Amendment to the Master Agreement
For Sale and Purchase of Mortgages
By and Between ContiMortgage Corporation ("Buyer")
and Westmark Mortgage Corporation ("Seller")
dated June 3rd, 1997 (the "Agreement")
THIS AMENDMENT (the "Amendment") to the Agreement is entered into this
3rd day of June, 1997 between Buyer and Seller.
WHEREAS Buyer and Seller have entered into the Agreement, whereby Buyer
agreed from time to time to purchase and Seller agreed from time to time to sell
certain Loans evidenced by notes and secured by mortgage liens; and
WHEREAS Buyer and Seller are desirous of modifying certain of their
rights and obligations under the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter contained, the parties, pursuant to Section II(A) of the Agreement,
hereby agree as follows:
Section IV(E) shall be amended as follows:
(E) Premium Rebate
(i) In the event that a premium is paid by the Buyer to Seller on
a Loan and such Loan is a fixed rate Loan secured by
residential real property located in any state or an
adjustable rate Loan secured by residential real property
located in any state, except in IL, IN, MI, NJ and PA, and
said Loan is prepaid in full by the Borrower, other than by a
refinancing by the Buyer or any of its subsidiaries or
affiliates, within twelve (12) months of Settlement Date, the
Seller shall, upon demand by the Buyer, refund to the Buyer
the premium paid by the Buyer to the Seller as follows: if
prepayment in full is within one (1) month of the Settlement
Date, 12/12ths of the premium shall be refunded; if prepayment
in full is within two (2) months of the Settlement Date,
11/12ths of the premium shall be refunded; if prepayment in
full is within three (3) months of the Settlement Date,
10/12ths of the premium shall be refunded; if prepayment in
full is within four (4) months of the Settlement Date, 9/12ths
of the premium shall be refunded; if prepayment in full is
within five (5) months of the Settlement Date, 8/12ths of the
premium shall be refunded; if prepayment in full is within six
(6) months of the Settlement Date, 7/12ths of the premium
shall be refunded; if prepayment in full is within seven (7)
months of the Settlement Date, 6/12ths of the premium shall be
refunded; if prepayment in full is within eight (8) months of
the Settlement Date, 5/12ths of the premium shall be refunded;
if prepayment in full is within nine (9) months of the
Settlement Date, 4/12ths of the premium shall be refunded; if
prepayment in full is within ten (10) months of the Settlement
Date, 3/12ths of the premium shall be refunded; if prepayment
in full is within eleven (11) months of the Settlement Date,
2/12ths of the premium shall be refunded; if prepayment in
full is within one (1) month of the Settlement Date, 1/12ths
of the premium shall be refunded. In the event any fixed rate
Loan is prepaid in full later than twelve (12) months from the
Settlement Date of such Loan, no refund shall be due. In the
event the Note carries a prepayment penalty, the Buyer agrees
first to recapture the premium rebate from the proceeds of the
prepayment penalty and then from the Seller, if there is any
deficient balance according to the refund calculation
specified above.
(ii)In the event that a premium is paid by the Buyer to the
Seller on a Loan and such Loan is an adjustable rate Loan
secured by real property located in the States of Illinois,
Indiana, Michigan, New Jersey or Pennsylvania and is prepaid
in full by the Borrower, other than by a refinancing by the
Buyer or any of its subsidiaries or affiliates, within twelve
(12) months of Settlement Date, the Seller shall, upon demand
by the Buyer, refund to the Buyer the premium paid by the
Buyer to the Seller as follows: if prepayment in full is
within one (1) month of the Settlement Date, 18/18ths of the
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premium shall be refunded; if prepayment in full is within two
(2) months of the Settlement Date, 17/18ths of the premium
shall be refunded; if prepayment in full is within three (3)
months of the Settlement Date, 16/18ths of the premium shall
be refunded; if prepayment in full is within four (4) months
of the Settlement Date, 15/18ths of the premium shall be
refunded; if prepayment in full is within five (5) months of
the Settlement Date, 14/18ths of the premium shall be
refunded; if prepayment in full is within six (6) months of
the Settlement Date, 13/18ths of the premium shall he
refunded; if prepayment in full is within seven (7) months of
the Settlement Date, 12/18ths of the premium shall be
refunded; if prepayment in full is within eight (8) months of
the Settlement Date, 11/18ths of the premium shall be
refunded; if prepayment in full is within nine (9) months of
the Settlement Date, 10/18ths of the premium shall be
refunded; if prepayment in full is within ten (10) months of
the Settlement Date, 9/18ths of the premium shall be refunded;
if prepayment in full is within eleven (11) months of the
Settlement Date , 8/18ths of the premium shall be refunded; if
prepayment in within twelve (12) months of the Settlement
Date, 7/18ths of the premium shall be refunded, if prepayment
in full is within thirteen (13) months of the Settlement Date,
6/18ths of the premium shall be refunded; if prepayment in
full is within fourteen (14) months of the Settlement Date,
6/18ths of the premium shall he refunded; if prepayment in
full is within fifteen (15) months of the Settlement Date,
4/18ths of the premium shall be refunded; if prepayment in
full is within sixteen (16) months of the Settlement Date,
3/18ths of the premium shall be refunded; if prepayment in
full is within seventeen (17) months of the Settlement Date,
2/18ths of the premium shall be refunded; if payment in full
is within twelve (12) months of the Settlement Date, 1/18th of
the premium shall be refunded. In the event any adjustable
rate Loan is paid in full later than twelve (12) months from
the Settlement Date of such Loan, no refund shall be due. In
the event the Note carries a prepayment penalty, the Buyer
agrees first to recapture the Premium Rebate from the proceeds
of the prepayment penalty and then from the Seller, if there
is any deficient balance according to the refund calculation
specified above.
Except as amended hereby, the terms of the Agreement and the parties'
rights and obligations thereunder remain the same.
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IN WITNESS WHEREOF, the parties, through their duly authorized
officers, execute this Amendment the date first written above.
CONTIMORTGAGE CORPORATION
By:_________________________________________
Name:_______________________________________
Title:______________________________________
WESTMARK MORTGAGE CORPORATION
By:/s/ Xxxxxx Story, III
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Name: Xxxxxx Story, III
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Title: President
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