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) September 11, 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 September 11, 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 September 11, 1996.
EX-20: Loan data file as of September 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
/s/ Lawrence D. Ashley
By: Lawrence D. Ashley
Title: Director of MBS Programs
Date: September 11, 1996
EXHIBIT INDEX
Sequential
Document Page Number
EX-19 Monthly Statement to the Certificateholders 3
dated as of September 11, 1996
EX-20 Loan data file as of September 1996 10
Page - 2
ABN AMRO
LaSalle National Bank
Administrator:
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 1740
Chicago, IL 60603
Statement Date: 09/11/96
Payment Date: 09/11/96
Prior Payment: 08/12/96
Record Date: 08/30/96
WAC: 10.187565%
WAMM: 151
<TABLE>
Asset Securitization Corporation
Midland Loan Services L.P. as Servicer
Commercial Pass-Through Certificates
Series 1995-D1
ABN AMRO Acct: 67-7390-40-3
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
A-1 ................ 149,721,771 147,622,841 184,641
045424AA6 .......... 1000.000000 985.981133 1.233231
A-1CS .............. 210,875,735 N 208,776,805 0
045424AC2,U04509AA0 1000.000000 990.046604 0.000000
A-2 ................ 12,652,544 12,652,544 0
045424AB4 .......... 1000.000000 1000.000000 0.000000
A-3 ................ 11,598,165 11,598,165 0
045424AD0,U04509AB6 1000.000000 1000.000000 0.000000
A-4 ................ 6,326,272 6,326,272 0
045424AE8,U04509AC6 1000.000000 1000.000000 0.000000
B-1 ................ 17,924,437 17,924,437 0
045424AF5,U04509AD4 1000.000000 1000.000000 0.000000
B-2 ................ 9,489,408 9,489,408 0
045424AG3,U04509AE2 1000.000000 1000.000000 0.000000
B-3A ............... 3,162,138 3,162,138 0
045424AH1,U04509AF9 1000.000000 1000.000000 0.000000
B-3B ............... 1,000 1,000 0
045424AJ7 .......... 1000.000000 1000.000000 0.000000
B-4A ............... 0 0 0
045424AK4 .......... 1000.000000 0.000000 0.000000
B-4B ............... 0 0 0
045424AL2 .......... 1000.000000 0.000000 0.000000
R .................. 0 0 0
045424AM0 .......... 1000.000000 0.000000 0.000000
- -------------------- ---------------- --------------- --------------
210,875,735 208,776,805 184,641
================ =============== ==============
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 3
<PAGE>
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 ................ 0 0 147,438,200
045424AA6 .......... 0.000000 0.000000 984.747902
A-1CS .............. 0 0 208,592,164
045424AC2,U04509AA0 0.000000 0.000000 989.171011
A-2 ................ 0 0 12,652,544
045424AB4 .......... 0.000000 0.000000 1000.000000
A-3 ................ 0 0 11,598,165
045424AD0,U04509AB6 0.000000 0.000000 1000.000000
A-4 ................ 0 0 6,326,272
045424AE8,U04509AC6 0.000000 0.000000 1000.000000
B-1 ................ 0 0 17,924,437
045424AF5,U04509AD4 0.000000 0.000000 1000.000000
B-2 ................ 0 0 9,489,408
045424AG3,U04509AE2 0.000000 0.000000 1000.000000
B-3A ............... 0 0 3,162,138
045424AH1,U04509AF9 0.000000 0.000000 1000.000000
B-3B ............... 0 0 1,000
045424AJ7 .......... 0.000000 0.000000 1000.000000
B-4A ............... 0 0 0
045424AK4 .......... 0.000000 0.000000 0.000000
B-4B ............... 0 0 0
045424AL2 .......... 0.000000 0.000000 0.000000
R .................. 0 0 0
045424AM0 .......... 0.000000 0.000000 0.000000
- -------------------- ---------------- --------------- --------------
0 0 208,592,164
================ =============== ==============
Total P&I Payment 1,929,012
==============
<TABLE>
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
A-1 ................ 933,714 0 7.59000000%
045424AA6 .......... 6.236331 0.000000 Fixed
A-1CS .............. 427,569 0 2.45756469%
045424AC2,U04509AA0 2.027586 0.000000 2.45762648%
A-2 ................ 80,027 0 7.59000000%
045424AB4 .......... 6.325000 0.000000 Fixed
A-3 ................ 73,358 0 7.59000000%
045424AD0,U04509AB6 6.325000 0.000000 Fixed
A-4 ................ 40,014 0 7.59000000%
045424AE8,U04509AC6 6.325000 0.000000 Fixed
B-1 ................ 113,372 0 7.59000000%
045424AF5,U04509AD4 6.325000 0.000000 Fixed
B-2 ................ 60,021 0 7.59000000%
045424AG3,U04509AE2 6.325000 0.000000 Fixed
B-3A ............... 16,290 0 7.59000000%
045424AH1,U04509AF9 5.151511 0.000000 Fixed
B-3B ............... 5 0 7.59000000%
045424AJ7 .......... 5.149743 0.000000 Fixed
B-4A ............... 0 0 None
045424AK4 .......... 0.000000 0.000000 0.00000000%
B-4B ............... 0 0 None
045424AL2 .......... 0.000000 0.000000 0.00000000%
R .................. 0 0 None
045424AM0 .......... 0.000000 0.000000 0.00000000%
- -------------------- ---------------- --------------- --------------
1,744,370 0
=============== ==============
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Deferred Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 4
<PAGE>
SERVICING COMPENSATION
Servicing Fee 24,357.29
Less Trustee Fees (2,174.76)
Net Servicing Fees 22,182.53
Special Servicing Compensation 0.00
OTHER FEES
Prepayment Premiums 0.00
Net Default Interest 0.00
Excess Interest 0.00
----
Total 0.00
====
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 71,143.72
B-3B 22.50
B-4A 0.00
POOL INFORMATION
Beginning Ending
Loan Count 61 61
Balance 208,776,805.42 208,592,163.96
ADVANCE SUMMARY
Advance Interest 127,442.25
Subsequent Advance Interest (127,442.25)
First Month Advance 0.00
Subsequent Advance Interest 127,442.25
Less Sub. Interest Distribution (20,006.85)
Net 107,435.40
----------
Total Current Advance 107,435.40
==========
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
` Other
Loan Number Loan Name Balance Book Value Recovery
Aggregate
Other
Amount Revenues
Of Proceeds Collected
Page - 5
<PAGE>
MORTGAGED PROPERTIES OCCUPANCY PERCENTAGE
Collateral Number of
Id Properties Occupancy % As Of
030207585 1 85% 08/01/95
030207586 1 97% 08/01/95
030207587 1 98% 08/01/95
030207588 1 90% 08/01/95
030207589 1 67% 08/01/95
030207591 1 51% 08/01/95
030207595 1 97% 08/01/95
030207602 1 91% 08/01/95
030207614 1 85% 08/01/95
030207624 1 80% 08/01/95
030207685 1 88% 08/01/95
030207905 1 89% 08/01/95
030207906 1 100% 08/01/95
030207907 1 99% 08/01/95
030207908 1 100% 08/01/95
030207912 1 97% 08/08/95
030207913 1 97% 08/01/95
030207915 1 96% 08/01/95
030207922 1 95% 08/01/95
030207930 1 81% 08/01/95
030207931 1 99% 08/01/95
030207932 1 100% 08/01/95
030207933 1 100% 08/01/95
030207935 1 100% 08/01/95
030207937 1 92% 08/01/95
030208082 2 81% 08/01/95
030208094 2 81% 08/01/95
030208101 1 89% 08/01/95
030208102 1 90% 08/01/95
030208210 1 80% 08/01/95
030208219 1 77% 08/01/95
030208220 1 99% 07/31/95
030208221 1 94% 08/01/95
030208227 1 100% 08/01/95
030208232 1 100% 08/01/95
030208233 1 100% 08/01/95
030208234 2 96% 08/01/95
030208307 1 97% 08/01/95
030208352 1 74% 08/01/95
030208353 1 70% 08/01/95
030208372 1 94% 08/01/95
030208373 3 81% 08/01/95
030208381 1 98% 08/01/95
030208391 1 100% 08/01/95
030208512 1 93% 08/01/95
030208521 1 71% 08/01/95
030208536 1 100% 08/01/95
030208956 1 77% 08/01/95
030210007 1 97% 08/01/95
030210008 1 96% 08/01/95
030210009 1 65% 08/01/95
030210010 1 95% 08/01/95
030210093 1 64% 08/01/95
030210094 1 70% 08/01/95
030210095 1 71% 08/01/95
030210096 1 58% 08/01/95
030210097 1 70% 08/01/95
030210098 1 86% 08/01/95
030210099 1 97% 08/01/95
030210200 1 97% 08/01/95
030210201 1 60% 08/01/95
Page - 6
<PAGE>
<TABLE>
DELINQUENCIES & REOS
<CAPTION>
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months
Date # Balance # Balance # Balance
<C> <C> <C> <C> <C> <C> <C>
09/11/96 ... 0 0 1 1,099,524 0 0
/ .......... 0.00% 0.000% 1.64% 0.527% 0.00% 0.000%
08/12/96 ... 0 0 1 1,100,865 0 0
/ .......... 0.00% 0.000% 1.64% 0.527% 0.00% 0.000%
07/11/96 ... 1 1,102,192 0 0 0 0
/ .......... 1.64% 0.527% 0.00% 0.000% 0.00% 0.000%
06/11/96 ... 1 1,103,505 0 0 0 0
/ .......... 1.64% 0.527% 0.00% 0.000% 0.00% 0.000%
05/13/96 ... 0 0 0 0 0 0
/ .......... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
04/11/96 ... 1 11,143,759 0 0 0 0
/ .......... 1.64% 5.315% 0.00% 0.000% 0.00% 0.000%
03/11/96 ... 2 12,259,062 0 0 0 0
/ .......... 3.28% 5.842% 0.00% 0.000% 0.00% 0.000%
02/12/96 ... 0 0 0 0 0 0
/ .......... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
01/11/96 ... 0 0 0 0 0 0
/ .......... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
12/11/95 ... 1 1,111,112 0 0 0 0
/ .......... 1.64% 0.528% 0.00% 0.000% 0.00% 0.000%
11/13/95 ... 0 0 0 0 0 0
/ .......... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
10/11/95 ... 0 0 0 0 0 0
/ .......... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
09/11/95 ... 0 0 0 0 0 0
/ .......... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
</TABLE>
<TABLE>
<CAPTION>
Distribution Foreclosure Balance
Date # Balance Of REOs
<C> <C> <C> <C>
09/11/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
08/12/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
07/11/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
06/11/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
05/13/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
04/11/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
03/11/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
02/12/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
01/11/96 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
12/11/95 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
11/13/95 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
10/11/95 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
09/11/95 ........... 0 0 0
/ .................. 0.00% 0.000% 0.000%
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Page - 7
<PAGE>
Prepayments
Distribution Begin Pool Prepayment $ Sched
Date Balance (#) (# of Payoffs) Principal
09/11/96 ........... 208,776,805 0 184,641
/ .................. 61 0
08/12/96 ........... 208,959,903 0 183,098
/ .................. 61 0
07/11/96 ........... 209,141,470 0 181,567
/ .................. 61 0
06/11/96 ........... 209,321,520 0 180,049
/ .................. 61 0
05/13/96 ........... 209,500,064 0 178,544
/ .................. 61 0
04/11/96 ........... 209,677,116 0 177,052
/ .................. 61 0
03/11/96 ........... 209,852,688 0 175,572
/ .................. 61 0
02/12/96 ........... 210,026,793 (0) 174,105
/ .................. 61 0
01/11/96 ........... 210,199,442 0 172,650
/ .................. 61 0
12/11/95 ........... 210,370,649 (0) 171,207
/ .................. 61 0
11/13/95 ........... 210,540,426 0 169,776
/ .................. 61 0
10/11/95 ........... 210,708,820 36 168,358
/ .................. 61 0
09/11/95 ........... 210,875,762 (27) 166,942
/ .................. 61 0
Rates & Maturity
Distribution Next Weighted
Date Avg. Coupon Remit WAMM
09/11/96 ........... 10.187626% 10.047626% 151
08/12/96 ........... 10.187565% 10.047565% 152
07/11/96 ........... 10.187503% 10.047503% 153
06/11/96 ........... 10.187441% 10.047441% 154
05/13/96 ........... 10.187380% 10.047380% 155
04/11/96 ........... 10.187318% 10.047318% 156
03/11/96 ........... 10.187257% 10.047257% 157
02/12/96 ........... 10.187196% 10.047196% 158
01/11/96 ........... 10.187135% 10.047135% 159
12/11/95 ........... 10.187074% 10.047074% 160
11/13/95 ........... 10.187013% 10.047013% 161
10/11/95 ........... 10.186952% 10.046952% 162
09/11/95 ........... 10.186891% 10.046891% 163
<TABLE>
DELINQUENCY LOAN DETAIL
<CAPTION>
Outstanding
Paid Outstanding Property
Disclosure Doc Thru Current P&I P&I Protection
Control # Period Date Advance Advances(1) Advances
<S> <C> <C> <C> <C> <C>
30207589 199609 06/01/96 12,486.98 37,460.49 0.00
30207906 199609 08/01/96 13,845.97 13,845.97 0.00
30207915 199609 08/01/96 57,597.32 57,597.32 0.00
30207586 199609 08/01/96 18,089.89 18,089.89 0.00
30207602 199609 08/01/96 36,875.28 36,875.28 0.00
- -------- ------ -------- ---------- ---------- ----
TOTALS: 138,895.44 163,868.95 0.00
========== ========== ====
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
Page - 8
<PAGE>
<TABLE>
<CAPTION>
Special
Servicer
Disclosure Doc Advance Loan Transfer
Control # Period Description (1) Status (2) Date
<S> <C> <C> <C> <C>
30207589 199609 2 0 07/30/96
30207906 199609 B 0
30207915 199609 B 0
30207586 199609 A 0
30207602 199609 A 0
<FN>
(1) 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
(2) 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 Foreclosure Bankruptcy REO
Control # Period Date Date Date
30207589 199609
30207906 199609
30207915 199609
30207586 199609
30207602 199609
Servicer Advances For Current Distribution
Date As Of Close Of Business on: 09/10/96
Advances Due To Delinquency Or late Payment 83,930.27
Advances Due To Extended Grace Periods 54,965.18
(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 - 9
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN STATUS
PORTFOLIO: ASC SERIES 1995 D1 (NOMURA)
REPORTING PERIOD: SEPTEMBER, 1996
DATE PRINTED: 17-SEP-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 3,391,020 0 69.2% 1.51 N/A PERFORMING PERFORM TO MATURITY
02 8,801,971 0 46.3% 3.05 N/A PERFORMING PERFORM TO MATURITY
03 8,146,487 0 56.2% 1.94 N/A PERFORMING PERFORM TO MATURITY
04 3,991,815 0 69.3% 1.42 N/A PERFORMING PERFORM TO MATURITY
05 3,443,035 0 56.4% 1.16 N/A PERFORMING PERFORM TO MATURITY
06 3,335,834 0 71.0% 0.42 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
07 3,059,324 0 66.5% 1.25 N/A PERFORMING PERFORM TO MATURITY
08 2,770,557 0 50.4% 1.63 N/A PERFORMING PERFORM TO MATURITY
09 2,601,808 0 67.5% 1.40 N/A PERFORMING PERFORM TO MATURITY
10 2,497,895 0 60.9% 1.84 N/A PERFORMING PERFORM TO MATURITY
11 2,244,930 0 59.1% 2.75 N/A PERFORMING PERFORM TO MATURITY
12 2,251,509 0 62.5% 1.83 N/A PERFORMING PERFORM TO MATURITY
13 1,913,066 0 58.0% 2.23 N/A PERFORMING PERFORM TO MATURITY
14 1,781,745 0 59.4% 1.78 N/A PERFORMING PERFORM TO MATURITY
15 1,487,346 0 55.1% 1.47 N/A PERFORMING PERFORM TO MATURITY
16 1,103,505 67 54.5% 0.75 N/A NEGOTIATING MODIFICATIONS RESTRUCTURE/PERFORM TO MATURIT
17 980,361 0 40.8% 2.52 N/A PERFORMING PERFORM TO MATURITY
18 8,723,438 0 64.6% 1.04 N/A PERFORMING PERFORM TO MATURITY
19 8,625,286 0 69.6% 1.51 N/A PERFORMING PERFORM TO MATURITY
20 8,449,012 0 71.6% 1.18 N/A PERFORMING PERFORM TO MATURITY
21 8,361,935 0 67.4% 1.05 N/A PERFORMING PERFORM TO MATURITY
22 5,717,466 0 66.5% 1.41 N/A PERFORMING PERFORM TO MATURITY
23 5,496,716 0 72.3% 1.55 N/A PERFORMING PERFORM TO MATURITY
24 4,463,699 0 54.4% 1.47 N/A PERFORMING PERFORM TO MATURITY
25 4,456,766 0 71.9% 1.74 N/A PERFORMING PERFORM TO MATURITY
26 4,124,569 0 69.9% 1.13 N/A PERFORMING PERFORM TO MATURITY
27 3,963,895 0 73.8% 1.34 N/A PERFORMING PERFORM TO MATURITY
28 3,450,519 0 70.4% 1.24 N/A PERFORMING PERFORM TO MATURITY
29 2,952,350 0 60.3% 1.43 N/A PERFORMING PERFORM TO MATURITY
30 2,613,136 0 71.8% 1.44 N/A PERFORMING PERFORM TO MATURITY
31 2,499,529 0 71.4% 0.81 N/A PERFORMING PERFORM TO MATURITY
32 2,118,093 0 73.0% 1.48 N/A PERFORMING PERFORM TO MATURITY
33 2,055,733 0 68.5% 2.60 N/A PERFORMING PERFORM TO MATURITY
34 1,914,600 0 68.4% 0.71 N/A PERFORMING PERFORM TO MATURITY
35 1,577,985 0 67.8% 1.78 N/A PERFORMING PERFORM TO MATURITY
36 1,371,176 0 30.5% 1.93 N/A PERFORMING PERFORM TO MATURITY
37 1,033,421 0 62.3% 1.32 N/A PERFORMING PERFORM TO MATURITY
38 591,744 0 67.7% 1.64 N/A PERFORMING PERFORM TO MATURITY
39 5,242,937 0 61.0% 1.30 N/A PERFORMING PERFORM TO MATURITY
40 4,440,122 0 66.5% 1.40 N/A PERFORMING PERFORM TO MATURITY
41 2,116,021 0 63.6% 1.28 N/A PERFORMING PERFORM TO MATURITY
42 1,969,557 0 65.7% 1.19 N/A PERFORMING PERFORM TO MATURITY
43 1,945,036 0 64.8% 1.34 N/A PERFORMING PERFORM TO MATURITY
44 1,920,539 0 65.1% 2.01 N/A PERFORMING PERFORM TO MATURITY
45 1,874,678 0 72.1% 1.55 N/A PERFORMING PERFORM TO MATURITY
46 1,534,915 0 65.3% 1.41 N/A PERFORMING PERFORM TO MATURITY
47 1,459,074 5 69.5% 1.22 N/A PERFORMING PERFORM TO MATURITY
48 1,132,208 0 29.4% 3.98 N/A PERFORMING PERFORM TO MATURITY
49 1,056,926 0 66.1% 1.26 N/A PERFORMING PERFORM TO MATURITY
50 961,432 0 62.0% 1.33 N/A PERFORMING PERFORM TO MATURITY
51 935,587 0 66.8% 1.40 N/A PERFORMING PERFORM TO MATURITY
52 11,102,989 0 74.0% 1.41 N/A NEGOTIATING MODIFICATIONS RESTRUCTURE/PERFORM TO MATURIT
53 5,443,310 0 51.4% 1.39 N/A PERFORMING PERFORM TO MATURITY
54 1,755,312 0 50.2% 2.07 N/A PERFORMING PERFORM TO MATURITY
55 8,883,439 0 56.4% 1.19 N/A PERFORMING PERFORM TO MATURITY
56 4,093,971 0 48.2% 1.94 N/A PERFORMING PERFORM TO MATURITY
57 3,938,958 0 71.6% 1.52 N/A PERFORMING PERFORM TO MATURITY
58 3,868,200 0 58.6% 1.30 N/A PERFORMING PERFORM TO MATURITY
59 1,708,165 0 56.9% 1.45 N/A PERFORMING PERFORM TO MATURITY
60 1,381,713 0 69.1% 1.79 N/A PERFORMING PERFORM TO MATURITY
61 1,477,889 0 45.3% 2.28 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- -- ---- ---- --- ------------------------- ------------------------------
TOTAL 208,606,258
===========
</TABLE>
Page - 10
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS
PORTFOLIO: ASC SERIES 1995 D1 (NOMURA)
REPORTING PERIOD: SEPTEMBER, 1996
DATE PRINTED: 17-SEP-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 3,391,020 3/20/95 4/1/2020 283 11.130% F 33,941
02 8,801,971 6/28/95 7/1/2020 286 10.070% A 81,314
03 8,146,487 1/30/95 2/1/2020 281 11.260% F 82,415
04 3,991,815 5/3/95 6/1/2020 285 11.110% F 39,839
05 3,443,035 11/7/94 12/1/2019 279 10.840% F 33,856
06 3,335,834 6/28/95 7/1/2015 226 10.250% F 33,376
07 3,059,324 7/1/95 7/1/2020 286 10.320% A 28,798
08 2,770,557 6/30/95 7/1/2020 286 10.350% F 26,138
09 2,601,808 5/3/95 6/1/2020 285 11.110% F 25,967
10 2,497,895 11/7/94 12/1/2019 279 10.840% F 24,563
11 2,244,930 3/22/95 4/1/2015 223 10.000% F 22,196
12 2,251,509 12/7/94 1/1/2015 220 12.270% F 25,770
13 1,913,066 11/7/94 12/1/2019 279 10.840% F 18,812
14 1,781,745 11/7/94 12/1/2019 279 10.840% F 17,520
15 1,487,346 11/7/94 12/1/2019 279 10.840% F 14,625
16 1,103,505 11/23/94 12/1/2014 219 12.290% F 12,615
17 980,361 6/7/95 7/1/2015 226 9.930% F 9,604
18 8,723,438 1/27/95 2/1/2025 341 10.200% F 78,530
19 8,625,286 4/18/95 5/1/2020 284 9.360% F 75,599
20 8,449,012 6/12/95 7/1/2020 286 8.540% F 69,239
21 8,361,935 4/13/95 5/1/2020 284 10.040% F 77,206
22 5,717,466 4/10/95 5/1/2020 284 9.370% F 50,151
23 5,496,716 11/23/94 12/1/2024 339 10.250% F 49,734
24 4,463,699 11/18/94 12/1/2019 279 10.310% F 42,233
25 4,456,766 5/11/95 6/1/2020 285 9.450% F 39,299
26 4,124,569 12/16/94 1/1/2020 280 9.750% F 37,356
27 3,963,895 6/19/95 7/1/2025 346 8.420% F 30,530
28 3,450,519 4/5/95 3/1/2020 282 9.270% F 28,688
29 2,952,350 12/29/94 1/1/2020 280 10.170% F 27,621
30 2,613,136 4/17/95 5/1/2020 284 9.510% F 23,171
31 2,499,529 5/11/95 6/1/2020 285 9.050% F 21,360
32 2,118,093 3/30/95 4/1/2020 283 9.510% F 18,799
33 2,055,733 8/17/94 9/1/2019 276 9.650% F 18,567
34 1,914,600 11/23/94 12/1/2019 279 10.470% F 18,313
35 1,577,985 2/28/95 3/1/2020 282 10.350% F 14,936
36 1,371,176 11/18/94 12/1/2019 279 10.310% F 12,973
37 1,033,421 4/17/95 5/1/2020 284 9.510% F 9,164
38 591,744 2/28/95 3/1/2020 282 10.350% F 5,601
39 5,242,937 11/21/94 12/1/2024 339 9.690% F 45,302
40 4,440,122 6/30/95 7/1/2020 286 8.910% F 37,487
41 2,116,021 4/13/95 5/1/2020 284 9.690% F 19,025
42 1,969,557 1/31/95 2/1/2020 281 10.090% F 18,301
43 1,945,036 2/1/95 2/1/2020 281 10.110% F 18,100
44 1,920,539 5/26/95 6/1/2020 285 8.570% F 15,794
45 1,874,678 6/30/95 7/1/2020 286 8.900% F 15,815
46 1,534,915 12/19/94 1/1/2020 280 10.340% F 14,542
47 1,459,074 12/9/94 1/1/2020 280 10.540% F 14,016
48 1,132,208 2/1/95 2/1/2020 281 9.990% F 10,442
49 1,056,926 10/24/94 12/1/2019 279 10.460% F 10,119
50 961,432 12/22/94 1/1/2020 280 10.550% F 9,250
51 935,587 2/1/95 2/1/2020 281 10.110% F 8,706
52 11,102,989 5/12/95 5/1/2020 284 10.840% F 108,673
53 5,443,310 1/19/95 2/1/2020 281 12.075% F 58,232
54 1,755,312 12/27/94 1/1/2015 220 11.130% F 18,739
55 8,883,439 1/31/95 2/1/2020 281 11.070% F 88,666
56 4,093,971 12/13/94 1/1/2010 160 9.790% F 45,912
57 3,938,958 12/29/94 1/1/2020 280 10.415% F 37,525
58 3,868,200 11/10/94 12/1/2019 279 11.285% F 39,260
59 1,708,165 3/15/95 4/1/2020 283 10.500% F 16,334
60 1,381,713 6/15/95 7/1/2020 286 9.025% F 11,773
61 1,477,889 11/23/94 12/1/2019 279 10.950% F 14,648
- -- ----------- -------- --------- --- ------ ----- -------
TOTAL 208,606,258
===========
</TABLE>
Page - 11
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: ASC SERIES 1995 D1 (NOMURA)
REPORTING PERIOD: SEPTEMBER, 1996
DATE PRINTED: 17-SEP-96
<CAPTION>
ASSET PROP YEAR PROPERTY VALUATION VALUATION
NO 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 08/01/95 PROSPECTUS
02 1 LODGING LENOX MA 01240 1989 N/A N/A 19,000,000 08/01/95 PROSPECTUS
03 1 LODGING SANTA FE NM 87501 1991 N/A N/A 14,500,000 08/01/95 PROSPECTUS
04 1 LODGING SAVANNAH GA 31408 1987 N/A N/A 5,760,000 08/01/95 PROSPECTUS
05 1 LODGING FLORENCE SC 29502 1985 N/A N/A 6,100,000 08/01/95 PROSPECTUS
06 1 LODGING NASHVILLE TN 37203 1973 N/A N/A 4,700,000 08/01/95 PROSPECTUS
07 1 LODGING NEW YORK NY 10019 1920 N/A N/A 4,600,000 08/01/95 PROSPECTUS
08 1 LODGING LONGWOOD FL 32779 1973 N/A N/A 5,500,000 08/01/95 PROSPECTUS
09 1 LODGING SAVANNAH GA 31419 1984 N/A N/A 3,855,000 08/01/95 PROSPECTUS
10 1 LODGING HENDERSONVILLE NC 28739 1990 N/A N/A 4,100,000 08/01/95 PROSPECTUS
11 1 LODGING IRVING TX 70562 1973 N/A N/A 3,800,000 08/01/95 PROSPECTUS
12 1 LODGING DANVERS MA 01923 1973 N/A N/A 3,600,000 08/01/95 PROSPECTUS
13 1 LODGING HARDEEVILLE SC 29927 1989 N/A N/A 3,300,000 08/01/95 PROSPECTUS
14 1 LODGING SPARTANBURG SC 29303 1987 N/A N/A 3,000,000 08/01/95 PROSPECTUS
15 1 LODGING FLORENCE SC 29501 1972 N/A N/A 2,700,000 08/01/95 PROSPECTUS
16 1 LODGING SANTA FE NM 87505 1961 N/A N/A 2,025,000 08/01/95 PROSPECTUS
17 1 LODGING CHERRY HILL NJ 08002 1983 N/A N/A 2,400,000 08/01/95 PROSPECTUS
18 1 MULTI-FAMILY WARNER ROBINS GA 31093 1985 530 N/A 13,500,000 08/01/95 PROSPECTUS
19 1 MULTI-FAMILY LITHONIA GA 30038 1972 415 519,138 12,400,000 08/01/95 PROSPECTUS
20 1 MULTI-FAMILY LINDENWALD NJ 08021 1971 376 N/A 11,800,000 08/01/95 PROSPECTUS
21 1 MULTI-FAMILY AUSTIN TX 78759 1982 329 N/A 12,400,000 08/01/95 PROSPECTUS
22 1 MULTI-FAMILY TEMPE AZ 85281 1984 288 N/A 8,600,000 08/01/95 PROSPECTUS
23 1 MULTI-FAMILY PHOENIX AZ 85008 1983 461 N/A 7,600,000 08/01/95 PROSPECTUS
24 1 MULTI-FAMILY AUSTELL GA 30001 1972 267 266,321 8,200,000 08/01/95 PROSPECTUS
25 1 MULTI-FAMILY HOUSTON TX 77191 1980 524 N/A 6,200,000 08/01/95 PROSPECTUS
26 1 MULTI-FAMILY CLEVELAND OH 44111 1965 294 237,312 5,900,000 08/01/95 PROSPECTUS
27 1 MULTI-FAMILY HOUSTON TX 77086 1983 229 151,080 5,370,000 08/01/95 PROSPECTUS
28 1 MULTI-FAMILY ANN ARBOR MI 48103 1991 108 N/A 4,900,000 08/01/95 PROSPECTUS
29 1 MULTI-FAMILY METAIRIE LA 70001 1972 251 N/A 4,900,000 08/01/95 PROSPECTUS
30 1 MULTI-FAMILY ORANGE NJ 07050 1969 83 N/A 3,640,000 08/01/95 PROSPECTUS
31 1 MULTI-FAMILY HOUSTON TX 77052 1979 256 N/A 3,500,000 08/01/95 PROSPECTUS
32 1 MULTI-FAMILY AVENAL CA 93204 1983 150 186,176 2,900,000 08/01/95 PROSPECTUS
33 1 MULTI-FAMILY ABILENE TX 79601 1983 288 N/A 3,000,000 08/01/95 PROSPECTUS
34 1 MULTI-FAMILY LUBBOCK TX 79414 1974 124 123,604 2,800,000 08/01/95 PROSPECTUS
35 1 MULTI-FAMILY DALLAS TX 75228 1974 232 N/A 2,326,400 08/01/95 PROSPECTUS
36 1 MULTI-FAMILY TAMPA FL 33607 1967 217 170,886 4,500,000 08/01/95 PROSPECTUS
37 1 MULTI-FAMILY ORANGE NJ 07050 1977 43 N/A 1,660,000 08/01/95 PROSPECTUS
38 1 MULTI-FAMILY DALLAS TX 75228 1974 80 N/A 873,600 08/01/95 PROSPECTUS
39 1 MANUFACTURED HOU MT MORRIS MI 48458 1968 N/A N/A 8,600,000 08/01/95 PROSPECTUS
40 1 MANUFACTURED HOU MONROE MI 48161 1971 N/A N/A 6,675,000 08/01/95 PROSPECTUS
41 1 MANUFACTURED HOU BILLINGS MT 59105 1971 N/A N/A 3,325,000 08/01/95 PROSPECTUS
42 1 MANUFACTURED HOU ALBUQUERQUE NM 87121 1986 N/A N/A 3,000,000 08/01/95 PROSPECTUS
43 1 MANUFACTURED HOU BOZEMAN MT 59715 1972 N/A N/A 3,000,000 08/01/95 PROSPECTUS
44 1 MANUFACTURED HOU PLAIN CITY OH 43064 1972 N/A N/A 2,950,000 08/01/95 PROSPECTUS
45 1 MANUFACTURED HOU WICHITA KS 67216 1970 N/A N/A 2,600,000 08/01/95 PROSPECTUS
46 1 MANUFACTURED HOU VERO BEACH FL 32966 1971 N/A N/A 2,350,000 08/01/95 PROSPECTUS
47 1 MANUFACTURED HOU WEST JORDAN UT 84088 1974 N/A N/A 2,100,000 08/01/95 PROSPECTUS
48 1 MANUFACTURED HOU BURNSVILLE MN 55337 1972 N/A N/A 3,850,000 08/01/95 PROSPECTUS
49 1 MANUFACTURED HOU CLEARWATER FL 34620 1964 N/A N/A 1,600,000 08/01/95 PROSPECTUS
50 1 MANUFACTURED HOU ROSEBERG OR 97470 1972 90 N/A 1,550,000 08/01/95 PROSPECTUS
51 1 MANUFACTURED HOU BOZEMAN MT 59715 1972 N/A N/A 1,400,000 08/01/95 PROSPECTUS
52 1 HEALTH CARE WAYNE NJ 07470 1989 N/A N/A 15,000,000 08/01/95 PROSPECTUS
53 1 HEALTH CARE WEYMOUTH MA 02188 1963 N/A N/A 10,600,000 08/01/95 PROSPECTUS
54 1 HEALTH CARE OREGON CITY OR 97045 1968 N/A N/A 3,500,000 08/01/95 PROSPECTUS
55 1 RETAIL LOS ANGELES CA 90015 1993 N/A 60,601 15,750,000 08/01/95 PROSPECTUS
56 1 RETAIL DEWITT NY 13214 1962 15 178,259 8,500,000 08/01/95 PROSPECTUS
57 1 RETAIL FREDRICKSBURG VA 22408 1978 N/A 114,527 5,500,000 08/01/95 PROSPECTUS
58 1 RETAIL TOWNSEND MA 01469 1986 N/A 97,192 6,600,000 08/01/95 PROSPECTUS
59 1 RETAIL HENREITTA NY 14623 1986 N/A 36,153 3,000,000 08/01/95 PROSPECTUS
60 1 RETAIL HALTOM TX 76111 1956 N/A 60,000 2,000,000 08/01/95 PROSPECTUS
61 1 WAREHOUSE ALBUQUERQUE NM 87107 1976 638 N/A 3,260,000 08/01/95 PROSPECTUS
</TABLE>
Page - 12
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY PERFORMANCE
PORTFOLIO: ASC SERIES 1995 D1 (NOMURA)
REPORTING PERIOD: SEPTEMBER, 1996
DATE PRINTED: 17-SEP-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 2/2/96 PROSPECTUS 427,447 1/1/95 11/30/95 BORROWER 85.0% 4/30/96
02 1 2,975,706 4/25/96 BORROWER 1,245,227 1/1/96 6/30/96 BORROWER 78.2% 3/31/96
03 1 1,922,584 3/1/96 BORROWER 590,084 1/1/96 6/30/96 BORROWER 71.0% 6/30/96
04 1 677,945 2/1/96 PROSPECTUS 276,261 1/1/96 6/30/96 BORROWER 81.0% 6/30/96
05 1 471,926 7/23/96 BORROWER 385,318 1/1/96 6/30/96 BORROWER 70.2% 6/30/96
06 1 166,615 7/8/96 BORROWER 35,426 1/31/96 3/31/96 BORROWER 34.0% 3/31/96
07 1 431,016 4/25/96 BORROWER 444,843 1/1/95 12/31/95 BORROWER 97.0% 8/1/95
08 1 511,094 11/17/95 BORROWER 511,094 9/1/94 8/31/95 BORROWER 64.3% 8/31/95
09 1 434,883 2/1/96 PROSPECTUS 244,114 1/1/96 6/30/96 BORROWER 65.6% 6/30/96
10 1 543,159 4/25/96 BORROWER 184,396 1/1/96 6/30/96 BORROWER 68.8% 6/30/96
11 1 733,498 4/25/96 BORROWER 197,108 1/1/96 3/31/96 BORROWER 77.0% 8/1/95
12 1 566,816 4/25/96 BORROWER 180,393 1/1/96 6/30/96 BORROWER 52.8% 6/30/96
13 1 504,145 4/25/96 BORROWER 255,384 1/1/96 6/30/96 BORROWER 68.9% 6/30/96
14 1 374,635 4/25/96 BORROWER 174,143 1/1/96 6/30/96 BORROWER 62.3% 6/30/96
15 1 257,228 4/25/96 BORROWER 193,583 1/1/96 6/30/96 BORROWER 68.6% 6/30/96
16 1 113,096 3/28/96 BORROWER 113,096 1/1/95 12/31/95 BORROWER 67.0% 8/1/95
17 1 290,592 2/29/96 BORROWER 154,938 1/1/96 6/30/96 BORROWER 67.6% 12/31/95
18 1 981,201 2/29/96 BORROWER 712,901 1/1/96 7/31/96 BORROWER 89.4% 6/30/96
19 1 1,371,132 4/25/96 BORROWER 842,971 1/1/96 6/25/96 BORROWER 97.6% 6/30/96
20 1 980,686 3/19/96 BORROWER 980,686 1/1/95 12/31/95 BORROWER 94.4% 12/31/95
21 1 971,429 4/25/96 BORROWER 543,300 1/1/96 6/30/96 BORROWER 95.7% 3/31/96
22 1 849,520 5/17/96 BORROWER 469,204 1/1/96 6/30/96 BORROWER 95.5% 6/30/96
23 1 925,642 4/25/96 BORROWER 660,735 1/1/96 6/30/96 BORROWER 97.8% 6/30/96
24 1 746,855 1/31/96 PROSPECTUS 210,969 1/1/96 3/31/96 BORROWER 92.1% 3/31/96
25 1 821,450 1/31/96 PROSPECTUS 74,456 1/1/96 3/31/96 BORROWER 73.1% 4/1/96
26 1 505,087 5/17/96 BORROWER 322,442 1/1/96 6/30/96 BORROWER 96.5% 6/30/96
27 1 491,563 2/5/96 PROPERTY MANAGEMEN 246,629 1/1/96 6/30/96 BORROWER 96.9% 6/30/96
28 1 428,058 7/29/96 BORROWER 226,845 1/1/96 6/30/96 BORROWER 89.8% 6/30/96
29 1 472,618 4/25/96 BORROWER 378,607 1/1/96 6/30/96 BORROWER 86.7% 6/30/96
30 1 399,441 2/1/96 PROSPECTUS 133,850 1/1/96 6/30/96 BORROWER 94.1% 6/30/96
31 1 208,887 7/22/96 BORROWER 27,937 1/1/96 3/31/96 BORROWER 72.7% 3/30/96
32 1 334,592 2/1/96 PROSPECTUS 205,701 1/1/96 6/30/96 MANAGEMENT COMPANY 91.3% 6/30/96
33 1 579,741 2/29/96 BORROWER 209,346 1/1/96 6/30/96 BORROWER 95.1% 6/30/96
34 1 155,828 2/5/96 BORROWER 169,151 1/1/96 6/30/96 BORROWER 83.0% 6/30/96
35 1 319,856 2/1/96 PROSPECTUS 123,697 1/1/96 3/31/96 BORROWER 94.8% 3/27/96
36 1 299,925 4/25/96 BORROWER 127,568 1/1/96 6/30/96 BORROWER 95.4% 6/30/96
37 1 145,097 4/25/96 BORROWER 41,149 1/1/96 6/30/96 BORROWER 95.3% 6/30/96
38 1 110,295 2/8/96 PROSPECTUS 42,654 1/1/96 3/31/96 BORROWER 93.8% 3/27/96
39 1 704,129 1/19/96 BORROWER 450,661 1/1/96 6/30/96 BORROWER 99.6% 3/31/96
40 1 630,962 1/31/96 PROSPECTUS 395,493 7/1/95 12/31/95 BORROWER 96.5% 12/31/95
41 1 293,086 4/25/96 BORROWER 98,273 1/1/96 3/31/96 BORROWER 99.5% 12/31/95
42 1 261,720 4/25/96 BORROWER 175,084 1/1/96 6/30/96 BORROWER 96.5% 6/30/96
43 1 290,773 4/25/96 BORROWER 90,375 1/1/96 3/31/96 FINANCIAL CONTACT 100.0% 12/31/95
44 1 381,508 4/25/96 BORROWER 182,637 1/1/96 6/30/96 BORROWER 100.0% 7/16/96
45 1 293,783 2/1/96 PROSPECTUS 146,145 1/1/96 6/30/96 MANAGEMENT COMPANY 98.8% 6/30/96
46 1 246,103 7/11/96 BORROWER 68,619 1/1/96 3/31/96 BORROWER 98.1% 3/31/96
47 1 204,758 8/6/96 ACCOUNTANT 140,145 1/1/96 6/30/96 ACCOUNTANT 97.0% 3/31/96
48 1 498,811 4/25/96 BORROWER 284,648 1/1/96 6/30/96 BORROWER 100.0% 6/30/96
49 1 153,300 4/25/96 BORROWER 77,540 1/1/96 6/30/96 BORROWER 98.0% 11/30/95
50 1 147,372 1/24/96 BORROWER 114,613 1/1/96 6/30/96 BORROWER 97.7% 6/30/96
51 1 146,376 4/25/96 BORROWER 42,980 1/1/96 3/31/96 FINANCIAL CONTACT 100.0% 12/31/95
52 1 1,834,805 2/29/96 BORROWER 1,106,034 1/1/96 6/30/96 BORROWER 98.4% 6/30/96
53 1 973,443 2/29/96 BORROWER 360,990 1/1/96 3/31/96 BORROWER 95.3% 3/31/96
54 1 465,421 4/25/96 BORROWER 112,010 1/1/96 3/31/96 BORROWER 88.8% 3/30/96
55 1 1,266,427 7/5/96 BORROWER 345,707 1/1/96 3/31/96 BORROWER 97.3% 7/1/96
56 1 1,066,684 2/29/96 BORROWER 626,889 1/1/96 6/30/96 BORROWER 100.0% 3/31/96
57 1 682,799 2/15/96 BORROWER 418,174 1/1/96 6/30/96 BORROWER 100.0% 6/30/96
58 1 610,519 2/12/96 BORROWER 291,645 1/1/96 6/30/96 BORROWER 88.3% 6/30/96
59 1 284,859 5/17/96 BORROWER 56,296 1/1/96 3/31/96 BORROWER 91.7% 6/1/96
60 1 253,063 4/25/96 BORROWER 152,788 1/1/96 6/30/96 BORROWER 99.0% 7/1/96
61 1 400,196 1/24/96 MANAGEMENT COMPANY 160,514 1/1/96 6/30/96 MANAGEMENT COMPANY 73.1% 7/12/96
</TABLE>
Page - 13
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET COMMENTS
PORTFOLIO: ASC SERIES 1995 D1 (NOMURA)
REPORTING PERIOD: SEPTEMBER, 1996
DATE PRINTED: 17-SEP-96
LOAN 01 - 1:
LOAN 02 - 1: Latest Annual Statement Comment: 4/25/96 - THE AVERAGE
ROOM RATE ROSE TO $207. THIS IS A $22 INCREASE OVER THE PREVIOUS YEAR. AS A
RESULT, REVENUE IS 2% ABOVE BASELINE ESTIMATES AND 6% ABOVE PREVIOUS YEAR.
LOAN 03 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE
DOWN BY 15% VERSUS THE BASELINE AND DOWN 14% FROM THE PREVIOUS YEAR.
BORROWER REPORTS THAT THE FIRST 6 MONTHS ARE HISTORICALLY SLOW AND THAT THE
THIRD QUARTER SHOULD PUT THEM ON TRACK WITH THEIR BUDGET.
LOAN 04 - 1: Partial Year Statement Comment: 6/30/96 - BORROWER
INCURRED A ONE TIME LEGAL AND ACCT. EXPENSE OF $196,000 DUE TO A JUDGEMENT
AGAINST THEM BY THE IRS. PERSONAL MONIES WERE DEPOSITED BY THE OWNER TO
COVER THE EXPENSE. REVENUES ARE UP 18% OVER THE BASELINE. BORROWER REPORTS
DUE TO THE OLYMPICS.
LOAN 05 - 1:
LOAN 06 - 1: Status Comment: Loan will be removed from the Watch List
if the 9/1/96 payment is received on time. Latest Annual Statement
Comment: 7/8/96 - REVENUES ARE 49% BELOW THE BASELINE AND 46% ABOVE THE
PREVIOUS YEAR. EXPENSES ARE 36% LOWER THAN PROJECTED IN THE BASELINE BUT
CONSISTENT WITH PREVIOUS YEARS.
LOAN 07 - 1: Latest Annual Statement Comment: 4/25/96 - OPERATING
EXPENSES ARE 58% ABOVE BASELINE PREDICTIONS.
LOAN 08 - 1:
LOAN 09 - 1: Partial Year Statement Comment: 6/30/96 - CAPITAL
EXPENSES ARE UP, BORROWER REPORTS THAT HOTEL IS REMODELING ALL ROOMS
INCLUDING NEW FURNITURE, NEW CARPET AND NEW PAINT. ADDITIONALLY, BORROWER
REPORTED NO PROPERTY TAX EXPENSE.
LOAN 10 - 1: Partial Year Statement Comment: 6/30/96 - REVENUE IS DOWN
BY 11% COMPARED TO BASELINE FIGURES. AVERAGE OCCUPANCY HAS DROPPED FROM
74% AT YEAR END TO 68.84% AT PRESENT.
LOAN 11 - 1: Latest Annual Statement Comment: 4/25/96 - NOI IS 19%
ABOVE BASELINE EXPECTATION, BUT IS CONSISTENT WITH PREVIOUS YEAR.
LOAN 12 - 1: Latest Annual Statement Comment: 4/25/96 - REVENUE IS 12%
HIGHER IN 1995 THAN IN 1994. THE AVERAGE OCCUPANCY HAS RISEN FROM 57.4% IN
94 TO 61.4% IN 95. ADDITIONALLY, THE HOTEL SOLD 1885 MORE ROOMS IN 1995
VERSUS 1994. Partial Year Statement Comment: 6/30/96 - REVENUE IS 5%
LOWER THAN BASELINE PROJECTIONS WHILE EXPENSES ARE 3% HIGHER THAN BASELINE
EXPECTATIONS. HOTEL IS REBOUNDING FROM HISTORICALLY LOW FIRST QUARTER
NUMBERS.
LOAN 13 - 1: Latest Annual Statement Comment: 4/25/96 - REVENUE IS UP
18% OVER BASELINE PROJECTIONS AND UP 11% OVER PREVIOUS YEAR. Partial
Year Statement Comment: 6/30/96 - REVENUE IS UP BY 24% COMPARED TO BASELINE
PROJECTIONS, BUT IS CONSISTENT WITH PREVIOUS YEARS.
LOAN 14 - 1: Partial Year Statement Comment: 6/30/96 - R&M EXPENSE IS
164% ABOVE BASELINE PROJECTIONS BUT CONSISTENT WITH PREVIOUS YEAR.
LOAN 15 - 1: Latest Annual Statement Comment: 4/25/96 - REVENUE IS 4%
BELOW THE BASELINE PREDICTION. G&A EXPENSES ARE UP 76% AND R&M EXPENSES ARE
UP 26% COMPARED TO THEIR BASELINE PROJECTIONS.
LOAN 16 - 1: Status Comment: Loan transferred to special servicer due
to delinquency. Latest Annual Statement Comment: 3/28/96 - 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.
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LOAN 17 - 1:
LOAN 18 - 1: Latest Annual Statement Comment: 2/29/96 - REVENUE IS 6%
BELOW BASELINE PROJECTION WHILE REPAIR AND MAINTENANCE EXPENSE IS 70% ABOVE
BASELINE PROJECTION. Partial Year Statement Comment: 7/31/96 - REVENUE
IS DOWN BY 2% WHILE EXPENSES ARE UP BY 9% COMPARED TO THE BASELINE.
LOAN 19 - 1: Partial Year Statement Comment: 6/25/96 - REVENUES ARE UP
BY 9% COMPARED TO THE BASELINE AND EXPENSES ARE DOWN BY 15% COMPARED TO THE
BASELINE.
LOAN 20 - 1: Latest Annual Statement Comment: 3/19/96 - REVENUE IS 10%
BELOW BASELINE PROJECTION.
LOAN 21 - 1: Latest Annual Statement Comment: 4/25/96 - REVENUES ARE 6%
BELOW BASELINE PREDICTIONS, WHILE EXPENSES ARE 20% ABOVE BASELINE.
ADDITIONALLY, CAPITAL EXPENDITURES ARE UP BY 186% OVER THE BASELINE.
Partial Year Statement Comment: 6/30/96 - REVENUES ARE 3% ABOVE BASELINE
FIGURES. EXPENSES ARE 31% HIGHER THAN BASELINE FIGURES. CAPITAL
EXPENDITURES ARE UP DUE TO BOILER REPLACEMENT, CARPET REPLACEMENT AND
INTERIOR UNIT UPGRADES. WATER & SEWER EXPENSE HIGH DUE TO VALVE AND PIPE
REPLACEMENT.
LOAN 22 - 1:
LOAN 23 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 18% OVER THE BASELINE PROJECTIONS, WHILE EXPENSES ARE 12% BELOW BASELINE
PROJECTIONS. SECOND QUARTER INFORMATION IS CONSISTENT WITH 1ST QUARTER
OPERATING RESULTS.
LOAN 24 - 1:
LOAN 25 - 1: Partial Year Statement Comment: 3/31/96 - BORROWER
REPORTS THAT PROPERTY HAD POOR MANAGEMENT AND A POOR RESIDENT PROFILE.
HOUSTON POLICE DEPARTMENT BROUGHT IN TO CLEAN UP PROPERTY. NEW MANAGEMENT
TEAM HAS TURNED THINGS AROUND AND PROPERTY IS POSTING RECORD CASH FLOW FOR
THE MONTH OF JUNE.
LOAN 26 - 1: Latest Annual Statement Comment: 5/17/96 - REVENUES ARE
DOWN BY 5% OVER BASELINE FIGURES, WHILE EXPENSES ARE UP BY 5% OVER BASELINE
NUMBERS. Partial Year Statement Comment: 6/30/96 - REVENUES ARE DOWN BY
3% COMPARED TO THE BASELINE FIGURES. EXPENSES ARE UP BY 10% COMPARED TO
THE BASELINE NUMBERS.CAP. EXPENSES ARE HIGH DUE TO APPLIANCE
REPLACEMENT,ROOF REPAIRS, WINDOW REPLACEMENT AND GAS LINE REPAIR.
LOAN 27 - 1: Partial Year Statement Comment: 6/30/96 - EXPENSES ARE UP
BY 10% OVER THE BASELINE.
LOAN 28 - 1:
LOAN 29 - 1: Latest Annual Statement Comment: 4/25/96 - CAPITAL
EXPENDITURES ARE UNUSUALLY HIGH. BORROWER REPORTS EXPENDITURE 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. Partial Year Statement Comment: 6/30/96 - CAPITAL EXPENDITURES
ARE HIGH DUE TO COMPLETE PROPERTY OVERHAUL INCLUDING, NEW ROOF, NEW AIR
CONDITIONING, APPLIANCES, NEW BALCONIES, AND PAINTING. BORROWER REPORTS
EXPENSES WILL CONTINUE THROUGH END OF YEAR.
LOAN 30 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE
DOWN BY 8% COMPARED TO THE BASELINE FIGURES. EXPENSES ARE UP BY 26% OVER
BASELINE NUMBERS. BORROWER REPORTS UTILITY EXPENSE IS HIGH DUE TO HARSH
WINTER IN NEW JERSEY AREA.
LOAN 31 - 1:
LOAN 32 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 40% OVER THE PREVIOUS YEAR AND UP 29% OVER BASELINE PROJECTIONS.
BORROWER REPORTS THAT ECONOMIC VACANCY HAS DECREASED FROM 25% TO SLIGHTLY OVER
6% SINCE ACQUISITION.
LOAN 33 - 1: Latest Annual Statement Comment: 2/29/96 - BASE RENTAL
REVENUE IS 36% HIGHER THAN BASELINE PROJECTION.
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LOAN 34 - 1: Latest Annual Statement Comment: 2/5/96 - 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. Partial Year Statement Comment: 6/30/96 - REVENUES
ARE 4% ABOVE BASELINE NUMBERS. CAPITAL EXPENSES ARE UP DUE TO INTERIOR
REPAIRS AND UPGRADES AND REPAVING OF THE PARKING LOT.
LOAN 35 - 1: Partial Year Statement Comment: 3/31/96 - BORROWER
REPORTS ALL ITEMS FOR PHASES II, III, AND IV ON THE SAME STATEMENT.
PRORATED STATEMENT BASED ON NUMBER OF UNITS IN ORDER TO REPORT ONLY THE
OPERATING RESULTS FROM PHASES III, AND IV IN THIS LOAN. REVENUES ARE UP BY
17% OVER THE BASELINE.
LOAN 36 - 1: Partial Year Statement Comment: 6/30/96 - EXPENSES ARE UP
BY 4% OVER THE BASELINE AND 8% OVER THE PREVIOUS YEAR. CAPITAL EXPENSES
ARE FOR UNIT UPGRADES INCLUDING CARPET, NEW APPLIANCES AND TILE FLOORING.
LOAN 37 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE
DOWN BY 24% COMPARED TO THE BASELINE PROJECTIONS, WHILE EXPENSES ARE UP BY
6% COMPARED TO THE BASELINE. BORROWER REPORTS HIGH UTILITY EXPENSE DUE TO
HARSH WINTER IN THE NEW JERSEY AREA.
LOAN 38 - 1: Partial Year Statement Comment: 3/31/96 - BORROWER
REPORTS PHASES II, III, AND IV ON THE SAME OPERATING STATEMENT. ITEMS WERE
PRORATED BASED ON NUMBER OF UNITS IN PHASE II.
LOAN 39 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 10% OVER THE BASELINE FIGURES WHILE EXPENSES ARE UP 16% IN RELATION TO
BASELINE PROJECTIONS.
LOAN 40 - 1:
LOAN 41 - 1: Latest Annual Statement Comment: 4/25/96 - BORROWER
STATEMENT DOES NOT INCLUDE PROPERTY TAX EXPENDITURE.
LOAN 42 - 1: Latest Annual Statement Comment: 4/25/96 - OPERATING
EXPENSES ARE 13% HIGHER THAN BASELINE PROJECTIONS. NOI IS 11% BELOW THE
BASELINE FIGURE. Partial Year Statement Comment: 6/30/96 - REVENUES ARE
UP BY 10% OVER THE BASELINE WHILE EXPENSES ARE 5% LOWER THAN THE BASELINE
PROJECTION. BORROWER REPORTED MINIMAL INSURANCE EXPENSE.
LOAN 43 - 1: Latest Annual Statement Comment: 4/25/96 - BORROWER
STATEMENT DID NOT INCLUDE ANY EXPENDITURE FOR PROPERTY TAX. THE AMOUNT
ENTERED WAS FROM SERVICING INFORMATION.
LOAN 44 - 1: Latest Annual Statement Comment: 4/25/96 - 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: 6/30/96 - EXPENSES ARE UP
BY 7% OVER THE BASELINE PROJECTIONS. THE LARGEST VARIANCE IN INSURANCE
EXPENSE UP BY 140% AND UTILITY EXPENSE UP BY 54% OVER THE BASELINE,
RESPECTIVELY.
LOAN 46 - 1:
LOAN 47 - 1:
LOAN 48 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 15% COMPARED TO THE BASELINE NUMBERS. EXPENSES ARE DOWN BY 6% COMPARED
TO THE BASELINE FIGURES.
LOAN 49 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 7% OVER THE BASELINE PROJECTIONS. EXPENSES ARE UP BY 18% OVER THE
BASELINE PROJECTIONS, BUT CONSISTENT WITH THE PREVIOUS YEAR.
LOAN 50 - 1: Partial Year Statement Comment: 6/30/96 - REVENUE IS UP
BY 22% OVER THE BASELINE FIGURES AND EXPENSES ARE DOWN BY 20% IN RELATION TO
THE BASELINE.
LOAN 51 - 1: Latest Annual Statement Comment: 4/25/96 - BORROWER
STATEMENT LISTED NO EXPENDITURE FOR PROPERTY TAXES. THE FIGURES USED ARE
FROM SERVICING INFORMATION.
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LOAN 52 - 1: Status Comment: Loan transferred to special servicer.
Lawsuit against borrower filed by contractor for mechanic's lien dispute.
Latest Annual Statement Comment: 2/29/96 - OPERATING EXPENSES ARE 15%
HIGHER THAN BASELINE PREDICTIONS. SPECIFICALLY, G&A EXPENSES ARE 118%
HIGHER THAN BASELINE AND R&M EXPENSES ARE 521% HIGHER THAN EXPECTATIONS.
Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP BY 11% OVER THE
BASELINE. EXPENSES ARE UP BY 16% OVER THE BASELINE.
LOAN 53 - 1: Partial Year Statement Comment: 3/31/96 - REVENUES ARE UP
BY 10% OVER THE BASELINE FIGURE AND 6% OVER THE PREVIOUS YEAR.
LOAN 54 - 1:
LOAN 55 - 1: Latest Annual Statement Comment: 7/5/96 - REVENUES ARE 24%
LOWER THAN BASELINE FIGURES. EXPENSES ARE 3% HIGHER THAN BASELINE FIGURES.
LOAN 56 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 9% COMPARED TO THE BASELINE FIGURES. EXPENSES ARE DOWN BY 16% COMPARED
TO BASELINE PROJECTIONS.
LOAN 57 - 1: Latest Annual Statement Comment: 2/15/96 - OPERATING
STATEMENT DID NOT INCLUDE INSURANCE EXPENSE. ENTERED ESTIMATE OF INSURANCE
EXPENSE BASED ON SERVICING INFORMATION. Partial Year Statement Comment:
6/30/96 - REVENUE IS UP BY 3% OVER THE BASELINE INFORMATION AND UP 11% COMPARED
TO PREVIOUS YEAR. EXPENSES ARE UP BY 14% COMPARED TO THE BASELINE
INFORMATION.BORROWER REPORTS LARGE SNOW REMOVAL EXPENSE DUE TO HEAVY WINTER.
BORROWER REPORTED NO INSURANCE EXPENSE.
LOAN 58 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE
DOWN BY 6% COMPARED TO THE BASELINE, WHILE EXPENSES ARE UP BY 6% COMPARED TO
THE BASELINE PROJECTIONS.
LOAN 59 - 1: Latest Annual Statement Comment: 5/17/96 - CAPITAL
EXPENSES ARE UP BY 415% OVER THE BASELINE, 49% OF EXPENSE IS ASSOCIATED WITH
ONE TIME FINANCE COSTS.
LOAN 60 - 1: Partial Year Statement Comment: 6/30/96 - HIGH CAPITAL
EXPENSE DUE TO INSTALLATION OF A NEW ROOF AND TENANT IMPROVEMENTS FOR A
RENEWAL TENANT.
LOAN 61 - 1: Partial Year Statement Comment: 6/30/96 - EXPENSES ARE UP
BY 40% COMPARED TO THE BASELINE. THE LARGEST VARIANCE IS IN R & M, UP BY
360%.
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