SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) : January 28, 1997
Saxon Asset Securities Trust 1996-2
Mortgage Loan Asset Backed Certificates, Series 1996-2
(Exact name of registrant as specified in its charter)
Virginia 34-020552 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4 This report consists of 6 consecutively
numbered pages.
<PAGE>
Item 2. Acquisition or Disposition of Assets
Description of the Conveyance of Subsequent Mortgage Loans
On January 28, 1997, Saxon Securities Asset Trust 1996-2 (the "Trust") acquired
$6,962,623.14 of Subsequent Mortgage Loans pursuant to the terms of the Trust
Agreement dated as of November 1, 1996, among Saxon Asset Securities Company
("Saxon"), Citibank, N.A. (the "Trustee") and Texas Commerce Bank National
Association (the "Master Servicer") and the Subsequent Sales Agreement among the
Saxon Mortgage, Inc., Saxon and the Master Servicer, as purchaser, dated
January 28, 1997. The Subsequent Mortgage Loans possess the characteristics
required by the Prospectus dated August 2, 1996 and the Prospectus Supplement
dated November 27, 1996, filed pursuant to rule 424(b)(5) of the Act on December
2, 1996. The Schedule of Subsequent Mortgage Loans is attached to the Subsequent
Sales Agreement.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
10.1 Subsequent Sales Agreement dated as of January 28, 1997
among Saxon Mortgage, Inc., Saxon Asset Securities Company, and
Texas Commerce Bank National Association as Master Servicer,the
Certificate Registrar, the Paying Agent and the Custodian on
behalf of Saxon Securities Asset Trust 1996-2.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAXON ASSET SECURITIES TRUST 1996-2,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1996-2
Date: February 5, 1997 By: /s/ Brad Adams
---------------
Brad Adams
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
10.1 Subsequent Sales Agreement dated as of
January 28, 1997 5
<PAGE>
Exhibit 10.1
Subsequent Sales Agreement dated as of January 28, 1997
<PAGE>
Subsequent Sales Agreement made on January 28, 1997, by Saxon
Mortgage, Inc., a Virginia corporation ("Saxon Mortgage"), Saxon Asset
Securities Company, a Virginia corporation ("Saxon"), and Texas Commerce Bank
National Association as Master Servicer, the Certificate Registrar, the Paying
Agent and the Custodian under the Trust Agreement referred to below (the "Master
Servicer") on behalf of the Trust referred to below.
WHEREAS, Saxon Mortgage and Saxon are parties to a Sales Agreement
dated November 27, 1996 (the "Sales Agreement"), with respect to the sale by
Saxon Mortgage and purchase by Saxon of certain mortgage loans;
WHEREAS, Saxon has transferred the mortgage loans covered by the Sales
Agreement and certain other assets to Saxon Securities Asset Trust 1996-2 (the
"Trust") established pursuant to the Trust Agreement dated as of November 1,
1996 (the "Trust Agreement"), among Saxon, Citibank, N.A. (the "Trustee") and
the Master Servicer;
WHEREAS, the Trust Agreement contemplates that Saxon Mortgage will
transfer additional mortgage loans to Saxon and that Saxon will transfer such
mortgage loans to the Trust;
NOW THEREFORE, Saxon Mortgage, for and in consideration of an amount
equal to the aggregate Scheduled Principal Balance of the Mortgage Loans
identified on Schedules IA and IB hereto (the "Subsequent Mortgage Loans")
hereto paid to it by the Trust upon the order of Saxon, and for other good and
valuable consideration, the sufficiency of which is hereby acknowledged, does
hereby bargain, sell, convey, assign and transfer to Saxon, without recourse,
free and clear of any liens, claims or other encumbrances, all its right, title
and interest in and to each of the Subsequent Mortgage Loans, together with the
Mortgage Loan Documents and other documents maintained as part of the related
Trustee Mortgage Loan Files and $0 constituting all payments
thereon and proceeds of the conversion, voluntary or involuntary of the
foregoing on and after January 1, 1997, the ("Subsequent Cut-Off Date").
Saxon Mortgage hereby acknowledges receipt of the amount set forth
above, which constitutes the Purchase Price for the Subsequent Mortgage Loans.
Saxon Mortgage makes, with respect to the Subsequent Mortgage Loans,
the representations and warranties set forth in Exhibit B to the Sales Agreement
and represents and warrants that that all conditions set forth in Section 2.02
of the Trust Agreement have been met.
Saxon Mortgage confirms that, since the date of the Sales Agreement, no
event has occurred which, with notice or the passage of time, would constitute a
default under the Sales Agreement, and there has been no material adverse change
or development involving a prospective material adverse change in the business
operations, financial condition, properties or assets of the Seller.
Unless otherwise defined herein, capitalized terms used in this
Subsequent Sales Agreement shall have the meanings assigned to them in the Sales
Agreement, or if not assigned in the Sales Agreement, the Trust Agreement.
Saxon hereby acknowledges receipt from Saxon Mortgage of the Subsequent
Mortgage Loans, subject to its right of inspection set forth in Section 3 of the
Sales Agreement, pursuant to the Trust Agreement confirms the assignment of the
Subsequent Mortgage Loans to the Trust, and acknowledges that the Trust has paid
the Purchase Price for the Subsequent Mortgage Loans upon the order of Saxon.
The Custodian, on behalf of the Trust, acknowledges receipt from Saxon
of the Subsequent Mortgage Loans together with the Mortgage Loan Documents and
other documents maintained as part of the related Trustee Mortgage Loan Files
and has directed the Paying Agent to withdraw $2,304,097.14 from the Group I
Pre-Funded Amount and $4,658,526.00 from the Group II Pre-Funded Amount.
IN WITNESS WHEREOF, Saxon, Saxon Mortgage and Texas Commerce Bank
National Association, as the Master Servicer, the Certificate Registrar, the
Paying Agent and the Custodian, have caused this Subsequent Sales Agreement to
be executed and delivered by their respective officers thereunto duly authorized
as of the date above written.
SAXON ASSET SECURITIES COMPANY
By: /s/Bradley D. Adams
Bradley D. Adams, Vice President
SAXON MORTGAGE, INC.
By: /s/Andrew I. Sirkis
Andrew I. Sirkis, Senior Vice President
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
as Master Servicer, Custodian,
Certificate Registrar and Paying Agent
By: /s/Albert Ng
Albert Ng, VicePresident
Schedule I AFixed Rate Prefuding Loans (Jan 28)
Loan Number Borrower 1 Current Balance
10007248 WENBERG, VERNON $188,000.00
10007377 ABDELJABER, HASAN $96,000.00
10007405 BAUTISTA, SIMON $304,000.00
10007446 SHERMAN, ERIC $270,000.00
10007495 SIBECAS, SALVADOR $55,973.17
10007509 KELLY, LLOYD $101,250.00
10007543 CARR, I $76,500.00
10007563 PASCHELKE, JOHN $82,500.00
10007583 POTTORFF, HOWLEN $62,910.00
10007596 GRYGLA, MARK $70,000.00
10007599 AJAM, BDOUR $126,000.00
10007608 SPENCE, DALE $79,400.00
10007659 JOHNSON, CARL $76,000.00
10007723 SHAW, NORMAN $125,959.73
10007739 STATES, CARY $107,250.00
50300309 PETERSON, THAD $259,854.24
50300321 OVARD, MARTIN S $85,000.00
91200015 MAGRUDER, MARI L $72,500.00
95100100 CORDOVA, MARIA E $65,000.00
19 $2,304,097.14
Schedule IB Variable Rate Prefunding Loans (Jan 28)
Loan Number Borrower 1 Current Balance
10007225 WHITE, ROGER $240,000.00
10007362 ALLISON, HAROLD $128,250.00
10007417 MARTIN, CHARLES $35,100.00
10007515 AVANCENA, NOREEN $210,000.00
10007535 BALLAINE, BARRY $134,340.00
10007605 HAMBLIN, SHARON $155,200.00
24300015 FOSTER, JAMES R $112,500.00
50300315 MCEUEN, STEVEN $342,200.00
50300316 MARRERO, GUILLERMO $608,500.00
50300317 SIEGEL, BENJAMIN D $325,000.00
50300318 ABEL, ROBERT M $216,000.00
50300319 ELLERMEIER, H WILL $272,000.00
50300320 GREENBERG, FRED G $373,436.00
50300331 CAVIC, GEORGE B $410,000.00
50300332 BRZYKCY, KRISTIN C $245,000.00
50300333 EGAN, TIMOTHY P $304,000.00
50300334 LESLIE, RICHARD F $300,000.00
50300335 TOLCHIN, FAITH N $247,000.00
18 $4,658,526.00
$6,962,623.14
