Sign In Sign In

Search:

Search Assist: On | Off

Home / CompanyIntelligence / Financial / Thornburg / Legal

Thornburg Mortgage Home Loans, Inc.

Legal

Page 1 of 11

Preview Full Doc	2002	Mortgage Loan Purchase and Assignment Agreement Mortgage Loan Purchase and Assignment Agreement (67K) Doc #137656: Click preview link for longer preview. MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT Dated as of March 1, 2002 Thornburg Mortgage Securities Trust 2002-1 Mortgage Loan Pass-Through Certificates, Series 2002-1 TABLE OF CONTENTS MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT Page MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT 1 RECITALS 1 AGREEMENT 2 Section 1. Purchase and Sale of Mortgage Loans and Contractual Rights 2 Section 2. Representations and Warranties 4 Section 3. Survival of Representations 7 Section 4. Repurchase, Purchase or Substitution of Mortgage Loans 8 Section 5. Covenants 8 Section 6. Successors and Assigns, Additional Information 9 Section 7. Indemnification 9 Section 8. Notices 12 Section 9. Representations and Indemnities to Survive 12 Section 10. Miscellaneous 13 Section 11. Severability of Provisions 13 SCHEDULE I MORTGAGE LOAN SCHEDULE I-1 SCHEDULE II SERVICING AGREEMENTS II-1 SCHEDULE III MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES III-1 MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT This Mortgage Loan Purchase and Assignment Agreement (the "Agreement"), dated as of March 1, 2002, is executed on the Closing Date (as defined below) by and among Structured Asset Securities Corporation, a Delaware corporation (such entity, and its successors and assigns, being referred to herein as the "Purchaser"), Thornburg Mortgage Home Loans, Inc., a Delaware corporation ("Seller"), as seller, Lehman Brothers Inc. ("Lehman") in its capacity as underwriter of the Public Certificates or placement agent of the Privately Offered Certificates (each as defined below) and Thornburg Mortgage, Inc., a Maryland corporation ("TMI"). The Purchaser, the Seller, Lehman and TMI hereby recite and agree as follows: RECITALS 1. Schedule I attached hereto and made a part hereof (the "Mortgage Loan Schedule") lists certain conventional, hybrid and adjustable rate, first lien residential mortgage loans (collectively, the "Mortgage Loans") owned by the Seller that the Seller desires to sell, without recourse, to the Purchaser. 2. The Seller is a party to the servicing agreements identified on Schedule II hereto (each a "Servicing Agreement," and together the "Servicing Agreements"), and certain of the Mortgage Loans are currently being serviced thereunder by the servicers identified therein. 3. The Seller desires to sell, without recourse, all of its right, title and interest in the Mortgage Loans to the Purchaser, to assign all of its rights and interest as mortgage loan owner under the Servicing Agreements, in each case, only with respect to the portion of the Mortgage Loans subject thereto (as so limited, the "Contractual Rights"), and to delegate all of its obligations thereunder, to the Purchaser. 4. The Purchaser desires to purchase such Mortgage Loans and the Contractual Rights, and the Purchaser intends immediately thereafter to transfer all of its right, title and interest in and to the Mortgage Loans and the Contractual Rights pursuant to the terms of a Trust Agreement, dated as of March 1, 2002 (the "Trust Agreement"), by and among the Purchaser, as Seller, Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer"), Bankers Trust (Delaware), as Delaware trustee (the "Delaware Trustee"), Bankers Trust Company of California, N.A., as trustee of the Trust (the "Trustee") and The Murrayhill Company, as credit risk manager (the "Credit Risk Manager"). 5. The Trust shall issue to the Purchaser its Mortgage Loan Pass-Through Certificates, Series 2002-1, Class B4, Class B5 and Class B6 (collectively, the "Privately Offered Certificates") and the Class A, Class B1, Class B2, Class B3, and Class R Certificates (the "Public Certificates," and together with the Privately Offered Certificates, the "Certificates"). 6. The Public Certificates will be offered and sold by Lehman as sole underwriter pursuant to the terms and conditions of an Underwriting Agreement (Standard Terms) between the Purchaser and Lehman, dated April 16, 1996 (the "Underwriting Agreement (Standard Terms)"), as supplemented by a terms agreement, dated March 22, 2002 (the "Terms Agreement," and together with the Underwriting Agreement (Standard Terms), the "Underwriting Agreement") through the use of a prospectus supplement, dated March 22, 2002 (the "Prospectus Supplement") and a related prospectus dated March 22, 2002 the ("Base Prospectus" and together with the Prospectus Supplement, the "Prospectus"). The Privately Offered Certificates will be offered by Lehman as sole Placement Agent pursuant to a Purchase Agreement, dated as of March 22, 2002 (the "Purchase Agreement"), between the Purchaser and Lehman through the use of a confidential private placement memorandum, dated March 22, 2002, which private placement memorandum will incorporate the Prospectus (the "Private Placement Memorandum"). 7. Capitalized terms used herein and not defined herein shall have the meanings assigned to them in the Trust Agreement. AGREEMENT NOW THEREFORE, in consideration of the mutual promises herein made and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 1. Purchase and Sale of Mortgage Loans and Contractual Rights. (a) Concurrently with the execution and delivery hereof on March 26, 2002 (the "Closing Date"), the Seller hereby sells, assigns, transfers and otherwise conveys to the Purchaser, without recourse, all of its right, title and interest in and to the Mortgage Loans, including all interest and principal received on or with respect to the Mortgage Loans on or after the Cut-off Date (other than any such payments that were due on or prior to such date) and all payments due after such date but received prior to such date and intended by the related Mortgagors to be applied after such date, together with all of the Seller's right, title and interest in and to any related escrow account and all amounts from time to time credited to and the proceeds of such account, the Seller's rights under any insurance policies related to the Mortgage Loans and the Seller's security interest in any collateral pledged to secure the Mortgage Loans, including the Mortgaged Properties and any Additional Collateral. Concurrently with the execution and delivery of this Agreement, Seller hereby assigns to the Purchaser all of its Contractual Rights. In consideration of such assignment and the covenants of the Seller set forth herein, the Seller shall receive from the Purchaser on the Closing Date $450,396,735.27 in full consideration representing price and accrued interest for the transfer of the Mortgage Loans and the Contractual Rights to the Purchaser. The Purchaser hereby accepts such assignment, and shall be entitled to exercise all Contractual Rights of the Seller under each Servicing Agreement as if the Purchaser had been a party to each such agreement. (b) In connection with such transfer and assignment of the Mortgage Loans hereunder, the Seller does hereby deliver, or cause to be delivered, to the Purchaser (or its designee) each Mortgage File relating to the Mortgage Loans. In the case of Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the execution of this Agreement, the Seller, in lieu of delivering the related Mortgage Files, shall herewith deliver to the Purchaser an Officer's Certificate which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to be deposited in the Custodial Account have been so deposited. The Seller hereby convenants not to take any action inconsistent with the ownership interest of the Purchaser or the holders of the Certificates in the Mortgage Files. (c) The Purchaser and the Seller intend that on the Closing Date, the conveyance by the Seller to the Purchaser of all its right, title and interest in and to the Mortgage Loans and the Contractual Rights pursuant to this Agreement shall be, and be construed as, a sale of the Mortgage Loans, without recourse. It is, further, not intended that such conveyance be deemed to be a pledge of the Mortgage Loans or the Contractual Rights by the Seller to the Purchaser to secure a debt or other obligation of the Seller. However, in the event that the Mortgage Loans and the Contractual Rights are held to be property of the Seller, or if this Agreement is held or deemed to create a security interest in the Mortgage Loans and the Contractual Rights, then it is intended that (i) this Agreement shall also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction; (ii) the conveyances provided for in this Section 1 shall be deemed to be a grant by the Seller to the Purchaser, to secure payment in full of the Secured Obligations (as defined below), of a security interest in all of the Seller's right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Contractual Rights and the Mortgage Loans, including the Mortgage Notes, the Mortgages, any related insurance policies, the Seller's security interest in any collateral pledged to secure the Mortgage Loans and all other documents in the related Mortgage Files, and all accounts, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of credit and investment property constituting part of the assets of the Trust, arising from or relating to (A) the Mortgage Loans, including with respect to each Mortgage Loan, the Mortgage Note and related Mortgage, and all other documents in the related Mortgage Files, and including any Qualifying Substitute Mortgage Loans; (B) pool insurance policies, hazard insurance policies and any bankruptcy bond relating to the foregoing, if applicable; (C) all amounts payable on or after the Cut-off Date (other than any such payments that were due on or prior to such date) to the holders of the Mortgage Loans in accordance with the terms thereof; (D) all income, payments, proceeds and products of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property; and (E) all cash and non-cash proceeds of any of the foregoing; (iii) the possession or control by the Trustee or any agent of the Trustee of Mortgage Notes or such other items of property as constitute instruments, money, documents, advices of credit, letters of credit, goods, certificated securities or chattel paper shall be deemed to be possession or control by the secured party, or possession or control by the Purchaser, for purposes of perfecting the security interest pursuant to the Uniform Commercial Code (including, without limitation, Sections 9-305 or 9-115 thereof); and (iv) notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed notifications to, or acknowledgements, receipts or confirmations from, securities intermediaries, bailees or agents of, or persons holding for, the Trustee, as applicable, for the purpose of perfecting such security interest under applicable law. "Secured Obligations" means the rights of the Purchaser under this Agreement and the amount owing the holders of the Certificates representing an interest in the Mortgage Loans and the Contractual Rights. The Seller shall, to the extent consistent with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Mortgage Loans, the Contractual Rights and the other property described above, such security interest would be deemed to be a perfected security interest of first priority under applicable law and would be maintained as such throughout the term of this Agreement. Without limiting the generality of the foregoing, the Seller shall prepare and deliver to the Purchaser at least six months prior to any filing date, and the Purchaser shall file, or shall cause to be filed, at the expense of the Seller, all filings necessary to maintain the effectiveness of any original filings necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Purchaser's security interest in or lien on the Mortgage Loans and the Contractual Rights. Notwithstanding the foregoing provisions of this Section 1 (i) the Seller shall retain certain servicing rights (including, without limitation, primary servicing and master servicing) relating to or arising out of the Mortgage Loans, and certain rights to receive servicing fees, servicing income and other payments made as compensation for such servicing subject to the Trust Agreement pursuant to the terms and conditions set forth therein (collectively, the "Servicing Rights") and (ii) the Servicing Rights are not included in the collateral in which the Seller grants a security interest in favor of the Purchaser pursuant to the immediately preceding paragraph, nor are the Servicing Rights included in the assets being sold pursuant to this Agreement. 2. Representations and Warranties (a) The Seller hereby represents and warrants to the Purchaser, as of the date of this Agreement, that: (i) the Seller has been duly organized and is validly existing and in good standing as a Delaware corporation, with full power and authority to enter into and perform its obligations under this Agreement, and is in compliance with the laws of each jurisdiction in which a Mortgaged Property is located to the extent necessary to ensure the enforceability of each Mortgage Loan; (ii) this Agreement has been duly authorized, executed and delivered by the Seller and assuming the due authorization, execution and delivery thereof by the Purchaser, constitutes a legal, valid and binding agreement of the Seller, enforceable against it in accordance with its terms, subject to (A) bankruptcy, insolvency, receivership, conservatorship, reorganization, moratorium or other similar laws affecting creditors' rights generally or the rights of creditors of federally chartered savings associations, (B) general principles of equity regardless of whether enforcement is sought in a proceeding in equity or at law, and (C) public policy considerations limiting the enforceability of provisions of this Agreement which purport to provide indemnification from liabilities under applicable securities laws; 137656	Thornburg Thornburg Mortgage Home Loans, Inc. ( Financial ) As referenced in this Mortgage Loan Purchase and Assignment Agreement: THORNBURG MORTGAGE HOME LOANS, INC – Exhibit 99.1 EX-99 5 m39124-16.htm EXHIBIT 99.1 Exhibit 99.1 EXECUTION THORNBURG MORTGAGE HOME LOANS, INC . as SELLER, STRUCTURED ASSET SECURITIES CORPORATION, as PURCHASER, LEHMAN BROTHERS INC. and THORNBURG MORTGAGE, INC. MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT Dated _____________ Thornburg Mortgage Home Loans, Inc – and among Structured Asset Securities Corporation, a Delaware corporation (such entity, and its successors and assigns, being referred to herein as the "Purchaser"), Thornburg Mortgage Home Loans, Inc ., a Delaware corporation ("Seller"), as seller, Lehman Brothers Inc. ("Lehman") in its capacity as underwriter of the Public Certificates or placement agent _____________ Thornburg Mortgage Home Loans, Inc – under the heading "Plan of Offering" in the Private Placement Memorandum (the "Underwriter/Placement Agent Information") or (ii) that does not relate to Thornburg Mortgage Home Loans, Inc . and the Mortgage Loans (the "Thornburg Information") and agrees to reimburse each such indemnified party for any legal or other expenses reasonably _____________ THORNBURG MORTGAGE HOME LOANS, INC – s/ Stanley Labanowski Name: Stanley Labanowski Title: Vice President LEHMAN BROTHERS INC. By:/s/ Stanley Labanowski Name: Stanley Labanowski Title: Senior Vice President THORNBURG MORTGAGE HOME LOANS, INC . By:/s/ Deborah J. Burns Name: Deborah J. Burns Title: Vice President THORNBURG MORTGAGE, INC. By: /s/ Deborah J. Burns Name: Deborah _____________ Thornburg Mortgage Home Loans, Inc – SCHEDULE I MORTGAGE LOAN SCHEDULE [See Tab #17] SCHEDULE II SERVICING AGREEMENTS 1. Reconstituted Servicing Agreement, dated as of March 1, 2002, among Thornburg Mortgage Home Loans, Inc ., as seller, Morgan Stanley Dean Witter Credit Corporation, as servicer and Wells Fargo Bank Minnesota, National Association, as master servicer. 2. Servicing _____________ dt 505283 ; Thornburg Thornburg Mortgage, Inc. ( Real Estate ) As referenced in this Mortgage Loan Purchase and Assignment Agreement: THORNBURG MORTGAGE – Exhibit 99.1 EX-99 5 m39124-16.htm EXHIBIT 99.1 Exhibit 99.1 EXECUTION THORNBURG MORTGAGE HOME LOANS, INC. as SELLER, STRUCTURED ASSET SECURITIES CORPORATION, as PURCHASER, LEHMAN BROTHERS INC. and THORNBURG MORTGAGE, INC. MORTGAGE LOAN PURCHASE AND ASSIGNMENT _____________ THORNBURG MORTGAGE, – 99.1 Exhibit 99.1 EXECUTION THORNBURG MORTGAGE HOME LOANS, INC. as SELLER, STRUCTURED ASSET SECURITIES CORPORATION, as PURCHASER, LEHMAN BROTHERS INC. and THORNBURG MORTGAGE, INC. MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT Dated as of March 1, 2002 Thornburg Mortgage Securities Trust 2002-1 Mortgage Loan Pass- _____________ Thornburg Mortgage – SECURITIES CORPORATION, as PURCHASER, LEHMAN BROTHERS INC. and THORNBURG MORTGAGE, INC. MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT Dated as of March 1, 2002 Thornburg Mortgage Securities Trust 2002-1 Mortgage Loan Pass-Through Certificates, Series 2002-1 TABLE OF CONTENTS MORTGAGE LOAN PURCHASE AND ASSIGNMENT AGREEMENT Page MORTGAGE _____________ Thornburg Mortgage – and among Structured Asset Securities Corporation, a Delaware corporation (such entity, and its successors and assigns, being referred to herein as the "Purchaser"), Thornburg Mortgage Home Loans, Inc., a Delaware corporation ("Seller"), as seller, Lehman Brothers Inc. ("Lehman") in its capacity as underwriter of the Public Certificates or _____________ Thornburg Mortgage, – Lehman") in its capacity as underwriter of the Public Certificates or placement agent of the Privately Offered Certificates (each as defined below) and Thornburg Mortgage, Inc., a Maryland corporation ("TMI"). The Purchaser, the Seller, Lehman and TMI hereby recite and agree as follows: RECITALS 1. Schedule I _____________ dt 109545 ; Fannie Mae Federal National Mortgage Association ( Associations ) As referenced in this Mortgage Loan Purchase and Assignment Agreement: Fannie Mae – policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect which policy conforms to the requirements of Fannie Mae or Freddie Mac. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at Mortgagor's cost and expense, and on _____________ Fannie Mae – iv) not doing business in such state. (xv) The Mortgage Loan is covered by an ALTA lender's title insurance policy acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the _____________ Fannie Mae – covered by an ALTA lender's title insurance policy acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring (subject to the exceptions _____________ Fannie Mae – the Seller or was purchased by the Seller from a third party, each of which was, at the time of origination, (A) a Fannie Mae -approved or Freddie Mac-approved seller/servicer and (B) a HUD-approved mortgage banker, or a savings and loan association, a savings _____________ Fannie Mae – Policy issued by primary mortgage insurer licensed to do business in the state in which the Mortgaged Property is located and acceptable to Fannie Mae or Freddie Mac as of the Closing Date, so as to reduce the Mortgagee's exposure in accordance with the standards of _____________ dt 97327 ;	Bankers Trust Bankers Trust Co. ( Regional Banks ) As referenced in this Mortgage Loan Purchase and Assignment Agreement: Bankers Trust – Purchaser, as Seller, Wells Fargo Bank Minnesota, National Association, as master servicer (the "Master Servicer"), Bankers Trust (Delaware), as Delaware trustee (the "Delaware Trustee"), Bankers Trust Company of California, N.A., Bankers Trust – as master servicer (the "Master Servicer"), Bankers Trust (Delaware), as Delaware trustee (the "Delaware Trustee"), Bankers Trust Company of California, N.A., as trustee of the Trust (the "Trustee") and The Murrayhill dt 44233 ; First Republic First Republic Bank ( Regional Banks ) As referenced in this Mortgage Loan Purchase and Assignment Agreement: First Republic Bank. – Mortgage Home Loans, Inc., and Colonial Savings, F.A. 5. Amended and Restated Correspondent Loan Purchase Agreement dated as of March 25, 2002, between Thornburg Mortgage Home Loans, Inc., and First Republic Bank. 6. Amended and Restated Correspondent Loan Purchase Agreement dated as of March 25, 2002, between Thornburg Mortgage Home Loans, Inc., and Gateway Bank, F.S.B. 7. Amended and _____________ dt 1447361 ; More...
Preview Full Doc	2005	Term Sheet Term Sheet (95K) Doc #2350400: Click preview link for longer preview. EXTERNAL USE RESIDENTIAL MORTGAGE FINANCE TERM SHEET [$2,651,562,000] (APPROXIMATE) THORNBURG MORTGAGE SECURITIES TRUST 2005-3 WELLS FARGO BANK, N.A., MASTER SERVICER LASALLE BANK N.A., TRUSTEE Class⁽¹⁾ Approximate Size ($) ⁽²⁾ Initial Coupon Life Cap Security Description WAL (Yrs) to Mandatory Auction ⁽³⁾ Window (mos.) to Mandatory Auction ⁽³⁾ Initial Credit Support Legal Final Maturity Expected Ratings (Moody?s/S&P) A-1 [$149,535,000] 1mL + [ ] ⁽⁴⁾ 11.00% Grp 1 Senior Floater 2.16 1-36 [3. . . . 2350400	Thornburg Thornburg Mortgage Home Loans, Inc. ( Financial ) As referenced in this Term Sheet: Thornburg Mortgage Home Loans, Inc – than 20% of the Cut-off Date aggregate principal balance of the Initial Mortgage Loans plus the initial amounts deposited in the Pre-Funding Accounts. 10% Optional Clean-up Call: Thornburg Mortgage Home Loans, Inc ., in its capacity as Servicer, has the option to purchase all of the trusts assets (and retire all outstanding certificates) at a purchase price equal to the current principal _____________ Thornburg Mortgage Home Loans, Inc – 1 Mo Lead) (72.02%), or 1 year CMT (20.82%). Deal Overview (cont.): Collateral (cont.) As of the Cut-off Date, the Statistical Mortgage Loans will be serviced by: Thornburg Mortgage Home Loans, Inc . (32.59%), JPMorgan Chase Bank (31.99%), Wells Fargo Bank, N.A. (10.46%), First Republic Bank (8.93%), Countrywide Home Loans (8.54%), PHH Mortgage Corporation (6.63%), _____________ Thornburg Mortgage Home Loans, Inc –* Countrywide Home Loans (8.54%), PHH Mortgage Corporation (6.63%), and Colonial National Mortgage (0.85%). It is anticipated all of the Pre-Funded Mortgage Loans will be serviced by Thornburg Mortgage Home Loans, Inc ., First Republic Bank, and Colonial National Mortgage. * Cenlar FSB is the contracted sub-servicer for all servicing owned by Thornburg Mortgage Home Loans, Inc. Cenlar is a private label _____________ Thornburg Mortgage Home Loans, Inc – Mortgage Loans will be serviced by Thornburg Mortgage Home Loans, Inc., First Republic Bank, and Colonial National Mortgage. * Cenlar FSB is the contracted sub-servicer for all servicing owned by Thornburg Mortgage Home Loans, Inc . Cenlar is a private label sub-servicer with a Tier One performance ranking from Freddie Mac. On the Closing Date, the aggregate Cut-off Date principal balance of the _____________ Thornburg Mortgage Home Loans, Inc – 118 Group I-IV Totals: 100.00 5.445 5.184 360 358 2 2.237 1.977 5.011 1.917 10.569 78 Terms of the Offering: Seller: Thornburg Mortgage Home Loans, Inc . Depositor: Structured Asset Securities Corporation Lead Manager: Lehman Brothers Inc. Co-Managers: Bear, Stearns & Co. Inc. and Greenwich Capital Markets, Inc. Master Servicer/ Securities Administrator: Wells Fargo Bank, _____________ dt 1580924 ; Royal Bank Royal Bank of Scotland plc As referenced in this Term Sheet: Royal Bank of Scotland plc. – the excess, if any, of the Par Price over the Auction Price. Swap Counterparty: Greenwich Capital Derivatives, Inc. The obligations of the auction swap counterparty will be guaranteed by The Royal Bank of Scotland plc. The long-term obligations of RBS are rated AA by S&P, AA+ by Fitch and Aa1 by Moodys. Auction Administrator: Wells Fargo Bank, N.A. Auction Price: _____________ dt 1500901 ; Structured Asset Securities Structured Asset Securities Corp ;	Thornburg Thornburg Mortgage, Inc. ( Real Estate ) As referenced in this Term Sheet: Thornburg Mortgage, Inc – accrual rates on the Class A Certificates. Mandatory Auction: Each Class of Class A Certificates is subject to a Mandatory Auction in September 2008 (month 36). 20% Optional Securities Purchase: Thornburg Mortgage, Inc . may purchase the certificates at a purchase price equal to their current principal amount plus accrued interest once the aggregate principal balance of the Mortgage Loans has been reduced _____________ Thornburg Mortgage, Inc – similar laws. Terms of the Offering (cont): SMMEA Treatment: The Class A Certificates are expected to be SMMEA eligible. Minimum Denominations: Class A Certificates: $25,000 Optional Securities Purchase Right: Thornburg Mortgage, Inc ., the parent of the Seller, will have the option of purchasing the Certificates at a purchase price equal to their current principal amount plus accrued interest once the aggregate _____________ dt 1569460 ; First Republic First Republic Bank ( Regional Banks ) As referenced in this Term Sheet: First Republic Bank – Cut-off Date, the Statistical Mortgage Loans will be serviced by: Thornburg Mortgage Home Loans, Inc. (32.59%), JPMorgan Chase Bank (31.99%), Wells Fargo Bank, N.A. (10.46%), First Republic Bank* (8.93%), Countrywide Home Loans (8.54%), PHH Mortgage Corporation (6.63%), and Colonial National Mortgage (0.85%). It is anticipated all of the Pre-Funded Mortgage Loans will _____________ First Republic Bank, – PHH Mortgage Corporation (6.63%), and Colonial National Mortgage (0.85%). It is anticipated all of the Pre-Funded Mortgage Loans will be serviced by Thornburg Mortgage Home Loans, Inc., First Republic Bank, and Colonial National Mortgage. * Cenlar FSB is the contracted sub-servicer for all servicing owned by Thornburg Mortgage Home Loans, Inc. Cenlar is a private label sub-servicer with _____________ First Republic Bank – Distribution Date. Terms of the Offering (cont): Servicer: Servicers %(1) Thornburg Mortgage Home Loans, Inc (2) 32.59% JPMorgan Chase Bank 31.99% Wells Fargo Bank N.A. 10.46% First Republic Bank 8.93% Countrywide Home Loans 8.54% PHH Mortgage Corporation 6.63% Colonial National Mortgage 0.85% (1) As of the Cut-off Date. (2) Cenlar FSB is the _____________ First Republic Bank – 10.57% Servicers Investment 7.09% Thornburg Mortgage Home Loans, Inc.* 32.59% JPMorgan Chase Bank 31.99% Loan Documentation Wells Fargo Bank, N.A. 10.46% Full 93.43% First Republic Bank 8.93% Stated 6.14% Countrywide Home Loan 8.54% No Ratio 0.29% PHH Mortgage Corporation 6.63% Limited 0.14% Colonial National Mortgage 0.85% * Cenlar FSB _____________ First Republic Bank – 1,043 607,538,924.25 32.59 JPMorgan Chase Bank 896 596,445,947.86 31.99 Wells Fargo Bank, N.A. 339 195,081,672.28 10.46 First Republic Bank 165 166,470,098.91 8.93 Countrywide Home Loan 441 159,144,319.02 8.54 PHH Mortgage Corporation 283 123,661,198.52 6.63 Colonial National _____________ dt 1447407 ; More...