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EXHIBIT 10
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Subsequent Transfer Instrument
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SUBSEQUENT TRANSFER INSTRUMENT
Pursuant to this Subsequent Transfer Instrument, dated
November 28, 2000 (the "Instrument"), between Chase Funding, Inc., as seller
(the "Depositor"), and Citibank, N.A., as trustee of the Chase Funding, Mortgage
Loan Asset Backed Certificates, Series 2000-3, as purchaser (the "Trustee"), and
pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2000
(the "Pooling and Servicing Agreement"), among the Depositor as depositor,
Advanta Mortgage Corp. USA, as subservicer (the "Subservicer"), Chase Manhattan
Mortgage Corporation, as master servicer, and the Trustee as trustee, on behalf
of the Trust Fund, of the Mortgage Loans listed on the attached Schedule of
Mortgage Loans (the "Subsequent Mortgage Loans").
Capitalized terms used but not otherwise defined herein shall
have the meanings set forth in the Pooling and Servicing Agreement.
Section 1. Conveyance of Subsequent Mortgage Loans.
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(a) The Depositor does hereby sell, transfer, assign, set over
and convey to the Trustee, on behalf of the Trust Fund, without recourse, all of
its right, title and interest in and to the Subsequent Mortgage Loans, and
including all amounts due on the Subsequent Mortgage Loans after the related
Subsequent Cut-off Date, and all items with respect to the Subsequent Mortgage
Loans to be delivered pursuant to Section 2.01 of the Pooling and Servicing
Agreement; provided, however, that the Depositor reserves and retains all right,
title and interest in and to amounts due on the Subsequent Mortgage Loans on or
prior to the related Subsequent Cut-off Date. The Depositor, contemporaneously
with the delivery of this Instrument, has delivered or caused to be delivered to
the Trustee each item set forth in Section 2.01 of the Pooling and Servicing
Agreement. The transfer to the Trustee by the Depositor of the Subsequent
Mortgage Loans identified on the Mortgage Loan Schedule attached hereto as
Exhibit B shall be absolute and is intended by the Depositor, the Master
Servicer, the Trustee and the Certificateholders to constitute and to be treated
as a sale by the Depositor to the Trust Fund.
(b) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey to
the Trustee without recourse for the benefit of the Certificateholders all the
right, title and interest of the Depositor, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated the date hereof, between the Depositor
as purchaser and the Master Servicer as seller, to the extent of the Subsequent
Mortgage Loans, a copy of which agreement is annexed hereto as Attachment G.
(c) Additional terms of the sale are set forth on Attachment A
hereto.
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Section 2. Representations and Warranties; Conditions
Precedent.
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(a) The Depositor hereby confirms that each of the conditions
precedent and the representations and warranties set forth in Sections 2.03 and
2.10 of the Pooling and Servicing Agreement are satisfied as of the date hereof
with respect to the Subsequent Mortgage Loans.
(b) All terms and conditions of the Pooling and Servicing
Agreement are hereby ratified and confirmed; provided, however, that in the
event of any conflict, the provisions of this Instrument shall control over the
conflicting provisions of the Pooling and Servicing Agreement.
Section 3. Recordation of Instrument.
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To the extent permitted by applicable law, this Instrument, or
a memorandum thereof if permitted under applicable law, is subject to
recordation in all appropriate public offices for real property records in all
of the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Master Servicer at the Certificateholders' expense on direction of the related
Certificateholders, but only when accompanied by an Opinion of Counsel to the
effect that such recordation materially and beneficially affects the interests
of the Certificateholders or is necessary for the administration or servicing of
the Mortgage Loans.
Section 4. Governing Law.
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This Instrument shall be construed in accordance with the laws
of the State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.
Section 5. Counterparts.
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This Instrument may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same instrument.
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Section 6. Successors and Assigns.
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This Instrument shall inure to the benefit of and be binding
upon the Depositor and the Trustee and their respective successors and assigns.
CHASE FUNDING, INC.
By: /s/ Eileen A. Lindblom
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Name: Eileen A. Lindblom
Title: Vice President
CITIBANK, N.A.,
as Trustee for Chase Funding Mortgage Loan Asset
Backed Certificates, Series 2000-3
By: /s/ Jenny Cheng
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Name: Jenny Cheng
Title: Vice President
Advanta Mortgage Corp. USA hereby acknowledges that, in its
capacity as Subservicer under the Pooling and Servicing Agreement, it shall
service the Mortgage Loans in the Mortgage Pool, including the Subsequent
Mortgage Loans transferred by this instrument, all in accordance with the
Pooling and Servicing Agreement.
ADVANTA MORTGAGE CORP. USA,
as Subservicer
By: /s/ Henry John Berens
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Name: Henry John Berens
Title: Senior Vice President
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Attachments
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A. Additional terms of sale.
B. Schedule of Subsequent Mortgage Loans.
C. Depositor's Officer's certificate.
D. Opinions of Depositor's counsel (bankruptcy, corporate).
E. Trustee's Certificate.
F. Opinion of Trustee's Counsel.
G. Subsequent Mortgage Loan Purchase Agreement.
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ATTACHMENT A
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ADDITIONAL TERMS OF SALE
A. General
1. Subsequent Cut-off Date: November 1, 2000
2. Subsequent Transfer Date: November 28, 2000
3. Aggregate Principal Balance of the Subsequent Mortgage Loans as
of the Subsequent Cut-off Date: $179,871,882.68
4. Purchase Price: 100.00%
B. The following representations and warranties with respect to each
Subsequent Mortgage Loan determined as of the Subsequent Cut-off Date shall be
true and correct: (i) the Subsequent Mortgage Loan may not be 30 or more days
delinquent as of the related Subsequent Cut- off Date (except with respect to
1.5% of the Subsequent Mortgage Loans, by aggregate principal balance as of the
related Subsequent Cut-off Date, which may be 30 or more days delinquent but
less than 60 days delinquent as of the related Cut-off Date); (ii) the stated
term to maturity of the Subsequent Mortgage Loan will not be less than 120
months and will not exceed 360 months; (iii) the Subsequent Mortgage Loan may
not provide for negative amortization; (iv) the Subsequent Mortgage Loan will
not have a Loan-to-Value Ratio greater than 95.0%; (v) the Subsequent Mortgage
Loans will have as of the Subsequent Cut-off Date, a weighted average term since
origination not in excess of 6 months; (vi) the Subsequent Mortgage Loan must
have a first Monthly Payment due on or before December 1, 2000; and (vii) the
Subsequent Mortgage Loan shall be underwritten in accordance with the criteria
set forth under the section "Chase Manhattan Mortgage Corporation--Underwriting
Standards" in the Prospectus Supplement.
C. Following the purchase of the Subsequent Mortgage Loans by the Trust
Fund, the Mortgage Loans (including the related Subsequent Mortgage Loans) will
as of the Subsequent Cut-off Date not be materially inconsistent with the
Initial Mortgage Loans. Notwithstanding the foregoing, any Subsequent Mortgage
Loan may be rejected by either Rating Agency if the inclusion of such Subsequent
Mortgage Loan would adversely affect the ratings on any class of Offered
Certificates.
