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Home My WebLink AboutNOTICE OF SERVICING TERMINATION AND TRANSFER BETWEEN WELLS FARGO BANK, N.A. AND CITY OF AUGUSTA it 14 XL, t, t. Ft g t, 3 { August 5, 2016 Wells Fargo Bank,N.A. 1 Home Campus MAC F2301-02H Des Moines, IA 50328-0001 Attention: Jacalyn Priestley Re: Notice of Servicing Termination and Transfer This letter (this "Agreement") confirms the agreement between Wells Fargo Bank, N.A. ("Wells Fargo") and City of Augusta, Georgia ("Owner") for the termination and release of the rights to service the mortgage loan identified by Exhibit A attached hereto ("Mortgage Loan"; such rights to service the Mortgage Loan, the "Mortgage Servicing Rights"). At the direction of Owner, as the owner of the Mortgage Loan, Wells Fargo agrees to transfer the Mortgage Servicing Rights to the Owner pursuant to the terms and conditions set forth herein. Wells Fargo is currently the owner of the Mortgage Servicing Rights and is servicing the Mortgage Loan on behalf of Owner. The Owner and Wells Fargo wish to transfer the Mortgage Servicing Rights to Owner, and to terminate, without cause, any rights of Wells Fargo relating to the Mortgage Servicing Rights, on December 14, 2016 or such other date mutually agreed upon by Wells Fargo and Owner (the "Servicing Transfer Date") pursuant to instructions to be mutually agreed upon in writing by Owner and Wells Fargo prior to the Servicing Transfer Date (the "Transfer Instructions"). ADVANCES AND UNPAID SERVICING FEES Within five (5) Business Days following the Servicing Transfer Date, the Owner will reimburse Wells Fargo for any remaining escrow and corporate advances, evidence of such amounts owed to be identified and submitted in writing by Wells Fargo to Owner no later than two (2) Business Days following the Servicing Transfer Date. Additionally, Owner shall pay to Wells Fargo on the Servicing Transfer Date any unpaid servicing fees, such unpaid servicing fees to be identified and submitted in writing by Wells Fargo to Owner no later than the Servicing Transfer Date. eDoc#7194341v1 LOSS MITIGATION Any and all loss mitigation efforts relating to the Mortgage Loan (together with any pending loss mitigation applications, the "Loss Mitigation") as of the date hereof are set forth on Exhibit A attached hereto. Pursuant to the Transfer Instructions Owner and Wells Fargo shall agree: • Owner shall adhere to any Loss Mitigation initiated by and/or entered into with borrowers by Wells Fargo, in its capacity as servicer of the Mortgage Loans on behalf of Owner; • Owner shall honor any applicable appeal rights or appeal period available to any applicable borrower; • Wells Fargo shall disclose the material terms and conditions of any such Loss Mitigation to the Owner as of the Servicing Transfer Date and in a manner that shall permit Wells Fargo and Owner to comply with any and all requirements under Section 1024 of Regulation X, as amended from time to time under the Securities Act of 1934, as amended ("Regulation X"); and • Wells Fargo and Owner shall undertake any and all such activities required to otherwise comply with Regulation X, including but not limited to Section 1024 thereof. Each of the borrowers undergoing Loss Mitigation at the time of the Servicing Transfer Date are third-party beneficiaries to the Loss Mitigation obligations described in this letter. SERVICING CUT-OFF Wells Fargo will cease accepting payment for the Mortgage Loan on the Servicing Transfer Date. Any payment received by Wells Fargo thereafter shall either be promptly forwarded to the Owner up to sixty (60) days following the Servicing Transfer Date and thereafter returned to borrower with instructions to direct payment to Owner. TRANSFER Wells Fargo shall agree with Owner to enter into the Transfer Instructions on terms sufficient to properly transfer the Mortgage Servicing Rights and related servicing data and files from Wells Fargo to Owner such that Wells Fargo and Owner satisfy any and all regulatory requirements relating to such transfer, including but not limited to any requirements under the Real Estate Settlement Procedures Act and its corresponding Regulation X, 12 C.F.R. §1024.33. Wells Fargo and the Owner shall each provide to all applicable borrowers their respective notice of transfers for any assignment, sale, or transfer of the servicing of the mortgage loan that contains the information described in paragraph(b)(4) of section 1024.33. The Transfer Instructions shall also contain customary provisions relating to confidentially and data privacy in connection with the Mortgage Servicing Rights and any and all data and files relating thereto. Owner shall hold Wells Fargo harmless for any servicing errors / liability caused by Owner not resulting from any breach by Wells Fargo under the terms of this Agreement or any servicing agreement. Wells Fargo shall hold Owner harmless for any servicing errors / liability caused by Wells Fargo, in its capacity as servicer,prior to the Servicing Transfer Date. Upon completion of the transfer of the Mortgage Servicing Rights, including delivery of all relevant data and files relating thereto, Wells Fargo, Owner shall cooperate to ensure that all data and files relating to the Mortgage Loans have been transferred to Owner. From and after the Servicing Transfer Date, the Owner will cooperate with Wells Fargo's requests for data and information as deemed necessary by Wells Fargo to comply with any inquiries or reporting requests by Wells Fargo's regulators or any governmental authority, and with Wells Fargo's requests for data and information, as deemed necessary by Wells Fargo to evaluate and ensure compliance with applicable laws and regulations (including but not limited to Regulation X). In addition to the foregoing, Wells Fargo may request and the Owner agrees to provide the following concerning the Mortgage Loan: • A copy of any customer complaints identifying Wells Fargo, identifying the servicing period in which Wells Fargo was the servicer of the Mortgage Loan subject to the complaint or referring to the transfer of the Mortgage Loan as a result of this transaction. Owner and Wells Fargo will cooperate and jointly respond to such complaints within the required regulatory timeframes. • At the time of transfer of the Mortgage Loan, Owner will provide a report to Wells Fargo to validate that Owner has completed the boarding of the Mortgage Loan. In addition, after the Mortgage Loan has been boarded to the Owner's or Owner's servicing system a reconciliation report will be provided to Wells Fargo to validate that Owner has completed the boarding of the Mortgage Loan utilizing the same statuses that the Mortgage Loan had when released by Wells Fargo to Owner. OTHER Notwithstanding anything to the contrary otherwise set forth in this Agreement, no party hereto shall have any liability for Losses under this Agreement, unless such Party receives notice of claim for indemnification on or before the date that is six (6) months after the Servicing Transfer Date. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Servicing Agreement. Please acknowledge Wells Fargo's understanding and agreement to the terms of this letter by executing the duplicate original of this letter and returning the same to: Wells Fargo Bank, N.A., 1 Home Campus, Des Moines, IA 50328-0001, Attention: Jacalyn Priestley, MAC #F2301- 02H. Very Truly Yours, 110.A.dA.;. ,4 _.Name:. . , - l��16` Ti 1 Accepted and Agreed: „D� /((j : � �0 / / Wells Fargo Bank, N.A. Lty . J+. B til, '.l l'. 1 ice. r C ,st ' a ebt; Name: ' a , I r; .Title: ➢ m .. f, u 4 i "";,zl� . �'Sv 4`d a9i i i 'by < 4. Exhibit A Loan number: 0004949882