ‘V’ - VA
				
	 35-41
	  	INTEREST RATE {CURRENT}	  	7 POS NUM	  	11.375% = ‘1137500’
				
	 42-48
	  	SERVICE FEE RATE	  	7 POS NUM	  	GROSS SERVICE FEE, DEFINED AS THE LOAN’S NOTE RATE MINUS THE POOL’S REQUIRED
				
	 	  	 	  	 	  	PASS THROUGH RATE; .25% = 0025000
				
	 	  	 	  	 	  	INCLUDES EXCESS SERVICE FEE AND GUARANTEE FEE.
				
	 49
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 50
	  	DIVISION CODE	  	1 POS ALPHA	  	HARDCODE “Q” FOR BULK, CO ISSUE, “A” FOR AOT, “R” FOR RETAIL
				
	 51-55
	  	PMI RENEWAL RATE	  	5 POS NUM	  	EXPRESSED AS AN IMPLIED DECIMAL; 0.39% = ‘00390’
				
	 56
	  	SERV FEE CODE	  	1 POS ALPHA	  	BLANK FILL
				
	 57
	  	LATE CHARGE CODE	  	1 POS NUM	  	DETERMINES HOW LATE CHARGES ARE CALCULATED:
				
	 	  	 	  	 	  	1 - P&I + T&I; 2 - TOTAL PAYMENT (INCLUDES OPTIONAL INSURANCE, ETC); 3 - P&I ONLY
				
	 58-62
	  	LATE CHARGE FEE	  	5 POS NUM	  	LATE CHARGE PERCENTAGE; 5% = 05000. CAN BE DIFFERENT FOR EVERY LOAN - FOLLOWS
				
	 	  	 	  	 	  	NOTE
				
	 63-68
	  	CLOSING DATE	  	6 POS NUM	  	MMDDYY FORMAT
				
	 69-72
	  	MATURITY DATE	  	4 POS NUM	  	MMYY FORMAT
				
	 73-81
	  	ORIGINAL BALANCE	  	9 POS NUM	  	ORIGINAL LOAN AMOUNT, NO CENTS
				
	 82-83
	  	LOCATION CODE STATE	  	2 POS NUM	  	SEE LOCATION CODE STATE LIST
				
	 84-86
	  	LOCATION CODE-COUNTY	  	3 POS NUM	  	CODE FROM TAX PAYEE FILE
				
	 87-90
	  	LOCATION CODE-MUNIC.	  	4 POS NUM	  	CODE FROM TAX PAYEE FILE; UNINCORPORATED AREAS OF COUNTY USE “0000”.
				
	 91-93
	  	TERM IN MONTHS	  	3 POS NUM	  	LOAN TERM
				
	 94-100
	  	ANNUAL PERCENT RATE	  	7 POS NUM	  	APR EXPRESSED AS DECIMAL: 11.375% = ‘1137500’; MUST BE ORIGINAL APR
				
	 101
	  	PMI/MIP STATUS	  	1 POS ALPHA	  	SEE MIP/PMI TABLE TO DETERMINE STATUS
				
	 	  	 	  	 	  	‘P’ IF BORROWER PAYS PREMIUMS HIMSELF OR IF PAID AT CLOSING
				
	 102
	  	PMI/MIP TERM	  	1 POS NUM	  	IF PMI OR MIP, ‘1’, OTHERWISE ‘0’
				
	 103
	  	PMI/MIP CYCLE	  	1 POS ALPHA	  	IF PMI OR MIP, ‘A’ FOR ANNUAL, ‘M’ FOR MONTHLY OTHERWISE BLANK
				
	 104-105
	  	PMI/MIP CALC TYPE	  	2 POS NUM	  	SEE TABLE FOR CALC TYPE CODES
				
	 106-109
	  	PMI/MIP EXPIRATION DATE	  	4 POS NUM	  	MMYY FORMAT
				
	 110-113
	  	PMI/MIP NEXT DUE DATE	  	4 POS NUM	  	NEXT DISBURSEMENT DATE - MMYY FORMAT, NO SLASHES. PROVIDE TRUE DUE DATE.
				
	 114-128
	  	PMI POLICY #, FHA CASE NUMBER, VA “LH” NUMBER	  	15 POS ALPHA	  	CERTIFICATE #; LEFT JUSTIFIED

  
 TAPE NOTES: PLEASE PROVIDE UNLABELED
TAPE; SPECIFY EBCDIC OR ASCII, DENSITY AND BLOCKING FACTOR. 
 BLOCK TAPE 128X100 
 PLEASE SORT RECORDS AS FOLLOWS: 021 RECORDS FOR EACH LOAN IN ORDER, THEN GROUP ALL 026, 050, 060, 070, 080,090, 093, RECORDS TOGETHER,SORTED BY LOAN NUMBER WITHIN EACH GROUP. 
 IF NO DATA IS AVAILABLE FOR INDIVIDUAL ELEMENTS, ZERO FILL NUMERIC FIELDS, BLANK FILL ALPHA FIELDS. 
 ALPHA (ALPHA/NUMERIC) FIELDS MAY CONTAIN NUMBERS OR LETTERS. 
  

 1 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 021-2 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS ALPHA	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘2’
				
	 15
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 16-41
	  	BLANK	  	26 POS ALPHA	  	BLANK
				
	 42-50
	  	SELLING PRICE	  	9 POS NUM	  	LESSER OF SALES PRICE OR APPRAISED VALUE, NO CENTS. USED FOR LTV CALCULATION (REQ’D FOR CONVENTIONAL)
				
	 51-55
	  	BLANK	  	5 POS ALPHA	  	BLANK
				
	 56-59
	  	PAID THRU DATE	  	4 POS NUM	  	INTEREST PAID THROUGH DATE - MMYY FORMAT
				
	 60-63
	  	SMSA #	  	4 POS NUM	  	SMSA #; STANDARD CENSUS CODE
				
	 64-70
	  	CENSUS TRACT #	  	7 POS NUM	  	CENSUS TRACT #; STANDARD CENSUS CODE
				
	 71-74
	  	CENSUS COUNTY CODE	  	4 POS NUM	  	STANDARD CENSUS CODE
				
	 75-83
	  	ASSESSED VALUE	  	9 POS NUM	  	FROM OUR APPRAISED VALUE; WITH CENTS
				
	 84
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 85
	  	TYPE OF DWELLING	  	1 POS ALPHA	  	SEE TABLE FOR DWELLING TYPE
				
	 86-94
	  	SOCIAL SECURITY	  	9 POS NUM	  	BORROWER #1, NO HYPHENS
				
	 95
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 96
	  	GPM CODE	  	1 POS NUM	  	PLAN TYPE IN YEARS, I.E. 1 YEAR GPM = “1”
				
	 97-100
	  	GPM NEXT EFFECTIVE DATE	  	4 POS NUM	  	MMYY FORMAT/FIRST YEAR ANNIVERSARY DUE DATE OF GPM
				
	 101-110
	  	HOME TELEPHONE #	  	10 POS NUM	  	NO HYPHENS OR PARANTHESES NEEDED (AREA CODE/EXCHANGE/NUMBER FORMAT)
				
	 111-113
	  	BLANK	  	3 POS ALPHA	  	BLANK
				
	 1 14
	  	TYPE ACCRUAL	  	1 POS ALPHA	  	‘1’-FIXED RATE, ‘A’-BUYDOWN, ‘V’-ARM, ‘2’-GPM (REQUIRED FIELD)
				
	 115
	  	PAYS OWN INSURANCE	  	1 POS ALPHA	  	IF PAYS OWN HAZARD/FLOOD INSURANCE ‘P’, OTHERWISE BLANK
				
	 116-121
	  	DATE FIRST PAYMENTDD	  	6 POS NUM	  	TRUE FIRST PAYMENT DUE DATE-MMDDYY FORMAT
				
	 122
	  	BUYDOWN PLAN	  	1 POS NUM	  	ALWAYS “0”
				
	 123
	  	BUYDOWN PLAN	  	1 POS NUM	  	EQUAL TO NUMBER OF YEARS IN BUYDOWN PLAN, 1, 2, 3 ETC.
				
	 124-125
	  	PMI/MIP COMPANY NUMBER	  	2 POS NUM	  	SEE ATTACHED LIST FOR PMI COMPANIES
				
	 126-127
	  	ARM TYPE	  	2 POS NUM	  	ARM TYPE CODE TO BE ASSIGNED AT PURCHASE IF ARM; BLANK IF FIXED RATE
				
	 128
	  	AMORTIZATION CALC TYPE	  	1 POS NUM	  	“2” IF NORMAL AMORTIZATION (NOT NEGATIVE)

  

 2 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 021-3 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘3’
				
	 15-16
	  	BLANK	  	2 POS ALPHA	  	BLANK
				
	 17-27
	  	PRINCIPAL BALANCE	  	11 POS NUM	  	CURRENT PRINCIPAL BALANCE WITH CENTS, NO DECIMAL POINT
				
	 28-36
	  	ESCROW BALANCE	  	9 POS NUM	  	BALANCE WITH CENTS, NO DECIMAL POINT
				
	 	  	 	  	 	  	IF NEGATIVE INSERT APPLICABLE ALPA CHARACTER FOR DIGIT TRANSLATION: 1=J    2 = K    3 = L    4 =
M    5 = N    6 = 0    7 = P    8 = Q    9 = R    0 = }
				
	 37-57
	  	BLANK	  	21 POS ALPHA	  	BLANK
				
	 58-64
	  	LOSS DRAFT BALANCE	  	7 POS NUM	  	BALANCE WITH CENTS (INSURANCE CLAIM BALANCE FOR DAMAGES); NO DECIMAL POINT
				
	 65-71
	  	PARTIAL PAYMENT BALANCE (SUSPENSE BALANCE)	  	7 POS NUM	  	BALANCE WITH CENTS (SUSPENSE OR UNAPPLIED FUNDS); NO DECIMAL POINT
				
	 72-78
	  	INDIVIDUAL BUYDOWN BALANCE	  	7 POS NUM	  	BORROWER’S MONTHLY INSTALLMENT FOR BUYDOWN LOAN, NOT APPLIED TO PAYMENT YET (PREPAID LOANS); WITH CENTS; NO DECIMAL POINT
				
	 79-85
	  	ASSISTANCE BUYDOWN BALANCE	  	7 POS NUM	  	UNAPPLIED BUYDOWN ASSISTANCE (DELINQUENT LOANS, WAITING FOR BORROWER PORTION TO MAKE PAYMENT) WITH CENTS; NO DECIMAL POINT
				
	 86-94
	  	BUYDOWN BALANCE	  	9 POS NUM	  	REMAINING BUYDOWN FUNDS (FOR FUTURE INSTALLMENTS) WITH CENTS; NO DECIMAL POINT
				
	 95-100
	  	FUNDING DATE	  	6 POS NUM	  	MMDDYY FORMAT; REQUIRED ON FLOW PURCHASE
				
	 101-107
	  	BLANK	  	7 POS ALPHA	  	BLANK
				
	 108-114
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	1ST YEAR MONTHLY SUBSIDY AMOUNT WITH CENTS; NO DECIMAL POINT (YEARS 4-10 SEE LAYOUT 021-6); ZERO IF NOT A BUYDOWN
				
	 115-121
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	2ND YEAR MONTHLY SUBSIDY AMOUNT WITH CENTS; NO DECIMAL POINT
				
	 122-128
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	3RD YEAR MONTHLY SUBSIDY AMOUNT WITH CENTS; NO DECIMAL POINT

  
  

 3 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 021-4 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘4’
				
	 15
	  	BUYDOWN FLAG	  	1 POS ALPHA	  	“G” LENDER PAID SUBSIDY, “B” TEMPORARY BUYDOWN, BLANK IF NONBUYDOWN
				
	 16
	  	BALLOON FLAG	  	1 POS ALPHA	  	“1 “ IF BALLOON LOAN, “BLANK” IF NON-BALLOON
				
	 17-19
	  	BALLOON ARM CALL MONTHS	  	3 POS NUM	  	NUMBER OF MONTHS FROM CLOSING TO BALLOON DATE
				
	 20-59
	  	NAME 1	  	40 POS ALPHA	  	LAST NAME, COURTESY TITLE (JR, SR, ETC.), FIRST NAME, MIDDLE INITIAL; LEFT JUSTIFIED- NO PUNCTUATION OR LOWER CASE
				
	 60-99
	  	NAME 2	  	40 POS ALPHA	  	LAST NAME, COURTESY TITLE (JR, SR, ETC.), FIRST NAME, MIDDLE INITIAL; LEFT JUSTIFIED- NO PUNCTUATION OR LOWER CASE
				
	 100-106
	  	PROPERTY/MAILING HOUSE NUMBER	  	7 POS ALPHA	  	LEFT JUSTIFY, BLANK FILL TO END. IF MAILING AND PROPERTY ARE DIFFERENT, USE MAILING ADDRESS HERE AND GENERATE ‘060’ RECORD
				
	 107-128
	  	PROPERTY/MAILING STREET	  	22 POS ALPHA	  	LEFT JUSTIFY, BLANK FILL TO END. IF MAILING AND PROPERTY ARE DIFFERENT, USE MAILING ADDRESS HERE AND GENERATE ‘060’ RECORD
				
	 	  	LAYOUT FOR 021-5 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘5’
				
	 15-21
	  	BLANK	  	7 POS ALPHA	  	BLANK
				
	 22-41
	  	CITY	  	20 POS ALPHA	  	MAILING ADDRESS
				
	 42-43
	  	STATE	  	2 POS ALPHA	  	MAILING ADDRESS - STANDARD STATE POSTAL CODE ABBREVIATION
				
	 44-48
	  	ZIP CODE	  	5 POS NUM	  	MAILING ADDRESS ZIP CODE PER POSTAL SERVICE
				
	 49-52
	  	BLANK	  	4 POS ALPHA	  	BLANK
				
	 53-56
	  	ARM CHANGE DATE	  	4 POS NUM	  	NEXT RATE CHANGE - MMYY FORMAT, IF APPLICABLE, ELSE ZERO FILL
				
	 57-58
	  	GPM # OF YEARS	  	2 POS NUM	  	NUMBER OF YEARS IN GPM PLAN IF APPLICABLE, OTHERWISE ZERO FILL
				
	 59-65
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 1; WITH CENTS, NO DECIMAL POINT
				
	 66-72
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 2; WITH CENTS, NO DECIMAL POINT
				
	 73-79
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 3; WITH CENTS, NO DECIMAL POINT
				
	 80-86
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 4; WITH CENTS, NO DECIMAL POINT
				
	 87-93
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 5; WITH CENTS, NO DECIMAL POINT
				
	 94-100
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 6; WITH CENTS, NO DECIMAL POINT
				
	 101-107
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 7; WITH CENTS, NO DECIMAL POINT
				
	 108-114
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 8; WITH CENTS, NO DECIMAL POINT
				
	 115-121
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 9; WITH CENTS, NO DECIMAL POINT
				
	 122-128
	  	GPM PAYMENT	  	7 POS NUM	  	MONTHLY GPM PAYMENT YR 10; WITH CENTS, NO DECIMAL POINT

  
  

 4 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 021-6 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘6’
				
	 15-19
	  	BLANK	  	5 POS ALPHA	  	BLANK
				
	 20
	  	TAX TYPE	  	1 POS ALPHA	  	If Monthly Escrow Tax 1 and Tax 2 = 0 (021-7) then move B , else move C.
				
	 21-23
	  	BLANK	  	3 POS ALPHA	  	BLANK
				
	 24-32
	  	TOTAL MONTHLY PAYMENT	  	9 POS NUM	  	TOTAL MONTHLY P&I AND T&I WITH CENTS, NO DECIMAL POINT. DO NOT DEDUCT BUYDOWN SUBSIDY! WE WILL ROUND UP TO NEAREST WHOLE DOLLAR AFTER CONVERSION.
				
	 	  	 	  	 	  	TOTAL PAYMENT MUST EQUAL P&I PLUS T&I OR RECORD WILL REJECT. (RIGHT JUSTIFIED WITH LEADING ZEROS)
				
	 33-41
	  	P&I PAYMENT	  	9 POS NUM	  	TOTAL MONTHLY P&I PAYMENT WITH CENTS, NO DECIMAL POINT, (RIGHT JUSTIFIED WITH LEADING ZEROS)
				
	 42-50
	  	ESCROW PAYMENT	  	9 POS NUM	  	TOTAL MONTHLY ESCROW PAYMENT WITH CENTS, NO DECIMAL POINT. DO NOT DEDUCT BUYDOWN SUBSIDY IF APPLICABLE!
				
	 	  	 	  	 	  	INCLUDES (BUT NOT LIMITED TO) TAXES (MUNICIPAL, COUNTY, GROUND-RENT, SCHOOL DISTRICT, SPECIAL ASSESSMENT, WATER AND SEWER)
				
	 	  	 	  	 	  	INSURANCE (HAZARD INSURANCE, FLOOD INSURANCE); RIGHT JUSTIFIED WITH LEADING ZEROES
				
	 51-55
	  	OPEN	  	5 POS NUM	  	ZERO FILL
				
	 56-60
	  	MORTGAGE LIFE PAYMENT	  	5 POS NUM	  	MONTHLY AMOUNT FOR MORTGAGE LIFE INSURANCE PREMIUM, WITH CENTS (IF NOT CANCELLED AT TRANSFER); RIGHT JUSTIFIED WITH LEADING ZEROES
				
	 61-70
	  	OPEN	  	10 POS NUM	  	ZERO FILL
				
	 71-75
	  	IND BUYDOWN PAYMENT	  	5 POS NUM	  	ZERO FILL
				
	 76-79
	  	BLANK	  	4 POS ALPHA	  	BLANK
				
	 80-86
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	4TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT, OTHERWISE ZERO FILL (YEARS 1, 2 & 3 SEE LAYOUT 021-3)
				
	 87-93
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	5TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT; ZERO FILL IF NOT USED
				
	 94-100
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	6TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT; ZERO FILL IF NOT USED
				
	 101-107
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	7TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT; ZERO FILL IF NOT USED
				
	 108-114
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	8TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT; ZERO FILL IF NOT USED
				
	 115-121
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	9TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT; ZERO FILL IF NOT USED
				
	 122-128
	  	BUYDOWN PAYMENT	  	7 POS NUM	  	10TH YEAR MONTHLY SUBSIDY WITH CENTS, NO DECIMAL POINT; ZERO FILL IF NOT USED

  

 5 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 021-7 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘7’
				
	 15-24
	  	BORROWER #1 BUSINESS PHONE #	  	10 POS NUM	  	NO HYPHENS OR PARANTHESES NEEDED (AREA CODE/EXCHANGE/NUMBER FORMAT)
				
	 25-33
	  	BORROWER #2 SOCIAL SECURITY #	  	9 POS NUM	  	NO HYPHENS
				
	 34-42
	  	ADDITIONAL ESCROW	  	9 POS NUM	  	MONTHLY AMOUNT FOR ADDITIONAL ESCROW, WITH CENTS
				
	 43-51
	  	MONTHLY ESCROW - HAZARD	  	9 POS NUM	  	MONTHLY AMOUNT FOR HAZARD INSURANCE, WITH CENTS
				
	 52-60
	  	MONTHLY ESCROW - FLOOD	  	9 POS NUM	  	MONTHLY AMOUNT FOR FLOOD INSURANCE, WITH CENTS
				
	 61-69
	  	MONTHLY ESCROW - PMI/MIP	  	9 POS NUM	  	MONTHLY AMOUNT FOR PMI/MIP, WITH CENTS
				
	 70-78
	  	MONTHLY ESCROW - TAX 1	  	9 POS NUM	  	MONTHLY AMOUNT FOR COUNTY TAX (TAXES 1), WITH CENTS
				
	 79-87
	  	MONTHLY ESCROW - TAX 2	  	9 POS NUM	  	MONTHLY AMOUNT FOR REAL ESTATE TAX (TAXES 2), WITH CENTS (CITY,MUNICIPAL, VILLAGE)
				
	 88-96
	  	MONTHLY ESCROW - TAX 3	  	9 POS NUM	  	MONTHLY AMOUNT FOR SCHOOL TAX (TAXES 3), WITH CENTS
				
	 97-105
	  	MONTHLY ESCROW - GROUND RENT	  	9 POS NUM	  	MONTHLY AMOUNT FOR GROUND RENT, WITH CENTS (INCLUDES SPECIAL TAXES, MUD, SPECIAL FLOOD DISTRICTS, ETC.)
				
	 106-128
	  	BLANK	  	23 POS ALPHA	  	BLANK
				
	 	  	LAYOUT FOR 021-8 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’ DO NOT PROVIDE THIS RECORD IF THE INFORMATION IS UNAVAILABLE
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘8’
				
	 15-44
	  	SELLER NAME #1	  	30 POS ALPHA	  	LAST NAME, COURTESY TITLE (JR, SR, ETC.), FIRST NAME, MIDDLE INITIAL; LEFT JUSTIF1ED- NO PUNCTUATION OR LOWER CASE
				
	 45-74
	  	SELLER NAME #2	  	30 POS ALPHA	  	LAST NAME, COURTESY TITLE (JR, SR, ETC.), FIRST NAME, MIDDLE INITIAL; LEFT JUSTIFIED- NO PUNCTUATION OR LOWER CASE
				
	 75-128
	  	BLANK	  	54 POS ALPHA	  	BLANK
				
	 	  	LAYOUT FOR 021-9 RECORD - BASIC LOAN INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘021’ DO NOT PROVIDE THIS RECORD IF THE INFORMATION IS UNAVAILABLE
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘9’
				
	 15-23
	  	BASE MORTGAGE AMOUNT	  	9 POS ALPHA	  	PROVIDE THE BASE MORTGAGE AMOUNT(NOT INCLUDING FINANCED MIP) right justified , no cents - ie: $ 125,000 = 000125000
				
	 24-128
	  	BLANK	  	105 POS ALPHA	  	BLANK

  

 6 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 026 RECORD - ARM DETAIL	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘026’ ONLY SEND THIS RECORD IF LOAN IS ARM TYPE.
				
	 4
	  	BLANK	  	1 POS APLHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘6’
				
	 15-16
	  	ARM CODE	  	2 POS NUM	  	ASSIGN ARM TYPE, CODE TO BE ASSIGNED AT PURCHASE IF ARM
				
	 17
	  	CAPS CODE	  	1 POS NUM	  	HOLD PAYMENT CAP CODE/”O” = OPTIONAL, “M” = MANDATORY, “BLANK” IF NO CAP
				
	 18
	  	CONVERSION OPTION	  	1 POS NUM	  	“1”, “0” IF NOT APPLICABLE
				
	 19
	  	NEGATIVE AMORTIZATION CODE	  	1 POS NUM	  	“1”, “0” IF NOT APPLICABLE
				
	 20
	  	CAP P&I	  	1 POS NUM	  	P&l ONLY CAP CODE/“O” = OPTIONAL, “M” = MANDATORY, “BLANK” IF NO CAP
				
	 21
	  	CONV YRS	  	1 POS NUM	  	NUMBER OF CONVERSION (TO FIXED RATE) OPPORTUNITIES OFFERED TO DATE
				
	 22-25
	  	BLANK	  	4 POS ALPHA	  	BLANK
				
	 26-30
	  	ARM MARGIN	  	5 POS NUM	  	PERCENTAGE WITH LEADING AND TRAILING ZEROS, IE. 2% = “02000”
				
	 31-37
	  	INTEREST RATE	  	7 POS NUM	  	CURRENT INTEREST RATE WITH 5 DECIMAL POSITIONS BUT NO DECIMAL POINT, IE. 12% = “1200000”, 9.5% = “0950000”
				
	 	  	PAYMENT CAP EACH OCCURRENCE	  	 	  	 
				
	 38-42
	  	INCREASE	  	5 POS NUM	  	PERCENTAGE POINTS P&I CAN INCREASE OVER A GIVEN INTERIM PERIOD, I.E. 2% = “02000”
				
	 43-47
	  	DECREASE	  	5 POS NUM	  	PERCENTAGE POINTS P&I CAN DECREASE OVER A GIVEN INTERIM PERIOD, I.E. 2% = “02000’
				
	 	  	PAYMENT CAP LIFE OF LOAN	  	 	  	 
				
	 48-52
	  	INCREASE	  	5 POS NUM	  	PERCENTAGE POINTS P&I CAN INCREASE OVER LIFE OF LOAN, I.E. 6% = “06000”
				
	 53-57
	  	DECREASE	  	5 POS NUM	  	PERCENTAGE POINTS P&I CAN DECREASE OVER LIFE OF LOAN, I.E. 6% = “06000”
				
	 	  	INTEREST RATE CAPS AT EACH INTERVAL	  	 	  	 
				
	 58-62
	  	INCREASE	  	5 POS NUM	  	INCREASE IN PERCENTAGE POINTS OVER THE PREVIOUS INTEREST RATE OVER A GIVEN INTERIM PERIOD; 2% = 02000
				
	 63-67
	  	DECREASE	  	5 POS NUM	  	DECREASE IN PERCENTAGE POINTS OVER THE PREVIOUS INTEREST RATE OVER A GIVEN INTERIM PERIOD; 1.785% = 01785
				
	 	  	INTEREST RATE CAPS OVER LIFE OF LOAN	  	 	  	 
				
	 68-72
	  	INCREASE	  	5 POS NUM	  	MAXIMUM NUMBER OF PERCENTAGE POINTS OVER NOTE RATE WHICH THE LIFETIME RATE MAY INCREASE; 6% = 06000
				
	 73-77
	  	DECREASE	  	5 POS NUM	  	MAXIMUM NUMBER OF PERCENTAGE POINTS UNDER NOTE RATE WHICH THE LIFETIME INTEREST RATE MAY DECREASE; 6% = 06000
				
	 78-82
	  	OPEN FIELD	  	5 POS NUM	  	ZERO FILL
				
	 83-89
	  	ARM BASE RATE	  	7 POS NUM	  	BASE INT RATE AS SHOWN ON THE NOTE; WITH DECIMAL POSITIONS BUT NOT DEC POINT, I.E. 9.5% = “0950000”
				
	 90-94
	  	ARM BASE INDEX	  	5 POS NUM	  	BASE INDEX USED TO CALCULATE BASE INTEREST RATE (ZERO FILL IF NOT APPLICABLE) I.E. 6.5% = “06500”
				
	 95-97
	  	BLANK	  	3 POS	  	BLANK
				
	 98-100
	  	MAXIMUM NEG AM %	  	3 POS NUM	  	IE. 125 = 125%
				
	 101-104
	  	ARM FIRST PAYMENT	  	4 POS NUM	  	MMYY FORMAT
				
	 105-108
	  	ARM FIRST CONV DATE OPTION	  	4 POS NUM	  	MMYY FORMAT
				
	 109-128
	  	BLANK	  	20 POS ALPHA	  	BLANK

  
  

 7 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	TRANSACTION LAYOUT 028 - NEW ACQ. RECORD	  	 	  	 
				
	 1-3
	  	TRANS CODE	  	3 POS NUM	  	HARDCODE “028”
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	WHS LOAN #	  	8 POS NUM	  	CHASE LOAN #
				
	 14-23
	  	ACQ. LOAN #	  	10 POS NUM	  	ACQ. LOAN #
				
	 24-27
	  	ACQ. CODE	  	4 POS NUM	  	ACQ. CODE
				
	 28-33
	  	ACQ. DATE	  	6 POS NUM	  	MMDDYY ACQ. DATE
				
	 34-43
	  	FHLMC CONTRACT #	  	10 POS ALPHA	  	FULL FHLMC CONTRACT #
				
	 44-52
	  	CUSHION AMOUNT USED	  	9 POS NUM	  	DOLLAR AMT (WITH CENTS) OF CUSHION LAST USED IN ESCROW ANALYSIS
				
	 53-128
	  	BLANK	  	76 POS ALPHA	  	BLANK
				
	 	  	LAYOUT FOR 041 RECORD - PENDING PAYMENT CHANGES	  	 	  	 
				
	 1-3
	  	TRANS CODE	  	3 POS NUM	  	“041” ONLY ON BULK TRANSFERS WITH PENDING PAYMENT CHANGES
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “ 1”
				
	 6-13
	  	WHS LOAN #	  	8 POS NUM	  	CHASE LOAN #
				
	 14-17
	  	EFFECTIVE DATE	  	4 POS NUM	  	YYMM FORMAT; EFFECTIVE DATE OF PAYMENT CHANGE
				
	 18-26
	  	OLD TOTAL PMT	  	9 POS NUM	  	CURRENT TOTAL PAYMENT (WITH CENTS)
				
	 27-35
	  	NEW TOTAL PMT	  	9 POS NUM	  	PENDING NEW TOTAL PAYMENT (WITH CENTS)
				
	 36-44
	  	BLANK	  	9 POS NUM	  	ZERO FILL
				
	 45-53
	  	ESCROW PAYMENT NET CHANGE	  	9 POS NUM	  	DIFFERENCE BETWEEN CURRENT ESCROW PAYMENT AND PENDING ESCROW PAYMENT (WITH CENTS); IF NEGATIVE, INSERT APPLICABLE ALPHA CHARACTER IN LAST POSITION FOR DIGIT TRANSLATION: 1 =
J    2 = K    3 = L    4 = M    5 = N    6 = 0    7 = P    8 = Q    9 =
R    0 = }
				
	 54-83
	  	BLANK	  	30 POS NUM	  	ZERO FILL
				
	 84-87
	  	DATE OF LAST ANALYSIS	  	4 POS NUM	  	YYMM FORMAT
				
	 88-128
	  	BLANK	  	41 POS ALPHA	  	BLANK

  

 8 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 050-1 RECORD - ADDITIONAL BORROWER NAMES	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘050’ DO NOT PROVIDE THIS RECORD IF BORROWERS 3 AND/OR 4 DO NOT EXIST.
				
	 4
	  	ACTION CODE	  	1 POS ALPHA	  	‘A’
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-53
	  	NAME 3	  	40 POS ALPHA	  	3RD BORROWER - USE ONLY IF 3RD BORROWER EXISTS; SAME FORMAT AS 021-4; NO PUNCTUATION OR LOWER CASE
				
	 54-93
	  	NAME 4	  	40 POS ALPHA	  	4TH BORROWER - USE ONLY IF 4TH BORROWER EXISTS; SAME FORMAT AS 021-4; NO PUNCTUATION OR LOWER CASE
				
	 94-128
	  	BLANK	  	35 POS ALPHA	  	BLANK
				
	 	  	LAYOUT FOR 060-1 RECORD - PROPERTY ADDRESS INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘060’ ONLY IF THE PROPERTY ADDRESS IS DIFFERENT FROM MAILING ADDRESS
				
	 4
	  	ACTION CODE	  	1 POS ALPHA	  	‘A’
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-20
	  	HOUSE #	  	7 POS ALPHA	  	LEFT JUSTIFIED - NO PUNCTUATION OR LOWER CASE ( HOUSE NUMBER COULD BE FOR EXAMPLE 24A)
				
	 21-42
	  	STREET ADDRESS	  	22 POS ALPHA	  	LEFT JUSTIFIED - NO PUNCTUATION OR LOWER CASE
				
	 43-62
	  	CITY	  	20 POS ALPHA	  	LEFT JUSTIFIED - NO PUNCTUATION OR LOWER CASE
				
	 63-64
	  	STATE	  	2 POS ALPHA	  	STANDARD STATE POSTAL CODE ABBREVIATION
				
	 65-69
	  	ZIP CODE	  	5 POS NUM	  	ZIP CODE PER U.S. POSTAL SERVICE
				
	 70-128
	  	BLANK	  	59 POS ALPHA	  	BLANK

  

 9 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 070-1 RECORD - TAX INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘070’ SEND MULTIPLE RECORDS IF MULTIPLE TYPES OF TAX ARE PAID, I.E. SCHOOL, COUNTY, AND TOWN TAXES, OR IF MULTIPLE PARCELS ARE PAID.
				
	 4
	  	ACTION CODE	  	1 POS ALPHA	  	‘A’
				
	 5
	  	COMPANY *	  	1 POS NUM	  	ALWAYS “ 1 “
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-16
	  	SEQUENCE # & TAX TYPE	  	3 POS NUM	  	 
				
	 17
	  	TAX STATUS	  	1 POS ALPHA	  	‘P’ IF PAYS OWN, BLANK IF PAID BY MORTGAGE CO.
				
	 18
	  	CONTRACT STATUS	  	1 POS ALPHA	  	WISCONSIN ONLY: “1” = PAY TAXES WHEN DUE
        “2” = BILL RECEIVED PRIOR TO DECEMBER 20TH THEREFORE WILL BE PAID BY
DECEMBER 31ST
        “3” = OPTIONAL MONEY BACK TO BORROWER BY DECEMBER 18TH FOR PAYMENT OF TAXES BY BORROWER
				
	 	  	 	  	 	  	ALL OTHER STATES SHOULD BE BLANK
				
	 19
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 20-21
	  	STATE CODE	  	2 POS NUM	  	SEE STATE MASTER LIST
				
	 22-24
	  	COUNTY CODE	  	3 POS NUM	  	SEE TAX PAYEE LIST
				
	 25-28
	  	MUNICIPALITY CODE	  	4 POS NUM	  	SEE TAX PAYEE LIST; IF PAYEE IS A COUNTY, MUNICIPAL CODE IS “0000”.
				
	 29
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 30-39
	  	CONTRACT	  	10 POS NUM	  	TRANSAMERICA CONTRACT NUMBER. IF TRANSAMERICA NOT USED, ZERO FILL
				
	 40-59
	  	PARCEL ID	  	20 POS ALPHA	  	LOT & BLOCK OR PARCEL IDENTIFICATION # FROM MORTGAGE; LEFT JUSTIFY, BLANK FILL TO END
				
	 60-63
	  	NEXT DUE DATE	  	4 POS NUM	  	MMYY FORMAT; TRUE NEXT DUE DATE FOR TAXES MINUS ONE MONTH
				
	 64-72
	  	LAST AMOUNT PAID	  	9 POS NUM	  	LAST AMOUNT PAID FOR TAXES, WITH CENTS, NO DECIMAL POINT.
				
	 73
	  	CYCLE	  	1 POS NUM	  	“A” = ANNUAL TAX, “S” = SEMI-ANNUAL, “T” = TRI-CYCLE, “Q” = QUARTERLY TAX
				
	 74-75
	  	MONTH PAYABLE 1	  	2 POS NUM	  	MONTH TAXES DUE LESS 1 MONTH IE. ACTUAL DUE DATE FEBRUARY, ENTER “01” AS PAYABLE MONTH
				
	 	  	 	  	 	  	IF ANNUAL CYCLE OF TAXES, PERIOD 1 WOULD REPRESENT MONTH IN WHICH TAX IS DUE LESS 1 MONTH.
				
	 	  	 	  	 	  	IF SEMI-ANNUAL CYCLE OF TAXES, PERIOD 1 REPRESENTS FIRST SEMI-ANNUAL PAYMENT DUE, PERIOD 2 WOULD REPRESENT
				
	 	  	 	  	 	  	SECOND SEMI-ANNUAL PAYMENT DUE. IF QUARTERLY CYCLE, QUARTERS CORRESPOND TO 4 PERIODS.
				
	 	  	 	  	 	  	(RIGHT JUSTIFY WITH LEADING ZEROS; SORT IN CALENDAR ORDER IF THERE ARE MULTIPLE PAYABLE MONTHS, I.E. 02, 04, 07, 10.
				
	 76-77
	  	MONTH PAYABLE 2	  	2 POS NUM	  	SAME AS ABOVE
				
	 78-79
	  	MONTH PAYABLE 3	  	2 POS NUM	  	SAME AS ABOVE
				
	 80-81
	  	MONTH PAYABLE 4	  	2 POS NUM	  	SAME AS ABOVE
				
	 82-83
	  	TAX YEAR	  	2 POS NUM	  	TAX YEAR BEING PAID PER TAXING AUTHORITY, IE. “91”. MAY REPRESENT FISCAL OR CALENDAR YEAR.
				
	 84-92
	  	TAX YEAR AMOUNT	  	9 POS NUM	  	TOTAL TAX AMOUNT DUE FOR YEAR/FISCAL OR ANNUAL, USED FOR ESCROW ANALYSIS. (RIGHT JUSTIFIED WITH LEADING ZEROS)
				
	 	  	 	  	 	  	WITH CENTS, NO DECIMAL POINT.
				
	 93-98
	  	TRETS CODE	  	6 POS A/N	  	TRANSAMERICA TRETS CODE
				
	 99-128
	  	BLANK	  	30 POS ALPHA	  	BLANK

  

 10 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 080-1 RECORD - INSURANCE INFORMATION	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘080’ SEND MULTIPLE RECORDS IF MULTIPLE TYPES OF INSURANCE ARE PAID, I.E., HAZARD, FLOOD,
				
	 4
	  	ACTION CODE	  	1 POS ALPHA	  	‘A’
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-15
	  	SEQUENCE #	  	2 POS NUM	  	01 - HAZARD INS
				
	 	  	 	  	 	  	02 - HAZARD INS ADD’L
				
	 	  	 	  	 	  	03 - HAZARD INS ADD’L
				
	 	  	 	  	 	  	20 - WIND & HALE INS
				
	 	  	 	  	 	  	30 - FLOOD INS
				
	 	  	 	  	 	  	31 - FLOOD INS ADD’L
				
	 	  	 	  	 	  	32 - FLOOD INS ADD’L
				
	 16
	  	TERM	  	1 POS NUM	  	“1” = ANNUAL POLICY (CYCLE = P)
				
	 	  	 	  	 	  	“3” = 3 YEAR POLICY (CYCLE = I)
				
	 17
	  	CYCLE	  	1 POS ALPHA	  	“P” = MONTHLY PAYMENT (TERM = 1)
				
	 	  	 	  	 	  	“T” = INSTALLMENT (TERM = 3)
				
	 18
	  	STATUS	  	1 POS ALPHA	  	“P”= PAYS OWN
				
	 	  	 	  	 	  	“A” = CONDO ASSOCIATION
				
	 	  	 	  	 	  	“S” = DON’T PAY (FORECLOSURES, CERTAIN BANKRUPTCIES)
				
	 	  	 	  	 	  	“BLANK” = PAID BY MORTGAGE CO.
				
	 19
	  	CANCELLATION CODE	  	1 POS ALPHA	  	SEE CANCELLATION CODE LIST
				
	 20-25
	  	CANCELLATION DATE	  	6 POS NUM	  	MMDDYY FORMAT
				
	 26-31
	  	EXPIRATION DATE	  	6 POS NUM	  	DATE POLICY WILL EXPIRE MMDDYY FORMAT
				
	 32-37
	  	NEXT DUE DATE	  	6 POS NUM	  	ACTUAL DUE DATE OF INS POLICY MMDDYY FORMAT
				
	 38-42
	  	PAYEE CODE	  	5 POS NUM	  	SEE PAYEE CODE LIST
				
	 43-47
	  	INSURER CODE	  	5 POS NUM	  	SEE PAYEE CODE LIST
				
	 48-56
	  	TOTAL PREMIUM DUE	  	9 POS NUM	  	PREMIUM DUE WITH CENTS, RIGHT JUSTIFY AND ZERO FILL
				
	 57-65
	  	COVERAGE AMOUNT	  	9 POS NUM	  	DOLLAR AMOUNT OF COVERAGE, NO CENTS
				
	 66-81
	  	POLICY NUMBER	  	16 POS ALPHA	  	INS POLICY NUMBER
				
	 82-128
	  	BLANK	  	47 POS ALPHA	  	BLANK

  

 11 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 090-1 RECORD - Ml PREMIUMS PAID TO DATE	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	HARDCODE “090”
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “ 1 “
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-16
	  	FIELD #	  	3 POS NUM	  	HARDCODE123
				
	 17-18
	  	FIELD LENGTH	  	2 POS ALPHA	  	HARDCODE 07
				
	 19-38
	  	FIELD DESCRIPTION	  	20 POS ALPHA	  	HARDCODE “MI PREM PD TO DATE”
				
	 39-42
	  	FIELD I.D.’S	  	4 POS ALPHA	  	HARDCODE “3913”
				
	 43-50
	  	BLANK	  	8 POS NUM	  	BLANK
				
	 51-57
	  	MI PREM. PAID YTD	  	7 POS ALPHA	  	AMOUNT PAID BY SELLER PRIOR TO TRANSFER, WITH CENTS
				
	 58-128
	  	BLANK	  	71 POS	  	BLANK

  

 12 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 093-1 RECORD - FOR ALL ACQUISITIONS	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	HARDCODE “093” PROVIDES POOL ISSUE DATE FOR POOLED LOANS
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-16
	  	FIELD #	  	3 POS NUM	  	HARDCODE 069
				
	 17-18
	  	FIELD LENGTH	  	2 POS ALPHA	  	HARDCODE 06
				
	 19-32
	  	FIELD DESCRIPTION	  	14 POS ALPHA	  	HARDCODE “POOL ISSUE DTE”
				
	 33-38
	  	BLANK	  	7 POS ALPHA	  	BLANK
				
	 39-42
	  	FIELD I. D.’S	  	4 POS NUM	  	3319
				
	 43-50
	  	BLANK	  	8 POS ALPHA	  	BLANK
				
	 51-56
	  	POOL ISSUE DATE	  	6 POS NUM	  	MMDDYY FORMAT (NO /’S)
				
	 57-128
	  	BLANK	  	71 POS	  	BLANK
				
	 	  	LAYOUT FOR 093-2 RECORD - FOR COISSUE AND BULK TRANSFERS ONLY	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	HARDCODE “093” PROVIDES POOL ISSUE DATE FOR POOLED LOANS
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “ 1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-16
	  	FIELD #	  	3 POS NUM	  	HARDCODE 091
				
	 17-18
	  	FIELD LENGTH	  	2 POS ALPHA	  	HARDCODE 06
				
	 19-32
	  	FIELD DESCRIPTION	  	14 POS ALPHA	  	COMMITMENT NO.
				
	 33-38
	  	BLANK	  	7 POS ALPHA	  	BLANK
				
	 39-42
	  	FIELD I. D.’S	  	4 POS NUM	  	HARDCODE 3611
				
	 43-50
	  	BLANK	  	8 POS ALPHA	  	BLANK
				
	 51-56
	  	POOL NUMBER	  	6 POS NUM	  	INVESTOR POOL NUMBER
				
	 57-128
	  	BLANK	  	71 POS	  	BLANK
				
	 	  	LAYOUT FOR 093-3 RECORD - ESCROW ANALYSIS DATE	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	HARDCODE “093”
				
	 4-5
	  	BLANK	  	2 POS ALPHA	  	BLANK
				
	 6-13
	  	CMMC LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14-16
	  	FIELD #	  	3 POS NUM	  	HARDCODE “101”
				
	 17-18
	  	FIELD SIZE	  	2 POS NUM	  	HARD CODE “04”
				
	 19-38
	  	DESCRIPTION	  	20 POS ALPHA	  	“LAST ANALYSIS DATE” (LEFT JUSTIFIED)
				
	 39-42
	  	MAJOR-MINOR	  	4 POS NUM	  	HARDCODE “3711”
				
	 51-54
	  	LAST ESCROW ANALYSIS DATE	  	4 POS NUM	  	MMYY
				
	 55-128
	  	BLANK	  	76 POS ALPHA	  	BLANK

  
  

 13 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 011-1 RECORD - APPLICATION INFORMATION (AOT ONLY)	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘011’
				
	 4
	  	BLANK	  	1 POS ALPHA	  	BLANK
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB COSE	  	1 POS NUM	  	‘1’
				
	 15
	  	REGION	  	1 POS NUM	  	FIRST DIGIT OF 8 DIGIT LOAN NUMBER
				
	 16-18
	  	MARKET TYPE	  	3 POS NUM	  	SEE TABLE
				
	 	  	FLAGS	  	 	  	 
				
	 19
	  	APPLICATION FLAG	  	1 POS NUM	  	ALWAYS “1”
				
	 20-21
	  	BLANK FILL	  	2 POS ALPHA	  	BLANK
				
	 22
	  	REPORT TYPE	  	1 POS NUM	  	ALWAYS “9”
				
	 23
	  	BLANK FILL	  	1 POS ALPHA	  	BLANK FILL
				
	 24
	  	TYPE LOAN	  	1 POS ALPHA	  	‘C’ - CONVENTIONAL, ‘F’ - FHA, ‘V’ - VA
				
	 25-31
	  	BLANK FILL	  	7 POS ALPHA	  	BLANK FILL
				
	 32
	  	TYPE DWELLING	  	1 POS NUM	  	SEE ATTACHMENT 3
				
	 33
	  	GPM PLAN	  	1 POS NUM	  	PLAN TYPE IN YEARS, I.E. 1 YEAR GPM = “1”
				
	 34
	  	BLANK FILL	  	1 POS ALPHA	  	BLANK FILL
				
	 35
	  	REFINANCE	  	1 POS NUM	  	‘1’ IF REFINANCE; BLANK IF NOT
				
	 36
	  	OCCUPIED	  	1 POS NUM	  	‘1’ OWNER OCCUPIED; ‘2’ NON OWNER OCCUPIED
				
	 37-39
	  	BLANK FILL	  	3 POS ALPHA	  	BLANK FILL
				
	 40
	  	DIVISION CODE	  	1 POS ALPHA	  	ALWAYS “A”
				
	 41-52
	  	BLANK FILL	  	12 POS ALPHA	  	BLANK FILL
				
	 53-55
	  	BRANCH NUMBER	  	3 POS NUM	  	FIRST THREE DIGITS OF THE 8 BYTE LOAN NUMBER
				
	 56-63
	  	ZERO FILL	  	8 POS NUM	  	ZERO FILL
				
	 64-70
	  	INTEREST RATE	  	7 POS NUM	  	11.375% = “1137500”
				
	 71-72
	  	STATE CODE	  	2 POS NUM	  	SEE STATE CODE
				
	 73-76
	  	YEAR BUILT	  	4 POS NUM	  	EXAMPLE ‘1948’
				
	 77-85
	  	ZERO FILL	  	9 POS NUM	  	ZERO FILL
				
	 86-94
	  	APPRAISED VALUE	  	9 POS NUM	  	BALANCE WITH CENTS; MUST BE DISCLOSED
				
	 95-99
	  	LOAN TO VALUE RATIO	  	5 POS NUM	  	XXX.XX; MUST BE DISCLOSED, NO DECIMAL POINT
				
	 100-118
	  	ZERO FILL	  	19 POS NUM	  	ZERO FILL
				
	 119-123
	  	BLANK FILL	  	5 POS ALPHA	  	BLANK FILL
				
	 124-128
	  	ZERO FILL	  	5 POS NUM	  	ZERO FILL

  
 TAPE NOTES: PLEASE PROVIDE UNLABELED
TAPE; SPECIFY EBCDIC OR ASCII, DENSITY AND BLOCKING FACTOR. 
 BLOCK TAPE 128X100 
 PLEASE SORT RECORDS AS FOLLOWS: 1 THROUGH 14. 
 IF NO DATA IS AVAILABLE FOR INDIVIDUAL ELEMENTS, ZERO FILL NON REQUIRED
NUMERIC FIELDS, BLANK FILL ALPHA FIELDS. 
 ALPHA (ALPHA/NUMERIC) FIELDS MAY CONTAIN NUMBERS OR LETTERS. 
  

 14 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 011-2 RECORD - APPLICATION LOAN INFORMATION (AOT ONLY)	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘011’
				
	 4
	  	BLANK FILL	  	1 POS ALPHA	  	BLANK FILL
				
	 5
	  	COMPANY #	  	1 POS ALPHA	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘2’
				
	 15-40
	  	ZERO FILL	  	26 POS NUM	  	ZERO FILL
				
	 41-43
	  	TERM IN YEARS	  	3 POS NUM	  	REQUIRED
				
	 44-46
	  	TERM IN MONTHS	  	3 POS NUM	  	REQUIRED
				
	 47-48
	  	NUMBER OF UNITS	  	2 POS NUM	  	REQUIRED
				
	 49-50
	  	BLANK FILL	  	2 POS ALPHA	  	BLANK FILL
				
	 51-59
	  	ORIGINAL LOAN AMOUNT	  	9 POS NUM	  	NO CENTS; REQUIRED
				
	 60-70
	  	ZERO FILL	  	11 POS NUM	  	ZERO FILL
				
	 71-77
	  	WAREHOUSE INT RATE	  	7 POS NUM	  	11.375% = “1137500”
				
	 78-88
	  	THIRD PARTY LOAN NUMBER	  	11 POS NUM	  	SELLER’S LOAN NUMBER
				
	 89-93
	  	WAREHOUSE NUMBER	  	5 POS NUM	  	‘50000’
				
	 94-125
	  	ZERO FILL	  	32 POS NUM	  	ZERO FILL
				
	 126-128
	  	BLANK FILL	  	3 POS ALPHA	  	BLANK FILL
				
	 	  	LAYOUT FOR 011-3 RECORD - APPLICATION LOAN INFORMATION (AOT ONLY)	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	‘011’
				
	 4
	  	BLANK FILL	  	1 POS ALPHA	  	BLANK FILL
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	‘3’
				
	 15-29
	  	ZERO FILL	  	15 POS NUM	  	ZERO FILL
				
	 30-39
	  	SHORT NAME	  	10 POS ALPHA	  	LAST NAME ONLY
				
	 40-48
	  	P&I CONSTANT	  	9 POS NUM	  	WITH CENTS
				
	 49-50
	  	BLANK FILL	  	2 POS ALPHA	  	BLANK FILL
				
	 51-71
	  	ZERO FILL	  	21 POS NUM	  	ZERO FILL
				
	 72-77
	  	APPLICATION DATE	  	6 POS NUM	  	MMDDYY
				
	 78-83
	  	CLOSING DATE	  	6 POS NUM	  	MMDDYY
				
	 84-90
	  	ZERO FILL	  	7 POS NUM	  	ZERO FILL
				
	 91-101
	  	SALES PRICE	  	11 POS NUM	  	WITH CENTS
				
	 102-128
	  	BLANK FILL	  	27 POS ALPHA	  	BLANK FILL

  

 15 

 RECORD LAYOUT FOR BULK ACQUISITIONS ONLY 
  

	POSITIONS

	  	 FIELD NAME

	  	 FORMAT

	  	 DESCRIPTION

				
	 	  	LAYOUT FOR 011-4 RECORD -APPLICATION LOAN INFORMATION (AOT ONLY)	  	 	  	 
				
	 1-3
	  	TRAN CODE	  	3 POS NUM	  	011’
				
	 4
	  	HARDCODE ‘A’	  	1 POS ALPHA	  	HARDCODE ‘A’
				
	 5
	  	COMPANY #	  	1 POS NUM	  	ALWAYS “1”
				
	 6-13
	  	CHASE LOAN #	  	8 POS NUM	  	TO BE ASSIGNED
				
	 14
	  	SUB CODE	  	1 POS NUM	  	“4”
				
	 15-16
	  	HARDCODE ‘44’	  	2 POS NUM	  	HARDCODE ‘44’
				
	 17-18
	  	BLANK FILL	  	2 POS ALPHA	  	BLANK FILL
				
	 19-20
	  	HARDCODE ‘88’	  	2 POS NUM	  	HARDCODE ‘88’
				
	 21-26
	  	BLANK FILL	  	6 POS ALPHA	  	BLANK FILL
				
	 27-30
	  	ZERO FILL	  	4 POS NUM	  	ZERO FILL
				
	 31-32
	  	BLANK FILL	  	2 POS ALPHA	  	BLANK FILL
				
	 33-38
	  	ACQUISTION DATE	  	6 POS NUM	  	FORMAT MMDDYY - DATE PAYMENT EXPECTED FOR ACQUIRED LOANS
				
	 39-89
	  	BLANK FILL	  	51 POS ALPHA	  	BLANK FILL
				
	 90-100
	  	CURRENT PRINCIPAL BALANCE	  	11 POS NUM	  	WITH CENTS
				
	 101
	  	HARDCODE “Y”	  	1 POS ALPHA	  	HARDCODE ‘Y’
				
	 102-122
	  	BLANK FILL	  	21 POS ALPHA	  	BLANK FILL
				
	 123-128
	  	DATE OF TRANSFER	  	6 POS NUM	  	FORMAT MMDDYY - DATE OF CREATION OF TAPE

  

 16 

 EXHIBIT K 
  
 [LETTERHEAD OF FINANCING ENTITY] 
  
 SAMPLE LIEN RELEASE 
  
 [DATE] 
  
 Anthony P. Meli, Jr., CMB 
 Chase Manhattan Mortgage Corporation 
 343 Thornall Street 
 Edison, NJ 08837 
  

	 	Re:	[Seller Name] 

  
 Dear Mr. Meli: 
  
 This letter
certifies that [name of financing entity] [is the agent for the group of lenders that are parties to the mortgage warehouse loan agreement/description of financing mechanism] with [seller name] dated [date]. [Name of financing
entity] further certifies that it has no right, title, or interest in the servicing rights related to the whole loan mortgages or mortgage pools delivered to you under the Purchase and Sale Agreement between Chase Manhattan Mortgage Corporation
and [seller name] dated [date]. 
  
 If you have any questions or
concern, please contact me at (        )          -             . 
  

	 Sincerely,

	
	 
	

 EXHIBIT L 
  

CORPORATE RESOLUTION 
  

 Resolution of Board of Directors 
  

		
	Of	 	 
	 	

	 	 	(Name of Originating Lender)

  
 Resolved first, that 
  

					
	  

 (Name
of Officer)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

					
	  

 (Name
of Officer)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

					
	  

 (Name
of Officer)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

					
	  

 (Name
of Officer)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

					
	  

 (Name
of Officer)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

					
	  

 (Name
of Officer)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

					
	  

 (Name
of Web Site Administrator)
	  	 the
	 	  

 (Title)
	 	And,	 	  

 (Sample Signature)

  
 of this corporation, or any one or
more of them or their duly elected or appointed successors in office, be and each of them is hereby authorized and empowered in the name of and from time to time while these resolutions are in effect, to execute any and all agreements, contracts,
assignments, endorsements, and furnish any information required or deemed necessary or proper by Chase Manhattan Mortgage Corporation in connection with any of the foregoing. 
  
 I HEREBY CERTIFY that the foregoing is a true and correct copy of a resolution presented to and adopted by the Board of Directors of:

  
 ____________________________________________________________________________________________________________ 
 at a meeting duly called and held at

 ______, ___________________________________________, _______________________________________________________ 
 on ______________ at which a quorum was present and voted and that such resolution is duly recorded in the minute book of this corporation; that the officers named in
said resolution have incumbents of the respective offices set after their respective names. 
  
 (Corporate Seal) 
  

	 
	
	 
	

	(Secretary)

	 TO:
	 	 Chase Manhattan Mortgage Corporation
 ___________________Sales Manager

		
	 FR:
	 	 ___________________________________(Seller)
 ________________________________Telephone Number
 ________________________________Fax Number

		
	 Date:
	 	 
		
	 Re:
	 	Sale of Servicing Rights
		
	 	 	 ________Sale (20% Deposit)             Type of Sale: ___Bulk
____Co-Issue
 ________Transfer (___%)                  ____ FHLMC _____
FNMA ___ GNMA

  

 To support our requested funding for the Sale of Servicing Rights, enclosed are the following: 
  

	 	•	a hard copy and disc in Excel, Lotus, or ASCI text file format containing this month’s billing for Servicing Rights. The disc contains the data elements listed on the attached
Data Fields Requested for Funding. 

  

	 	•	copies of the pool documents required for each type of delivery, 

  

	 FNMA

	  	 FHLMC

	  	 GNMA

	 Pool Schedule Form 2005
	  	Pool Schedules	  	Pool Cover, Form 11705
	 Pool Package Edit Sheet
	  	Form 381	  	Pool Schedule, Form 11706
	 	  	Form 15A containing	  	 
	 	  	Pool No., geographic	  	 
	 	  	disperson, and evidence	  	 
	 	  	of WAC and Guaranty	  	 
	 	  	Fee	  	 

  

	 	•	a month-end trial balance, 

  

	 	•	a Monthly Certification duly executed by an officer of our firm, 

  
 Please wire the proceeds to: 
  

	 Bank Name:
	 	 
	 	

	 Bank ABA:
	 	 
	 	

	 Account Name:
	 	 
	 	

	 Account No.:
	 	 
	 	

	 Attn:
	 	 
	 	

  
 Please call and fax a hard copy of the
final billing to: 
  
 ____________________________Name __________________Telephone
____________________Fax 

 CHASE MANHATTAN MORTGAGE CORPORATION 
  
 Data Fields Requested for Funding 
 Time of Request: Sale 
 Requested Format: ASCII Text File 
  
 Pool/Aggregate 
 WAM: Weighted Average
Pool 
 FHLMC PC, Cash, etc. 
 Guarantee fee 
 Guaranty Fee: Buy Up, Buy Down 
 FHLMC Accounting Net Yield 
 FHLMC Contract No. 
 Issue date of Pool 
 Pool Number 
 Remittance Type (2 day ARC, A/A, S/S) 
 Security Coupon 
 Service Fee 
 Total Principal Balance 
 Transfer Date 
 WAC: Weighted Average Coupon 
 WTD Average Service Fee 
  
 Loan Level 
 ARM Margin 
 Buydown (Y/N) 
 Escrow (Y/N) 
 Escrow Balance 
 FHA/VA/CONV 

First Payment Date 
 FNMA/FHLMC/GNMA I/GNMA II 
 Type of Security: FNMA Major, Cash, FHLMC PC, Gold 
 Gross Margin 

Loan Number 
 Loan Type: Fixed, Arm, Balloon 
 Name of Borrower 
 Net Service Fee 
 Note Interest Rate 
 Original Loan Amount 
 Unpaid Principal Balance 
 Owner occupied (Y/N) 
 P&I 
 Paid to Date 
 Property type (Condo, Pud, One family, 2-4) 
 Purchase Price 
 Remaining Loan Term 
 State 
 Original Loan Term 

 BULK SUMMARY BILLING 
 APRIL 1997 
  

	 Wire Date

	  	Enter Date Here

	 
	 Type

	  	FNMA

	 	 	FHLMC CASH

	 	 	FHLMC PC

	 	 	TOTAL

	 
	 # of Pool
	  	 	47	 	 	 	 	 	 	 	22	 	 	 	69	 
	 # of Loans
	  	 	1,229	 	 	 	3	 	 	 	236	 	 	 	1,468	 
	 UPB
	  	$	126,623,292.32	 	 	$	363,968.59	 	 	$	25,454,469.92	 	 	$	152,441,730.83	 
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Purchase Price
	  	$	 1,846,941.84	 	 	$	3,399.04	 	 	$	342,403.07	 	 	$	2,192,743.95	 
	 Excess Service Fee
	  	 	#VALUE!	 	 	 	—  	 	 	 	20,553.65	 	 	 	#VALUE!	 
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Net Purchase Price
	  	 	#VALUE!	 	 	$	3,399.04	 	 	$	362,956.72	 	 	 	#VALUE!	 
	 Release Amount Percentage
	  	 	20.00	%	 	 	20.00	%	 	 	20.00	%	 	 	20.00	%
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

	 Net Wire Amount
	  	 	#VALUE!	 	 	$	679.81	 	 	$	72,591.34	 	 	 	#VALUE!	 
	 	  	
	
	
	 	
	
	
	 	
	
	
	 	
	
	

  

 EXHIBIT C-2 
  
 MONTHLY CERTIFICATE 
  
 I, ________________________, a duly authorized officer of _____________________________________________ (“the “Seller”) under the Agreement for the
Purchase of ___________ Servicing dated as of _________,199__ between Chase Manhattan Mortgage Corporation (the “Purchaser”) and the Seller hereby certify to the Purchaser pursuant to the Agreement on the Sale Date scheduled
for _____________. 
  
 1. The Seller has complied in all
material respects with all provisions of the Agreement, Agency Requirements and the Servicing Transfer Procedures (except to the extent later compliance is expressly authorized therein) applicable to Seller. 
  
 2. All Seller’s representations and warranties included in Sections 5.02
and 5.03 of the Agreement are true and correct in all material respects as of the date hereof and the Sale Date. 
  
 3. Without limiting the generality of the foregoing and as of the Sale Date and the date hereof (i) the Mortgage Loans Schedules delivered to the Agencies
were and are true, correct and complete, and (ii) the Servicing Rights were not and are not subject to any lien, pledge or other encumbrance. 
  
 4. The Seller’s accounting method with respect to the service fees associated with the Servicing Rights sold under the Agreement conforms to the
“Safe Harbor” provisions of Revenue Ruling 91-46. This is in effect and will continue to remain in effect for the Servicing Rights delivered under the Agreement. 
  
 5. There has been no material adverse change in the Seller’s financial conditions since the date of the Seller’s
most recent financial statements delivered to the Purchaser which would affect the Seller’s ability to perform all of its obligations under the Agreement. 
  

IN WITNESS WHEREOF, the undersigned has set his hand hereunto this day of ____________, 199__. 
  

		
	By:	 	 
	 	

	 Typed Name and Title:
	 	 
	 	

 BULK FNMA BILLING 
 APRIL 1997 
  

	 Pool #

	 	Type

	 	Issue
Month

	 	# of
Loans

	 	UPB

	 	Term

	 	Purchase
Price (%)

	 	Purchase
Price ($)

	 	Wtd Avg
Interest
Rate

	 	Wtd Avg
Security
Rate

	 	Wtd Avg
Guaranty
Fee

	 	Wtd Avg
Net
Service Fee

	 	Wtd Avg
Excess Svc
Fee

	 	Excess Svc
Fee ($) up
to .XX%

	 	Illegible

	 373796
	 	 FNMA
	 	 35521
	 	 49
	 	 7,045,734.99
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.623%
	 	 7.00%
	 	 0.328%
	 	 0.xxxxxx%
	 	 0.xxxxxx%
	 	$	x,xxx.xx	 	Illegible
	 373795
	 	 FNMA
	 	 35521
	 	 115
	 	 14,132,695.50
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.001%
	 	 7.50%
	 	 0.230%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376528
	 	 FNMA
	 	 35521
	 	 10
	 	 1,008,074.87
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.881%
	 	 8.50%
	 	 0.131%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376526
	 	 FNMA
	 	 35521
	 	 15
	 	 2,012,169.33
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.639%
	 	 8.00%
	 	 0.238%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376525
	 	 FNMA
	 	 35521
	 	 18
	 	 2,009,079.66
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.007%
	 	 7.50%
	 	 0.236%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376536
	 	 FNMA
	 	 35521
	 	 15
	 	 1,784,175.00
	 	 360
	 	 x.xxxx%
	 	 $xx.xxx.xxx.xx
	 	 8.533%
	 	 8.00%
	 	 0.217%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250940
	 	 FNMA
	 	 35521
	 	 2
	 	 155,271.62
	 	 240
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.875%
	 	 7.50%
	 	 0.125%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376543
	 	 FNMA
	 	 35521
	 	 97
	 	 10,690,029.00
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.069%
	 	 7.50%
	 	 0.284%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376542
	 	 FNMA
	 	 35521
	 	 28
	 	 3,520,627.72
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.613%
	 	 7.00%
	 	 0.317%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 376544
	 	 FNMA
	 	 35521
	 	 23
	 	 2,080,050.00
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.525%
	 	 8.00%
	 	 0.258%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250914
	 	 FNMA
	 	 35521
	 	 6
	 	 589,450.00
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 9.039%
	 	 8.50%
	 	 0.287%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 251104
	 	 FNMA
	 	 35521
	 	 2
	 	 242,000.00
	 	 240
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.316%
	 	 8.00%
	 	 0.066%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250969
	 	 FNMA
	 	 35521
	 	 3
	 	 224,500.00
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.118%
	 	 6.50%
	 	 0.308%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250913
	 	 FNMA
	 	 35521
	 	 8
	 	 706,750.00
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.589%
	 	 8.00%
	 	 0.267%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250977
	 	 FNMA
	 	 35521
	 	 11
	 	 797,962.79
	 	 120
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.555%
	 	 7.00%
	 	 0.303%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 373811
	 	 FNMA
	 	 35521
	 	 20
	 	 1,906,250.00
	 	 180
	 	 x.xxxx%
	 	 $xx.xxx.xxx.xx
	 	 7.059%
	 	 6.50%
	 	 0.282%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 373809
	 	 FNMA
	 	 35521
	 	 26
	 	 1,762,125.00
	 	 180
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.989%
	 	 7.50%
	 	 0.223%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 377906
	 	 FNMA
	 	 35521
	 	 37
	 	 4,118,133.70
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.067%
	 	 7.50%
	 	 0.271%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 373810
	 	 FNMA
	 	 35521
	 	 56
	 	 5,411,523.10
	 	 180
	 	 x.xxxx%
	 	 $xx.xxx.xxx.xx
	 	 7.582%
	 	 7.00%
	 	 0.301%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 251100
	 	 FNMA
	 	 35521
	 	 3
	 	 106,000.00
	 	 180
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 8.465%
	 	 8.00%
	 	 0.215%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250976
	 	 FNMA
	 	 35521
	 	 1
	 	 120,000.00
	 	 120
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.000%
	 	 6.50%
	 	 0.250%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 251101
	 	 FNMA
	 	 35521
	 	 7
	 	 639,500.00
	 	 180
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 6.497%
	 	 6.00%
	 	 0.237%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 377907
	 	 FNMA
	 	 35521
	 	 19
	 	 2,416,753.30
	 	 360
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.557%
	 	 7.00%
	 	 0.289%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 373812
	 	 FNMA
	 	 35521
	 	 15
	 	 1,337,550.00
	 	 180
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.558%
	 	 7.00%
	 	 0.282%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250937
	 	 FNMA
	 	 35521
	 	 9
	 	 710,550.00
	 	 180
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.968%
	 	 7.50%
	 	 0.204%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 369986
	 	 FNMA
	 	 35521
	 	 21
	 	 2,851,600.00
	 	 84
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.526%
	 	 7.00%
	 	 0.275%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250922
	 	 FNMA
	 	 35521
	 	 8
	 	 926,087.83
	 	 84
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.037%
	 	 6.50%
	 	 0.284%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 250974
	 	 FNMA
	 	 35521
	 	 6
	 	 603,150.00
	 	 84
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 7.875%
	 	 7.50%
	 	 0.125%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	 251103
	 	 FNMA
	 	 35521
	 	 1
	 	 170,000.00
	 	 84
	 	 x.xxxx%
	 	 $xx,xxx,xxx.xx
	 	 6.625%
	 	 6.00%
	 	 0.375%
	 	 0.xxxxxx%
	 	 #VALUE!
	 	 	#VALUE!	 	#VALUE!
	
	 	 	 	 	 	
	 	
	 	 	 	 	 	
	 	 	 	 	 	 	 	 	 	 	 	
	
	 	

	 29
	 	 	 	 	 	 631
	 	 $70,077,793.41
	 	 	 	 	 	 $—  
	 	 	 	 	 	 	 	 	 	 	 	 	#VALUE!	 	#VALUE!
	
	 	 	 	 	 	
	 	
	 	 	 	 	 	
	 	 	 	 	 	 	 	 	 	 	 	
	
	 	 

  

	 CHASE MANHATTAN MORTGAGE CORPORATION
	  	CONFIDENTIAL	  	 

  

	 Fannie Mae
	  	Pool Number	  	370023	  	Plan Number	  	00000	  	 	  	 	  	 Report Date/Time
 01/02/97 – 13:45 Page

	Schedule of Mortgages - Form 2005	  	Pool Status	  	 	  	- FIXED	  	 	  	Multifamily Flag	  	No	  	 
	 	  	Amortization Type	  	1 - Fixed Rate	  	ARM Flex Flag	  	No	  	Assumable Flag	  	No	  	Weighted Average Calculations
	 Seller Number
	  	Loan Type	  	3 - Conventional	  	Fixed MBS Margin	  	0.000	  	Interest Only Flag	  	No	  	 
	 Servicer Number
	  	Pool Type	  	S - Single	  	Fixed Servicing Fee	  	0.00	  	Balloon Flag	  	No	  	 
	 	  	Participation Percent	  	100	  	Maximum Pool Accrual Rate	  	0.000	  	 	  	 	  	 
	 Lender Name
	  	Pool Issue Date	  	01/01/97	  	Minimum Pool Accrual Rate	  	0.000	  	Pool Feature Codes	  	 	  	 
	 Address
	  	Book-Entry Date	  	01/14/97	  	 	  	 	  	 	  	 	  	 
	 	  	Pass-Through Rate	  	8.000	  	Accrual Rate Method	  	Stated	  	 	  	 	  	 
	 	  	Remittance Day	  	18	  	Standard Lookback Days	  	0	  	 	  	 	  	 Weighted Average Guaranty
 Fee
17.49

	 Contact
 Telephone
	  	 Financial Inst. No.
 Package Edit
Status
	  	 20000501105
 Warning
	  	Rounding Feature Code	  	 	  	 	  	 	  	 

  
 POOL COMMENT: 
  

	 Lender
Loan No.
FNMA
Loan No.
Contract

	 	Borrower Last
Name Street
Address City,
State Zipcode

	 	Occ. Code
No. Units
Proj. Type

	 	LTV
Ratio
FLRC
Code

	 	MI Code
MI Adjust
MI Pcent

	 	MI
Certificate
Section of Act

	 	*– Guaranty Fees –*

	 	Const.
P & I
Note Rate
Orig.
Note

	 	First
Paymnt
Last
Paymnt
Call Date

	 	Orig.
Term
Remain
Term
Stated Term

	 	Original UPB
Issue Date
UPB
Actual UPB

	 	Sp Feat 1-3
Sp Feat 4-6
GEM % Incr

	 	Int
Only End
1st
Rate Chg
1st Pay
Chg

	 	Mtg
Floor
Mtg
Ceiling
Mtg
Margin

	 	Ln Er
Pkg E

	 	 	 	 	 	 	Contract
After
APM

	 	Rate Per
BP
After BU/BD

	 	 	 	 	 	 	 	 
	 4108627
    
     P04717
	 	 ESCABA
 16 WAVEY WILLOW LANE
 MONTGOMERY,         NY 12549
	 	 1
 1
	 	 80
 F
    
	 	N
    	 	 	 	 21.38
 21.38
	 	 4.95
 12.50
 Brought Down
	 	 912.09
 8.3750
 0.0000
	 	 02/01/97
 01/01/97
	 	 360
 360
 360
	 	 120,000.00
 120,000.00
 120,000.00
	 	 180
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 4111605
    
     P04717
	 	 SALENIUS
 LOT 28 WOOD DRIVE
 MENDON,        MA 01756
	 	 1
 1
	 	 80
 F
    
	 	 N
    
 000
	 	 	 	 21.38
 21.38
	 	 4.95
 14.50
 Brought Down
	 	 1,019.63
 8.3950
 0.0000
	 	 01/01/97
 01/01/97
	 	 357
 356
 356
	 	 133,650.00
 133,565.36
 133,565.36
	 	 180
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 4113270
    
     P04717
	 	 ALVES III
 53 INGELL STREET
 TAUNTON,        MA 02780
	 	 1
 1
	 	 68
 F
    
	 	 N
    
 000
	 	 	 	 21.38
 21.38
	 	 0.00
 21.38
	 	 897.69
 8.6450
 0.0000
	 	 01/01/97
 01/01/97
	 	 357
 356
 356
	 	 115,000.00
 114,930.79
 114,930.79
	 	 180
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 4117123
    
     P04717
	 	 DOSEAU
 645 EAST 80TH STREET
 NEW YORK,        NY 11236
	 	 1
 2
	 	 95
 F
    
	 	 6
 N
 035
	 	88024316	 	 21.38
 21.38
	 	 4.95
 20.00
 Brought Down
	 	 1,795.95
 8.4500
 0.0000
	 	 02/01/97
 01/01/97
	 	 360
 360
 360
	 	 234,650.00
 234,650.00
 234,650.00
	 	 180 106
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	WARN
	 	 	        Loan Comment: COMMUNITY HOME BUYER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 4133351
    
     P04717
	 	 BENZ
 25 EAST LANE
 WESLEY HILLS,        NY 10977
	 	 1
 1
	 	 90
 F
    
	 	 1
 N
 025
	 	7400551426	 	 21.38
 21.38
	 	 0.00
 21.38
	 	 1,251.90
 8.6000
 0.0000
	 	 02/01/97
 01/01/97
	 	 360
 360
 360
	 	 161,325.00
 161,325.00
 161,325.00
	 	 009 180
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 4148110
    
     P04717
	 	 GALVIN
 25 HIGH LANE
 LEVITTOWN,        NY 11756
	 	 1
 1
	 	 97
 F
    
	 	 1
 N
 030
	 	7400555790	 	 21.38
 21.38
	 	 4.95
 12.50
 Brought Down
	 	 956.78
 8.3750
 0.0000
	 	 02/01/97
 01/01/97
	 	 360
 360
 360
	 	 125,880.00
 125,880.00
 125,880.00
	 	 180 212 121
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 	 	        Loan Comment: COMMUNITY HOME BUYER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 4151213
    
     P04717
	 	 PRAVOSUDKO
 6005 YARROW STREET
#11-B
 ARVADA,        CO 80004
	 	 1
 1
 A
	 	 97
 F
    
	 	 6
 N
 030
	 	8867863	 	 21.38
 21.38
	 	 4.95
 12.50
 Brought Down
	 	 486.45
 8.3750
 0.0000
	 	 01/01/97
 12/01/96
	 	 360
 359
 359
	 	 64,000.00
 63,960.22
 64,000.00
	 	 180 212 121
    
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 	 	        Loan Comment: COMMUNITY HOME BUYER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 4153375
    
     P04717
	 	 HALE
 414 21ST STREET
 GREELEY,        CO 80631
	 	 1
 1
	 	 97
 F
	 	 6
 N
 030
	 	8876369	 	 21.38
 21.38
	 	 0.00
 21.38
	 	 557.47
 8.5000
 0.0000
	 	 02/01/97
 01/01/97
	 	 360
 360
 360
	 	 72,500.00
 72,500.00
 72,500.00
	 	 212 180
 121
 0.000
	 	 	 	 0.0000
 0.0000
 0.0000
	 	 
	 	 	        Loan Comment: COMMUNITY HOME BUYER	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Total Loans in Pool: 8
	 	 	 	___________	 	 	 	________________	 	 	 	 	 	 	 	 
	 	 	Total P & I =         7,877.96	 	 Total Issue UPB    = 1,026,811.37
 Total Actual UPB = 1,026,851.15
	 	 	 	 	 	 	 	 

  

 Date:
01-02-1997                                       
                         Pool Submission
System                                       
                           PAGE: 1 
 Time:
13:44:39                                       
                                     Pool Package Edit

  

	 	Note:	The statistics that are printed here are for informational purposes only. The final values may vary. They will be calculated and published by Fannie Mae. 

 

	 Pool Number 370023
	 	 	 	 	 	 	 
				
	 Pool Issue Date
	 	01/01/97	 	 	 	 	 
	 Amortization Type
	 	1- (Fixed)	 	 	 	 	 
	 Pass–Through Rate
	 	8.000	 	 	 	 	 
	 ARM Flex
	 	N	 	 	 	 	 
	 Pool Accrual Rate Method
	 	S	 	 	 	 	 
	 MBS Margin
	 	Fixed	 	 	 	 	 
	 Participation Percent
	 	100	 	 	 	 	 
	
	Pool Statistics
				
	 Number of Loans
	 	8	 	 	 	 	 
	 Issue UPB
	 	1,026,811.37	 	 	 	 	 
				
	 Weighted Avg Note Rate
	 	8.469	%	 	 	 	 
	 Weighted Average Maturity
	 	359	 	 	 	 	 
				
	 Average Pool Term
	 	359	 	 	 	 	 

  
 Guaranty Fee
Buyup/Buydown Table 
  

	 Note Rate

	  	Number
Loans

	  	Total Issue UPB
(Part. %)

	  	Guaranty Fee
After APM

	  	Guaranty Fee
After B/B (Wtd.)

	  	Buyup/Buydown
Fee per BP

	  	Buyup (+)/
Buydown(-) Amount

	 8.375 – 8.499
	  	4	  	443,405.58	  	21.38	  	13.10	  	4.95	  	$	-1,816.80
	 8.500 – 8.624
	  	2	  	307,150.00	  	21.38	  	20.33	  	0.00	  	$	-160.29
	 8.625 – 8.749
	  	2	  	276,255.79	  	21.38	  	21.38	  	0.00	  	$	+0.00
	 	  	 	  	
	  	 	  	 	  	 	  	
	

	 Total UPB
	  	 	  	1,026,811.37	  	 	  	 	  	 	  	 	 
	 Buyup Dollar Amount (+)
	  	 	  	 	  	 	  	 	  	 	  	$	+0.00
	 Buydown Dollar Amount (-)
	  	 	  	 	  	 	  	 	  	 	  	$	-1,977.09
	 	  	 	  	 	  	 	  	 	  	 	  	
	

	 Net Buyup(+)/ Buydown(-)
	  	 	  	 	  	 	  	 	  	 	  	$	-1,977.09
	 Weighted Avg Guaranty Fee After B/B
	  	 	  	 	  	 	  	17.49	  	 	  	 	 
							
	 Total Issue UPB of Investment Loans
	  	 	  	 	  	 	  	0.00	  	 	  	 	 

  
 Loan Statistics

  

	 	 	 Mortgage Margin

	 	 Minimum Mortgage
Interest Rate

	 	 Maximum Mortgage
Interest Rate

	 	 Note Rate

	 	 Remaining Term
to Maturity

	 Minimum
	 	N/A	 	N/A	 	N/A	 	8.3750	 	356
	 Maximum
	 	N/A	 	N/A	 	N/A	 	8.6450	 	360Agreement for the Purchase of Servicing Co_Issue

 EXHIBIT 10.3 
  
 AGREEMENT 
  
 FOR THE PURCHASE OF SERVICING 
 COISSUE FHLMC(Conventional) 
  
 BETWEEN

  
 CHASE MANHATTAN MORTGAGE CORPORATION 
  
 PURCHASER 
  
 AND 
  
 CRESCENT BANKING COMPANY, 
 CRESCENT
MORTGAGE SERVICES, INC., AND 
 CRESCENT BANK & TRUST COMPANY 
  
 SELLER 
  
 Dated as of November 1, 1997 
  
 November 1, 1997 

 Table of Contents 
  

	 ARTICLE I: DEFINITIONS
	  	5
		
	 ARTICLE II: CONVEYANCE FROM SELLER TO PURCHASER BY PURCHASER
	  	11
			
	 Section 2.01:
	  	 Conveyance of Servicing Rights: Possession of Servicing Files
	  	11
			
	 Section 2.02:
	  	 Assignments of Mortgage
	  	11
			
	 Section 2.03:
	  	 Seller Covenants Regarding Transfer of Servicing
	  	11
			
	 Section 2.04:
	  	 Purchaser Covenants Regarding Transfer of Servicing
	  	15
		
	 ARTICLE III: PURCHASE PRICE
	  	15
			
	 Section 3.01:
	  	 Calculation of the Purchase Price
	  	15
			
	 Section 3.02:
	  	 Payment and Monthly Certification
	  	16
			
	 Section 3.03:
	  	 Broken Pools
	  	16
			
	 Section 3.04:
	  	 Purchase Price Adjustment and Holdback
	  	16
		
	 ARTICLE IV: SERVICING OF THE MORTGAGE LOANS
	  	16
			
	 Section 4.01:
	  	 Purchaser to Service Pursuant to the Agency Requirements
	  	16
		
	 ARTICLE V: REPRESENTATIONS, WARRANTIES AND AGREEMENTS
	  	17
			
	 Section 5.01:
	  	 Representations, Warranties and Agreements of Purchaser
	  	17
			
	 Section 5.02:
	  	 Representations and Warranties of the Seller
	  	18
			
	 Section 5.03:
	  	 Representations and Warranties of the Seller as to Mortgage Loans
	  	21
			
	 Section 5.04:
	  	 Compliance with Percentage Limitations
	  	28
		
	 ARTICLE VI: REMEDIES AND INDEMNIFICATION
	  	28
			
	 Section 6.01:
	  	 Remedies for Breach of Representations and Warranties of the Purchaser
	  	28
			
	 Section 6.02:
	  	 Remedies for Breach of Representations and Warranties of the Seller
	  	29
			
	 Section 6.03:
	  	 Seller’s Repurchase and Related Indemnification Obligations
	  	30
			
	 Section 6.04:
	  	 Additional Indemnification by the Seller
	  	31
			
	 Section 6.05:
	  	 Purchaser’s Indemnification Obligations
	  	32
		
	 ARTICLE VII: CLOSING CONDITIONS AND DOCUMENTS
	  	32
			
	 Section 7.01:
	  	 Purchaser’s Conditions
	  	32
			
	 Section 7.02:
	  	 Seller’s Conditions
	  	34
			
	 Section 7.03:
	  	 Closing Documents
	  	34
			
	 Section 7.04:
	  	 Closing Documents for Subsequent Settlements
	  	35
			
	 Section 7.05:
	  	 Additional Covenants of the Seller
	  	35
			
	 Section 7.06:
	  	 Additional Covenants of the Purchaser
	  	36
		
	 ARTICLE VIII: MISCELLANEOUS PROVISIONS
	  	36
			
	 Section 8.01:
	  	 Costs
	  	36
			
	 Section 8.02:
	  	 Taxes and Insurance
	  	36

  

 2 

			
	 Section 8.03:
	  	 Cooperation
	  	37
			
	 Section 8.04:
	  	 Protection of Confidential Information
	  	37
			
	 Section 8.05:
	  	 Publicity
	  	37
			
	 Section 8.06:
	  	 Termination
	  	37
			
	 Section 8.07:
	  	 Notices
	  	37
			
	 Section 8.08:
	  	 Severability Clause
	  	38
			
	 Section 8.09:
	  	 Counterparts
	  	38
			
	 Section 8.10:
	  	 Place of Delivery and Governing Law
	  	38
			
	 Section 8.11:
	  	 Further Agreements
	  	38
			
	 Section 8.12:
	  	 Intention of the Parties
	  	39
			
	 Section 8.13:
	  	 Successors and Assigns: Assignment of Servicing Rights Purchase Agreement
	  	39

  

 3 

 AGREEMENT FOR THE PURCHASE OF SERVICING RIGHTS 
  
 This is an Agreement (the “Agreement”), dated as of November 1,
1997 by and between CHASE MANHATTAN MORTGAGE CORPORATION, a New Jersey corporation, having an office at 343 Thornall Street, Edison, New Jersey 08837 (the “Purchaser”) and CRESCENT BANKING COMPANY (CBC) having an office at 251 Highway 515,
Jasper, GA 30143 (Parent); CRESCENT MORTGAGE SERVICES, INC. (CMSI) having an office at 115 Perimeter Center Place, NE, Suite 285, Atlanta, GA 30346; and CRESCENT BANK & TRUST COMPANY (CBTC) having an office at 115 Perimeter Center Place, NE,
Suite 285, Atlanta, GA 30346 (individually and collectively referred to as “Seller”) 
  
 BACKGROUND 
  
 This
Agreement relates to the Seller’s desire to sell to Purchaser, and the Purchaser’s desire to purchase from Seller the Servicing Rights associated with Pools comprised of conventional Mortgage Loans. The parties contemplate that the sale of
servicing hereunder will continue for a twelve (12) month period commencing in November 1997 and that during such period the Seller will sell and the Purchaser will purchase the Servicing Rights for loans hereunder with an aggregate unpaid principal
balance of approximately $120 million to $240 million. 
  
 The
parties also expect that each month beginning with November 1997 issue pools the Servicing Rights will be sold under this Agreement for Mortgage Loans with an unpaid principal balance of $10 million up to $20 million (“CoIssue Sale”). The
transfer dates for these monthly sales are identified in the Schedule of Transfer Dates attached hereto as Exhibit H. 
  
 All of the Servicing Rights to be transferred hereunder will be on a non-recourse basis. Capitalized terms used in this Background section are defined in
Article I hereof. 
  

 4 

 ARTICLE I 
  

DEFINITIONS 
  
 Whenever used herein, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 
  
 1.1. Act: The Cranston-Gonzales National Affordable Housing Act of
1990, as amended from time to time. 
  
 1.2. Agency: FNMA
and/or FHLMC, as applicable. 
  
 1.3. Agency Agreement: The
agreement or agreements (including all master commitments, pool purchase contracts and all exhibits, schedules, amendments and supplements thereto) between the Seller and the relevant Agency relating to Mortgage Loans to be transferred to such
Agency by the Seller and the servicing thereof or otherwise affecting the Servicing Rights. 
  
 1.4. Agency Consent: The written consent or approval, if applicable, of an Agency to the transfer of the Servicing Rights from the Seller to Purchaser, provided that, in the sole judgment of Purchaser exercised
in good faith, such consent or approval does not reduce or limit the rights or compensation of the servicer under the applicable Agency Requirements. 
  
 1.5. Agency Guides: The FHLMC Guide or FNMA Guide, as applicable. 
  
 1.6. Agency Requirements: The applicable rules, regulations, directives and instructions of an Agency, including,
without limitation, the applicable requirements of the Agency Guides and the Agency Agreements. 
  
 1.7. Agreement: This Agreement for the Purchase of Servicing, including all Exhibits and Schedules attached hereto or delivered pursuant hereto,
and all amendments hereof and supplements hereto. 
  
 1.8.
ALTA: The American Land Title Association or any successor thereto. 
  
 1.9. Assignment of Mortgage: An assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property
is located to reflect the sale of the Mortgage to an Investor. 
  
 1.10. Business Day: Any day other than (i) a Saturday or Sunday, or (ii) a day on which banking and savings and loan institutions in the State of New Jersey are authorized or obligated by law or executive order to be closed.

  
 1.11. Closing Documents: The documents enumerated in
Section 7.03 hereof. 
  
 1.12. Condemnation Proceeds: All
awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or 

  

 5 

 
condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents. 
  
 1.13. Conventional Loan: A conventional residential fixed rate
mortgage loan which is a Mortgage Loan. 
  
 1.14.
Custodian: An entity acting as a Mortgage Loan Document custodian under any Custodial Agreement or pursuant to Agency Requirements, or any successor in interest to the Custodian. 
  
 1.15. Date of Issuance: With respect to a Security, the date from which the Security holder’s rights to receive
principal and interest payments thereunder accrue. It is anticipated that Date of Issuance will be the first day of the calendar month in which the Settlement Date occurs. 
  
 1.16. Delivery Date: In the case of a FNMA MBS, the date of Seller’s certification (as “Lender”) on
FNMA Form 2005 and in the case of a FHLMC PC, the date inserted by FHLMC in the “date delivery received” item on FHLMC Form 381. 
  
 1.17. Due Date: The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace. 
  
 1.18. EDP: Electronic data processing system. 
  
 1.19. Escrow Account: An account maintained for the deposit of Escrow
Payments received in respect of one or more Mortgage Loans. 
  
 1.20. Escrow Payments: With respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal charges, mortgage insurance premiums, fire, hazard and flood insurance premiums,
condominium charges, and any other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to the requirements of applicable law, the Mortgage and any other document. 
  
 1.21. FHLMC: The Federal Home Loan Mortgage Corporation, or any
successor thereto. 
  
 1.22. FHLMC Guide: The FHLMC
Seller’s & Servicers’ Guide, and any amendments or additions thereto. 
  
 1.23. FHLMC PC: A mortgage backed security in the form of a participation certificate issued by FHLMC, which represents an undivided ownership interest in a Pool. 
  
 1.24. FNMA: The Federal National Mortgage Association, or any
successor thereto. 
  
 1.25. FNMA Guides: FNMA Selling
Guide and the FNMA Servicing Guide, and any amendments or additions thereto. 
  
 1.26. FNMA MBS: A mortgaged backed security issued by FNMA, which represents an undivided ownership interest in a Pool. 
  

 6 

 1.27. Foreclosure Loan: A Mortgage Loan with respect to which foreclosure proceedings have been
referred to an attorney or have been instituted and are pending or have been completed, or a deed in lieu of foreclosure has been accepted or is pending. 
  
 1.28. Insurance Proceeds: With respect to each Mortgage Loan, proceeds of insurance policies, insuring the Mortgage Loan or the related Mortgaged
Property. 
  
 1.29. Investor: Any owner, purchaser or
beneficiary (including any Agency or private investor) of the Mortgage Loans and any proceeds of, or interest from, the Mortgage Loans. 
  
 1.30. Liquidation Proceeds: Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment
of such Mortgage Loan, trustee’s sale, foreclosure sale or otherwise, or the sale of the related Mortgaged Property. 
  
 1.31. Loan-to-Value Ratio or LTV: With respect to any Mortgage Loan, the ratio of the outstanding principal amount of the Mortgage Loan as of the
date of origination of such loan to (a) in the case of a Mortgage Loan other than a refinanced Mortgage Loan, the lesser of (i) the purchase price of the Mortgaged Property or (ii) the appraised value of such Mortgaged Property as of such date,
expressed as a percentage, or (b) in the case of a refinanced Mortgage Loan, the appraised value of the Mortgaged Property as of such date, expressed as a percentage. 
  
 1.32. Monthly Certification: The certificate required under Sections 3.02 and 7.04 in the form attached as Exhibit
C-2. 
  
 1.33. Monthly Payment: The scheduled monthly
payment of principal and interest on a Mortgage Loan. 
  
 1.34.
Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note, which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note. 
  
 1.35. Mortgage Interest Rate: The annual rate at which interest
accrues on a Mortgage Note, in accordance with the provisions of the Mortgage Note. 
  
 1.36. Mortgage Loan: An individual 30 year fixed rate, 15 year fixed rate, 7 year balloon, or one year ARM Mortgage Loan which is included in a Pool and the Servicing Rights to which are the subject of this
Agreement. Notwithstanding the foregoing, no more than 5% of the unpaid principal balance of all the Mortgage Loans may have terms other than those terms specified above (“Odd Maturity Loans”). Any such Odd Maturity Loan shall be a fixed
rate, fully amortizing Mortgage Loan and the applicable Purchase Price related thereto shall be the Purchase Price payable for a 15 year fixed rate Mortgage Loan.. Each Mortgage Loan will be identified on the Mortgage Loan Schedule for the relevant
Pool and each Mortgage Loan includes without limitation the Monthly Payments, Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and all other rights, benefits, proceeds and obligations arising from or in
connection with such Mortgage Loan. All Mortgage Loans are Conventional Loans. 
  

 7 

 1.37. Mortgage Loan Documents: Any documents pertaining to any Mortgage Loan, including, without
limitation, the Mortgage Note, the recorded Mortgage, the recorded Assignment of Mortgage and all other recorded assignments, the title insurance policy and any PMI policy. 
  
 1.38. Mortgage Loan Schedule: In the case of case of (i) FNMA MBS, the relevant FNMA Form 2005, (ii) FHLMC PC, the
relevant FHLMC Form 11, in either case listing the Mortgage Loans included the related Pool on the applicable Settlement Date. 
  
 1.39. Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 
  
 1.40. Mortgaged Property: The real property securing repayment of the
debt evidenced by a Mortgage Note. 
  
 1.41. Mortgagor: The
obligor on a Mortgage Note. 
  
 1.42. Officer’s
Certificate: A certificate signed by the President or a Vice President of the Seller attached hereto as Exhibit C-l. 
  
 1.43. Opinion Counsel: A written opinion of counsel to the Seller, reasonably acceptable to the Purchaser, in form and substance of Exhibit D.

  
 1.44. Person: Any individual, corporation, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof. 
  
 1.45. PMI Policy: A policy of private mortgage guaranty insurance issued by a Qualified Insurer. 
  
 1.46. Pool: A group of Mortgage Loans which back the issuance of a
FNMA MBS and/or FHLMC PC and is otherwise segregated on the basis of applicable Agency Requirements and which is considered to be aggregated for the purposes of servicing. 
  
 1.47. Principal Prepayment: Any payment or other recovery of principal on a Mortgage Loan which is received in
advance of its scheduled Due Date, including any prepayment penalty or premium thereon, and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of
prepayment. 
  
 1.48. Prior Servicer: Any servicer of a
Mortgage Loan, other than the Seller. 
  
 1.49. Purchase
Price: The amount to be paid by the Purchaser to the Seller in exchange for the Servicing Rights for each Pool calculated and payable in accordance with Article III of this Agreement. 
  
 1.50. Purchase Price Payment Date: The date on which the Purchase Price for a Pool shall be payable which date shall
be the last day of the month provided that the funds required in Section 2.03 (f) and the documents required in Section 7.03 and 7.04 have been received. 
  
 1.51. Purchaser: Chase Manhattan Mortgage Corporation or its successor in interest or assigns. 
  

 8 

 1.52. Qualified Insurer: A mortgage guaranty insurance company duly authorized and licensed, where
required by law, to transact mortgage guaranty insurance business and approved as an insurer by FNMA and/or FHLMC as applicable 
  
 1.53. Reimbursement Amount: The amount paid by the Seller to the Purchaser with respect to any reimbursement of the Purchase Price related to the
Servicing Rights of a particular Mortgage Loans required due to a breach of any representation or warranty of the Seller contained in Sections 5.02 and 5.03 or required pursuant to Article VI hereof. The Reimbursement Amount with respect to the
Servicing Rights of each Mortgage Loan shall equal the percentage of Purchase Price paid by the Purchaser for the Servicing Rights multiplied by the then outstanding unpaid principal balance plus the amount of any advances or costs incurred by the
Purchaser related thereto through the date of such reimbursement. 
  
 1.54. Sale Date: The date all rights, title, and interests, in the Servicing Rights are transferred to the Purchaser from the Seller. 
  
 1.55. Security: A FNMA MBS or FHLMC PC. 
  
 1.56. Seller: Crescent Mortgage Services, Inc. (CMSI) and Crescent Bank & Trust Company (CBTC), owners of the Servicing Rights; and Crescent
Banking Company (CBC), parent of Crescent Mortgage Services, Inc. and Crescent Bank & Trust Company, a non-owner of the Servicing Rights but with all the duties and obligations of, and jointly and severally liable, as Seller under this
Agreement, their successors in interest and assigns. 
  
 1.57.
Servicing File: The documents, files and other items pertaining to a particular Mortgage Loan including, but not limited to, the computer files, data disks, books, records, data tapes, notes, and all additional documents generated as a result
of, utilized in originating and/or servicing each Mortgage Loan. 
  
 1.58. Servicing Rights: With respect to each Mortgage Loan any and all of the following: (a) all rights to service the Mortgage Loans; (b) any payments or monies payable or received or receivable for servicing the Mortgage Loans, (c)
any late fees, assumption fees, penalties or similar payments with respect to the Mortgage Loans; (d) all agreements or documents creating, defining or evidencing any such servicing rights and all rights of the Seller thereunder; (e) Escrow Payments
or other similar payments with respect to the Mortgage Loans and any amounts actually collected with respect thereto; (f) all accounts and other rights to payment related to any of the property described in this paragraph; (g) possession and use of
any and all Servicing Files pertaining to the Mortgage Loans or pertaining to the past, present or prospective servicing of the Mortgage Loans; (h) all rights and benefits relating to the direct solicitation of the related Mortgagors and attendant
right, title and interest in and to the list of such Mortgagors and data relating to their Mortgages; and (i) all rights, powers and privileges incident to any of the foregoing. 
  
 1.59. Servicing Transfer Procedures: The procedures by which the Seller shall effect the transfer to the Purchaser of
the Servicing Rights, including the Servicing Files and in accordance with Agency Requirements which procedures are attached hereto as Exhibit F-2(b). 
  

 9 

 1.60. Settlement Date: The date on which an Agency settles a Security and the Seller or its
designee receives payment (in the form of the Security or the purchase price paid therefore) for the Mortgage Loans comprising the Pool which backs such Security. 
  
 1.61. Third Party Lender: A lender other than Seller which has originated a Third Party Loan. 
  
 1.62. Third Party Loan: A Mortgage Loan which has been originated by a
Third Party Lender and underwritten and closed by Seller. 
  
 1.63. Transfer Date: The latest PSA Settlement Date for any given month in which Pools are issued. 
  

 10 

 ARTICLE II 
  

CONVEYANCE FROM SELLER TO PURCHASER 
 ASSUMPTION OF SERVICING BY PURCHASER 
  
 Section
2.01. Conveyance of Servicing Rights; Possession of Servicing Files; Assumption of Servicing. 
  
 By its execution and delivery of this Agreement, Seller, for a period of twelve (12) months commencing in November 1997, does hereby agree to sell,
transfer, assign, set over and convey to the Purchaser as of each Sale Date, all rights, title and interest of the Seller in and to and under the Servicing Rights (including the Servicing Files) for applicable Mortgage Loan(s) in a related Pool,
which Mortgage Loans are transferred and delivered to an Agency. On the Transfer Date, the Purchaser shall assume actual servicing of such Mortgage Loans in accordance with applicable Agency Requirements and the terms of this Agreement. During each
month in which Sale of servicing occur hereunder, the Seller agrees to sell to the Purchaser Servicing Rights on Mortgage Loans pursuant to this Agreement with an aggregate unpaid principal balance of $10 million to $20 million. The parties agree
that the Purchaser shall be under no obligation to purchase the Servicing Rights or to service any Mortgage Loan which is not accepted by the relevant Agency. From and after the date hereof, the Seller shall not take any action that is inconsistent
with the sale of Servicing Rights accomplished hereby. 
  
 Section
2.02. Assignments of Mortgage. 
  
 Record title to each
Mortgage and the related Mortgage Note shall be transferred by the Seller to the Purchaser, or it’s designee, to the extent required by the Agency Requirements. The Seller shall bear the cost and expense of providing Assignments of Mortgages
(including the recording thereof) and endorsements of Mortgage Notes for any transfer of record title required hereunder or under Agency Requirements. 
  
 Seller shall prepare and record the Assignment of Mortgage from Seller to Purchaser and provide Purchaser with a certified true copy of such Assignment of
Mortgage from Purchaser to Agency as applicable. 
  
 Section 2.03.
Seller Covenants Regarding Transfer of Servicing. 
  
 On
each Sale Date, the Seller shall effectuate the sale and on each Transfer Date Seller shall transfer the Servicing Rights for the related Pool in accordance with applicable Agency Requirements and this Agreement. The Seller shall have done the
following on or prior to each Sale Date except where a different time period is expressly provided: 
  
 (a) Compliance with Agency Requirements: The Seller shall have complied with all applicable Agency Requirements including all procedural and
documentary requirements applicable to the Seller which relate to (i) the underwriting of the Mortgage Loans; (ii) the sale of a Pool in accordance with applicable Agency Agreements; and (iii) the formation and delivery of a Pool. 
  
 (b) Notice to Mortgagors. The Seller shall, in accordance with the
relevant provisions and time frames of the Act and where applicable, in accordance with state law, mail to the Mortgagor of each Mortgage Loan for which the Servicing Rights are being transferred to the Purchaser, a letter (in form 

  

 11 

 
and substance acceptable to the Purchaser) advising the Mortgagor of the transfer of the servicing thereof to the Purchaser. The Seller shall provide the
Purchaser with copies of all such notices. 
  
 (c) Notice to
Taxing Authorities and Insurance Companies. The Seller shall, at the time required by and in accordance with the Servicing Transfer Procedures, transmit to taxing authorities and insurance companies (including PMI Policy insurers, if applicable)
and/or agents, notification of the transfer of the servicing to the Purchaser and instructions to deliver all notices, tax bills and insurance statements, as the case may be, to the Purchaser from and after the Settlement Date. The Seller shall
provide the Purchaser with copies of all such notices. 
  
 (d)
Notice to Warehouse and Secured Lenders. The Seller represents, warrants and covenants and agrees to provide evidence satisfactory to the Purchaser that as of the relevant Sale Date such warehouse and secured lenders shall have no right,
title, or interest in the Pools or in the related Servicing Rights. 
  
 (e) Delivery of Servicing Files and Records. At the times and in the manner provided in the Servicing Transfer Procedures, Exhibit F (2-b) and Loan File Format, Exhibit G-3 and the Agency Requirements, the Seller shall forward to the
Purchaser all Servicing Files and any other Mortgage Loan documents in the Seller’s possession relating to each Mortgage Loan. 
  
 (f) Escrow Payments and Other Payments. No later than five (5) Business Days following the Transfer Date and prior to Purchase Price Payment Date,
the Seller shall provide the Purchaser, in immediately available funds the amount of Escrow Accounts, impound and suspense balances, buydown fees, all loss draft balances and all unearned fees associated with the related Pool. The Seller shall
provide the Purchaser with an accounting statement of Escrow Payments and suspense balances and loss draft balances sufficient to enable the Purchaser to reconcile the amount of such payment with the accounts of the Mortgage Loans. Additionally, the
Seller shall provide the Purchaser in immediately available funds by wire transfer the amount of any prepaid Mortgage Loan payments and all other similar amounts held by the Seller on such Transfer Date. 
  
 (g) Mortgage Payments Received After Transfer Date. The Seller shall
forward to the Purchaser the amount of any Monthly Payments and correspondence relating to the Mortgage Loans received by the Seller for sixty (60) days after the Transfer Date by next day mail or by next day courier service. After sixty (60) days
from the Transfer Date, the Seller may forward the amount of any monthly payments and correspondence relating to the Mortgage Loans by regular U.S. mail on a weekly basis. The Seller shall notify the Purchaser of the particulars of the payment,
which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall endorse the Monthly Payment to the Purchaser with the
particulars of the payment such as the Pool number, Purchaser’s loan number, dollar amount, date received and any special Mortgagor application instructions. In the case of Monthly Payments which were scheduled to be (but were not) made prior
to the Transfer Date and which were reflected (as if they had been made) in the projected unpaid principal balance of the Pool for purposes of determining the characteristics of the related Security, the Seller shall be entitled to keep such Monthly
Payments and such payments shall be applied to Borrower’s account in accordance with all applicable requirements. 
  
 (h) Misapplied Payments. Misapplied payments shall be processed as follows: 
  
 (i) The parties shall cooperate in correcting misapplication errors; 
  

 12 

 (ii) The party receiving notice of a misapplied payment occurring prior to the Transfer Date and
discovered after the Transfer Date shall immediately notify the other party; 
  
 (iii) If a misapplied payment which occurred prior to the Transfer Date cannot be identified and such misapplied payment has resulted in a shortage in an Escrow (or other) Account, the balances of which are being
transferred to the Purchaser, the Seller shall be liable for the amount of such shortage. The Seller shall reimburse the Purchaser for the amount of such shortage within five (5) Business Days after receipt of written demand and evidence supporting
the misapplied payment from the Purchaser; 
  
 (iv) If a
misapplied payment which occurred prior to the Transfer Date has created an improper Purchase Price as the result of an inaccurate outstanding principal balance, a check shall be issued to the party adversely affected by the improper payment
application within five (5) Business Days after notice thereof by the other party. Whichever party discovers the misapplied payment will notify the other and the parties will then comply promptly with this paragraph; 
  
 (v) Any check issued under the provisions of this Section 2.03(h) shall be
accompanied by a statement indicating the corresponding Seller and/or the Purchaser’s Mortgage Loan identification number and an explanation of the allocation of any such payments. 
  
 (i) Books and Records. On or before the Transfer Date, the books, records and accounts of the Seller with respect to
the Servicing Rights and the Mortgage Loans shall be in accordance with Purchaser requirements as provided in the Servicing Transfer Procedures. 
  
 (j) Reconciliation. The Seller shall, as of the Transfer Date, reconcile principal balances and make any monetary adjustments to the Mortgage Loans
reasonably required by the Purchaser. Any such monetary adjustments will be transferred between the Seller and the Purchaser as appropriate. 
  
 (k) IRS Forms. The Seller shall file all IRS forms which are or may be required to be filed by it for the applicable transactions prior to and
after the Transfer Date, in relation to the servicing and ownership of the Mortgage Loans within the time periods prescribed by law. The Seller shall provide copies of such forms to the Purchaser upon request and shall reimburse the Purchaser for
any costs or penalties incurred by the Purchaser due to the Seller’s failure to comply with this paragraph. 
  
 (1) Record Title. If record title to the Mortgage Loans shall be taken in the name of the Purchaser or its designee pursuant to Section 2.02, then
within the period of time provided in the Servicing Transfer Procedures and in accordance with the Agency Requirements, the Seller shall, at its sole expense, (i) cause each of the Assignments of Mortgage to be recorded in the name of the Purchaser
or its designee in the appropriate public offices for real property records in all the counties or their comparable jurisdictions in which the related Mortgaged Property is situated, and in any other appropriate public recording office or elsewhere,
or (ii) deliver such recorded Assignments of Mortgage to Purchaser’s Custodian in the case of a Mortgage Loan included in a FNMA Pool or FHLMC PC. 
  
 (m) Tax Contracts. The Seller shall provide at Seller’s expense “life of loan” TransAmerica Real Estate Tax Service tax contracts or
the Seller shall pay to the Purchaser a contract fee of $69 per loan. Seller shall cooperate with the Purchaser to accomplish the purchase or transfer of tax contracts 

  

 13 

 
relating to each Mortgage Loan, within the time period provided in the Servicing Transfer Procedures. All tax service fees will be deducted from the Purchase
Price on the Purchase Price Payment Date. 
  
 (n) No
Solicitation. In relation to the Mortgage Loans as of each applicable Sale Date, the Seller shall prevent any of its affiliates, employees or agents from directly or indirectly soliciting including, but not limited to, direct mail or telephonic
or personal solicitation, the Mortgagors of any of the Mortgages (i) for purposes of prepayment or refinance or modification of such Mortgages, (ii) second mortgage loans, equity source accounts, personal loans or credit cards, except for banking
customers of Seller Third Party Originators who are community banks, and (iii) homeowners, ordinary life, ordinary health, credit life, credit health, credit unemployment and any other forms of group or individual insurance coverages. Seller shall
refund to Purchaser the Reimbursement Amount for any Mortgage Loan sold on any Sale Date, which Mortgage Loan is, in violation of this paragraph, refinanced by Seller, its employees, affiliates or agents. Notwithstanding the foregoing, it is
understood and agreed that promotions undertaken by the Seller or any affiliates of the Seller which are directed to the general public at large, including without limitation mass mailings based on commercially acquired mailing lists, newspaper,
radio and television advertisements, shall not constitute solicitations under this Section. 
  
 (o) Brokerage Fees. The Seller acknowledges United Financial, Inc., is the broker involved in this transaction representing the Seller and that such fees, if any, are the sole responsibility of the Seller.

  
 (p) Broken Pools. In the event that an Agency does not
issue a Security backed by a Pool, the Purchaser shall have no obligation to purchase the Servicing Rights related to or to service any of the Mortgage Loans comprising such Pool. Under these circumstances, the Seller shall reimburse the Purchaser
for all costs of preparing and recording new Assignments of Mortgage (if the original Assignment of Mortgage were, or were sent to be, recorded), all costs associated with renotifications including without limitation notices to borrowers, insurers,
and tax service providers, and all other costs and expenses of the Purchaser related to the failure of the Pool be to formed. 
  
 (q) Third Party Loans. The Seller and the Purchaser expect that all of the Mortgage Loans shall have been underwritten by the Seller. The parties
agree that subject to this Section 2.03(q), the Seller may sell in Servicing Rights relating to Third Party Loans up to 100% of the aggregate unpaid principal balance of Mortgage Loans. Such Third Party Loans shall be permitted only if (i) the Loans
shall have been underwritten by the Seller in accordance with the same standards applicable to Seller’s Mortgage Loans, and (ii) the Seller shall have provided evidence acceptable to the Purchaser that all right, title and interest in such Loan
has been transferred to the Seller. 
  
 (r) Guaranty Fee
Buydowns. Notwithstanding any standard Agency procedures to the contrary, the Seller shall pay directly to the affected Agency no later than the relevant Settlement Date any amounts required to be paid in order to decrease the guaranty fee
payable with each remittance to such Agency. The Purchaser shall not be responsible for any guaranty fee buydown amounts. 
  
 (s) Flood Certification. The Seller will provide at Seller’s expense “Life of Loan” flood certification with Flood Data Service,
Inc. relating to each Mortgage Loan or pay to Purchaser a $9.00 per loan fee which fee shall be deducted from the Purchase Price on the Purchase Price Payment Date. 
  

 14 

 Section 2.04. Purchaser Covenants Regarding Transfer of Servicing. 
  
 The Purchaser shall have done the following on or prior to each Transfer Date
(except where a different time period is expressly provided): 
  
 (a) Compliance with Agency Requirements. The Purchaser shall have complied with applicable Agency Requirements including all procedural and documentary requirements applicable to the Purchaser. 
  
 (b) Late Payments and Misapplied Payments. Misapplied payments shall
be processed as follows: 
  
 (i) The parties shall cooperate in
correcting misapplication errors; 
  
 (ii) The party receiving
notice of a misapplied payment occurring prior to the Transfer Date and discovered after the Transfer Date shall immediately notify the other party; 
  
 (iii) If a misapplied payment which occurred prior to the Transfer Date cannot be identified and such misapplied payment has resulted in a shortage in an
Escrow (or other) Account, the balances of which are being transferred to the Purchaser, the Seller shall be liable for the amount of such shortage. The Seller shall reimburse the Purchaser for the amount of such shortage within five (5) Business
Days after receipt of written demand and evidence supporting such misapplied payment therefor from the Purchaser; 
  
 (iv) If a misapplied payment which occurred prior to the Transfer Date has created an improper Purchase Price as the result of an inaccurate outstanding
principal balance, a check shall be issued to the party adversely affected by the improper payment application within five (5) Business Days after notice thereof by the other party. Whichever party discovers the misapplied payment will notify the
other and the parties will then comply promptly with this paragraph; 
  
 (v) Any check issued under the provisions of this Section 2.03(h) shall accompanied by a statement indicating the corresponding Seller and/or the Purchaser’s Mortgage Loan identification number and an explanation of the allocation of
any such payments. 
  
 (c) No Rights to Security Proceeds.
The Purchaser acknowledges and agrees that it shall have no right, title or interest in any Security or the proceeds payable therefore by the Person to which such Security is issued. 
  
 (d) Notice to Mortgagors. The Purchaser shall, within the relevant time frames of the Act, mail a letter advising the
Mortgagor of the transfer of Servicing to the Purchaser. 
  
 ARTICLE III 
  
 PURCHASE PRICE 

 
 Section 3.01. Calculation of the Purchase Price. 
  
 Subject to Section 3.04, the Purchase Price with respect to the Servicing
Rights for each Pool shall be calculated as a percentage, determined by reference to the Purchase Price Schedule attached hereto as Exhibit A, multiplied by the aggregate principal balance of such Pool on the applicable Sale Date. The
Purchase Price percentages, as listed in Exhibit A, Purchase Price Schedule, are in effect for a six (6) month period commencing November 1997. All Mortgage Loans, the Servicing Rights to which 

  

 15 

 
are transferred under this Agreement, shall not be more than thirty (30) days past due in litigation, foreclosure or bankruptcy as of the Sale Date. Payments
of scheduled principal and interest prepaid for a due date beyond the Sale Date shall not be applied to the principal balance as of such date. Seller shall refund to the Purchaser the Purchase Price for any Mortgage Loans which pay off within ninety
(90) days of the Sale Date if refinanced by Seller. 
  
 Section
3.02. Payment and Monthly Certification. 
  
 Ten (10) days
prior to each Purchase Price Payment Date, the Seller shall submit to the Purchaser the Monthly Certification and documents required in Section 7.04. Following the Purchaser’s receipt thereof and the calculation of adjustments to the Purchase
Price, the Purchaser shall pay the appropriate Purchase Price by wire transfer on such Purchase Price Payment Date. 
  
 Section 3.03. Broken Pools. 
  
 No amounts shall be payable by the Purchaser to the Seller in connection with any Pool unless the relevant Agency shall have accepted delivery of the
Mortgage Loans comprising the Pool and shall have issued its Security backed thereby. In the event that an Agency rejects a Pool, the Seller agrees to reimburse the Purchaser in accordance with Section 2.03(p). 
  
 Section 3.04. Purchase Price Adjustment and Holdback. 
  
 The aggregate Purchase Price payable on any Purchase Price Payment Date shall
be adjusted to reflect unreimbursed costs and expenses associated with broken Pools. 
  
 Purchaser shall retain 10% of the Purchase Price (“Holdback Amount”). The Holdback Amount for each Sale Date shall be payable to the Seller on a prorata basis ( ie: upon receipt by Purchaser and/or
Purchaser’s Custodian of complete documentation to effectuate Certification of any Pool per Agency requirements, the Holdback Amount as it related to that Pool shall be released quarterly) quarterly to the extent the Seller complies with its
obligation for the release of the funds. 
  
 Notwithstanding any
language contained herein, Purchaser shall pay the last $5,000 of the Holdback Amount to the Seller upon receipt by Purchaser of all of the final recorded assignments from Seller to Purchaser related to each Sale Date. 
  
 ARTICLE IV 
  
 SERVICING OF THE MORTGAGE LOANS 
  
 Section 4.01. Purchaser to Service Pursuant to the Agency
Requirements. 
  
 The Purchaser shall service and administer
the Mortgage Loans from and after the related Transfer Date and shall have full power and authority, acting alone to do any and all things in connection with such servicing and administration which the Purchaser may deem necessary or desirable, so
long as Purchaser services and administers the Mortgage Loans consistent with the Act, the Agency 

  

 16 

 
Requirements, the terms of the Mortgage Loans, and the terms of this Agreement, and all other applicable laws, rules and regulations. 
  
 ARTICLE V 
  
 REPRESENTATIONS, WARRANTIES AND AGREEMENTS 
  
 Section 5.01. Representations, Warranties and Agreements of Purchaser 
  
 The Purchaser hereby makes the following representations and warranties to
the Seller as of the date hereof and as of each Sale Date: 
  
 (a)
Due Organization and Authority. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of New Jersey and has all licenses necessary to carry on its business as now being conducted and is licensed,
qualified and in good standing in each state where a Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type conducted by the Purchaser, and in any event the Purchaser is in
compliance with the laws of any state to the extent necessary to ensure the enforceability of the terms of this Agreement; the Purchaser has the full corporate power and authority to execute and deliver this agreement and to perform in accordance
herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by the Purchaser and the consummation of the transactions contemplated hereby have been duly and
validly authorized; and upon execution by the Seller, this Agreement constitutes the valid, binding and enforceable obligation of the Purchaser (subject, as to enforcement of remedies to applicable bankruptcy, reorganization, insolvency, moratorium
or other similar laws relating to or affecting creditors’ rights generally from time to time in effect or the application of equitable principles in any proceeding whether at law or in equity). 
  
 (b) No Conflicts. Neither the execution and delivery of this
Agreement, nor the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict with or result in a breach of any of the terms, conditions or provisions of the Purchaser’s charter or by-laws or any legal
restriction or any agreement or instrument to which the Purchaser is now a party or by which it is bound, or constitute a default or result in an acceleration under any of the foregoing, or result in the violation of any law, rule, regulation,
order, judgment or decree to which the Purchaser or its property is subject, or impair the ability of the Purchaser to service the Mortgage Loans, or impair the value of the Servicing Rights. 
  
 (c) No Litigation Pending. To the best of Purchaser’s knowledge,
there is no action, suit, proceeding or investigation pending or threatened against the Purchaser which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition,
properties or assets of the Purchaser, or in any material impairment of the right or ability of the Purchaser to carry on its business substantially as now conducted, or in any material liability on the part of the Purchaser, or which would draw
into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations of the Purchaser contemplated herein, or which would be likely to impair materially the ability of the Purchaser to perform under
the terms of this Agreement. 
  
 (d) No Consent Required.
No consent other than the Agency consents or other approval, authorization or order of any court or governmental agency or body is required for the execution, 

  

 17 

 
delivery and performance by the Purchaser of or compliance by the Purchaser with this Agreement, or if required, such approval has been obtained prior to the
Settlement Date. 
  
 (e) No Commissions to Third Parties.
The Purchaser has not dealt with any broker or agent or third party who might be entitled to a fee or commission payable by the Purchaser in connection with this transaction. 
  
 (f) Agency Approvals. The Purchaser is an approved FNMA and FHLMC seller/servicer as of the date of this Agreement.

  
 (g) Ability to Perform. The Purchaser does not believe,
nor does it have any reason or cause to believe, that it cannot perform each and every covenant applicable to Purchaser contained in this Agreement. 
  
 Section 5.02. Representations and Warranties of the Seller. 
  
 The Seller (Crescent Bank Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company) makes the
following representations and warranties to the Purchaser as of the date hereof and as of each Sale Date: 
  
 (a) Due Organization and Authority. The Seller, Crescent Banking Company (Parent) is a corporation duly organized, validly existing and in good
standing under the laws of the State of Georgia; Crescent Mortgage Services, Inc. is a corporation durly organized, validly existing and in good standing under the laws of the State of Georgia; and Crescent Bank & Trust Company is a corporation
duly organized, validly existing and in good standing under the laws of the State of Georgia. The Seller, was at all times and now is qualified to do business and duly licensed to carry on its business as now being conducted in all states in which
any Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type engaged in by the Seller in relation to the origination and servicing of the Mortgage Loans and in any case the
Seller is qualified in each state to the extent necessary to ensure the enforceability of each Mortgage Loan and this Agreement. The Seller has the power and authority to execute and deliver this Agreement and to perform in accordance herewith; the
execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by the Seller and the consummation of the transactions contemplated hereby have been duly, and validly
authorized; and upon execution by the Purchaser this Agreement constitutes the valid, binding and enforceable obligation of the Seller (subject as to enforcement of remedies to applicable bankruptcy, reorganization, insolvency, moratorium or other
similar laws relating to or affecting creditors’ rights generally from time to time in effect or the application of equitable principles in any proceeding whether at law or in equity). 
  
 (b) Ordinary Course of Business. The consummation of the transactions
contemplated by this Agreement is in the ordinary course of business of the Seller, and the transfer, assignment and conveyance of the Servicing Rights by the Seller pursuant to this Agreement are not in violation of statutory provisions in effect
in any applicable jurisdiction. 
  
 (c) No Conflicts.
Neither the execution and delivery of this agreement, the sale of the Servicing Rights to the Purchaser or the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict with
or result in a breach of any of the terms, conditions or provisions of the Seller’s charter or by-laws or any legal restriction or any agreement or instrument to which the Seller is now a party or by which it is bound, or constitute a default
or result 

  

 18 

 
in an acceleration under any of the foregoing, or result in the violation of any law, rule, regulation, order, judgment or decree to which the Seller or its
property is subject, or impair the value of the Servicing Rights. 
  
 (d) Ability to Perform. The Seller does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant applicable to Seller contained in this Agreement. 
  
 (e) No Litigation Pending. There is no action, suit, proceeding or
investigation pending or threatened against the Seller which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of the Seller, or in any
material impairment of the right or ability of the Seller to carry on its business substantially as now conducted, or in any material liability on the part of the Seller, or which would draw into question the validity of this Agreement or of any
action taken or to be taken in connection with the obligations of the Seller contemplated herein, or which would be likely to impair materially the ability of the Seller to perform under the terms of this Agreement, or which would materially affect
any of the Mortgage Loans or the related Servicing Rights. There are no Mortgage Loans for which Servicing Rights are being transferred that are the subject of any litigation or investigation. 
  
 (f) No Consent Required. No consent, approval, authorization or order
of any court or governmental agency or body is required for the execution, delivery and performance by the Seller of or compliance by the Seller with this Agreement, or if required, such approval has been obtained prior to the Sale Date. 

 
 (g) Ownership. Crescent Mortgage Services, Inc. and Crescent Bank
& Trust Company, as Sellers, are the sole owners and holders of all right, title and interest in and to the Servicing Rights, and immediately prior to the Seller’s transfer of the related Mortgage Loans to the relevant Agency, the Seller
was the sole owner and holder of such Mortgage Loans. As of each Sale Date, the Servicing Rights shall not be assigned or pledged, and, the Seller has good and marketable title and interest in the Servicing Rights and has full right and authority
subject to no interest, or agreement with, any other party, to sell and assign the Servicing Rights pursuant to this Agreement. On each Sale Date, the Purchaser shall obtain the related Servicing Rights free and clear of any encumbrance, equity,
interest, lien, pledge, charge, claim or security interest. 
  
 (h) No Untrue Information. Neither this Agreement, the Agency Agreements, nor any statement, report or other document that is within the control of the Seller furnished or to be furnished pursuant to this Agreement or the Agency
Requirements (including, without limitation, delivery schedules and other documentation delivered or to be delivered to the Agencies in connection with the formation and delivery of a Pool and the settlement of the related Security) or in connection
with the transactions contemplated hereby contains any untrue statement of facts or omits to state a fact necessary to make the statements contained therein not misleading. Each such document delivered to the Purchaser represents an executed
original or is a certified true and correct copy of the original and in either case represents true, correct and complete copies of the same. Each such document is in full force and effect and has not been amended, modified or altered except as the
same shall have been provided to the Purchaser. 
  
 (i)
Commissions to Third Parties. The Seller shall be solely liable for any fee or commission due and payable to any third party in connection with the transactions contemplated hereby. 
  

 19 

 (j) Prior Servicers and Servicing. There have been no prior Servicers of any Mortgage Loans other
than the Seller. At all relevant times, the Seller has been and will be a FNMA and FHLMC approved seller-servicer and fully authorized to originate the Mortgage Loans and sell them to the Agencies. The Seller has serviced all of the Mortgage Loans
in compliance with the terms thereof and with all laws, rules, regulations and requirements in connection therewith and in a manner consistent with the Agency Requirements that will apply to the Mortgage Loans upon their transfer to the Agencies.
There has been no occurrence as of the Sale Date of any event that could obligate the Purchaser to repurchase any Mortgage Loans from the relevant Agency or cause the cancellation of the Servicing Rights or any material changes in procedures with
respect to the Mortgage Loans. 
  
 (k) No Inquiries. The
Seller has not been the subject of an audit by any Agency, or any Qualified Insurer which audit results included material allegations of failure to comply with applicable loan origination, servicing or claims procedures. 
  
 (1) No Accrued Liabilities. There are no accrued liabilities of the
Seller with respect to the Mortgage Loans or the Servicing Rights or circumstances under which such accrued liabilities will arise against the Purchaser as successor to the Servicing Rights with respect to occurrences prior to the Sale Date.

  
 (m) No Investor Requirements. Prior to the relevant
Sale Date, there shall have been no investor for, nor any security interest in or lien upon, any Mortgage Loan or the Servicing Rights. In the event that a warehouse or secured lender is required to release any security interest in or lien upon, any
Mortgage Loan which is the subject of this Agreement, Seller shall provide Purchaser with a release letter from that lender(s). 
  
 (n) Compliance with Insurance Contracts. The Seller has complied with all obligations under all applicable insurance contracts, including any
private mortgage insurer with respect to, and which might materially and adversely affect, the Mortgage Loans and any of the Servicing Rights. The Seller has not taken any action or failed to take any action which might cause the cancellation of or
otherwise affect any insurance or guaranty contracts. 
  
 (o)
Compliance with Law. With respect to the Mortgage Loans, the Seller has complied with any and all requirements of any federal, state or local law or regulation including, without limitation, provisions governing or pertaining to permissible
charges, laws relating to usury, installment sales, truth-in-lending, fair housing, real estate settlement procedures, escrow practices, unlawful discrimination in residential lending, debt collection, loan disclosure, or other consumer protection
matters, and all other federal, state or local laws, regulations and ordinances pertaining to the business of mortgage lending or to the provision of services relating to mortgage lending. Upon the Purchaser’s reasonable request, the Seller
shall deliver to the Purchaser within a reasonable period of time after receipt of such request, reasonable evidence of compliance with all such requirements. 
  

(p) Origination and Servicing Practices. There has been no improper act or omission or alleged improper act or omission or error by the Seller
or any employee, agent or representative acting on Seller’s behalf, with respect to the origination or servicing of any of the Mortgage Loans. Each Mortgage Loan has been originated in compliance with all applicable Agency Requirements. Each
Mortgage Loan sold to an Agency shall comply with all applicable Agency Requirements. 
  
 (q) Underwriting Standards. All of the Mortgage Loans have been underwritten in accordance with Agency Requirements. The Agency Agreements, including without limitation, any master 

  

 20 

 
commitment, pool purchase contract or conversion pursuant to which the Seller sells a Mortgage Loan to an Agency, do not permit the Seller to sell any
Mortgage Loan which has been underwritten on terms more flexible to the borrower or which requires less credit documentation and verification than as set forth in the applicable Agency Guides, as amended by Seller’s master agreements with the
Agencies. 
  
 (r) Non-Recourse Servicing. There are no
provisions in any master commitment, pool purchase contract, conversion or other Agency Agreement, whether described as a limited repurchase requirement, limited recourse, credit support obligation, indemnification, or otherwise which would entitle
an Agency to demand the repurchase of a Mortgage Loan for any reason or under any circumstance. 
  
 (s) Pool Formation Practices. With respect to the Mortgage Loans, the Seller has observed and complied with all Agency Requirements applicable to
Seller that are a prerequisite or otherwise relate to, FNMA and/or FHLMC. 
  
 (t) Third Party Lenders and Third Party Loans. Crescent Banking Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, shall be deemed to have made all of the representations and
warranties contained in this Section 5.02 and in Section 5.03 on behalf of each Third Party Lender and with respect to each Third Party Loan. 
  
 (u) Representations and Warranties to Agencies. All representations and warranties made by the Seller to the Agencies in or incorporated into the
Agency Agreements are incorporated herein by reference and inure to the benefit of the Purchaser. A breach of any such representation and warranty shall constitute a breach of this Agreement. 
  
 Section 5.03. Representations and Warranties of the Seller as to Mortgage
Loans. 
  
 As further inducement to the Purchaser to enter
into this Agreement,Crescent Banking Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, as Seller, represent and warrant to the Purchaser as of the date hereof and as of the relevant Sale Date with respect to each
Mortgage Loan, as follows: 
  
 (a) Mortgage Loans as
Described. The information set forth in each Mortgage Loan Schedule is complete, true and correct. None of the Agency Agreements contains any unusual or burdensome servicing obligations or provisions which are not customary with respect to the
Servicing Rights or contains provisions which vary from published Agency standards or which would have the effect of rendering the Purchaser’s servicing obligations recourse rather than nonrecourse, and no waivers with respect to any published
or unpublished Agency Requirements have been obtained which adversely affect the credit quality or servicing of any Mortgage Loan. Mortgage Loans subject to interest rate subsidies do not exceed 5% of the dollar amount of loans delivered under this
Agreement. No Mortgaged Property securing a Mortgage Loan is a mobile home or manufactured housing unless such Mortgaged Property is eligible under the applicable FNMA and/or FHLMC program. 
  
 (b) Payments Current. All payments required to be made up to, but not
including, the Transfer Date for each Mortgage Loan under the terms of the related Mortgage Note have been made. The Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds from a party other than the owner of
the Mortgaged Property subject to the Mortgage, directly or indirectly, for the payment of any amount required by the Mortgage or Mortgage Note. 
  

 21 

 (c) No Outstanding Charges. There are no defaults in complying with the terms of the Mortgage and
all taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid, or an escrow of funds with respect to taxes and insurance premiums
has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but is not yet due and payable. The Seller has not advanced funds, or induced, solicited or knowingly received any advance of
funds by a party other than the Mortgagor, directly or indirectly, for the payment of any amount required under the Mortgage Loan except for interest accruing from the date of the Mortgage Note or date of disbursement of the Mortgage Loan proceeds,
whichever is greater, to the day that precedes by one month the Due Date of the first installment of principal and interest. 
  
 (d) Original Terms Unmodified. The terms of the Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect from
the date of their origination except by a written instrument which has been recorded, if necessary to protect the interests of the owner thereof. The substance of any such waiver, alteration or modification has been communicated to and approved by:
(i) the Agency acquiring the related Mortgage Loan, to the extent required by the related Agency Requirements; (ii) the issuer of any related PMI Policy; and (iii) the title insurer, to the extent required by such policies, and its terms are
reflected on the Mortgage Loan Schedule. No Mortgagor has been released. 
  
 (e) Enforceability. Each Mortgage and Mortgage Note is genuine, valid, binding and enforceable document according to its terms, and conforms to all applicable laws and regulations, including without limitation
the Federal Truth-in-Lending Act, as amended, and Regulation Z. Neither the operation of any of the terms of any Mortgage or Mortgage Note, nor the exercise of any right thereunder, will render the Mortgage or Mortgage Note unenforceable, in whole
or in part, or subject to any right of rescission, set-off, counterclaim or defense (including without limitation, the defense of usury), and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto.

  
 (f) No Recourse. None of the Servicing Rights is
subject to recourse against the servicer for losses on liquidation of a Mortgage Loan, borrower defaults or repurchase obligations upon the occurrence of non-payment or other events. 
  
 (g) Hazard Insurance. Pursuant to the terms of the Mortgage, all buildings or other improvements upon the Mortgaged
Property are insured by an insurer acceptable to the related Agency in accordance with the related Agency Requirements against loss by fire, hazards included within an extended coverage liability policy and such other hazards as are customary in the
area where the Mortgaged Property is located. If upon origination of the Mortgaged Loan, the Mortgaged Property was in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards (and such
flood insurance was required by federal regulation and such flood insurance has been made available) a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect. All individual
insurance policies contain a standard mortgagee clause naming the Seller and its successors and assigns as mortgagee, and all premiums thereon have been paid. The Mortgage obligates the Mortgagor thereunder to maintain the hazard insurance policy at
the Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so, authorizes the holder of the Mortgage to obtain and maintain such insurance at such Mortgagor’s cost and expense, and to seek reimbursement therefor from the
Mortgagor. The hazard insurance policy is the valid and binding obligation of the insurer, is in full force and effect, and will be in full force and effect and inure to the benefit of the Purchaser on behalf of the applicable Agency upon
Purchaser’s acquisition 

  

 22 

 
of the related Servicing Rights in accordance with this Agreement. The Seller has not engaged in, and has no knowledge of the Mortgagor’s having engaged
in, any act or omission which would impair the coverage of any such policy, the benefits of the endorsement provided for herein, or the validity and binding effect of either. 
  
 (h) Coinsurance Claims. There are no uninsured casualty losses or casualty losses where coinsurance has been (and the
Seller has no reason to believe, will be) claimed by an insurance company or where the loss, exclusive of contents, is greater than the recovery, less actual expenses incurred in such recovery from the insurance carrier. 
  
 (i) Condemnation. To the best of Seller’s knowledge, there is no
proceeding pending or threatened for the partial or total condemnation of any Mortgaged Property, and the Seller has no notice that all or any part of any Mortgaged Property has been or will be condemned. 
  
 (j) Compliance with Applicable Laws. Each of the Mortgage Loans has
been originated and serviced in compliance with all applicable requirements of any federal, state or local law. 
  
 (k) No Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged
Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission. 
  
 (1) Location and Type of Mortgaged Property. The Mortgaged Property is
located in the state identified in the Mortgage Loan Schedule and consists of a parcel of real property with a detached single family residence erected thereon, or a two-to four-family dwelling, or an individual condominium unit in a condominium
project as defined in the Agency Guides, or an individual unit in a planned unit development, provided, however, that any condominium project or planned unit development conforms with the applicable Agency Requirements regarding such dwellings, and
no Mortgaged Property is a mobile home or manufactured housing unless such Mortgaged Property is eligible under the applicable FNMA program. 
  
 (m) Valid First Lien. The Mortgage is a valid, subsisting and enforceable first lien on the Mortgaged Property, including all buildings and
improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with
respect to the foregoing. 
  
 (n) Validity of Mortgage
Documents. The Mortgage Note and the Mortgage are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms, subject to applicable bankruptcy, reorganization, insolvency,
moratorium, or other similar laws relating to or affecting creditors’ rights generally from time to time in effect or the application of equitable principles in any proceeding whether at law or in equity. All parties to the Mortgage Note and
the Mortgage had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage have been duly and properly executed by such parties. 
  
 (o) Pools. Each Mortgage included in a Pool meets all eligibility
requirements for inclusion in such Pool, in accordance with all applicable Agency Requirements. The Servicing Rights in respect of each Pool are eligible under all applicable laws, regulations and Agency Requirements to be transferred 

  

 23 

 
to the Purchaser. The Servicing Files to be delivered to the Purchaser include all documents necessary in order for the Purchaser’s Custodian to certify
the Pools in accordance with applicable Agency Requirements. 
  
 (p) Full Disbursement of Proceeds. The proceeds of the Mortgage Loan have been fully disbursed including any requirement for future advances thereunder, and any and all requirements as to completion of any on-site or off-site
improvement and as to disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to
any refund of any amounts paid or due under the Mortgage Note or Mortgage. 
  
 (q) Escrow Accounts Current. Escrow Accounts are maintained by the Seller or a third party custodian on behalf of Seller and have been maintained in accordance with applicable law, the terms of the Mortgage
Loans and the Agency Requirements related thereto. The Escrow Payments required by the Mortgage which have been paid to the Seller for the account of the Mortgagor are on deposit in the appropriate Escrow Account. All funds received by the Seller in
connection with the Mortgage Loan, have been properly applied or promptly deposited in the appropriate Escrow Account, and all such funds have been applied to reduce the principal balance of the Mortgage Loan in question, or for reimbursement of
repairs to the Mortgaged Property or as otherwise required by applicable law and the Agency Requirements. 
  
 (r) Doing Business. All parties that have had any interest in the Mortgage Loan, whether as mortgagee (including permitted Third Party Lenders),
assignee, pledge or otherwise, are (or, during the period in which they held and disposed of such interest, were) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located.

  
 (s) LTV, PMI Policy, Pool Insurance. No Mortgage Loan
has an LTV greater than 95%. The original LTV of each Mortgage Loan either was not more than 80% or the excess over 75% is and will be insured by a Qualified Insurer as to payment defaults by a PMI Policy until the LTV of such Mortgage Loan is
reduced to a level acceptable by FHLMC and/or FNMA, as applicable. All provisions of such PMI 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 Loan
subject to a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for each Mortgage Loan as set forth on the Mortgage Loan schedule is net of
any such insurance premium. 
  
 Loans covered by a pool insurance
policy, and the pool insurance policy, must meet the standards and requirements of the Agency. All documents regarding the pool policy have been provided to the Seller. All premiums due under the pool policy have been, or will be, paid by the Agency
exclusive of service fee income due Purchaser. 
  
 (t) Title
Insurance. The Mortgage Loan is covered by either (1) an attorney’s opinion of title and abstract of title, the form and substance of which is acceptable to the relevant Agency, or (ii) an ALTA lender’s title insurance policy or other
generally acceptable form of policy or insurance acceptable to the relevant Agency and each such title insurance policy is issued by a title insurer acceptable to such Agency and qualified to do business in the jurisdiction where the Mortgaged
Property is located, and insures the Seller, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan. The relevant Agency, as assignee of the Seller’s rights, is an insured
under such lender’s title insurance policy, and such lender’s policy is in full force and effect. No 

  

 24 

 
claims have been made under such lender’s policy, and the Seller has not committed any act or omission which would impair the coverage of such
lender’s policy. 
  
 (u) No Defaults. There is no
default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach,
violation or event of acceleration, and neither the Seller nor its predecessors has waived any default, breach, violation or event of acceleration. 
  
 (v) No Mechanics’ Liens. There are no mechanics’ or similar liens or claims known to Seller that have been filed for work, labor or
material (and no rights are outstanding that under the law could give rise to such liens) affecting the related Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of the related Mortgage. 
  
 (w) Location of Improvement; No Encroachments; All improvements that
were considered in determining the appraised value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property and no improvements on adjoining properties encroach upon the Mortgaged Property.
No improvement located on or belonging to any part of the Mortgaged Property is in violation of any applicable zoning law or regulation. 
  
 (x) Origination; Payment Terms; Age. Except as permitted under Section 2.03(q) the Mortgage Loan was originated by the Seller. The Mortgage Note is
payable each month in equal monthly installments of principal and interest, with interest calculated and payable in arrears. The Mortgage Loans shall have closed within sixty (60) days of their respective Sale Dates. 
  
 (y) Customary Provisions. 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 material benefits of the security provided thereby, including, (i) in the case of a Mortgage
designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. There is no homestead or other exemption available to a Mortgagor that, would interfere with the right to sell the Mortgaged Property by trustees sale
or the right to foreclose the Mortgage. Notwithstanding this Section 5.03 (y), the remedies provided for in the Mortgage are subject to applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws relating to or affecting
creditors’ rights generally from time to time in effect or the application of equitable principles in any proceeding whether at law or in equity. 
  
 (z) Conformance with Agency Standards. Each Mortgage Loan was underwritten in accordance with applicable Agency underwriting standards in effect at
the time the Mortgage Loan was originated, and each Mortgage Loan is in conformity with applicable Agency standards under one of its respective home mortgage purchase programs as amended by Seller’s master agreements with the Agencies, and the
Mortgage Note and Mortgage are on forms acceptable to such Agency. 
  
 (aa) Occupancy of the Property. The Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued under applicable law or regulations with respect to all
occupied portions of the Mortgaged Property and, with respect to the use and occupancy thereof, including but not limited to certificates of occupancy and fire underwriting certificates, have been made by or obtained from the appropriate
authorities. 
  

 25 

 (bb) No Additional Collateral. The Mortgage Note is not and has not been secured by any collateral
except the lien of the corresponding Mortgage. 
  
 (cc) Deeds
of Trust. 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 serves and is named in the Mortgage, and no fees or expenses are or
will become payable by the Purchaser, or the relevant Agency, or their respective successors and assigns to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor. 
  
 (dd) Acceptable Investment. The Seller has no knowledge of any
circumstances or conditions with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit standing that can reasonably be expected to cause private institutional investors to regard the Mortgage Loan or the
related Servicing Rights as an unacceptable investment, cause the Mortgage Loan to become delinquent, or adversely affect the value or marketability of the Mortgage Loan or the related Servicing Rights. 
  
 (ee) Condominiums Planned Unit Developments. If the Mortgaged Property
is a condominium unit or a planned unit development such condominium or planned unit developed project meets the relevant Agency Requirements or is located in a condominium or planned unit development project which has received project approval by
the such Agency and the representations and warranties required by such Agency with respect to such condominium or planned unit development have been made and remain true and correct in all respects. No more than 5% of the Mortgage Loans (by number
of Mortgage Loans) are secured by a Mortgaged Property which is a condominium or planned unit development. 
  
 (ff) Transfer of Mortgage Loan. The Assignment of Mortgage, if applicable, is recorded or is in recordable form, as required, and, if in recordable
form, is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located. 
  
 (gg) Buydown Provisions: No Graduated Payments or Contingent Interest. No more than 5% of the Mortgage Loans (by number of Mortgage Loans) contain
a “buydown” provision. Except for such Mortgage Loans, there are no Mortgage Loans subject to provisions pursuant to which Monthly Payments are paid or partially paid with funds deposited in any separate account established by the Seller,
the Mortgagor or anyone on behalf of the Mortgagor or which contain any other similar provisions which may constitute a “buydown” provision. The Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a
shared appreciation or other contingent interest feature. 
  
 (hh)
Consolidation of Future Advances. Any future advances made prior to the Settlement Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single
interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s
consolidated interest or by other title evidence acceptable to the applicable Agency. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan. 
  
 (ii) Mortgaged Property Undamaged. The Mortgaged Property is undamaged by waste, fire, earthquake, or earth movement,
windstorm, flood, tornado, hazardous or toxic substances or other 

  

 26 

 
casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended.

  
 (jj) Collection Practices; Escrow Deposits. The
origination and collection practices used with respect to the Mortgage Loan have been in accordance with the Mortgage Loan Documents, applicable law, rules, regulations and Agency Requirements and have been in all respects legal and proper. With
respect to escrow deposits and Escrow Payments, all such payments shall be in the possession of the Purchaser on the Settlement Date and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have
not been made. No escrow deposits or Escrow Payments or other charges or payments due the Seller have been capitalized under the Mortgage or the Mortgage Note. 
  

(kk) Notice of Relief Requested Pursuant to the Soldiers and Sailors Relief Act 1940. The Seller has not received notice from any Mortgagor or
other party with respect to the Mortgage Loans of a request for relief pursuant to or involving any of the provisions of the Soldiers and Sailors Relief Act of 1940 or any other federal or state law which would have the effect of suspending or
reducing the Borrower’s payment obligations under a Mortgage Loan or which would prevent such loan from going into foreclosure. 
  
 (11) Loan Documentation. None of the Mortgage Loans have been originated and underwritten without required documentation in accordance with the
provisions of the applicable Agency Guides, as amended by Seller’s master agreements with the Agencies. 
  
 (mm) Tax Service Contracts. Subject to the provisions of Section 2.03 (m), Seller shall cooperate with Purchaser to ensure that a “Life of
Loan” tax contract shall be in place for each Mortgage Loan with TransAmerica Real Estate Tax Service. 
  
 (nn) Eligible Loans and Percent Limitations. The Servicing Rights sold under this Agreement conform to the specifications in the Mortgage Loan
Characteristics attached hereto as Exhibit B. Except with respect to no more than five percent (5%) of the Mortgage Loans (“Odd Maturity Loans”), all loans are either 15 year fixed rate, 30 year fixed rate, 7 year balloon, or one year
ARM Mortgage Loans sold to FHLMC under the FHLMC Gold Program. With respect to the Odd Maturity Loans, these loans shall be priced as 15 year fixed rate loans. The following characteristics exist for loans sold as of each Sale Date. 
  
 (i) The average loan size is: 
  
 $100,000 for 30 year fixed; 
 $  75,000 for 15 year fixed; 
 $125,000 for 7 year balloon; 
 $105,000 for one year ARMS 
  
 (ii) The weighted average service fee is no more than .29%
for fixed rate mortgages and .375% for ARMS. 
  
 (iii) The minimum average escrow balance is 1.04% of the principal balance of the Mortgage Loan. 
  

 27 

 (iv) The Mortgage Loans are current originations and are originated within 60 days of the
Issue Date and will reflect the normal distribution of interest rates without any adverse selection. 
  
 (v) The weighted average mortgage rate is representative of current production and reflective of current market interest rates, but in no
event is any individual Mortgage Loan interest rate greater than 8.5% for 30 year fixed rate loans and 8% for all other maturities. 
  
 (vi) Purchaser and Seller recognize that the criteria on Exhibit B represents limitations of the servicing to be delivered at the
respective Transfer Dates. Both the Purchaser and the Seller recognize that flexibility is important as long as the economic value of the servicing to be delivered at the respective Transfer Date is not materially different from the criteria
outlined on Exhibit B. 
  
 (oo) The Seller’s accounting
method with respect to service fees associated with the servicing rights sold under the Agreement conforms to the “Safe Harbor” provisions of Revenue Ruling 91-46. This is in effect and will continue to remain in effect for the servicing
rights delivered under the Agreement. 
  
 Section 5.04.
Compliance with Percentage Limitations. 
  
 The Seller
shall be deemed to have complied with the percentage limitations on condominium and buydown loans set forth in Section 5.03 (ee) and (gg) if the aggregate number of Mortgage Loans having such feature for which Servicing Rights have been transferred
hereunder comply with such limitations. 
  
 ARTICLE VI

  
 REMEDIES AND INDEMNIFICATION 
  
 Section 6.01. Remedies for Breach of Representations and Warranties of the
Purchaser. 
  
 It is understood and agreed that the
representations and warranties set forth in Section 5.01 shall survive each Settlement Date and the transfer of Servicing Rights to the Purchaser thereon and the termination of this Agreement and shall inure to the benefit of the Seller. 

 
 Within thirty (30) days of the earlier of either discovery by or notice to
the Purchaser of any breach of a representation or warranty set forth in Section 5.01, the Purchaser shall use its best efforts promptly to cure such breach in all material respects. 
  
 The Purchaser shall indemnify the Seller and hold it harmless against any losses, damages, penalties, fines, forfeitures,
reasonable and necessary legal fees and related costs, judgments, and other costs and expenses (including any such costs, expenses and attorney’s fees incurred in enforcing such right of indemnification) resulting from any claim, demand,
defense or assertion based on or grounded upon, or resulting from, (a) a breach of the Purchaser’s representations and warranties contained in Section 5.01 or the Purchaser’s obligations contained in Section 2.04 and Article IV hereof.

  

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 Any cause of action against the Purchaser relating to or arising out of the breach of any representations
and warranties made in Section 5.01 shall take effect upon the last of (i) discovery of such breach by the Purchaser or notice thereof by the Seller to the Purchaser, (ii) failure by the Purchaser to cure such breach, and (iii) demand upon the
Purchaser by the Seller for compliance with this Agreement. 
  
 Section 6.02. Remedies for Breach of Representations and Warranties of Crescent Banking Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, as Seller. 
  
 It is understood and agreed that the representations and warranties set forth
in Sections 5.02 and 5.03 shall survive the transfer of the Servicing Rights to the Purchaser, the delivery of the Servicing Files to the Purchaser and termination of this Agreement and shall inure to the benefit of the Purchaser. Upon discovery by
either the Purchaser or the Seller of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of the Servicing Rights or the interest of the Purchaser therein, the party discovering such
breach shall give prompt written notice to the other. 
  
 Within
thirty (30) days of the earlier of either discovery by or notice to the Seller of any breach of a representation or warranty set forth in Section 5.02 or Section 5.03, the Seller shall use its best efforts promptly to cure such breach in all
material respects, and if such breach cannot be cured, the Seller shall, at the Purchaser’s option within thirty. (30) Business Days following receipt by the Seller of notice thereof, pay the Purchaser the related Reimbursement Amount.

  
 Any reimbursement pursuant to this Section 6.02 shall be
accomplished by the Seller by wire transfer of immediately available funds to the account designated by the Purchaser. At the Purchaser’s option, the Purchaser may deduct such Reimbursement Amount from the Purchase Price payable on the next
Purchase Price Payment Date in accordance with Section 3.02. If no such subsequent Purchase Price Payment Date occurs for any reason or if after such deductions, any Reimbursement Amount remains unpaid, such Reimbursement Amount shall be paid as
provided in the first sentence of this paragraph. 
  
 In addition
to such reimbursement obligation, the Seller shall indemnify the Purchaser and hold it harmless against any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgment, 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 representations and warranties contained in Sections 5.02 or 5.03, any breach of the Seller’s obligations or covenants
hereunder or the Seller’s refusal to provide the Purchaser with Agency Agreements. 
  
 Any cause of action against the Seller relating to or arising out of the breach of any representations and warranties made in Sections 5.03 or 5.02 shall accrue upon the last of (i) discovery of such breach by the
Seller or notice thereof by the Purchaser to the Seller, (ii) failure by the Seller to cure such breach, and (iii) demand upon the Seller by the Purchaser for compliance with this Agreement. For purposes of indemnification under this Section 6.02,
it is the intention of the parties hereto that the Purchaser and each of its directors, officers, employees and agents shall be indemnified and held harmless from and against any and all losses to the extent resulting from any breach of any
representation or warranty or omission by Seller of any fact or set of facts in the representation and warranties contained in this Agreement including any misrepresentation in or omission of any item required to be disclosed on any certificate,
schedule, exhibit or other agreement, instrument or document delivered to delivered pursuant to the terms of this Agreement. 
  

 29 

 It is specifically understood that Crescent Banking Company by virtue of its parental relationship agrees
to be jointly and severally liable, along with Crescent Mortgage Services, Inc. and Crescent Bank & Trust Company, to Purchaser under this Section 6.02. 
  
 Section 6.03. Crescent Banking Company, Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, as Seller’s Repurchase and
Related Indemnification Obligations. 
  
 Upon receipt by the
Purchaser of notice from an Agency of a breach of any representation or warranty by Seller contained in applicable Agency Requirements and/or any request for the repurchase of any Mortgage Loan pursuant thereto, the Purchaser shall promptly notify
the Seller thereof. Within thirty (30) calendar days of the Seller’s receipt of such notice from Purchaser, the Seller shall inform the Purchaser of the Seller’s preferred response to such repurchase request and a written explanation of
the basis of such response. The Purchaser shall furnish to Seller, upon written request, a copy of the collection activity records on any Mortgage Loan subject to repurchase. The Purchaser shall determine whether the Seller’s disagreement with
any repurchase request is reasonable. The Seller shall repurchase from the Purchaser any Mortgage Loan with respect to which the Purchaser has been required by any Agency to repurchase due to a breach by Seller of a representation or warranty made
or incorporated into relevant Agency Agreements and not due to a breach of the Purchaser’s obligations thereunder arising after the relevant Settlement Date or pursuant to this Agreement. 
  
 In the event that any Mortgage Loan becomes ninety (90) days delinquent and
goes into foreclosure within six (6) months of the applicable Sale Date, Seller shall repurchase the Mortgage Loan from the Purchaser and refund the Purchase Price. 
  
 The repurchase price to be paid by the Seller to the Purchaser shall equal that repurchase price paid by the Purchaser to
the related Agency plus all reasonable costs and expenses borne by the Purchaser in connection with the repurchase of such Mortgage Loan from such Agency including, but not limited to, all costs and expenses of Purchaser incurred to cure such breach
and reasonable attorneys’ fees. In addition, the Seller shall repurchase the Servicing Rights with respect to such Mortgage Loan from the Purchaser at the Reimbursement Amount. 
  
 At the time of repurchase, the Purchaser shall cause the Custodian to arrange for the reassignment of the repurchased
Mortgage Loan to the Seller and the delivery to the Custodian of any documents held by the relevant Agency with respect to the repurchased Mortgage Loan pursuant to the applicable Agency Requirements. In the event of a repurchase, the Purchaser
shall, simultaneously with such reassignment, give written notice to the Seller that such repurchase has taken place, and amend the Mortgage Loan Schedule to reflect the deletion of the repurchased Mortgaged Loan from this Agreement and forward to
the Seller all the Mortgage Loan Documents, Servicing Files, related Escrow Accounts and records and documents relating to such Mortgage Loan. 
  
 In addition, the Seller shall indemnify and hold harmless the Purchaser and each of its directors, officers, employees and agents from and against any
losses, damages, penalties, fines forfeitures, reasonable and necessary legal fees, and related costs, judgments, and other costs and expenses incurred by the Purchaser in accordance with this Section 6.03. 
  
 It is specifically understood that Crescent Banking Company by virtue of its
parental relationship agrees to be jointly and severally liable, along with Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, to Purchaser under this Section 6.03. 
  

 30 

 Section 6.04 Additional Indemnification byCrescent Banking Company, Crescent Mortgage Services, Inc.,
and Crescent Banking & Trust Company, as Seller. 
  
 The
Seller shall indemnify and hold harmless the Purchaser and each of its officers, directors, employees and agents, as of the date hereof and when a relevant claim arises, from and against, and shall reimburse it or them for, any losses (including
loss of Servicing Rights), of any nature (including attorney’s fees and foreclosures costs) incurred before or after the Settlement Date to the extent relating to or resulting from: 
  
 (i) the non-fulfillment or nonperformance of any covenant, condition or action required of the Seller pursuant to this
Agreement, including, without limitation, the failure to comply with the Servicing Transfer Procedures; 
  
 (ii) any act or omission, or alleged act or omission, or error, of the Seller or any employee, agent or representative acting on its behalf, with respect
to the origination, underwriting, closing, or any of the Mortgage Loans or the formation of any Pools or any document, agreement or instrument relating thereto, occurring on or prior to the Settlement Date: 
  
 (iii) any fraud or misrepresentation in the origination of any Mortgage Loan
whether or not as a result of any act or omission of the Seller or any employee, representative or agent acting on its behalf or the Mortgagor under the Mortgage Loan; 
  
 (iv) any of the Seller’s escrow practices, including any periods during which the Purchaser continues such practices
until such time as the Purchaser has completed its regular escrow analysis cycle and any changes in payments made by Purchaser as a result of such cycle go into effect; 
  
 (v) any liabilities of, claims against or obligations of the Seller (whether absolute, accrued, contingent or otherwise,
including, without limitation, any tax claim asserted against the Purchaser with respect to any taxes relating to the operations of the Seller) existing as of or prior to the Settlement Date which were not expressly assumed by the Purchaser pursuant
to this Agreement or pursuant to any instrument of assumption executed by the Purchaser to consummate the sale; and 
  
 (vi) the Seller’s failure to (a) provide the Purchaser all Agency Agreements, internal documents, loan agreements and other records which the
Purchaser requests, or (b) provide accurate information requested by the Purchaser regarding the Mortgage Loans or the Servicing Rights. 
  
 The indemnity provided in this Section 6.04 shall remain in full force and effect regardless of any investigation made by the Purchaser or its
representatives and shall survive the transfer of Servicing Rights and the termination of this Agreement. Upon receipt of written notice of a claim covered by this indemnity, the Seller shall immediately assume defense of such claim at its own cost
and expense, with counsel approved by the Purchaser, and the Seller shall be directly responsible for the payment of all costs and expenses and any award or judgment which may become due as a result of such claim; provided, however, that the
Purchaser at its sole option instead may assume defense of such claim and continue to be protected under this indemnity if it reasonably believes such assumption is necessary or appropriate to discharge its responsibilities as servicer of the
Mortgage Loans or to preserve its authority and approvals to service the Mortgage Loans. The Seller shall not be entitled to settle, compromise, decline to appeal, or otherwise dispose of any such claim without the consent or agreement of the

  

 31 

 
Purchaser (which consent will not be unreasonably withheld or delayed), but which may be denied because, among other reasons, it believes in good faith that
such settlement, compromise or other disposition is likely to have an adverse impact on the Purchaser’s right or ability to enforce other mortgage loans or servicing rights or to preserve its authority and approvals to service the Mortgage
Loans. 
  
 It is specifically understood that Crescent Banking
Company by virtue of its parental relationship agrees to be jointly and severally liable, along with Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, to Purchaser under this Section 6.04. 
  
 Section 6.05. Purchaser’s Indemnification Obligations.

  
 Purchaser shall indemnify and hold harmless the Seller and
each of its officers, directors, employees and agents, as of the date hereof and when the relevant claim arises, from and against and shall reimburse it or them for, any losses, damages, penalties, fines, forfeitures, reasonable and necessary legal
fees, and related costs, judgments, and other costs and expenses incurred by Seller to the extent relating to or resulting from: 
  
 (i) any breach of Purchaser’s obligations under the Agency Agreements; 
  
 (ii) the non-fulfillment or nonperformance of any covenants, condition or action required of the Purchaser pursuant to this
Agreement; 
  
 (iii) any act or omission, or alleged act or
omission or error, of the Purchaser or any employee, agent or representative acting on its behalf, with respect to the servicing of any of the Mortgage Loans occurring after the Sale Date; 
  
 The indemnity provided in this Section 6.05 shall remain in full force and
effect and shall survive the termination of this Agreement. Upon receipt of written notice of a claim covered by this indemnity, the Purchaser shall immediately assume defense of such claim at its own cost and expense, with counsel approved by the
Seller and the Purchaser shall be directly responsible for the payment of all costs and expenses and any award or judgment which may become due as a result of such claims; provided, however, that the Seller at its sole option instead may assume
defense of such claim and continue to be protected under this indemnity if it reasonably believes such assumption is necessary or appropriate. The Purchaser shall not be entitled to settle, compromise, decline to appeal, or otherwise dispose of any
such claim without the consent or agreement of the Seller (which consent will not be unreasonably withheld or delayed). 
  
 ARTICLE VII 
  
 CLOSING CONDITIONS AND DOCUMENTS 
  
 Section 7.01. Purchaser’s Conditions. 
  
 The Purchaser’s obligation to consummate each purchase of the Servicing Rights pursuant to this Agreement is subject to the satisfaction or waiver by the Purchaser of the conditions enumerated in this Section
7.01 on or prior to each Sale Date. In addition, prior to the initial Sale Date, the Seller shall 

  

 32 

 
have executed and delivered or caused to have executed and delivered the Closing Documents required in Section 7.03. 
  
 (a) The Seller shall have performed in all material respects all of its
covenants and agreements contained herein which are required to be performed by it on or prior to the initial Sale Date including but not limited to compliance with applicable Agency Requirements, the Servicing Transfer Procedures, and the
obligations of the Seller set forth in Sections 2.02 through 2.04 hereof. 
  
 (b) All of the representations and warranties of the Seller contained in this Agreement shall be true and correct in all material respects as of each Sale Date. 
  
 (c) Prior to the initial Sale Date, the Purchaser shall have completed a due
diligence review relating to the Mortgage Loans, the Agency Requirements and the contents of the Servicing Files and the Seller’s prior servicing activities and shall have determined in its discretion, that, among other things: (i) the books,
records and accounts of the Seller with respect to the Agencies are in order, (ii) the information provided in the Mortgage Loan Schedule is true and correct, (iii) the Mortgage Loans comply with applicable laws, regulations and all Agency
Requirements; (iv) there is no missing or improper documentation: and (v) servicing is being performed in a manner consistent with the servicing that the Purchaser shall be required to perform under the Agency Requirements. During the conduct of the
Purchaser’s due diligence, the Seller shall provide access to servicing records, loan files and other Seller books and records and will cooperate with the Purchaser in completing such due diligence. Purchaser agrees to hold all such information
in confidence and not to use or disclose such information except pursuant to the purposes of this Agreement. In the event that (because of the flow nature of the transactions contemplated hereunder) Mortgage Loans have not yet been identified or
segregated into Pools at the time such initial due diligence is performed, the Seller will make available for review a sample of other Mortgage Loans and representative Servicing Files with characteristics similar to those of the Mortgage Loans and
related Servicing Files. 
  
 Following the Purchaser’s
initial due diligence, and upon the Purchaser’s request, the Seller shall permit the Purchaser to perform reasonable and relevant follow up on site due diligence reviews at least quarterly. The Seller acknowledges and agrees that, during the
term of this Agreement, the financial and other reports and the notification of changed circumstances and significant events which Seller is obligated to provide Purchaser under this Agreement will be provided. The Purchaser’s rights to perform
audits and inspections thereunder are affirmed under this Agreement. 
  
 (d) The approval of the Purchaser of all documentation, tri-party agreements and such other agreements and the execution thereof by the Purchaser and the Seller as may be required to effectuate the transfer of the Servicing Rights by the
Seller to the Purchaser in accordance with the Agency Requirements. 
  
 (e) The Seller’s payment of the costs of securing any and all Agency approvals of the Purchaser’s acquisition of the Servicing Rights and the Seller’s payment of the costs of preparing and recording Assignments of Mortgages
and/or preparing endorsements of Mortgage Notes, as required. 
  
 (f) The delivery by the Seller to the Purchaser of all applicable Agency Consents and the written approval of and consent to the transfer of the Servicing Rights from any other party from whom approval is required under applicable law.

  

 33 

 (g) The Purchaser’s determination in its reasonable discretion that the Seller has the financial
ability to discharge its indemnification and repurchase obligations as set forth herein. 
  
 (h) There shall not have been commenced or, to the knowledge of either party hereto, threatened any action, suit or proceeding which is likely to materially or adversely affect the completion of the transactions
contemplated hereby. 
  
 (i) No officer, loan originator or other
personnel of the Seller shall have been indicted, arraigned, convicted or shall be under investigation for any criminal offenses or any fraudulent activity related to the origination, servicing and sale of the Mortgage Loans. 
  
 It is specifically understood that Crescent Banking Company is liable, along
with Crescent Mortgage Services, Inc., and Crescent Bank & Trust Company, to Purchaser under this Section 7.01. 
  
 Section 7.02. Seller’s Conditions. 
  
 The Seller’s obligation to consummate the sale of the Servicing Rights to the Purchaser on each Sale Date and to deliver all related Servicing Files
and relinquish all servicing functions in accordance with and pursuant to this Agreement is subject to the satisfaction or waiver by the Seller of the following conditions on or prior to each Sale Date: 
  
 (a) The Purchaser shall have performed in all material respects all of its
covenants and agreements contained herein and shall have complied with all Agency Requirements which are required to be performed or complied with by it. 
  
 (b) All of the representations and warranties of the Purchaser contained or incorporated by reference in this Agreement shall be true and correct in all
material respects. 
  
 (c) The Seller and the Purchaser shall have
entered into and executed all necessary tri-party agreements with the Agencies in respect of the transfer of Servicing Rights by the Seller to the Purchaser. 
  
 Section 7.03. Closing Documents. 
  
 The Closing Documents shall consist of fully executed originals of the following documents: 
  
 (a) a copy of corporate resolutions of the Seller authorizing the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby. 
  
 (b) an
Officer’s Certificate to the effect that each of the Seller’s representations and warranties made in Article V hereof are true and correct and that all of the terms, covenants and conditions of this Agreement required to be complied with
and performed by the Seller at or prior to the initial Sale Date have been duly complied with and performed in all material respects; 
  
 (c) an Opinion of Counsel of the Seller in the form of Exhibit D; and 
  
 (d) this Agreement. 
  

 34 

 Section 7.04. Closing Documents for Subsequent Settlements. 
  
 In accordance with Section 3.02, the Seller shall mail or telecopy to the
Purchaser prior to each Purchase Price Payment Date, a Monthly Certification signed by an authorized officer of the Seller (either CBC, CMSI, or CBTC, binding on all CBC, CMSI or CBTC) in the form provided in Exhibit C-2, a monthly invoice provided
on paper and on a data disc in a format prescribed by Purchaser , a trial balance of mortgage loans aggregated in a similar manner to the Schedule of Mortgages, Pool Documents supporting the principal balances, interest rates, net service fee, net
guaranty fee, weighted average coupon and other information necessary to support Seller’s monthly invoice including, but not limited to FHLMC Forms 11, 15A, and 381. 
  
 Section 7.05. Additional Covenants of the Seller. 
  
 (a) Future On-Site Due Diligence. Upon Purchaser’s request the Seller shall permit the Purchaser to perform a
relevant on-site due diligence review of the Seller’s operations. 
  
 (b) Notice of Significant Events. During the period of this Agreement on which the Seller transfers Servicing Rights to the Purchaser, the Seller will promptly notify the Purchaser of the occurrence of any of the following:

  
 (i) any change in the Seller’s business address and/or
telephone number. 
  
 (ii) any merger, consolidation or
reorganization of the Seller, or any changes in the Seller’s ownership by direct or indirect means. Indirect means include any change in ownership of 10% or more of the Seller’s direct or indirect corporate parent. 
  
 (iii) any change in the Seller’s name. 
  
 (iv) any significant adverse change in the Seller’s financial position.

  
 (v) entry of any court judgment or regulatory order in which
the Seller is or may be required to pay a claim or claims which, in the Seller’s opinion, could have a material adverse effect on the Seller’s financial condition. 
  
 (vi) the Seller admits to committing, or is found to have committed, a material violation of any law, regulation, or order
relating to its mortgage operation. 
  
 (vii) the initiation of
any investigations of the Seller by any third party including any state or federal agency which could have a material affect on the Seller’s ability to perform its delivery, repurchase or and shall provide unaudited financial statements.
Indemnification obligations hereunder to the extent Seller is permitted to so disclose. 
  
 (c) Financial Statements. The Seller will provide the Purchaser with audited financial statements for the years ended December 31, 1995 and 1996 and unaudited financial statements dated as of June 30, 1997, and
shall provide unaudited financial statements, each calendar quarter during which Servicing Rights will be transferred hereunder no later than thirty (30) days following the end of each calendar quarter. 
  

 35 

 Section 7.06. Additional Covenants of the Purchaser. 
  
 (a) Notice of Significant Events. During the period of this Agreement
in which the Seller transfers Servicing Rights to the Purchaser, the Purchaser will promptly notify the Seller of the occurrence of any of the following: 
  
 (i) any change in the Purchaser’s business address and/or telephone number. 
  
 (ii) any merger, consolidation or reorganization of the Seller, or any changes in the Purchaser’s ownership by direct
or indirect means. Indirect mean include any change in ownership of 10% or more of the Purchaser’s direct or indirect corporate parent. 
  
 (iii) any change in the Purchaser’s name. 
  
 (iv) any significant adverse change in the Purchasers financial position. 
  
 (v) entry of any court judgment or regulatory order in which the Purchaser is or may be require to pay a claim or claims
which, in the Purchaser’s opinion, could have a material adverse effect on the Purchaser’s financial condition. 
  
 (vi) the Purchaser admits to committing, or is found to have committed, a material violation of any law, regulation, or order relating to its servicing
operations. 
  
 (vii) the initiation of any investigations of the
Purchaser by any third party including any state or federal agency which could have a material affect on the Purchaser’s ability to perform its delivery, repurchase or indemnification obligations hereunder to the extent Purchaser is permitted
to so disclose. 
  
 ARTICLE VIII 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 8.01. Costs. 
  
 The Seller shall pay any commissions due its salesmen and the legal fees and
expenses of its attorneys, the costs of delivery of the Servicing Files to the Purchaser, the costs of securing Agency approval of the transfer of Servicing Rights from the Seller to the Purchaser and the recording fees if applicable with respect to
the Assignments of Mortgage to the Purchaser and Assignments of Mortgage from the Purchaser back to the Seller in the case of broken Pools described in Sections 2.01 and 3.04. 
  
 Section 8.02. Taxes and Insurance. 
  
 Following each Sale, the Seller shall promptly provide the Purchaser with all tax and insurance bills related to the
Mortgage Loans. The Seller shall reimburse the Purchaser for all late payments and expenses incurred as a result of the Purchaser’s late receipt from the Seller of such tax and insurance bills. 
  

 36 

 Section 8.03. Cooperation. 
  
 To the extent reasonably possible, the parties hereto shall cooperate with and assist each other, as requested, in carrying
out the purposes of this Agreement, and they shall comply with all material laws and regulations governing the Servicing Rights and the Agency Requirements. 
  
 Section 8.04. Protection of Confidential Information. 
  
 The Seller and Purchaser shall keep confidential and shall not divulge to any Party, without the other party’s prior written consent, the purchase
price paid by the Purchaser for the Servicing Rights, any information pertaining to the Mortgage Loans or any borrower thereunder, except to the extent that it is appropriate for the divulging Party to do so in working with legal counsel, auditors,
taxing authorities or other governmental agencies or as required by law. 
  
 Section 8.05. Publicity. 
  
 The Purchaser and the Seller agree to consult with each other and to coordinate the issuance of any press release or similar public announcement or communication containing the other’s name and relating to the execution or performance
of this Agreement and the transactions contemplated hereby; provided, however, that no party shall be restrained, after consultation with the other party, from making such disclosure as it shall be advised by counsel is required by law or by the
applicable regulations of any regulatory body or securities exchange to be made. 
  
 Section 8.06 Termination. 
  
 In the event that the Purchaser in its good faith judgment makes a determination that (i) ten percent (10%) or more (determined on the basis of the aggregate outstanding principal balances) of the Mortgage Loans with respect to which the
Servicing Rights are delivered by the Seller to the Purchaser on the Sale Dates were characterized by defects or deficiencies which could not be reasonably cured within the cure period permitted by the relevant Agency so as to render such Mortgage
Loans subject to likely repurchase requests by the relevant Agency, or (ii) in the discretion of the Purchaser, the Seller lacks the financial ability to discharge its indemnification and repurchase obligations set forth herein, then this Agreement
may be terminated by the Purchaser with respect to Servicing Rights to be transferred on any subsequent Sale Date. Such termination shall be effective immediately upon the lapse of thirty (30) calendar days following the giving of a written notice
in accordance with Section 8.07. 
  
 Thirty (30) days prior to the
expiration of the effective date of the pricing, the Purchaser and Seller will mutually agree to review and amend Exhibit A, Purchase Price Schedule. In the event Purchaser and Seller are unable to reach a mutual agreement of revisions to Exhibit A,
either party may terminate the Agreement. 
  
 Section 8.07.
Notices. 
  
 Except as otherwise provided herein, all
demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if mailed, by registered or certified mall, return receipt requested, or, if by other means, when received by the other party at the
following address: 
  

	 If to the Purchaser, to:
	 	 If to the Seller, to:

		
	 Mr. Anthony P. Meli, Jr.
	 	 Robert C. KenKnight

	 First Vice President
	 	 Executive Vice President

	 Chase Manhattan Mortgage Corporation
	 	 Crescent Bank & Trust Company

	 343 Thornall Street
	 	 115 Perimeter Center Place, Suite 285

	 Edison, New Jersey 08837
	 	 Atlanta, Georgia 30346

	 	 	 
	 cc: Steve Rotella
	 	 
	 Chase Manhattan Mortgage Corporation
	 	 
	 200 Old Wilson Bridge Road
	 	 
	 Worthington, Ohio 43085
	 	 

  

 37 

 or such other address as may hereafter be furnished to the other party by like notice. Any such demand, notice or
communication hereunder shall be deemed to have been received on the date delivered to or received at the premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt). 
  
 Section 8.08. Severability Clause. 
  
 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 which is prohibited or unenforceable or is held to be void or unenforceable in any jurisdiction, 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. If the invalidity of any part, provision, representation or warranty of this agreement shall deprive any party of the economic benefit intended to be conferred by this Agreement, the
parties shall negotiate, in good-faith, to develop a structure the economic effect of which is as close as possible to the economic effect of this Agreement without regard to such invalidity. 
  
 Section 8.09. Counterparts. 
  
 This Agreement may be executed simultaneously in any number of counterparts.
Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. 
  
 Section 8.10. Place of Delivery and Governing Law. 
  
 This Agreement shall be made in the State of New Jersey. The Agreement shall be construed in accordance with the laws of the State of New Jersey and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with the laws of the State of New Jersey, applicable to agreements made and to be performed therein except to the extent preempted by federal law.

  
 Section 8.11. Further Agreements. 
  
 The Seller and the Purchaser each agree to execute and deliver to the other
such reasonable and appropriate additional documents, instruments or agreements as may be necessary or appropriate to 

  

 38 

 
effectuate the purposes of this Agreement (including but not limited to updates of Exhibits and Schedules to be attached hereto and incorporated herein).

  
 Section 8.12. Intention of the Parties. 
  
 It is the intention of the parties that the Seller is selling, and the
Purchaser is purchasing only the Servicing Rights to the Mortgage Loans. Accordingly, the parties hereby acknowledge that as of the relevant Settlement Date the relevant Agency shall be the sole and absolute owner of the Mortgage Loans. 

 
 Section 8.13. Successors and Assigns; Assignment of Servicing Rights
Purchase Agreement. 
  
 This Agreement shall be binding upon
and shall inure to the benefit of and be enforceable by the Purchaser and the Seller and their respective successors and assigns. This Agreement shall not be assigned by any party without the prior written consent of the other party in accordance
with applicable Agency Requirements. Such consent shall not be unreasonably withheld. 
  
 Section 8.14. Waivers. 
  
 No term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing and signed by the party against whom such waiver or modification is sought to be enforced. 
  
 Section 8.15. Exhibits. 
  
 The exhibits to this Agreement are hereby incorporated and made a party
hereof and are an integral part of this Agreement. 
  
 Section
8.16. General Interpretive Principles. 
  
 For purposes of
this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and the use
of any gender herein shall be deemed to include the other gender; 
  
 (b) accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles. 
  

 39 

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

	 CHASE MANHATTAN MORTGAGE CORPORATION
 (Purchaser)
	 	 	 	 	 	 
			
	 CHASE MANHATTAN MORTGAGE
 CORPORATION (Purchaser)
	 	 	 	 CRESCENT BANKING COMPANY
 (Seller)

					
	By:	 	/s/    ANTHONY P. MELI, JR.        	 	 	 	By:	 	/s/    J. DONALD BOGGUS, JR.        
	 	
	 	 	 	 	

	 Its:
	 	 Anthony P. Meli, Jr., CMB
 First Vice President
	 	 	 	 Name:
 Its:
	 	 J. Donald Boggus, Jr
 President & CEO

	 	 	 	 	 	 	 	 	 
	Attest:	 	/s/    Illegible        	 	 	 	 Attest:
	 	/s/    Illegible        
	 	
	 	 	 	 	

	 Its:                                      
      SVP
	 	 	 	 Its:                                      
          Secretary

			
	 	 	 	 	 CRESCENT MORTGAGE SERVICES, INC.
 (Seller)

					
	 	 	 	 	 	 	By:	 	/s/    ROBERT C. KENKNIGHT      
	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	Robert C. KenKnight
	 	 	 	 	 	 	 Its:
	 	President
	 	 	 	 	 	 	 Attest:
	 	/s/    Illegible        
	 	 	 	 	 	 	 	

	 	 	 	 	 Its:                                      
          Secretary

			
	 	 	 	 	 CRESCENT BANK & TRUST COMPANY
 (Seller)

					
	 	 	 	 	 	 	By:	 	/s/    J. DONALD BOGGUS, JR.      
	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	J. Donald Boggus, Jr
	 	 	 	 	 	 	 Its:
	 	President & CEO
					
	 	 	 	 	 	 	 Attest:
	 	/s/    Illegible        
	 	 	 	 	 	 	 	

	 	 	 	 	 Its:                                      
          Director

  

 40 

 SCHEDULE OF EXHIBITS 
  
 CRESCENT BANKING COMPANY, CRESCENT MORTGAGE SERVICES, 
 AND CRESCENT BANK & TRUST COMPANY 
 AND CHASE MANHATTAN MORTGAGE
CORPORATION 
  

	EXHIBIT
NO

	 	SUB
NO

	 	 ITEM

	 	CONTRACT REFERENCE

				
	 A
	 	 	 	Price	 	1.49, 3.01, 3.05, 8.06
				
	 B
	 	 	 	Mortgage Eligibility Characteristics	 	5.03(nn)
				
	 C-1
	 	 	 	Officer’s Certification (signed with Contract	 	1.42, 7.03 (b)
				
	 C-2
	 	 	 	Monthly Certification (signed with each Sale)	 	1.32, 3.02, 7.04
				
	 D
	 	 	 	Opinion of Counsel (signed with Conract)	 	1.43, 7.03 (c)
				
	 E
	 	 	 	NOT APPLICABLE (Sub-Servicing Agreement)	 	N/A
				
	 F
	 	 	 	Servicing Transfer Procedures: CO-ISSUE - Cenlar Loan Administration	 	1.59, 2.03 (c)(d)(i)(l)(m),
6.04(1), 7.01(a)
				
	 G
	 	-3 CLA-FHLMC	 	Mortgage Loan File Format and Delivery	 	2.03 (e)
				
	 H
	 	 	 	Schedule of Sale and Transfer Dates	 	Background
				
	 I
	 	 	 	PSA Settlement Dates through 1997	 	1.63
				
	 J
	 	 	 	NOT APPLICABLE (Chase EDP Magnetic Tape Record Layout)	 	1.18

  

 EXHIBIT A 
  
 CRESCENT BANK & TRUST COMPANY 
  
 CRESCENT MORTGAGE SERVICES, INC. 
  
 Quarterly Sale and Quarterly Transfer 
  
 Purchase Price Schedule 
  
 Effective for Sales November 1, 1997 through April 30, 1998 
  

	 MATURITY

	  	FHLMC ARC

	 30 Yr Fixed Rate
	  	1.50
	 15 Yr Fixed Rate
	  	1.20
	 7 Yr Balloon
	  	.95
	 1 Yr ARM
	  	1.40

  
 Base Price Adjustments

  

	 	•	Non escrow loans are subject to a price reduction of .25% per loan. Please provide a supporting schedule of non-escrow loans indicating Pool Number, Name, Loan Number and Unpaid
Principal Balance. 

  

	 	•	The Purchase Price for fixed rate mortgage loans with a weighted average excess service fee up to a maximum of .29% will be increased based on the following price increase ratio for
each basis point of excess service fee or increment thereof (up to 4 decimals) 

  

	 30 Year:
	  	4:1
	 15 Year:
	  	3:1
	 7 Year:
	  	1:1

  

	 	•	A fee of $69 per loan will be deducted from the Purchase Price for the purchase of “life of loan” TransAmerica Real Estate contracts. 

  

	 	•	A fee of $9 per loan will be deducted from the Purchase Price for the purchase of “life of loan” FDSI flood contracts. 

  

	 	•	A set-up fee of $5 per loan will be deducted from the Purchase Price. 

  
 Miscellaneous Adjustments 
  

	 	•	All odd maturity loans shall be a fixed rate, fully amortizing Mortgage Loan and will be priced as a 15 year loan. 

  

	Seller’s Initials/Date:
	
	                                     
                                /       
                  
	
	 Purchaser’s Initials/Date:

	
	 /s/    ILLEGIBLE

	

 EXHIBIT B 
 MORTGAGE CHARACTERISTICS 
 Crescent Mortgage Services, Inc. and 
 Crescent Bank & Trust Company 
 November 1, 1997 
  

		
	 Monthly Sale and Transfers:
	  	$10 million-$20 million
		
	 Total Contract
	  	$120 million-$240 million
		
	 Re-Pricing
	  	April 1998
		
	 Type of Servicing
	  	FHLMC ARC
		
	 Weighted Average Net Servicing Fee: 5.03(nn)
	  	 0.29% for fixed rate loans
 0.39% for one
year ARMS

		
	 Maximum Interest Rate: 5.03(nn)
	  	 8.5%-30 year,
 8.0%-for all other
maturities

		
	 State/Geo Breakdown:
	  	GA 17%-50%; MA 8%-25%; ME 8%-24%; NH 5%-16%; SC 2%-7%; NC 3%-8%; CT 3%-8%; AL 2%-5%; all others less than 5%.
		
	 Minimum Average Loan Balance 5.03(w)(nn)
	  	30 Yr Fixed    $100,000
		
	 	  	15 Yr Fixed    $  75,000
		
	 	  	7 Yr Balloon  $125,000
		
	 	  	1Yr ARM       $105,000
		
	 Term: 3.03, 1.18, 5.03(nn)
	  	30 Yr Fixed    65%-70%
		
	 	  	15 Yr Fixed    25%-30%
		
	 	  	7 Yr Balloon  0%-5%
		
	 	  	1Yr ARM 0%-5%
		
	 Weighted Average Escrow
	  	1.04% (as a percentage of principal balance for escrowed loans) No less than 15% of the mortgage loans are accompanied by an escrow for taxes and insurance.
		
	 Age of Loans: 5.03(x)
	  	£ 60 days of each Sale Date
		
	 Property Types: 5.03(cc)(nn)
	  	95% single family detached 5% maximum combined 2-4, condominium and pud properties
		
	 Owner Occupancy
	  	95% owner occupied
		
	 Buydowns and Interest Rate Subsidies 503(nn)
	  	£ 5% of the number of loans delivered
		
	 Third Party Loans: 2.05(o)
	  	100%

 EXHIBIT C-l 
  
 OFFICER’S CERTIFICATE 
  
 I, Robert C. KenKnight a duly authorized officer of CRESCENT BANKING COMPANY, CRESCENT BANK & TRUST COMPANY, AND CRESCENT MORTGAGE SERVICES (the
Seller”) under the Agreement for the Purchase of Servicing dated as of November, 1997 between Chase Manhattan Mortgage Corporation (the” Purchaser”) and the Seller hereby certify to the Purchaser pursuant to the Agreement that: ;

  
 1. The Seller has complied in all material respects with all
provisions of the Agreement, Agency Requirements, and the Servicing Transfer Procedures (except to the extent later compliance is expressly authorized therein) applicable to Seller. 
  
 2. All Seller’s representations and warranties included in Sections 5.02 and 5.03 of the Agreement are true and correct
in all material respects as of the date hereof and the Sale Date. 
  
 3. Without limiting the generality of the foregoing and as of the Sale Date and the date hereof (i) the Mortgage Loans Schedules delivered to FNMA and/or FHLMC were and are true, correct and complete, and (ii) the Servicing Rights were not
and are not subject to any lien, pledge or other encumbrance. 
  
 4. The Seller’s accounting method with respect to the service fees associated with the Servicing Rights sold under the Agreement conforms to the “Safe Harbor” provisions of Revenue Ruling 91-46. This is in effect and will
continue to remain in effect for the Servicing Rights delivered under the Agreement. 
  
 5. There has been no material adverse change in the Seller’s financial conditions since the date of the Seller’s most recent financial Statements delivered to the Purchaser which would affect the
Seller’s ability to perform all of its obligations under the Agreement. 
  
 IN WITNESS WHEREOF, the undersigned has set his hand hereunto this 10th day of November, 1997. 
  

		
	 By:
	 	/s/    ROBERT C. KENKNIGHT        
	 	

	 Title:
	 	President/Vice President

 EXHIBIT C-2 
  
 MONTHLY CERTIFICATE 
  
 I,
                                        
                                        
                    , a duly authorized officer of
                                        
                         (the Seller”) under the Agreement for the Purchase of Conventional Servicing dated as of
November, 1997 between Chase Manhattan Mortgage Corporation (the” Purchaser”) and the Seller, hereby certify to the Purchaser pursuant to the Agreement on the Sale Date scheduled for
                        , 1997, with respect to all Servicing Rights transferred to the Purchaser pursuant to the
Agreement for which payment is due to the Seller on the Purchase Price Date of                     , 1997. 
  
 1. The Seller has complied in all material respects with all provisions of
the Agreement including the Servicing Transfer Procedures (except to the extent later compliance is expressly authorized therein) applicable to Seller. 
  
 2. All Seller’s representations and warranties included in Sections 5.02 and 5.03 of the Agreement are true and correct in all material respects as
of the date hereof and the Sale Date. 
  
 3. Without limiting the
generality of the foregoing and as of the Sale Date and the date hereof (i) the Mortgage Loan Schedules delivered to FNMA and/or FHLMC were and are true, correct and complete, and (ii) the Servicing Rights were not and are not subject to any lien,
pledge or other encumbrance. 
  
 4. The Seller’s accounting
method with respect to the service fees associated with the Servicing Rights sold under the Agreement conforms to the ”Safe Harbor” provisions of Revenue Ruling 91-46. This is in effect and will continue to remain in effect for the
Servicing Rights delivered under the Agreement. 
  
 5. There has
been no material adverse change in the Seller’s financial conditions since the date of the Seller’s most recent financial Statements delivered to the Purchaser which would affect the Seller’s ability to perform all of its obligations
under the Agreement. 
  
 6. Seller has complied with Section 2.03
(h) and certifies that, as appropriate, either (i) notice of the change in Mortgagee has been given to Transamerica Real Estate Tax Service (TRETS) or (ii) that $69 has been deducted from the monthly invoice submitted by Seller for each loan without
a TRETS life-of-loan contract, 
  

 7. Seller certifies that it has complied with Section 2.03 (c) and that notice has been given to hazard,
mortgage (FHA/VA/PMI) and flood insurance carriers and all other third parties required to effectively transfer the mortgage loan servicing and to change the mortgagee clause as instructed in the Servicing Transfer Procedures, Exhibit F-2,

  
 8. Seller certifies that it has complied with Section 2.03(s)
and that, as appropriate, either (i) notice of the change in mortgagee has been given to FDSI or (ii) that $9 has been deducted from the monthly invoice submitted by Seller for each loan without a FDSI life-of-loan contract. 
  
 9. Seller certifies that it has complied with Section 2.03(b) and that notice
of transfer to Mortgagors has been provided with a letter previously approved by Purchaser advising the Mortgagors of the transfer of the servicing to Purchaser. 
  
 These certifications have been made concerning each Mortgage Loan transferred and listed in the Mortgage Loan Schedules.

  
 IN WITNESS WHEREOF, the undersigned has set his hand hereunto
this day of
                                        
                , 1997 
  

		
	BY:	 	  

	 Title:
	 	  

  

 EXHIBIT D 
 OPINION OF COUNSEL 
                                        
 , 199 
  
 Dear Sir or Madam, 
  
 I am General Counsel to
                                        , a
                                        
corporation (“Seller”) and in such capacity am familiar with the Agreement for the Purchase of FHLMC AND/OR FNMA Servicing dated as of November, 1997, between Chase Manhattan Mortgage Corporation (“Purchaser”) and the Seller
(hereinafter referred to as the “Agreement”). 
  
 In
that connection, I have been provided with the originals or copies authenticated or certified to my satisfaction, of records of the Seller, of communications and certificates of public officials and the officers of the Seller, and upon such other
documents, and have made such other examination and investigations, as I have deemed necessary as a basis for the opinions hereinafter expressed. As to certain matters of fact of which I have no independent knowledge, I have also relied upon
representations and certificates of public officials and officers and other representatives of the Seller, as well as resolutions adopted by the Board of Directors and officers of the Seller. 
  
 I have assumed the genuineness of all signatures and the certifications of
all documents submitted to me as originals and conformity to original documents of all documents submitted to me as copies hereof. For the purposes of this opinion, I have assumed that you have all requisite power and authority and have taken all
necessary corporate actions to execute and deliver the Agreement to effect the transactions contemplated thereby. 
  
 This opinion is rendered pursuant to Section 6.03 of each of the Agreements. Capitalized terms used herein have the meanings given them in the Agreements.

  

 Based on the foregoing, it is my opinion that: 
  
 1. Seller is a corporation duly organized and validly existing in good
standing under the laws of the State of: 
  
 2. Seller has all
requisite corporate power and authority to execute and enter into the Agreements and to perform the obligations required of Seller thereunder and under the other documents, instruments and agreements referred to therein or required to be executed by
Seller pursuant thereto. The execution and delivery of the Agreements and all other documents, instruments and agreements to be executed and delivered by Seller pursuant thereto, and the consummation of the transactions contemplated thereby, have
each been duly validly authorized by all necessary corporate action of the Seller. Assuming due authorization, execution and delivery of the Agreements by the Purchaser, the Agreements constitute the legal, valid and binding agreements of the Seller
enforceable i accordance with their respective terms except that the enforceability thereof (i) may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or similar laws relating to or affecting the rights of
enforceability is considered in a proceeding in equity or at law. 
  
 3. The execution, delivery and performance of the Agreements by Seller, it compliance with the terms thereof and consummation of the transactions contemplated thereby in accordance with the terms thereof will not violate, conflict with,
result in a breach of, give rise to any right of termination, cancellation or acceleration, constitute a default under, by prohibited by or require any approval under (i) Seller’s certificate of incorporation or by-laws, (ii) any material
instrument or agreement to which Seller is a party or by which Seller is bound or which affects the servicing performed by Seller, or (iii) any law, rule, regulation, ordinance, order, injunction or decree applicable to Seller or to the servicing
performed by Seller. 
  
 4. The Servicing Rights are free and
clear of all liens, claims, security interests and encumbrances. 
  
 Very truly yours, 
  

 EXHIBIT A 
  

Phone Contacts: 
  

	Lori J. Pinto	    	609-883-3900    Ext. 2147
	Claudia Moore	    	609-883-3900    Ext. 2121
	David J. Miller, Jr.	    	609-883-3900    Ext. 5404
	William A. Brophy	    	609-883-3900    Ext. 2175

  
 Payment Address Until Coupons Are
Received: 
  
 Central Loan Administration
& Reporting 
 P.O. Box 77413 
 Trenton, New Jersey 08628 
  
 Correspondence Address: 
  
 Central Loan Administration & Reporting 
 P.O. Box 77404 
 Trenton, New Jersey 08628 
  
 Customer Service Phone Number:

  
 1-800-223-6527 
  
 Hours: 8:45 a.m. - 5:00 p.m. 
  

	Tax Service -	 	Will be transferred as agreed in the Purchase and Sale Agreement with Chase. 

  

HUD # - 30084 
  

	Forced coverage Carrier:	  	CIGNA
		
	Shipping Address for Files:	  	Attn:    Donna Lynch
	 	  	Central Loan Administration & Reporting
	 	  	425 Phillips Boulevard
	 	  	Trenton, New Jersey 08618

  

 EXHIBIT B 
  

PMI COMPANY ADDRESSES & PHONE NUMBERS 
  

	001	  	 *MORTGAGE GUARANTY INSURANCE CORPORATION - (MP #29-640-3-0440)
 MGIC PLAZA, 270 E. Kilbourne, Milwaukee, WI 53201
 (800) 558-9900
 Customer Service Representative: Christina Hill
 Tape-to-Tape contact: Chris
Johnson - ext. 6916

		
	002	  	 POLICYHOLDERS BENEFIT CORPORATION - MP #080-221)
 P.O. Box 96636, Washington, D.C. 20090
 (800) 825-4722
 Customer Service Representative: ext 3210

		
	005	  	 *PMI MORTGAGE INSURANCE COMPANY - File Number 818538
 610 Montgomery Street, San Francisco, CA 94160-1538
 (415) 788-7878
 Customer Service Representative: Tiffany Shapiro
 Tape-to-Tape contact: Joyce
Gray - ext. 371
 (MP #0204900012)

		
	008	  	 INVESTOR MORTGAGE INSURANCE COMPANY - (MP #29-2000-9-003)
 P.O. Box 027554
 West Palm Beach, FL 33402-7554
 (407) 650-7800
 Customer Service Representative: Cheryl Hughs

		
	009	  	 UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY
 P.O. Box 60957, Charlotte, NC 28260
 (800) 334-8966
 Customer Service Representative: Kay Stanley - ext. 424
 (MP #229-0043-000)

		
	013	  	 *GENERAL ELECTRIC MORTGAGE INSURANCE COMPANIES
 6601 Six Forks Road, Raleigh, NC 27615
 (800) 334-9270
 Customer Service Representative: Jayshreeben Patel
 Tape-to-Tape contact: Lisa Murphy - ext. 4389
 (MP #B222222XY7)

  

 Exhibit B 
 page 2 
  

	014	  	 *COMMONWEALTH MORTGAGE ASSURANCE COMPANY - (MP #11374-004)
 8 Penn Center, Philadelphia, PA 19103-2197
 (800)523-1988
 Customer Service Representative: Larissa McCarty - ext. 3358
 Tape-to-Tape contact: Barbara Adams - 3374

		
	015	  	 REPUBLIC MORTGAGE INSURANCE COMPANY - (MP #34902)
 P.O. Box 751756 Charlotte, NC 28275-1756
 (800) 999-RMIC

  

	*	Denotes PMI renewal paid by tape billing process 

  

 Central Loan Administration & Reporting – Cenlar 
 425 Phillips Blvd. 
 Trenton, NJ 08618

  
 SERVICING TRANSFER CHECKLIST 
 For Chase Manhattan Mortgage Corporation 
  

	Key Contact:	  	Lori J. Pinto
	 	  	Tel: 609-883-3900 (x2147)
	 	  	Fax: 609-538-4009
		
	Alternate Contact:	  	David J. Miller, Jr.
	 	  	Tel: 609-883-3900 (x5404)
	 	  	Fax: 609-538-4009

  

	30 DAYS BEFORE TRANSFER
			
	 _______
	  	1.	  	Send trial balance (P139) of all loans in transfer, by overnight delivery, to Cenlar and Alltel for receipt
                 and                 . This report must include loan
number, next payment due date, unpaid principal balance, escrow balance, restricted escrow balance, monthly P&I payment, monthly escrow payment, interest rate and unapplied or suspense funds.
			
	 _______
	  	2.	  	Provide a hard copy of “loan masters” (P190) for a selection of
                 loans which will be provided by Cenlar for receipt on
                 and                 .
			
	 _______
	  	3.	  	Fax sample “Goodbye Letter” to Cenlar for approval. The letter should include a statement that Cenlar will provide payment coupons, provide address for mailing payments
and provide a toll free telephone number.
			
	 _______
	  	4.	  	“Go/No-Go” conference call with Chase on                  to obtain Chase’s
approval to move ahead with mailing of Goodbye Letters and conversion.
			
	 _______
	  	5.	  	Seller to mail Goodbye Letter 15 days prior to transfer effective date.
	
	15-20 DAYS BEFORE TRANSFER
			
	 _______
	  	6.	  	Prepare notices to hazard insurers of change of servicer and request change of loss payee endorsement. Send copies of notices to Cenlar. The mortgagee clause should
read:
			
	 	  	 	  	 Central Loan Administration & Reporting
 Its Successors and/or Assigns
 P.O. Box 77411
 Trenton
NJ 08628

			
	 _______
	  	7.	  	Prepare notices to PMI companies of change of servicer. Send copies of notices to Cenlar.
			
	 _______
	  	8.	  	Prepare Mortgage Record Change (HUD 92080) in hard copy or tape format for each FHA loan. If hard copy, send forms to Cenlar for completion of Section 12.
			
	 _______
	  	9.	  	Please send to Transamerica the tape necessary to obtain tax services on these loans prior to transfer
(                ).
			
	 _______
	  	10.	  	Make arrangements for year-end 1098 reporting to be processed, either at time of transfer or at year-end.
			
	 _______
	  	11.	  	Provide tax records on all accounts, either by report, magnetic tape, or tax receipts.
			
	 _______
	  	12.	  	Please send to FDSI the information necessary to place flood service on this portfolio.
	
	ON TRANSFER DAY
			
	 _______
	  	13.	  	Pay all insurance bills due within 30 days after the transfer date and send any unpaid bills in a separate envelope clearly marked.
			
	 _______
	  	14.	  	Provide a list of force placed insurance coverage.
			
	 _______
	  	15.	  	Provide a list of accounts with loss drafts in process and all files and records pertaining to the losses.
			
	 _______
	  	16.	  	Pay any taxes due within 30 days after the transfer date, for which you have tax bills. Provide listing of any taxes due within 30 days of transfer date that have not been
paid.
			
	 _______
	  	17.	  	For all ARM loans, provide:
			
	 	  	 	  	a. List of all ARMS, index and contract terms
			
	 	  	 	  	b. A copy of each note
			
	 	  	 	  	c. The history of all prior rate/payment changes with date of index used
			
	 	  	 	  	d. Copies of notices sent to mortgagor

			
	 _______
	  	18.	  	Arrange for preparation of assignments with Chase.
			
	 _______
	  	19.	  	Post all payments received prior to the transfer date. As of the transfer date, endorse all payments received to Central Loan Administration & Reporting.
			
	 	  	 	  	DO NOT POST ANY TRANSACTIONS AFTER THE TRANSFER DATE. ***
			
	 	  	 	  	(If payments are inadvertently applied they should be reversed and the funds sent immediately to CENLAR. If disbursements are made your company will be reimbursed after
satisfactory proof of payment has been sent to Cenlar.)
			
	 _______
	  	20.	  	Post all IOE for applicable states for                      and
                    .
			
	 _______
	  	21.	  	Send trial balance of all loans in transfer, (Fax totals to CPI) by overnight delivery, to Cenlar and Alltel for receipt on
                     and
                    . This report must include loan number, next payment due date, unpaid principal balance, escrow balance, restricted escrow
balance, monthly P&I payment, monthly escrow payment, interest rate and unapplied or suspense funds.
			
	 _______
	  	22.	  	Provide a hard copy of “loan masters” (P190) for a selection of
                     loans (select same loans as those at trial) to Cenlar, for receipt on
                     and
                    .
	
	WITHIN 3 DAYS AFTER TRANSFER
			
	 _______
	  	23.	  	Wire all escrow funds as of transfer date, plus unapplied or suspense funds, less corporate advances for taxes or insurance premiums on 5TH BUSINESS DAY AFTER
TRANSFER.
			
	 _______
	  	24.	  	Wire all principal and interest funds on deposit in your custodial account on 5TH BUSINESS DAY AFTER TRANSFER.
			
	 _______
	  	25.	  	Provide all payment histories for the life of the loan on microfiche. This will include current year history through the transfer date. (If histories are presently in paper
format, please convert to microfiche, if possible).

			
	 _______
	  	26.	  	Contact Donna Lynch (609-883-3900, x 5417) for specific shipping instructions of files to Cenlar. These files should include:
			
	 	  	 	  	 a. Credit Package

			
	 	  	 	  	 b. Copies of note and mortgage/deed of trust

			
	 	  	 	  	 c. Copies of all intervening assignments

			
	 	  	 	  	 d. Servicing correspondence

			
	 	  	 	  	 e. Collection records

			
	 	  	 	  	 f. Tax receipts

			
	 	  	 	  	g. Copy of most recent escrow analysis
			
	 _______
	  	 27.
	  	 Separate and clearly label all files with pending activity, i.e.:

			
	 	  	 	  	 a. Pending assignments

			
	 	  	 	  	 b. Pending payoffs

			
	 	  	 	  	 c. Pending assignments to HUD

			
	 	  	 	  	 d. Active foreclosures (include name, address and phone number of attorney)

			
	 	  	 	  	 e. Bankruptcy cases (include name, address and phone number of attorney)

			
	 	  	 	  	f. Open loss drafts
			
	 _______
	  	 28.
	  	 Send original documents (Note, Mortgage, Assignment, Title Policy) to Chase as instructed by Chase.

			
	 _______
	  	 29.
	  	 Prepare and package files for shipping

			
	 	  	 	  	 a. Organize files in your loan number order

			
	 	  	 	  	 b. Please do not ship files in large “banker’s” but rather, smaller “one row” boxes.

			
	 	  	 	  	 c. Include a packing list in each box and a master listing sent separately.

	
	 We will need any fields you have relating to the risk based premium on FHA loans. We must have the following
information:

			
	 	  	 1.
	  	Original base loan amount: This is the original loan amount minus the up-front MIP amount.

			
	 	  	 2
	  	RBP Term: This will most likely be a 2-digit number such as ‘08’ or ’10’.
			
	 	  	 3.
	  	Up-front MIP: This will be an amount of probably around $2000.00 depending on the amount of the loan.
			
	 	  	 4.
	  	Appraisal amount.
	
	 We will need the following information for FHA loans:

			
	 	  	 1.
	  	Case#: This number will be thirteen digits long.
			
	 	  	 2.
	  	Type of FHA Plan: The options will be either RBP or Regular Pay Plan.
			
	 	  	 3.
	  	Date of the last FHA payment
	
	All fields available that are used to determine specifics on Adjustable Rate Mortgages are needed. Some of the fields needed on Cenlar’s system are:
			
	 	  	 1.
	  	Index used (Weekly or monthly average)
			
	 	  	 2.
	  	Index Days
			
	 	  	 3.
	  	Margin
			
	 	  	 4.
	  	Any rounding used
			
	 	  	 5.
	  	Original interest rate
			
	 	  	 6.
	  	First interest rate change date
			
	 	  	 7.
	  	Frequency of interest rate changes
			
	 	  	 8.
	  	Limits on each interest rate change
			
	 	  	 9.
	  	Limits on change over life of loan
			
	 	  	 10.
	  	First payment date.
			
	 	  	 11.
	  	First payment change date
			
	 	  	 12.
	  	Original principal and interest payment
			
	 	  	13.	  	Frequency of payment changes
			
	 	  	14.	  	Is limit option available?
			
	 	  	15.	  	Number of days notice must be given before change is effective
			
	 	  	16.	  	Is conversion option available

 CRESCENT BANKING COMPANY AND SUBSIDIARIES 
 EXHIBIT G-3(CLA) 
 Page 1 of 2 
  
 Servicing Loan File Delivery Procedures: Co-Issue 
 CENLAR LOAN ADMINISTRATION (CLA) AS SUB-SERVICER 
  

	1)	Loan Servicing Files Must Be Delivered To CLA Prior to Funding 

  
 Files must be delivered by the Transfer Date, but no later than the end of the month. Chase cannot fund without confirmation
of the delivery of loan servicing files. 
  

	2)	Deliver loan servicing files to: 

  
 Cenlar Loan Administration, 425 Phillips Blvd., Trenton, NJ 08618 
 Attn: Donna Lynch; Telephone (609) 883-3900 
  

	  	Supplemental Filing: 

  
 Cenlar Loan Administration, 425 Phillips Blvd., Trenton, NJ 08618 
 Attn: Donna Lynch; Telephone (609) 883-3900 
 (Include a transmittal cover sheet and Chase’s 10-digit
loan number) 
  

	3)	Servicing File Format 

  

	 Labels:
	  	 Last Name, First Name
                    Chase’s 10 digit loan number
 Address, City/State/Zip

		
	 File Format:
	  	 Integrity File Control Form (form provided by Chase)
 Copies of documents listed on the Integrity File Control Form
 Copies of closing documents
 Credit/Underwriting File
 Application Package

  

	4)	Final Documentation 

  
 Recorded Mortgages/Deeds of Trust, Title Insurance Policy, Recorded Assignments, Mortgage Insurance Certificationes identified with Chase’s 10 digit
loan number and pool number and Seller’s Loan Number: include transmittal cover sheet for return receipt. 
  
 Chase Manhattan Mortgage Corporation 
 1500
North 19th Street 
 Monroe, Louisiana 71201 
 Attn: Post Production Services–Third Floor, South 
  
 Final Document Receipt. Research & Resolution 

	 	T. J. Cox	(318) 329-1528 phone 

	 	  	(318) 340-3578 fax 

  
 October 15, 1997 
  

 CRESCENT BANKING COMPANY AND SUBSIDIARIES 
 EXHIBIT G-3 
  
 Page 2 of 2 
  
 CUSTODIAL FILE DELIVERY
REQUIREMENTS : CO-ISSUE 
  

	5)	Delivery Custodial Files to Chase’s Custodian, FHLMC 

  
 File delivery must occur by the Transfer Date, but no later than the Funding Date. 
  
 Package files in pool number order with Chase Loan Number and Correspondent
Seller Loan Number on Folder Tab Label. 
  
 Contents:

  
 Original Note and riders (endorsed from Seller to Chase
Manhattan Mortgage Corporation) 
 Required Assignments of Mortgage/Deed of Trust 
 Original Allonge/Endorsement from 3rd party to Seller, if applicable 
 Power of Attorney, if applicable 
 Name Affidavit, if applicable 
 Pool Documents (FHLMC 996/1034/15A; HUD 1706/1711A/1711B; FNMA 2005) 
 GNMA/FNMA/FHLMC Approval of Transfer 
 Initial Certification from Seller’s Custodian, if applicable

 Chase 10 Digit Loan Number and Pool Number Shown on Each Folder Tab Label 
 Assignment Agreement 
  
 Manual Set-Up Requirements 
  

	6)	In addition to the above, a Data Input Sheet, a copy of the Integrity File Control Form along with copies of the documents listed on the Integrity File Control Form must be
received no later than the 15th day of the month of Transfer. Send to: 

  
 Cenlar Loan Administration 
 425 Phillips Blvd., Trenton, New Jersey 08618 
  

	 Labels
	  	 Last Name, First Name
                      Chase 10 digit ID Number
 Addresss, City, State,
Zip                    Seller Name

  
 October 15, 1997

  

 EXHIBIT H 
  
 CHASE MANHATTAN MORTGAGE CORPORATION 
  
 AND 
  
 CRESCENT BANK AND TRUST COMPANY ET AL 
  
 SALE AND TRANSFER 
 DATE 

 November 30, 1997 
  
 December 31, 1997 
  
 January 31, 1998 
  
 February 28, 1998 
  
 March 31, 1998 
  
 April 30, 1998 
  
 May 31, 1998 
  
 June 30, 1998 
  
 July 31, 1998 
  
 August 31, 1998 
  
 September 30, 1998 
  
 October 31, 1998

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