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) June 20, 1997
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 June 20, 1997, 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
June 20, 1997.
Loan data file as of the June 1997 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 CMBS Programs
Date: June 20, 1997
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of June 20, 1997
Loan data file as of June 1997 18
Page - 2
ABN AMRO Statement Date:06/20/97
LaSalle National Bank Payment Date: 06/20/97
Administrator: Prior Payment: 05/20/97
Brian Ames (800) 246-5761 Record Date: 05/30/97
135 S. LaSalle Street Suite 1740 WAC: 9.258221%
Chicago, IL 60603 WAMM: 72
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 47,153,222.84 201,535.39
79548KQD3 ......... 1000.000000 943.064457 4.030708
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 167,849,222.84 0.00
79548S9K9 ......... 1000.000000 983.322532 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 7,611,467.64 96,488.87
79548S9H6 ......... 1000.000000 844.439400 10.704769
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 207,796,690.48 298,024.26
================ ================ ================
<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 46,951,687.45
79548KQD3 ......... 0.000000 0.000000 939.033749
A-2 ............... 0.00 0.00 81,468,000.00
79548KQH4 ......... 0.000000 0.000000 1000.000000
IO ................ 0.00 0.00 167,647,687.45
79548S9K9 ......... 0.000000 0.000000 982.141863
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 7,514,978.77
79548S9H6 ......... 0.000000 0.000000 833.734631
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 207,498,666.22
================ ================ ================
<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 ............... 254,195.17 0.00 6.469000%
79548KQD3 ......... 5.083903 0.000000 Fixed
A-2 ............... 460,314.57 0.00 6.780300%
79548KQH4 ......... 5.650250 0.000000 Fixed
IO ................ 244,504.71 0.00 1.748031%
79548S9K9 ......... 1.432399 0.000000 1.749562%
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 ................. 162,311.32 0.00 9.185700%
79548S9F0 ......... 7.654750 0.000000 9.185800%
F ................. 85,212.68 0.00 9.185700%
79548S9G8 ......... 7.654750 0.000000 9.185800%
G ................. 58,263.88 0.00 9.185700%
79548S9H6 ......... 6.463972 0.000000 9.185800%
R-III ............. 0.00 0.00 None
9ABSM691 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,504,879.66 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 4
<PAGE>
<TABLE>
REMIC II
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
U ................. 50,000,000.00 47,153,222.84 201,535.39
None .............. 1000.000000 943.064457 4.030708
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 39,947,467.64 96,488.87
None .............. 1000.000000 966.089995 2.333488
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 207,796,690.48 298,024.26
================ ================ ================
<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 46,951,687.45
None .............. 0.000000 0.000000 939.033749
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 39,850,978.77
None .............. 0.000000 0.000000 963.756507
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 207,498,666.22
================ ================ ================
Total P&I Payment 1,802,903.92
============
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 ................. 275,194.07 0.00 None
None .............. 5.503881 0.000000 0.000000%
V ................. 623,617.18 0.00 None
None .............. 7.654750 0.000000 0.000000%
W ................. 113,619.45 0.00 None
None .............. 7.654750 0.000000 0.000000%
X ................. 113,619.45 0.00 None
None .............. 7.654750 0.000000 0.000000%
Y ................. 73,041.63 0.00 None
None .............. 7.654751 0.000000 0.000000%
Z ................. 305,787.88 0.00 None
None .............. 7.395177 0.000000 0.000000%
R-II .............. 0.00 0.00 None
9ABSM690 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,504,879.66 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
<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 ........... 212,045,633.94 209,198,856.78 201,535.39
None .............. 1000.000000 986.574696 0.950434
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 209,198,856.78 201,535.39
================ ================ ================
<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 0.00 208,997,321.39
None .............. 0.000000 0.000000 985.624262
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 208,997,321.39
================ ================ ================
<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 ........... 1,601,368.53 0.00 None
None .............. 7.552000 0.000000 0.000000%
R-I ............... 0.00 0.00 None
9ABSM689 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,601,368.53 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Available Distribution Amount 1,802,903.92
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 ............ 201,535.39 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 96,488.87
---------------- ----------------
201,535.39 96,488.87
================ ================
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 12,639.10
Aggregate Special Servicing Compensation 0.00
Fees/ Premiums paid to Class R-I 0.00
Mortgage Stated Assigned
Pool Principal Asset Loan Remaining
Balance Balance Value Count Term WAC
208,997,321.39 208,997,321.39 208,997,321.39 43 72 9.25834524%
<TABLE>
DELINQUENCY /PREPAYMENT / RATE HISTORY REPORTING
<CAPTION>
Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months
Date # Balance # Balance # Balance
<S> <C> <C> <C> <C> <C> <C>
06/20/97 2 13,205,199 0 0 0 0
/ 4.65% 6.312% 0.00% 0.000% 0.00% 0.000%
05/20/97 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
04/21/97 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
03/20/97 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
02/20/97 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
01/21/97 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
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%
</TABLE>
Page - 8
<PAGE>
<TABLE>
DELINQUENCY /PREPAYMENT / RATE HISTORY REPORTING, Continued
<CAPTION>
Distribution Foreclosure/Bankruptcy (1) REO (1)
Date # Balance # Balance
<S> <C> <C> <C> <C>
06/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
05/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
04/21/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
03/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
02/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
01/21/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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>
DELINQUENCY /PREPAYMENT / RATE HISTORY REPORTING, Continued
Distribution Modifications Prepayments
Date # Balance # Balance
06/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
05/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
04/21/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
03/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
02/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
01/21/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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%
Page - 9
<PAGE>
DELINQUENCY /PREPAYMENT / RATE HISTORY REPORTING, Continued
Distribution Next Weighted Avg.
Date Coupon Remit
06/20/97 ....... 9.258345% 9.185845%
05/20/97 ....... 9.258221% 9.185721%
04/21/97 ....... 9.258096% 9.185596%
03/20/97 ....... 9.257973% 9.185473%
02/20/97 ....... 9.257850% 9.185350%
01/21/97 ....... 9.257728% 9.185228%
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>
6 199706 04/01/97 16,489.54 32,978.97 0.00
26 199706 04/01/97 96,494.86 192,988.97 0.00
- --- ------ ---------- ---------- ---------- ---------
TOTALS: -- -- 112,984.40 225,967.94 0.00
====== ========== ========== ========== =========
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
<TABLE>
DELINQUENCY LOAN DETAIL, Continued
<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>
6 1 0 -- -- -- --
26 1 0 -- -- -- --
-- -- -------- -------- -------- --------
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>
Page - 10
<PAGE>
DISTRIBUTION OF PRINCIPAL BALANCES
Current Scheduled Number Scheduled Based on
Principal Balances of Loans Prin. Balance Balance
$0 to $500,000 ................ 1 478,894 0.23%
$500,000 to $1,000,000 ........ 3 2,378,281 1.14%
$1,000,000 to $1,500,000 ...... 4 5,177,931 2.48%
$1,500,000 to $2,000,000 ...... 3 5,442,232 2.60%
$2,000,000 to $2,500,000 ...... 1 2,498,023 1.20%
$2,500,000 to $3,000,000 ...... 1 2,542,400 1.22%
$3,000,000 to $3,500,000 ...... 2 6,642,316 3.18%
$3,500,000 to $4,000,000 ...... 3 10,937,705 5.23%
$4,000,000 to $4,500,000 ...... 1 4,386,980 2.10%
$4,500,000 to $5,000,000 ...... 7 32,788,246 15.69%
$5,000,000 to $5,500,000 ...... 7 36,445,688 17.44%
$5,500,000 to $6,000,000 ...... 1 5,838,608 2.79%
$6,000,000 to $6,500,000 ...... 0 0 0.00%
$6,500,000 to $7,000,000 ...... 4 27,242,895 13.04%
$7,000,000 to $7,500,000 ...... 1 7,301,080 3.49%
$7,500,000 to $8,000,000 ...... 1 7,945,687 3.80%
$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 50,950,357 24.38%
- ------------------------------- --- ------------ ------
Total ......................... 43 208,997,321 100.00%
=== ============ ======
Average Scheduled Balance is 4,860,403
Maximum Scheduled Balance is 27,883,116
Minimum Scheduled Balance is 478,894
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Principal Balance Balance
Multifamily ................... 21 72,401,300 34.64%
Retail ........................ 12 65,550,232 31.36%
Office ........................ 4 42,166,362 20.18%
Lodging ....................... 5 23,576,021 11.28%
Industrial .................... 1 5,303,407 2.54%
--- ------------ ------
43 208,997,321 100.00%
=== ============ ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Principal Balance Balance
Georgia ....................... 11 47,137,661 22.55%
Texas ......................... 9 28,632,658 13.70%
Washington .................... 1 27,883,116 13.34%
New Jersey .................... 4 26,464,072 12.66%
Florida ....................... 4 22,175,735 10.61%
Nevada ........................ 1 11,633,318 5.57%
Kansas ........................ 2 8,312,508 3.98%
Nebraska ...................... 1 5,838,608 2.79%
Connecticut ................... 1 5,449,156 2.61%
New York ...................... 3 5,419,112 2.59%
Tennessee ..................... 1 4,717,286 2.26%
Arizona ....................... 1 4,552,480 2.18%
Oklahoma ...................... 1 3,585,081 1.72%
South Carolina ................ 1 3,366,091 1.61%
Maryland ...................... 1 2,498,023 1.20%
Louisiana ..................... 1 1,332,417 0.64%
--- ------------ ------
Total ......................... 43 208,997,321 100.00%
=== ============ ======
Page - 11
<PAGE>
<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 46,230,840 22.12%
8.501% to 8.625% .............. 1 5,449,156 2.61%
8.626% to 8.750% .............. 5 24,822,688 11.88%
8.751% to 8.875% .............. 5 29,666,318 14.19%
8.876% to 9.000% .............. 3 14,802,859 7.08%
9.001% to 9.125% .............. 0 0 0.00%
9.126% to 9.250% .............. 1 3,722,384 1.78%
9.251% to 9.375% .............. 1 7,301,080 3.49%
9.376% to 9.500% .............. 0 0 0.00%
9.501% to 9.625% .............. 2 14,175,717 6.78%
9.626% to 9.750% .............. 1 4,386,980 2.10%
9.751% to 9.875% .............. 3 10,895,775 5.21%
9.876% to 10.000% ............. 3 2,910,203 1.39%
10.001% to 10.125% ............ 3 9,479,390 4.54%
10.126% & above ............... 10 35,153,930 16.82%
- ------------------------------- --- ------------ ------
Total ......................... 43 208,997,321 100.00%
=== ============ ======
<FN>
(1) Weighted Average Mortgage Interest Rate is 9.2582%
Minimum Mortgage Interest Rate is 7.9500%
Maximum Mortgage Interest Rate is 11.1600%
</FN>
</TABLE>
LOAN SEASONING
Number Scheduled Based on
Number of Years of Loans Principal Balance Balance
1 year or less ................ 0 0 0.00%
1+ to 2 years ................. 21 127,236,645 60.88%
2+ to 3 years ................. 22 81,760,676 39.12%
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 ......................... 43 208,997,321 100.00%
=== ============ ======
Weighted Average Seasoning is 1.9
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Principal Balance Balance
Amortizing Balloon ............ 43 208,997,321 100.00%
--- ------------ ------
Total ......................... 43 208,997,321 100.00%
=== ============ ======
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
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 7,301,080 3.49%
1.001 to 1.125 ................ 2 4,313,677 2.06%
1.126 to 1.250 ................ 5 29,165,287 13.95%
1.251 to 1.375 ................ 5 30,005,352 14.36%
1.376 to 1.500 ................ 7 23,212,452 11.11%
1.501 to 1.625 ................ 7 27,404,697 13.11%
1.626 to 1.750 ................ 6 54,463,585 26.06%
1.751 to 1.875 ................ 4 12,893,850 6.17%
1.876 to 2.000 ................ 1 5,838,608 2.79%
2.001 to 2.125 ................ 2 5,515,177 2.64%
2.126 to 2.250 ................ 0 0 0.00%
2.251 to 2.375 ................ 0 0 0.00%
2.376 to 2.500 ................ 1 899,712 0.43%
2.501 to 2.625 ................ 0 0 0.00%
2.626 & above ................. 2 7,983,844 3.82%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 43 208,997,321 100.00%
=== ============ ======
<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 1.547%
NOI AGING
Scheduled
Number Principal Based on
NOI Date of Loans Balance Balance
1 year or less ................ 39 186,199,314 89.09%
1+ to 2 years ................. 4 22,798,007 10.91%
2+ & above .................... 0 0 0.00%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 43 208,997,321 100.00%
=== ============ ======
Page - 13
<PAGE>
<TABLE>
LOAN LEVEL DETAIL
<CAPTION>
Special
Servicer Neg
Property Transfer Maturity Am
Property Name Type Date State Date (Y/N)
<S> <C> <C> <C> <C> <C>
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 ............ Multifamily -- GA 11/01/2004 N
Heritage Village ....... Multifamily -- FL 09/01/2001 N
Pelican Point .......... Multifamily -- TX 08/01/2001 N
Ashley Woods ........... Multifamily -- GA 02/01/2005 N
West 109th Street ...... Multifamily -- NY 11/01/2001 N
Emerald Bay ............ Multifamily -- NV 09/01/2001 N
West 14th Street ....... Multifamily -- NY 02/01/2005 N
Ranch Park ............. Multifamily -- TX 08/01/2001 N
Timber Ridge ........... Multifamily -- TX 08/01/2001 N
Windy Ridge ............ Multifamily -- TX 08/01/2001 N
English Oaks ........... Multifamily -- TX 11/01/2001 N
Northlake I ............ Multifamily -- GA 10/01/2001 N
Northlake II ........... Multifamily -- GA 10/01/2001 N
Brookgreen/Lantana ..... Multifamily -- FL 12/01/2001 N
Kings Bridge ........... Multifamily -- GA 12/01/2001 N
Beaumonde .............. Multifamily -- 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 ... Multifamily -- GA 09/01/2002 N
Colonial Oaks .......... Multifamily -- GA 09/01/2005 N
Continental ............ Multifamily -- SC 09/01/2005 N
Atlanta ................ Lodging -- GA 10/01/2005 N
Wichita ................ Lodging -- KS 10/01/2005 N
Cross Creek ............ Multifamily -- GA 05/01/2002 N
Knoxville .............. Lodging -- TN 10/01/2005 N
Omaha .................. Lodging -- NE 10/01/2005 N
Overland Park .......... Lodging -- KS 10/01/2005 N
Las Palmas ............. Retail -- TX 10/01/2002 N
Galleria ............... Office -- NJ 11/01/2005 N
Luria Plaza ............ Retail -- FL 12/01/2005 N
Crossroads at Middlebury Office -- CT 12/01/2002 N
Lansbury Village Apts .. Multifamily -- GA 01/01/2006 N
Grove Park ............. Retail -- FL 01/01/2003 N
Redmond East ........... Office -- WA 01/01/2006 N
Strathmore S/C ......... Retail -- NJ 01/01/2006 N
Edmond Plaza ........... Retail -- OK 01/01/2006 N
</TABLE>
Page - 14
<PAGE>
LOAN LEVEL DETAIL, Continued
Ending Scheduled
Scheduled Note Principal Prepayments
Property Name Balance Rate Payment Liquidations
Dobbin Square .......... 2,498,023 10.1250% 2,528 0
42 West 48th Street .... 3,630,240 10.6250% 6,062 0
Vista Hills ............ 6,899,084 10.7500% 3,817 0
Plymouth Park .......... 6,889,843 11.0000% 3,210 0
Peach Festival ......... 6,585,586 10.6250% 4,591 0
Goethals Park .......... 5,303,407 10.8750% 8,167 0
West Harbor ............ 4,386,980 9.7500% 2,653 0
Heritage Village ....... 5,210,091 10.1000% 3,026 0
Pelican Point .......... 1,771,277 10.0100% 1,806 0
Ashley Woods ........... 1,480,987 10.4500% 761 0
West 109th Street ...... 899,712 11.1600% 749 0
Emerald Bay ............ 11,633,318 9.5500% 7,433 0
West 14th Street ....... 889,161 10.7000% 435 0
Ranch Park ............. 1,841,901 9.9000% 1,111 0
Timber Ridge ........... 589,408 9.9000% 356 0
Windy Ridge ............ 478,894 9.9000% 289 0
English Oaks ........... 1,243,494 10.4500% 1,154 0
Northlake I ............ 1,829,054 9.8500% 1,095 0
Northlake II ........... 1,121,033 9.8500% 671 0
Brookgreen/Lantana ..... 7,301,080 9.3500% 4,723 0
Kings Bridge ........... 7,945,687 9.8500% 4,672 0
Beaumonde .............. 1,332,417 10.7000% 665 0
Raritan Mall ........... 11,433,922 8.8750% 12,530 0
Manzanita Plaza ........ 4,552,480 9.0000% 2,948 0
Benchmark Crossing ..... 3,722,384 9.2500% 3,820 0
Northmoor Apartments ... 4,857,706 8.8700% 5,238 0
Colonial Oaks .......... 4,812,227 8.8000% 3,213 0
Continental ............ 3,366,091 8.8000% 2,247 0
Atlanta ................ 4,707,619 8.7000% 8,688 0
Wichita ................ 3,276,225 7.9500% 6,585 0
Cross Creek ............ 2,542,400 9.6200% 2,532 0
Knoxville .............. 4,717,286 8.7000% 8,706 0
Omaha .................. 5,838,608 8.7000% 10,776 0
Overland Park .......... 5,036,283 8.7000% 9,295 0
Las Palmas ............. 5,196,373 8.8750% 5,552 0
Galleria ............... 5,203,851 9.0000% 5,408 0
Luria Plaza ............ 5,046,528 9.0000% 3,163 0
Crossroads at Middlebury 5,449,156 8.6250% 5,950 0
Lansbury Village Apts .. 6,868,382 8.1250% 5,065 0
Grove Park ............. 4,618,036 8.5000% 5,098 0
Redmond East ........... 27,883,116 8.3750% 25,911 0
Strathmore S/C ......... 4,522,892 8.7500% 4,804 0
Edmond Plaza ........... 3,585,081 8.3750% 4,035 0
----------- -------- -------- -----
208,997,321 -- 201,535 0
=========== ======== ======== =====
Page - 15
<PAGE>
<TABLE>
LOAN LEVEL DETAIL, Continued
<CAPTION>
Prepayment
Prepayment Paid Premium Loan
Property Name Date Date Amount Code (1)
<S> <C> <C> <C> <C>
Dobbin Square .......... -- 06/01/97 -- --
42 West 48th Street .... -- 06/01/97 -- --
Vista Hills ............ -- 06/01/97 -- --
Plymouth Park .......... -- 06/01/97 -- --
Peach Festival ......... -- 06/01/97 -- --
Goethals Park .......... -- 06/01/97 -- --
West Harbor ............ -- 06/01/97 -- --
Heritage Village ....... -- 06/01/97 -- --
Pelican Point .......... -- 04/01/97 -- --
Ashley Woods ........... -- 06/01/97 -- --
West 109th Street ...... -- 06/01/97 -- --
Emerald Bay ............ -- 06/01/97 -- --
West 14th Street ....... -- 06/01/97 -- --
Ranch Park ............. -- 06/01/97 -- --
Timber Ridge ........... -- 06/01/97 -- --
Windy Ridge ............ -- 06/01/97 -- --
English Oaks ........... -- 06/01/97 -- --
Northlake I ............ -- 06/01/97 -- --
Northlake II ........... -- 06/01/97 -- --
Brookgreen/Lantana ..... -- 06/01/97 -- --
Kings Bridge ........... -- 06/01/97 -- --
Beaumonde .............. -- 06/01/97 -- --
Raritan Mall ........... -- 04/01/97 -- --
Manzanita Plaza ........ -- 06/01/97 -- --
Benchmark Crossing ..... -- 06/01/97 -- --
Northmoor Apartments ... -- 06/01/97 -- --
Colonial Oaks .......... -- 06/01/97 -- --
Continental ............ -- 06/01/97 -- --
Atlanta ................ -- 06/01/97 -- --
Wichita ................ -- 06/01/97 -- --
Cross Creek ............ -- 06/01/97 -- --
Knoxville .............. -- 06/01/97 -- --
Omaha .................. -- 06/01/97 -- --
Overland Park .......... -- 06/01/97 -- --
Las Palmas ............. -- 06/01/97 -- --
Galleria ............... -- 06/01/97 -- --
Luria Plaza ............ -- 06/01/97 -- --
Crossroads at Middlebury -- 06/01/97 -- --
Lansbury Village Apts .. -- 06/01/97 -- --
Grove Park ............. -- 06/01/97 -- --
Redmond East ........... -- 06/01/97 -- --
Strathmore S/C ......... -- 06/01/97 -- --
Edmond Plaza ........... -- 06/01/97 -- --
<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 Sched Sched
Distribution Circular Principal Interest Maturity Property
Date Control # Balance Rate Date Type
<TABLE>
SPECIALLY SERVICED LOAN DETAIL, Continued
<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>
REALIZED LOSS DETAIL, Continued
<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>
REALIZED LOSS DETAIL, Continued
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: JUNE, 1997
DATE PRINTED: 24-JUN-97
<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 1,841,901 0 73.7% 0.00 N/A PERFORMING PERFORM TO MATURITY
02 589,408 0 73.7% 1.47 N/A PERFORMING PERFORM TO MATURITY
03 478,894 0 73.7% 2.06 N/A PERFORMING PERFORM TO MATURITY
04 1,243,494 0 72.1% 1.86 N/A PERFORMING PERFORM TO MATURITY
05 5,210,091 0 69.5% 1.21 N/A PERFORMING PERFORM TO MATURITY
06 1,774,875 42 62.7% 1.10 N/A WATCH LIST REVIEW PENDING PERFORM TO MATURITY
07 899,712 0 59.0% 2.38 N/A PERFORMING PERFORM TO MATURITY
08 1,332,417 0 72.0% 1.42 N/A PERFORMING PERFORM TO MATURITY
09 1,829,054 0 67.7% 1.53 N/A PERFORMING PERFORM TO MATURITY
10 1,121,033 0 53.4% 1.79 N/A PERFORMING PERFORM TO MATURITY
11 11,633,318 0 72.5% 1.25 N/A PERFORMING PERFORM TO MATURITY
12 4,386,980 0 64.0% 1.40 N/A PERFORMING PERFORM TO MATURITY
13 1,480,987 0 60.4% 1.50 N/A PERFORMING PERFORM TO MATURITY
14 889,161 0 68.4% 1.17 N/A PERFORMING PERFORM TO MATURITY
20 2,498,023 0 55.5% 1.43 N/A PERFORMING PERFORM TO MATURITY
21 3,630,240 0 49.7% 1.81 N/A PERFORMING PERFORM TO MATURITY
22 6,899,084 0 68.3% 1.75 N/A PERFORMING PERFORM TO MATURITY
23 6,889,843 0 64.4% 1.64 N/A PERFORMING PERFORM TO MATURITY
24 6,585,586 0 68.6% 1.14 N/A PERFORMING PERFORM TO MATURITY
25 5,303,407 0 50.5% 1.64 N/A PERFORMING PERFORM TO MATURITY
26 11,458,891 42 65.6% 1.12 N/A WATCH LIST PERFORM TO MATURITY
27 4,552,480 0 74.0% 1.36 N/A PERFORMING PERFORM TO MATURITY
28 3,722,384 0 65.3% 1.53 N/A PERFORMING PERFORM TO MATURITY
29 4,857,706 0 70.4% 1.67 N/A PERFORMING PERFORM TO MATURITY
30 4,812,227 0 71.8% 1.67 N/A PERFORMING PERFORM TO MATURITY
31 3,366,091 0 74.0% 1.34 N/A PERFORMING PERFORM TO MATURITY
32 2,542,400 0 58.9% 1.01 N/A PERFORMING PERFORM TO MATURITY
33 5,838,608 0 67.9% 1.95 N/A PERFORMING PERFORM TO MATURITY
34 5,036,283 0 63.0% 2.02 N/A PERFORMING PERFORM TO MATURITY
35 4,717,286 0 64.6% 1.64 N/A PERFORMING PERFORM TO MATURITY
36 4,707,619 0 56.0% 2.63 N/A PERFORMING PERFORM TO MATURITY
37 5,203,851 0 59.1% 1.56 N/A PERFORMING PERFORM TO MATURITY
38 5,196,373 0 72.2% 1.56 N/A PERFORMING PERFORM TO MATURITY
42 7,945,687 0 67.9% 1.44 N/A PERFORMING PERFORM TO MATURITY
43 7,301,080 0 72.6% 0.80 N/A PERFORMING PERFORM TO MATURITY
47 3,276,225 0 43.7% 3.74 N/A PERFORMING PERFORM TO MATURITY
48 27,883,116 0 64.1% 1.70 N/A PERFORMING PERFORM TO MATURITY
49 5,046,528 0 64.7% 1.21 N/A PERFORMING PERFORM TO MATURITY
50 3,585,081 0 71.0% 1.36 N/A PERFORMING PERFORM TO MATURITY
51 4,618,036 0 65.0% 1.44 N/A WATCH LIST PERFORM TO MATURITY
52 5,449,156 0 71.2% 1.57 N/A PERFORMING PERFORM TO MATURITY
53 6,868,382 0 73.3% 1.30 N/A PERFORMING PERFORM TO MATURITY
54 4,522,892 0 69.1% 1.50 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- --- ------ ---- --- ------------------------- ------------------------------
TOTAL 209,025,888
===========
</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: JUNE, 1997
DATE PRINTED: 24-JUN-97
<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 1,841,901 7/27/94 8/1/2024 50 9.900% F 16,316
02 589,408 7/27/94 8/1/2024 50 9.900% F 5,221
03 478,894 7/27/94 8/1/2024 50 9.900% F 4,242
04 1,243,494 10/14/94 11/1/2019 53 10.450% F 11,993
05 5,210,091 7/5/94 8/1/2024 51 10.100% F 46,903
06 1,774,875 7/22/94 8/1/2019 50 10.010% F 16,597
07 899,712 10/28/94 11/1/2019 53 11.160% F 9,124
08 1,332,417 11/30/94 12/1/2024 54 10.700% F 12,551
09 1,829,054 9/16/94 10/1/2024 52 9.850% F 16,117
10 1,121,033 9/16/94 10/1/2024 52 9.850% F 9,878
11 11,633,318 8/15/94 9/1/2024 51 9.550% F 100,074
12 4,386,980 10/17/94 11/1/2024 89 9.750% F 38,318
13 1,480,987 1/27/95 2/1/2025 92 10.450% F 13,665
14 889,161 1/17/95 2/1/2025 92 10.700% F 8,368
20 2,498,023 7/1/94 8/1/2019 26 10.125% F 23,626
21 3,630,240 9/23/94 10/1/2014 28 10.625% F 38,258
22 6,899,084 12/1/94 12/1/2023 54 10.750% F 65,655
23 6,889,843 12/2/94 1/1/2025 31 11.000% F 66,396
24 6,585,586 1/31/95 2/1/2022 57 10.625% F 62,942
25 5,303,407 2/17/95 3/1/2015 33 10.875% F 56,303
26 11,458,891 6/20/95 7/1/2020 13 8.875% F 97,186
27 4,552,480 7/27/95 8/1/2025 62 9.000% F 37,113
28 3,722,384 7/31/95 8/1/2020 98 9.250% F 32,543
29 4,857,706 8/22/95 9/1/2020 63 8.870% F 41,183
30 4,812,227 8/30/95 9/1/2025 99 8.800% F 38,526
31 3,366,091 8/30/95 9/1/2025 99 8.800% F 26,948
32 2,542,400 4/18/95 5/1/2020 59 9.620% F 22,933
33 5,838,608 9/14/95 10/1/2015 100 8.700% F 53,184
34 5,036,283 9/14/95 10/1/2015 100 8.700% F 45,875
35 4,717,286 9/14/95 10/1/2015 100 8.700% F 42,970
36 4,707,619 9/14/95 10/1/2015 100 8.700% F 42,881
37 5,203,851 10/3/95 11/1/2020 101 9.000% F 44,477
38 5,196,373 9/29/95 10/1/2020 64 8.875% F 44,025
42 7,945,687 11/9/94 12/1/2024 54 9.850% F 69,931
43 7,301,080 11/14/94 12/1/2024 54 9.350% F 61,647
47 3,276,225 9/14/95 10/1/2015 100 7.950% F 28,333
48 27,883,116 12/19/95 1/1/2023 103 8.375% F 220,692
49 5,046,528 11/8/95 12/1/2025 102 9.000% F 41,036
50 3,585,081 12/28/95 1/1/2021 103 8.375% F 29,084
51 4,618,036 12/12/95 1/1/2021 67 8.500% F 37,846
52 5,449,156 11/27/95 12/1/2020 66 8.625% F 45,159
53 6,868,382 12/12/95 1/1/2016 103 8.125% F 51,604
54 4,522,892 12/20/95 1/1/2021 103 8.750% F 37,819
- -- ----------- ---------- ---------- ---- -------- --- -------
TOTAL 209,025,888
===========
</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: JUNE, 1997
DATE PRINTED: 24-JUN-97
<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 168 180,849 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 36 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 25 211,116 10,100,000 11/02/94 PROSPECTUS
23 1 RETAIL IRVING TX 75061 1952 50 662,980 10,700,000 11/21/94 MAI APPRAISAL
24 1 RETAIL BYRON GA 0 1988 30 108,399 9,600,000 12/26/94 MAI APPRAISAL
25 1 INDUSTRIAL LINDEN NJ 07036 1910 24 523,374 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 30 58,384 5,700,000 06/13/95 MAI APPRAISAL
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 20 102,658 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 ABERDEEN 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: JUNE, 1997
DATE PRINTED: 24-JUN-97
<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 92,269 12/31/96 BORROWER 93,218 1/1/96 12/31/96 BORROWER 96.0% 12/31/96
03 1 105,056 12/31/96 BORROWER 105,994 1/1/96 12/31/96 BORROWER 92.9% 12/31/96
04 1 268,331 12/31/96 BORROWER 280,162 1/1/96 12/31/96 BORROWER 87.8% 12/31/96
05 1 681,684 12/31/96 BORROWER 688,066 1/1/96 12/31/96 BORROWER 93.0% 3/25/97
06 1 220,813 12/31/96 BORROWER 220,813 1/1/96 12/31/96 BORROWER 92.0% 12/31/96
07 1 261,217 12/31/96 BORROWER 272,248 1/1/96 12/31/96 BORROWER 99.0% 12/31/96
08 1 214,850 12/31/96 ATTORNEY 214,850 1/1/96 12/31/96 ATTORNEY 97.0% 3/31/97
09 1 297,383 12/31/96 BORROWER 297,383 1/1/96 12/31/96 BORROWER 98.0% 12/31/96
10 1 212,744 12/31/96 BORROWER 212,744 1/1/96 12/31/96 BORROWER 97.0% 12/31/96
11 1 1,504,344 12/31/96 BORROWER 1,504,344 1/1/96 12/31/96 BORROWER 93.0% 12/31/96
12 1 646,654 12/31/96 BORROWER 648,721 1/1/96 12/31/96 BORROWER 98.4% 12/31/96
13 1 246,774 12/31/96 BORROWER 244,528 1/1/96 12/31/96 BORROWER 99.0% 12/31/96
14 1 118,415 12/31/95 CPA 59,223 1/1/96 6/30/96 CPA 100.0% 8/1/95
20 1 407,026 12/31/96 BORROWER 407,026 1/1/96 12/31/96 BORROWER 76.0% 12/31/96
21 1 832,830 12/31/96 BORROWER 179,389 1/1/97 3/31/97 BORROWER 98.0% 3/31/97
22 1 1,382,380 12/31/96 BORROWER 1,382,380 1/1/96 12/31/96 BORROWER 97.0% 12/31/96
23 1 1,311,759 12/31/95 BORROWER 1,009,613 4/27/96 12/31/96 BORROWER 64.0% 1/1/97
24 1 861,265 12/31/96 BORROWER 232,158 1/1/97 3/31/97 BORROWER 83.2% 12/31/96
25 1 1,109,395 12/31/96 BORROWER 300,066 1/1/97 3/31/97 BORROWER 91.9% 3/31/97
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 1 609,151 12/31/96 BORROWER 615,356 1/1/96 12/31/96 BORROWER 94.0% 12/31/96
28 1 600,563 12/31/96 BORROWER 600,563 1/1/96 12/31/96 BORROWER 90.0% 12/31/96
29 1 826,321 12/31/96 BORROWER 826,321 1/1/96 12/31/96 BORROWER 98.0% 12/31/96
30 1 773,172 12/31/96 BORROWER 773,172 1/1/96 12/31/96 BORROWER 93.0% 12/31/96
31 1 436,062 12/31/96 BORROWER 436,062 1/1/96 12/31/96 BORROWER 95.0% 12/31/96
32 1 280,421 12/31/96 MANAGEMENT COMPANY 280,421 1/1/96 12/31/96 MANAGEMENT COMPANY 79.0% 12/31/96
33 1 1,249,269 12/31/96 BORROWER 302,904 1/1/97 3/31/97 BORROWER 71.5% 3/31/97
34 1 1,113,295 12/31/96 BORROWER 242,640 1/1/97 3/31/97 BORROWER 69.2% 3/31/97
35 1 850,607 12/31/96 MANAGEMENT COMPANY 202,330 1/1/97 3/31/97 ACCOUNTANT 60.6% 3/31/97
36 1 1,355,109 12/31/96 BORROWER 240,262 1/1/97 3/31/97 ACCOUNTANT 62.8% 3/31/97
37 1 833,533 12/31/96 BORROWER 833,533 1/1/96 12/31/96 BORROWER 100.0% 12/31/96
38 1 828,082 12/31/96 MANAGEMENT COMPANY 873,051 1/1/96 12/31/96 MANAGEMENT COMPANY 91.0% 12/31/96
42 1 946,198 12/31/95 BORROWER 272,275 1/1/97 3/31/97 MANAGEMENT COMPANY 96.0% 3/31/97
43 1 291,335 12/25/96 BORROWER 52,677 1/1/97 4/30/97 MANAGEMENT COMPANY 86.0% 3/31/97
43 2 306,457 12/25/96 BORROWER 89,650 1/1/97 4/30/97 MANAGEMENT COMPANY 97.0% 3/31/97
47 1 1,272,106 12/31/96 BORROWER 216,025 1/1/97 3/31/97 ACCOUNTANT 71.0% 3/31/97
48 1 4,519,076 12/31/96 BORROWER 4,519,076 1/1/96 12/31/96 BORROWER 98.0% 12/31/96
49 1 600,097 12/31/96 BORROWER 600,097 1/1/96 12/31/96 BORROWER 91.0% 12/31/96
50 1 475,120 12/31/95 BORROWER 107,306 1/1/97 3/31/97 BORROWER 100.0% 9/30/96
51 1 657,553 12/31/96 BORROWER 283,526 1/1/97 3/31/97 BORROWER 92.0% 3/31/97
52 1 851,006 12/31/96 BORROWER 249,082 1/1/97 3/31/97 BORROWER 98.0% 3/31/97
53 1 809,793 12/31/96 BORROWER 217,170 1/1/97 3/31/97 BORROWER 95.1% 3/31/97
54 1 683,361 12/31/96 BORROWER 732,945 1/1/96 12/31/96 BORROWER 96.0% 12/31/96
</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: JUNE, 1997
DATE PRINTED: 24-JUN-97
LOAN 01 - 1:
LOAN 02 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 7% AND OPERATING EXPENSES ARE DOWN 4%, AS OF 12/31.
LOAN 03 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE PROJECTIONS, REVENUE IS UP 8%. CAPITAL EXPENSES INCLUDE NEW
CARPETS AND APPLIANCES AND EXTERIOR REHABILITATION.
LOAN 04 - 1: Latest Annual Statement Comment: 12/31/96 - NOI IS UP 34%
FROM BASE LINE PROJECTIONS.
LOAN 05 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 4% AND OPERATING EXPENSES ARE UP 26%, AS OF 12/31.
LOAN 06 - 1: Status Comment: Loan is currently delinquent. Payment for
5/1/97 was returned NSF. Latest Annual Statement Comment: 12/31/96 -
REVENUE IS UP 6% FROM BASE LINE AND OPERATING EXPENSES ARE UP 11% FROM BASE
LINE. BORROWER REPORTS THAT VARIABLE EXPENSES ARE OVERSTATED BY APPROXIMATELY
$40,000 DUE TO THE COST OF COMPLETING THE CITY OCCUPANCY INSPECION.
LOAN 07 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 5% AND OPERATING EXPENSES ARE DOWN 12%, AS OF
12/31.
LOAN 08 - 1:
LOAN 09 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 3% AND OPERATING EXPENSES ARE UP 1%, AS OF 12/31.
LOAN 10 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 17% AND OPERATING EXPENSES ARE UP 19%, AS OF 12/31.
LOAN 11 - 1:
LOAN 12 - 1:
LOAN 13 - 1: Latest Annual Statement Comment: 12/31/96 - NOI IS UP 11%
FROM BASE LINE.
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: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS DOWN 3% AND OPERATING EXPENSES ARE UP 1%, AS OF 12/31.
BORROWER REPORTS A COMPUTER COVERSION EARLIER IN THE YEAR.
LOAN 21 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 7% AND OPERATING EXPENSES ARE UP 6%. Partial
Year Statement Comment: 3/31/97 - COMPARED TO BASE LINE, REVENUE IS UP 11%
AND OPERATING EXPENSES ARE UP 27% AS OF 3/31/97.
LOAN 22 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE PROJECTIONS, REVENUE IS UP 12% AND OPERATING EXPENSES ARE DOWN
21%.
LOAN 23 - 1: Status Comment: . Partial Year Statement Comment:
12/31/96 - NOI IS UP 14% FROM 1995.
LOAN 24 - 1: Latest Annual Statement Comment: 12/31/96 - REVENUE IS
DOWN 4% FROM BASE LINE WHILE OPERATING EXPENSE IS UP 20% FROM BASE LINE.
LOAN 25 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 9% AND OPERATING EXPENSES ARE UP 7% AS OF 12/31/96.
Partial Year Statement Comment: 3/31/97 - COMPARED TO BASE LINE,
REVENUE IS UP 15% AND OPERATING EXPENSES ARE UP 6% AS OF 3/31/97.
Page - 22
<PAGE>
LOAN 26 - 1: Status Comment: The property is built on a landfill and
special pumping equipment has been installed to remove the methane gas.
Borr is not submitting the required qrtly O&M reports. Payment for April,
1997 was returned NSF. Latest Annual Statement Comment: 12/31/95 -
REVENUES ARE DOWN BY 6% COMPARED TO BASELINE WHILE EXPENSES ARE UP BY 2%.
Partial Year Statement Comment: 9/30/96 - COMPARRED TO BASE LINE, REVENUE
IS DOWN 3% AND OPERATING EXPENSES ARE UP 2%.
LOAN 27 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 1% AND OPERATING EXPENSES ARE UP 7% AS OF 12/31/96.
LOAN 28 - 1:
LOAN 29 - 1:
LOAN 30 - 1:
LOAN 31 - 1: Latest Annual Statement Comment: 12/31/96 - EXPENSES ARE
UP 17% DUE, IN PART, TO A LARGE INCREASE IN REPAIRS TO PROPERTY.
LOAN 32 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS DOWN 3% AND OPERATING EXPENSES ARE UP 29%, AS OF
12/31.
LOAN 33 - 1: Partial Year Statement Comment: 3/31/97 - COMPARED TO
BASE LINE, REVENUE IS DOWN 1% AND OPERATING EXPENSES ARE DOWN 8% AS OF
3/31/97.
LOAN 34 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 3% AND OPERATING EXPENSES ARE DOWN 6%, AS OF
12/31/96. Partial Year Statement Comment: 3/31/97 - COMPARED TO BASE
LINE, REVENUE IS DOWN 4% AND OPERATING EXPENSES ARE DOWN 6%, AS OF 3/31/97.
AVERAGE DAILY ROOM RATE WAS $69.34.
LOAN 35 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS DOWN 4% AND OPERATING EXPENSES ARE DOWN 3% AS OF
12/31/96. Partial Year Statement Comment: 3/31/97 - COMPARED TO BASE
LINE, REVENUE IS DOWN113% AND OPERATING EXPENSES ARE DOWN 11% AS OF 3/31/97.
AVERAGE DAILY ROOM RATE WAS $67.41.
LOAN 36 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 9% AND OPERATING EXPENSES ARE DOWN 13% AS OF
12/31/96. Partial Year Statement Comment: 3/31/97 - COMPARED TO BASE
LINE, REVENUE IS DOWN 3% AND OPERATING EXPENSES ARE DOWN 5% AS OF 3/31/97.
AVERAGE DAILY ROOM RATE WAS $71.73.
LOAN 37 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE PROJECTIONS, REVENUE IS UP 10% AND OPERATING EXPENSES ARE UP 7%.
LOAN 38 - 1: Latest Annual Statement Comment: 12/31/96 - ASSUMPTION
TOOK PLACE IN JUNE. REVENUE IS DOWN 5% FROM BASE LINE AND OPERATING
EXPENSES ARE DOWN 8% FROM BASE LINE.
LOAN 42 - 1: Status Comment: Midland has not received the necessary
financial information to evaluate borrower's request of 60 day moratorium of
P & I payments. Partial Year Statement Comment: 3/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 21% AND OPERATING EXPENSES ARE UP 42% AS OF
3/31/97.
LOAN 43 - 2: Status Comment: Borrower reports that revenue increased
approximately 10% in May. New tenants were offered free rent for 1st month.
Capital expenses include appliance replacement and carpets and should begin
to decrease. Borrower remains very optimistic. Latest Annual Statement
Comment: 12/25/96 - REVENUE IS DOWN 2% FROM BASE LINE WHILE EXPENSES ARE UP
13% FROM BASE LINE. Partial Year Statement Comment: 4/30/97 - COMPARED
TO BASE LINE, REVENUE IS DOWN 3% AND OPERATING EXPENSES ARE UP 19% AS OF
4/30/97. CAPITAL EXPENDITURES INCLUDE CARPETS, AC CONDENSORS, REFRIGERATORS
& REPLACEMENT RESERVES.
LOAN 43 - 1: Status Comment: Borrower reports that revenue increased
approximately 10% in May. New tenants were offered free rent for 1st month.
Capital expenses include appliance replacement and carpets and should begin
to decrease. Borrower remains very optimistic. Latest Annual Statement
Comment: 12/25/96 - REVENUE IS UP 5% FROM BASE LINE AND EXPENSES ARE UP 30%
FROM BASE LINE. Partial Year Statement Comment: 4/30/97 - COMPARED TO
BASE LINE, REVENUE IS DOWN 5% AND OPERATING EXPENSES ARE UP 34% AS OF
4/30/97. CAPITAL EXPENDITURES INCLUDE REFRIGERATORS, STOVES, CARPETS,
DISHWASHERS, ETC.
Page - 23
<PAGE>
LOAN 43 - 1: Status Comment: Midland has not received the necessary
financial information to evaluate request of 60 day moratorium of P & I
payments. Per borrower conversation, tenant profile and occupancy has
improved. 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:
12/25/96 - REVENUE IS UP 5% FROM BASE LINE AND EXPENSES ARE UP 30% FROM BASE
LINE.
LOAN 47 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS DOWN 3% AND OPERATING EXPENSES ARE DOWN 29% AS OF
12/31/96.
LOAN 48 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE PROJECTIONS, REVENUE IS UP 20% AND OPERATING EXPENSES ARE UP 22%.
ASSUMPTION TOOK PLACE ON 6/12/96.
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.
LOAN 51 - 1: Status Comment: Guarantor deceased in 1996. Estate filed
income tax extension to June 2. Claim filed against estate will be evaluated
upon review of tax returns. Latest Annual Statement Comment: 12/31/96
- - REVENUE IS UP 6% FROM BASE LINE AND OPERATING EXPENSES ARE UP 14% FROM
BASE LINE. CAPITAL EXPENSES CONSIST OF ROOFING REPAIRS AND PARKING LOT
PAVING AND TENNANT PREPARATIONS.
LOAN 52 - 1:
LOAN 53 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE PROJECTIONS, REVENUE IS UP 2% AND OPERATING EXPENSES ARE UP 3%,
FOR THE PERIOD ENDING 12/31.
LOAN 54 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE PROJECTIONS, REVENUE IS UP 21% AND OPERATING EXPENSES ARE UP 45%
FOR THE PERIOD ENDING 12/31/96.
Page - 24
