NRP Mortgage Trust 2013-1 - Standard and Poor's 17g-7

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-13 [FIRST REPUBLIC BANK][FIRST REPUBLIC BANK]Any and all requirements of any federal, state orlocal law including, without limitation, usury,truth-in-lending, real estate settlementprocedures, consumer credit protection, equalcredit opportunity, or disclosure laws applicableto the mortgage loans have been complied within all material respects.(1) Any and all requirements of any federal, state or locallaw including, without limitation, usury, truth-in-lending,real estate settlement procedures, consumer creditprotection, equal credit opportunity, fair housing, ordisclosure laws applicable to origination, servicing andcollection of each such Mortgage Loan have beencomplied with in all material respects. (2) The servicingand collection practices used by the Servicer with respectto the Mortgage Loan have been in all respects legal andthose used by prudent mortgage banking institutionswhich service mortgage loans of the same type as suchMortgage Loan in the jurisdiction where the relatedMortgaged Property is located, and which are inaccordance with Fannie Mae servicing practices andprocedures for MBS pool mortgages, as defined in theFannie Mae Guides including future updates. (3) Whilethe Mortgage Loan has been serviced by the Servicer, ithas been serviced in accordance with the terms of theMortgage Note or any applicable forbearance plan orbankruptcy plan. (4) No Mortgage Loan is a “high cost” or“covered” loan, as defined by any applicable federal, stateor local predatory or abusive lending law, and noMortgage Loan has a percentage listed under theIndicative Loss Severity Column (the column that appearsin the Standard & Poor's Anti-Predatory Lending LawUpdate Table, included in the then-current Standard &Poor's LEVELS® Glossary of Terms on Appendix E). (5)No Mortgage Loan secured by property located in theState of Georgia was originated on or after October 1,2002 and prior to March 7, 2003. (6) No Mortgage Loanoriginated on or after March 7, 2003 is a “high cost homeloan” as defined under the Georgia Fair Lending Act. (7)No borrower was encouraged or required to select a loanproduct offered by an originator that was a higher costproduct designed for less-creditworthy borrowers, unlessat the time of the Mortgage Loan's origination, suchborrower did not qualify, taking into account credit historyand debt-to-income ratios, for a lower cost credit productthen offered by such originator or any affiliate of suchoriginator. (8) There does not exist on the relatedMortgaged Property any hazardous substances,hazardous wastes or solid wastes, as such terms aredefined in the Comprehensive Environmental ResponseCompensation and Liability Act, the ResourceConservation and Recovery Act of 1976, or other federal,state or local environmental legislation including, withoutlimitation, asbestos. (9) There is no pending action orproceeding directly involving the Mortgaged Property inwhich compliance with any environmental law, rule orregulation is an issue; there is no violation of anyenvironmental law, rule or regulation with respect to theMortgaged Property; and nothing further remains to bedone to satisfy in full all requirements of each such law,rule or regulation constituting a prerequisite to use andenjoyment of such Mortgaged Property. (10) The Sellerhas complied with all applicable anti-money launderinglaws and regulations, including without limitation the USAPatriot Act of 2001 (collectively, the “Anti-MoneyLaundering Laws”); the Seller has established an antimoneylaundering compliance program as required by theAnti-Money Laundering Laws, has conducted therequisite due diligence in connection with the originationof each Mortgage Loan for purposes of the Anti-MoneyLaundering Laws, including with respect to the legitimacyCopyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 3

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-116 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Prior Liens: The Seller is the sole owner and holder ofthe Mortgage Loan and the indebtedness evidenced bythe Mortgage Note, and upon recordation the Purchaseror its designee will be the owner of record of theMortgage and the indebtedness evidenced by theMortgage Note, and upon the sale of the Mortgage Loanto the Purchaser, the Seller will retain the Mortgage Filein trust for the Purchaser. Each sale of the MortgageLoan from any prior owner or the Seller was in exchangefor fair equivalent value, and the prior owner or the Seller,as applicable, was solvent both prior to and after thetransfer and had sufficient capital to pay and was able topay its debts as they would generally mature.Immediately prior to the transfer and assignment to thePurchaser on the related Closing Date, the MortgageLoan, including the Mortgage Note and the Mortgage,was not subject to an assignment or pledge, and theSeller had good and marketable title to and was the soleowner thereof and had full right to transfer and sell theMortgage Loan to the Purchaser free and clear of anyencumbrance, equity, lien, pledge, charge, claim orsecurity interest. The Seller has the full right and authoritysubject to no interest or participation of, or agreementwith, any other party, to sell and assign the MortgageLoan pursuant to this Agreement and following the sale ofthe Mortgage Loan, the Purchaser will own suchMortgage Loan free and clear of any encumbrance,equity, participation interest, lien, pledge, charge, claim orsecurity interest. The Seller intends to relinquish all rightsto possess, control and monitor the Mortgage Loan,except for purposes of servicing the Mortgage Loan asset forth in this Agreement.17 Not included in the Benchmark. [FIRST REPUBLIC BANK]Complete Mortgage Files: Except as provided in Section6.03, the Mortgage Note, the Mortgage, the Assignmentof Mortgage and the other Mortgage Loan Documents setforth in Exhibit 2 and required to be delivered on therelated Closing Date have been delivered to thePurchaser or its designee in compliance with the specificrequirements of this Agreement. With respect to eachMortgage Loan, the Seller is in possession of a completeMortgage File including all documents used in thequalification of the borrower except for such documentsas have been delivered to the Purchaser or its designee.In the event the Mortgage is a deed of trust, a trustee,authorized and duly qualified under applicable law toserve as such, has been properly designated, is named inthe Mortgage and currently so serves, and no fees orexpenses are or will become payable by the Purchaser tothe trustee under the deed of trust, except in connectionwith a trustee's sale after default by the borrower.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 9

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-118 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Modifications: The terms of the Mortgage Note andthe Mortgage have not been impaired, waived, altered ormodified in any material respect, except by a writteninstrument that, if required by applicable law, has beenrecorded or is in the process of being recorded. Thesubstance of any such waiver, alteration or modificationhas been approved by the issuer of any related PrimaryMortgage Insurance Policy and title insurance policy, tothe extent required by such policies, the terms of suchwaiver, alteration or modification have been reflected inthe Mortgage Loan Schedule and the written instrumentreflecting such terms has been included in the MortgageFile. No Mortgagor has been released, in whole or inpart, from the terms of the Mortgage Note and theMortgage, except in connection with an assumptionagreement which is part of the Mortgage File and theterms of which are reflected in the related Mortgage LoanSchedule. The Mortgage has not been satisfied,canceled or subordinated, in whole or in part, orrescinded, and the Mortgaged Property has not beenreleased from the lien of the Mortgage, in whole or in part,nor has any instrument been executed that would effectany such release, cancellation, subordination orrescission. The Seller has not waived the performance bythe Mortgagor of any action, if the Mortgagor's failure toperform such action would cause the Mortgage Loan tobe in default, nor has the Seller waived any defaultresulting from any action or inaction by the Mortgagor.19 Not included in the Benchmark. [FIRST REPUBLIC BANK]Taxes Paid: All taxes, governmental assessments,insurance premiums, water, sewer and municipalcharges, leasehold payments or ground rents whichpreviously became due and owing have been paid by theborrower, or escrow funds from the borrower have beenestablished in an amount sufficient to pay for every suchescrowed item which remains unpaid and which has beenassessed but is not yet due and payable.20 Not included in the Benchmark. [FIRST REPUBLIC BANK]Fee Simple Estate / No Encroachments / Compliancewith Zoning: The Mortgage creates a first lien or a firstpriority ownership interest in an estate in fee simple inreal property securing the related Mortgage Note. Allimprovements subject to the Mortgage which wereconsidered in determining the Appraised Value of theMortgaged Property lie wholly within the boundaries andbuilding restriction lines of the Mortgaged Property (andwholly within the project with respect to a condominiumunit), no improvements on adjoining properties encroachupon the Mortgaged Property except those which areinsured against by the title insurance policy referred to inclause (v) below and all improvements on the propertycomply with all applicable building, zoning andsubdivision laws, regulations and ordinances.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 10

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-121 Not included in the Benchmark. [FIRST REPUBLIC BANK]22 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Usury: The Mortgage Loan meets or is exempt fromapplicable state, federal or local laws, regulations andother requirements pertaining to usury.Legally Occupied: As of the related Closing Date, theMortgaged Property is lawfully occupied under applicablelaw, and all inspections, licenses and certificates requiredto be made or issued with respect to all occupied portionsof the Mortgaged Property and, with respect to the useand occupancy of the same, including but not limited tocertificates of occupancy and fire underwritingcertificates, have been made or obtained from theappropriate authorities. The Seller has not received anynotice of any Mortgaged Property that has been subjectto a fine or registration fee due to non-occupancy.23 Not included in the Benchmark. [FIRST REPUBLIC BANK]Mortgage Loan Legal and Binding: The Mortgage Note,the Mortgage, any intervening assignments of theMortgage and other agreements executed in connectiontherewith are original and genuine and each is the legal,valid and binding obligation of the maker thereof,enforceable in all respects in accordance with its termssubject to bankruptcy, insolvency, moratorium,reorganization and other laws of general applicationaffecting the rights of creditors and by general equitableprinciples. The Seller has taken all action necessary totransfer such rights of enforceability to the Purchaser. Allparties to the Mortgage Note, the Mortgage, anyintervening assignments of the Mortgage and otheragreements executed in connection therewith, had thelegal capacity to enter into the Mortgage Loan and toexecute and deliver the Mortgage Note and the Mortgage.The Mortgage Note and the Mortgage have been dulyand properly executed by such parties.24 Not included in the Benchmark. [FIRST REPUBLIC BANK]Proceeds Fully Disbursed / Recording Fees Paid: Theproceeds of the Mortgage Loan have been fully disbursedand there is no requirement for future advancesthereunder, and any and all requirements as tocompletion of any on-site or off-site improvements and asto disbursements of any escrow funds therefor have beencomplied with. All costs, fees and expenses incurred inmaking or closing the Mortgage Loan and the recording ofthe Mortgage were paid, and the Mortgagor is not entitledto any refund of any amounts paid or due under theMortgage Note or Mortgage.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 11

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-125 Not included in the Benchmark. [FIRST REPUBLIC BANK]Existence of Title Insurance: Each Mortgage Loan(except (1) any Mortgage Loan secured by a MortgagedProperty located in any jurisdiction as to which an opinionof counsel of the type customarily rendered in suchjurisdiction in lieu of title insurance is instead receivedand (2) any Mortgage Loan secured by CooperativeShares) is covered by an ALTA lender's title insurancepolicy or other form of policy or insurance generallyacceptable to Fannie Mae or Freddie Mac, issued by atitle insurer acceptable to Fannie Mae or Freddie Mac andqualified to do business in the jurisdiction where theMortgaged Property is located, insuring (subject to theexceptions contained in (m)(1), (2) and (3) above) theSeller, its successors and assigns, as to the first prioritylien of the Mortgage in the original principal amount of theMortgage Loan. Additionally, such policy affirmativelyinsures ingress and egress to and from the MortgagedProperty. Where required by applicable state law orregulation, the Mortgagor has been given the opportunityto choose the carrier of the required mortgage titleinsurance. The Seller, its successors and assigns, are thesole insureds of such lender's title insurance policy; suchtitle insurance policy has been duly and validly endorsedto the Purchaser or the assignment to the Purchaser ofthe Seller's interest therein does not require the consentof or notification to the insurer; and such lender's titleinsurance policy is in full force and effect and will be in fullforce and effect upon the consummation of thetransactions contemplated by this Agreement and therelated PPTL. No claims have been made under suchlender‟s title insurance policy, and no prior holder of therelated Mortgage, including the Seller, has done, by act oromission, anything which would impair the coverage ofsuch lender's title insurance policy. No originator, selleror prior owner of a mortgage loan or other Person hasprovided or received any unlawful fee, commission,kickback, or other compensation or value of any kind inconnection with the title insurance policy.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 12

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-126 Not included in the Benchmark. [FIRST REPUBLIC BANK]Hazard Insurance: All buildings or other customarilyinsured improvements upon the Mortgaged Property areinsured by an insurer acceptable under the Fannie MaeGuides, against loss by fire, hazards of extendedcoverage and such other hazards as are provided for inthe Fannie Mae Guides or by the Freddie Mac Guides, inan amount representing coverage not less than the lesserof (i) the maximum insurable value of the improvementssecuring such Mortgage Loans and (ii) the greater of (a)the outstanding principal balance of the Mortgage Loanand (b) an amount such that the proceeds thereof shallbe sufficient to prevent the Mortgagor and/or theMortgagee from becoming a co-insurer. If the MortgagedProperty is a condominium unit, it is included under thecoverage afforded by a blanket policy for the project. Ifrequired by the FDPA, the Mortgage Loan is covered by aflood insurance policy meeting the requirements of thecurrent guidelines of the Federal InsuranceAdministration and conforming to Fannie Mae andFreddie Mac requirements, in an amount not less than theamount required by the FDPA. Such policy was issued byan insurer acceptable under the Fannie Mae Guides orthe Freddie Mac Guides. The Mortgage obligates theMortgagor thereunder to maintain all such insurance atthe Mortgagor‟s cost and expense, and upon theMortgagor's failure to do so, authorizes the holder of theMortgage to maintain such insurance at the Mortgagor'scost and expense and to seek reimbursement thereforfrom the Mortgagor. All such standard hazard and floodpolicies are in full force and effect and on the date oforigination contained a standard mortgagee clausenaming the Seller and its successors in interest andassigns as loss payee; such clause is still in effect and allpremiums due on any such policies have been paid infull. No obligated party or borrower, or any other Person,has engaged in any act or omission that would impair thecoverage of any such insurance policy, the benefits of theendorsement provided for therein, or the validity andbinding effect of either, including, without limitation, theprovision or receipt of any unlawful fee, commission,kickback, or other compensation or value of any kind. Noaction, inaction, or event has occurred and no state offacts exists or has existed that has resulted or will resultin the exclusion from, denial of, or defense to coverageunder any such insurance policies, regardless of thecause of such failure of coverage.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 13

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-127 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Rescission: The Mortgage Note and the Mortgage arenot subject to any right of rescission, set-off, counterclaimor defense, including, without limitation, the defense ofusury, nor will the operation of any of the terms of theMortgage Note or the Mortgage, or the exercise of anyright thereunder, render the Mortgage Note or Mortgageunenforceable, in whole or in part, or subject to any rightof rescission, set-off, counterclaim or defense, includingthe defense of usury, and no such right of rescission, setoff,counterclaim or defense has been asserted withrespect thereto. The Mortgagor was not a debtor at thetime of origination of the Mortgage Loan and is notcurrently a debtor in any state or federal bankruptcy orinsolvency proceeding.28 Not included in the Benchmark. [FIRST REPUBLIC BANK]Enforceable Right of Foreclosure: The Mortgage relatingto a Mortgaged Property contains customary andenforceable provisions such as to render the rights andremedies of the holder thereof adequate for therealization against such Mortgaged Property of thebenefits of the security provided thereby. There is nohomestead or other exemption available to the Mortgagorwhich would interfere with the right to sell the MortgagedProperty at a trustee's sale or the right to foreclose on theMortgage.29 Not included in the Benchmark. [FIRST REPUBLIC BANK]Mortgaged Property is 1-4 Family: The MortgagedProperty consists of a single parcel of real property with adetached single family residence erected thereon, or atownhouse, or a two-to four-family dwelling, or aCooperative Unit, or an individual condominium unit in acondominium project, or an individual unit in a plannedunit development or a de minimis planned unitdevelopment, provided, however, that no residence ordwelling is a mobile home. As of the date of origination,no portion of the Mortgaged Property was used forcommercial purposes, and since the date or originationno portion of the Mortgaged Property has been used forcommercial purposes.30 Not included in the Benchmark. [FIRST REPUBLIC BANK]Mortgage Loan Qualifies for REMIC: Each MortgageLoan constitutes a qualified mortgage under Section860G(a)(3)(A) of the Code and Treasury RegulationsSection 1.860G-2(a)(l).31 Not included in the Benchmark. [FIRST REPUBLIC BANK]Lost Note Affidavit: With respect to any Mortgage Loanas to which an affidavit has been delivered to thePurchaser certifying that the original Mortgage Note is nolonger in existence, if such Mortgage Loan issubsequently in default, the enforcement of suchMortgage Loan will not be materially adversely affectedby the absence of the original Mortgage Note.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 14

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-140 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Graduated Payments: The Mortgage Loan does notcontain “graduated payment” features, does not have ashared appreciation or other contingent interest featureand does not contain any buydown provisions.41 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Negative Amortization Loans, All 30 Year Mortgages:The Mortgage Loans have an original term to maturity ofnot more than 30 years, with interest payable in arrearson the first day of each month. Each Mortgage Noterequires a monthly payment which is sufficient to fullyamortize the original principal balance over the originalterm thereof (except in the case of interest only loans)and to pay interest at the related Mortgage Interest Rate.No Mortgage Loan contains terms or provisions whichwould result in negative amortization.42 Not included in the Benchmark. [FIRST REPUBLIC BANK]43 Not included in the Benchmark. [FIRST REPUBLIC BANK]Recordable: As to any Mortgage Loan which is not aMERS Mortgage Loan, the Assignment of Mortgage is inrecordable form and is acceptable for recording under thelaws of the jurisdiction in which the Mortgaged Property islocated.Payment Terms: Payments on the Mortgage Loancommenced no more than sixty (60) days after the fundswere disbursed in connection with the Mortgage Loan.The Mortgage Note is payable on the first day of eachmonth in equal monthly installments of principal andinterest (if not an interest only loan), with interestcalculated and payable in arrears, sufficient to amortizethe Mortgage Loan fully by the stated maturity date, overan original term of not more than thirty years fromcommencement of amortization.44 Not included in the Benchmark. [FIRST REPUBLIC BANK]Condominiums: If the Mortgaged Property is acondominium unit or a planned unit development (otherthan a de minimis planned unit development), or stock ina cooperative housing corporation, such condominium,cooperative or planned unit development project meetsthe eligibility requirements of the Underwriting Guidelines.45 Not included in the Benchmark. [FIRST REPUBLIC BANK]Servicemembers‟ Civil Relief Act: The Mortgagor has notnotified the Seller that it is requesting relief under theServicemembers' Civil Relief Act, and the Seller has noknowledge of any relief requested or allowed to theMortgagor under the Servicemembers' Civil Relief Act.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 17

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-146 Not included in the Benchmark. [FIRST REPUBLIC BANK]47 Not included in the Benchmark. [FIRST REPUBLIC BANK]48 Not included in the Benchmark. [FIRST REPUBLIC BANK]49 Not included in the Benchmark. [FIRST REPUBLIC BANK]50 Not included in the Benchmark. [FIRST REPUBLIC BANK]Construction: As of the related Closing Date, noMortgage Loan was in construction or rehabilitation statusand no trade-in or exchange of a Mortgaged Property hasbeen facilitated.Qualified Lender: The Mortgage Loan was originated bya savings and loan association, a savings bank, acommercial bank, credit union, insurance company orsimilar institution supervised and examined by a federalor state authority.No Ground Leases: No Mortgaged Property is subject toa ground lease.No Additional Fees: With respect to any broker feescollected and paid on any of the Mortgage Loans, all suchfees have been properly assessed to the Mortgagor andno claims will arise as to such fees that are doublecharged and for which the Mortgagor would be entitled toreimbursement.Home Ownership and Equity Protection Act 1994: Noneof the Mortgage Loans are subject to the HomeOwnership and Equity Protection Act of 1994 or anycomparable state law.51 Not included in the Benchmark. [FIRST REPUBLIC BANK]52 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Single Credit Insurance: None of the proceeds of theMortgage Loan were used to finance single premiumcredit insurance policies.Principal Advances: Any principal advances made to theMortgagor prior to the related Closing Date have beenconsolidated with the outstanding principal amountsecured by the Mortgage, and the secured principalamount, as consolidated, bears a single interest rate andsingle repayment term. The lien of the Mortgage securingthe consolidated principal amount is expressly insured ashaving first lien priority by a title insurance policy, anendorsement to the policy insuring the Mortgagee'sconsolidated interest or by other title evidence acceptableto Fannie Mae and Freddie Mac. The consolidatedprincipal amount does not exceed the original principalamount of the Mortgage Loan.53 Not included in the Benchmark. [FIRST REPUBLIC BANK]Interest Calculation: Interest on each Mortgage Loan iscalculated on the basis of a 360-day year consisting oftwelve 30-day months.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 18

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-154 Not included in the Benchmark. [FIRST REPUBLIC BANK]No Balloon Loans:Mortgage Loan.No Mortgage Loan is a Balloon55 Not included in the Benchmark. [FIRST REPUBLIC BANK]MERS Loans: With respect to each MERS MortgageLoan, a MIN has been assigned by MERS and such MINis accurately provided on the Mortgage Loan Schedule.The related Assignment of Mortgage to MERS has beenduly and properly recorded. With respect to each MERSMortgage Loan, the Seller has not received any notice ofliens or legal actions with respect to such Mortgage Loanand no such notices have been electronically posted byMERS.56 Not included in the Benchmark. [FIRST REPUBLIC BANK]Credit Reporting: With respect to each Mortgage Loanwhich has been (or becomes) delinquent 30 days or moreat least once since origination, the Seller has fully andaccurately furnished complete (favorable or unfavorable)information on the related borrower credit files to Equifax,Experian and Trans Union Credit Information inaccordance with the Fair Credit Reporting Act and itsimplementing regulations.57 Not included in the Benchmark. [FIRST REPUBLIC BANK]The Mortgage Loan was originated by a Mortgageeapproved by the Secretary of Housing and UrbanDevelopment pursuant to Sections 203 and 211 of theNational Housing Act, a savings and loan association, asavings bank, a commercial bank, credit union, insurancecompany or similar institution supervised and examinedby a federal or state authority.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 19

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-158 [FIRST REPUBLIC BANK]Enforcement Mechanism(s)[FIRST REPUBLIC BANK]Upon discovery by the Depositor or theSeller[Originator] of the breach by theSeller[Originator] of any representation orwarranty under the Mortgage Loan Purchaseand Sale Agreement in respect of any MortgageLoan, which materially adversely affects thevalue of that Mortgage Loan or the interesttherein of the Certificate holders (a "DefectiveMortgage Loan") (each of such parties herebyagreeing to give written notice thereof to theTrustee and the other of such parties), theTrustee, or its designee, shall promptly notify theDepositor in writing of such breach and requestthat the Depositor cure or cause the cure of suchbreach within 90 days from the earlier of the datethat the Depositor discovered or was notified ofsuch breach, and if the Depositor does not cureor cause the cure of such breach in all materialrespects during such period, the Trustee shallenforce the Seller's[Originator's] obligation underthe Mortgage Loan Purchase and SaleAgreement to repurchase that Mortgage Loanfrom the Trust Fund at the Purchase Price on orprior to the Determination Date following theexpiration of such 90 day period; provided,however, that, in connection with any suchbreach that could not reasonably have beencured within such 90-day period, theSeller[Originator] shall be required to repurchasethe Mortgage Loan no later than 90 days after itsdiscovery or notice of such breach, and providedfurther, that, if such breach would cause theMortgage Loan to be other than a "qualifiedmortgage" (as defined in the Code), thennotwithstanding the previous provisions of thisparagraph, the Seller[Originator] shall berequired to repurchase the Defective MortgageLoan within 90 days from the date the defect wasdiscovered.It is understood and agreed that the representations andwarranties set forth in Sections 7.01 and 7.02 shallsurvive the sale of the Mortgage Loans and delivery ofthe Mortgage File to the Purchaser, or its designee, andshall inure to the benefit of the Purchaser,notwithstanding any restrictive or qualified endorsementon any Mortgage Note or Assignment or the examination,or lack of examination, of any Mortgage Loan Document.Upon discovery by the Seller, the Servicer or thePurchaser of a breach of any of the foregoingrepresentations and warranties which materially andadversely affects the value of the Mortgage Loans or theinterest of the Purchaser in the Mortgage Loans (or whichmaterially and adversely affects the value of a particularMortgage Loan or the interest of the Purchaser in aparticular Mortgage Loan in the case of a representationand warranty relating to such particular Mortgage Loan),the party discovering such breach shall give promptwritten notice to the other. A breach of representationsand warranties in Sections 7.01(h), (cc), and (ww) shallbe deemed to materially and adversely affect the value ofthe related Mortgage Loan or the interest of thePurchaser in any Mortgage Loan. The Seller shall have aperiod of sixty (60) days from the earlier of its discoveryor its receipt of notice of any such breach within which tocorrect or cure such breach. The Seller herebycovenants and agrees that if any such breach is notcorrected or cured within such sixty (60) day period, theSeller shall, at the Purchaser‟s option, (i) repurchasesuch Mortgage Loan at the Repurchase Price, (ii)substitute a mortgage loan for the defective MortgageLoan as provided below or (iii) except for a breach of therepresentation and warranty in Section 7.01(cc), make anindemnification payment in an amount equal to thereduction in value of such Mortgage Loan as a result ofsuch breach, such payment to be made in the manner setforth above in respect of the Purchase Price of arepurchased Mortgage Loan. In the event that any suchbreach shall involve any representation or warranty setforth in Section 7.02, and such breach is not cured withinsixty (60) days of the earlier of either discovery by ornotice to the Seller of such breach, all Mortgage Loansshall, at the option of the Purchaser, be repurchased bythe Seller at the Repurchase Price. Any such repurchaseshall be accomplished by transfer of the amount of theRepurchase Price to the Custodial Account. If the breachof representation and warranty that gave rise to theobligation to repurchase or substitute a Mortgage Loanpursuant to this Section 7.03(a) was the representationand warranty set forth in clause (e) or (h) of Section 7.01,then the Seller shall pay to the Purchaser, concurrentlywith and in addition to the remedies provided in thisSection 7.03(a), an amount equal to any liability, penaltyor expense that was actually incurred and paid out of oron behalf of the Purchaser, and that directly resulted fromsuch breach, or if incurred and paid by the Purchaserthereafter, concurrently with such payment.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 20

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-159 [FIRST REPUBLIC BANK]The Purchase Price for the repurchasedMortgage Loan shall be deposited in theDistribution Account, and the Trustee, or itsdesignee, upon receipt of written certification ofsuch deposit, shall release to theSeller[Originator], the related Trustee MortgageFile and shall execute and deliver suchinstruments of transfer or assignment, in eachcase without recourse, representation orwarranties, as either party shall furnish to theTrustee and as shall be necessary to vest insuch party any Mortgage Loan releasedpursuant hereto and the Trustee, or its designee,shall have no further responsibility with regard tosuch Trustee Mortgage File (it being understoodthat the Trustee shall have no responsibility fordetermining the sufficiency of such assignmentfor its intended purpose). It is understood andagreed that the obligation of theSeller[Originator] to cure, to cause the cure of orto repurchase any Mortgage Loan as to whichsuch a breach has occurred and is continuingshall constitute the sole remedy against the suchparty respecting such omission, defect or breachavailable to the Trustee on behalf of theCertificate holders. Costs and expenses incurredby the Trustee pursuant to this Section #, to theextent not reimbursed by the Seller[Originator],shall be reimbursed by the Trust Fund, subject tothe limitation in clause # of the definition ofAvailable Distribution Amount. The Trusteehereby directs the Master Servicer, and theMaster Servicer hereby accepts such direction,to pursue any such claim in accordance with thisSection # on behalf of the Trustee.[FIRST REPUBLIC BANK]If the Seller is required to repurchase any Mortgage Loanpursuant to this Subsection 7.03 as a result of a breach ofany of the representations and warranties set forth inSubsection 7.01, the Seller may, with the Purchaser‟sprior consent, within two (2) years from the relatedClosing Date, remove such defective Mortgage Loan fromthe terms of this Agreement and substitute anothermortgage loan for such defective Mortgage Loan, in lieuof repurchasing such defective Mortgage Loan. AnySubstitute Mortgage Loan shall (a) have a principalbalance at the time of substitution not in excess of theprincipal balance of the Deleted Mortgage Loan (theamount of any difference, plus one month‟s interestthereon at the Mortgage Loan Remittance Rate borne bythe Deleted Mortgage Loan, being paid by the Seller anddeemed to be a Principal Prepayment to an accountdesignated by the Purchaser), (b) have a MortgageInterest Rate not less than, and not more than onepercentage point greater than, the Mortgage Interest Rateof the Deleted Mortgage Loan, (c) have a remaining termto stated maturity not later than, and not more than oneyear less than, the remaining term to stated maturity ofthe Deleted Mortgage Loan, (d) be, in the reasonabledetermination of the Purchaser, of the same type, qualityand character (including location of the MortgagedProperty) as the Deleted Mortgage Loan as if the breachhad not occurred, (e) have a Loan-to-Value Ratio atorigination no greater than that of the Deleted MortgageLoan, (f) have the same lien priority as that of the DeletedMortgage Loan and (g) be, in the reasonabledetermination of the Purchaser, in material compliancewith the representations and warranties contained in thisAgreement and described in Subsection 7.01 as of thedate of substitution.60 [FIRST REPUBLIC BANK]The Seller[Originator] indemnifies and holds theTrust Fund, the Trustee, the Master Servicer, theSecurities Administrator, the Depositor and eachCertificate holder harmless against any and alltaxes, claims, losses, penalties, fines, forfeitures,reasonable legal fees and related costs,judgments, and any other costs, fees andexpenses that the Trust Fund, the Trustee, theMaster Servicer, the Securities Administrator, theDepositor and any Certificate holder may sustainin connection with any actions of theSeller[Originator] relating to a repurchase of aMortgage Loan other than in compliance with theterms of this Section # and the Mortgage LoanPurchase and Sale Agreement, to the extent thatany such action causes an Adverse REMICEvent.[FIRST REPUBLIC BANK]In the event that any Mortgage Loan is held by a REMIC,notwithstanding any contrary provision of this Agreement,with respect to any Mortgage Loan that is not in default oras to which no default is imminent, Purchaser may, inconnection with any repurchase or substitution of adefective Mortgage Loan pursuant to this Subsection7.03, require that the Seller deliver, at the Seller‟sexpense, an Opinion of Counsel to the effect that suchrepurchase or substitution will not (i) result in theimposition of taxes on “prohibited transactions” of suchREMIC (as defined in Section 860F of the Code) orotherwise subject the REMIC to tax, or (ii) cause theREMIC to fail to qualify as a REMIC at any time.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 21

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-161 Not included in the Benchmark. [FIRST REPUBLIC BANK]The Seller shall amend the related Mortgage LoanSchedule to reflect the withdrawal of the DeletedMortgage Loan from this Agreement and the substitutionof such substitute Mortgage Loan therefor. Upon suchamendment, the Purchaser shall review the Mortgage Filedelivered to it relating to the substitute Mortgage Loan.The Monthly Payment on a substitute Mortgage Loan dueon the Due Date in the month of substitution shall be theproperty of the Seller and the Monthly Payment on theDeleted Mortgage Loan for which the substitution is madedue on such date shall be the property of the Purchaser.62 Not included in the Benchmark. [FIRST REPUBLIC BANK]It is understood and agreed that the obligation of theSeller set forth in this Subsection 7.03 to cure,repurchase or substitute for a defective Mortgage Loan,and to indemnify Purchaser pursuant to Subsection12.01, constitutes the sole remedies of the Purchaserrespecting a breach of the foregoing representations andwarranties. If the Seller agrees that a breach of arepresentation or warranty set forth in Subsections 7.01or 7.02 exists that materially and adversely affects thevalue of a particular Mortgage Loan or the interest of thePurchaser in a particular Mortgage Loan, and the Sellerfails to cure, repurchase or substitute for the defectiveMortgage Loan accordance with this Subsection 7.03 orto indemnify Purchaser pursuant to Subsection 12.01,that failure shall be an Event of Default and the Purchasershall be entitled to pursue all available remedies. Noprovision of this paragraph shall affect the rights of thePurchaser to terminate this Agreement for cause, as setforth in Subsections 13.01 and 14.01.63 Not included in the Benchmark. [FIRST REPUBLIC BANK]Any cause of action against the Seller or the Servicer, asapplicable, relating to or arising out of the breach of anyrepresentations and warranties made in Subsections 7.01and 7.02 shall accrue as to any Mortgage Loan upon (i)notice thereof by the Purchaser to the Seller or theServicer, as applicable, (ii) failure by the Seller or theServicer, as applicable, to cure such breach orrepurchase such Mortgage Loan as specified above, and(iii) demand upon the Seller or the Servicer, asapplicable, by the Purchaser for compliance with thisAgreement.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 22

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-164 Not included in the Benchmark. [FIRST REPUBLI [FIRST REPUBLIC BANK]With respect to any Mortgage Loan listed as havingmortgage insurance on the Mortgage Loan Schedule,regardless of whether the insurance is borrower paid orlender paid, if the mortgage insurer rejects, denies, orrescinds a claim on the basis of any defect in connectionwith the origination of the Mortgage Loan or the servicingof the Mortgage Loan prior to the Closing Date (a“mortgage insurer rejection”), other than as a result of themortgage insurer‟s breach of its obligations or as a resultof the mortgage insurer's insolvency, the Seller shall eitherrepurchase such Mortgage Loan at the Repurchase Priceor pay the Trust the amount of such claim within thirty (30)days from the date of such mortgage insurer rejection.With respect65 Not included in the Benchmark. [FIRST REPUBLIC BANK]The parties agree that the resolution of any controversyor claim arising out of or relating to an obligation oralleged obligation of the Seller to repurchase a MortgageLoan due to a breach of a representation or warrantycontained in Section 7.01 hereof shall be by Arbitration.Table 2No. Benchmark TransactionRepresentations and warranties66 Title and Mortgage Loan Schedule. [Seller/Intermediary]represents and warrants to, and agrees with, [Depositor]that (i) on the Closing Date, [Seller/Intermediary] willhave good, valid and marketable title to the mortgageloans identified on Schedule A hereto (the “MortgageLoans”), in each case free and clear of all liens,mortgages, deeds of trust,pledges, security interests, charges, encumbrances orother claims; (ii) upon transfer to [Depositor], [Depositor]will receive good, valid and marketable title to all of theMortgage Loans, in each case free and clear of anyliens, mortgages, deeds of trust, pledges, securityinterests, charges, encumbrances or other claims; and(iii) as to each Mortgage Loan, as of the date on which[Seller/Intermediary] purchased such Mortgage Loanfrom [Originator(s)], as applicable (each, an“Originator”), the information set forth in the MortgageLoan Schedule in the fields identified as “DocumentType,” “Monthly Income” and “Assets Verified” iscomplete, true and correct in all material respects.67 [Seller/Intermediary] hereby represents and warrants forthe benefit of [Depositor] and the Trustee (as defined inthe Pooling and Servicing Agreement, dated as of # (asin effect on the date of execution hereof, the “PoolingTitle. NRPMT-I represents and warrants to,and agrees with, NADC that (i) immediately prior tothe sale of the Mortgage Loans on the Closing Date,NRPMT-I will have good, valid and marketable title tothe Mortgage Loans, in each case free and clear ofall liens, mortgages, deeds of trust, pledges, securityinterests, charges, encumbrances or other claims; (ii)upon transfer to NADC, NADC will receive good,valid and marketable title to all of the MortgageLoans, in each case free and clear of any liens,mortgages, deeds of trust, pledges, securityinterests, charges, encumbrances or other claims;and (iii) other than the precautionary security interestgranted to NADC pursuant to Section 4 of thisAgreement, NRPMT-I has not pledged, assigned,sold, granted a security interest in, or otherwiseconveyed any of the Mortgage Loans.Not included in the Transaction.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 23

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-1and Servicing Agreement”) among [Depositor], asdepositor, [master servicer/securities administrator], asmaster servicer and securities administrator, and[trustee], as trustee) (as assignee of [Depositor]): (i) thisAgreement creates a valid and continuing securityinterest (as defined in the applicable UCC) in theMortgage Loans in favor of [Depositor], which securityinterest is prior to all other Liens, and is enforceable assuch as against creditors of and purchasers from[Seller/Intermediary]; (ii) the Mortgage Notes constitute“instruments” within the meaning of the applicable UCC.(iii) [Seller/Intermediary], immediately prior to its transferof Mortgage Loans under this Agreement, will own andhave good, valid and marketable title to the MortgageLoans free and clear of any Lien, claim or encumbranceof any Person; (iv) [Seller/Intermediary] has received allconsents and approvals required by the terms of theMortgage Loans to the sale of the Mortgage Loanshereunder to [Depositor]; (v) all original executed copiesof each Mortgage Note that constitute or evidence theMortgage Loans have been delivered to the Custodian(as assignee of [Depositor]); (vi) [Seller/Intermediary]has received a written acknowledgment from theCustodian that such Custodian is holding the MortgageNotes that constitute or evidence the Mortgage Loanssolely on behalf and for the benefit of [Depositor]or itsassignee. (vii) other than the security interest granted to[Depositor] pursuant to this Agreement and securityinterests granted to lenders which will be automaticallyreleased on the Closing Date, [Seller/Intermediary] hasnot pledged, assigned, sold, granted a security interestin, or otherwise conveyed any of the Mortgage Loans;[Seller/Intermediary] has not authorized the filing of andis not aware of any financing statements against it thatinclude a description of collateral covering the MortgageLoans other than any financing statement relating to thesecurity interest granted to [Depositor]hereunder or thatwill be automatically released upon the sale to[Depositor]; (viii) [Seller/Intermediary] is not aware ofany judgment or tax lien filing against itself; and (ix)none of the Mortgage Notes that constitute or evidencethe Mortgage Loans have any marks or notationsindicating that they have been pledged, assigned orotherwise conveyed to any Person other than[Depositor].Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 24

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-1Enforcement mechanism(s)68 Repurchase Obligation. In the event of a breach of anyof the representations and warranties of[Seller/Intermediary] specified in this Section # thatmaterially adversely affects the value of a MortgageLoan or the interest therein of the Certificate holders (asassignees of [Depositor]), [Seller/Intermediary] willrepurchase such Mortgage Loan pursuant to Section #of the Pooling and Servicing Agreement.69 Binding upon Successors, Etc. This Agreement shallbind and inure to the benefit of and be enforceable by[Seller/Intermediary] and [Depositor], and the respectivesuccessors and assigns thereof. The parties heretoacknowledge that [Depositor] is acquiring the MortgageLoans for the purpose of selling, transferring, assigning,setting over and otherwise conveying them to theTrustee, pursuant to the Pooling and ServicingAgreement. [Seller/Intermediary] acknowledges andconsents to the assignment to the Trustee by[Depositor] of all of [Depositor‟s] rights against[Seller/Intermediary] hereunder in respect of theMortgage Loans sold to [Depositor] and that theenforcement or exercise of any right or remedy against[Seller/Intermediary] hereunder by the Trustee or to theextent permitted under Section # of the Pooling andServicing Agreement shall have the same force andeffect as if enforced and exercised by[Depositor], directly.Repurchase Obligation. (i) In the event of a breach ofthe foregoing representations and warranties ofNRPMT-I specified in Section 2(a) that materiallyadversely affects the value of a Mortgage Loan or theinterest therein of NADC or any subsequent owner ofthe Mortgage Loan, NCFA shall have a period of 60days from the earlier of either discovery by or receiptof written notice from NADC or NRPMT-I to NCFA ofsuch breach within which to correct or cure suchbreach; provided, that, such breach is not as a resultof or related to a breach of any of the representationsand warranties made to NRPMT-I in Sections 7.01and 7.02 of the Purchase Agreement. Subject to theforegoing limitation, NCFA hereby covenants andagrees that if any such breach cannot be correctedor cured within such 60 day period, NCFA shallpromptly repurchase the related Mortgage Loan atthe Repurchase Price following receipt of NADC‟sdemand, by wire transfer of immediately availablefunds to such account as NADC shall specify toNCFA. (ii) NADC hereby acknowledges thatFirst Republic Bank has restated the BorrowerRepresentations (as defined in theAcknowledgement) regarding the Mortgage Loans asof the related Closing Date and has restated theOrigination Representations (as defined in theAcknoldgement) and the representations andwarranties in Subsection 7.02 of the PurchaseAgreement regarding the Mortgage Loans as of thedate hereof pursuant to the Assignment, Assumptionand Recognition Agreement, dated as of the datehereof, by and among NRPMT-I, NADC, NAFC, FirstRepublic Bank, Christiana Trust, a division ofWilmington Savings Fund Society, FSB, as trustee,and accepted and agreed to by Wells Fargo Bank,N.A., as master servicer (the “Acknowledgement”).Binding Upon Successors, Etc. This Agreementshall bind and inure to the benefit of and beenforceable by NRPMT-I, NAFC and NADC, and therespective successors and permitted assigns thereof.Other than pursuant to the Acknowledgment and thePooling and Servicing Agreement, NADC shall notassign this Agreement, including, without limitation,any of the representations, warranties andagreements of NRPMT-I and NAFC in Section 2 andthe related remedies thereunder, without the expresswritten consent of NRPMT-I and NAFC.Table 3No. Benchmark TransactionRepresentations and warrantiesCopyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 25

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-170 [Wells Fargo Bank, N.A.]The Master Servicer hereby represents andwarrants to the Depositor, the SecuritiesAdministrator (to the extent that the MasterServicer and the Securities Administrator arenot the same Person) and the Trustee, for thebenefit of the Certificate holders, as of theClosing Date that:71 [Wells Fargo Bank, N.A.]It is validly existing and in good standingunder the laws of the United States of Americaas a national banking association, and asMaster Servicer has full power and authority totransact any and all business contemplated bythis Agreement and to execute, deliver andcomply with its obligations under the terms ofthis Agreement, the execution, delivery andperformance of which have been dulyauthorized by all necessary corporate actionon the part of the Master Servicer72 [Wells Fargo Bank, N.A.]The execution and delivery of this Agreementby the Master Servicer and its performanceand compliance with the terms of thisAgreement will not (A) violate the MasterServicer‟s charter or bylaws, (B) violate anylaw or regulation or any administrative decreeor order to which it is subject or (C) constitutea default (or an event which, with notice orlapse of time, or both, would constitute adefault) under, or result in the breach of, anymaterial contract, agreement or otherinstrument to which the Master Servicer is aparty or by which it is bound or to which any ofits assets are subject, which violation, defaultor breach would materially and adverselyaffect the Master Servicer‟s ability to performits obligations under this Agreement.73 [Wells Fargo Bank, N.A.]This Agreement constitutes, assuming dueauthorization, execution and delivery hereof bythe other respective parties hereto, a legal,valid and binding obligation of the MasterServicer, enforceable against it in accordancewith the terms hereof, except as suchenforcement may be limited by bankruptcy,insolvency, reorganization, moratorium andother laws affecting the enforcement ofcreditors‟ rights in general, and by generalequity principles (regardless of whether suchenforcement is considered in a proceeding inequity or at law).[Wells Fargo Bank, N.A.]The Master Servicer hereby represents andwarrants to the Depositor, the SecuritiesAdministrator (to the extent that the Master Servicerand the Securities Administrator are not the samePerson) and the Trustee, for the benefit of theCertificateholders, as of the Closing Date that:[Wells Fargo Bank, N.A.]It is validly existing and in good standing under the lawsof the United States of America as a national bankingassociation, and as Master Servicer has full power andauthority to transact any and all business contemplatedby this Agreement and to execute, deliver and complywith its obligations under the terms of this Agreement,the execution, delivery and performance of which havebeen duly authorized by all necessary corporate actionon the part of the Master Servicer;[Wells Fargo Bank, N.A.]The execution and delivery of this Agreement by theMaster Servicer and its performance and compliancewith the terms of this Agreement will not (A) violate theMaster Servicer‟s charter or bylaws, (B) violate any lawor regulation or any administrative decree or order towhich it is subject or (C) constitute a default (or anevent which, with notice or lapse of time, or both, wouldconstitute a default) under, or result in the breach of,any material contract, agreement or other instrument towhich the Master Servicer is a party or by which it isbound or to which any of its assets are subject, whichviolation, default or breach would materially andadversely affect the Master Servicer‟s ability to performits obligations under this Agreement;[Wells Fargo Bank, N.A.]This Agreement constitutes, assuming dueauthorization, execution and delivery hereof by theother respective parties hereto, a legal, valid andbinding obligation of the Master Servicer, enforceableagainst it in accordance with the terms hereof, exceptas such enforcement may be limited by bankruptcy,insolvency, reorganization, moratorium and other lawsaffecting the enforcement of creditors‟ rights in general,and by general equity principles (regardless of whethersuch enforcement is considered in a proceeding inequity or at law);Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 26

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-174 [Wells Fargo Bank, N.A.]The Master Servicer is not in default withrespect to any order or decree of any court orany order or regulation of any federal, state,municipal or governmental agency to theextent that any such default would materiallyand adversely affect its performancehereunder.75 [Wells Fargo Bank, N.A.]The Master Servicer is not a party to or boundby any agreement or instrument or subject toany charter provision, bylaw or any othercorporate restriction or any judgment, order,writ, injunction, decree, law or regulation thatmay materially and adversely affect its abilityas Master Servicer to perform its obligationsunder this Agreement or that requires theconsent of any third person to the execution ofthis Agreement or the performance by theMaster Servicer of its obligations under thisAgreement.76 [Wells Fargo Bank, N.A.]No litigation is pending or, to the best of theMaster Servicer‟s knowledge, threatenedagainst the Master Servicer which wouldprohibit its entering into this Agreement orperforming its obligations under thisAgreement.77 [Wells Fargo Bank, N.A.]The Master Servicer, or an affiliate thereof theprimary business of which is the servicing ofconventional residential mortgage loans, is aFannie Mae- or Freddie Mac-approvedseller/servicer.78 [Wells Fargo Bank, N.A.]No consent, approval, authorization or order ofany court or governmental agency or body isrequired for the execution, delivery andperformance by the Master Servicer of orcompliance by the Master Servicer with thisAgreement or the consummation of thetransactions contemplated by this Agreement,except such consents, approvals,authorizations and orders (if any) as havebeen obtained.79 [Wells Fargo Bank, N.A.]The consummation of the transactionscontemplated by this Agreement are in theordinary course of business of the MasterServicer.[Wells Fargo Bank, N.A.]The Master Servicer is not in default with respect to anyorder or decree of any court or any order or regulationof any federal, state, municipal or governmental agencyto the extent that any such default would materially andadversely affect its performance hereunder;[Wells Fargo Bank, N.A.]The Master Servicer is not a party to or bound by anyagreement or instrument or subject to any charterprovision, bylaw or any other corporate restriction orany judgment, order, writ, injunction, decree, law orregulation that may materially and adversely affect itsability as Master Servicer to perform its obligationsunder this Agreement or that requires the consent ofany third person to the execution of this Agreement orthe performance by the Master Servicer of itsobligations under this Agreement;[Wells Fargo Bank, N.A.]No litigation is pending or, to the best of the MasterServicer‟s knowledge, threatened against the MasterServicer which would prohibit its entering into thisAgreement or performing its obligations under thisAgreement;[Wells Fargo Bank, N.A.]The Master Servicer, or an affiliate thereof the primarybusiness of which is the servicing of conventionalresidential mortgage loans, is a Fannie Mae- or FreddieMac-approved seller/servicer;No consent, approval, authorization or order of anycourt or governmental agency or body is required forthe execution, delivery and performance by the MasterServicer of or compliance by the Master Servicer withthis Agreement or the consummation of thetransactions contemplated by this Agreement, exceptsuch consents, approvals, authorizations and orders (ifany) as have been obtained; and[Wells Fargo Bank, N.A.]The consummation of the transactions contemplated bythis Agreement are in the ordinary course of businessof the Master Servicer.Enforcement Mechanism(s)Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 27

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-180 [Wells Fargo Bank, N.A.]Enforcement mechanism(s)[Wells Fargo Bank, N.A.][T]he Master Servicer shall indemnify the Depositor,the Securities Administrator (to the extent that theMaster Servicer and the Securities Administratorare not the same Person) and the Trustee and holdthem harmless against any loss, damages,penalties, fines, forfeitures, legal fees and relatedcosts, judgments, and other costs and expensesresulting from any claim, demand, defense orassertion based on or grounded upon, or resultingfrom, a material breach of the Master Servicer‟srepresentations and warranties contained inSection # or any failure by the Master Servicer todeliver any information, report, certification,accountants‟ letter or other material when and asrequired under this Agreement. It is understood andagreed that the enforcement of the obligation of theMaster Servicer set forth in this Section toindemnify the Depositor, the SecuritiesAdministrator and the Trustee as provided in thisSection # constitutes the sole remedy (other thanas set forth in Section #) of the Depositor, theSecurities Administrator and the Trustee,respecting a breach of the foregoingrepresentations and warranties. Suchindemnification shall survive any termination of theMaster Servicer as Master Servicer hereunder, andany termination of this agreement.The Master Servicer shall indemnify the Depositor, theSecurities Administrator (to the extent that the MasterServicer and the Securities Administrator are not the samePerson) and the Trustee and hold them harmless againstany loss, damages, penalties, fines, forfeitures, legal feesand related costs, judgments, and other costs andexpenses resulting from any claim, demand, defense orassertion based on or grounded upon, or resulting from, amaterial breach of the Master Servicer‟s representationsand warranties contained in Section 9.03(a) or any failureby the Master Servicer to deliver any information, report,certification, accountants‟ letter or other material when andas required under this Agreement. It is understood andagreed that the enforcement of the obligation of the MasterServicer set forth in this Section to indemnify theDepositor, the Securities Administrator and the Trustee asprovided in this Section 9.03(b) constitutes the soleremedy (other than as set forth in Section 6.14) of theDepositor, the Securities Administrator and the Trustee,respecting a breach of the foregoing representations andwarranties. Such indemnification shall survive anytermination of the Master Servicer as Master Servicerhereunder, and any termination of this Agreement.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 28

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-181 [Wells Fargo Bank, N.A.]If an Event of Default described in clauses #through # of this Section shall occur, then, in eachand every case, subject to applicable law, so long asany such Event of Default shall not have beenremedied within any period of time as prescribed bythis Section, the Trustee, by notice in writing to theMaster Servicer may, and, if so directed in writingby Certificate holders evidencing either (i) morethan 50% of the Class Principal Amount (or ClassNotional Amount) of each Class of Certificates, or(ii) 50% of the aggregate Class Principal Amount ofthe Subordinate Certificates, or upon the occurrenceof an Event of Default described in clause # of thisSection, shall, terminate all of the rights andobligationsof the Master Servicer hereunder and in and to theMortgage Loans and the proceeds thereof; provided,however, that in the case of the preceding clause(ii), the Trustee shall provide written notice to all ofthe Certificate holders within two Business Days ofreceiving such direction and shall not terminate theMaster Servicer if, within 30 days of sending suchwritten notice, the Trustee has received contraryinstructions from Certificate holders evidencingmore than 50% of the Aggregate Voting Interests ofthe Certificate holders.[Wells Fargo Bank, N.A.]If an Event of Default described in clauses (i) through (ix)of this Section shall occur, then, in each and every case,subject to applicable law, so long as any such Event ofDefault shall not have been remedied within any period oftime as prescribed by this Section, the Trustee, by notice inwriting to the Master Servicer may, and, if so directed inwriting by Certificateholders evidencing either (i) more than50% of the Class Principal Amount (or Class NotionalAmount) of each Class of Certificates, or (ii) 50% of theaggregate Class Principal Amount of the SubordinateCertificates, or upon the occurrence of an Event of Defaultdescribed in clause (x) of this Section, shall, terminate allof the rights and obligations of the Master Servicerhereunder and in and to the Mortgage Loans and theproceeds thereof; provided, however, that in the case ofthe preceding clause (ii), the Trustee shall provide writtennotice to all of the Certificateholders within two BusinessDays of receiving such direction and shall not terminate theMaster Servicer if, within 30 days of sending such writtennotice, the Trustee has received contrary instructions fromCertificateholders evidencing more than 50% of theAggregate Voting Interests of the Certificateholders.82 [Wells Fargo Bank, N.A.]On or after the receipt by the Master Servicer ofsuch written notice, all authority and power of theMaster Servicer, and only in its capacity as MasterServicer under this Agreement, whether withrespect to the Mortgage Loans or otherwise, shallpass to and be vested in the Trustee; and theTrustee is hereby authorized and empowered toexecute and deliver, on behalf of the defaultingMaster Servicer as attorney-in-fact or otherwise, anyand all documents and other instruments, and to door accomplish all other acts or things necessary orappropriate to effect the purposes of such notice oftermination, whether to complete the transfer andendorsement or assignment of the Mortgage Loansand related documents or otherwise.[Wells Fargo Bank, N.A.]On or after the receipt by the Master Servicer of suchwritten notice, all authority and power of the MasterServicer, and only in its capacity as Master Servicer underthis Agreement, whether with respect to the MortgageLoans or otherwise, shall pass to and be vested in theTrustee; and the Trustee is hereby authorized andempowered to execute and deliver, on behalf of thedefaulting Master Servicer as attorney-in-fact or otherwise,any and all documents and other instruments, and to do oraccomplish all other acts or things necessary or appropriateto effect the purposes of such notice of termination,whether to complete the transfer and endorsement orassignment of the Mortgage Loans and related documentsor otherwise.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 29

U.S. RMBS Mortgage Lien Standard & Poor's Ratings Services 17g-7 Disclosure Report: NRP Mortgage Trust 2013-183 [Wells Fargo Bank, N.A.]The defaulting Master Servicer agrees to cooperatewith the Trustee and the Securities Administrator ineffecting the termination of the defaulting MasterServicer’s responsibilities and rights hereunder asMaster Servicer including, without limitation,notifying Servicers of the assignment of the masterservicing function and providing the Trustee or itsdesignee all documents and records in electronic orother form reasonably requested by it to enable theTrustee or its designee to assume the defaultingMaster Servicer’s functions hereunder and thetransfer to the Trustee for administration by it of allamounts which shall at the time be or should havebeen deposited by the defaulting Master Servicer inthe Distribution Account and any other account orfund maintained with respect to the Certificates orthereafter received with respect to the MortgageLoans.[Wells Fargo Bank, N.A.]|The defaulting Master Servicer agrees to cooperate withthe Trustee and the Securities Administrator in effectingthe termination of the defaulting Master Servicer’sresponsibilities and rights hereunder as Master Servicerincluding, without limitation, notifying the Servicer of theassignment of the master servicing function and providingthe Trustee or its designee all documents and records inelectronic or other form reasonably requested by it toenable the Trustee or its designee to assume thedefaulting Master Servicer’s functions hereunder and thetransfer to the Trustee for administration by it of allamounts which shall at the time be or should have beendeposited by the defaulting Master Servicer in theDistribution Account and any other account or fundmaintained with respect to the Certificates or thereafterreceived with respect to the Mortgage LoansThe language in Standard & Poor‟s Ratings Services‟ 17g-7 Benchmark reflects representations, warranties andenforcement mechanisms available to investors that commonly appear in the transaction documents for a specific type ofsecurity. In order to make the benchmarks generic, we made the following modifications. Specific article or section numbershave been replaced by a number symbol (Example: „Section 5‟ now reads as „Section #‟). Proper nouns have been replacedwith the bracketed name of the role the entity plays in the transaction (Example: „ABC Corp‟ now reads as [Seller]). Numbersor amounts specific to a deal have been replaced with a number symbol (Example: „more than 30%‟ now reads as „morethan #%‟). Non-numerical characteristics have been replaced by a generic description (Example: „financing of agriculturaland construction equipment‟ now reads as „financing of [type of] equipment‟).This Standard & Poor's Ratings Services 17g-7 Disclosure Report is not intended to be, and may not be relied upon as, legaladvice.Copyright © 2013 by Standard & Poor's Ratings Services LLC. All rights reserved. No reprint or dissemination without S&P‟s permission.See Disclaimer on the last page. Page 30

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