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) December 20, 1996
TRUST CREATED BY SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(under a Pooling & Servicing Agreement
dated as of February 1, 1996, which Trust is
the issuer of Commercial Mortgage Pass-Through
Certificates, Series 1996-C1)
(Exact name of Registrant as specified in its Charter)
New York 33-84924-11 36-4069689
(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)
Salomon 1996-C1
(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 December 20, 1996, Monthly Remittance
Statement provided to the Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
Monthly Remittance Statement to the Certificateholders dated as of
December 20, 1996.
Loan data file as of the December 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 February
1, 1996
By: Midland Data Systems, Inc., its General
Partner
/s/ Lawrence D. Ashley
By: Lawrence D. Ashley
Title: Director of MBS Programs
Date: December 20, 1996
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of December 20, 1996
Loan data file as of December 1996 18
Page - 2
ABN AMRO Statement Date: 12/20/96
LaSalle National Bank Payment Date: 12/20/96
Prior Payment: 11/20/96
Administrator: Record Date: 11/29/96
Brian Ames (800) 246-5761 WAC: 9.257486%
135 S. LaSalle Street Suite 1740 WAMM: 78
Chicago, IL 60603
Salomon Brothers Mortgage Securities VII, Inc.
Midland Loan Services, L.P., as Master Servicer
Mortgage Pass-Through Certificates
Series 1996-C1
ABN AMRO Acct: 67-7487-70-4
<TABLE>
REMIC III
<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 .............. 50,000,000.00 48,330,885.87 192,578.36
79548KQD3 ........ 1000.000000 966.617717 3.851567
A-2 .............. 81,468,000.00 81,468,000.00 0.00
79548KQH4 ........ 1000.000000 1000.000000 0.000000
IO ............... 170,696,000.00 N 169,026,885.87 0.00
79548S9K9 ........ 1000.000000 990.221715 0.000000
B ................ 14,843,000.00 14,843,000.00 0.00
79548KQE1 ........ 1000.000000 1000.000000 0.000000
C ................ 14,843,000.00 14,843,000.00 0.00
79548KQF8 ........ 1000.000000 1000.000000 0.000000
D ................ 9,542,000.00 9,542,000.00 0.00
79548KQG6 ........ 1000.000000 1000.000000 0.000000
E ................ 21,204,000.00 21,204,000.00 0.00
79548S9F0 ........ 1000.000000 1000.000000 0.000000
F ................ 11,132,000.00 11,132,000.00 0.00
79548S9G8 ........ 1000.000000 1000.000000 0.000000
G ................ 9,013,633.94 8,182,465.76 94,224.93
79548S9H6 ........ 1000.000000 907.787671 10.453601
R-III ............ 0.00 0.00 0.00
9ABSM691 ......... 1000.000000 0.000000 0.000000
- ------------------ ---------------- ---------------- ----------------
212,045,633.94 209,545,351.63 286,803.29
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 3
<PAGE>
REMIC III, Continued
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 .............. 0.00 0.00 48,138,307.51
79548KQD3 ........ 0.000000 0.000000 962.766150
A-2 .............. 0.00 0.00 81,468,000.00
79548KQH4 ........ 0.000000 0.000000 1000.000000
IO ............... 0.00 0.00 168,834,307.51
79548S9K9 ........ 0.000000 0.000000 989.093520
B ................ 0.00 0.00 14,843,000.00
79548KQE1 ........ 0.000000 0.000000 1000.000000
C ................ 0.00 0.00 14,843,000.00
79548KQF8 ........ 0.000000 0.000000 1000.000000
D ................ 0.00 0.00 9,542,000.00
79548KQG6 ........ 0.000000 0.000000 1000.000000
E ................ 0.00 0.00 21,204,000.00
79548S9F0 ........ 0.000000 0.000000 1000.000000
F ................ 0.00 0.00 11,132,000.00
79548S9G8 ........ 0.000000 0.000000 1000.000000
G ................ 0.00 0.00 8,088,240.83
79548S9H6 ........ 0.000000 0.000000 897.334070
R-III ............ 0.00 0.00 0.00
9ABSM691 ......... 0.000000 0.000000 0.000000
- ------------------ ---------------- ---------------- ----------------
0.00 0.00 209,258,548.34
================ ================ ================
<TABLE>
REMIC III, Continued
<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 .............. 260,543.75 0.00 6.469000%
79548KQD3 ........ 5.210875 0.000000 Fixed
A-2 .............. 460,314.57 0.00 6.780300%
79548KQH4 ........ 5.650250 0.000000 Fixed
IO ............... 244,958.75 0.00 1.739075%
79548S9K9 ........ 1.435059 0.000000 1.740521%
B ................ 88,151.34 0.00 7.126700%
79548KQE1 ........ 5.938917 0.000000 Fixed
C ................ 90,308.52 0.00 7.301100%
79548KQF8 ........ 6.084250 0.000000 Fixed
D ................ 61,617.47 0.00 7.749000%
79548KQG6 ........ 6.457501 0.000000 Fixed
E ................ 162,298.95 0.00 9.185000%
79548S9F0 ........ 7.654167 0.000000 9.185100%
F ................ 85,206.18 0.00 9.185000%
79548S9G8 ........ 7.654166 0.000000 9.185100%
G ................ 62,629.96 0.00 9.185000%
79548S9H6 ........ 6.948358 0.000000 9.185100%
R-III ............ 0.00 0.00 None
9ABSM691 ......... 0.000000 0.000000 0.000000%
- ------------------ ---------------- ---------------- ----------------
1,516,029.49 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 4
<PAGE>
Salomon Brothers Mortgage Securities VII, Inc.
Midland Loan Services, L.P., as Master Servicer
Mortgage Pass-Through Certificates
Series 1996-C1
ABN AMRO Acct: 67-7487-70-4
<TABLE>
REMIC II
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
U ................ 50,000,000.00 48,330,885.87 192,578.36
None ............. 1000.000000 966.617717 3.851567
V ................ 81,468,000.00 81,468,000.00 0.00
None ............. 1000.000000 1000.000000 0.000000
W ................ 14,843,000.00 14,843,000.00 0.00
None ............. 1000.000000 1000.000000 0.000000
X ................ 14,843,000.00 14,843,000.00 0.00
None ............. 1000.000000 1000.000000 0.000000
Y ................ 9,542,000.00 9,542,000.00 0.00
None ............. 1000.000000 1000.000000 0.000000
Z ................ 41,349,633.94 40,518,465.76 94,224.93
None ............. 1000.000000 979.899020 2.278737
R-II ............. 0.00 0.00 0.00
9ABSM690 ......... 1000.000000 0.000000 0.000000
- ------------------ ---------------- ---------------- ----------------
212,045,633.94 209,545,351.63 286,803.29
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
REMIC II, Continued
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
U ................ 0.00 0.00 48,138,307.51
None ............. 0.000000 0.000000 962.766150
V ................ 0.00 0.00 81,468,000.00
None ............. 0.000000 0.000000 1000.000000
W ................ 0.00 0.00 14,843,000.00
None ............. 0.000000 0.000000 1000.000000
X ................ 0.00 0.00 14,843,000.00
None ............. 0.000000 0.000000 1000.000000
Y ................ 0.00 0.00 9,542,000.00
None ............. 0.000000 0.000000 1000.000000
Z ................ 0.00 0.00 40,424,240.83
None ............. 0.000000 0.000000 977.620283
R-II ............. 0.00 0.00 0.00
9ABSM690 ......... 0.000000 0.000000 0.000000
- ------------------ ---------------- ---------------- ----------------
0.00 0.00 209,258,548.34
================ ================ ================
Total P&I Payment 1,802,832.78
============
Page - 5
<PAGE>
<TABLE>
REMIC II, Continued
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
U ................ 282,067.10 0.00 None
None ............. 5.641342 0.000000 0.000000%
V ................ 623,569.65 0.00 None
None ............. 7.654167 0.000000 0.000000%
W ................ 113,610.80 0.00 None
None ............. 7.654167 0.000000 0.000000%
X ................ 113,610.79 0.00 None
None ............. 7.654166 0.000000 0.000000%
Y ................ 73,036.06 0.00 None
None ............. 7.654167 0.000000 0.000000%
Z ................ 310,135.09 0.00 None
None ............. 7.500310 0.000000 0.000000%
R-II ............. 0.00 0.00 None
9ABSM690 ......... 0.000000 0.000000 0.000000%
- ------------------ ---------------- ---------------- ----------------
1,516,029.49 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Salomon Brothers Mortgage Securities VII, Inc.
Midland Loan Services, L.P., as Master Servicer
Mortgage Pass-Through Certificates
Series 1996-C1
ABN AMRO Acct: 67-7487-70-4
<TABLE>
REMIC I
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
Regular .......... 212,045,633.94 210,376,519.81 192,578.36
None ............. 1000.000000 992.128515 0.908193
R-I .............. 0.00 0.00 0.00
9ABSM689 ......... 1000.000000 0.000000 0.000000
- ------------------ ---------------- ---------------- ----------------
212,045,633.94 210,376,519.81 192,578.36
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 6
<PAGE>
REMIC I, Continued
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
Regular .......... 0.00 0.00 210,183,941.45
None ............. 0.000000 0.000000 991.220322
R-I .............. 0.00 0.00 0.00
9ABSM689 ......... 0.000000 0.000000 0.000000
- ------------------ ---------------- ---------------- ----------------
0.00 0.00 210,183,941.45
================ ================ ================
<TABLE>
REMIC I, Continued
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
Regular .......... 1,610,254.42 0.00 None
None ............. 7.593905 0.000000 0.000000%
R-I .............. 0.00 0.00 None
9ABSM689 ......... 0.000000 0.000000 0.000000%
- ------------------ ---------------- ---------------- ----------------
1,610,254.42 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Available Distribution Amount 1,802,832.78
Prepayment Previous Loss Unpaid
Class Premiums Reimbursement Interest
A-1 .............. 0.00 0.00 0.00
A-2 .............. 0.00 0.00 0.00
IO ............... 0.00 0.00 0.00
B ................ 0.00 0.00 0.00
C ................ 0.00 0.00 0.00
D ................ 0.00 0.00 0.00
E ................ 0.00 0.00 0.00
F ................ 0.00 0.00 0.00
G ................ 0.00 0.00 0.00
---------------- ---------------- ----------------
0.00 0.00 0.00
================ ================ ================
Page - 7
<PAGE>
PRINCIPAL DISTRIBUTION
Class Scheduled Unscheduled
A-1 ........... 192,578.36 0.00
A-2 ........... 0.00 0.00
IO ............ 0.00 0.00
B ............. 0.00 0.00
C ............. 0.00 0.00
D ............. 0.00 0.00
E ............. 0.00 0.00
F ............. 0.00 0.00
G ............. 0.00 94,224.93
---------------- ----------------
192,578.36 94,224.93
================ ================
Interest on P&I Advances per 4.03(d) 0.00
Interest on P&I Advances per 3.29(d) 0.00
Aggregate Servicing Compensation 12,710.25
Aggregate Special Servicing Compensation 0.00
Fees/ Premiums paid to Class R-I 0.00
Mortgage Stated Assigned
Pool Principal Asset
Balance Balance Value
210,183,941.45 210,183,941.45 210,183,941.45
Loan Remaining
Count Term WAC
43 78 9.25760651%
DELINQUENCY /PREPAYMENT / RATE HISTORY REPORTING
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months
Date # Balance # Balance # Balance
12/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
11/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
10/21/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
09/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
08/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
07/22/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
06/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
05/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
04/22/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
03/20/96 ........ 0 0 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
Page - 8
<PAGE>
<TABLE>
<CAPTION>
Distribution Foreclosure/Bankruptcy(1) REO (1)
Date # Balance # Balance
<S> <C> <C> <C> <C>
12/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
11/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
10/21/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
09/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
08/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
07/22/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
06/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
05/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
04/22/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
03/20/96 ........ 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>
Distribution Modifications Prepayments
Date # Balance # Balance
12/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
11/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
10/21/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
09/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
08/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
07/22/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
06/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
05/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
04/22/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
03/20/96 ........ 0 0 0 0
/ ............... 0.00% 0.000% 0.00% 0.000%
Distribution Next Weighted Avg.
Date Coupon Remit
12/20/96 ...... 9.257607% 9.185107%
11/20/96 ...... 9.257486% 9.184986%
10/21/96 ...... 9.257365% 9.184865%
09/20/96 ...... 9.257246% 9.184746%
08/20/96 ...... 9.257126% 9.184626%
07/22/96 ...... 9.257008% 9.184508%
06/20/96 ...... 9.256890% 9.184390%
05/20/96 ...... 9.256773% 9.184273%
04/22/96 ...... 9.256656% 9.184156%
03/20/96 ...... 9.256540% 9.184040%
<TABLE>
DELINQUENCY LOAN DETAIL
<CAPTION>
Outstanding
Disclosure Paid Current Outstanding Property
Doc Thru P&I P&I Protection
Control # Period Date Advance Advances(1) Advances
<S> <C> <C> <C> <C> <C>
TOTALS:
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
Page - 9
<PAGE>
<TABLE>
<CAPTION>
Special
Disclosure Servicer
Doc Advance Loan Transfer Foreclosure Bankruptcy REO
Control # Desc.(1) Status (2) Date Date Date Date
<S> <C> <C> <C> <C> <C> <C>
TOTALS:
<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>
DISTRIBUTION OF PRINCIPAL BALANCES
Current Scheduled Number Scheduled Based on
Principal Balances of Loans Prin. Balance Balance
$0 to $500,000 ............... 1 480,593 0.23%
$500,000 to $1,000,000 ....... 3 2,387,320 1.14%
$1,000,000 to $1,500,000 ..... 4 5,197,024 2.47%
$1,500,000 to $2,000,000 ..... 3 5,465,816 2.60%
$2,000,000 to $2,500,000 ..... 0 0 0.00%
$2,500,000 to $3,000,000 ..... 2 5,070,166 2.41%
$3,000,000 to $3,500,000 ..... 2 6,694,419 3.19%
$3,500,000 to $4,000,000 ..... 3 11,019,564 5.24%
$4,000,000 to $4,500,000 ..... 1 4,402,578 2.09%
$4,500,000 to $5,000,000 ..... 7 33,016,264 15.71%
$5,000,000 to $5,500,000 ..... 7 36,684,416 17.45%
$5,500,000 to $6,000,000 ..... 1 5,902,109 2.81%
$6,000,000 to $6,500,000 ..... 0 0 0.00%
$6,500,000 to $7,000,000 ..... 4 27,340,949 13.01%
$7,000,000 to $7,500,000 ..... 1 7,328,874 3.49%
$7,500,000 to $8,000,000 ..... 1 7,973,157 3.79%
$8,000,000 to $8,500,000 ..... 0 0 0.00%
$8,500,000 to $9,000,000 ..... 0 0 0.00%
$9,000,000 to $9,500,000 ..... 0 0 0.00%
$9,500,000 & above ........... 3 51,220,693 24.37%
- ------------------------------ --- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
Average Scheduled Balance is 4,887,999
Maximum Scheduled Balance is 28,035,911
Minimum Scheduled Balance is 480,593
Page - 10
<PAGE>
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Principal Balance Balance
MF Housing ................... 21 72,694,882 34.59%
Retail ....................... 12 65,880,414 31.34%
Office/Industrial ............ 1 28,035,911 13.34%
Hospitality .................. 5 23,835,666 11.34%
Office/Retail ................ 2 10,719,925 5.10%
Industrial ................... 1 5,351,322 2.55%
Office ....................... 1 3,665,821 1.74%
--- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Principal Balance Balance
Georgia ...................... 11 47,368,286 22.54%
Texas ........................ 9 28,756,788 13.68%
Washington ................... 1 28,035,911 13.34%
New Jersey ................... 4 26,645,961 12.68%
Florida ...................... 4 22,269,999 10.60%
Nevada ....................... 1 11,677,044 5.56%
Kansas ....................... 2 8,406,146 4.00%
Nebraska ..................... 1 5,902,109 2.81%
Connecticut .................. 1 5,484,225 2.61%
New York ..................... 3 5,461,642 2.60%
Tennessee .................... 1 4,768,591 2.27%
Arizona ...................... 1 4,569,840 2.17%
Oklahoma ..................... 1 3,608,875 1.72%
South Carolina ............... 1 3,379,331 1.61%
Maryland ..................... 1 2,512,876 1.20%
Louisiana .................... 1 1,336,318 0.64%
--- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
<TABLE>
DISTRIBUTION OF MORTGAGE INTEREST RATES
<CAPTION>
Current Mortgage Number Scheduled Based on
Interest Rate (1) of Loans Principal Balance Balance
<S> <C> <C> <C>
8.500% or less ............... 5 46,506,231 22.13%
8.501% to 8.625% ............. 1 5,484,225 2.61%
8.626% to 8.750% ............. 5 25,071,778 11.93%
8.751% to 8.875% ............. 5 29,835,868 14.20%
8.876% to 9.000% ............. 3 14,870,697 7.08%
9.001% to 9.125% ............. 0 0 0.00%
9.126% to 9.250% ............. 1 3,744,869 1.78%
9.251% to 9.375% ............. 1 7,328,874 3.49%
9.376% to 9.500% ............. 0 0 0.00%
9.501% to 9.625% ............. 2 14,234,334 6.77%
9.626% to 9.750% ............. 1 4,402,578 2.09%
9.751% to 9.875% ............. 3 10,933,624 5.20%
9.876% to 10.000% ............ 3 2,920,525 1.39%
10.001% to 10.125% ........... 3 9,522,643 4.53%
10.126% & above .............. 10 35,327,697 16.81%
- ------------------------------ --- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
<FN>
(1) Weighted Average Mortgage Interest Rate is 9.2575%
Minimum Mortgage Interest Rate is 7.9500%
Maximum Mortgage Interest Rate is 11.1600%
</FN>
</TABLE>
Page - 11
<PAGE>
LOAN SEASONING
Number Scheduled Based on
Number of Years of Loans Principal Balance Balance
1 year or less ............... 8 63,527,425 30.22%
1+ to 2 years ................ 25 115,910,017 55.15%
2+ to 3 years ................ 10 30,746,499 14.63%
3+ to 4 years ................ 0 0 0.00%
4+ to 5 years ................ 0 0 0.00%
5+ to 6 years ................ 0 0 0.00%
6+ to 7 years ................ 0 0 0.00%
7+ to 8 years ................ 0 0 0.00%
8+ to 9 years ................ 0 0 0.00%
9+ to 10 years ............... 0 0 0.00%
10 years or more ............. 0 0 0.00%
- ------------------------------ --- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
Weighted Average Seasoning is 1.4
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Principal Balance Balance
Amortizing Balloon ........... 43 210,183,941 100.00%
--- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
DISTRIBUTION OF REMAINING TERM
FULLY AMORTIZING
Fully Amortizing Number Scheduled Based on
Mortgage Loans of Loans Principal Balance Balance
60 months or less ............ 0 0 0.00%
61 to 120 months ............. 0 0 0.00%
121 to 180 months ............ 0 0 0.00%
181 to 240 months ............ 0 0 0.00%
241 to 360 months ............ 0 0 0.00%
- ------------------------------ --- ------------ ------
Total ........................ 0 0 0.00%
=== ============ ======
Weighted Average Months to Maturity is Na
DISTRIBUTION OF REMAINING TERM
BALLOON LOANS
Balloon Number Scheduled Based on
Mortgage Loans of Loans Principal Balance Balance
12 months or less ............ 0 0 0.00%
13 to 24 months .............. 1 11,507,738 5.48%
25 to 36 months .............. 2 6,178,697 2.94%
37 to 48 months .............. 2 12,259,992 5.83%
49 to 60 months .............. 14 50,282,010 23.92%
61 to 120 months ............. 24 129,955,505 61.83%
121 to 180 months ............ 0 0 0.00%
181 to 240 months ............ 0 0 0.00%
- ------------------------------ --- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
Weighted Average Months to Maturity is 78
Page - 12
<PAGE>
<TABLE>
DISTRIBUTION OF DSCR
<CAPTION>
Debt Service Number Scheduled Based on
Coverage Ratio (1) of Loans Principal Balance Balance
<S> <C> <C> <C>
1.000 or less ................ 1 7,328,874 3.49%
1.001 to 1.125 ............... 2 6,333,093 3.01%
1.126 to 1.250 ............... 8 54,801,604 26.07%
1.251 to 1.375 ............... 5 20,729,088 9.86%
1.376 to 1.500 ............... 8 25,265,567 12.02%
1.501 to 1.625 ............... 8 58,450,247 27.81%
1.626 to 1.750 ............... 6 26,682,112 12.69%
1.751 to 1.875 ............... 1 4,768,591 2.27%
1.876 to 2.000 ............... 2 2,029,083 0.97%
2.001 to 2.125 ............... 1 480,593 0.23%
2.126 to 2.250 ............... 0 0 0.00%
2.251 to 2.375 ............... 0 0 0.00%
2.376 to 2.500 ............... 0 0 0.00%
2.501 to 2.625 ............... 0 0 0.00%
2.626 & above ................ 1 3,315,088 1.58%
Unknown ...................... 0 0 0.00%
--- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
<FN>
(1) Debt Service Coverage Ratios are calculated as described in the prospectus,
values are updated periodically as new NOI figures became available from
borrowers on an asset level.
Neither the Trustee, Servicer, Special Servicer or Underwriter makes any
representation as to the accuracy of the data provided by the borrower for
this calculation.
</FN>
</TABLE>
Weighted Average Debt Service Coverage Ratio is 1.43078
NOI AGING
Scheduled
Number Principal Based on
NOI Date of Loans Balance Balance
1 year or less ............... 1 5,484,225 2.61%
1+ to 2 years ................ 36 178,306,761 84.83%
2+ & above ................... 6 26,392,956 12.56%
Unknown ...................... 0 0 0.00%
--- ------------ ------
Total ........................ 43 210,183,941 100.00%
=== ============ ======
Page - 13
<PAGE>
LOAN LEVEL DETAIL
Special
Servicer Neg
Transfer Maturity Am
Property Name Property Date State Date (Y/N)
Dobbin Square .......... Retail -- MD 08/01/99 N
42 West 48th Street .... Office -- NY 10/01/99 N
Vista Hills ............ Retail -- TX 12/01/2001 N
Plymouth Park .......... Retail -- TX 01/01/2000 N
Peach Festival ......... Retail -- GA 02/01/2002 N
Goethals Park .......... Industrial -- NJ 03/01/2000 N
West Harbor ............ MF Housing -- GA 11/01/2004 N
Heritage Village ....... MF Housing -- FL 09/01/2001 N
Pelican Point .......... MF Housing -- TX 08/01/2001 N
Ashley Woods ........... MF Housing -- GA 02/01/2005 N
West 109th Street ...... MF Housing -- NY 11/01/2001 N
Emerald Bay ............ MF Housing -- NV 09/01/2001 N
West 14th Street ....... MF Housing -- NY 02/01/2005 N
Ranch Park ............. MF Housing -- TX 08/01/2001 N
Timber Ridge ........... MF Housing -- TX 08/01/2001 N
Windy Ridge ............ MF Housing -- TX 08/01/2001 N
English Oaks ........... MF Housing -- TX 11/01/2001 N
Northlake I ............ MF Housing -- GA 10/01/2001 N
Northlake II ........... MF Housing -- GA 10/01/2001 N
Brookgreen/Lantana ..... MF Housing -- FL 12/01/2001 N
Kings Bridge ........... MF Housing -- GA 12/01/2001 N
Beaumonde .............. MF Housing -- LA 12/01/2001 N
Raritan Mall ........... Retail -- NJ 07/01/98 N
Manzanita Plaza ........ Retail -- AZ 08/01/2002 N
Benchmark Crossing ..... Retail -- TX 08/01/2005 N
Northmoor Apartments ... MF Housing -- GA 09/01/2002 N
Colonial Oaks .......... MF Housing -- GA 09/01/2005 N
Continental ............ MF Housing -- SC 09/01/2005 N
Atlanta ................ Hospitality -- GA 10/01/2005 N
Wichita ................ Hospitality -- KS 10/01/2005 N
Cross Creek ............ MF Housing -- GA 05/01/2002 N
Knoxville .............. Hospitality -- TN 10/01/2005 N
Omaha .................. Hospitality -- NE 10/01/2005 N
Overland Park .......... Hospitality -- KS 10/01/2005 N
Las Palmas ............. Retail -- TX 10/01/2002 N
Galleria ............... Office/Retail -- NJ 11/01/2005 N
Luria Plaza ............ Retail -- FL 12/01/2005 N
Crossroads at Middlebury Office/Retail -- CT 12/01/2002 N
Lansbury Village Apts .. MF Housing -- GA 01/01/2006 N
Grove Park ............. Retail -- FL 01/01/2003 N
Redmond East ........... Office/Industrial -- WA 01/01/2006 N
Strathmore S/C ......... Retail -- NJ 01/01/2006 N
Edmond Plaza ........... Retail -- OK 01/01/2006 N
Page - 14
<PAGE>
Ending Scheduled
Scheduled Note Principal Prepayments
Property Name Balance Rate Payment Liquidations
Dobbin Square .......... 2,512,876 10.1250% 2,404 0
42 West 48th St ........ 3,665,821 10.6250% 5,749 0
Vista Hills ............ 6,921,483 10.7500% 3,618 0
Plymouth Park .......... 6,908,669 11.0000% 3,039 0
Peach Festival ......... 6,612,534 10.6250% 4,354 0
Goethals Park .......... 5,351,322 10.8750% 7,737 0
West Harbor ............ 4,402,578 9.7500% 2,527 0
Heritage Village ....... 5,227,874 10.1000% 2,878 0
Pelican Point .......... 1,781,893 10.0100% 1,718 0
Ashley Woods ........... 1,485,458 10.4500% 723 0
West 109th St .......... 904,106 11.1600% 709 0
Emerald Bay ............ 11,677,044 9.5500% 7,088 0
West 14th St ........... 891,715 10.7000% 413 0
Ranch Park ............. 1,848,433 9.9000% 1,058 0
Timber Ridge ........... 591,499 9.9000% 338 0
Windy Ridge ............ 480,593 9.9000% 275 0
English Oaks ........... 1,250,270 10.4500% 1,096 0
Northlake I ............ 1,835,490 9.8500% 1,042 0
Northlake II ........... 1,124,977 9.8500% 639 0
Brookgreen/Lantana ..... 7,328,874 9.3500% 4,508 0
Kings Bridge ........... 7,973,157 9.8500% 4,449 0
Beaumonde .............. 1,336,318 10.7000% 630 0
Raritan Mall ........... 11,507,738 8.8750% 11,988 0
Manzanita Plaza ........ 4,569,840 9.0000% 2,818 0
Benchmark Crossing ..... 3,744,869 9.2500% 3,648 0
Northmoor Apts ......... 4,888,564 8.8700% 5,012 0
Colonial Oaks .......... 4,831,155 8.8000% 3,075 0
Continental ............ 3,379,331 8.8000% 2,151 0
Atlanta ................ 4,758,820 8.7000% 8,320 0
Wichita ................ 3,315,088 7.9500% 6,329 0
Cross Creek ............ 2,557,290 9.6200% 2,413 0
Knoxville .............. 4,768,591 8.7000% 8,337 0
Omaha .................. 5,902,109 8.7000% 10,318 0
Overland Park .......... 5,091,058 8.7000% 8,901 0
Las Palmas ............. 5,229,080 8.8750% 5,312 0
Galleria ............... 5,235,701 9.0000% 5,171 0
Luria Plaza ............ 5,065,157 9.0000% 3,024 0
Crossroads at Middlebury 5,484,225 8.6250% 5,700 0
Lansbury Village Apts .. 6,898,263 8.1250% 4,864 0
Grove Park ............. 4,648,094 8.5000% 4,887 0
Redmond East ........... 28,035,911 8.3750% 24,852 0
Strathmore S/C ......... 4,551,200 8.7500% 4,599 0
Edmond Plaza ........... 3,608,875 8.3750% 3,870 0
----------- --------- ------- --
210,183,941 0.0000% 192,578 0
=========== ========= ======= ==
Page - 15
<PAGE>
<TABLE>
<CAPTION>
Paid Prepayment Loan
Property Name Date Date Amount Code (1)
<S> <C> <C> <C> <C>
Dobbin Square .......... -- 12/01/96 -- 0
42 West 48th Street .... -- 12/01/96 -- 0
Vista Hills ............ -- 12/01/96 -- 0
Plymouth Park .......... -- 12/01/96 -- 0
Peach Festival ......... -- 12/01/96 -- 0
Goethals Park .......... -- 12/01/96 -- 0
West Harbor ............ -- 12/01/96 -- 0
Heritage Village ....... -- 12/01/96 -- 0
Pelican Point .......... -- 12/01/96 -- 0
Ashley Woods ........... -- 12/01/96 -- 0
West 109th Street ...... -- 12/01/96 -- 0
Emerald Bay ............ -- 12/01/96 -- 0
West 14th Street ....... -- 12/01/96 -- 0
Ranch Park ............. -- 12/01/96 -- 0
Timber Ridge ........... -- 12/01/96 -- 0
Windy Ridge ............ -- 12/01/96 -- 0
English Oaks ........... -- 12/01/96 -- 0
Northlake I ............ -- 12/01/96 -- 0
Northlake II ........... -- 12/01/96 -- 0
Brookgreen/Lantana ..... -- 12/01/96 -- 0
Kings Bridge ........... -- 12/01/96 -- 0
Beaumonde .............. -- 12/01/96 -- 0
Raritan Mall ........... -- 12/01/96 -- 0
Manzanita Plaza ........ -- 12/01/96 -- 0
Benchmark Crossing ..... -- 12/01/96 -- 0
Northmoor Apartments ... -- 12/01/96 -- 0
Colonial Oaks .......... -- 12/01/96 -- 0
Continental ............ -- 12/01/96 -- 0
Atlanta ................ -- 12/01/96 -- 0
Wichita ................ -- 12/01/96 -- 0
Cross Creek ............ -- 12/01/96 -- 0
Knoxville .............. -- 12/01/96 -- 0
Omaha .................. -- 12/01/96 -- 0
Overland Park .......... -- 12/01/96 -- 0
Las Palmas ............. -- 12/01/96 -- 0
Galleria ............... -- 12/01/96 -- 0
Luria Plaza ............ -- 12/01/96 -- 0
Crossroads at Middlebury -- 12/01/96 -- 0
Lansbury Village Apts .. -- 12/01/96 -- 0
Grove Park ............. -- 12/01/96 -- 0
Redmond East ........... -- 12/01/96 -- 0
Strathmore S/C ......... -- 12/01/96 -- 0
Edmond Plaza ........... -- 12/01/96 -- 0
<FN>
(1) Legend:
1) Specially Serviced
2) Foreclosure
3) Bankruptcy
4) REO
5) Prepay in Full
6) DPO
7) Foreclosure Sale
8) Bankruptcy Sale
9) REO Disposition
10) Modification/Workout
</FN>
</TABLE>
Page - 16
<PAGE>
SPECIALLY SERVICED LOAN DETAIL
No Specially Serviced Loan Detail as of the current due date
Offering Scheduled Scheduled
Circular Principal Interest Maturity Property Distribution
Control # Balance Rate Date Type Date
<TABLE>
<CAPTION>
Debt
Offering Date of last Net Service Specially
Distribution Circular Operating Operating Coverage Serviced
Date Control # State Statement Income Ratio Status Code(1)
<S> <C> <C> <C> <C> <C> <C>
<FN>
(1) Legend :
1) Request for waiver of Prepayment Penalty
2) Payment default
3) Request for Loan Modification or Workout
4) Loans with Borrower Bankruptcy
5) Loans in Process of Foreclosure
6) Loans now REO Property
7) Loans Paid Off
8) Loans Returned to Master Servicer
</FN>
</TABLE>
MODIFIED LOAN DETAIL
No Modified Loan Detail as of the current due date
Offering
Distribution Circular Modification Modification
Date Control # Date Description
REALIZED LOSS DETAIL
No Realized Loss Detail as of the current due date
Offering Sched
Distribution Circular Appraisal Appraisal Value/ Principal
Date Control # Date Brokers Estimate Balance
Current Total
Cumulative
<TABLE>
<CAPTION>
Gross Proceeds Aggregate Net
Distribution Circular Gross as a % of Liquidation Liquidation
Date Control # Proceeds Sched Principal Expenses (1) Proceeds
<S> <C> <C> <C> <C> <C>
Current Total
Cumulative
<FN>
(1) Aggregate liquidation expenses also include outstanding P&I advances and
unpaid servicing fees, unpaid special servicing fees, unpaid trustee fees, etc..
</FN>
</TABLE>
Net Proceeds Current
Distribution Circular as a % of Realized
Date Control # Sched. Balance Loss
Current Total
Cumulative
Page - 17
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN STATUS
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: DECEMBER, 1996
DATE PRINTED: 23-DEC-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 1,848,433 0 73.9% 1.46 N/A PERFORMING PERFORM TO MATURITY
02 591,499 0 73.9% 1.27 N/A PERFORMING PERFORM TO MATURITY
03 480,593 0 73.9% 2.07 N/A PERFORMING PERFORM TO MATURITY
04 1,250,270 0 72.5% 1.55 N/A PERFORMING PERFORM TO MATURITY
05 5,227,874 0 69.7% 1.25 N/A PERFORMING PERFORM TO MATURITY
06 1,781,893 0 63.0% 1.01 N/A PERFORMING PERFORM TO MATURITY
07 904,106 0 59.3% 1.99 N/A PERFORMING PERFORM TO MATURITY
08 1,336,318 0 72.2% 1.49 N/A PERFORMING PERFORM TO MATURITY
09 1,835,490 0 68.0% 1.42 N/A PERFORMING PERFORM TO MATURITY
10 1,124,977 0 53.6% 1.88 N/A PERFORMING PERFORM TO MATURITY
11 11,677,044 0 72.7% 1.19 N/A PERFORMING PERFORM TO MATURITY
12 4,402,578 0 64.3% 1.37 N/A PERFORMING PERFORM TO MATURITY
13 1,485,458 0 60.6% 1.43 N/A PERFORMING PERFORM TO MATURITY
14 891,715 0 68.6% 1.17 N/A PERFORMING PERFORM TO MATURITY
20 2,512,876 0 55.8% 1.66 N/A PERFORMING PERFORM TO MATURITY
21 3,665,821 0 50.2% 1.67 N/A PERFORMING PERFORM TO MATURITY
22 6,921,483 0 68.5% 1.22 N/A PERFORMING PERFORM TO MATURITY
23 6,908,669 0 64.6% 1.64 N/A PERFORMING PERFORM TO MATURITY
24 6,612,534 0 68.9% 1.15 N/A PERFORMING PERFORM TO MATURITY
25 5,351,322 0 51.0% 1.51 N/A PERFORMING PERFORM TO MATURITY
26 11,507,738 0 65.9% 1.12 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
27 4,569,840 0 74.3% 1.16 N/A PERFORMING PERFORM TO MATURITY
28 3,744,869 0 65.7% 1.62 N/A PERFORMING PERFORM TO MATURITY
29 4,888,564 0 70.8% 1.50 N/A PERFORMING PERFORM TO MATURITY
30 4,831,155 0 72.1% 1.48 N/A PERFORMING PERFORM TO MATURITY
31 3,379,331 0 74.3% 1.40 N/A PERFORMING PERFORM TO MATURITY
32 2,557,290 0 59.2% 1.61 N/A PERFORMING PERFORM TO MATURITY
33 5,902,109 0 68.6% 1.60 N/A PERFORMING PERFORM TO MATURITY
34 5,091,058 0 63.6% 1.66 N/A PERFORMING PERFORM TO MATURITY
35 4,768,591 0 65.3% 1.81 N/A PERFORMING PERFORM TO MATURITY
36 4,758,820 0 56.7% 1.64 N/A PERFORMING PERFORM TO MATURITY
37 5,235,701 0 59.5% 1.52 N/A PERFORMING PERFORM TO MATURITY
38 5,229,080 0 72.6% 1.57 N/A PERFORMING PERFORM TO MATURITY
42 7,973,157 0 68.1% 1.12 N/A PERFORMING PERFORM TO MATURITY
43 7,328,874 0 72.9% 0.94 N/A PERFORMING PERFORM TO MATURITY
47 3,315,088 0 44.2% 2.80 N/A PERFORMING PERFORM TO MATURITY
48 28,035,911 0 64.5% 1.58 N/A PERFORMING PERFORM TO MATURITY
49 5,065,157 0 64.9% 1.40 N/A PERFORMING PERFORM TO MATURITY
50 3,608,875 0 71.5% 1.36 N/A PERFORMING PERFORM TO MATURITY
51 4,648,094 0 65.5% 1.20 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
52 5,484,225 0 71.7% 1.49 N/A PERFORMING PERFORM TO MATURITY
53 6,898,263 0 73.6% 1.34 N/A PERFORMING PERFORM TO MATURITY
54 4,551,200 0 69.5% 1.09 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- ----- ---- ---- --- ---------------------- -------------------
TOTAL 210,183,941
===========
</TABLE>
Page - 18
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: DECEMBER, 1996
DATE PRINTED: 23-DEC-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 1,848,433 7/27/94 8/1/2024 56 9.900% F 16,316
02 591,499 7/27/94 8/1/2024 56 9.900% F 5,221
03 480,593 7/27/94 8/1/2024 56 9.900% F 4,242
04 1,250,270 10/14/94 11/1/2019 59 10.450% F 11,993
05 5,227,874 7/5/94 8/1/2024 57 10.100% F 46,903
06 1,781,893 7/22/94 8/1/2019 56 10.010% F 16,597
07 904,106 10/28/94 11/1/2019 59 11.160% F 9,124
08 1,336,318 11/30/94 12/1/2024 60 10.700% F 12,551
09 1,835,490 9/16/94 10/1/2024 58 9.850% F 16,117
10 1,124,977 9/16/94 10/1/2024 58 9.850% F 9,878
11 11,677,044 8/15/94 9/1/2024 57 9.550% F 100,074
12 4,402,578 10/17/94 11/1/2024 95 9.750% F 38,318
13 1,485,458 1/27/95 2/1/2025 98 10.450% F 13,665
14 891,715 1/17/95 2/1/2025 98 10.700% F 8,368
20 2,512,876 7/1/94 8/1/2019 32 10.125% F 23,626
21 3,665,821 9/23/94 10/1/2014 34 10.625% F 38,258
22 6,921,483 12/1/94 12/1/2023 60 10.750% F 65,655
23 6,908,669 12/2/94 1/1/2025 37 11.000% F 66,396
24 6,612,534 1/31/95 2/1/2022 62 10.625% F 62,942
25 5,351,322 2/17/95 3/1/2015 39 10.875% F 56,303
26 11,507,738 6/20/95 7/1/2020 19 8.875% F 97,186
27 4,569,840 7/27/95 8/1/2025 68 9.000% F 37,113
28 3,744,869 7/31/95 8/1/2020 104 9.250% F 32,543
29 4,888,564 8/22/95 9/1/2020 69 8.870% F 41,183
30 4,831,155 8/30/95 9/1/2025 105 8.800% F 38,526
31 3,379,331 8/30/95 9/1/2025 105 8.800% F 26,948
32 2,557,290 4/18/95 5/1/2020 65 9.620% F 22,933
33 5,902,109 9/14/95 10/1/2015 106 8.700% F 53,184
34 5,091,058 9/14/95 10/1/2015 106 8.700% F 45,875
35 4,768,591 9/14/95 10/1/2015 106 8.700% F 42,970
36 4,758,820 9/14/95 10/1/2015 106 8.700% F 42,881
37 5,235,701 10/3/95 11/1/2020 107 9.000% F 44,477
38 5,229,080 9/29/95 10/1/2020 70 8.875% F 44,025
42 7,973,157 11/9/94 12/1/2024 60 9.850% F 69,931
43 7,328,874 11/14/94 12/1/2024 60 9.350% F 61,647
47 3,315,088 9/14/95 10/1/2015 106 7.950% F 28,333
48 28,035,911 12/19/95 1/1/2023 109 8.375% F 220,692
49 5,065,157 11/8/95 12/1/2025 108 9.000% F 41,036
50 3,608,875 12/28/95 1/1/2021 109 8.375% F 29,084
51 4,648,094 12/12/95 1/1/2021 73 8.500% F 37,846
52 5,484,225 11/27/95 12/1/2020 72 8.625% F 45,159
53 6,898,263 12/12/95 1/1/2016 109 8.125% F 51,604
54 4,551,200 12/20/95 1/1/2021 109 8.750% F 37,819
- -- ----------- -------- --------- --- ------ ----- ---------
TOTAL 210,183,941
===========
</TABLE>
Page - 19
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: DECEMBER, 1996
DATE PRINTED: 23-DEC-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 MULTI-FAMILY LUBBOCK TX 79414 1976 142 108,648 2,500,000 06/17/94 PROSPECTUS
02 1 MULTI-FAMILY LUBBOCK TX 79423 1979 52 36,392 800,000 06/21/94 PROSPECTUS
03 1 MULTI-FAMILY LUBBOCK TX 79414 1973 42 36,470 650,000 06/21/94 PROSPECTUS
04 1 MULTI-FAMILY HOUSTON TX 77055 1969 181 180,849 1,725,000 09/15/94 PROSPECTUS
05 1 MULTI-FAMILY TEMPLE TERRACE FL 33617 1967 252 267,140 7,500,000 06/10/93 PROSPECTUS
06 1 MULTI-FAMILY HOUSTON TX 77081 1974 156 144,645 2,830,000 05/17/94 PROSPECTUS
07 1 OTHER NEW YORK NY 10025 1910 81 69,550 1,525,000 09/06/94 PROSPECTUS
08 1 MULTI-FAMILY HAMMOND LA 70403 1986 64 56,352 1,850,000 09/01/94 PROSPECTUS
09 1 MULTI-FAMILY TUCKER GA 30084 1970 96 125,200 2,700,000 08/10/94 PROSPECTUS
10 1 MULTI-FAMILY TUCKER GA 30084 1970 78 90,600 2,100,000 08/10/94 PROSPECTUS
11 1 MULTI-FAMILY LAS VEGAS NV 89104 1989 337 281,502 16,055,000 08/01/94 PROSPECTUS
12 1 MULTI-FAMILY MACON GA 31210 1986 191 148,640 6,850,000 06/23/94 PROSPECTUS
13 1 MULTI-FAMILY MACON GA 31210 1984 96 67,488 2,450,000 12/29/94 PROSPECTUS
14 1 MULTI-FAMILY NEW YORK NY 10023 1969 19 9,519 1,300,000 11/01/94 PROSPECTUS
20 1 RETAIL COLUMBIA MD 21045 1979 9 25,114 4,500,000 06/01/94 PROSPECTUS
21 1 OFFICE NEW YORK NY 10036 1929 N/A 56,872 7,300,000 09/08/94 PROSPECTUS
22 1 RETAIL EL PASO TX 0 1979 N/A 211,116 10,100,000 11/02/94 PROSPECTUS
23 1 RETAIL IRVING TX 75061 1952 N/A 662,980 10,700,000 11/21/94 MAI APPRAISAL
24 1 RETAIL BYRON GA 0 1988 N/A 108,399 9,600,000 12/26/94 PROSPECTUS
25 1 INDUSTRIAL LINDEN NJ 07036 1910 N/A 523,374 10,500,000 01/12/95 PROSPECTUS
26 1 RETAIL RARITAN NJ 08869 1987 21 117,000 17,475,000 03/01/95 PROSPECTUS
27 1 RETAIL TUCSON AZ 85746 1982 N/A 109,327 6,150,000 06/14/95 PROSPECTUS
28 1 RETAIL HOUSTON TX 77040 1986 5 58,384 5,700,000 06/15/95 PROSPECTUS
29 1 MULTI-FAMILY ATLANTA GA 30324 1948 176 232,300 6,900,000 05/10/95 PROSPECTUS
30 1 MULTI-FAMILY MARIETTA GA 30067 1973 200 208,844 6,700,000 05/10/95 PROSPECTUS
31 1 MULTI-FAMILY GREENVILLE SC 29615 1967 159 131,838 4,550,000 05/12/95 PROSPECTUS
32 1 MULTI-FAMILY ALBANY GA 31707 1970 200 197,048 4,320,000 02/22/95 PROSPECTUS
33 1 LODGING OMAHA NE 68154 1991 137 142,659 8,600,000 06/01/95 PROSPECTUS
34 1 LODGING OVERLAND PARK KS 66212 1988 143 166,399 8,000,000 06/01/95 PROSPECTUS
35 1 LODGING KNOXVILLE TN 37922 1989 137 164,145 7,300,000 06/01/95 PROSPECTUS
36 1 LODGING ATLANTA GA 30093 1987 147 85,150 8,400,000 06/01/95 PROSPECTUS
37 1 MIXED USE RED BANK NJ 07701 1905 N/A 104,584 8,800,000 07/20/95 PROSPECTUS
38 1 RETAIL SAN ANTONIO TX 78207 1955 34 225,952 7,200,000 06/15/95 PROSPECTUS
42 1 MULTI-FAMILY ROSWELL GA 30076 1973 312 382,591 11,700,000 07/18/94 PROSPECTUS
43 1 MULTI-FAMILY CLEARWATER FL 34619 1974 188 342,068 5,125,500 07/14/94 PROSPECTUS
43 2 MULTI-FAMILY CLEARWATER FL 34619 1974 184 N/A 4,924,500 07/14/94 PROSPECTUS
47 1 LODGING WICHITA KS 67207 1985 120 64,390 7,500,000 06/01/95 PROSPECTUS
48 1 OFFICE REDMOND WA 98052 1988 N/A 395,034 43,500,000 01/13/95 PROSPECTUS
49 1 RETAIL PEMBROKE PINES FL 33025 1986 35 81,355 7,800,000 09/01/95 PROSPECTUS
50 1 RETAIL EDMOND OK 73013 1966 N/A 102,658 5,050,000 09/01/95 PROSPECTUS
51 1 RETAIL LAKELAND FL 33802 1960 N/A 149,294 7,100,000 10/17/95 PROSPECTUS
52 1 OFFICE MIDDLEBURY CT 06762 1988 19 74,500 7,650,000 08/19/95 PROSPECTUS
53 1 MULTI-FAMILY ATLANTA GA 30341 1973 164 229,890 9,375,000 07/12/95 PROSPECTUS
54 1 RETAIL ABRDEEN NJ 07747 1960 N/A 63,148 6,550,000 05/12/95 PROSPECTUS
</TABLE>
Page - 20
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY PERFORMANCE
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: DECEMBER, 1996
DATE PRINTED: 23-DEC-96
<CAPTION>
BASELINE OR MOST YTD YTD
ASSET PROP MOST RECENT NOI RECENT YTD PERIOD PERIOD YTD NOI PERCENT
NO NO ANNUAL NOI AS OF NOI SOURCE NOI BEGIN ENDING SOURCE OCCUPIED AS OF
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01 1 287,242 12/31/95 BORROWER 247,015 1/1/96 9/30/96 BORROWER 95.8% 9/30/96
02 1 79,855 12/31/95 BORROWER 70,797 1/1/96 9/30/96 BORROWER 92.3% 9/30/96
03 1 105,500 12/31/95 BORROWER 78,259 1/1/96 9/30/96 BORROWER 92.9% 9/30/96
04 1 224,301 12/31/95 BORROWER 185,949 1/1/96 9/30/96 BORROWER 93.0% 3/31/96
05 1 704,310 12/31/95 BORROWER 220,236 1/1/96 3/31/96 BORROWER 96.0% 3/31/96
06 1 202,690 12/31/95 BORROWER 107,468 1/1/96 6/30/96 BORROWER 92.6% 6/30/96
07 1 217,908 12/31/95 PROSPECTUS 134,671 1/1/96 6/30/96 BORROWER 96.2% 6/30/96
08 1 224,807 12/31/95 BORROWER 122,690 1/1/96 6/30/96 BORROWER 100.0% 6/30/96
09 1 274,773 12/31/95 BORROWER 168,939 1/1/96 6/30/96 BORROWER 95.8% 6/30/96
10 1 223,253 12/31/95 BORROWER 127,773 1/1/96 6/30/96 BORROWER 97.4% 6/30/96
11 1 1,438,536 12/31/95 BORROWER 731,266 1/1/96 6/30/96 BORROWER 96.1% 6/30/96
12 1 630,786 12/31/95 BORROWER 456,046 1/1/96 9/30/96 BORROWER 100.0% 9/30/96
13 1 235,948 12/31/95 BORROWER 172,982 1/1/96 9/30/96 BORROWER 96.9% 9/30/96
14 1 118,415 12/31/95 CPA 59,223 1/1/96 6/30/96 CPA 100.0% 8/1/95
20 1 473,136 12/31/95 BORROWER 96,796 1/1/96 3/31/96 BORROWER 81.8% 3/31/96
21 1 769,910 12/31/95 BORROWER 471,171 1/1/96 6/30/96 BORROWER 98.0% 6/30/96
22 1 961,820 12/31/95 BORROWER 602,573 1/1/96 6/30/96 BORROWER 96.1% 6/30/96
23 1 1,311,759 12/31/95 BORROWER 833,161 6/30/95 3/25/96 BORROWER 85.4% 3/31/96
24 1 871,674 12/31/95 BORROWER 511,629 1/1/96 6/30/96 BORROWER 92.7% 6/30/96
25 1 1,023,576 12/31/95 BORROWER 406,702 1/1/96 6/30/96 BORROWER 92.3% 9/6/96
26 1 1,315,059 12/31/95 BORROWER 1,047,567 1/1/96 9/30/96 BORROWER 92.0% 9/30/96
27 1 520,919 12/31/95 BORROWER 356,018 1/1/96 6/30/96 BORROWER 94.6% 6/30/96
28 1 636,125 12/31/95 BORROWER 444,021 1/1/96 9/30/96 BORROWER 100.0% 3/31/96
29 1 745,052 12/31/95 BORROWER 379,961 1/1/96 6/30/96 BORROWER 97.7% 6/30/96
30 1 687,713 12/31/95 BORROWER 383,633 1/1/96 6/30/96 BORROWER 96.5% 6/30/96
31 1 454,698 12/31/95 BORROWER 210,266 1/1/96 6/30/96 BORROWER 96.2% 6/30/96
32 1 443,073 12/31/94 BORROWER 130,946 1/1/96 3/31/96 BORROWER 74.0% 6/30/96
33 1 1,024,324 12/31/94 PROSPECTUS 633,032 1/1/96 6/30/96 BORROWER 75.7% 6/30/96
34 1 915,742 12/31/94 PROSPECTUS 528,309 1/1/96 6/30/96 BORROWER 72.5% 6/30/96
35 1 933,923 12/31/94 PROSPECTUS 443,254 1/1/96 6/30/96 BORROWER 68.1% 6/30/96
36 1 847,806 12/31/94 PROSPECTUS 704,325 1/1/96 6/30/96 BORROWER 72.3% 6/30/96
37 1 812,350 12/31/95 BORROWER 426,130 1/1/96 6/30/96 BORROWER 91.2% 6/30/96
38 1 832,403 12/31/95 PROPERTY MANAGER 397,909 1/1/96 6/30/96 BORROWER 91.6% 6/30/96
42 1 946,198 12/31/95 BORROWER 888,676 1/1/96 9/30/96 BORROWER 96.0% 3/31/96
43 1 297,906 12/31/95 BORROWER 238,388 1/1/96 9/30/96 BORROWER 78.7% 9/30/96
43 2 398,778 12/31/95 BORROWER 258,895 1/1/96 9/30/96 BORROWER 85.8% 6/30/96
47 1 954,763 12/31/94 PROSPECTUS 519,503 1/1/96 6/30/96 BORROWER 78.1% 6/30/96
48 1 4,210,272 12/31/95 BORROWER 1,053,779 1/1/96 3/31/96 BORROWER 99.6% 6/1/96
49 1 690,283 12/31/95 BORROWER 539,054 1/1/96 9/30/96 BORROWER 94.3% 6/30/96
50 1 475,120 12/31/95 BORROWER 241,830 1/1/96 6/30/96 BORROWER 92.8% 3/2/96
51 1 546,833 12/31/95 BORROWER 346,274 1/1/96 6/30/96 BORROWER 87.0% 6/30/96
52 1 807,669 2/1/96 PROSPECTUS 641,247 1/1/96 9/30/96 BORROWER 97.5% 9/30/96
53 1 833,769 12/31/95 PROPERTY MANAGER 431,651 1/1/96 6/30/96 BORROWER 89.0% 6/30/96
54 1 498,800 12/31/95 BORROWER 599,849 1/1/96 9/30/96 BORROWER 93.0% 9/30/96
</TABLE>
Page - 21
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET COMMENTS
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: DECEMBER, 1996
DATE PRINTED: 23-DEC-96
LOAN 01 - 1:
LOAN 02 - 1: Partial Year Statement Comment: 9/30/96 - REVENUES ARE UP
BY 7%, WHILE EXPENSES ARE DOWN BY 5% VERSUS THE BASELINE.
LOAN 03 - 1: Partial Year Statement Comment: 9/30/96 - REVENUES ARE UP
BY 8% OVER THE BASELINE FIGURES.
LOAN 04 - 1: Partial Year Statement Comment: 9/30/96 - REVENUE IS UP
BY 17% COMPARED TO BASELINE.1ST QTR REV UP BY 35,000 OVER BASELINE DUE TO
ONE TIME REBATE FROM NEW 10 YEAR LAUNDRY CONTRACT. A PROP MGMT FEE EQUAL TO
4% OF GROSS RENTAL INCME ASSUMED PER SRVCNG AGREEMT.
LOAN 05 - 1: Latest Annual Statement Comment: 12/31/95 - CAPITAL
EXPENSE INCLUDES $119,000 IN ONE TIME EXPENSES ASSOCIATED WITH REFINANCING.
Partial Year Statement Comment: 3/31/96 - YEAR TO DATE OPERATING
STATEMENT DOES NOT INCLUDE PROPERTY TAX EXPENSE.
LOAN 06 - 1: Status Comment: Borrower located locally in O.P., KS.
Hand delivers pmt. to Midland offices before grace period expires.
Latest Annual Statement Comment: 12/31/95 - REVENUES ARE DOWN BY 3% COMPARED
TO THE BASELINE FIGURES. EXPENSES ARE UP BY 1% IN RELATION TO THE
BASELINE. Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP BY
3% COMPARED TO THE BASELINE FIGURES. EXPENSES ARE UP BY 8% COMPARED TO
BASELINE NUMBERS.
LOAN 07 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 5% COMPARED TO THE BASELINE FIGURES WHILE EXPENSES ARE DOWN BY 6% IN
RELATION TO THE BASELINE.
LOAN 08 - 1: Partial Year Statement Comment: 6/30/96 - BORROWER DID
NOT REPORT ANY PROPERTY TAX OR INSURANCE EXPENSE.
LOAN 09 - 1: Latest Annual Statement Comment: 12/31/95 - STATEMENT IS
COMBINED WITH COLLATERAL FOR ANOTHER LOAN. CONTROLLER PROVIDED BREAKDOWN OF
REVENUE WHICH WAS USED TO ALLOCATE OPERATING EXPENSES TO EACH PHASE OF THE
PROPERTY. Partial Year Statement Comment: 6/30/96 - STATEMENT IS
COMBINED WITH COLLATERAL FOR ANOTHER LOAN. CONTROLLER PROVIDED BREAKDOWN OF
REVENUE WHICH WAS USED TO ALLOCATE EXPENSES TO EACH PHASE OF THE PROPERTY.
LOAN 10 - 1: Latest Annual Statement Comment: 12/31/95 - STATEMENT IS
COMBINED WITH COLLATERAL FOR ANOTHER LOAN. CONTROLLER PROVIDED BREAKDOWN OF
REVENUE WHICH WAS USED TO ALLOCATE OPERATING EXPENSES TO EACH PHASE OF THE
PROPERTY. Partial Year Statement Comment: 6/30/96 - STATEMENT IS
COMBINED WITH COLLATERAL FOR ANOTHER LOAN. CONTROLLER PROVIDED BREAKDOWN OF
REVENUE WHICH WAS USED TO ALLOCATE EXPENSES TO EACH PHASE OF THE
PROPERTY.REVENUE IS UP BY 18% OVER THE BASELINE BUT IS CONSISTENT WITH
PREVIOUS YEAR.
LOAN 11 - 1:
LOAN 12 - 1: Partial Year Statement Comment: 9/30/96 - BORROWER
REPORTS THAT THEY ARE REPLACING CARPET, UPGRADING INDIVIDUAL APARTMENTS, AND
CHANGING PAINT COLOR SCHEMES WHICH ACCOUNTS FOR THE HIGH CAPITAL
EXPENDITURES.
LOAN 13 - 1: Partial Year Statement Comment: 9/30/96 - EXPENSES ARE UP
BY 10% COMPARED TO THE BASELINE FIGURES. THE LARGEST VARIANCE IS IN
UTILITY EXPENSE, UP BY 73% COMPARED TO BASELINE. UTILITY EXPENSE IS
CONSISTENT WITH PREVIOUS YEAR.
LOAN 14 - 1: Latest Annual Statement Comment: 12/31/95 - THE STATEMENT
FROM C.P.A. LISTED NO INSURANCE EXPENSE. THE AMOUNT ENTERED IS FROM
SERVICING INFORMATION. Partial Year Statement Comment: 6/30/96 -
REVENUES ARE UP BY 15% OVER BASELINE PROJECTIONS. EXPENSES ARE UP BY 29%
COMPARED TO BASELINE FIGURES.
LOAN 20 - 1: Partial Year Statement Comment: 3/31/96 - REVENUES ARE
DOWN BY 7% VERSUS THE BASELINE AND 13% LOWER THAN THE PREVIOUS YEAR. RENT
ROLL SHOWS TENANT OCCUPYING 18% OF PROPERTY FILING CHAPTER 11. BORROWER
TOOK CONTROL OF SPACE.
LOAN 21 - 1:
LOAN 22 - 1:
Page - 22
<PAGE>
LOAN 23 - 1: Status Comment: . Partial Year Statement Comment:
3/25/96 - FISCAL YEAR END IS JUNE 30TH.
LOAN 24 - 1: Latest Annual Statement Comment: 12/31/95 - REVENUES ARE
DOWN BY 7% WHILE EXPENSES ARE UP BY 3% AS COMPARED TO BASELINE PREDICTIONS.
Partial Year Statement Comment: 6/30/96 - REVENUES ARE DOWN BY 6% FROM
THE BASELINE PROJECTIONS WHILE EXPENSES ARE 8% BELOW THE BASELINE FIGURES.
BORROWER REPORTED LIMITED TAX AND INSURANCE EXPENSE.
LOAN 25 - 1: Partial Year Statement Comment: 6/30/96 - EXPENSES ARE UP
BY 5% COMPARED TO THE BASELINE FIGURES. CAPITAL EXPENSES ARE UP BY 402%
VERSUS BASELINE. BORROWER REPORTS DUE TO NEW SPRINKLER, RENOVATION OF
UNUSED SPACE FOR FUTURE USE, AND MAJOR ROOF REPAIRS.
LOAN 26 - 1: Status Comment: The property is built on a landfill and
special pumping equipment has been installed to remove the methane gas.
Borrower is not submitting the required quarterly O&M reports. Latest
Annual Statement Comment: 12/31/95 - REVENUES ARE DOWN BY 6% COMPARED TO
BASELINE WHILE EXPENSES ARE UP BY 2%.
LOAN 27 - 1: Latest Annual Statement Comment: 12/31/95 - OPERATING
EXPENSES WERE 34% HIGHER THAN PREVIOUS YEAR AND 28% HIGHER THAN THE BASE
LINE PROJECTION. THE LARGEST VARIANCES WERE IN REPAIRS AND MAINTENANCE AND
MANAGEMENT FEES. Partial Year Statement Comment: 6/30/96 - REVENUES ARE
UP BY 7% COMPARED TO THE BASELINE WHILE EXPENSES ARE DOWN BY 6% COMPARED TO THE
BASELINE.
LOAN 28 - 1:
LOAN 29 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 12% OVER THE BASELINE PROJECTIONS. EXPENSES ARE UP BY 7% COMPARED TO
BASELINE FIGURES. LARGE CAPITAL EXPENSE DUE TO STRUCTURAL IMPROVEMENTS,
INTERIOR IMPROVEMENTS, AND CARPET REPLACEMENT.
LOAN 30 - 1: Latest Annual Statement Comment: 12/31/95 - BORROWER
COMPLETED SUBSTANTIAL REPAIRS DURING 95 BASED ON AGREEMENT AT LOAN
ORIGINATION. FIRST REQUEST FOR REIMBURSEMENT FROM RESERVE FOR REPAIRS HAS
BEEN APPROVED AND FUNDS HAVE BEEN DISBURSED Partial Year Statement
Comment: 6/30/96 - REVENUES ARE UP BY 13% OVER THE BASELINE PROJECTIONS.
LARGE CAPITAL EXPENSE DUE TO ROOF REPLACEMENT, HVAC REPLACEMENT AND INTERIOR
IMPROVEMENTS.
LOAN 31 - 1: Latest Annual Statement Comment: 12/31/95 - SUBSTANTIAL
CAPITAL REPAIR EXPENSE RESULTED FROM ENGINEERING REPORT FINDINGS AT LOAN
ORIGINATION. BORROWER IS PREPARING TO REQUEST REIMBURSEMENT FROM RESERVE
ACCOUNT. Partial Year Statement Comment: 6/30/96 - LARGE CAPITAL
EXPENDITURE IS DUE TO APPLIANCE REPLACEMENT AND INTERIOR AND COMMON AREA
IMPROVEMENTS.
LOAN 32 - 1: Partial Year Statement Comment: 3/31/96 - BORROWER
REPORTS NO PROPERTY TAX EXPENSE AND MINIMAL INSURANCE EXPENSE.
LOAN 33 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 4% COMPARED TO THE BASELINE AND UP 11% COMPARED TO PREVIOUS YEAR.
EXPENSES ARE DOWN BY 4% COMPARED TO BASELINE FIGURES.
LOAN 34 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 1% COMPARED TO THE BASELINE, WHILE EXPENSES ARE DOWN BY 5% COMPARED TO
THE BASELINE.
LOAN 35 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE
DOWN BY 5% COMPARED TO BASELINE PROJECTIONS, BUT UP 14% FROM PREVIOUS
QUARTER. EXPENSES ARE DOWN BY 8% VERSUS BASELINE NUMBERS.
LOAN 36 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 13% OVER THE BASELINE PROJECTIONS. EXPENSES ARE 12% BELOW BASELINE
LEVELS.
LOAN 37 - 1: Partial Year Statement Comment: 6/30/96 - REVENUES ARE UP
BY 10% COMPARED TO THE BASELINE, WHILE EXPENSES ARE ALSO UP BY 6% OVER THE
BASELINE.
LOAN 38 - 1:
LOAN 42 - 1: Partial Year Statement Comment: 9/30/96 - REVENUES ARE UP
BY 21% COMPARED TO THE BASELINE PROJECTIONS. EXPENSES ARE UP BY 31%
COMPARED TO THE BASELINE, BUT CONSISTENT WITH PREVIOUS YEAR.
Page - 23
<PAGE>
LOAN 43 - 1: Status Comment: Underwriting assumes a 4% management fee.
Loan documentation provides for a 7% mgmt fee based on gross revenue. Two
properties securing one loan. Latest Annual Statement Comment: 12/31/95
- INTERIOR UPGRADES ARE BEING COMPLETED ON AN AS NEEDED BASIS. EXTERIOR
RENOVATION HAS RECENTLY BEEN COMPLETED. RENOVATION INCLUDED PAINTING, CONCRETE
REPAIR, ASPHALT REPAIR, ROOF REPAIR, AND LANDSCAPING. Partial Year Statement
Comment: 9/30/96 - REV IS UP BY 7% OVER BSLNE PROJECTIONS.LOAN DOC'S PROVIDE FOR
A 7% MGMT FEE BASED ON GROSS REV,IN CONTRAST TO 4% ASSUMED AT UNDRWRTG.BORRWR
REPORTS CITY OF CLEARWATER HAS INCREASED UTILITY COSTS.BORRWR IN PROCESS OF
ATTEMPTING TO PASS THROUGH TO TENANT.
LOAN 43 - 2: Status Comment: Underwriting assumes a 4% management fee.
Loan documentation provides for a 7% mgmt fee based on gross revenue. Two
properties securing one loan. Partial Year Statement Comment: 9/30/96
- - REVENUES ARE DOWN BY 1% COMPARED TO THE BASELINE PROJECTIONS.LOAN DOC'S
PROVIDE FOR A 7% MGMT FEE BASED ON GROSS REV, IN CONTRAST TO 4% ASSUMED AT
UNDRWRTG.BORROWER REPORTS IN PROCESS OF CHANGING MGMT. COMPANY. INSTITUTING
NEW MKTING PLAN.
LOAN 47 - 1:
LOAN 48 - 1:
LOAN 49 - 1: Partial Year Statement Comment: 9/30/96 - REVENUE IS UP
BY 11% OVER THE BASELINE FIGURES. EXPENSES ARE 52% HIGHER THAN BASELINE
NUMBERS. R&M EXPENSE IS 124% HIGHER THAN PREVIOUS YEAR. BORROWER REPORTS DUE
TO DEFICIENCY REPAIRS INCLUDING ROOFING, ASPHALT, AND SEWERS.
LOAN 50 - 1: Latest Annual Statement Comment: 12/31/95 - BORROWER
REPORTED INFLATED CAPITAL EXPENSES IN 1995 DUE TO MAJOR TENANT IMPROVEMENTS
INCLUDING RENOVATION AND CONVERSION OF A THEATER INTO A RESTAURANT,
REPLACING A PORTION OF THE ROOF AND INSTALLATION OF SOME NEW CENTRAL AIR
UNITS. Partial Year Statement Comment: 6/30/96 - BORROWER REPORTED THAT
CAPITAL EXPENSES ARE STILL RUNNING HIGH DUE TO TENANT IMPROVEMENTS FOR 3
TENANT TURNS. CAPITAL REPAIR EXPENSE NOT ANNUALIZED DUE TO COMPLETION OF
ROOF REPAIRS AND CONCRETE WORK.
LOAN 51 - 1: Status Comment: Guarantor deceased March, 1996. Claim
filed on the estate. Estate's counsel will file extension on tax returns,
claim pending. Partial Year Statement Comment: 6/30/96 - REVENUE DOWN
BY 7% COMPARED TO BASELINE FIGURES. BORROWER REPORTS THAT CAPITAL EXPENSE
HIGH DUE TO REPAIRS REQUIRED IN AN ENGINEERING REPORT. REPLACED AND
REPAIRED ROOF OF PROPERTY AND REPLACED AND REPAIRED PARKING LOT.
LOAN 52 - 1:
LOAN 53 - 1: Partial Year Statement Comment: 6/30/96 - CAPITAL
EXPENDITURES HIGH DUE TO CARPET REPLACEMENT, APPLIANCE REPLACEMENT, AND
EXTERIOR BUILDING REPAIRS.
LOAN 54 - 1: Partial Year Statement Comment: 9/30/96 - REVENUES ARE UP
BY 19% COMPARED TO THE BASELINE FIGURES, BUT CONSISTENT WITH PRIOR QUARTER.
Page - 24
