Exhibit
10.1
GS MORTGAGE SECURITIES CORPORATION
II,
PURCHASER,
GOLDMAN SACHS MORTGAGE
COMPANY
SELLER
MORTGAGE LOAN PURCHASE
AGREEMENT
Dated as of October 1,
2011
Series 2011-GC5
This Mortgage Loan Purchase
Agreement (“ Agreement ”), dated as of October
1, 2011, is between GS Mortgage Securities Corporation II, a
Delaware corporation, as purchaser (the “ Purchaser
”), and Goldman Sachs Mortgage Company, a New York limited
partnership, as seller (the “ Seller
”).
Capitalized terms used in this
Agreement not defined herein shall have the meanings ascribed to
them in the Pooling and Servicing Agreement, dated as of October 1,
2011 (the “ Pooling and Servicing Agreement ”),
among the Purchaser, as depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “
Master Servicer ”), Torchlight Loan Services, LLC, as
special servicer (the “ Special Servicer ”),
Pentalpha Surveillance LLC, as operating advisor, Citibank, N.A.,
as certificate administrator (in such capacity, the “
Certificate Administrator ”) and Deutsche Bank
National Trust Company, as trustee (the “ Trustee
”), pursuant to which the Purchaser will sell the Mortgage
Loans (as defined herein) to a trust fund and certificates
representing ownership interests in the Mortgage Loans will be
issued by the trust fund (the “ Trust Fund
”). For purposes of this Agreement, “
Mortgage Loans ” refers to the mortgage loans listed
on Exhibit A and “ Mortgaged Properties ”
refers to the properties securing such Mortgage Loans.
The Purchaser and the Seller wish to prescribe
the manner of sale of the Mortgage Loans from the Seller to the
Purchaser and in consideration of the premises and the mutual
agreements hereinafter set forth, agree as follows:
SECTION 1 Sale
and Conveyance of Mortgages; Possession of Mortgage File
. The Seller does hereby sell, transfer, assign, set
over and convey to the Purchaser, without recourse (except as
otherwise specifically set forth herein), subject to the rights of
the other holders of interests in a Companion Interest, all of its
right, title and interest in and to the Mortgage Loans identified
on Exhibit A to this Agreement (the “ Mortgage Loan
Schedule ”) including all interest and principal received
on or with respect to the Mortgage Loans after the Cut-off Date
(and, in any event, excluding payments of principal and interest
first due on the Mortgage Loans on or before the Cut-off Date).
Upon the sale of the Mortgage Loans, the ownership of each related
Note, subject to the rights of the other holders of interest in a
Companion Interest, the Seller’s interest in the related
Mortgage represented by the Note and the other contents of the
related Mortgage File will be vested in the Purchaser and
immediately thereafter the Trustee, and the ownership of records
and documents with respect to each Mortgage Loan prepared by or
which come into the possession of the Seller shall immediately vest
in the Purchaser and immediately thereafter the
Trustee. The Purchaser will sell the Class A-1,
Class A-2, Class A-3 and Class A-4 Certificates (the
“ Public Certificates ”) to the underwriters
(the “ Underwriters ”) specified in the
Underwriting Agreement, dated as of September 22, 2011 (the
“ Underwriting Agreement ”), between the
Purchaser and the Underwriters, and the Purchaser will sell the
Class X-A, Class X-B, Class A-S, Class B,
Class C, Class D, Class E, Class F,
Class G and Class R Certificates (the “ Private
Certificates ”) to the initial purchasers (the “
Initial Purchasers ” and, collectively with the
Underwriters, the “ Dealers ”) specified in the
Purchase Agreement, dated as of September 22, 2011 (the
“ Certificate Purchase Agreement ”), between the
Purchaser and Initial Purchasers.
The sale and conveyance of the Mortgage Loans is
being conducted on an arms-length basis and upon commercially
reasonable terms. As the purchase price for the
Mortgage
Loans, the Purchaser shall pay, by wire transfer
of immediately available funds, to the Seller or at the
Seller’s direction $1,057,922,852.56, plus accrued interest
on the Mortgage Loans from and including October 1, 2011 to but
excluding the Closing Date (but subject to certain post-settlement
adjustment for expenses incurred by the Underwriters and the
Initial Purchasers on behalf of the Depositor). The
purchase and sale of the Mortgage Loans shall take place on the
Closing Date.
SECTION 2 Books
and Records; Certain Funds Received After the Cut-off Date
. From and after the sale of the Mortgage Loans to the
Purchaser, record title to each Mortgage and the related Note shall
be transferred to the Trustee subject to and in accordance with
this Agreement. Any funds due after the Cut-off Date in
connection with a Mortgage Loan received by the Seller shall be
held in trust for the benefit of the Trustee as the owner of such
Mortgage Loan and shall be transferred promptly to the Certificate
Administrator. All scheduled payments of principal and
interest due on or before the Cut-off Date but collected after the
Cut-off Date, and recoveries of principal and interest collected on
or before the Cut-off Date (only in respect of principal and
interest on the Mortgage Loans due on or before the Cut-off Date
and principal prepayments thereon), shall belong to, and shall be
promptly remitted to, the Seller.
The transfer of each Mortgage Loan shall be
reflected on the Seller’s balance sheets and other financial
statements in such manner as the Seller may determine in its sole
discretion. The Seller intends to treat the transfer of
each Mortgage Loan to the Purchaser as a sale for tax
purposes. Following the transfer of the Mortgage Loans
by the Seller to the Purchaser, the Seller shall not take any
actions inconsistent with the ownership of the Mortgage Loans by
the Purchaser and its assignees.
The transfer of each Mortgage Loan shall be
reflected on the Purchaser’s balance sheets and other
financial statements as the purchase of the Mortgage Loans by the
Purchaser from the Seller. The Purchaser intends to
treat the transfer of each Mortgage Loan from the Seller as a
purchase for tax purposes. The Purchaser shall be
responsible for maintaining, and shall maintain, a set of records
for each Mortgage Loan which shall be clearly marked to reflect the
transfer of ownership of each Mortgage Loan by the Seller to the
Purchaser pursuant to this Agreement.
SECTION 3
Delivery of Mortgage Loan Documents; Additional Costs and
Expenses . (a) The Purchaser hereby directs the Seller,
and the Seller hereby agrees, such agreement effective upon the
transfer of the Mortgage Loans contemplated herein, to deliver or
cause to be delivered to the Custodian (on behalf of the
Certificate Administrator) on the dates set forth in
Section 2.01 of the Pooling and Servicing Agreement, all
documents, instruments and agreements required to be delivered by
the Purchaser to the Custodian with respect to the Mortgage Loans
under Section 2.01 of the Pooling and Servicing Agreement, and
meeting all the requirements of such Section 2.01 of the
Pooling and Servicing Agreement; provided that the Seller
shall not be required to deliver any draft documents, privileged
communications, credit underwriting, due diligence analyses or data
or internal worksheets, memoranda, communications or
evaluations.
(b) The
Seller shall deliver to the Master Servicer within 10 Business Days
after the Closing Date a copy of the Mortgage File and documents
and records not otherwise
required to be contained in the Mortgage File
that (i) relate to the origination and/or servicing and
administration of the Mortgage Loans, (ii) are reasonably necessary
for the ongoing administration and/or servicing of the Mortgage
Loans (including any asset summaries related to the Mortgage Loans
that were delivered to the Rating Agencies in connection with the
rating of the Certificates) or for evidencing or enforcing any of
the rights of the holder of the Mortgage Loans or holders of
interests therein and (iii) are in the possession or under the
control of the Seller, together with (x) all unapplied Escrow
Payments in the possession or under control of the Seller that
relate to the Mortgage Loans and (y) a statement indicating which
Escrow Payments are allocable to each Mortgage Loan);
provided that the Seller shall not be required to deliver
any draft documents, privileged or other communications, credit
underwriting, due diligence analyses or data or internal
worksheets, memoranda, communications or evaluations.
SECTION 4
Treatment as a Security Agreement . Pursuant to
Section 1 hereof, the Seller has conveyed to the
Purchaser all of its right, title and interest in and to the
Mortgage Loans. The parties intend that such conveyance
of the Seller’s right, title and interest in and to the
Mortgage Loans pursuant to this Agreement shall constitute a
purchase and sale and not a loan. If such conveyance is
deemed to be a pledge and not a sale, then the parties also intend
and agree that the Seller shall be deemed to have granted, and in
such event does hereby grant, to the Purchaser, a first priority
security interest in all of its right, title and interest in, to
and under the Mortgage Loans, all payments of principal or interest
on such Mortgage Loans due after the Cut-off Date, all other
payments made in respect of such Mortgage Loans after the Cut-off
Date (and, in any event, excluding scheduled payments of principal
and interest due on or before the Cut-off Date) and all proceeds
thereof, and that this Agreement shall constitute a security
agreement under applicable law. If such conveyance is
deemed to be a pledge and not a sale, the Seller consents to the
Purchaser hypothecating and transferring such security interest in
favor of the Trustee and transferring the obligation secured
thereby to the Trustee.
SECTION 5
Covenants of the Seller . The Seller
covenants with the Purchaser as follows:
(a) it
shall record or cause a third party to record in the appropriate
public recording office for real property the assignments of
assignment of leases, rents and profits and the assignments of
Mortgage and each related UCC-2 and UCC-3 financing statement
referred to in the definition of Mortgage File from the Seller to
the Trustee as and to the extent contemplated under
Section 2.01(c) of the Pooling and Servicing
Agreement. All out of pocket costs and expenses relating
to the recordation or filing of such assignments, assignments of
Mortgage and financing statements shall be paid by the
Seller. If any such document or instrument is lost or
returned unrecorded or unfiled, as the case may be, because of a
defect therein, then the Seller shall prepare a substitute therefor
or cure such defect or cause such to be done, as the case may be,
and the Seller shall deliver such substitute or corrected document
or instrument to the Certificate Administrator (or, if the Mortgage
Loan is then no longer subject to the Pooling and Servicing
Agreement, the then holder of such Mortgage Loan);
(b) it
shall take any action reasonably required by the Purchaser, the
Certificate Administrator, the Trustee or the Master Servicer in
order to assist and facilitate the transfer of the servicing of the
Mortgage Loans to the Master Servicer, including effectuating the
transfer of any letters of credit with respect to any Mortgage Loan
to the Master Servicer on
behalf of the Trustee for the benefit of
Certificateholders and the holders of any related Companion
Loans. Prior to the date that a letter of credit with
respect to any Mortgage Loan is transferred to the Master Servicer,
the Seller will cooperate with the reasonable requests of the
Master Servicer or Special Servicer, as applicable, in connection
with effectuating a draw under such letter of credit as required
under the terms of the related Loan Documents;
(c) the
Seller shall provide the Master Servicer the initial data with
respect to each Mortgage Loan for the CREFC Financial File and the
CREFC Loan Periodic Update File that are required to be prepared by
the Master Servicer pursuant to the Pooling and Servicing Agreement
and the Supplemental Servicer Schedule;
(d) if
during the period of time that the Underwriters are required, under
applicable law, to deliver a prospectus related to the Public
Certificates in connection with sales of the Public Certificates by
an Underwriter or a dealer, and if the Seller has obtained actual
knowledge of undisclosed or corrected information related to an
event that occurred prior to the Closing Date, which event causes
there to be an untrue statement of a material fact with respect to
the Seller Information in the Prospectus Supplement dated September
22, 2011 relating to the Public Certificates, the annexes and
exhibits thereto and the DVD delivered therewith (collectively, the
“ Public Offering Documents ”), or causes there
to be an omission to state therein a material fact with respect to
the Seller Information required to be stated therein or necessary
to make the statements therein with respect to the Seller
Information, in light of the circumstances under which they were
made, not misleading, then the Seller shall promptly notify the
Underwriters and the Depositor. If as a result of any such event
the Underwriters’ legal counsel determines that it is
necessary to amend or supplement the Public Offering Documents in
order to correct the untrue statement, or to make the statements
therein, in the light of the circumstances when the Public Offering
Documents are delivered to a purchaser, not misleading, or to make
the Public Offering Documents in compliance with applicable law,
the Seller shall (to the extent that such amendment or supplement
solely relates to the Seller Information) at the expense of the
Seller, do all things reasonably necessary to assist the Depositor
to prepare and furnish to the Underwriters, such amendments or
supplements to the Public Offering Documents as may be necessary so
that the statements in the Public Offering Documents, as so amended
or supplemented, will not contain an untrue statement, will not, in
the light of the circumstances when the Public Offering Documents
are delivered to a purchaser, be misleading and will comply with
applicable law. (All terms under this clause (d) and not
otherwise defined in this Agreement shall have the meanings set
forth in the Indemnification Agreement, dated as of
September 22, 2011, among the Underwriters, the Initial
Purchasers, the Seller and the Purchaser (the “
Indemnification Agreement ” and, together with this
Agreement, the “ Operative Documents ”));
and
(e) for
so long as the Trust Fund is subject to the reporting requirements
of the Exchange Act, the Seller shall provide the Purchaser and the
Paying Agent with any Additional Form 10-D Disclosure and any
Additional Form 10-K Disclosure set forth next to the
Seller’s name on Exhibit V and Exhibit W to the
Pooling and Servicing Agreement within the time periods set forth
in the Pooling and Servicing Agreement.
SECTION 6
Representations and Warranties.
(a) The
Seller represents and warrants to the Purchaser as of the date
hereof and as of the Closing Date that:
(i) The
Seller is a limited partnership, duly organized, validly existing
and in good standing under the laws of the State of New York with
full power and authority to own its assets and conduct its
business, is duly qualified as a foreign organization in good
standing in all jurisdictions to the extent such qualification is
necessary to hold and sell the Mortgage Loans or otherwise comply
with its obligations under this Agreement except where the failure
to be so qualified would not have a material adverse effect on its
ability to perform its obligations hereunder, and the Seller has
taken all necessary action to authorize the execution and delivery
of, and performance under, the Operative Documents and has duly
executed and delivered each Operative Document, and has the power
and authority to execute, deliver and perform under each Operative
Document and all the transactions contemplated hereby and thereby,
including, but not limited to, the power and authority to sell,
assign, transfer, set over and convey the Mortgage Loans in
accordance with this Agreement;
(ii) Assuming
the due authorization, execution and delivery of this Agreement by
the Purchaser, this Agreement will constitute a legal, valid and
binding obligation of the Seller, enforceable against the Seller in
accordance with its terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors’
rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in
equity or at law);
(iii) The
execution and delivery of each Operative Document by the Seller and
the performance of its obligations hereunder and thereunder will
not conflict with any provision of any law or regulation to which
the Seller is subject, or conflict with, result in a breach of, or
constitute a default under, any of the terms, conditions or
provisions of any of the Seller’s organizational documents or
any agreement or instrument to which the Seller is a party or by
which it is bound, or any order or decree applicable to the Seller,
or result in the creation or imposition of any lien on any of the
Seller’s assets or property, in each case which would
materially and adversely affect the ability of the Seller to carry
out the transactions contemplated by the Operative
Documents;
(iv) There
is no action, suit, proceeding or investigation pending or, to the
Seller’s knowledge, threatened against the Seller in any
court or by or before any other governmental agency or
instrumentality which would materially and adversely affect the
validity of the Mortgage Loans or the ability of the Seller to
carry out the transactions contemplated by each Operative
Document;
(v) The
Seller is not in default with respect to any order or decree of any
court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have
consequences that, in the Seller’s good faith and reasonable
judgment, is likely to materially and adversely affect the
condition (financial
or other) or operations of the Seller or its
properties or might have consequences that, in the Seller’s
good faith and reasonable judgment, is likely to materially and
adversely affect its performance under any Operative
Document;
(vi) 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,
each Operative Document or the consummation of the transactions
contemplated hereby or thereby, other than those which have been
obtained by the Seller; and
(vii) The
transfer, assignment and conveyance of the Mortgage Loans by the
Seller to the Purchaser is not subject to bulk transfer laws or any
similar statutory provisions in effect in any applicable
jurisdiction.
(b) The
Purchaser represents and warrants to the Seller as of the Closing
Date that:
(i) The
Purchaser is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware, with full
corporate power and authority to own its assets and conduct its
business, is duly qualified as a foreign corporation in good
standing in all jurisdictions in which the ownership or lease of
its property or the conduct of its business requires such
qualification, except where the failure to be so qualified would
not have a material adverse effect on the ability of the Purchaser
to perform its obligations hereunder, and the Purchaser has taken
all necessary action to authorize the execution, delivery and
performance of this Agreement by it, and has duly executed and
delivered this Agreement, and has the power and authority to
execute, deliver and perform this Agreement and all the
transactions contemplated hereby;
(ii) Assuming
the due authorization, execution and delivery of this Agreement by
the Seller, this Agreement will constitute a legal, valid and
binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting the enforcement of
creditors’ rights generally, and by general principles of
equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law);
(iii) The
execution and delivery of this Agreement by the Purchaser and the
performance of its obligations hereunder will not conflict with any
provision of any law or regulation to which the Purchaser is
subject, or conflict with, result in a breach of, or constitute a
default under, any of the terms, conditions or provisions of any of
the Purchaser’s organizational documents or any agreement or
instrument to which the Purchaser is a party or by which it is
bound, or any order or decree applicable to the Purchaser, or
result in the creation or imposition of any lien on any of the
Purchaser’s assets or property, in each case which would
materially and adversely affect the ability of the Purchaser to
carry out the transactions contemplated by this
Agreement;
(iv) There
is no action, suit, proceeding or investigation pending or, to the
Purchaser’s knowledge, threatened against the Purchaser in
any court or by or before any other governmental agency or
instrumentality which would materially and adversely affect the
validity of this Agreement or any action 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;
(v) The
Purchaser is not in default with respect to any order or decree of
any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have
consequences that would materially and adversely affect the
condition (financial or other) or operations of the Purchaser or
its properties or might have consequences that would materially and
adversely affect its performance under any Operative Document;
and
(vi) No
consent, 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 the consummation of the transactions
contemplated by this Agreement other than those that have been
obtained by the Purchaser.
(c) The
Seller further makes the representations and warranties as to the
Mortgage Loans set forth in Exhibit B to this Agreement
as of the Closing Date or other date set forth in
Exhibit B to this Agreement, which representations and
warranties are subject to the exceptions thereto set forth in
Exhibit C to this Agreement.
(d) Pursuant
to the Pooling and Servicing Agreement, if any party thereto
discovers that any document constituting a part of a Mortgage File
has not been properly executed, is missing, contains information
that does not conform in any material respect with the
corresponding information set forth in the Mortgage Loan Schedule,
or does not appear to be regular on its face (each, a “
Document Defect ”), or discovers or receives notice of
a breach of any representation or warranty of the Seller made
pursuant to Section 6(c) of this Agreement with respect to
any Mortgage Loan (a “ Breach ”), such party is
required to give prompt written notice thereof to the
Seller.
(e) Pursuant
to the Pooling and Servicing Agreement, the Special Servicer is
required to determine whether any such Document Defect or Breach
with respect to any Mortgage Loan materially and adversely affects,
or such Document Defect is deemed in accordance with the Pooling
and Servicing Agreement to materially and adversely affect, the
value of the Mortgage Loan or any related REO Mortgage Loan or the
interests of the Certificateholders therein (any such Document
Defect shall constitute a “ Material Document Defect
” and any such Breach shall constitute a “ Material
Breach ”). If such Document Defect or Breach
has been determined to be a Material Document Defect or Material
Breach, then the Special Servicer will be required to give prompt
written notice thereof to the Seller. Promptly upon
becoming aware of any such Material Document Defect or Material
Breach (including through a written notice given by any party
hereto, as provided above if the Document Defect or Breach
identified therein is a Material Document Defect or Material
Breach, as the case may be), the Seller shall, not later than 90
days from the earlier of the Seller’s discovery or receipt
of
notice of, and receipt of a demand to take
action with respect to, such Material Document Defect or Material
Breach, as the case may be (or, in the case of a Material Document
Defect or Material Breach relating to a Mortgage Loan not being a
“qualified mortgage” within the meaning of the REMIC
Provisions, not later than 90 days from any party discovering such
Material Document Defect or Material Breach provided the Seller
receives notice thereof in a timely manner), cure the same in all
material respects (which cure shall include payment of any
Additional Trust Fund Expenses associated therewith) or, if such
Material Document Defect or Material Breach, as the case may be,
cannot be cured within such 90 day period, the Seller shall either
(i) substitute a Qualified Substitute Mortgage Loan for such
affected Mortgage Loan (provided that in no event shall any such
substitution occur later than the second anniversary of the Closing
Date) and pay the Servicer, for deposit into the Certificate
Account, any Substitution Shortfall Amount in connection therewith
or (ii) repurchase the affected Mortgage Loan or the interest
thereby represented in any related REO Property at the applicable
Purchase Price by wire transfer of immediately available funds to
the Collection Account (or, in the case of an REO Property, to the
related REO Account); provided , however , that if
(i) such Material Document Defect or Material Breach is capable of
being cured but not within such 90 day period, (ii) such Material
Document Defect or Material Breach is not related to any Mortgage
Loan’s not being a “qualified mortgage” within
the meaning of the REMIC Provisions and (iii) the Seller has
commenced and is diligently proceeding with the cure of such
Material Document Defect or Material Breach within such 90 day
period, then the Seller shall have an additional 90 days to
complete such cure (or, in the event of a failure to so cure, to
complete such repurchase of the related Mortgage Loan or substitute
a Qualified Substitute Mortgage Loan as described above) it being
understood and agreed that, in connection with the Seller’s
receiving such additional 90 day period, the Seller shall deliver
an Officer’s Certificate to the Trustee and the Certificate
Administrator setting forth the reasons such Material Document
Defect or Material Breach is not capable of being cured within the
initial 90 day period and what actions the Seller is pursuing in
connection with the cure thereof and stating that the Seller
anticipates that such Material Document Defect or Material Breach
will be cured within such additional 90 day period; and
provided , further , that, if any such Material
Document Defect is still not cured after the initial 90 day period
and any such additional 90 day period solely due to the failure of
the Seller to have received the recorded document, then the Seller
shall be entitled to continue to defer its cure, substitution or
repurchase obligations in respect of such Document Defect so long
as the Seller certifies to the Trustee and the Certificate
Administrator every 30 days thereafter that the Document Defect is
still in effect solely because of its failure to have received the
recorded document and that the Seller is diligently pursuing the
cure of such defect (specifying the actions being taken), except
that no such deferral of cure, substitution or repurchase may
continue beyond the date that is 18 months following the Closing
Date. Any such repurchase of a Mortgage Loan shall be on
a servicing released basis. The Seller shall have no
obligation to monitor the Mortgage Loans regarding the existence of
a breach or a document defect, but if the Seller discovers a
Material Breach or Material Document Defect with respect to a
Mortgage Loan, it will notify the Purchaser.
Subject to the Seller’s right to cure set
forth above in this Section 6(e), and further subject to Sections
2.01(b) and 2.01(c) of the Pooling and Servicing Agreement, failure
of the Seller to deliver the documents referred to in clauses (1),
(2), (7), (8), (19) and (20) in the definition of “Mortgage
File” in the Pooling and Servicing Agreement in accordance
with this Agreement and the Pooling and Servicing Agreement for any
Mortgage Loan shall be deemed a
Material Document Defect; provided ,
however , that no Document Defect (except such deemed
Material Document Defect described above) shall be considered to be
a Material Document Defect unless the document with respect to
which the Document Defect exists is required in connection with an
imminent enforcement of the lender’s rights or remedies under
the related Mortgage Loan, defending any claim asserted by any
Mortgagor or third party with respect to the Mortgage Loan,
establishing the validity or priority of any lien on any collateral
securing the Mortgage Loan or for any immediate significant
servicing obligation.
(f) In
connection with any repurchase or substitution of one or more
Mortgage Loans pursuant to this Section 6 , the Pooling
and Servicing Agreement shall provide that the Trustee, the
Certificate Administrator, the Custodian, the Master Servicer and
the Special Servicer shall each tender to the repurchasing entity,
upon delivery to each of them of a receipt executed by the
repurchasing entity, all portions of the Mortgage File and other
documents and Escrow Payments pertaining to such Mortgage Loan
possessed by it, and each document that constitutes a part of the
Mortgage File shall be endorsed or assigned to the extent necessary
or appropriate to the repurchasing or substituting entity or its
designee in the same manner, but only if the respective documents
have been previously assigned or endorsed to the Trustee, and
pursuant to appropriate forms of assignment, substantially similar
to the manner and forms pursuant to which such documents were
previously assigned to the Trustee or as otherwise reasonably
requested to effect the retransfer and reconveyance of the Mortgage
Loan and the security therefor to the Seller or its designee;
provided that such tender by the Trustee shall be
conditioned upon its receipt from the Master Servicer of a Request
for Release and an Officer’s Certificate to the effect that
the requirements for repurchase or substitution have been
satisfied.
(g) The
representations and warranties of the parties hereto shall survive
the execution and delivery and any termination of this Agreement
and shall inure to the benefit of the respective parties,
notwithstanding any restrictive or qualified endorsement on the
Notes or Assignment of Mortgage or the examination of the Mortgage
Files.
(h) Each
party hereby agrees to promptly notify the other party of any
breach of a representation or warranty contained in Section
6(c) of this Agreement. The Seller’s
obligation to cure any breach or repurchase or substitute any
affected Mortgage Loan pursuant to this Section 6 shall
constitute the sole remedy available to the Purchaser in connection
with a breach of any of the Seller’s representations or
warranties contained in Section 6(c) of this
Agreement.
(i) The
Seller shall promptly notify the Depositor if (i) the Seller
receives a Repurchase Communication of a Repurchase Request (other
than from the Depositor), (ii) the Seller repurchases or
replaces a Mortgage Loan, (iii) the Seller receives a
Repurchase Communication of a Repurchase Request Withdrawal or
(iv) the Seller rejects or disputes any Repurchase
Request. Each such notice shall be given no later than
the tenth (10th) Business Day after (A) with respect to clauses (i)
and (iii) of the preceding sentence, receipt of a Repurchase
Communication of a Repurchase Request or a Repurchase Request
Withdrawal, as applicable, and (B) with respect to clauses (ii) and
(iv) of the preceding sentence, the occurrence of the event giving
rise to the requirement for such notice, and shall include (1) the
identity of the related Mortgage Loan, (2) the date (x) such
Repurchase Communication of such Repurchase Request or Repurchase
Request Withdrawal was received, (y) the related Mortgage Loan was
repurchased
or replaced or (z) the Repurchase Request was
rejected or disputed, as applicable, and (3) if known, the basis
for (x) the Repurchase Request (as asserted in the Repurchase
Request) or (y) any rejection or dispute of a Repurchase Request,
as applicable.
The Seller shall provide to the Depositor and
the Certificate Administrator a true, correct and complete copy of
the relevant portions of any Form ABS-15G that the Seller is
required to file with the Securities and Exchange Commission with
respect to the Mortgage Loans on or before the date that is
five (5) Business Days before the date such Form ABS-15G is
required to be filed with the Securities and Exchange
Commission.
In addition, the Seller shall provide the
Depositor, upon request, such other information in its possession
as would permit the Depositor to comply with its obligations under
Rule 15Ga-1 under the Exchange Act to disclose fulfilled and
unfulfilled repurchase requests. Any such information
requested shall be provided as promptly as practicable after such
request is made.
The Seller agrees that no 15Ga-1 Notice Provider
will be required to provide information in a 15Ga-1 Notice that is
protected by the attorney-client privilege or attorney work product
doctrines. In addition, the Seller hereby acknowledges
that (i) any 15Ga-1 Notice provided pursuant to
Section 2.03(a) of the Pooling and Servicing Agreement is so
provided only to assist the Seller, the Depositor and their
respective Affiliates to comply with Rule 15Ga-1 under the Exchange
Act, Items 1104 and 1121 of Regulation AB and any other requirement
of law or regulation and (ii)(A) no action taken by, or
inaction of, a 15Ga-1 Notice Provider and (B) no information
provided pursuant to Section 2.03(a) of the Pooling and
Servicing Agreement by a 15Ga-1 Notice Provider shall be deemed to
constitute a waiver or defense to the exercise of any legal right
the 15Ga-1 Notice Provider may have with respect to this Agreement,
including with respect to any Repurchase Request that is the
subject of a 15Ga-1 Notice.
Each party hereto agrees that the receipt of a
15Ga-1 Notice or the delivery of any notice required to be
delivered pursuant to this Section 6(i) shall not, in
and of itself, constitute delivery of notice of, receipt of notice
of, or knowledge of the Seller of, any Material Document Defect or
Material Breach.
“ Repurchase Communication ”
means, for purposes of this Section 6(i) only, any
communication, whether oral or written, which need not be in any
specific form.
SECTION 7
Review of Mortgage File . The Purchaser
shall require the Certificate Administrator pursuant to the Pooling
and Servicing Agreement to review the Mortgage Files pursuant to
Section 2.02 of the Pooling and Servicing Agreement and if it
finds any document or documents not to have been properly executed,
or to be missing or to be defective on its face in any material
respect, to notify the Purchaser, which shall promptly notify the
Seller.
SECTION 8
Conditions to Closing . The obligation of the
Seller to sell the Mortgage Loans shall be subject to the Seller
having received the purchase price for the Mortgage Loans as
contemplated by Section 1 of