Agenda 01/12/2016 Item #16A 2 1/12/2016 16.A.2.
EXECUTIVE SUMMARY
Recommendation to authorize the Clerk of Courts to release an Irrevocable Standby Letter of
Credit in the amount of $25,000 which was posted as a guaranty for Excavation Permit Number
60.110(PL20130002033) for work associated with Sienna Reserve.
OBJECTIVE: To release a security which was posted as a development guaranty.
CONSIDERATIONS: The Development Review Division routinely accepts securities
administratively as guaranties for developer commitments in accordance with Section 22-115 of
the Collier County Code of Ordinances. The work associated with this security has been
inspected and the developer has fulfilled his commitments with respect to this security. The
Letter of Credit was posted as security for an Excavation Permit associated with Sienna Reserve
(PL20130002033). The As-Built lake cross sections have been received and the lakes have been
inspected by the Development Review Division.
FISCAL IMPACT: There is no fiscal impact associated with this Executive Summary.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated
with this Executive Summary.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and
requires a majority vote for Board approval. - SAS
RECOMMENDATION: That the Board of County Commissioners authorizes the Clerk of
Courts to release the Irrevocable Standby Letter of Credit in the amount of $25,000.
Development Review staff will issue a Memorandum to the Clerk of Courts upon approval of
this item by the Board of County Commissioners, advising the Clerk of this action.
Prepared by: John Houldsworth, Senior Site Plans Reviewer, Development Review, Growth
Management Department
Attachments:
1) Location Map
2) Copy of Letter of Credit
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COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.2.
Item Summary: Recommendation to authorize the Clerk of Courts to release an
Irrevocable Standby Letter of Credit in the amount of$25,000 which was posted as a guaranty
for Excavation Permit Number 60.110 (PL20130002033)for work associated with Sienna
Reserve.
Meeting Date: 1/12/2016
Prepared By
Name: HouldsworthJohn
Title: Site Plans Reviewer, Senior,Development Review
11/30/2015 6:58:13 AM
Approved By
Name: PuigJudy
Title: Operations Analyst,Operations &Regulatory Management
Date: 12/2/2015 9:36:47 AM
Name: PuigJudy
Title: Operations Analyst,Operations &Regulatory Management
Date: 12/2/2015 9:37:55 AM
Name: McLeanMatthew
Title: Project Manager,Principal,Development Review
Date: 12/2/2015 4:05:30 PM
Name: FrenchJames
Title: Deputy Department Head-GMD, Growth Management Department
Date: 12/14/2015 1:54:45 PM
Name: WilkisonDavid
Title: Department Head-Growth Management Dept,Growth Management Department
Date: 12/14/2015 2:09:09 PM
Name: StoneScott
Title: Assistant County Attorney, CAO Land Use/Transportation
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Date: 12/14/2015 2:56:05 PM
Name: KlatzkowJeff
Title: County Attorney,
Date: 12/15/2015 10:51:23 AM
Name: IsacksonMark
Title:Division Director-Corp Fin&Mgmt Svc, Office of Management&Budget
Date: 12/16/2015 9:36:11 AM
Name: CasalanguidaNick
Title: Deputy County Manager,County Managers Office
Date: 12/27/2015 11:05:57 AM
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ID Mu*
America's Moat Convenient Hint
6000 Atrium Way
Mount Laurel,NJ 08054 td6ankaom
T 888 751 9000
F 856 533 6545
IRREVOCABLE STANDBY Lt i i tR OF CREDIT NO.20006457
DATE OF ISSUE:July 7,2014
ISSUER:
TD Bank, N.A.
6000 Atrium Way
Mt.Laurel, NJ 08054
PLACE OF EXPIRY:TD Bank, N.A.
•
DATE OF EXPIRY:
This Credit shall be valid until July 7, 2015, and shall thereafter be automatically renewed for successive
one-year periods on'the anniversary of its issue unless at least sixty (60) days prior to any such
anniversary date, the issuer notifies the Beneficiary in writing by registered mail that the Issuer elects not
to so renew this Credit.
APPLICANT:
Lynx Zuckerman at Hamilton Greens, LLC
6131 Lyons Road, Suite 200
Coconut Creek, FL 33073
PROJECT NAME:Sienna Reserve-PL20130002033
PERMIT NUMBER: EXP 60.110
BENEFICIARY:
The Board of County Commissioners,Collier County, Florida(hereinafter"Beneficiary")
do Engineering Services,2800 North Horseshoe Drive
Naples,Florida 34104
AMOUNT:$25,000.00(USD)up to an aggregate thereof.
CREDIT AVAILABLE WITH: Issuer.
•
BY: Payment against documents detailed herein and Beneficiary's drafts at sight drawn on the Issuer.
DOCUMENTS REQUIRED:* AVAILABLE BY BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON THE
ISSUER AND ACCOMPANIED BY BENEFICIARY'S STATEMENT PURPORTEDLY SIGNED BY THE
COUNTY MANAGER OR DESIGNEE,CERTIFYING THAT:
"Lynx Zuckerman at Hamilton Greens, LLC has failed to construct and/or maintain the improvements
associated with that certain plat of a subdivision known as Sienna Reserve-PL20130002033 or a final
inspection satisfactory to Collier County has not been performed prior to the date of expiry, and
satisfactory alternative performance security has not been provided to and formally accepted by the
Beneficiary."
•
DRAFT(S) DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED:
"Drawn under TD Bank, N.A. Letter of Credit No.20006457,dated July 7,2014."
The original Letter of Credit and all amendments, if any, must be presented for proper endorsement
Draft(s)may be presented within the State of Florida at the address listed below.
This Letter of Credit sets forth in full the terms of the issuer's undertaking and such undertaking shall not
in any way be modified, amended, or amplified by reference to any document Instrument, or agreement
referenced to herein or in which this Letter of Credit relates, and any such reference shall not be deemed
to incorporate herein by reference any document,Instrument or agreement
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TD Bank
's Most Convenient Bane
Ban
6000 A
6000 Atrium Way
Mount laurel.NJ 08054 tdbankcom
T 888 751 9000 •
F 856 533 6545
1.General;Bank Officers
RESOLVED: That the President and CEO,the Chairman,any State,Regional, Market
or Divisional President,any Executive Vice President and any Senior Vice President
of the Bank is hereby authorized and empowered to execute any and all contracts,
deeds,mortgages,notes,security agreements,financing statements,letters of credit,
leases, assignments, releases, discharges, renegotiated loan and mortgage
documents, purchase and sale agreements for the purchase, lease, sale and
conveyance of the Bank's real and personal property and general contracts,
documents, agreements and any other instruments in order to effectuate the
business of the Bank; and, that any Vice President and any Assistant Vice President
is hereby authorized and empowered to execute such of the foregoing as are directly
related to his or her respective duties and in furtherance of the business and the
interests of the Bank;and
2. Legal
FURTHER RESOLVED: That the General Counsel and any other attorney in the Legal
Department of the Bank is hereby authorized and empowered as attorney for the
Bank to execute pleadings and court or administrative filings (within the scope of
pertinent court and administrative rules), settlement agreements, regulatory filings,
applications, corporate filings, correspondence, deeds, leases, assignments, releases,
discharges, documents, contracts, agreements and any other instruments related to
and within the scope of his or her respective duties on behalf of and in furtherance of
the business and the interests of the Bank;and
3.Finance:Certain Officers
FURTHER RESOLVED: That any Executive Vice President,Senior Vice President,Vice
President, and Assistant Vice President in the Finance Department of the Bank is
hereby authorized and empowered to execute federal, state, or local tax filings or
settlements with,or requests to taxing authorities,settlement agreements, regulatory
filings or reports, applications, correspondence, checks, notes, documents,
agreements, and any other instruments related to and within the scope of their
respective duties on behalf of and in furtherance of the business and the interests of
the Bank;and
4.U.S.Real Estate: Certain Officers and Employees
• FURTHER RESOLVED: That all positions identified herein,in order to effectuate the
business of the Bank and as are directly related to his or her respective duties and
the interests of the Bank in accordance with the US Real Estate Policy,are hereby
authorized and empowered to execute any and all documentation and any other
instruments not involving the expenditure of funds. If the financial impact of the
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1/12/2016 16.A.2.
n)Bank
• ID America's Most Convenient Bank'
6000 Atrium Way
Mount Laurel,NJ 08054 tdbank.mm
•
T 888 751 9000
F 856 533 6545 •
instrument exceeds the signing authority of the signatory,then the Head of US Real
Estate must authorize execution.
For all matters involving the expenditure of funds in order to effectuate the
business of the Bank and as are directly related to his or her respective duties and
the interests of the Bank in accordance with the US Real Estate Policy,the following
signing authority limits,by title,apply to the execution of any and all documents and
other instruments for the purchase,acquisition or disposition,assignment,lease or
sublease of Corporate and Retail Bank Premise real property;and apply to the
execution of all documents relating to the purchase,acquisition or disposition,
repair or replacement of personal property including but not limited to construction
contracts,work orders,work authorizations,letter agreements,change orders,
purchase orders for equipment and other personal property,master service
agreements,construction letters of intent,contracts, invoices,applications for
payment,expense reimbursements and purchase order paytnents.l
Unless otherwise stated in this document or required by law or regulation,only one
authorized signature is necessary per document.
SIGNING AUTHORITY LIMITS2
TITLE/POSITION Capital&
Expense Limit
Head of US Real Estate $500,0003
Head of Retail Real Estate $375,000
Head of Corporate Real Estate $375,000
Head of Architecture&Design $250,000
Director of Facilities Management $250,000
Director of Program Management $250,000
Director of Retail Real Estate Development $250,000
Director of Purchasing $250,000
MSA's,leases,agreements of sale,construction letters of intent,contracts,vendor quotes and applications
for payment require at least one physical signature on paper.
2 If approval is required while the appropriate signing authority is unavailable,then signing authority may
be referred to a position one level below the appropriate signer as long as it applies to a REPAC or
CREPAC approved project. If the appropriate signing authority is not physically present to sign,but has
approved of the instrument in writing,the instrument may be signed on his or her behalf by his or her
designee.
3 For REPAC and CREPAC approved projects,signing authority is limited to the amount approved at
REPAC and CREPAC.
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TD lank Most Convenient Bank'
6000 Atrium Way
Mount laurel,1W 08054 tdbank.som
T 888 751 9000
F 856 533 6545
Director of Asset Reinvestment $250,000
Regional Retail Real Estate Lead • $125,000
Senior Manager of Construction Services $100,000
Director of Market Planning $100,000
Development Services Manager $100,000
Regional Facilities Management Lead $100,000
• Senior Manager of Lease Administration $100,000
Senior Buyer $100,000
A&D Design Strategy Senior Manager/Manager $100,000
Portfolio Manager $100,000
Director of Corporate Strategy $100,000
Corporate Real Estate Transaction Lead $75,000
Senior Manager Reporting&Technology $50,000
MAC Lead $50,000
A&D Retail or Corporate Senior Manager/Manager $50,000
Program Director $50,000
Corporate Real Estate Client Relationship Manager $50,000
Construction Manager $50,000
Real Estate Manager $25,000
Facilities Manager $25,000
Senior MAC Manager $25,000
MAC Project Manager $10,000
5.Loans&CoIlections:Certain Officers and Employees
FURTHER RESOLVED: That any officer with the title Officer or above in the
Consumer, Commercial and Retail Loan Operations Departments, Retail Mortgage
Department, Consumer, Commercial and Residential Collection and Recovery
Departments,Commercial Loan Servicing,or Workout Departments of the Bank,and
any of the following enumerated officers and employees of the Bank, is hereby
authorized and empowered to execute deeds, mortgages, notes, security
agreements, financing statements, assignments, releases, discharges, amendments,
modification agreements, aIlonges, settlement agreements and any other
instruments incident to those documents listed and necessary to carry out and
effectuate the origination, closing, servicing, workout, or collection of loan debt to
the Bank:
Commercial Loan Specialist I and,Il
Loss Mitigation Manager
Loss Mitigation Specialist I and II
Support Specialist II
Team Lead I and II
•
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TD Sa
ameria.s Most Convenient sanr
6000 Atrium Way
Mount Laurel,N108054 tdbank,op,"
7 888 751 9000
F 856 533 6545
6. Post-Closing Signature Authority
FURTHER RESOLVED: That the following employees of the Bank are hereby
authorized and empowered to execute assignments and other documents required to
sell loans or obtain applicable insurance coverage (FHA, VA, RHS), and any other
instruments incident to those documents listed as are directly related to and within
the scope of his or her respective duties and in furtherance of the business and the
interests of the Bank:
Loan Operations Group Manager
Loan Operations Section Manager
Loan Operations-Operations Supervisor
Quality Control Specialist II and III
Post-Closing Manager
Loan Ops Team Lead I and It
7.Investments&Treasury Functions: Certain Officers
FURTHER RESOLVED: That any Executive Vice President, Senior Vice President,
Vice President, or Assistant Vice President in the Finance or Treasury Department of
the Bank, consistent with his or her respective duties and in furtherance of the
business and the interests of the Bank,is hereby authorized and empowered to open
and maintain with any brokerage firm or Bank at the discretion of management
(collectively, "Brokers") one or more accounts on behalf of the Bank for the purchase
and sale(including short sales) of,and dealing and trading in,the following:
a. Any and all forms of securities including, without limitation, stocks, bonds,
debentures, notes, script, rights, warrants, certificates of deposit and
certificates of interest or indebtedness of any and every kind of nature
whatsoever permitted by law for the bank;
b. U.S.Government and federal agency(including,but not limited to,Government
National Mortgage Association, Federal National Mortgage Association,
Federal Home Loan Mortgage Corporation, and Federal Home Loan Bank)
securities,asset-backed securities, collateralized mortgage obligations, "when
issued"transactions,and forward delivery contracts;
c. Repurchase agreements and reverse repurchase(resale)agreements involving
debt instruments of all kinds;
d. Foreign currencies and foreign denominated bonds of all kinds;
•
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ID Bank
T America'Most convenient Bank'
V 6000 Atrium Way tdbm�mm
Mount Laurel,NJ 08054
T 888 751 9000
F 856 533 6545
e. Standby (optional delivery) contracts and put and call option contracts
(whether or not denominated as standby contracts) in any U.S. Government
and federal agency securities, foreign currencies and foreign denominated
bonds,and mortgage loans;and
•
f. Financial, stock-index, and currency futures contracts, interest rate swaps,
caps and floors, options on financial, stock-index and currency futures
contracts (including futures contracts traded on foreign exchanges), and
options on any underlying security, group of securities or index of securities,
whether debt or equity, which options are currently trading or may in the
future trade on any exchange,or in the over-the-counter market
Each of the officers in the Finance or Treasury Department of the Bank designated
herein is fully authorized on behalf of the Bank to enter into any agreement, in the
name and on behalf of the Bank,which is a rate swap transaction, a basis swap,an
. equity or equity indexed swap, a forward rate transaction, commodity. swap, . .
commodity option, bond option, interest rate option, equity or equity indexed
option, foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option, credit default or protection transaction or total return swap in
respect of loans, debt or equity securities or other financial instruments or any
similar transaction (including any option with respect to any of these transactions),
or any combination of these transactions or similar type of transaction which the
officer so acting deems to be necessary or appropriate consistent with the authority
granted hereby.
Each of the officers in the Finance or Treasury Department of the Bank designated
herein is fully authorized on behalf of the Bank to give and receive from Brokers oral
or written instructions, confirmations, notices or demands by telephone, telex or
otherwise with respect to such accounts and at all times to have complete authority
in every way to bind and obligate the Bank for the carrying out of any contract,
agreement or transaction entered into by any such officer for and on behalf of the
Bank with or through Brokers;to pay in cash,check, draft or otherwise;to order the
transfer or delivery of securities or other property to such officer or any other
person whatsoever, to order the transfer of record.of any securities to any name
and/or to accept delivery of securities;to affix the corporate seal to any documents;
to direct the sale or exercise of any rights with respect to any securities;to sign for
the Bank all powers of attorney and/or other documents in connection with any
such account, and to agree to any terms or conditions to control or govern any such
account; to endorse any securities in order to pass title thereto, or any interest
therein,or to direct Brokers to surrender any securities for the purpose of effecting
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• 1/12/2016 16.A.2.
TD
Bank
ID
M�eeir,Y Most Conwnlrnt Bank'
6000 Atrium Way
Mount Laurel,NJ 08054 olbsok.com
T 888 751 9000
F 856 533 6545
any exchange or conversion or otherwise;to appoint any other person or persons to
do any and all things which any of such officers'is hereby empowered to do and
generally to do and take all action necessary in connection with the account, or
considered desirable•by such officer,or such agent,with respect thereto.
Each of the officers and Treasury Analysts in the Finance or Treasury Department of
the Bank designated herein and identified by management is fully authorized on
behalf of the Bank to transact business with the Federal Home Loan Bank of
Pittsburgh and any form of specific resolution to carry into effect the purpose and
intent of the foregoing resolution, or covering authority included in matters
authorized in the foregoing resolution, including forms of resolutions in connection
therewith that may be required by the Federal Home Loan Bank of Pittsburgh, is
hereby adopted and incorporated herein by reference.
This Resolution shall,be and remain in full force and effect until one business day
• after written notification of its revocation has been received by Brokers.
8.Trusts: Certain Officers and Employees
FURTHER RESOLVED: That the Divisional President, any Executive Vice President,
Senior Vice President,Vice President,Assistant Vice President or Officer of the Wealth
• Management Group of the Bank, consistent with his or her respective duties and in
furtherance of the trust,fiduciary,and investment business and interests of the Bank,
is hereby authorized and empowered as agent for the Bank:
a. To accept on behalf of the Bank the position of trustee, master trustee,
custodian, paying agent, registrar, and any and all positions similar or
ancillary thereto in connection with the establishment of any corporate trust
account at the Bank
b. To execute mortgage and other indentures in which the Bank is named as
•
• Trustee.
c. To authenticate or certify issues of bonds,notes and other investment
securities. •
d. To sell, transfer, deliver, and convey, and to sign deeds, leases and other
documents relating to real estate held in a fiduciary,representative,custodial
or agency capacity.
•
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ID Bank
Mann's Most Convenient Bank'
6000 Atrium Way
Mount Laurel,NJ 08054 tdbankcom
T 888 751 9000
F 856 533 6545
e. To sign assignments,releases and discharges of real estate mortgages held in
a fiduciary, representative, or custodial capacity and to sign deeds,
foreclosure instruments and other documents relating to the real estate
conveyed by or subject to such mortgages.
f. To sell, assign, transfer and deliver any personal property, tangible or
intangible, including without limitation certificates of stock, bonds and other
investment securities, and to sign and deliver any instruments of transfer,
assignment or modification relating to such property held in a fiduciary,
representative,custodial or agency capacity.
g. To sign trust indentures or agreements, agency or custodial agreements and
any other agreement or contract relating to the Bank's commencing or
continuing to act in a fiduciary,representative,custodial or agency capacity.
h. To sign any probate or court petitions,accounts,bonds and any other
probate or court pleadings,instruments,documents relating to the
appointment or confirmation of the Bank in a fiduciary or representative
capacity,or to action taken be the Bank in this capacity.
To execute checks, drafts or orders for the payment of money against funds
held in a fiduciary,representative,custodial or agency capacity.
j. To witness the destruction of certificates of stock, bonds, notes and other
investment securities, as trustee, registrar, transfer agent or otherwise, and
to sign all documents relating thereto.
k. To take any and all such other actions and to execute any and all such other
documents and instruments as may be necessary and appropriate in
connection with the discharge by the Bank of its obligations pursuant to the
• Bank's service in any trust, master trust, custodial, agency or fiduciary
capacity;and to affix the corporate seal of the Bank to any such documents so
executed in his or her said capacity.
To invest in and maintain with respect to Trusts and/or Trust Indentures any
and all forms of securities including,without limitation,
1. stocks, bonds, debentures, notes, script, rights, warrants, certificates
of deposit and certificates of interest or indebtedness of any and every
kind of nature whatsoever;
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TO
TD Sank
America's Most Convenient Bank'
6000 Atrium Way
Mount Laurel,NJ 08054 tdbank.com
T 888 751 9000
F 856 533 6545
. 2. U.S. Government and federal agency (including, but not limited to,
Government National Mortgage Association, Federal National
Mortgage Association and Federal Home Loan Mortgage Corporation)
securities, asset-backed securities, collateralized mortgage
• obligations, "when issued" transactions, and forward delivery
contracts;
• 3. Repurchase agreements and reverse repurchase(resale)agreements
involving debt instruments of all kinds;
4. Foreign currencies and foreign denominated bonds of all kinds;
5. Standby(optional delivery) contracts and put and call option contracts
(whether or not denominated as standby contracts) in any U.S.
Government and federal agency securities, foreign currencies and
foreign denominated bonds,and mortgage loans;and
6. Financial, stock-index, and currency futures contracts, interest rate
swaps, caps and floors, options on financial, stock-index and currency
futures contracts (including futures contracts traded on foreign
exchanges),and options on any underlying security,group of securities
or index of securities, whether debt or equity, which options are
currently trading or may in the future trade on any exchange.
Each of the officers of the Wealth Management Group designated herein is fully
authorized on behalf of the Bank to give and receive from Brokers oral or written
instructions, confirmations, notices or demands by telephone, telex, facsimile or
otherwise with respect to such accounts and at all times to have complete authority
in every way to bind and obligate the Bank for the carrying out of any contract,
agreement or transaction entered into by any such officer for and on behalf of the
Bank with or through Brokers;to pay in cash, check, draft or otherwise; to order the
transfer or delivery of securities or other property to such officer or any other
person whatsoever, to order the transfer of record of any securities to any name
and/or to accept delivery of securities;to affix the corporate seal to any documents;
to direct the sale or exercise of any rights with respect to any securities; to sign for
the Bank all powers of attorney and/or other documents in connection with any
such account,and to agree to any terms or conditions to control or govern any such
account; to endorse any securities in order to pass title thereto, or any interest
therein,or to direct Brokers to surrender any securities for the purpose of effecting
any exchange or conversion or otherwise;to appoint any other person or persons to
do any and all things which any of such officers is hereby empowered to do and
•
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•
TD Dank
•
America's Most Convenient Sank' •
6000 Atrium Way
Mount Laurel.Ni 08054 tdbank.osm
T 888 751 9000
F 856 533 6545
generally to do and take all action necessary in connection with the account, or
considered desirable by such officer,or such agent,with respect thereto.
This Resolution shall be and remain in full force and effect until one business day
after written notification of its revocation has been received by Brokers;and
9.Secondary Market Managers or Capital Markets Traders:
• Certain Officers and Employees
FURTHER RESOLVED: That any Executive Vice President,Senior Vice President,Vice
President,Assistant Vice President, Secondary Market Manager, and Capital Markets
Trader consistent with his or her respective duties and in furtherance of the business
and the interests of the Bank, is hereby authorized and empowered to open and
maintain with any brokerage firm at the discretion of management (collectively,
"Brokers") one or more accounts on behalf of the Bank for the purchase and sale
(including short sales)of,and dealing and trading in,the following:
Whole mortgage loans (including, but not limited to, first and second
residential mortgage loans, FHA project loans, and commercial loans),
participations (including, but not limited to, 100% participations) in
mortgage loans, instruments, certificates, or securities issued in connection
with mortgage loans,and loan servicing rights.'
•
•
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