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Assignment, Assumption and Recognition Agreement

 

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Title:

Assignment, Assumption and Recognition Agreement

Entities:

SED International Holdings Inc.

Date:

2007

Size:

Preview shows 7KB of 156KB total

Price:

$65

ID:

#2861026

 

 

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               ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT


Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
April 30, 2007, is among Bank of America, National Association, a national
banking association ("Assignor"), Banc of America Funding Corporation, a
Delaware corporation ("BAFC"), U.S. Bank National Association, a national
banking association, not in its individual capacity, but solely as trustee of
the Banc of America Funding 2007-C Trust ("Assignee"), Wells Fargo Bank, N.A., a
national banking association ("Wells Fargo Bank"), as master servicer of the
Banc of America Funding 2007-C Trust, Countrywide Home Loans, Inc. (the
"Company"), and Countrywide Home Loans Servicing LP ("Countrywide").

WHEREAS, pursuant to that certain Assignment, Assumption and Recognition
Agreement, dated March 20, 2007, among North Fork Bank (as successor in interest
to GreenPoint Mortgage Funding, Inc. ("GreenPoint")), the Assignor and the
Company (the "North Fork Agreement"), which is attached in Appendix I hereto,
the Assignor purchased the Mortgage Loans (as defined herein) from the Company
or North Fork Bank, as applicable, and Countrywide currently services the
Mortgage Loans.

WHEREAS, Countywide has agreed to service the Mortgage Loans pursuant to
(i) that certain Master Mortgage Loan Purchase and Servicing Agreement, dated as
of April 1, 2003, by and between Assignor (as successor in interest to Banc of
America Mortgage Capital Corporation ("BAMCC")), as purchaser, and the Company,
as seller, (ii) that certain Amendment No. 1, dated as of July 1, 2003, by and
among BAMCC, the Company and the Assignor, (iii) that certain Amendment No. 2,
dated as of September 1, 2004, by and among BAMCC, the Company and the Assignor
and (iv) that certain Amendment Reg AB to the Master Mortgage Loan Purchase and
Servicing Agreement (the "Amendment Reg AB"), dated as of January 1, 2006, by
and between the Company and the Assignor (collectively, the "Countrywide
Agreements"), the servicing provisions of which are attached in Appendix II
hereto.

WHEREAS, on the date hereof, the Assignor is transferring all of its right,
title and interest in and to the Mortgage Loans to BAFC;

WHEREAS, on the date hereof, BAFC is transferring all of its right, title
and interest in and to the Mortgage Loans to the Assignee;

WHEREAS, on the date hereof, the Company is transferring all of its right,
title and interest in and to the servicing of the Mortgage Loans to Countrywide;
and

WHEREAS, on the date hereof, Wells Fargo Bank, as master servicer (in such
capacity, the "Master Servicer"), is entering into a Pooling and Servicing
Agreement, dated the date hereof (the "Pooling Agreement), among BAFC, the
Master Servicer, Wells Fargo Bank, as securities administrator (the "Securities
Administrator"), and the Assignee, pursuant to which the Master Servicer will
supervise, monitor and oversee the servicing of the Mortgage Loans.
{PAGE}

For and in consideration of the sum of one dollar ($1.00) and other
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:

1. The Assignor hereby grants, transfers and assigns to BAFC, and BAFC
hereby grants, transfers and assigns to Assignee, all of the right, title and
interest of the Assignor in, to and under the North Fork Agreement and
Countrywide Agreements, and the mortgage loans delivered under such agreements
by Countrywide to the Assignor and listed on Exhibit A attached hereto (the
"Mortgage Loans").

The Assignor specifically reserves and does not assign to BAFC or the
Assignee any right, title and interest in, to or under any mortgage loan subject
to the North Fork Agreement other than the Mortgage Loans.

2. The Company hereby grants, transfers and assigns to Countrywide all of
the right, title and interest of the Company in, to and under the servicing
rights under the North Fork Agreement and Countrywide Agreements as they relate
to the Mortgage Loans. Countrywide hereby assumes all of the Company's
obligations and duties under the North Fork Agreement and Countrywide Agreements
as they relate to the Mortgage Loans from and after the date hereof. The Company
specifically reserves and does not assign to Countrywide any right, title and
interest in, to or under (i) the North Fork Agreement and Countrywide Agreements
as they relate to any mortgage loans other than the Mortgage Loans or (ii) any
mortgage loans subject to the North Fork Agreement and Countrywide Agreements
other than the Mortgage Loans. Notwithstanding the foregoing, it is understood
that the Company is not released from liability to the Assignor, or its
permitted successors and assigns, for any breaches of any representations,
warranties or covenants made by the Company in the Countrywide Agreements prior
to the date hereof.

3. The Assignor warrants and represents to, and covenants with, BAFC and
the Assignee that:

a. The Assignor is the lawful owner of the Mortgage Loans with the full
right to transfer the Mortgage Loans free from any and all claims and
encumbrances whatsoever;

b. The Assignor has not received notice of, and has no knowledge of, any
offsets, counterclaims or other defenses available to Countrywide with
respect to the North Fork Agreement and Countrywide Agreements or the
Mortgage Loans;

c. The Assignor has not waived or agreed to any waiver under, or agreed
to any amendment or other modification of, the North Fork Agreement
and Countrywide Agreements or the Mortgage Loans, including without
limitation the transfer of the servicing obligations under the North
Fork Agreement and Countrywide Agreements. The Assignor has no
knowledge of, and has not received notice of, any waivers under or

{PAGE}

amendments or other modifications of, or assignments of rights or
obligations under, the North Fork Agreement and Countrywide Agreements
or the Mortgage Loans; and

d. Neither the Assignor nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Mortgage
Loans, any interest in the Mortgage Loans or any other similar
security to, or solicited any offer to buy or accept a transfer,

 

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