Exhibit 10.70
SALOMON BROTHERS REALTY CORP.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
December 27, 2000
New Century Mortgage Corporation/NC Capital Corporation
00000 Xxx Xxxxxx
Xxxxxx, Xxxxxxxxxx 00000
Ladies and Gentlemen:
Reference is made to the Letter Agreement, dated April 1, 2000 (the
"Letter Agreement"), among New Century Mortgage Corporation ("New Century"), NC
Capital Corporation ("NC Capital"), Salomon Brothers Realty Corp. ("SBRC") and
Xxxxxxx Xxxxx Xxxxxx ("Salomon"), pursuant to which SBRC and Salomon have made
available to NC Capital an aggregation line (the "Aggregation Line") with a
limit of $1,000,000,000 in amount of mortgage loans. SBRC and Salomon hereby
acknowledge that the amount of mortgage loans delivered to the Aggregation Line
through November 2000 exceeds the limit set forth in the Letter Agreement.
Notwithstanding the provisions of Section 4(c) of the Letter Agreement, the
undersigned hereby agrees to extend the terms of the Letter Agreement until
January 31, 2001 at which time the terms of the Letter Agreement shall
terminate. Beginning on February 1, 2001, any mortgage loan not removed from the
Aggregation Line shall be subject to the terms of the letter agreement, dated
November 30, 2000 (the "November Letter Agreement"), among New Century NC
Capital and SBRC and the Purchase Price and the Aggregation Cost of each such
mortgage loan shall be adjusted in accordance with the terms of the November
Letter Agreement. Notwithstanding the termination of the Letter Agreement as of
January 31, 2001, the provisions of Section 1(d) of the Letter Agreement
regarding the payment of a Termination Fee will continue in full force and
effect with respect to any mortgage loan on the Aggregation Line as of February
1, 2001.
SALOMON BROTHERS REALTY CORP.
By: /s/ Xxxxxxx X. Xxxxx
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Name: Xxxxxxx X. Xxxxx
Title: Authorized Agent
XXXXXXX XXXXX XXXXXX INC.
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Agreed and acknowledged:
NEW CENTURY MORTGAGE CORPORATION
By: /s/ Xxxxxxx Xxxxxxxx
---------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: EVP/COO
NC CAPITAL CORPORATION
By: /s/ Xxxxxxx Xxxxxxxx
---------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: President