SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 13, 1996
TRUST CREATED BY ASSET SECURITIZATION CORPORATION
(under a Pooling & Servicing Agreement
dated as of August 1, 1995, which Trust is
the issuer of Commercial Mortgage Pass-Through
Certificates, Series 1995-D1)
=============================
(Exact name of Registrant as specified in its Charter)
New York 33-89494-01 13-3672337
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Formation) File No.) Identification No.)
LaSalle National Bank, Trustee, 135 South LaSalle Street
Suite 200, Chicago, Illinois 60603
Attention: Asset-backed Securities Trust Services (Zip Code)
Nomura 1995 - D1
(Address of principal executive office)
Registrant's telephone number, including area code: (800) 246-5761
The Exhibit Index is on page 2.
Page - 1
<PAGE>
ITEM 5. OTHER EVENTS
Attached hereto is a copy of the May 13, 1996 Monthly Remittance
Statement provided to the Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
EX-19: Monthly Remittance Statement to the Certificateholders dated as
of May 13, 1996.
EX-20: Loan data file as of May 1996 Determination Date.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MIDLAND LOAN SERVICES, L.P., not in its individual
capacity but solely as a duly authorized agent of
the Registrant pursuant to Section 3.22 of the
Pooling & Servicing Agreement dated as of August
1, 1995
By: Midland Data Systems, Inc., its General
Partner
By: Lawrence D. Ashley
Title: Director of MBS Programs
Date: May 13, 1996
EXHIBIT INDEX
Sequential
Document Page Number
EX-19 Monthly Statement to the Certificateholders 3
dated as of May 13, 1996
EX-20 Loan data file as of May 1996 11
Page - 2
ABN AMRO
LaSalle National Bank
Administrator:
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 200
Chicago, IL 60603
Asset Securitization Corporation
Midland Loan Services L.P. as Servicer Statement Date: 05/13/96
Commercial Pass-Through Certificates Payment Date: 05/13/96
Series 1995-D1 Prior Payment: 04/11/96
ABN AMRO Acct: 67-7390-40-3 Record Date: 04/30/96
WAC: 0.101873184
WAMM: 155
<TABLE>
<CAPTION>
Original Opening
Class Face Value (1) Balance
CUSIP Per $1,000 Per $1,000
<S> <C> <C>
A-1 ................ 149,721,771.00 148,346,099.72
045424AA6 .......... 1000.000000 990.811815
A-1CS .............. 210,875,735.05(1) 209,500,063.77
045424AC2,U04509 ... 1000.000000 993.476389
A-2 ................ 12,652,544.00 12,652,544.00
045424AB4 .......... 1000.000000 1000.000000
A-3 ................ 11,598,165.00 11,598,165.00
045424AD0,U04509 ... 1000.000000 1000.000000
A-4 ................ 6,326,272.00 6,326,272.00
045424AE8,U04509 ... 1000.000000 1000.000000
B-1 ................ 17,924,437.00 17,924,437.00
045424AF5,U04509 ... 1000.000000 1000.000000
B-2 ................ 9,489,408.00 9,489,408.00
045424AG3,U04509 ... 1000.000000 1000.000000
B-3A ............... 3,162,138.00 3,162,138.00
045424AH1,U04509 ... 1000.000000 1000.000000
B-3B ............... 1,000.05 1,000.05
045424AJ7 .......... 1000.000000 1000.000000
B-4A ............... 0.00 0.00
045424AK4 .......... 1000.000000 0.000000
B-4B ............... 0.00 0.00
045424AL2 .......... 1000.000000 0.000000
R .................. 0.00 0.00
045424AM0 .......... 1000.000000 0.000000
- ------ - ----------- --------
210,875,735.05 209,500,063.77
============== ==============
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Principal Principal Negative
Class Payment Adj. or Loss Amortization
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 ................ 178,544.26 0.00 0.00
045424AA6 .......... 1.192507 0.000000 0.000000
A-1CS .............. 0.00 0.00 0.00
045424AC2,U04509 ... 0.000000 0.000000 0.000000
A-2 ................ 0.00 0.00 0.00
045424AB4 .......... 0.000000 0.000000 0.000000
A-3 ................ 0.00 0.00 0.00
045424AD0,U04509 ... 0.000000 0.000000 0.000000
A-4 ................ 0.00 0.00 0.00
045424AE8,U04509 ... 0.000000 0.000000 0.000000
B-1 ................ 0.00 0.00 0.00
045424AF5,U04509 ... 0.000000 0.000000 0.000000
B-2 ................ 0.00 0.00 0.00
045424AG3,U04509 ... 0.000000 0.000000 0.000000
B-3A ............... 0.00 0.00 0.00
045424AH1,U04509 ... 0.000000 0.000000 0.000000
B-3B ............... 0.00 0.00 0.00
045424AJ7 .......... 0.000000 0.000000 0.000000
B-4A ............... 0.00 0.00 0.00
045424AK4 .......... 0.000000 0.000000 0.000000
B-4B ............... 0.00 0.00 0.00
045424AL2 .......... 0.000000 0.000000 0.000000
R .................. 0.00 0.00 0.00
045424AM0 .......... 0.000000 0.000000 0.000000
- ------ - -------- -------- --------
178,544.26 0.00 0.00
========== ==== ====
Page - 3
<PAGE>
Closing Interest Interest
Class Balance Payment Adjustment
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 ................ 148,167,555.46 938,289.08 0.00
045424AA6 .......... 989.619308 6.266885 0.000000
A-1CS .............. 209,321,519.51 429,006.97 0.00
045424AC2,U04509 ... 992.629709 2.034407 0.000000
A-2 ................ 12,652,544.00 80,027.34 0.00
045424AB4 .......... 1000.000000 6.325000 0.000000
A-3 ................ 11,598,165.00 73,358.39 0.00
045424AD0,U04509 ... 1000.000000 6.325000 0.000000
A-4 ................ 6,326,272.00 40,013.67 0.00
045424AE8,U04509 ... 1000.000000 6.325000 0.000000
B-1 ................ 17,924,437.00 113,372.06 0.00
045424AF5,U04509 ... 1000.000000 6.325000 0.000000
B-2 ................ 9,489,408.00 60,020.51 0.00
045424AG3,U04509 ... 1000.000000 6.325000 0.000000
B-3A ............... 3,162,138.00 16,284.48 0.00
045424AH1,U04509 ... 1000.000000 5.149832 0.000000
B-3B ............... 1,000.05 5.15 0.00
045424AJ7 .......... 1000.000000 5.149743 0.000000
B-4A ............... 0.00 0.00 0.00
045424AK4 .......... 0.000000 0.000000 0.000000
B-4B ............... 0.00 0.00 0.00
045424AL2 .......... 0.000000 0.000000 0.000000
R .................. 0.00 0.00 0.00
045424AM0 .......... 0.000000 0.000000 0.000000
- ------ - -------- -------- --------
209,321,519.51 1,750,377.65 0.00
============== ============ ====
<TABLE>
<CAPTION>
Pass-Through
Class Rate (2)
CUSIP Next Rate (3)
<S> <C>
A-1 ................ 7.590000%
045424AA6 .......... Fixed
A-1CS .............. 2.457318%
045424AC2,U04509AA0 2.457380%
A-2 ................ 7.590000%
045424AB4 .......... Fixed
A-3 ................ 7.590000%
045424AD0,U04509AB6 Fixed
A-4 ................ 7.590000%
045424AE8,U04509AC6 Fixed
B-1 ................ 7.590000%
045424AF5,U04509AD4 Fixed
B-2 ................ 7.590000%
045424AG3,U04509AE2 Fixed
B-3A ............... 7.590000%
045424AH1,U04509AF9 Fixed
B-3B ............... 7.590000%
045424AJ7 .......... Fixed
B-4A ............... None
045424AK4 .......... 0.000000%
B-4B ............... None
045424AL2 .......... 0.000000%
R .................. None
045424AM0 .......... 0.000000%
- ------ - --------
Total P&I Payment .. 1,928,921.91
============
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred Interest
equals Accrual
(3) Estimated
</FN>
</TABLE>
SERVICING COMPENSATION
Servicing Fee 24,441.67
Less Trustee Fees (2,182.29)
Net Servicing Fees 22,259.38
Special Servicing Compensation 3,714.59
OTHER FEES
Prepayment Premiums 0.00
Net Default Interest 0.00
Excess Interest 0.00
----
Total 0.00
====
Page - 4
<PAGE>
OUTSTANDING INTEREST SHORTFALL
A-1 0.00
A-1CS 0.00
A-2 0.00
A-3 0.00
A-4 0.00
B-1 0.00
B-2 0.00
B-3A 23,716.57
B-3B 7.50
B-4A 0.00
POOL INFORMATION
Beginning Ending
Loan Count 61 61
Balance 209,500,063.77 209,321,519.51
ADVANCE SUMMARY
Advance Interest 181,813.10
Subsequent Advance Interest (181,813.10)
First Month Advance 0.00
Subsequent Advance Interest 181,813.10
Less Sub. Interest Distribution (16,292.26)
Net 165,520.84
----------
Total Current Advance 165,520.84
==========
Book Value of Real Estate Aquired Through
Foreclosure or Grant of Deed in Lieu of Foreclosure 0.00
The Occupancy Percentage for the Related Mortgage Properties as of
August 11, 1995 is 70%
PROPERTY ADVANCES
Current Unreimbursed
0.00 0.00
0.00 0.00
SUMMARY OF REO PROPERTY
Principal
Loan Number Loan Name Balance Book Value
Aggregate
Other
Date Of Final Amount Revenues
Recovery Of Proceeds Collected
Page - 5
<PAGE>
MORTGAGED PROPERTIES OCCUPANCY PERCENTAGE
Number of
Collateral Id Properties Occupancy % As Of
030207585 1 85.00% 08/01/95
030207586 1 97.00% 08/01/95
030207587 1 98.00% 08/01/95
030207588 1 90.00% 08/01/95
030207589 1 67.00% 08/01/95
030207591 1 51.00% 08/01/95
030207595 1 97.00% 08/01/95
030207602 1 91.00% 08/01/95
030207614 1 85.00% 08/01/95
030207624 1 80.00% 08/01/95
030207685 1 88.00% 08/01/95
030207905 1 89.00% 08/01/95
030207906 1 100.00% 08/01/95
030207907 1 99.00% 08/01/95
030207908 1 100.00% 08/01/95
030207912 1 96.66% 08/08/95
030207913 1 97.00% 08/01/95
030207915 1 96.00% 08/01/95
030207922 1 95.00% 08/01/95
030207930 1 81.00% 08/01/95
030207931 1 99.00% 08/01/95
030207932 1 100.00% 08/01/95
030207933 1 100.00% 08/01/95
030207935 1 100.00% 08/01/95
030207937 1 92.00% 08/01/95
030208082 2 81.00% 08/01/95
030208094 2 81.00% 08/01/95
030208101 1 89.00% 08/01/95
030208102 1 90.00% 08/01/95
030208210 1 80.00% 08/01/95
030208219 1 77.00% 08/01/95
030208220 1 99.07% 07/31/95
030208221 1 94.00% 08/01/95
030208227 1 100.00% 08/01/95
030208232 1 100.00% 08/01/95
030208233 1 100.00% 08/01/95
030208234 2 96.00% 08/01/95
030208307 1 97.00% 08/01/95
030208352 1 74.00% 08/01/95
030208353 1 70.00% 08/01/95
030208372 1 94.00% 08/01/95
030208373 3 81.00% 08/01/95
030208381 1 98.00% 08/01/95
030208391 1 100.00% 08/01/95
030208512 1 93.00% 08/01/95
030208521 1 71.00% 08/01/95
030208536 1 100.00% 08/01/95
030208956 1 77.00% 08/01/95
030210007 1 97.00% 08/01/95
030210008 1 96.00% 08/01/95
030210009 1 65.00% 08/01/95
030210010 1 95.00% 08/01/95
030210093 1 64.00% 08/01/95
030210094 1 70.00% 08/01/95
030210095 1 71.00% 08/01/95
030210096 1 58.00% 08/01/95
030210097 1 70.00% 08/01/95
030210098 1 86.00% 08/01/95
030210099 1 97.00% 08/01/95
030210200 1 97.00% 08/01/95
030210201 1 60.00% 08/01/95
Page - 6
<PAGE>
DELINQUENCIES & REOS
Distribution Delinq 1 Month
Date # Balance
05/13/96 ........... 0 0
/ .................. 0.00% 0.000%
04/11/96 ........... 1 11,143,759
/ .................. 1.64% 5.315%
03/11/96 ........... 2 12,259,062
/ .................. 3.28% 5.842%
02/12/96 ........... 0 0
/ .................. 0.00% 0.000%
01/11/96 ........... 0 0
/ .................. 0.00% 0.000%
12/11/95 ........... 1 1,111,112
/ .................. 1.64% 0.528%
11/13/95 ........... 0 0
/ .................. 0.00% 0.000%
10/11/95 ........... 0 0
/ .................. 0.00% 0.000%
09/11/95 ........... 0 0
/ .................. 0.00% 0.000%
Distribution Delinq 2 Months
Date # Balance
05/13/96 ........... 0 0
/ .................. 0.00% 0.000%
04/11/96 ........... 0 0
/ .................. 0.00% 0.000%
03/11/96 ........... 0 0
/ .................. 0.00% 0.000%
02/12/96 ........... 0 0
/ .................. 0.00% 0.000%
01/11/96 ........... 0 0
/ .................. 0.00% 0.000%
12/11/95 ........... 0 0
/ .................. 0.00% 0.000%
11/13/95 ........... 0 0
/ .................. 0.00% 0.000%
10/11/95 ........... 0 0
/ .................. 0.00% 0.000%
09/11/95 ........... 0 0
/ .................. 0.00% 0.000%
Distribution Delinq 3+ Months
Date # Balance
05/13/96 ........... 0 0
/ .................. 0.00% 0.000%
04/11/96 ........... 0 0
/ .................. 0.00% 0.000%
03/11/96 ........... 0 0
/ .................. 0.00% 0.000%
02/12/96 ........... 0 0
/ .................. 0.00% 0.000%
01/11/96 ........... 0 0
/ .................. 0.00% 0.000%
12/11/95 ........... 0 0
/ .................. 0.00% 0.000%
11/13/95 ........... 0 0
/ .................. 0.00% 0.000%
10/11/95 ........... 0 0
/ .................. 0.00% 0.000%
09/11/95 ........... 0 0
/ .................. 0.00% 0.000%
Page - 7
<PAGE>
<TABLE>
Distribution Foreclosure (1)
Date # Balance
<S> <C> <C>
05/13/96 ........... 0 0
/ .................. 0.00% 0.000%
04/11/96 ........... 0 0
/ .................. 0.00% 0.000%
03/11/96 ........... 0 0
/ .................. 0.00% 0.000%
02/12/96 ........... 0 0
/ .................. 0.00% 0.000%
01/11/96 ........... 0 0
/ .................. 0.00% 0.000%
12/11/95 ........... 0 0
/ .................. 0.00% 0.000%
11/13/95 ........... 0 0
/ .................. 0.00% 0.000%
10/11/95 ........... 0 0
/ .................. 0.00% 0.000%
09/11/95 ........... 0 0
/ .................. 0.00% 0.000%
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
<TABLE>
<CAPTION>
Prepayments
Distribution Balance(1) Begin Pool
Date Of REOs Balance (#)
<S> <C> <C>
05/13/96 0 209,500,064
/ 0.000% 61
04/11/96 0 209,677,116
/ 0.000% 61
03/11/96 0 209,852,688
/ 0.000% 61
02/12/96 0 210,026,793
/ 0.000% 61
01/11/96 0 210,199,442
/ 0.000% 61
12/11/95 0 210,370,649
/ 0.000% 61
11/13/95 0 210,540,426
/ 0.000% 61
10/11/95 0 210,708,820
/ 0.000% 61
09/11/95 0 210,875,762
/ 0.000% 61
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Distribution Prepayment $ Sched
Date (# of Payoffs) Principal
05/13/96 0 178,544
0
04/11/96 0 177,052
0
03/11/96 0 175,572
0
02/12/96 (0) 174,105
0
01/11/96 0 172,650
0
12/11/95 (0) 171,207
0
11/13/95 0 169,776
0
10/11/95 36 168,358
0
09/11/95 (27) 166,942
0
Page - 8
<PAGE>
Distribution Next Weighted Avg.
Date Coupon Remit WAMM
05/13/96 10.1874% 10.0474% 155
04/11/96 10.1873% 10.0473% 156
03/11/96 10.1873% 10.0473% 157
02/12/96 10.1872% 10.0472% 158
01/11/96 10.1871% 10.0471% 159
12/11/95 10.1871% 10.0471% 160
11/13/95 10.1870% 10.0470% 161
10/11/95 10.1870% 10.0470% 162
09/11/95 10.1869% 10.0469% 163
DELINQUENCY LOAN DETAIL
Paid
Disclosure Doc Thru Current P&I
Control # Period Date Advance
30207589 199605 04/01/96 12,486.38
30208210 199605 04/01/96 18,551.18
30208220 199605 04/01/96 28,284.08
30210099 199605 04/01/96 107,373.18
30210201 199605 04/01/96 32,983.92
- -------- ------ -- -- -- ---------
TOTALS: 199,678.74
==========
<TABLE>
<CAPTION>
Outstanding
Outstanding Property
Disclosure Doc P&I Protection Advance
Control # Advances(1) Advances Description (2)
<S> <C> <C> <C>
30207589 12,486.38 0.00 B
30208210 18,551.18 0.00 B
30208220 28,284.08 0.00 B
30210099 107,373.18 0.00 B
30210201 32,983.92 0.00 B
- -------- --------- ----
TOTALS: 199,678.74 0.00
========== ====
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance.
(2) Advance Description:
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but less one month delinq
1. P&I Advance - Loan delinquent 1 month
2. P&I Advance - Loan delinquent 2 months
3. P&I Advance - Loan delinquent 3 months
</FN>
</TABLE>
Page - 9
<PAGE>
<TABLE>
<CAPTION>
Special
Servicer
Disclosure Doc Loan Transfer Foreclosure
Control # Status (1) Date Date
<S> <C> <C> <C>
30207589 0
30208210 0
30208220 0
30210099 0
30210201 0
- -------- -
TOTALS: 0
=
<FN>
(1) Loan Status:
1. Specially Serviced
2. Foreclosure
3. Bankruptcy
4. REO
5. Prepaid in Full
6. DPO
7. Foreclosure Sale
8. Bankruptcy Sale
9. REO Disposition
10. Modification/Workout
</FN>
</TABLE>
Disclosure Doc Bankruptcy REO
Control # Date Date
30207589
30208210
30208220
30210099
30210201
TOTALS:
Servicer Advances For Current Distribution Date
As Of Close Of Business on: 05/10/96
Advances Due To Delinquency Or late Payment 199,678.75
Advances Due To Extended Grace Periods 0.00
(Advances due to grace periods will not bear interest unless and until such
mortgage loans become delinquent. Any such mortgage loans that become
delinquent after the distribution date will be included on the next remittance
report).
Advances For Previous Distributions Dates Reported As Due To Grace
Period And Subsequently
Determined To Have Become Delinquent During The Month Of Such
Previous Distribution 0.00
Page - 10
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN STATUS
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 29-MAY-96
<CAPTION>
CURRENT
ASSET PRINCIPAL DAYS ENVIRON
NO BALANCE DELINQ LTV DSCR ISSUES ASSET STATUS RESOLUTION TYPE
<S> <C> <C> <C> <C> <C> <C> <C>
01 3,400,750 0 69.4% 1.51 N/A PERFORMING PERFORM TO MATURITY
02 8,831,159 0 46.5% 2.11 N/A PERFORMING PERFORM TO MATURITY
03 8,169,831 0 56.3% 1.55 N/A PERFORMING PERFORM TO MATURITY
04 4,003,080 0 69.5% 1.41 N/A PERFORMING PERFORM TO MATURITY
05 3,453,807 0 56.6% 1.83 N/A PERFORMING PERFORM TO MATURITY
06 3,359,632 0 71.0% 1.48 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
07 3,069,063 0 66.7% 1.45 N/A PERFORMING PERFORM TO MATURITY
08 2,779,334 0 50.5% 1.41 N/A PERFORMING PERFORM TO MATURITY
09 2,609,150 0 67.7% 1.39 N/A PERFORMING PERFORM TO MATURITY
10 2,505,710 0 61.1% 1.75 N/A PERFORMING PERFORM TO MATURITY
11 2,258,595 0 59.4% 2.30 N/A PERFORMING PERFORM TO MATURITY
12 2,262,229 0 62.8% 1.52 N/A PERFORMING PERFORM TO MATURITY
13 1,919,052 0 58.2% 1.71 N/A PERFORMING PERFORM TO MATURITY
14 1,787,319 0 59.6% 1.81 N/A PERFORMING PERFORM TO MATURITY
15 1,492,000 0 55.3% 1.89 N/A PERFORMING PERFORM TO MATURITY
16 1,106,093 0 55.0% 1.51 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
17 986,205 0 41.1% 2.11 N/A PERFORMING PERFORM TO MATURITY
18 8,740,595 0 64.7% 1.39 N/A PERFORMING PERFORM TO MATURITY
19 8,657,933 0 69.8% 1.35 N/A PERFORMING PERFORM TO MATURITY
20 8,484,815 0 71.9% 1.29 N/A PERFORMING PERFORM TO MATURITY
21 8,390,316 0 67.7% 1.36 N/A PERFORMING PERFORM TO MATURITY
22 5,739,072 0 66.7% 1.54 N/A PERFORMING PERFORM TO MATURITY
23 5,507,612 0 72.5% 1.39 N/A PERFORMING PERFORM TO MATURITY
24 4,478,900 0 54.6% 1.47 N/A PERFORMING PERFORM TO MATURITY
25 4,473,249 0 72.1% 1.74 N/A PERFORMING PERFORM TO MATURITY
26 4,135,917 0 70.1% 1.33 N/A PERFORMING PERFORM TO MATURITY
27 3,974,574 0 74.0% 1.48 N/A PERFORMING PERFORM TO MATURITY
28 3,460,451 0 71.0% 1.37 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
29 2,962,534 0 60.5% 1.64 N/A PERFORMING PERFORM TO MATURITY
30 2,622,793 0 72.1% 1.44 N/A PERFORMING PERFORM TO MATURITY
31 2,509,383 0 71.7% 1.61 N/A PERFORMING PERFORM TO MATURITY
32 2,127,926 0 73.4% 1.48 N/A PERFORMING PERFORM TO MATURITY
33 2,063,714 0 68.8% 1.48 N/A PERFORMING PERFORM TO MATURITY
34 1,919,342 0 69.0% 1.46 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
35 1,583,175 0 68.1% 1.78 N/A PERFORMING PERFORM TO MATURITY
36 1,375,845 0 30.6% 1.83 N/A PERFORMING PERFORM TO MATURITY
37 1,037,240 0 62.5% 1.47 N/A PERFORMING PERFORM TO MATURITY
38 593,691 0 68.0% 1.64 N/A PERFORMING PERFORM TO MATURITY
39 5,254,562 0 61.1% 1.53 N/A PERFORMING PERFORM TO MATURITY
40 4,457,867 0 66.8% 1.40 N/A PERFORMING PERFORM TO MATURITY
41 2,123,619 0 63.9% 1.40 N/A PERFORMING PERFORM TO MATURITY
42 1,976,375 0 65.9% 1.33 N/A PERFORMING PERFORM TO MATURITY
43 1,951,747 0 65.1% 1.54 N/A PERFORMING PERFORM TO MATURITY
44 1,928,705 0 65.4% 1.68 N/A PERFORMING PERFORM TO MATURITY
45 1,882,182 0 72.4% 1.54 N/A PERFORMING PERFORM TO MATURITY
46 1,540,068 0 65.5% 1.33 N/A PERFORMING PERFORM TO MATURITY
47 1,462,613 0 69.6% 1.35 N/A PERFORMING PERFORM TO MATURITY
48 1,136,190 0 29.5% 3.43 N/A PERFORMING PERFORM TO MATURITY
49 1,060,474 0 66.3% 1.28 N/A PERFORMING PERFORM TO MATURITY
50 964,553 0 62.2% 1.30 N/A PERFORMING PERFORM TO MATURITY
51 938,815 0 67.1% 1.54 N/A PERFORMING PERFORM TO MATURITY
52 11,143,759 0 74.0% 1.72 N/A NEGOTIATING MODIFICATIONS RESTRUCTURE/PERFORM TO MATURIT
53 5,453,482 0 51.4% 1.51 N/A PERFORMING PERFORM TO MATURITY
54 1,764,921 0 50.4% 2.36 N/A PERFORMING PERFORM TO MATURITY
55 8,909,696 0 56.6% 1.69 N/A PERFORMING PERFORM TO MATURITY
56 4,143,015 0 48.7% 1.76 N/A PERFORMING PERFORM TO MATURITY
57 3,952,025 0 71.9% 1.64 N/A PERFORMING PERFORM TO MATURITY
58 3,879,464 0 58.8% 1.40 N/A PERFORMING PERFORM TO MATURITY
59 1,713,597 0 57.1% 1.50 N/A PERFORMING PERFORM TO MATURITY
60 1,387,135 0 69.4% 2.03 N/A PERFORMING PERFORM TO MATURITY
61 1,482,432 0 45.5% 2.15 N/A PERFORMING PERFORM TO MATURITY
- -- --------- - ---- ----
TOTAL 209,339,385
===========
</TABLE>
Page - 11
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 29-MAY-96
<CAPTION>
REMAIN
CURRENT ORIG LOAN INT
ASSET PRINCIPAL NOTE LOAN AMORT TERM IN INT RATE
NO BALANCE DATE DATE MONTHS RATE TYPE PAYMENT
<S> <C> <C> <C> <C> <C> <C> <C>
01 3,400,750 3/20/95 4/1/2020 106 11.130% F 33,941
02 8,831,159 6/28/95 7/1/2020 289 10.070% A 81,314
03 8,169,831 1/30/95 2/1/2020 224 11.260% F 82,415
04 4,003,080 5/3/95 6/1/2020 108 11.110% F 39,839
05 3,453,807 11/7/94 12/1/2019 222 10.840% F 33,856
06 3,359,632 6/28/95 7/1/2015 229 10.250% F 33,376
07 3,069,063 7/1/95 7/1/2020 169 10.320% A 28,798
08 2,779,334 6/30/95 7/1/2020 229 10.350% F 26,138
09 2,609,150 5/3/95 6/1/2020 108 11.110% F 25,967
10 2,505,710 11/7/94 12/1/2019 222 10.840% F 24,563
11 2,258,595 3/22/95 4/1/2015 226 10.000% F 22,196
12 2,262,229 12/7/94 1/1/2015 223 12.270% F 25,770
13 1,919,052 11/7/94 12/1/2019 222 10.840% F 18,812
14 1,787,319 11/7/94 12/1/2019 222 10.840% F 17,520
15 1,492,000 11/7/94 12/1/2019 222 10.840% F 14,625
16 1,106,093 11/23/94 12/1/2014 222 12.290% F 12,615
17 986,205 6/7/95 7/1/2015 229 9.930% F 9,604
18 8,740,595 1/27/95 2/1/2025 104 10.200% F 78,530
19 8,657,933 4/18/95 5/1/2020 107 9.360% F 75,599
20 8,484,815 6/12/95 7/1/2020 73 8.540% F 69,239
21 8,390,316 4/13/95 5/1/2020 71 10.040% F 77,206
22 5,739,072 4/10/95 5/1/2020 287 9.370% F 50,151
23 5,507,612 11/23/94 12/1/2024 66 10.250% F 49,734
24 4,478,900 11/18/94 12/1/2019 66 10.310% F 42,233
25 4,473,249 5/11/95 6/1/2020 72 9.450% F 39,299
26 4,135,917 12/16/94 1/1/2020 67 9.750% F 37,356
27 3,974,574 6/19/95 7/1/2025 109 8.420% F 30,530
28 3,460,451 4/5/95 3/1/2020 286 9.270% F 28,688
29 2,962,534 12/29/94 1/1/2020 283 10.170% F 27,621
30 2,622,793 4/17/95 5/1/2020 287 9.510% F 23,171
31 2,509,383 5/11/95 6/1/2020 72 9.050% F 21,360
32 2,127,926 3/30/95 4/1/2020 106 9.510% F 18,799
33 2,063,714 8/17/94 9/1/2019 279 9.650% F 18,567
34 1,919,342 11/23/94 12/1/2019 102 10.470% F 18,313
35 1,583,175 2/28/95 3/1/2020 69 10.350% F 14,936
36 1,375,845 11/18/94 12/1/2019 66 10.310% F 12,973
37 1,037,240 4/17/95 5/1/2020 287 9.510% F 9,164
38 593,691 2/28/95 3/1/2020 69 10.350% F 5,601
39 5,254,562 11/21/94 12/1/2024 66 9.690% F 45,302
40 4,457,867 6/30/95 7/1/2020 109 8.910% F 37,487
41 2,123,619 4/13/95 5/1/2020 287 9.690% F 19,025
42 1,976,375 1/31/95 2/1/2020 104 10.090% F 18,301
43 1,951,747 2/1/95 2/1/2020 284 10.110% F 18,100
44 1,928,705 5/26/95 6/1/2020 288 8.570% F 15,794
45 1,882,182 6/30/95 7/1/2020 289 8.900% F 15,815
46 1,540,068 12/19/94 1/1/2020 283 10.340% F 14,542
47 1,462,613 12/9/94 1/1/2020 67 10.540% F 14,016
48 1,136,190 2/1/95 2/1/2020 284 9.990% F 10,442
49 1,060,474 10/24/94 12/1/2019 282 10.460% F 10,119
50 964,553 12/22/94 1/1/2020 283 10.550% F 9,250
51 938,815 2/1/95 2/1/2020 284 10.110% F 8,706
52 11,143,759 5/12/95 5/1/2020 71 10.840% F 108,673
53 5,453,482 1/19/95 2/1/2020 68 12.075% F 58,232
54 1,764,921 12/27/94 1/1/2015 103 11.130% F 18,739
55 8,909,696 1/31/95 2/1/2020 164 11.070% F 88,666
56 4,143,015 12/13/94 1/1/2010 163 9.790% F 45,912
57 3,952,025 12/29/94 1/1/2020 103 10.415% F 37,525
58 3,879,464 11/10/94 12/1/2019 102 11.285% F 39,260
59 1,713,597 3/15/95 4/1/2020 70 10.500% F 16,334
60 1,387,135 6/15/95 7/1/2020 109 9.025% F 11,773
61 1,482,432 11/23/94 12/1/2019 66 10.950% F 14,648
TOTAL 209,339,385
</TABLE>
Page - 12
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 29-MAY-96
<CAPTION>
ASSET PROP YEAR PROPERTY VALUATION VALUATION
N0 NO PROPERTY TYPE CITY STATE ZIP BUILT UNITS NET SF VALUE DATE SOURCE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01 1 HEALTH CARE LYONS IL 60534 1986 60 11,115 4,900,000 8/1/95 PROSPECTUS
02 1 LODGING LENOX MA 01240 1989 202 NA 19,000,000 8/1/95 PROSPECTUS
03 1 LODGING SANTA FE NM 87501 1991 59 NA 14,500,000 8/1/95 PROSPECTUS
04 1 LODGING SAVANNAH GA 31408 1987 121 NA 5,760,000 8/1/95 PROSPECTUS
05 1 LODGING FLORENCE SC 29502 1985 165 NA 6,100,000 8/1/95 PROSPECTUS
06 1 LODGING NASHVILLE TN 37203 1973 172 NA 4,700,000 8/1/95 PROSPECTUS
07 1 LODGING NEW YORK NY 10019 1920 53 NA 4,600,000 8/1/95 PROSPECTUS
08 1 LODGING LONGWOOD FL 32779 1973 192 NA 5,500,000 8/1/95 PROSPECTUS
09 1 LODGING SAVANNAH GA 31419 1984 114 NA 3,855,000 8/1/95 PROSPECTUS
10 1 LODGING HENDERSONVILLE NC 28739 1990 85 NA 4,100,000 8/1/95 PROSPECTUS
11 1 LODGING IRVING TX 70562 1973 178 NA 3,800,000 8/1/95 PROSPECTUS
12 1 LODGING DANVERS MA 01923 1973 129 NA 3,600,000 8/1/95 PROSPECTUS
13 1 LODGING HARDEEVILLE SC 29927 1989 99 NA 3,300,000 8/1/95 PROSPECTUS
14 1 LODGING SPARTANBURG SC 29303 1987 99 NA 3,000,000 8/1/95 PROSPECTUS
15 1 LODGING FLORENCE SC 29501 1972 120 NA 2,700,000 8/1/95 PROSPECTUS
16 1 LODGING SANTA FE NM 87505 1961 83 NA 2,025,000 8/1/95 PROSPECTUS
17 1 LODGING CHERRY HILL NJ 08002 1983 40 NA 2,400,000 8/1/95 PROSPECTUS
18 1 MULTI-FAMILY WARNER ROBINS GA 31093 1985 530 NA 13,500,000 8/1/95 PROSPECTUS
19 1 MULTI-FAMILY LITHONIA GA 30038 1972 415 519,138 12,400,000 8/1/95 PROSPECTUS
20 1 MULTI-FAMILY LINDENWALD NJ 08021 1971 376 NA 11,800,000 8/1/95 PROSPECTUS
21 1 MULTI-FAMILY AUSTIN TX 78759 1982 329 NA 12,400,000 8/1/95 PROSPECTUS
22 1 MULTI-FAMILY TEMPE AZ 85281 1984 288 NA 8,600,000 8/1/95 PROSPECTUS
23 1 MULTI-FAMILY PHOENIX AZ 85008 1983 461 NA 7,600,000 8/1/95 PROSPECTUS
24 1 MULTI-FAMILY AUSTELL GA 30001 1972 267 266,321 8,200,000 8/1/95 PROSPECTUS
25 1 MULTI-FAMILY HOUSTON TX 77191 1980 524 NA 6,200,000 8/1/95 PROSPECTUS
26 1 MULTI-FAMILY CLEVELAND OH 44111 1965 294 237,312 5,900,000 8/1/95 PROSPECTUS
27 1 MULTI-FAMILY HOUSTON TX 77086 1983 229 151,080 5,370,000 8/1/95 PROSPECTUS
28 1 MULTI-FAMILY ANN ARBOR MI 48103 1991 108 NA 4,900,000 8/1/95 PROSPECTUS
29 1 MULTI-FAMILY METAIRIE LA 70001 1972 251 NA 4,900,000 8/1/95 PROSPECTUS
30 1 MULTI-FAMILY ORANGE NJ 07050 1969 83 NA 3,640,000 8/1/95 PROSPECTUS
31 1 MULTI-FAMILY HOUSTON TX 77052 1979 256 NA 3,500,000 8/1/95 PROSPECTUS
32 1 MULTI-FAMILY AVENAL CA 93204 1983 150 186,176 2,900,000 8/1/95 PROSPECTUS
33 1 MULTI-FAMILY ABILENE TX 79601 1983 288 NA 3,000,000 8/1/95 PROSPECTUS
34 1 MULTI-FAMILY LUBBOCK TX 79414 1974 124 123,604 2,800,000 8/1/95 PROSPECTUS
35 1 MULTI-FAMILY DALLAS TX 75228 1974 232 NA 2,326,400 8/1/95 PROSPECTUS
36 1 MULTI-FAMILY TAMPA FL 33607 1967 217 170,886 4,500,000 8/1/95 PROSPECTUS
37 1 MULTI-FAMILY ORANGE NJ 07050 1977 43 NA 1,660,000 8/1/95 PROSPECTUS
38 1 MULTI-FAMILY DALLAS TX 75228 1974 80 NA 873,600 8/1/95 PROSPECTUS
39 1 MANUFACTURED HOU MT MORRIS MI 48458 1968 598 NA 8,600,000 8/1/95 PROSPECTUS
40 1 MANUFACTURED HOU MONROE MI 48161 1971 431 NA 6,675,000 8/1/95 PROSPECTUS
41 1 MANUFACTURED HOU BILLINGS MT 59105 1971 213 NA 3,325,000 8/1/95 PROSPECTUS
42 1 MANUFACTURED HOU ALBUQUERQUE NM 87121 1986 176 NA 3,000,000 8/1/95 PROSPECTUS
43 1 MANUFACTURED HOU BOZEMAN MT 59715 1972 203 NA 3,000,000 8/1/95 PROSPECTUS
44 1 MANUFACTURED HOU PLAIN CITY OH 43064 1972 218 NA 2,950,000 8/1/95 PROSPECTUS
45 1 MANUFACTURED HOU WICHITA KS 67216 1970 281 NA 2,600,000 8/1/95 PROSPECTUS
46 1 MANUFACTURED HOU VERO BEACH FL 32966 1971 107 NA 2,350,000 8/1/95 PROSPECTUS
47 1 MANUFACTURED HOU WEST JORDAN UT 84088 1974 170 NA 2,100,000 8/1/95 PROSPECTUS
48 1 MANUFACTURED HOU BURNSVILLE MN 55337 1972 223 NA 3,850,000 8/1/95 PROSPECTUS
49 1 MANUFACTURED HOU CLEARWATER FL 34620 1964 94 NA 1,600,000 8/1/95 PROSPECTUS
50 1 MANUFACTURED HOU ROSEBERG OR 97470 1972 90 NA 1,550,000 8/1/95 PROSPECTUS
51 1 MANUFACTURED HOU BOZEMAN MT 59715 1972 92 NA 1,400,000 8/1/95 PROSPECTUS
52 1 HEALTH CARE WAYNE NJ 07470 1989 150 NA 15,000,000 8/1/95 PROSPECTUS
53 1 HEALTH CARE WEYMOUTH MA 02188 1963 205 NA 10,600,000 8/1/95 PROSPECTUS
54 1 HEALTH CARE OREGON CITY OR 97045 1968 96 NA 3,500,000 8/1/95 PROSPECTUS
55 1 RETAIL LOS ANGELES CA 90015 1993 NA 60,601 15,750,000 8/1/95 PROSPECTUS
56 1 RETAIL DEWITT NY 13214 1962 15 178,259 8,500,000 8/1/95 PROSPECTUS
57 1 RETAIL FREDRICKSBURG VA 22408 1978 NA 114,527 5,500,000 8/1/95 PROSPECTUS
58 1 RETAIL TOWNSEND MA 01469 1986 NA 97,192 6,600,000 8/1/95 PROSPECTUS
59 1 RETAIL HENREITTA NY 14623 1986 NA 36,153 3,000,000 8/1/95 PROSPECTUS
60 1 RETAIL HALTOM TX 76111 1956 NA 60,000 2,000,000 8/1/95 PROSPECTUS
61 1 WAREHOUSE ALBUQUERQUE NM 87107 1976 638 NA 3,260,000 8/1/95 PROSPECTUS
</TABLE>
Page - 13
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY PERFORMANCE
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 29-MAY-96
<CAPTION>
BASELINE OR MOST YTD YTD
ASSET PROP MOST RECENT NOI RECENT YTD PERIOD PERIOD PERCENT
NO NO ANNUAL NOI AS OF NOI SOURCE NOI BEGIN ENDING YTD NOI SOURCE OCCUPIED AS OF
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01 1 616,096 8/1/95 PROSPECTUS $ 427,447 1/1/95 11/30/95 BORROWER 89.0% 8/1/95
02 1 2,065,087 8/1/95 PROSPECTUS $2,975,706 1/1/95 12/31/95 BORROWER 77.0% 11/30/95
03 1 1,538,120 8/1/95 PROSPECTUS $1,922,584 1/1/95 12/31/95 BORROWER 81.0% 12/31/95
04 1 677,945 8/1/95 PROSPECTUS $ 642,086 1/1/95 9/30/95 BORROWER 74.0% 8/1/95
05 1 745,993 8/1/95 PROSPECTUS $ 445,314 1/1/95 9/30/95 BORROWER 66.1% 9/30/95
06 1 595,501 8/1/95 PROSPECTUS NA NA NA NA 60.0% 8/1/95
07 1 502,327 8/1/95 PROSPECTUS $ 444,843 1/1/95 12/31/95 BORROWER 97.0% 8/1/95
08 1 442,687 8/1/95 PROSPECTUS $ 511,094 9/1/94 8/31/95 BORROWER 64.3% 8/31/95
09 1 434,883 8/1/95 PROSPECTUS $ 367,358 1/1/95 9/30/95 BORROWER 70.0% 8/1/95
10 1 517,855 8/1/95 PROSPECTUS $ 543,159 1/1/95 12/31/95 BORROWER 74.0% 12/31/95
11 1 614,957 8/1/95 PROSPECTUS $ 733,498 1/1/95 12/31/95 BORROWER 77.0% 8/1/95
12 1 470,449 8/1/95 PROSPECTUS $ 566,816 1/1/95 12/31/95 BORROWER 61.4% 10/31/95
13 1 388,242 8/1/95 PROSPECTUS $ 504,345 1/1/95 12/31/95 BORROWER 68.0% 12/31/95
14 1 380,567 8/1/95 PROSPECTUS $ 374,635 1/1/95 12/31/95 BORROWER 55.0% 12/31/95
15 1 332,464 8/1/95 PROSPECTUS $ 257,228 1/1/95 12/31/95 BORROWER 65.0% 12/31/95
16 1 229,302 8/1/95 PROSPECTUS $ 113,096 1/1/95 12/31/95 BORROWER 67.0% 8/1/95
17 1 243,255 8/1/95 PROSPECTUS $ 290,592 1/1/95 12/31/95 BORROWER 67.6% 12/31/95
18 1 1,313,110 8/1/95 PROSPECTUS $1,041,727 1/1/95 12/31/95 BORROWER 86.0% 2/15/96
19 1 1,220,298 8/1/95 PROSPECTUS $1,371,132 1/1/95 12/31/95 BORROWER 97.0% 8/1/95
20 1 1,072,140 8/1/95 PROSPECTUS $ 980,686 1/1/95 12/31/95 BORROWER 94.4% 12/31/95
21 1 1,261,882 8/1/95 PROSPECTUS $ 971,429 1/1/95 12/31/95 BORROWER 93.9% 12/31/95
22 1 926,197 8/1/95 PROSPECTUS $ 780,008 1/1/95 11/30/95 BORROWER 94.0% 8/1/95
23 1 827,531 8/1/95 PROSPECTUS $ 940,022 1/1/95 12/31/95 BORROWER 94.0% 12/31/95
24 1 746,855 8/1/95 PROSPECTUS $ 488,173 1/1/95 9/30/95 BORROWER 98.0% 8/1/95
25 1 821,450 8/1/95 PROSPECTUS $ 173,642 5/11/95 9/30/95 MANAGEMENT COMPANY 72.0% 10/3/95
26 1 598,393 8/1/95 PROSPECTUS NA NA NA NA 90.0% 12/15/95
27 1 541,800 8/1/95 PROSPECTUS $ 491,563 1/1/95 12/31/95 PROPERTY MANAGEMENT 89.1% 12/31/95
28 1 471,783 8/1/95 PROSPECTUS $ 279,244 1/1/95 9/30/95 BORROWER 100.0% 10/31/95
29 1 545,120 8/1/95 PROSPECTUS $ 472,618 1/1/95 12/31/95 BORROWER 86.0% 12/31/95
30 1 399,441 8/1/95 PROSPECTUS $ 785,624 1/1/95 9/30/95 BORROWER 95.2% 9/30/95
31 1 413,519 8/1/95 PROSPECTUS $ 182,467 1/1/95 9/30/95 MANAGEMENT COMPANY 90.2% 9/30/95
32 1 334,592 8/1/95 PROSPECTUS $ 65,201 1/1/96 2/29/96 MANAGEMENT COMPANY 91.3% 9/30/95
33 1 329,505 8/1/95 PROSPECTUS $ 579,741 1/1/95 12/31/95 BORROWER 95.0% 2/9/96
34 1 320,147 8/1/95 PROSPECTUS $ 155,828 1/1/95 12/31/95 BORROWER 94.4% 2/15/96
35 1 319,856 8/1/95 PROSPECTUS NA 3/1/95 12/31/95 BORROWER 99.1% 10/2/95
36 1 284,434 8/1/95 PROSPECTUS $ 325,917 1/1/95 12/31/95 BORROWER 95.0% 12/31/95
37 1 161,947 8/1/95 PROSPECTUS $ 145,097 1/1/95 12/31/95 BORROWER 93.0% 12/31/95
38 1 110,295 8/1/95 PROSPECTUS $ 78,887 3/1/95 9/30/95 BORROWER 98.8% 10/2/95
39 1 834,796 8/1/95 PROSPECTUS $ 704,129 1/1/95 12/31/95 BORROWER 93.0% 1/11/96
40 1 630,962 8/1/95 PROSPECTUS $ 395,493 7/1/95 12/31/95 BORROWER 96.5% 12/31/95
41 1 319,910 8/1/95 PROSPECTUS $ 352,291 1/1/95 12/31/95 BORROWER 99.5% 12/31/95
42 1 293,490 8/1/95 PROSPECTUS $ 261,720 1/1/95 12/31/95 BORROWER 99.5% 12/31/95
43 1 335,485 8/1/95 PROSPECTUS $ 312,303 1/1/95 12/31/95 BORROWER 100.0% 12/31/95
44 1 319,524 8/1/95 PROSPECTUS $ 381,508 1/1/95 12/31/95 BORROWER 100.0% 12/31/95
45 1 293,783 8/1/95 PROSPECTUS $ 130,605 7/15/95 12/31/95 MANAGEMENT COMPANY 95.0% 12/1/95
46 1 233,830 8/1/95 PROSPECTUS NA NA NA NA 99.0% 8/1/95
47 1 228,568 8/1/95 PROSPECTUS $ 148,040 1/1/95 9/30/95 BORROWER 100.0% 8/1/95
48 1 430,423 8/1/95 PROSPECTUS $ 498,811 1/1/95 12/31/95 BORROWER 100.0% 12/31/95
49 1 155,827 8/1/95 PROSPECTUS $ 153,300 1/1/95 12/31/95 BORROWER 98.0% 11/30/95
50 1 144,363 8/1/95 PROSPECTUS $ 147,372 1/1/95 12/31/95 BORROWER 97.8% 12/31/95
51 1 161,794 8/1/95 PROSPECTUS $ 155,222 1/1/95 12/31/95 BORROWER 100.0% 12/31/95
52 1 2,255,203 8/1/95 PROSPECTUS $1,834,805 1/1/95 12/31/95 BORROWER 98.6% 12/31/95
53 1 1,057,390 8/1/95 PROSPECTUS $ 973,443 1/1/95 12/31/95 BORROWER 94.2% 12/31/95
54 1 532,028 8/1/95 PROSPECTUS $ 465,421 1/1/95 12/31/95 BORROWER 88.5% 12/31/95
55 1 1,800,573 8/1/95 PROSPECTUS NA NA NA NA 95.0% 8/1/95
56 1 968,857 8/1/95 PROSPECTUS $1,066,684 1/1/95 12/31/95 BORROWER 96.0% 12/31/95
57 1 739,149 8/1/95 PROSPECTUS $ 696,890 1/1/95 12/31/95 BORROWER 100.0% 2/15/96
58 1 658,350 8/1/95 PROSPECTUS $ 610,519 1/1/95 12/31/95 BORROWER 87.3% 12/31/95
59 1 293,656 8/1/95 PROSPECTUS NA NA NA NA 90.0% 8/1/95
60 1 287,315 8/1/95 PROSPECTUS $ 363,219 1/1/95 12/31/95 BORROWER 100.0% 8/1/95
61 1 377,168 8/1/95 PROSPECTUS $ 400,196 1/1/95 12/31/95 MANAGEMENT COMPANY 75.0% 1/17/96
</TABLE>
Page - 14
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET COMMENTS
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 29-MAY-96
LOAN 01 - 1: Partial Year Statement Comment: 11/30/95 - YEAR TO DATE
REVENUE IS 5% BELOW BASELINE EXPECTATIONS, WHILE YEAR TO DATE EXPENSES ARE
20% ABOVE BASELINE EXPECTATIONS.
LOAN 02 - 1: Partial Year Statement Comment: 12/31/95 - THE AVERAGE
ROOM RATE ROSE TO $207. THIS IS A $22 INCREASE FROM PREVIOUS YEAR. AS A
RESULT, REVENUE IS 2% ABOVE BASELINE PROJECTIONS AND 6% ABOVE PREVIOUS
YEAR.
LOAN 03 - 1:
LOAN 04 - 1:
LOAN 05 - 1: Partial Year Statement Comment: 9/30/95 - REPAIR AND
MAINTENANCE EXPENSE IS 115% GREATER THAN BASELINE ESTIMATE.
LOAN 06 - 1: Status Comment: CONSISTENTLY DELINQUENT. BORROWER HAS NOT
SUBMITTED CURRENT FINANCIAL STATEMENTS. BORROWER IS MEETING WITH HOLIDAY
INN CONCERNING FRANCHISOR'S UPGRADE REQUIREMENTS.
LOAN 07 - 1: Partial Year Statement Comment: 12/31/95 - OPERATING
EXPENSES ARE 58% ABOVE BASELINE PREDICTIONS.
LOAN 08 - 1:
LOAN 09 - 1:
LOAN 10 - 1:
LOAN 11 - 1: Partial Year Statement Comment: 12/31/95 - NOI IS 19%
ABOVE BASELINE EXPECTATIONS, BUT IS CONSISTENT WITH PREVIOUS YEAR.
LOAN 12 - 1: Partial Year Statement Comment: 12/31/95 - REVENUE IS 12%
HIGHER IN 1995 THAN IN 1994. THE AVERAGE OCCUPANCY HAS RISEN FROM 57.4% TO
61.4%. ADDITIONALLY, THE HOTEL SOLD 1885 MORE ROOMS IN 95 VERSUS 94.
LOAN 13 - 1: Partial Year Statement Comment: 12/31/95 - REVENUE IS 18%
ABOVE BASELINE PROJECTIONS, AND 11% HIGHER THAN THE PREVIOUS YEAR.
LOAN 14 - 1:
LOAN 15 - 1: Partial Year Statement Comment: 12/31/95 - REVENUE IS
DOWN 4% FROM BASELINE PROJECTIONS. ADDITIONALLY, G&A EXPENSES ARE UP 76%
AND R&M ARE UP 26% OVER THEIR BASELINES, RESPECTIVELY.
LOAN 16 - 1: Status Comment: BORROWER IS ATTEMPTING TO REPOSITION THE
HOTEL IN THE MARKET DUE TO INCREASED COMPETITION. DSCR AS OF 12/31/95
STATEMENT IS 0.75. Partial Year Statement Comment: 12/31/95 - ANNUAL
REVENUE IS 19% BELOW BASELINE AND 18% BELOW PRIOR YEAR. BORROWER INDICATES
IN BUSINESS PLAN THAT THEY ARE ATTEMPTING TO REPOSITION HOTEL IN MARKET DUE
TO INCREASED COMPETITION IN THEIR CURRENT MARKET SEGMENT.
LOAN 17 - 1:
LOAN 18 - 1: Partial Year Statement Comment: 12/31/95 - REVENUE IS 6%
BELOW BASELINE PROJECTION WHILE REPAIR AND MAINTENANCE EXPENSE IS 70% ABOVE
BASELINE PROJECTION.
LOAN 19 - 1:
LOAN 20 - 1: Partial Year Statement Comment: 12/31/95 - REVENUE IS 10%
BELOW BASELINE PROJECTION.
LOAN 21 - 1: Partial Year Statement Comment: 12/31/95 - REVENUES ARE
6% BELOW BASELINE PREDICTIONS, WHILE EXPENSES ARE 20% ABOVE BASELINE.
ADDITIONALLY, CAPITAL EXPENDITURES ARE UP BY 186% OVER THE BASELINE.
LOAN 22 - 1:
LOAN 23 - 1:
LOAN 24 - 1:
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LOAN 25 - 1: Partial Year Statement Comment: 9/30/95 - YEAR TO DATE
STATEMENT INCLUDES $6,645 IN ONE TIME EXPENSES FOR CONSULTANTS AND PROPERTY
TAX CONSULTANTS. 4 1/2 MONTH STATEMENT APPEARS TO INCLUDE 54% OF ANNUAL
ESTIMATED INSURANCE EXPENSE AND 82% OF ANNUAL ESTIMATED PROPERTY TAX.
LOAN 26 - 1:
LOAN 27 - 1:
LOAN 28 - 1: Status Comment: THIS LOAN IS CONSISTENTLY DELINQUENT.
Partial Year Statement Comment: 9/30/95 - YEAR TO DATE EXPENSES ARE 25%
ABOVE BASELINE LEVEL AND 12% ABOVE 1994. VARIANCES ARE IN UTILITY AND
GENERAL AND ADMINISTRATIVE EXPENSES.
LOAN 29 - 1: Partial Year Statement Comment: 12/31/95 - CAPITAL
EXPENDITURES ARE UNUSUALLY HIGH. BORROWER REPORTS EXPENDITURE IS DUE TO
PURCHASE OF APPLIANCES, BALCONY REPAIR, NEW PATIO FENCES, A NEW FENCE ON
THE SOUTH SIDE OF PROPERTY, EXTERIOR PAINTING, PARKING LOT REPAIR, AND ROOF
REPAIR.
LOAN 30 - 1: Partial Year Statement Comment: 9/30/95 - INCOME
STATEMENT INCLUDES NET $72,555 REFUND FROM PROPERTY TAX APPEAL.
LOAN 31 - 1: Partial Year Statement Comment: 9/30/95 - PROPERTY
MANAGER INDICATES THAT THIRD QUARTER OPERATIONS REFLECT A CHANGE IN
MANAGEMENT AND THE BEGINNING OF A SECOND PHASE OF RENOVATIONS.
LOAN 32 - 1:
LOAN 33 - 1: Partial Year Statement Comment: 12/31/95 - BASE RENTAL
REVENUE IS 36% HIGHER THAN BASELINE PROJECTION.
LOAN 34 - 1: Status Comment: DSCR AS OF 12/31/95 STATEMENT IS 0.71.
Partial Year Statement Comment: 12/31/95 - NOI DID NOT MEET BASELINE
EXPECTATIONS DUE TO HIGHER THAN PROJECTED EXPENSES FOR REPLACING CARPETS,
PAINTING, AND OTHER REPAIRS. BORROWER INDICATES THAT THESE ARE ROUTINE
EXPENSES.
LOAN 35 - 1:
LOAN 36 - 1:
LOAN 37 - 1:
LOAN 38 - 1: Partial Year Statement Comment: 9/30/95 - BORROWER
REPORTS ON PHASES II, III, & IV ON A SINGLE OPERATING STATEMENT. OPERATING
RESULTS WERE PRORATED BASED ON THE NUMBER OF UNITS TO REFLECT PHASE II
OPERATIONS ON THIS ASSET.
LOAN 39 - 1:
LOAN 40 - 1:
LOAN 41 - 1: Partial Year Statement Comment: 12/31/95 - BORROWER
STATEMENT DOES NOT INCLUDE PROPERTY TAX EXPENDITURE. THE AMOUNT ENTERED IS
FROM SERVICING INFORMATION.
LOAN 42 - 1: Partial Year Statement Comment: 12/31/95 - OPERATING
EXPENSES ARE RUNNING 13% ABOVE BASELINE PROJECTIONS. ADDITIONALLY, NOI IS
11% BELOW THE BASELINE PROJECTION.
LOAN 43 - 1: Partial Year Statement Comment: 12/31/95 - BORROWER
STATEMENT DID NOT INCLUDE ANY EXPENDITURE FOR PROPERTY TAX. THE AMOUNT
ENTERED WAS FROM SERVICING INFORMATION.
LOAN 44 - 1: Partial Year Statement Comment: 12/31/95 - OPERATING
EXPENSES ARE UNUSUALLY LOW. PROPERTY MANAGEMENT IS 64% BELOW BASELINE, G&A
EXPENSES ARE 93% BELOW, AND REPAIRS AND MAINT. ARE 72% BELOW BASELINE
PROJECTIONS. OVERALL, TOTAL OPERATING EXPENSE IS 19% UNDER BASELINE
PREDICTIONS.
LOAN 45 - 1: Partial Year Statement Comment: 12/31/95 - RECLASSIFIED
$68,621 FROM OPERATING EXPENSE TO CAPITAL EXPENSE. BORROWER INDICATED THAT
THESE WERE FEES ASSOCIATED WITH CLOSING.
LOAN 46 - 1:
LOAN 47 - 1: Partial Year Statement Comment: 9/30/95 - REPAIR AND
MAINTENANCE EXPENSE IS $42,900 OVER BASELINE ESTIMATE YEAR TO DATE.
LOAN 48 - 1:
LOAN 49 - 1:
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LOAN 50 - 1:
LOAN 51 - 1: Partial Year Statement Comment: 12/31/95 - BORROWER
STATEMENT LISTED NO EXPENDITURE FOR PROPERTY TAXES. THE FIGURES USED ARE
FROM SERVICING INFORMATION.
LOAN 52 - 1: Status Comment: LAWSUIT AGAINST BORROWER FILED BY
CONTRACTOR FOR MECHANIC'S LIEN DISPUTE. Partial Year Statement Comment:
12/31/95 - OPERATING EXPENSES ARE 15% HIGHER THAN BASELINE PROJECTIONS.
SPECIFICALLY, G&A EXPENSES ARE 118% ABOVE PROJECTIONS AND R&M EXPENSES ARE
RUNNING 521% HIGHER THAN BASELINE.
LOAN 53 - 1:
LOAN 54 - 1:
LOAN 55 - 1:
LOAN 56 - 1:
LOAN 57 - 1: Partial Year Statement Comment: 12/31/95 - OPERATING
STATEMENT DID NOT INCLUDE INSURANCE EXPENSE. ENTERED ESTIMATE OF INSURANCE
EXPENSE BASED ON SERVICING INFORMATION.
LOAN 58 - 1:
LOAN 59 - 1:
LOAN 60 - 1:
LOAN 61 - 1:
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