CHASE
ADDENDUM TO
ORIGINATION AND SALES AGREEMENT
This addendum ("Addendum") dated July 21, 1999 to the Originations and
Sales Agreement ("Agreement") dated July 21, 1999 between CHASE MANHATTAN
MORTGAGE CORPORATION ("Chase") and WESTMARK MORTGAGE CORPORATION ("Seller").
BACKGROUND
Both Chase and Seller recognize the importance of the equal treatment
of all applicants for Loans in the conduct of their business. The purpose of
this Addendum is to ensure that Seller understands the expectations of Chase
with respect to the loans which Seller may offer to Chase.
It is therefore agree that the Agreement shall be and is modified as
follows:
1. Section 4.1 of the Agreement is modified by the addition of the
following subsection:
Section 4.1 G. Seller has received, reviewed and understands the Chase
Fair Lending Policy statement with respect to Loans. Seller is
cognizant of its own obligations under 42 U.S.C. 3601 et seq., 15
U.S.C. 1691 et seq., and other applicable federal, state and local
federal fair lending and fair housing statutes ("Fair Lending Laws").
Seller complies with all applicable fair lending and fair housing
statutes. Seller ensures its employees continue to be aware of their
responsibilities with respect to compliance with the Fair Lending Laws.
2. Section 4.3 of the Agreement is modified by the addition of the
following subsection:
Section 4.3 H. Seller will maintain its compliance with Fair Lending
Laws at all times herein. In addition, Seller will monitor the
activities of its employees in order to ensure full compliance with the
Fair Lending Laws. In the event that Seller detects any incident, or
activity which constitutes or results in a violation of the Fair
Lending Laws with respect to one or more Loans, Seller will immediately
notify Chase.
3. Any term, responsibility or provision of the Agreement not altered by
this Addendum shall remain in full force and effect. However, in the
event of any conflict between this Addendum and the Agreement, this
Addendum shall control.
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IN WITNESS WHEREOF, Chase and Seller have caused this Addendum to be
executed as of the day and year first above written.
CHASE MANHATTAN MORTGAGE CORPORATION
By:
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Title:
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SELLER: WESTMARK MORTGAGE CORPORATION
By: /s/ Payton Story, III
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Title: President/COO
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