IN WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
Recognition Agreement to be executed by their duly authorized officers as of the
date first above written.
▇▇▇▇▇▇▇ ▇▇▇▇▇ MORTGAGE
CAPITAL, INC.
THE ASSIGNOR
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
▇▇▇▇▇▇▇ ▇▇▇▇▇ MORTGAGE
LENDING, INC.,
THE ASSIGNEE
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
PHH MORTGAGE CORPORATION,
THE SERVICER
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
EXHIBIT 99.19
MORTGAGE LOAN FLOW PURCHASE, SALE & SERVICING AGREEMENT
dated as of March 27, 2001
between
▇▇▇▇▇▇▇ ▇▇▇▇▇ MORTGAGE CAPITAL INC., Purchaser
and
CENDANT MORTGAGE CORPORATION and
▇▇▇▇▇▇'▇ GATE RESIDENTIAL MORTGAGE TRUST
(formerly known as CENDANT RESIDENTIAL MORTGAGE TRUST)
Sellers
ARTICLE I: DEFINITIONS.................................................... 1
Section 1.01 Defined Terms............................................ 1
ARTICLE II: SALE AND CONVEYANCE OF MORTGAGE LOANS;POSSESSION OF MORTGAGE
FILES; BOOKS AND RECORDS; DELIVERY OF MORTGAGE LOAN
DOCUMENTS..................................................... 8
Section 2.01 Sale and Conveyance of Mortgage Loans.................... 8
Section 2.02 Possession of Mortgage Files............................. 9
Section 2.03 Books and Records........................................ 10
Section 2.04 Defective Documents; Delivery of Mortgage Loan
Documents................................................ 10
Section 2.05 Transfer of Mortgage Loans............................... 11
ARTICLE III: REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SELLER;
REPURCHASE; REVIEW OF MORTGAGE LOANS......................... 12
Section 3.01 Representations and Warranties of each Seller............ 12
Section 3.02 Representations and Warranties of the Servicer........... 13
Section 3.03 Representations and Warranties as to Individual Mortgage
Loans.................................................... 14
Section 3.04 Repurchase............................................... 19
Section 3.05 Certain Covenants of each Seller and the Servicer........ 20
ARTICLE IV: REPRESENTATIONS AND WARRANTIES OF THE PURCHASER AND
CONDITIONS PRECEDENT TO FUNDING............................... 21
Section 4.01 Representations and Warranties........................... 21
Section 4.02 Conditions Precedent to Closing.......................... 22
ARTICLE V: ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................. 23
Section 5.01 Cendant Mortgage to Act as Servicer; Servicing Standards:
Additional Documents. Consent of the Purchaser........... 23
Section 5.02 Collection of Mortgage Loan Payments..................... 24
Section 5.03 Reports for Specially Serviced Mortgage Loans and
Foreclosure Sales........................................ 25
Section 5.04 Establishment of Collection Account; Deposits in
Collection Account....................................... 25
Section 5.05 Permitted Withdrawals from the Collection Account........ 26
Section 5.06 Establishment of Escrow Accounts: Deposits in Escrow..... 27
Section 5.07 Permitted Withdrawals From Escrow Accounts............... 27
Section 5.08 Payment of Taxes, Insurance and Other Charges:
Maintenance of Primary Insurance Policies; Collections
Thereunder............................................... 27
Section 5.09 Transfer of Accounts..................................... 28
Section 5.10 Maintenance of Hazard Insurance.......................... 28
Section 5.11 Maintenance of Mortgage Impairment Insurance Policy...... 29
Section 5.12 Fidelity Bond; Errors and Omissions Insurance............ 29
Section 5.13 Management of REO Properties............................. 30
Section 5.14 Sale of Specially Serviced Mortgage Loans and REO
Properties............................................... 31
Section 5.15 Realization Upon Specially Serviced Mortgage Loans and
REO Properties........................................... 32
