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 22, 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 December 22, 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
December 22, 1997.
Loan data file as of the December 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: December 22, 1997
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of December 22, 1997
Loan data file as of December 1997 18
Page - 2
ABN AMRO Statement Date: 12/22/97
LaSalle National Bank Payment Date: 12/22/97
Administrator: Prior Payment: 11/20/97
Alyssa Stahl (800) 246-5761 Record Date: 11/28/97
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107 WAC: 9.258978%
WAMM: 66
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 45,920,776.69 210,912.55
79548KQD3 ......... 1000.000000 918.415534 4.218251
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 166,616,776.69 0.00
79548S9K9 ......... 1000.000000 976.102408 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 7,036,939.39 95,353.84
79548S9H6 ......... 1000.000000 780.699487 10.578845
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 205,989,716.08 306,266.39
================ ================ ================
<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 45,709,864.14
79548KQD3 ......... 0.000000 0.000000 914.197283
A-2 ............... 0.00 0.00 81,468,000.00
79548KQH4 ......... 0.000000 0.000000 1000.000000
IO ................ 0.00 0.00 166,405,864.14
79548S9K9 ......... 0.000000 0.000000 974.866805
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 6,941,585.55
79548S9H6 ......... 0.000000 0.000000 770.120641
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 205,683,449.69
================ ================ ================
<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 ............... 247,551.25 0.00 6.469000%
79548KQD3 ......... 4.951025 0.000000 Fixed
A-2 ............... 460,314.57 0.00 6.780300%
79548KQH4 ......... 5.650250 0.000000 Fixed
IO ................ 244,036.33 0.00 1.757588%
79548S9K9 ......... 1.429655 0.000000 1.759211%
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 ................. 162,325.46 0.00 9.186500%
79548S9F0 ......... 7.655417 0.000000 9.186600%
F ................. 85,220.10 0.00 9.186500%
79548S9G8 ......... 7.655417 0.000000 9.186600%
G ................. 53,870.70 0.00 9.186500%
79548S9H6 ......... 5.976580 0.000000 9.186600%
R-III ............. 0.00 0.00 None
9ABSM691 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,493,395.74 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>
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 45,920,776.69 210,912.55
None .............. 1000.000000 918.415534 4.218251
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 39,372,939.39 95,353.84
None .............. 1000.000000 952.195597 2.306038
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 205,989,716.08 306,266.39
================ ================ ================
<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 45,709,864.14
None .............. 0.000000 0.000000 914.197283
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 39,277,585.55
None .............. 0.000000 0.000000 949.889559
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 205,683,449.69
================ ================ ================
Total P&I Payment 1,799,662.13
============
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 ................. 268,001.30 0.00 None
None .............. 5.360026 0.000000 0.000000%
V ................. 623,671.49 0.00 None
None .............. 7.655417 0.000000 0.000000%
W ................. 113,629.35 0.00 None
None .............. 7.655417 0.000000 0.000000%
X ................. 113,629.35 0.00 None
None .............. 7.655417 0.000000 0.000000%
Y ................. 73,047.99 0.00 None
None .............. 7.655417 0.000000 0.000000%
Z ................. 301,416.26 0.00 None
None .............. 7.289454 0.000000 0.000000%
R-II .............. 0.00 0.00 None
9ABSM690 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,493,395.74 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 ........... 212,045,633.94 207,966,410.63 210,912.55
None .............. 1000.000000 980.762522 0.994656
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 207,966,410.63 210,912.55
================ ================ ================
<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 0.00 207,755,498.08
None .............. 0.000000 0.000000 979.767865
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 207,755,498.08
================ ================ ================
<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 ........... 1,588,749.58 0.00 None
None .............. 7.492489 0.000000 0.000000%
R-I ............... 0.00 0.00 None
9ABSM689 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,588,749.58 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Available Distribution Amount 1,799,662.13
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 ............ 210,912.55 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 95,353.84
---------------- ----------------
210,912.55 95,353.84
================ ================
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 12,564.64
Aggregate Special Servicing Compensation 3,316.21
Fees/ Premiums paid to Class R-I 0.00
Mortgage Stated Assigned
Pool Principal Asset Loan Remaining
Balance Balance Value Count Term WAC
207,755,498.08 207,755,498.08 207,755,498.08 43 66 9.25910704%
<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>
12/22/97 0 0 0 0 1 11,356,770
/ 0.00% 0.000% 0.00% 0.000% 2.33% 5.461%
11/20/97 0 0 0 0 1 11,369,867
/ 0.00% 0.000% 0.00% 0.000% 2.33% 5.462%
10/20/97 1 1,763,901 0 0 1 11,382,867
/ 2.33% 0.846% 0.00% 0.000% 2.33% 5.462%
09/22/97 0 0 0 0 1 11,395,772
/ 0.00% 0.000% 0.00% 0.000% 2.33% 5.463%
08/20/97 1 11,408,583 0 0 0 0
/ 2.33% 5.464% 0.00% 0.000% 0.00% 0.000%
07/21/97 1 11,421,299 0 0 0 0
/ 2.33% 5.465% 0.00% 0.000% 0.00% 0.000%
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%
</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>
12/22/97 1 11,356,770 0 0
/ 2.33% 5.461% 0.00% 0.000%
11/20/97 1 11,369,867 0 0
/ 2.33% 5.462% 0.00% 0.000%
10/20/97 1 11,382,867 0 0
/ 2.33% 5.462% 0.00% 0.000%
09/22/97 1 11,395,772 0 0
/ 2.33% 5.463% 0.00% 0.000%
08/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
07/21/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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%
<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
12/22/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
11/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
10/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
09/22/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
08/20/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
07/21/97 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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%
Page - 9
<PAGE>
DELINQUENCY /PREPAYMENT / RATE HISTORY REPORTING, Continued
Distribution Next Weighted Avg.
Date Coupon Remit
12/22/97 ....... 9.259107% 9.186607%
11/20/97 ....... 9.258978% 9.186478%
10/20/97 ....... 9.258851% 9.186351%
09/22/97 ....... 9.258723% 9.186223%
08/20/97 ....... 9.258597% 9.186097%
07/21/97 ....... 9.258471% 9.185971%
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%
<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>
26 199712 05/01/97 96,499.49 578,985.27 0.00
- --- ------ ---------- ---------- ---------- ---------
TOTALS: -- -- 96,499.49 578,985.27 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>
26 3 2 09/13/97 -- -- --
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 ................ 1 477,110 0.23%
$500,000 to $1,000,000 ........ 3 2,368,745 1.14%
$1,000,000 to $1,500,000 ...... 4 5,157,826 2.48%
$1,500,000 to $2,000,000 ...... 3 5,417,453 2.61%
$2,000,000 to $2,500,000 ...... 1 2,482,401 1.19%
$2,500,000 to $3,000,000 ...... 1 2,526,779 1.22%
$3,000,000 to $3,500,000 ...... 2 6,588,048 3.17%
$3,500,000 to $4,000,000 ...... 3 10,851,839 5.22%
$4,000,000 to $4,500,000 ...... 2 8,863,928 4.27%
$4,500,000 to $5,000,000 ...... 7 33,035,846 15.90%
$5,000,000 to $5,500,000 ...... 6 31,216,536 15.03%
$5,500,000 to $6,000,000 ...... 1 5,772,294 2.78%
$6,000,000 to $6,500,000 ...... 0 0 0.00%
$6,500,000 to $7,000,000 ...... 4 27,139,851 13.06%
$7,000,000 to $7,500,000 ...... 1 7,271,961 3.50%
$7,500,000 to $8,000,000 ...... 1 7,916,837 3.81%
$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 50,668,043 24.39%
- ------------------------------- --- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
Average Scheduled Balance is 4,831,523
Maximum Scheduled Balance is 27,723,811
Minimum Scheduled Balance is 477,110
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Principal Balance Balance
Multifamily ................... 21 72,093,596 34.70%
Retail ........................ 12 65,204,426 31.39%
Office ........................ 4 41,899,624 20.17%
Lodging ....................... 5 23,305,026 11.22%
Industrial .................... 1 5,252,827 2.53%
--- ------------ ------
43 207,755,498.08 100.00%
=== ============ ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Principal Balance Balance
Georgia ....................... 11 46,896,179 22.57%
Texas ......................... 9 28,502,274 13.72%
Washington .................... 1 27,723,811 13.34%
New Jersey .................... 4 26,273,459 12.65%
Florida ....................... 4 22,077,074 10.63%
Nevada ........................ 1 11,587,462 5.58%
Kansas ........................ 2 8,214,872 3.95%
Nebraska ...................... 1 5,772,294 2.78%
Connecticut ................... 1 5,412,547 2.61%
New York ...................... 3 5,374,259 2.59%
Tennessee ..................... 1 4,663,708 2.24%
Arizona ....................... 1 4,534,325 2.18%
Oklahoma ...................... 1 3,560,273 1.71%
South Carolina ................ 1 3,352,257 1.61%
Maryland ...................... 1 2,482,401 1.19%
Louisiana ..................... 1 1,328,303 0.64%
--- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
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 45,943,818 22.11%
8.501% to 8.625% .............. 1 5,412,547 2.61%
8.626% to 8.750% .............. 5 24,562,557 11.82%
8.751% to 8.875% .............. 5 29,489,118 14.19%
8.876% to 9.000% .............. 3 14,731,911 7.09%
9.001% to 9.125% .............. 0 0 0.00%
9.126% to 9.250% .............. 1 3,698,840 1.78%
9.251% to 9.375% .............. 1 7,271,961 3.50%
9.376% to 9.500% .............. 0 0 0.00%
9.501% to 9.625% .............. 2 14,114,241 6.79%
9.626% to 9.750% .............. 1 4,370,606 2.10%
9.751% to 9.875% .............. 3 10,856,024 5.23%
9.876% to 10.000% ............. 3 2,899,360 1.40%
10.001% to 10.125% ............ 3 9,433,910 4.54%
10.126% & above ............... 10 34,970,606 16.83%
- ------------------------------- --- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
<FN>
Weighted Average Mortgage Interest Rate is 9.2590%
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 ................. 8 62,811,482 30.23%
2+ to 3 years ................. 25 114,491,371 55.11%
3+ to 4 years ................. 10 30,452,645 14.66%
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 ......................... 43 207,755,498 100.00%
=== ============ ======
Weighted Average Seasoning is 2.4
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Principal Balance Balance
Amortizing Balloon ............ 43 207,755,498 100.00%
--- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
Page - 12
<PAGE>
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 ............. 1 11,356,770 5.47%
13 to 24 months ............... 2 6,075,127 2.92%
25 to 36 months ............... 2 12,122,784 5.84%
37 to 48 months ............... 14 49,901,496 24.02%
49 to 60 months ............... 6 29,018,465 13.97%
61 to 120 months .............. 18 99,280,857 47.79%
121 to 180 months ............. 0 0 0.00%
181 to 240 months ............. 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
Weighted Average Months to Maturity is 66
<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 ................ 2 9,032,080 4.35%
1.001% to 1.125% .............. 1 587,212 0.28%
1.126% to 1.250% .............. 5 29,423,077 14.16%
1.251% to 1.375% .............. 3 20,168,674 9.71%
1.376% to 1.500% .............. 5 20,992,576 10.10%
1.501% to 1.625% .............. 4 14,931,529 7.19%
1.626% to 1.750% .............. 5 22,674,737 10.91%
1.751% to 1.875% .............. 11 62,452,177 30.06%
1.876% to 2.000% .............. 3 12,389,378 5.96%
2.001% to 2.125% .............. 3 11,868,267 5.71%
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 3,235,791 1.56%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
<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 1.594%
NOI AGING
Scheduled
Number Principal Based on
NOI Date of Loans Balance Balance
1 year or less ................ 0 0 0.00%
1+ to 2 years ................. 39 185,082,031 89.09%
2+ & above .................... 4 22,673,467 10.91%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 43 207,755,498 100.00%
=== ============ ======
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 11/21/2001 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 07/23/97 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 Middlebu 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 .......... 2,482,401 10.1250% 2,659 0
42 West 48th Street .... 3,592,726 10.6250% 6,391 0
Vista Hills ............ 6,875,453 10.7500% 4,027 0
Plymouth Park .......... 6,869,958 11.0000% 3,390 0
Peach Festival ......... 6,557,173 10.6250% 4,840 0
Goethals Park .......... 5,252,827 10.8750% 8,621 0
West Harbor ............ 4,370,606 9.7500% 2,784 0
Heritage Village ....... 5,191,390 10.1000% 3,182 0
Pelican Point .......... 1,760,119 10.0100% 1,899 0
Ashley Woods ........... 1,476,277 10.4500% 802 0
West 109th Street ...... 895,067 11.1600% 792 0
Emerald Bay ............ 11,587,462 9.5500% 7,795 0
West 14th Street ....... 886,466 10.7000% 459 0
Ranch Park ............. 1,835,038 9.9000% 1,167 0
Timber Ridge ........... 587,212 9.9000% 374 0
Windy Ridge ............ 477,110 9.9000% 304 0
English Oaks ........... 1,236,356 10.4500% 1,216 0
Northlake I ............ 1,822,296 9.8500% 1,150 0
Northlake II ........... 1,116,891 9.8500% 705 0
Brookgreen/Lantana ..... 7,271,961 9.3500% 4,948 0
Kings Bridge ........... 7,916,837 9.8500% 4,907 0
Beaumonde .............. 1,328,303 10.7000% 701 0
Raritan Mall ........... 11,356,770 8.8750% 13,097 0
Manzanita Plaza ........ 4,534,325 9.0000% 3,083 0
Benchmark Crossing ..... 3,698,840 9.2500% 4,000 0
Northmoor Apartments ... 4,825,453 8.8700% 5,475 0
Colonial Oaks .......... 4,792,450 8.8000% 3,357 0
Continental ............ 3,352,257 8.8000% 2,348 0
Atlanta ................ 4,654,151 8.7000% 9,073 0
Wichita ................ 3,235,791 7.9500% 6,851 0
Cross Creek ............ 2,526,779 9.6200% 2,656 0
Knoxville .............. 4,663,708 8.7000% 9,092 0
Omaha .................. 5,772,294 8.7000% 11,253 0
Overland Park .......... 4,979,082 8.7000% 9,707 0
Las Palmas ............. 5,162,187 8.8750% 5,803 0
Galleria ............... 5,170,540 9.0000% 5,656 0
Luria Plaza ............ 5,027,045 9.0000% 3,308 0
Crossroads at Middlebu . 5,412,547 8.6250% 6,211 0
Lansbury Village Apts .. 6,837,266 8.1250% 5,274 0
Grove Park ............. 4,586,677 8.5000% 5,319 0
Redmond East ........... 27,723,811 8.3750% 27,015 0
Strathmore S/C ......... 4,493,322 8.7500% 5,018 0
Edmond Plaza ........... 3,560,273 8.3750% 4,207 0
----------- -------- -------- -----
207,755,498 0.0000% 210,913 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 .......... -- 12/01/97 0 --
42 West 48th Street .... -- 12/01/97 0 --
Vista Hills ............ -- 12/01/97 0 --
Plymouth Park .......... -- 12/01/97 0 --
Peach Festival ......... -- 12/01/97 0 --
Goethals Park .......... -- 12/01/97 0 --
West Harbor ............ -- 12/01/97 0 --
Heritage Village ....... -- 12/01/97 0 --
Pelican Point .......... -- 12/01/97 0 --
Ashley Woods ........... -- 12/01/97 0 --
West 109th Street ...... -- 12/01/97 0 --
Emerald Bay ............ -- 12/01/97 0 --
West 14th Street ....... -- 01/01/98 0 --
Ranch Park ............. -- 12/01/97 0 --
Timber Ridge ........... -- 12/01/97 0 --
Windy Ridge ............ -- 12/01/97 0 --
English Oaks ........... -- 12/01/97 0 --
Northlake I ............ -- 12/01/97 0 --
Northlake II ........... -- 12/01/97 0 --
Brookgreen/Lantana ..... -- 12/01/97 0 --
Kings Bridge ........... -- 12/01/97 0 --
Beaumonde .............. -- 12/01/97 0 --
Raritan Mall ........... -- 05/01/97 0 2
Manzanita Plaza ........ -- 12/01/97 0 --
Benchmark Crossing ..... -- 12/01/97 0 --
Northmoor Apartments ... -- 12/01/97 0 --
Colonial Oaks .......... -- 12/01/97 0 --
Continental ............ -- 12/01/97 0 --
Atlanta ................ -- 12/01/97 0 --
Wichita ................ -- 12/01/97 0 --
Cross Creek ............ -- 12/01/97 0 --
Knoxville .............. -- 12/01/97 0 --
Omaha .................. -- 12/01/97 0 --
Overland Park .......... -- 12/01/97 0 --
Las Palmas ............. -- 12/01/97 0 --
Galleria ............... -- 12/01/97 0 --
Luria Plaza ............ -- 12/01/97 0 --
Crossroads at Middlebu . -- 12/01/97 0 --
Lansbury Village Apts .. -- 12/01/97 0 --
Grove Park ............. -- 12/01/97 0 --
Redmond East ........... -- 12/01/97 0 --
Strathmore S/C ......... -- 12/01/97 0 --
Edmond Plaza ........... -- 12/01/97 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
Offering Sched Sched
Distribution Circular Principal Interest Maturity Property
Date Control # Balance Rate Date Type
09/22/97 Raritan Mall 11,356,770 8.875% 07/01/98 Retail
<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>
09/22/97 Raritan Mall NJ 12/31/96 1,464,921 1.27 5
<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: DECEMBER, 1997
DATE PRINTED: 23-DEC-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 1,835,038 0 73.4% 1.73 N/A PERFORMING PERFORM TO MATURITY
02 587,212 0 73.4% 1.47 N/A PERFORMING PERFORM TO MATURITY
03 477,110 0 73.4% 2.06 N/A PERFORMING PERFORM TO MATURITY
04 1,236,356 0 71.7% 1.71 N/A PERFORMING PERFORM TO MATURITY
05 5,191,390 0 69.2% 1.21 N/A PERFORMING PERFORM TO MATURITY
06 1,760,119 0 73.3% 1.10 N/A PERFORMING PERFORM TO MATURITY
07 895,067 0 58.7% 2.38 N/A PERFORMING PERFORM TO MATURITY
08 1,328,303 0 71.8% 1.42 N/A PERFORMING PERFORM TO MATURITY
09 1,822,296 0 67.5% 1.57 N/A PERFORMING PERFORM TO MATURITY
10 1,116,891 0 53.2% 1.79 N/A PERFORMING PERFORM TO MATURITY
11 11,587,462 0 72.2% 1.25 N/A PERFORMING PERFORM TO MATURITY
12 4,370,606 0 63.8% 1.40 N/A PERFORMING PERFORM TO MATURITY
13 1,476,277 0 60.3% 1.50 N/A PERFORMING PERFORM TO MATURITY
14 886,003 0 68.2% 1.22 N/A PERFORMING PERFORM TO MATURITY
20 2,482,401 0 55.2% 1.43 N/A PERFORMING PERFORM TO MATURITY
21 3,592,726 0 49.2% 1.81 N/A PERFORMING PERFORM TO MATURITY
22 6,875,453 0 68.1% 1.75 N/A PERFORMING PERFORM TO MATURITY
23 6,869,958 0 64.2% 1.64 N/A PERFORMING PERFORM TO MATURITY
24 6,557,173 0 68.3% 1.14 N/A PERFORMING PERFORM TO MATURITY
25 5,252,827 0 50.0% 1.64 N/A PERFORMING PERFORM TO MATURITY
26 11,446,453 194 72.9% 1.27 N/A FORCLOSURE IN PROCESS REO SALE
27 4,534,325 0 73.7% 1.36 N/A PERFORMING PERFORM TO MATURITY
28 3,698,840 0 64.9% 1.53 N/A PERFORMING PERFORM TO MATURITY
29 4,825,453 0 69.9% 1.67 N/A PERFORMING PERFORM TO MATURITY
30 4,792,450 0 71.5% 1.67 N/A PERFORMING PERFORM TO MATURITY
31 3,352,257 0 73.7% 1.34 N/A PERFORMING PERFORM TO MATURITY
32 2,526,779 0 58.5% 1.01 N/A PERFORMING PERFORM TO MATURITY
33 5,772,294 0 67.1% 1.95 N/A PERFORMING PERFORM TO MATURITY
34 4,979,082 0 62.2% 2.02 N/A PERFORMING PERFORM TO MATURITY
35 4,663,708 0 63.9% 1.64 N/A PERFORMING PERFORM TO MATURITY
36 4,654,151 0 55.4% 2.63 N/A PERFORMING PERFORM TO MATURITY
37 5,170,540 0 58.8% 1.56 N/A PERFORMING PERFORM TO MATURITY
38 5,162,187 0 71.7% 1.56 N/A PERFORMING PERFORM TO MATURITY
42 7,916,837 0 67.7% 1.44 N/A PERFORMING PERFORM TO MATURITY
43 7,271,961 0 72.4% 0.80 N/A PERFORMING PERFORM TO MATURITY
47 3,235,791 0 43.1% 3.74 N/A PERFORMING PERFORM TO MATURITY
48 27,723,811 0 63.7% 1.70 N/A PERFORMING PERFORM TO MATURITY
49 5,027,045 0 64.4% 1.21 N/A PERFORMING PERFORM TO MATURITY
50 3,560,273 0 70.5% 1.45 N/A PERFORMING PERFORM TO MATURITY
51 4,586,677 0 64.6% 1.44 N/A PERFORMING PERFORM TO MATURITY
52 5,412,547 0 70.8% 1.57 N/A PERFORMING PERFORM TO MATURITY
53 6,837,266 0 72.9% 1.30 N/A PERFORMING PERFORM TO MATURITY
54 4,493,322 0 68.6% 1.50 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- --- ------ ---- --- ------------------------- ------------------------------
TOTAL 207,844,718
===========
</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, 1997
DATE PRINTED: 23-DEC-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 1,835,038 7/27/94 8/1/2024 44 9.900% F 16,316
02 587,212 7/27/94 8/1/2024 44 9.900% F 5,221
03 477,110 7/27/94 8/1/2024 44 9.900% F 4,242
04 1,236,356 10/14/94 11/1/2019 47 10.450% F 11,993
05 5,191,390 7/5/94 8/1/2024 45 10.100% F 46,903
06 1,760,119 7/22/94 8/1/2019 44 10.010% F 16,597
07 895,067 10/28/94 11/1/2019 47 11.160% F 9,124
08 1,328,303 11/30/94 12/1/2024 48 10.700% F 12,551
09 1,822,296 9/16/94 10/1/2024 46 9.850% F 16,117
10 1,116,891 9/16/94 10/1/2024 46 9.850% F 9,878
11 11,587,462 8/15/94 9/1/2024 45 9.550% F 100,074
12 4,370,606 10/17/94 11/1/2024 83 9.750% F 38,318
13 1,476,277 1/27/95 2/1/2025 86 10.450% F 13,665
14 886,003 1/17/95 2/1/2025 86 10.700% F 8,368
20 2,482,401 7/1/94 8/1/2019 20 10.125% F 23,626
21 3,592,726 9/23/94 10/1/2014 22 10.625% F 38,258
22 6,875,453 12/1/94 12/1/2023 48 10.750% F 65,655
23 6,869,958 12/2/94 1/1/2025 25 11.000% F 66,396
24 6,557,173 1/31/95 2/1/2022 51 10.625% F 62,942
25 5,252,827 2/17/95 3/1/2015 27 10.875% F 56,303
26 11,446,453 6/20/95 7/1/2020 7 8.875% F 97,186
27 4,534,325 7/27/95 8/1/2025 56 9.000% F 37,113
28 3,698,840 7/31/95 8/1/2020 92 9.250% F 32,543
29 4,825,453 8/22/95 9/1/2020 57 8.870% F 41,183
30 4,792,450 8/30/95 9/1/2025 93 8.800% F 38,526
31 3,352,257 8/30/95 9/1/2025 93 8.800% F 26,948
32 2,526,779 4/18/95 5/1/2020 53 9.620% F 22,933
33 5,772,294 9/14/95 10/1/2015 94 8.700% F 53,184
34 4,979,082 9/14/95 10/1/2015 94 8.700% F 45,875
35 4,663,708 9/14/95 10/1/2015 94 8.700% F 42,970
36 4,654,151 9/14/95 10/1/2015 94 8.700% F 42,881
37 5,170,540 10/3/95 11/1/2020 95 9.000% F 44,477
38 5,162,187 9/29/95 10/1/2020 58 8.875% F 44,025
42 7,916,837 11/9/94 12/1/2024 48 9.850% F 69,931
43 7,271,961 11/14/94 12/1/2024 48 9.350% F 61,647
47 3,235,791 9/14/95 10/1/2015 94 7.950% F 28,333
48 27,723,811 12/19/95 1/1/2023 97 8.375% F 220,692
49 5,027,045 11/8/95 12/1/2025 96 9.000% F 41,036
50 3,560,273 12/28/95 1/1/2021 97 8.375% F 29,084
51 4,586,677 12/12/95 1/1/2021 61 8.500% F 37,846
52 5,412,547 11/27/95 12/1/2020 60 8.625% F 45,159
53 6,837,266 12/12/95 1/1/2016 97 8.125% F 51,604
54 4,493,322 12/20/95 1/1/2021 97 8.750% F 37,819
- -- ----------- ---------- ---------- ---- -------- --- -------
TOTAL 207,844,718
===========
</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, 1997
DATE PRINTED: 23-DEC-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 2,400,000 09/25/97 MAI APPRAISAL
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 24 523,842 10,500,000 01/12/95 PROSPECTUS
26 1 RETAIL RARITAN NJ 08869 1987 21 117,000 15,700,000 10/16/97 MAI APPRAISAL
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 64,739 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 35 104,584 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: DECEMBER, 1997
DATE PRINTED: 23-DEC-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 1 340,399 12/31/96 BORROWER 234,080 1/1/97 9/30/97 BORROWER 88.7% N/A
02 1 92,269 12/31/96 BORROWER 52,572 1/1/97 9/30/97 BORROWER 98.0% N/A
03 1 105,056 12/31/96 BORROWER 69,920 1/1/97 9/30/97 BORROWER 97.6% N/A
04 1 246,242 12/31/96 BORROWER 200,286 1/1/97 9/30/97 BORROWER 98.2% N/A
05 1 681,684 12/31/96 BORROWER 329,648 1/1/97 6/30/97 BORROWER 93.0% N/A
06 1 220,813 12/31/96 BORROWER 108,869 1/1/97 7/31/97 ACCOUNTANT 95.5% N/A
07 1 261,217 12/31/96 BORROWER 70,610 4/1/97 6/30/97 BORROWER 97.0% N/A
08 1 214,850 12/31/96 ATTORNEY 198,967 1/1/97 9/30/97 BORROWER 100.0% N/A
09 1 303,691 12/31/96 BORROWER 249,905 1/1/97 9/30/97 BORROWER 94.8% N/A
10 1 212,744 12/31/96 BORROWER 185,643 1/1/97 9/30/97 BORROWER 96.2% N/A
11 1 1,504,344 12/31/96 BORROWER 1,125,743 1/1/97 9/30/97 BORROWER 98.5% N/A
12 1 646,654 12/31/96 BORROWER 526,263 1/1/97 9/30/97 BORROWER 100.0% N/A
13 1 246,774 12/31/96 BORROWER 183,154 1/1/97 9/30/97 BORROWER 99.0% N/A
14 1 122,817 12/31/96 CPA 119,527 1/1/97 8/31/97 CPA 100.0% N/A
20 1 407,026 12/31/96 BORROWER 283,458 1/1/97 6/30/97 BORROWER 75.6% N/A
21 1 832,830 12/31/96 BORROWER 634,722 1/1/97 9/30/97 BORROWER 94.7% N/A
22 1 1,382,380 12/31/96 BORROWER 1,382,380 1/1/96 12/31/96 BORROWER 97.0% N/A
23 1 1,311,759 12/31/95 BORROWER 977,129 1/1/97 9/30/97 BORROWER 72.0% N/A
24 1 861,265 12/31/96 BORROWER 673,228 1/1/97 9/30/97 BORROWER 93.7% N/A
25 1 1,109,395 12/31/96 BORROWER 1,001,735 1/1/97 9/30/97 BORROWER 98.1% N/A
26 1 1,483,175 12/31/96 BORROWER 769,703 1/1/97 6/30/97 BORROWER 97.0% N/A
27 1 609,151 12/31/96 BORROWER 488,447 1/1/97 9/30/97 BORROWER 96.2% N/A
28 1 600,563 12/31/96 BORROWER 453,507 1/1/97 9/30/97 BORROWER 100.0% N/A
29 1 826,321 12/31/96 BORROWER 627,522 1/1/97 9/30/97 BORROWER 96.6% N/A
30 1 773,172 12/31/96 BORROWER 508,276 1/1/97 9/30/97 BORROWER 92.0% N/A
31 1 436,062 12/31/96 BORROWER 361,958 1/1/97 9/30/97 BORROWER 86.2% N/A
32 1 280,421 12/31/96 MANAGEMENT COMPANY 256,006 1/1/97 9/30/97 BORROWER 77.5% N/A
33 1 1,249,269 12/31/96 BORROWER 990,020 1/1/97 9/30/97 BORROWER 78.0% N/A
34 1 1,113,295 12/31/96 BORROWER 565,383 1/1/97 6/30/97 ACCOUNTANT 74.5% N/A
35 1 850,607 12/31/96 MANAGEMENT COMPANY 631,135 1/1/97 9/30/97 BORROWER 66.7% N/A
36 1 1,355,109 12/31/96 BORROWER 487,109 1/1/97 6/30/97 ACCOUNTANT 61.8% N/A
37 1 833,533 12/31/96 BORROWER 733,604 1/1/97 9/30/97 BORROWER 100.0% N/A
38 1 828,082 12/31/96 MANAGEMENT COMPANY 0,000 1/1/97 9/30/97 BORROWER 82.0% N/A
42 1 1,210,059 12/25/96 BORROWER 820,441 1/1/97 9/30/97 BORROWER 93.3% N/A
43 1 291,335 12/25/96 BORROWER 149,018 1/1/97 9/30/97 BORROWER 91.5% N/A
43 2 306,457 12/25/96 BORROWER 237,614 1/1/97 9/30/97 BORROWER 97.0% N/A
47 1 1,272,106 12/31/96 BORROWER 499,568 1/1/97 6/30/97 ACCOUNTANT 76.6% N/A
48 1 4,519,076 12/31/96 BORROWER 3,545,168 1/1/97 9/30/97 BORROWER 98.9% N/A
49 1 600,097 12/31/96 BORROWER 586,149 1/1/97 9/30/97 BORROWER 100.0% N/A
50 1 506,606 12/31/96 BORROWER 329,330 1/1/97 9/30/97 BORROWER 91.0% N/A
51 1 657,553 12/31/96 BORROWER 609,074 1/1/97 9/30/97 BORROWER 91.0% N/A
52 1 851,006 12/31/96 BORROWER 761,455 1/1/97 9/30/97 BORROWER 100.0% N/A
53 1 809,793 12/31/96 BORROWER 690,070 1/1/97 9/30/97 BORROWER 96.0% N/A
54 1 683,361 12/31/96 BORROWER 187,022 1/1/97 3/31/97 BORROWER 96.0% N/A
</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, 1997
DATE PRINTED: 23-DEC-97
LOAN 01 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 6% AND OPERATING EXPENSES ARE UP 11% AS OF
12/31/96. REPLACEMENT RESERVES PER BASELINE. Partial Year Statement
Comment: 9/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 6% AND OPERATING
EXPENSES ARE UP 15%. REPLACEMENT RESERVES PER BASE LINE. NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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.
Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE LINE,
REVENUE IS UP 9% AND OPERATING EXPENSES ARE UP 11%. NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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. Partial Year
Statement Comment: 9/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 8% AND
OPERATING EXPENSES ARE DOWN 5%. NORMALIZED PROPERTY TAXES AND INSURANCE
EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 04 - 1: Latest Annual Statement Comment: 12/31/96 - NOI IS UP 34%
FROM BASE LINE PROJECTIONS. Partial Year Statement Comment: 9/30/97 -
COMPARED TO BASE LINE, REVENUE IS UP 11% AND OPERATING EXPENSES ARE UP 6%.
NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING
INFORMATION.
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.
Partial Year Statement Comment: 6/30/97 - COMPARED TO BASE LINE,
REVENUE IS DOWN 2% AND OPERATING EXPENSES ARE UP 17%, AS OF 6/30/97.
LOAN 06 - 1: 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 INSPECTION. Partial Year
Statement Comment: 7/31/97 - COMPARED TO BASE LINE, REVENUE IS UP 2% AND
OPERATING EXPENSES ARE UP 15% AS OF 7/31/97. CAPITAL EXPENDITURES CONSIST OF
CARPETS, APPLIANCES AND REPLACEMENT RESERVES.
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. Partial Year Statement Comment: 6/30/97 - NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 08 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 2% AND OPERATING EXPENSES ARE DOWN 11%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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.
Partial Year Statement Comment: 9/30/97 - STATEMENT IS COMBINED WITH
COLLATERAL FOR RELATED LOAN. CONTROLLER PROVIDED BREAKDOWN OF REVENUE WHICH
WAS USED TO ALLOCATE EXPENSES TO EACH PHASE OF THE PROPERTY.57.4% OF THE TOTAL
REVENUE WAS GENERATED BY THIS PROPERTY.
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.
Partial Year Statement Comment: 9/30/97 - STATEMENT IS COMBINED WITH
COLLATERAL FOR ANOTHER LOAN. CONTROLLER PROVIDED A BREAKDOWN OF REVENUE
WHICH WAS USED TO ALLOCATE OPERATING EXPENSES TO EACH PHASE OF THE PROPERTY.
42.6% OF THE COMBINED REVENUE WAS GENERATED BY THIS PROPERTY.
LOAN 11 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 4% AND OPERATING EXPENSES ARE UP 11%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 12 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 5% AND OPERATING EXPENSES ARE DOWN 12%.
Page - 22
<PAGE>
LOAN 13 - 1: Latest Annual Statement Comment: 12/31/96 - NOI IS UP 11%
FROM BASE LINE. Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 9% AND OPERATING EXPENSES ARE UP 7%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 14 - 1: Status Comment: Assumption in progress. Latest Annual
Statement Comment: 12/31/96 - COMPARED TO BASE LINE, REVENUE IS UP 12% AND
OPERATING EXPENSES ARE UP 17% AS OF 12/31/96. JUNE 30, 1997 RENT ROLL
REPORTS 100% OCCUPANCY. Partial Year Statement Comment: 8/31/97 -
NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING INFORMATION. COMPARED TO
BASE LINE, REVENUE IS UP 24% AND OPERATING EXPENSES ARE UP 15% AS OF
8/31/97. NO MANAGEMENT FEES NOT REPORTED SINCE MANAGEMENT IS COMPENSATED IN
FORM OF PARTNER DISTRIBUTIONS.
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. Partial Year
Statement Comment: 6/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 30% AND
OPERATING EXPENSES ARE UP 24%, AS OF 6/30/97. NORMALIZED PROPERTY TAXES AND
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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: 9/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 17%
AND OPERATING EXPENSES ARE UP 27%. NORMALIZED PROPERTY TAXES AND INSURANCE
EXPENSE PER LOAN SERVICING INFORMATION.
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:
9/30/97 - FISCAL YEAR END IS JUNE 30TH. COMPARED TO BASE LINE, REVENUE IS
DOWN 1% AND OPERATING EXPENSES ARE DOWN 19%. NORMALIZED PROPERTY TAXES AND
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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.
Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE LINE, REVENUE
DOWN 10% AND OPERATING EXPENSES ARE UP 7%. NORMALIZED PROPERTY TAXES AND
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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: 9/30/97 - COMPARED TO BASE LINE,
REVENUE IS UP 15% AND OPERATING EXPENSES ARE DOWN 9%. NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 26 - 1: Status Comment: ONE TENANT HAD FIRE IN KITCHEN. 3RD QTR
TAXES NOT PAID. BRWR REFUSES ACCESS INSPECTOR, ENVIRON. CONSULTANT AND DOES
NOT RESPOND TO SPECIAL SERVICER LETTERS. RECEIVER HEARING 11/21/97-COURT
DENIED. APPRAISAL AND ENVIRON. RECEIVED. Latest Annual Statement
Comment: 12/31/96 - COMPARED TO BASE LINE, REVENUE IS UP 1% AND OPERATING
EXPENSES ARE UP 1% AS OF 12/31/96. Partial Year Statement Comment:
6/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 1% AND OPERATING EXPENSES ARE
DOWN 13% AS OF 6/30/97. NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER
LOAN SERVICING INFORMATION.
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.
Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE LINE,
REVENUE IS UP LESS THAN 1% AND OPERATING EXPENSES ARE DOWN 7%. NORMALIZED
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION. NO MANAGEMENT FEES
REPORTED.
LOAN 28 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 12% AND OPERATING EXPENSES ARE UP 16%. NORMALIZED
PROPERTY TAXES PER LOAN SERVICING INFORMATION.
LOAN 29 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 19% AND OPERATING EXPENSES ARE UP 9%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 30 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 13% AND OPERATING EXPENSES ARE UP 17%. NORMALIZED
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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. Partial
Year Statement Comment: 9/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 10%
AND OPERATING EXPENSES ARE UP 9%. NORMALIZED PROPERTY TAXES AND INSURANCE
EXPENSE PER LOAN SERVICING INFORMATION.
Page - 23
<PAGE>
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. Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE LINE,
REVENUE IS DOWN 14% AND OPERATING EXPENSES ARE DOWN 6%. NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 33 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 9% AND OPERATING EXPENSES ARE UP 3%. AVERAGE DAILY
RATE WAS $72.05. NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN
SERVICING INFORMATION.
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: 6/30/97 - COMPARED TO BASE
LINE, REVENUE IS UP 7% AND OPERATING EXPENSES ARE UP 1%, AS OF 6/30/97.
AVERAGE DAILY ROOM RATE WAS $70.34. NORMALIZED INSURANCE EXPENSE PER LOAN
SERVICING INFORMATION.
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.
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: 6/30/97 - COMPARED TO BASE
LINE, REVENUE IS DOWN 2% AND OPERATING EXPENSES ARE DOWN 5% AS OF 6/30/97.
AVERAGE DAILY ROOM RATE WAS $71.71. NORMALIZED PROPERTY TAXES AND INSURANCE
EXPENSE PER LOAN SERVICING INFORMATION.
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%.
Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE LINE
PROJECTIONS, REVENUE IS UP 28% AND OPERATING EXPENSES ARE UP 32%.
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: Latest Annual Statement Comment: 12/25/96 - NOI IS UP 28%
FROM 1995. CAPITAL EXPENDITURES CONSIST OF MAJOR EXTERIOR IMPROVEMENTS AND
THE INSTALLATION OF CARPETS, A/C CODENSORS, REFRIGERATORS AND WATER
HEATERS. Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE
LINE, REVENUE IS UP 22% AND OPERATING EXPENSES ARE UP 45%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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: 9/30/97 - COMPARED
TO BASE LINE, REVENUE IS UP 2% AND OPERATING EXPENSES ARE UP 20%. CAPITAL
EXPENDITURES INCLUDE CARPETS, AC CONDENSORS, REFRIGERATORS, EXTERIOR REPAIRS
& 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: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 6% AND OPERATING EXPENSES ARE UP 46%. CAPITAL
EXPENDITURES INCLUDE REFRIGERATORS, STOVES, CARPETS, DISHWASHERS, EXTERIOR
REPAIRS, ETC.
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. Partial Year Statement Comment: 6/30/97 - COMPARED TO BASE
LINE, REVENUE IS DOWN 2% AND OPERATING EXPENSES ARE DOWN 5% AS OF 6/30/97.
AVERAGE DAILY ROOM RATE WAS $65.62. NORMALIZED INSURANCE EXPENSE PER LOAN
SERVICING INFORMATION.
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. Partial Year Statement Comment:
9/30/97 - COMPARED TO BASE LINE PROJECTIONS, REVENUE IS UP 25% AND OPERATING
EXPENSES ARE UP 33%. NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING
INFORMATION.
Page - 24
<PAGE>
LOAN 49 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 6% AND OPERATING EXPENSES ARE UP 50% AS OF
12/31/96. REPAIRS AND MAINTENANCE CONSISTED OF ROOFING, PAVING, ETC. AND WAS
PAID FOR THROUGH AN ESCROW RESERVE ACCOUNT. Partial Year Statement
Comment: 9/30/97 - COMPARED TO BASE LINE, REVENUE IS UP 10% AND OPERATING
EXPENSES ARE UP 25%. NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER
LOAN SERVICING INFORMATION.
LOAN 50 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP LESS THAN 1% AND OPERATING EXPENSES ARE UP 1% AS OF
12/31/96. Partial Year Statement Comment: 9/30/97 - COMPARED TO BASE
LINE, REVENUE IS DOWN 8% AND OPERATING EXPENSES ARE UP 8%. NORMALIZED
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 51 - 1: 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. Partial Year Statement Comment: 9/30/97 - NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
COMPARED TO BASE LINE, REVENUE IS UP 7% AND OPERATING EXPENSES ARE UP 3% AS
OF 9/30/97.
LOAN 52 - 1: Partial Year Statement Comment: 9/30/97 - COMPARED TO
BASE LINE, REVENUE IS UP 13% AND OPERATING EXPENSES ARE UP LESS THAN 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. Partial Year Statement Comment: 9/30/97 -
COMPARED TO BASE LINE, REVENUE IS UP 9% AND OPERATING EXPENSES ARE DOWN 6%
AS OF 6/30/97. NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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. Partial Year Statement Comment: 3/31/97
- COMPARED TO BASE LINE PROJECTIONS, REVENUE IS UP 30% AND OPERATING
EXPENSES ARE UP 58% AS OF 3/31/97. COMPARED TO 1996, REVENUE IS UP 8% AND
OPERATING EXPENSES ARE UP 9%. NORMALIZED PROPERTY TAXES AND INSURANCE
EXPENSE PER LOAN SERVICING INFORMATION.
Page - 25
