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) July 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 July 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 July 11, 1996.
EX-20: Loan data file as of July 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: July 11, 1996
EXHIBIT INDEX
Sequential
Document Page Number
EX-19 Monthly Statement to the Certificateholders 3
dated as of July 11, 1996
EX-20 Loan data file as of July 1996 10
Page - 2
ABN AMRO
LaSalle National Bank
Administrator:
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 1740
Chicago, IL 60603
Asset Securitization Corporation
Midland Loan Services L.P. as Servicer
Commercial Pass-Through Certificates
Series 1995-D1
ABN AMRO Acct: 67-7390-40-3
Statement Date: 07/11/96
Payment Date: 07/11/96
Prior Payment: 06/11/96
Record Date: 06/28/96
WAC: 10.187441%
WAMM: 153
<TABLE>
<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 ................ 149,721,771 147,987,506 181,567
045424AA6 .......... 1000.000000 988.416749 1.212697
A-1CS .............. 210,875,735 N 209,141,470 0
045424AC2,U04509AA0 1000.000000 991.775892 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
- -------------------- ---------------- --------------- --------------
210,875,735 209,141,470 181,567
================ =============== ==============
<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 0 147,805,939
045424AA6 .......... 0.000000 0.000000 987.204053
A-1CS .............. 0 0 208,959,903
045424AC2,U04509AA0 0.000000 0.000000 990.914878
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 0 208,959,903
================ =============== ==============
Total P&I Payment .. 1,923,871
================
<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 ................ 936,021 0 7.59000000%
045424AA6 .......... 6.251736 0.000000 Fixed
A-1CS .............. 428,294 0 2.45744137%
045424AC2,U04509AA0 2.031026 0.000000 2.45750299%
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 ............... 11,194 0 7.59000000%
045424AH1,U04509AF9 3.539915 0.000000 Fixed
B-3B ............... 4 0 7.59000000%
045424AJ7 .......... 3.539823 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%
- -------------------- ---------------- --------------- --------------
1,742,304 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 24,399.84
Less Trustee Fees (2,178.56)
Net Servicing Fees 22,221.28
Special Servicing Compensation 3,709.22
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 47,432.46
B-3B 15.00
B-4A 0.00
POOL INFORMATION
Beginning
Loan Count 61
Balance 209,141,470.26
Ending
Loan Count 61
Balance 208,959,903.18
ADVANCE SUMMARY
Advance Interest 341,236.76
Subsequent Advance Interest (232,117.07)
First Month Advance 109,119.69
Subsequent Advance Interest 232,117.07
Less Sub. Interest Distribution (16,297.63)
Net 215,819.44
----------
Total Current Advance 324,939.13
==========
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
109,119.69 0.00
SUMMARY OF REO PROPERTY
Principal Date Of Final
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 85.0% 08/01/95
030207586 1 97.0% 08/01/95
030207587 1 98.0% 08/01/95
030207588 1 90.0% 08/01/95
030207589 1 67.0% 08/01/95
030207591 1 51.0% 08/01/95
030207595 1 97.0% 08/01/95
030207602 1 91.0% 08/01/95
030207614 1 85.0% 08/01/95
030207624 1 80.0% 08/01/95
030207685 1 88.0% 08/01/95
030207905 1 89.0% 08/01/95
030207906 1 100.0% 08/01/95
030207907 1 99.0% 08/01/95
030207908 1 100.0% 08/01/95
030207912 1 96.7% 08/08/95
030207913 1 97.0% 08/01/95
030207915 1 96.0% 08/01/95
030207922 1 95.0% 08/01/95
030207930 1 81.0% 08/01/95
030207931 1 99.0% 08/01/95
030207932 1 100.0% 08/01/95
030207933 1 100.0% 08/01/95
030207935 1 100.0% 08/01/95
030207937 1 92.0% 08/01/95
030208082 2 81.0% 08/01/95
030208094 2 81.0% 08/01/95
030208101 1 89.0% 08/01/95
030208102 1 90.0% 08/01/95
030208210 1 80.0% 08/01/95
030208219 1 77.0% 08/01/95
030208220 1 99.1% 07/31/95
030208221 1 94.0% 08/01/95
030208227 1 100.0% 08/01/95
030208232 1 100.0% 08/01/95
030208233 1 100.0% 08/01/95
030208234 2 96.0% 08/01/95
030208307 1 97.0% 08/01/95
030208352 1 74.0% 08/01/95
030208353 1 70.0% 08/01/95
030208372 1 94.0% 08/01/95
030208373 3 81.0% 08/01/95
030208381 1 98.0% 08/01/95
030208391 1 100.0% 08/01/95
030208512 1 93.0% 08/01/95
030208521 1 71.0% 08/01/95
030208536 1 100.0% 08/01/95
030208956 1 77.0% 08/01/95
030210007 1 97.0% 08/01/95
030210008 1 96.0% 08/01/95
030210009 1 65.0% 08/01/95
030210010 1 95.0% 08/01/95
030210093 1 64.0% 08/01/95
030210094 1 70.0% 08/01/95
030210095 1 71.0% 08/01/95
030210096 1 58.0% 08/01/95
030210097 1 70.0% 08/01/95
030210098 1 86.0% 08/01/95
030210099 1 97.0% 08/01/95
030210200 1 97.0% 08/01/95
030210201 1 60.0% 08/01/95
Page - 6
<PAGE>
DELINQUENCIES & REOS
Distribution Delinq 1 Month Delinq 2 Months
Date # Balance # Balance
07/11/96 ...... 1 1,102,192 0 0
/ ............. 1.64% 0.527% 0.00% 0.000%
06/11/96 ...... 1 1,103,505 0 0
/ ............. 1.64% 0.527% 0.00% 0.000%
05/13/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
04/11/96 ...... 1 11,143,759 0 0
/ ............. 1.64% 5.315% 0.00% 0.000%
03/11/96 ...... 2 12,259,062 0 0
/ ............. 3.28% 5.842% 0.00% 0.000%
02/12/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
01/11/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
12/11/95 ...... 1 1,111,112 0 0
/ ............. 1.64% 0.528% 0.00% 0.000%
11/13/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
10/11/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
09/11/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
<TABLE>
<CAPTION>
Distribution Delinq 3+ Months Foreclosure (1)
Date # Balance # Balance
<S> <C> <C> <C> <C>
07/11/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
06/11/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
05/13/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
04/11/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
03/11/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
02/12/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
01/11/96 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
12/11/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
11/13/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
10/11/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
09/11/95 ...... 0 0 0 0
/ ............. 0.00% 0.000% 0.00% 0.000%
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Page - 7
<PAGE>
<TABLE>
<CAPTION>
Prepayments
Distribution Balance Begin Pool Prepayment $ Sched
Date Of REOs(1) Balance (#) (# of Payoffs) Principal
<S> <C> <C> <C> <C>
07/11/96 ...... 0 209,141,470 0 181,567
/ ............. 0.000% 61 0
06/11/96 ...... 0 209,321,520 0 180,049
/ ............. 0.000% 61 0
05/13/96 ...... 0 209,500,064 0 178,544
/ ............. 0.000% 61 0
04/11/96 ...... 0 209,677,116 0 177,052
/ ............. 0.000% 61 0
03/11/96 ...... 0 209,852,688 0 175,572
/ ............. 0.000% 61 0
02/12/96 ...... 0 210,026,793 (0) 174,105
/ ............. 0.000% 61 0
01/11/96 ...... 0 210,199,442 0 172,650
/ ............. 0.000% 61 0
12/11/95 ...... 0 210,370,649 (0) 171,207
/ ............. 0.000% 61 0
11/13/95 ...... 0 210,540,426 0 169,776
/ ............. 0.000% 61 0
10/11/95 ...... 0 210,708,820 36 168,358
/ ............. 0.000% 61 0
09/11/95 ...... 0 210,875,762 (27) 166,942
/ ............. 0.000% 61 0
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Rates & Maturity
Distribution Next Weighted Avg.
Date Coupon Remit WAMM
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>
Paid Outstanding
Disclosure Doc Thru Current P&I P&I
Control # Period Date Advance Advances(1)
<S> <C> <C> <C> <C>
30207589 199607 05/01/96 12,486.68 24,973.21
30207624 199607 06/01/96 14,474.69 14,474.69
30208082 199607 06/01/96 14,751.28 14,751.28
30208352 199607 06/01/96 39,372.51 39,372.51
30208353 199607 06/01/96 25,662.45 25,662.45
30210094 199607 06/01/96 33,453.69 33,453.69
30210095 199607 06/01/96 24,270.39 24,270.39
30210096 199607 06/01/96 17,312.03 17,312.03
30210097 199607 06/01/96 14,451.56 14,451.56
30210099 199607 06/01/96 107,375.06 107,375.06
30210201 199607 06/01/96 32,985.01 32,985.01
30207602 199607 06/01/96 36,874.39 36,874.39
- -------- ------ -------- ---------- ----------
TOTALS: 373,469.74 385,956.27
========== ==========
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
Page - 8
<PAGE>
<TABLE>
<CAPTION>
Outstanding Special
Property Servicer
Disclosure Doc Protection Advance Loan Transfer
Control # Period Advances Desc. (1) Status (2) Date
<S> <C> <C> <C> <C> <C>
30207589 199607 0.00 1 0 03/07/96
30207624 199607 0.00 B 0
30208082 199607 0.00 B 0
30208352 199607 0.00 B 0
30208353 199607 0.00 B 0
30210094 199607 0.00 B 0
30210095 199607 0.00 B 0
30210096 199607 0.00 B 0
30210097 199607 0.00 B 0
30210099 199607 0.00 B 0
30210201 199607 0.00 B 0
30207602 199607 0.00 A 0
- -------- ------ ---- -
0.00
====
<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 199607
30207624 199607
30208082 199607
30208352 199607
30208353 199607
30210094 199607
30210095 199607
30210096 199607
30210097 199607
30210099 199607
30210201 199607
30207602 199607
Servicer Advances For Current Distribution Date
As Of Close Of Business on: 07/10/96
Advances Due To Delinquency Or late Payment 336,595.35
Advances Due To Extended Grace Periods 36,874.39
(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
REPORTING PERIOD: JULY, 1996
DATE PRINTED: 16-JUL-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 3,395,930 0 69.3% 1.51 N/A PERFORMING PERFORM TO MATURITY
02 8,816,687 0 46.4% 2.11 N/A PERFORMING PERFORM TO MATURITY
03 8,158,268 0 56.3% 1.55 N/A PERFORMING PERFORM TO MATURITY
04 4,000,303 0 69.4% 1.41 N/A PERFORMING PERFORM TO MATURITY
05 3,451,151 0 56.6% 1.83 N/A PERFORMING PERFORM TO MATURITY
06 3,350,234 0 71.0% 1.48 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
07 3,064,235 0 66.6% 1.45 N/A PERFORMING PERFORM TO MATURITY
08 2,774,983 0 50.5% 1.41 N/A PERFORMING PERFORM TO MATURITY
09 2,607,340 0 67.6% 1.39 N/A PERFORMING PERFORM TO MATURITY
10 2,503,783 0 61.1% 1.75 N/A PERFORMING PERFORM TO MATURITY
11 2,251,819 0 59.3% 2.30 N/A PERFORMING PERFORM TO MATURITY
12 2,256,923 0 62.7% 1.52 N/A PERFORMING PERFORM TO MATURITY
13 1,916,086 0 58.1% 1.71 N/A PERFORMING PERFORM TO MATURITY
14 1,785,944 0 59.5% 1.81 N/A PERFORMING PERFORM TO MATURITY
15 1,490,852 0 55.2% 1.89 N/A PERFORMING PERFORM TO MATURITY
16 1,104,806 37 55.0% 1.51 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
17 983,307 0 41.0% 2.11 N/A PERFORMING PERFORM TO MATURITY
18 8,732,089 0 64.7% 1.39 N/A PERFORMING PERFORM TO MATURITY
19 8,641,736 0 69.7% 1.35 N/A PERFORMING PERFORM TO MATURITY
20 8,467,040 0 71.8% 1.29 N/A PERFORMING PERFORM TO MATURITY
21 8,376,244 0 67.6% 1.36 N/A PERFORMING PERFORM TO MATURITY
22 5,728,353 0 66.6% 1.54 N/A PERFORMING PERFORM TO MATURITY
23 5,502,210 0 72.4% 1.39 N/A PERFORMING PERFORM TO MATURITY
24 4,471,365 0 54.5% 1.47 N/A PERFORMING PERFORM TO MATURITY
25 4,465,072 0 72.0% 1.74 N/A PERFORMING PERFORM TO MATURITY
26 4,132,165 0 70.0% 1.33 N/A PERFORMING PERFORM TO MATURITY
27 3,969,272 0 73.9% 1.48 N/A PERFORMING PERFORM TO MATURITY
28 3,454,538 0 71.0% 1.37 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
29 2,957,485 0 60.4% 1.64 N/A PERFORMING PERFORM TO MATURITY
30 2,618,002 0 71.9% 1.44 N/A PERFORMING PERFORM TO MATURITY
31 2,504,493 0 71.6% 1.61 N/A PERFORMING PERFORM TO MATURITY
32 2,122,073 0 73.2% 1.48 N/A PERFORMING PERFORM TO MATURITY
33 2,059,756 0 68.7% 1.48 N/A PERFORMING PERFORM TO MATURITY
34 1,916,194 0 68.0% 1.46 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
35 1,581,894 0 68.0% 1.78 N/A PERFORMING PERFORM TO MATURITY
36 1,373,531 0 30.5% 1.83 N/A PERFORMING PERFORM TO MATURITY
37 1,035,346 0 62.4% 1.47 N/A PERFORMING PERFORM TO MATURITY
38 592,726 0 67.8% 1.64 N/A PERFORMING PERFORM TO MATURITY
39 5,248,796 0 61.0% 1.53 N/A PERFORMING PERFORM TO MATURITY
40 4,449,060 0 66.7% 1.40 N/A PERFORMING PERFORM TO MATURITY
41 2,119,851 0 63.8% 1.40 N/A PERFORMING PERFORM TO MATURITY
42 1,972,994 0 65.8% 1.33 N/A PERFORMING PERFORM TO MATURITY
43 1,948,419 0 64.9% 1.54 N/A PERFORMING PERFORM TO MATURITY
44 1,924,651 0 65.2% 1.68 N/A PERFORMING PERFORM TO MATURITY
45 1,878,457 0 72.2% 1.54 N/A PERFORMING PERFORM TO MATURITY
46 1,537,514 0 65.4% 1.33 N/A PERFORMING PERFORM TO MATURITY
47 1,460,264 0 69.5% 1.35 N/A PERFORMING PERFORM TO MATURITY
48 1,134,215 0 29.5% 3.43 N/A PERFORMING PERFORM TO MATURITY
49 1,058,716 0 66.2% 1.28 N/A PERFORMING PERFORM TO MATURITY
50 963,006 0 62.1% 1.30 N/A PERFORMING PERFORM TO MATURITY
51 937,214 0 66.9% 1.54 N/A PERFORMING PERFORM TO MATURITY
52 11,127,671 0 74.0% 1.72 N/A NEGOTIATING MODIFICATIONS RESTRUCTURE/PERFORM TO MATURIT
53 5,446,734 0 51.4% 1.51 N/A PERFORMING PERFORM TO MATURITY
54 1,760,161 0 50.3% 2.36 N/A PERFORMING PERFORM TO MATURITY
55 8,896,688 0 56.5% 1.69 N/A PERFORMING PERFORM TO MATURITY
56 4,118,692 0 48.5% 1.76 N/A PERFORMING PERFORM TO MATURITY
57 3,945,548 0 71.7% 1.64 N/A PERFORMING PERFORM TO MATURITY
58 3,873,885 0 58.7% 1.40 N/A PERFORMING PERFORM TO MATURITY
59 1,710,905 0 57.0% 1.50 N/A PERFORMING PERFORM TO MATURITY
60 1,384,444 0 69.2% 2.03 N/A PERFORMING PERFORM TO MATURITY
61 1,481,312 0 45.4% 2.15 N/A PERFORMING PERFORM TO MATURITY
- --- ----------- --- ---- ---- --- ------------------------- ------------------------------
TOTAL 208,993,437
===========
</TABLE>
Page - 10
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: JULY, 1996
DATE PRINTED: 16-JUL-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 3,395,930 3/20/95 4/1/2020 104 11.130% F 33,941
02 8,816,687 6/28/95 7/1/2020 287 10.070% A 81,314
03 8,158,268 1/30/95 2/1/2020 222 11.260% F 82,415
04 4,000,303 5/3/95 6/1/2020 106 11.110% F 39,839
05 3,451,151 11/7/94 12/1/2019 220 10.840% F 33,856
06 3,350,234 6/28/95 7/1/2015 227 10.250% F 33,376
07 3,064,235 7/1/95 7/1/2020 167 10.320% A 28,798
08 2,774,983 6/30/95 7/1/2020 227 10.350% F 26,138
09 2,607,340 5/3/95 6/1/2020 106 11.110% F 25,967
10 2,503,783 11/7/94 12/1/2019 220 10.840% F 24,563
11 2,251,819 3/22/95 4/1/2015 224 10.000% F 22,196
12 2,256,923 12/7/94 1/1/2015 221 12.270% F 25,770
13 1,916,086 11/7/94 12/1/2019 220 10.840% F 18,812
14 1,785,944 11/7/94 12/1/2019 220 10.840% F 17,520
15 1,490,852 11/7/94 12/1/2019 220 10.840% F 14,625
16 1,104,806 11/23/94 12/1/2014 220 12.290% F 12,615
17 983,307 6/7/95 7/1/2015 227 9.930% F 9,604
18 8,732,089 1/27/95 2/1/2025 102 10.200% F 78,530
19 8,641,736 4/18/95 5/1/2020 105 9.360% F 75,599
20 8,467,040 6/12/95 7/1/2020 71 8.540% F 69,239
21 8,376,244 4/13/95 5/1/2020 69 10.040% F 77,206
22 5,728,353 4/10/95 5/1/2020 285 9.370% F 50,151
23 5,502,210 11/23/94 12/1/2024 64 10.250% F 49,734
24 4,471,365 11/18/94 12/1/2019 64 10.310% F 42,233
25 4,465,072 5/11/95 6/1/2020 70 9.450% F 39,299
26 4,132,165 12/16/94 1/1/2020 65 9.750% F 37,356
27 3,969,272 6/19/95 7/1/2025 107 8.420% F 30,530
28 3,454,538 4/5/95 3/1/2020 284 9.270% F 28,688
29 2,957,485 12/29/94 1/1/2020 281 10.170% F 27,621
30 2,618,002 4/17/95 5/1/2020 285 9.510% F 23,171
31 2,504,493 5/11/95 6/1/2020 70 9.050% F 21,360
32 2,122,073 3/30/95 4/1/2020 104 9.510% F 18,799
33 2,059,756 8/17/94 9/1/2019 277 9.650% F 18,567
34 1,916,194 11/23/94 12/1/2019 100 10.470% F 18,313
35 1,581,894 2/28/95 3/1/2020 67 10.350% F 14,936
36 1,373,531 11/18/94 12/1/2019 64 10.310% F 12,973
37 1,035,346 4/17/95 5/1/2020 285 9.510% F 9,164
38 592,726 2/28/95 3/1/2020 67 10.350% F 5,601
39 5,248,796 11/21/94 12/1/2024 64 9.690% F 45,302
40 4,449,060 6/30/95 7/1/2020 107 8.910% F 37,487
41 2,119,851 4/13/95 5/1/2020 285 9.690% F 19,025
42 1,972,994 1/31/95 2/1/2020 102 10.090% F 18,301
43 1,948,419 2/1/95 2/1/2020 283 10.110% F 18,100
44 1,924,651 5/26/95 6/1/2020 286 8.570% F 15,794
45 1,878,457 6/30/95 7/1/2020 287 8.900% F 15,815
46 1,537,514 12/19/94 1/1/2020 281 10.340% F 14,542
47 1,460,264 12/9/94 1/1/2020 65 10.540% F 14,016
48 1,134,215 2/1/95 2/1/2020 283 9.990% F 10,442
49 1,058,716 10/24/94 12/1/2019 280 10.460% F 10,119
50 963,006 12/22/94 1/1/2020 281 10.550% F 9,250
51 937,214 2/1/95 2/1/2020 283 10.110% F 8,706
52 11,127,671 5/12/95 5/1/2020 69 10.840% F 108,673
53 5,446,734 1/19/95 2/1/2020 66 12.075% F 58,232
54 1,760,161 12/27/94 1/1/2015 101 11.130% F 18,739
55 8,896,688 1/31/95 2/1/2020 162 11.070% F 88,666
56 4,118,692 12/13/94 1/1/2010 161 9.790% F 45,912
57 3,945,548 12/29/94 1/1/2020 101 10.415% F 37,525
58 3,873,885 11/10/94 12/1/2019 100 11.285% F 39,260
59 1,710,905 3/15/95 4/1/2020 68 10.500% F 16,334
60 1,384,444 6/15/95 7/1/2020 107 9.025% F 11,773
61 1,481,312 11/23/94 12/1/2019 64 10.950% F 14,648
- -- ----------- -------- --------- --- ------ ----- -----------
TOTAL 208,993,437
===========
</TABLE>
Page - 11
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: JULY, 1996
DATE PRINTED: 16-JUL-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 202 N/A 19,000,000 08/01/95 PROSPECTUS
03 1 LODGING SANTA FE NM 87501 1991 59 N/A 14,500,000 08/01/95 PROSPECTUS
04 1 LODGING SAVANNAH GA 31408 1987 121 N/A 5,760,000 08/01/95 PROSPECTUS
05 1 LODGING FLORENCE SC 29502 1985 165 N/A 6,100,000 08/01/95 PROSPECTUS
06 1 LODGING NASHVILLE TN 37203 1973 172 N/A 4,700,000 08/01/95 PROSPECTUS
07 1 LODGING NEW YORK NY 10019 1920 53 N/A 4,600,000 08/01/95 PROSPECTUS
08 1 LODGING LONGWOOD FL 32779 1973 192 N/A 5,500,000 08/01/95 PROSPECTUS
09 1 LODGING SAVANNAH GA 31419 1984 114 N/A 3,855,000 08/01/95 PROSPECTUS
10 1 LODGING HENDERSONVILLE NC 28739 1990 85 N/A 4,100,000 08/01/95 PROSPECTUS
11 1 LODGING IRVING TX 70562 1973 178 N/A 3,800,000 08/01/95 PROSPECTUS
12 1 LODGING DANVERS MA 01923 1973 129 N/A 3,600,000 08/01/95 PROSPECTUS
13 1 LODGING HARDEEVILLE SC 29927 1989 99 N/A 3,300,000 08/01/95 PROSPECTUS
14 1 LODGING SPARTANBURG SC 29303 1987 99 N/A 3,000,000 08/01/95 PROSPECTUS
15 1 LODGING FLORENCE SC 29501 1972 120 N/A 2,700,000 08/01/95 PROSPECTUS
16 1 LODGING SANTA FE NM 87505 1961 83 N/A 2,025,000 08/01/95 PROSPECTUS
17 1 LODGING CHERRY HILL NJ 08002 1983 40 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 598 N/A 8,600,000 08/01/95 PROSPECTUS
40 1 MANUFACTURED HOU MONROE MI 48161 1971 431 N/A 6,675,000 08/01/95 PROSPECTUS
41 1 MANUFACTURED HOU BILLINGS MT 59105 1971 213 N/A 3,325,000 08/01/95 PROSPECTUS
42 1 MANUFACTURED HOU ALBUQUERQUE NM 87121 1986 176 N/A 3,000,000 08/01/95 PROSPECTUS
43 1 MANUFACTURED HOU BOZEMAN MT 59715 1972 203 N/A 3,000,000 08/01/95 PROSPECTUS
44 1 MANUFACTURED HOU PLAIN CITY OH 43064 1972 218 N/A 2,950,000 08/01/95 PROSPECTUS
45 1 MANUFACTURED HOU WICHITA KS 67216 1970 281 N/A 2,600,000 08/01/95 PROSPECTUS
46 1 MANUFACTURED HOU VERO BEACH FL 32966 1971 107 N/A 2,350,000 08/01/95 PROSPECTUS
47 1 MANUFACTURED HOU WEST JORDAN UT 84088 1974 170 N/A 2,100,000 08/01/95 PROSPECTUS
48 1 MANUFACTURED HOU BURNSVILLE MN 55337 1972 223 N/A 3,850,000 08/01/95 PROSPECTUS
49 1 MANUFACTURED HOU CLEARWATER FL 34620 1964 94 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 92 N/A 1,400,000 08/01/95 PROSPECTUS
52 1 HEALTH CARE WAYNE NJ 07470 1989 150 N/A 15,000,000 08/01/95 PROSPECTUS
53 1 HEALTH CARE WEYMOUTH MA 02188 1963 205 N/A 10,600,000 08/01/95 PROSPECTUS
54 1 HEALTH CARE OREGON CITY OR 97045 1968 96 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
REPORTING PERIOD: JULY, 1996
DATE PRINTED: 16-JUL-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 290,746 1/1/96 3/31/96 BORROWER 78.2% 3/31/96
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 56,985 1/1/96 3/31/96 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 35,426 1/31/96 3/31/96 BORROWER 34.0% 3/31/96
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 103,599 1/1/96 3/31/96 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 7,402 1/1/96 3/31/96 BORROWER 35.2% 3/31/96
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 68,648 1/1/96 3/31/96 BORROWER 67.6% 12/31/95
18 1 1,313,110 8/1/95 PROSPECTUS 288,373 1/1/96 3/31/96 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 267,649 1/1/96 3/31/96 BORROWER 95.7% 3/31/96
22 1 926,197 8/1/95 PROSPECTUS 313,368 1/1/96 4/30/96 BORROWER 92.7% 5/1/96
23 1 827,531 8/1/95 PROSPECTUS 317,578 1/1/96 3/31/96 BORROWER 97.3% 3/31/96
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 505,087 1/1/95 12/31/95 BORROWER 90.0% 12/15/95
27 1 541,800 8/1/95 PROSPECTUS 121,749 1/1/96 3/31/96 BORROWER 92.5% 3/31/96
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 115,598 1/1/96 3/31/96 BORROWER 86.0% 12/31/95
30 1 399,441 8/1/95 PROSPECTUS 299,031 4/17/95 12/31/95 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 118,977 1/1/96 3/31/96 MANAGEMENT COMPANY 94.0% 3/31/96
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 90,877 1/1/96 3/31/96 BORROWER 94.4% 2/15/96
35 1 319,856 8/1/95 PROSPECTUS 357,146 3/1/95 12/31/95 BORROWER 99.1% 10/2/95
36 1 284,434 8/1/95 PROSPECTUS 78,083 1/1/96 3/31/96 BORROWER 94.9% 3/31/96
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 230,335 1/1/96 3/31/96 BORROWER 99.6% 3/31/96
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 90,300 1/1/96 3/31/96 BORROWER 96.5% 3/31/96
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 N/A N/A N/A 99.0% 8/1/95
47 1 228,568 8/1/95 PROSPECTUS 67,547 1/1/96 3/31/96 BORROWER 97.0% 3/31/96
48 1 430,423 8/1/95 PROSPECTUS 161,890 1/1/96 3/31/96 BORROWER 100.0% 3/31/96
49 1 155,827 8/1/95 PROSPECTUS 36,047 1/1/96 3/31/96 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 451,956 1/1/96 3/31/96 BORROWER 98.0% 2/1/96
53 1 1,057,390 8/1/95 PROSPECTUS 360,990 1/1/96 3/31/96 BORROWER 95.3% 3/31/96
54 1 532,028 8/1/95 PROSPECTUS 112,010 1/1/96 3/31/96 BORROWER 88.8% 3/30/96
55 1 1,800,573 8/1/95 PROSPECTUS 345,707 1/1/96 3/31/96 BORROWER 95.0% 8/1/95
56 1 968,857 8/1/95 PROSPECTUS 349,683 1/1/96 3/31/96 BORROWER 100.0% 3/31/96
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 156,241 1/1/96 3/31/96 BORROWER 88.2% 3/31/96
59 1 293,656 8/1/95 PROSPECTUS 56,296 1/1/96 3/31/96 BORROWER 91.7% 6/1/96
60 1 287,315 8/1/95 PROSPECTUS 72,542 1/1/96 3/31/96 BORROWER 100.0% 3/31/96
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 - 13
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET COMMENTS
PORTFOLIO: ASC SERIES 1995 D1
REPORTING PERIOD: JULY, 1996
DATE PRINTED: 16-JUL-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: 3/31/96 - THE AVERAGE
ROOM RATE IS $188 YTD., VERSUS A $207 AVERAGE FOR THE PREVIOUS YEAR.
LOAN 03 - 1:
LOAN 04 - 1: Partial Year Statement Comment: 3/31/96 - 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.
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
REPORTEDLY WORKING WITH HOLIDAY INN ON FRANCHISOR'S UPGRADE REQUIREMENTS.
Partial Year Statement Comment: 3/31/96 - REVENUES ARE 33%BELOW THE
BASELINE EXPECTATION. EXPENSES ARE 10% BELOW THE BASELINE BUT 41% HIGHER
THAN THE PREVIOUS YEAR.
LOAN 07 - 1: Partial Year Statement Comment: 12/31/95 - OPERATING
EXPENSES ARE 58% ABOVE BASELINE PREDICTIONS.
LOAN 08 - 1:
LOAN 09 - 1: Partial Year Statement Comment: 3/31/96 - REVENUES ARE
DOWN BY 3% VERSUS THE BASELINE FIGURE AND EXPENSES ARE UP BY 6% VERSUS THE
BASELINE FIGURE. THE BORROWER DID NOT REPORT ANY PROPERTY TAX EXPENSE.
LOAN 10 - 1:
LOAN 11 - 1: Partial Year Statement Comment: 12/31/95 - NOI IS 19%
ABOVE BASELINE EXPECTATION, BUT IS CONSISTENT WITH PREVIOUS YEAR.
LOAN 12 - 1: Partial Year Statement Comment: 3/31/96 - FIRST QUARTER
IS HISTORICALLY LOWEST OCCUPANCY OF THE YEAR FOR THIS PROPERTY DUE TO
CYCLICAL MARKET CONDITIONS IN THE INDUSTRY.
LOAN 13 - 1: Partial Year Statement Comment: 12/31/95 - REVENUE IS UP
18% OVER BASELINE PROJECTIONS AND UP 11% OVER PREVIOUS YEAR.
LOAN 14 - 1:
LOAN 15 - 1: Partial Year Statement Comment: 12/31/95 - 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: 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: 3/31/96 - BORROWER
REPORTED NO INSURANCE EXPENSE.
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: 3/31/96 - EXPENSES ARE
33% HIGHER THAN BASELINE FIGURES. ADDITIONALLY, CAPITAL EXPENDITURES ARE
398% GREATER THAN THE BASELINE ESTIMATE,BUT ONLY 74%GREATER THAN PREVIOUS
YR. THE LARGEST PORTION OF CAP. EXP. WERE FOR COMMON AREA IMPROVEMENTS AND
LANDSCAPE.
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LOAN 22 - 1:
LOAN 23 - 1: Partial Year Statement Comment: 3/31/96 - BORROWER
REPORTED NO TAX OR INSURANCE EXPENSE. REVENUES ARE UP BY 16% OVER BASELINE
PREDICTIONS WHILE EXPENSES ARE DOWN BY 10% VERSUS THE BASELINE.
LOAN 24 - 1:
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: Partial Year Statement Comment: 12/31/95 - REVENUES ARE
DOWN BY 5% OVER BASELINE FIGURES, WHILE EXPENSES ARE UP BY 5% OVER BASELINE
NUMBERS.
LOAN 27 - 1:
LOAN 28 - 1: Status Comment: OPERATING STATEMENTS AND RENT ROLLS HAVE
NOT BEEN SUBMITTED IN ACCORDANCE WITH LOAN DOCUMENTS. DSCR AS OF 9/30/95 WAS
1.16. OCCUPANCY AS OF 10/31/95 WAS 100%. 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:
LOAN 30 - 1:
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: Partial Year Statement Comment: 3/31/96 - REVENUES ARE UP
BY 46% OVER THE PREVIOUS YEAR AND UP 35% OVER BASELINE PROJECTIONS BORROWER
REPORTS THAT ECONOMIC VACANCY HAS DECREASED FROM 25% TO SLIGHTLY OVER 6%
SINCE ACQUISITION.
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 WAS 0.71. DSCR AS OF
3/31/96 STATEMENT IS 1.65. Partial Year Statement Comment: 3/31/96 -
REVENUES ARE 4% ABOVE BASELINE PROJECTIONS. EXPENSES ARE 4% BELOW THE
BASELINE AND 28% BELOW THE PREVIOUS YEAR.
LOAN 35 - 1: Partial Year Statement Comment: 12/31/95 - 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
24% OVER THE BASELINE.
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.
LOAN 42 - 1: Partial Year Statement Comment: 3/31/96 - BORROWER
REPORTED NO PROPERTY TAX OR INSURANCE EXPENSE.
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.
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<PAGE>
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:
LOAN 48 - 1: Partial Year Statement Comment: 3/31/96 - REVENUES ARE UP
BY 12% OVER THE BASELINE WHILE EXPENSES ARE DOWN BY 33% COMPARED TO
BASELINE FIGURES. THE LARGEST EXPENSE VARIANCES ARE G&A DOWN BY 93% AND R&M
DOWN BY 82%, WITH RESPECT TO BASELINE FIGURES.
LOAN 49 - 1: Partial Year Statement Comment: 3/31/96 - EXPENSES ARE
27% HIGHER THAN THE BASELINE PROJECTION, WITH THE LARGEST VARIANCES IN R&M
AT 53% ABOVE BASELINE AND UTILITIES AT 50% ABOVE BASELINE FIGURES.
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: LOAN TRANSFERRED TO SPECIAL SERVICER.
LAWSUIT AGAINST BORROWER FILED BY CONTRACTOR FOR MECHANIC'S LIEN DISPUTE.
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: Partial Year Statement Comment: 3/31/96 - REVENUES ARE
28% LOWER THAN THE BASELINE AND EXPENSES ARE 16% ABOVE THE BASELINE.
LOAN 56 - 1: Partial Year Statement Comment: 3/31/96 - REVENUES ARE UP
19% OVER THE BASELINE FIGURE WHILE EXPENSES ARE 7% BELOW BASELINE
PROJECTIONS. ADDITONALLY, THE BORROWER DOES NOT REPORT ANY PROPERTY TAX OR
INSURANCE EXPENSE.
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: Partial Year Statement Comment: 3/31/96 - REPAIR AND
MAINTENANCE EXPENSE IS UP BY 564% OVER THE BASELINE AND 949% HIGHER THAN
PREVIOUS YEAR.
LOAN 60 - 1:
LOAN 61 - 1:
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