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Document Preview Mortgage Loan Purchase Agreement |
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Title: |
Mortgage Loan Purchase Agreement |
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Entities: |
Freddie Mac; Nymt Securities Corp; U.S. Bank, NA; Federal National Mortgage Association |
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Date: |
2006 |
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Size: |
Preview shows 17KB of 68KB total |
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Price: |
$48 |
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ID: |
#1883119 |
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NYMT SECURITIES CORPORATION,
as Purchaser,
THE NEW YORK MORTGAGE COMPANY, LLC,
as Seller,
and
NEW YORK MORTGAGE TRUST, INC.,
as Guarantor
MORTGAGE LOAN PURCHASE AGREEMENT
Dated as of March 1, 2006
Adjustable Rate Mortgage Loans
TABLE OF CONTENTS
| PAGE | ||
| ARTICLE I | ||
| DEFINITIONS | ||
|
SECTION 1.1. Definitions |
1 | |
| ARTICLE II | ||
| SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE | ||
|
SECTION 2.1. Sale of Mortgage Loans |
2 | |
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SECTION 2.2. Obligations of Seller Upon Sale |
2 | |
|
SECTION 2.3. Payment of Purchase Price for the Mortgage Loans |
2 | |
| ARTICLE III | ||
| REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH | ||
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SECTION 3.1. Seller Representations and Warranties Relating to Authority |
3 | |
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SECTION 3.2. Seller Representations and Warranties Relating to the Mortgage Loans |
4 | |
|
SECTION 3.3. Remedies for Breach |
16 | |
| ARTICLE IV | ||
| COVENANTS OF THE SELLER | ||
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SECTION 4.1. Covenants of the Seller |
17 | |
| ARTICLE V | ||
| SERVICING | ||
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SECTION 5.1. Servicing |
17 | |
| ARTICLE VI | ||
| INDEMNIFICATION BY THE SELLER WITH RESPECT TO THE MORTGAGE LOANS AND GUARANTEE OF SELLER?S REPURCHASE OBLIGATION | ||
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SECTION 6.1. Indemnification |
18 | |
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SECTION 6.2. Guarantee of Seller?s Repurchase Obligation |
18 | |
| ARTICLE VII | ||
| TERMINATION | ||
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SECTION 7.1. Termination |
18 | |
| ARTICLE VIII | ||
| MISCELLANEOUS PROVISIONS | ||
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SECTION 8.1. Amendment |
19 | |
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SECTION 8.2. Governing Law |
19 | |
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SECTION 8.3. Notices |
19 | |
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SECTION 8.4. Severability of Provisions |
19 | |
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SECTION 8.5. Counterparts |
19 | |
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SECTION 8.6. Further Agreements |
19 | |
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SECTION 8.7. Intention of the Parties |
21 | |
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SECTION 8.8. Successors and Assigns: Assignment of Purchase Agreement |
21 | |
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SECTION 8.9. Survival |
21 | |
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SECTION 8.10. Third Party Beneficiaries |
21 | |
i
MORTGAGE LOAN PURCHASE AGREEMENT (the ?Agreement?), dated as of March 1, 2006, between THE NEW YORK MORTGAGE COMPANY, LLC (the ?Seller?), NYMT SECURITIES CORPORATION (the ?Purchaser? or the ?Depositor?) and NEW YORK MORTGAGE TRUST, INC. (the ?Guarantor?).
W I T N E S S E T H
WHEREAS, the Seller is the owner of the notes or other evidence of indebtedness (the ?Mortgage Notes?) so indicated on Schedule I hereto referred to below, and Related Documents (as defined below) (collectively, the ?Mortgage Loans?);
WHEREAS, certain of the Mortgage Loans (the ?ABN AMRO Mortgage Loans?) were acquired by the Seller pursuant to the terms of the Master Mortgage Loan Sale and Servicing Agreement, dated as of February 1, 2006, between the Seller and ABN AMRO Mortgage Group, Inc. (?ABN AMRO?), as amended by the Assignment, Assumption and Recognition agreement, dated as of March 30, 2006, among the Seller, ABN AMRO and U.S. Bank National Association as trustee (the ?Trustee?) as acknowledged by Wells Fargo Bank, National Association as master servicer and securities administrator (?Wells Fargo Bank?) (collectively, the ?Servicing Agreement?);
WHEREAS, the Seller as of the date hereof owns the mortgages (the ?Mortgages?) on the properties (the ?Mortgaged Properties?) securing such Mortgage Loans, including rights to (a) any property acquired by foreclosure or deed in lieu of foreclosure or otherwise and (b) the proceeds of any insurance policies covering the Mortgage Loans or the Mortgaged Properties or the obligors on the Mortgage Loans;
WHEREAS, the parties hereto desire that the Seller sell the Mortgage Loans and with respect to the ABN AMRO Mortgage Loans all of its rights, but none of its obligations, under the Servicing Agreement to the Purchaser pursuant to the terms of this Agreement; and
WHEREAS, the Purchaser will assign to New York Mortgage Trust 2006-1 (the ?Trust? or the ?Issuing Entity?) all of its rights against the Seller pursuant to this Agreement as described herein pursuant to the terms of a Pooling and Servicing Agreement dated as of March 1, 2006 (the ?Pooling and Servicing Agreement?) among the Purchaser, Wells Fargo Bank, the Trustee, NYMT Servicing Corporation, as servicer, the Seller and Cenlar FSB, as subservicer.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.1. Definitions. All capitalized terms used but not defined herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.
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