Erasure codes are being increasingly used in distributed-storage systems in place of data-replication, since they provide the same level of reliability with much lower storage overhead. We consider the problem of constructing explicit erasure codes for distributed storage with the following desirable properties motivated by practice: (i) Maximum-Distance-Separable (MDS): to provide maximal reliability at minimum storage overhead, (ii) Optimal repair-bandwidth: to minimize the amount of data needed to be transferred to repair a failed node from remaining ones, (iii) Flexibility in repair: to allow maximal flexibility in selecting subset of nodes to use for repair, which includes not requiring that all surviving nodes be used for repair, (iv) Systematic Form: to ensure that the original data exists in uncoded form, and (v) Fast encoding: to minimize the cost of generating encoded data (enabled by a sparse generator matrix). This paper presents the first explicit code construction which theoretically guarantees all the five desired properties simultaneously. Our construction builds on a powerful class of codes called Product-Matrix (PM) codes. PM codes satisfy properties (i)-(iii), and either (iv) or (v), but not both simultaneously. Indeed, native PM codes have inherent structure that leads to sparsity, but this structure is destroyed when the codes are made systematic. We first present an analytical framework for understanding the interaction between the design of PM codes and the systematic property. Using this framework, we provide an explicit code construction that simultaneously achieves all the above desired properties. We also present general ways of transforming existing storage and repair optimal codes to enable fast encoding through sparsity. In practice, such sparse codes result in encoding speedup by a factor of about 4 for typical parameters.