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Document Preview Mortgage Loan Purchase Agreement |
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Title: |
Mortgage Loan Purchase Agreement |
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Entities: |
CBL & Associates Properties Inc.; Column Financial, Inc.; Credit Suisse First Boston Corp.; Credit Suisse First Boston Mortgage Securities Corp.; Deutsche Bank Securities Inc.; Midland Loan Services, Inc.; Pan Pacific Retail Properties Inc.; PNC Capital Markets, Inc.; Wells Fargo Bank Minnesota, NA; Cadwalader, Wickersham & Taft |
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Date: |
2003 |
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Size: |
Preview shows 11KB of 249KB total |
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Price: |
$87 |
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ID: |
#150447 |
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MORTGAGE LOAN PURCHASE AGREEMENT
Dated as of December 1, 2002
-------------------------------------------
{PAGE}
TABLE OF CONTENTS
Section 1. Transactions on or Prior to the Closing Date...................
Section 2. Closing Date Actions...........................................
Section 3. Conveyance of Mortgage Loans...................................
Section 4. Depositor's Conditions to Closing..............................
Section 5. Seller's Conditions to Closing.................................
Section 6. Representations and Warranties of Seller.......................
Section 7. Obligations of Seller..........................................
Section 8. Crossed Mortgage Loans ........................................
Section 9. [Reserved] ....................................................
Section 10. Representations and Warranties of Depositor ...................
Section 11. Survival of Certain Representations, Warranties and Covenants..
Section 12. Accountant's Letters ..........................................
Section 13. Expenses; Recording Costs .....................................
Section 14. Notices .......................................................
Section 15. Examination of Mortgage Files .................................
Section 16. Successors ....................................................
Section 17. Governing Law .................................................
Section 18. Severability ..................................................
Section 19. Further Assurances ............................................
Section 20. Counterparts ..................................................
Section 21. Treatment as Security Agreement ...............................
Section 22. Recordation of Agreement ......................................
Schedule I Schedule of Transaction Terms
Schedule II Mortgage Loan Schedule
Schedule III Mortgage Loans Constituting Mortgage Groups
Schedule IV Mortgage Loans with Lost Mortgage Notes
Schedule V Exceptions to Seller's Representations and Warranties
Schedule VI Dates of Shipment of Due Diligence Materials to GMACCM
Exhibit A Representations and Warranties with Respect to the Mortgage
Loans
Exhibit B Form of Lost Mortgage Note Affidavit
Exhibit C Form of Assignment of Mortgage(s) and Assignment of Assignment
of Lessor's Interests in Leases, Rents and Profits
{PAGE}
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of December 1, 2002, is made by and between COLUMN FINANCIAL, INC., a Delaware
corporation ("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP., a Delaware corporation (the "Depositor").
RECITALS
I. Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms attached hereto
as Schedule I, which is incorporated herein by this reference, or, if not
defined therein, in the Pooling and Servicing Agreement.
II. On the Closing Date, and on the terms set forth herein, Seller
has agreed to sell to Depositor and Depositor has agreed to purchase from Seller
the Mortgage Loans identified on the schedule (the "Mortgage Loan Schedule")
annexed hereto as Schedule II. Depositor intends to deposit the Mortgage Loans
and other assets into the Trust Fund created pursuant to the Pooling and
Servicing Agreement and to cause the issuance of the Certificates.
AGREEMENT
NOW, THEREFORE, on the terms and conditions set forth below and for
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:
Section 1. Transactions on or Prior to the Closing Date. On or prior
to the Closing Date, Seller shall have delivered the Mortgage Files with respect
to each of the Mortgage Loans listed in the Mortgage Loan Schedule to Wells
Fargo Bank Minnesota, N.A. as trustee (the "Trustee"), against receipt by Seller
of a written receipt, pursuant to an arrangement between Seller and the Trustee;
provided, however, that item (p) in the definition of Mortgage File (Section 3
below) shall be delivered to the Servicer with a copy delivered to the Trustee
for inclusion in the Mortgage File; provided further, that the Seller shall pay
(or cause the related Borrower to pay) any costs of the assignment or amendment
of each letter of credit described under such item (p) required in order for the
Trustee to draw on such letter of credit pursuant to the terms of the Pooling
and Servicing Agreement and shall deliver the related assignment or amendment
documents within thirty (30) days after the Closing Date. In addition, prior to
such assignment or amendment of a letter of credit, the Seller will provide any
additional information or assistance that is required to enable the Servicer to
draw upon the related letter of credit pursuant to the terms of the Pooling and
Servicing Agreement, including, if necessary, drawing on the letter of credit in
its own name pursuant to written instructions to draw from the Servicer and upon
receipt, immediately remitting the proceeds of such draw (or causing such
proceeds to be remitted) to the Servicer.
Section 2. Closing Date Actions. The sale of the Mortgage Loans
shall take place on the Closing Date, subject to and simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance of the
Certificates and the sale of (a) the Offered Certificates by Depositor to the
Underwriters pursuant to the Underwriting Agreement and (b) the Private
Certificates by Depositor to the Initial Purchaser pursuant to the Certificate
Purchase Agreement. The closing (the "Closing") shall take place at the offices
of Cadwalader, Wickersham & Taft, 100 Maiden Lane, New York, New York 10038, or
such other location as agreed upon between the parties hereto. On the Closing
Date, the following actions shall take place in sequential order on the terms
set forth herein:
(i) Seller shall sell to Depositor, and Depositor shall
purchase from Seller, the Mortgage Loans pursuant to this Agreement for
the Mortgage Loan Purchase Price payable in accordance with
instructions previously provided to Depositor by Seller. The Mortgage
Loan Purchase Price (as defined herein) shall be paid by Depositor to
Seller or at its direction by wire transfer in immediately available
funds to an account designated by Seller on or prior to the Closing
Date. The "Mortgage Loan Purchase Price" paid by Depositor shall be
equal to $966,716,886.
(ii) Pursuant to the terms of the Pooling and Servicing
Agreement, Depositor shall sell all of its right, title and interest in
and to the Mortgage Loans to the Trustee for the benefit of the Holders
of the Certificates.
(iii) Depositor shall sell to the Underwriters, and the
Underwriters shall purchase from Depositor, the Offered Certificates
pursuant to the Underwriting Agreement, and Depositor shall sell to the
Initial Purchaser, and the Initial Purchaser shall purchase from
Depositor, the Private Certificates pursuant to the Certificate
Purchase Agreement.
(iv) The Underwriters will offer the Offered Certificates for
sale to the public pursuant to the Prospectus and the Prospectus
Supplement and the Initial Purchaser will privately place certain
classes of the Certificates pursuant to the Offering Circular.
Section 3. Conveyance of Mortgage Loans. On the Closing Date, Seller
shall sell, convey, assign and transfer, subject to the Servicing Rights
Purchase Agreement dated as of December 23, 2002, between the Seller and Midland
Loan Services, Inc., without recourse except as provided herein, to Depositor,
free and clear of any liens, claims or other encumbrances, all of Seller's
right, title and interest in, to and under each of the Mortgage Loans identified
on the Mortgage Loan Schedule and all property of Seller described in Section
21(b) of this Agreement, including, without limitation, (i) all scheduled
payments of interest and principal due on or with respect to the Mortgage Loans
after the Cut-off Date and (ii) all other payments of interest, principal or
prepayment premiums received on or with respect to the Mortgage Loans after the
Cut-off Date, other than any such payments of interest, principal or prepayment
premiums that were due on or prior to the Cut-off Date. On or prior to the
Closing Date, each Mortgage File shall be delivered by Seller to the Trustee.
Each Mortgage File shall contain the following documents:
(a) the original Note, or with respect to those Mortgage Loans
listed in Schedule IV hereto, a "lost note affidavit" substantially in
the form of Exhibit B hereto and a true and complete copy of the Note,
bearing, or accompanied by, all prior and intervening endorsements or
assignments showing a complete chain of endorsement or assignment from
the applicable Originator either in blank or to the Seller, and further
endorsed (at the direction of the Depositor given pursuant to this
Agreement) by the Seller, on its face or by allonge attached thereto,
without recourse, to the order of the Trustee in the following form:
"Pay to the order of Wells Fargo Bank Minnesota, N.A., as trustee for
the registered Holders of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2002-CP5, without recourse, representation or warranty, express or
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