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) May 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 May 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
May 20, 1997.
Loan data file as of the May 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: May 20, 1997
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of May 20, 1997
Loan data file as of May 1997 18
Page - 2
ABN AMRO Statement Date: 05/20/97
LaSalle National Bank Payment Date: 05/20/97
Administrator: Prior Payment: 04/21/97
Brian Ames (800) 246-5761 Record Date: 04/30/97
135 S. LaSalle Street Suite 1740
Chicago, IL 60603 WAC: 9.258096%
WAMM: 73
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 47,353,236.72 200,013.88
79548KQD3 ......... 1000.000000 947.064734 4.000278
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 168,049,236.72 0.00
79548S9K9 ......... 1000.000000 984.494286 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 7,707,576.32 96,108.68
79548S9H6 ......... 1000.000000 855.101990 10.662590
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 208,092,813.04 296,122.56
================ ================ ================
<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 47,153,222.84
79548KQD3 ......... 0.000000 0.000000 943.064457
A-2 ............... 0.00 0.00 81,468,000.00
79548KQH4 ......... 0.000000 0.000000 1000.000000
IO ................ 0.00 0.00 167,849,222.84
79548S9K9 ......... 0.000000 0.000000 983.322532
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 7,611,467.64
79548S9H6 ......... 0.000000 0.000000 844.439400
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 207,796,690.48
================ ================ ================
<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 ............... 255,273.41 0.00 6.469000%
79548KQD3 ......... 5.105468 0.000000 Fixed
A-2 ............... 460,314.57 0.00 6.780300%
79548KQH4 ......... 5.650250 0.000000 Fixed
IO ................ 244,583.72 0.00 1.746515%
79548S9K9 ......... 1.432861 0.000000 1.748031%
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 ................. 162,309.55 0.00 9.185600%
79548S9F0 ......... 7.654667 0.000000 9.185700%
F ................. 85,211.75 0.00 9.185600%
79548S9G8 ......... 7.654667 0.000000 9.185700%
G ................. 58,998.93 0.00 9.185600%
79548S9H6 ......... 6.545521 0.000000 9.185700%
R-III ............. 0.00 0.00 None
9ABSM691 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,506,769.26 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>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
U ................. 50,000,000.00 47,353,236.72 200,013.88
None .............. 1000.000000 947.064734 4.000278
V ................. 81,468,000.00 81,468,000.00 0.00
None .............. 1000.000000 1000.000000 0.000000
W ................. 14,843,000.00 14,843,000.00 0.00
None .............. 1000.000000 1000.000000 0.000000
X ................. 14,843,000.00 14,843,000.00 0.00
None .............. 1000.000000 1000.000000 0.000000
Y ................. 9,542,000.00 9,542,000.00 0.00
None .............. 1000.000000 1000.000000 0.000000
Z ................. 41,349,633.94 40,043,576.32 96,108.68
None .............. 1000.000000 968.414288 2.324293
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 208,092,813.04 296,122.56
================ ================ ================
<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 47,153,222.84
None .............. 0.000000 0.000000 943.064457
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 39,947,467.64
None .............. 0.000000 0.000000 966.089995
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 207,796,690.48
================ ================ ================
Total P&I Payment 1,802,891.82
============
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 ................. 276,361.38 0.00 None
None .............. 5.527228 0.000000 0.000000%
V ................. 623,610.39 0.00 None
None .............. 7.654667 0.000000 0.000000%
W ................. 113,618.22 0.00 None
None .............. 7.654667 0.000000 0.000000%
X ................. 113,618.21 0.00 None
None .............. 7.654666 0.000000 0.000000%
Y ................. 73,040.83 0.00 None
None .............. 7.654667 0.000000 0.000000%
Z ................. 306,520.23 0.00 None
None .............. 7.412889 0.000000 0.000000%
R-II .............. 0.00 0.00 None
9ABSM690 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,506,769.26 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 ........... 212,045,633.94 209,398,870.66 200,013.88
None .............. 1000.000000 987.517954 0.943259
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 209,398,870.66 200,013.88
================ ================ ================
<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 0.00 209,198,856.78
None .............. 0.000000 0.000000 986.574696
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 209,198,856.78
================ ================ ================
<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 ........... 1,602,877.94 0.00 None
None .............. 7.559118 0.000000 0.000000%
R-I ............... 0.00 0.00 None
9ABSM689 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,602,877.94 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
</FN>
</TABLE>
Available Distribution Amount 1,802,891.82
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 ............ 200,013.88 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 96,108.68
---------------- ----------------
200,013.88 96,108.68
================ ================
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 12,651.18
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
209,198,856.78 209,198,856.78 209,198,856.78 43 73 9.25822054%
<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>
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>
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
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
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>
26 199705 04/01/97 96,494.11 96,494.11 0.00
6 199705 04/01/97 16,489.43 16,489.43 0.00
- --- ------ ---------- ---------- ---------- ---------
TOTALS: -- -- 112,983.54 112,983.54 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 B -- 0 -- -- --
6 B -- 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 ................ 1 479,183 0.23%
$500,000 to $1,000,000 ........ 3 2,379,821 1.14%
$1,000,000 to $1,500,000 ...... 4 5,181,182 2.48%
$1,500,000 to $2,000,000 ...... 3 5,446,244 2.60%
$2,000,000 to $2,500,000 ...... 0 0 0.00%
$2,500,000 to $3,000,000 ...... 2 5,045,481 2.41%
$3,000,000 to $3,500,000 ...... 2 6,651,148 3.18%
$3,500,000 to $4,000,000 ...... 3 10,951,621 5.24%
$4,000,000 to $4,500,000 ...... 1 4,389,632 2.10%
$4,500,000 to $5,000,000 ...... 7 32,826,941 15.69%
$5,000,000 to $5,500,000 ...... 7 36,486,249 17.44%
$5,500,000 to $6,000,000 ...... 1 5,849,384 2.80%
$6,000,000 to $6,500,000 ...... 0 0 0.00%
$6,500,000 to $7,000,000 ...... 4 27,259,577 13.03%
$7,000,000 to $7,500,000 ...... 1 7,305,803 3.49%
$7,500,000 to $8,000,000 ...... 1 7,950,360 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 50,996,230 24.38%
- ------------------------------- --- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
Average Scheduled Balance is 4,865,090
Maximum Scheduled Balance is 27,909,027
Minimum Scheduled Balance is 479,183
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Principal Balance Balance
MF Housing .................... 21 72,451,193 34.63%
Retail ........................ 12 65,606,327 31.36%
Office/Industrial ............. 1 27,909,027 13.34%
Hospitality ................... 5 23,620,070 11.29%
Office/Retail ................. 2 10,664,364 5.10%
Industrial .................... 1 5,311,574 2.54%
Office ........................ 1 3,636,301 1.74%
--- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Principal Balance Balance
Georgia ....................... 11 47,176,839 22.55%
Texas ......................... 9 28,653,773 13.70%
Washington .................... 1 27,909,027 13.34%
New Jersey .................... 4 26,494,982 12.66%
Florida ....................... 4 22,191,745 10.61%
Nevada ........................ 1 11,640,751 5.56%
Kansas ........................ 2 8,328,387 3.98%
Nebraska ...................... 1 5,849,384 2.80%
Connecticut ................... 1 5,455,106 2.61%
New York ...................... 3 5,426,358 2.59%
Tennessee ..................... 1 4,725,992 2.26%
Arizona ....................... 1 4,555,428 2.18%
Oklahoma ...................... 1 3,589,116 1.72%
South Carolina ................ 1 3,368,338 1.61%
Maryland ...................... 1 2,500,550 1.20%
Louisiana ..................... 1 1,333,082 0.64%
--- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
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 46,277,533 22.12%
8.501% to 8.625% .............. 1 5,455,106 2.61%
8.626% to 8.750% .............. 5 24,864,957 11.89%
8.751% to 8.875% .............. 5 29,695,099 14.19%
8.876% to 9.000% .............. 3 14,814,378 7.08%
9.001% to 9.125% .............. 0 0 0.00%
9.126% to 9.250% .............. 1 3,726,204 1.78%
9.251% to 9.375% .............. 1 7,305,803 3.49%
9.376% to 9.500% .............. 0 0 0.00%
9.501% to 9.625% .............. 2 14,185,682 6.78%
9.626% to 9.750% .............. 1 4,389,632 2.10%
9.751% to 9.875% .............. 3 10,902,213 5.21%
9.876% to 10.000% ............. 3 2,911,959 1.39%
10.001% to 10.125% ............ 3 9,486,751 4.53%
10.126% & above ............... 10 35,183,541 16.82%
- ------------------------------- --- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
<FN>
(1) Weighted Average Mortgage Interest Rate is 9.2581%
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 ................. 21 127,378,207 60.89%
2+ to 3 years ................. 22 81,820,649 39.11%
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 ......................... 43 209,198,857 100.00%
=== ============ ======
Weighted Average Seasoning is 1.8
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Principal Balance Balance
Amortizing Balloon ............ 43 209,198,857 100.00%
--- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
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>
DISTRIBUTION OF REMAINING TERM
BALLOON LOANS
Balloon Number Scheduled Based on
Mortgage Loans of Loans Principal Balance Balance
12 months or less ............. 0 0 0.00%
13 to 24 months ............... 1 11,446,453 5.47%
25 to 36 months ............... 4 18,341,479 8.77%
37 to 48 months ............... 0 0 0.00%
49 to 60 months ............... 16 59,263,125 28.33%
61 to 120 months .............. 22 120,147,800 57.43%
121 to 180 months ............. 0 0 0.00%
181 to 240 months ............. 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
Weighted Average Months to Maturity is 73
<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 7,305,803 3.49%
1.001 to 1.125 ................ 2 4,318,014 2.06%
1.126 to 1.250 ................ 6 36,645,130 17.52%
1.251 to 1.375 ................ 4 25,471,651 12.18%
1.376 to 1.500 ................ 7 20,328,866 9.72%
1.501 to 1.625 ................ 8 32,743,661 15.65%
1.626 to 1.750 ................ 5 49,206,455 23.52%
1.751 to 1.875 ................ 4 12,905,554 6.17%
1.876 to 2.000 ................ 1 5,849,384 2.80%
2.001 to 2.125 ................ 2 5,524,761 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 ................ 1 900,461 0.43%
2.501 to 2.625 ................ 0 0 0.00%
2.626 & above ................. 2 7,999,117 3.82%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
<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 1.537
NOI AGING
Scheduled
Number Principal Based on
NOI Date of Loans Balance Balance
1 year or less ................ 34 156,207,783 74.67%
1+ to 2 years ................. 9 52,991,073 25.33%
2+ & above .................... 0 0 0.00%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 43 209,198,857 100.00%
=== ============ ======
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 ............ MF Housing -- GA 11/01/2004 N
Heritage Village ....... MF Housing -- FL 09/01/2001 N
Pelican Point .......... MF Housing -- TX 08/01/2001 N
Ashley Woods ........... MF Housing -- GA 02/01/2005 N
West 109th Street ...... MF Housing -- NY 11/01/2001 N
Emerald Bay ............ MF Housing -- NV 09/01/2001 N
West 14th Street ....... MF Housing -- NY 02/01/2005 N
Ranch Park ............. MF Housing -- TX 08/01/2001 N
Timber Ridge ........... MF Housing -- TX 08/01/2001 N
Windy Ridge ............ MF Housing -- TX 08/01/2001 N
English Oaks ........... MF Housing -- TX 11/01/2001 N
Northlake I ............ MF Housing -- GA 10/01/2001 N
Northlake II ........... MF Housing -- GA 10/01/2001 N
Brookgreen/Lantana ..... MF Housing -- FL 12/01/2001 N
Kings Bridge ........... MF Housing -- GA 12/01/2001 N
Beaumonde .............. MF Housing -- LA 12/01/2001 N
Raritan Mall ........... Retail -- NJ 07/01/98 N
Manzanita Plaza ........ Retail -- AZ 08/01/2002 N
Benchmark Crossing ..... Retail -- TX 08/01/2005 N
Northmoor Apartments ... MF Housing -- GA 09/01/2002 N
Colonial Oaks .......... MF Housing -- GA 09/01/2005 N
Continental ............ MF Housing -- SC 09/01/2005 N
Atlanta ................ Hospitality -- GA 10/01/2005 N
Wichita ................ Hospitality -- KS 10/01/2005 N
Cross Creek ............ MF Housing -- GA 05/01/2002 N
Knoxville .............. Hospitality -- TN 10/01/2005 N
Omaha .................. Hospitality -- NE 10/01/2005 N
Overland Park .......... Hospitality -- KS 10/01/2005 N
Las Palmas ............. Retail -- TX 10/01/2002 N
Galleria ............... Office/Retail -- NJ 11/01/2005 N
Luria Plaza ............ Retail -- FL 12/01/2005 N
Crossroads at Middlebury Office/Retail -- CT 12/01/2002 N
Lansbury Village Apts .. MF Housing -- GA 01/01/2006 N
Grove Park ............. Retail -- FL 01/01/2003 N
Redmond East ........... Office/Industrial -- WA 01/01/2006 N
Strathmore S/C ......... Retail -- NJ 01/01/2006 N
Edmond Plaza ........... Retail -- OK 01/01/2006 N
</TABLE>
Page - 14
<PAGE>
LOAN LEVEL DETAIL, CONTINUED
Ending Scheduled
Scheduled Note Principal Prepayments
Property Name Balance Rate Payment Liquidations
Dobbin Square .......... 2,500,550 10.1250% 2,507 0
42 West 48th Street .... 3,636,301 10.6250% 6,008 0
Vista Hills ............ 6,902,900 10.7500% 3,783 0
Plymouth Park .......... 6,893,053 11.0000% 3,181 0
Peach Festival ......... 6,590,177 10.6250% 4,551 0
Goethals Park .......... 5,311,574 10.8750% 8,094 0
West Harbor ............ 4,389,632 9.7500% 2,631 0
Heritage Village ....... 5,213,117 10.1000% 3,001 0
Pelican Point .......... 1,773,083 10.0100% 1,791 0
Ashley Woods ........... 1,481,748 10.4500% 755 0
West 109th Street ...... 900,461 11.1600% 742 0
Emerald Bay ............ 11,640,751 9.5500% 7,374 0
West 14th Street ....... 889,596 10.7000% 431 0
Ranch Park ............. 1,843,012 9.9000% 1,102 0
Timber Ridge ........... 589,764 9.9000% 353 0
Windy Ridge ............ 479,183 9.9000% 287 0
English Oaks ........... 1,244,648 10.4500% 1,144 0
Northlake I ............ 1,830,149 9.8500% 1,086 0
Northlake II ........... 1,121,704 9.8500% 665 0
Brookgreen/Lantana ..... 7,305,803 9.3500% 4,686 0
Kings Bridge ........... 7,950,360 9.8500% 4,634 0
Beaumonde .............. 1,333,082 10.7000% 659 0
Raritan Mall ........... 11,446,453 8.8750% 12,438 0
Manzanita Plaza ........ 4,555,428 9.0000% 2,926 0
Benchmark Crossing ..... 3,726,204 9.2500% 3,790 0
Northmoor Apartments ... 4,862,944 8.8700% 5,200 0
Colonial Oaks .......... 4,815,439 8.8000% 3,189 0
Continental ............ 3,368,338 8.8000% 2,231 0
Atlanta ................ 4,716,308 8.7000% 8,626 0
Wichita ................ 3,282,810 7.9500% 6,541 0
Cross Creek ............ 2,544,931 9.6200% 2,511 0
Knoxville .............. 4,725,992 8.7000% 8,643 0
Omaha .................. 5,849,384 8.7000% 10,698 0
Overland Park .......... 5,045,578 8.7000% 9,228 0
Las Palmas ............. 5,201,925 8.8750% 5,511 0
Galleria ............... 5,209,259 9.0000% 5,368 0
Luria Plaza ............ 5,049,691 9.0000% 3,140 0
Crossroads at Middlebury 5,455,106 8.6250% 5,908 0
Lansbury Village Apts .. 6,873,447 8.1250% 5,031 0
Grove Park ............. 4,623,134 8.5000% 5,063 0
Redmond East ........... 27,909,027 8.3750% 25,731 0
Strathmore S/C ......... 4,527,696 8.7500% 4,769 0
Edmond Plaza ........... 3,589,116 8.3750% 4,007 0
----------- -------- -------- -----
209,198,857 0.0000% 200,014 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 .......... -- 05/01/97 -- 0
42 West 48th Street .... -- 05/01/97 -- 0
Vista Hills ............ -- 05/01/97 -- 0
Plymouth Park .......... -- 05/01/97 -- 0
Peach Festival ......... -- 05/01/97 -- 0
Goethals Park .......... -- 05/01/97 -- 0
West Harbor ............ -- 05/01/97 -- 0
Heritage Village ....... -- 05/01/97 -- 0
Pelican Point .......... -- 04/01/97 -- 0
Ashley Woods ........... -- 05/01/97 -- 0
West 109th Street ...... -- 05/01/97 -- 0
Emerald Bay ............ -- 05/01/97 -- 0
West 14th Street ....... -- 05/01/97 -- 0
Ranch Park ............. -- 05/01/97 -- 0
Timber Ridge ........... -- 05/01/97 -- 0
Windy Ridge ............ -- 05/01/97 -- 0
English Oaks ........... -- 05/01/97 -- 0
Northlake I ............ -- 05/01/97 -- 0
Northlake II ........... -- 05/01/97 -- 0
Brookgreen/Lantana ..... -- 05/01/97 -- 0
Kings Bridge ........... -- 05/01/97 -- 0
Beaumonde .............. -- 05/01/97 -- 0
Raritan Mall ........... -- 04/01/97 -- 0
Manzanita Plaza ........ -- 05/01/97 -- 0
Benchmark Crossing ..... -- 05/01/97 -- 0
Northmoor Apartments ... -- 05/01/97 -- 0
Colonial Oaks .......... -- 05/01/97 -- 0
Continental ............ -- 05/01/97 -- 0
Atlanta ................ -- 05/01/97 -- 0
Wichita ................ -- 05/01/97 -- 0
Cross Creek ............ -- 05/01/97 -- 0
Knoxville .............. -- 05/01/97 -- 0
Omaha .................. -- 05/01/97 -- 0
Overland Park .......... -- 05/01/97 -- 0
Las Palmas ............. -- 05/01/97 -- 0
Galleria ............... -- 05/01/97 -- 0
Luria Plaza ............ -- 05/01/97 -- 0
Crossroads at Middlebury -- 05/01/97 -- 0
Lansbury Village Apts .. -- 05/01/97 -- 0
Grove Park ............. -- 05/01/97 -- 0
Redmond East ........... -- 05/01/97 -- 0
Strathmore S/C ......... -- 05/01/97 -- 0
Edmond Plaza ........... -- 05/01/97 -- 0
---------- ---------- ----- --
-- -- -- 0
========== ========== ===== ==
<FN>
(1) Legend:
1) Specially Serviced
2) Foreclosure
3) Bankruptcy
4) REO
5) Prepay in Full
6) DPO
7) Foreclosure Sale
8) Bankruptcy Sale
9) REO Disposition
10) Modification/Workout
</FN>
</TABLE>
Page - 16
<PAGE>
SPECIALLY SERVICED LOAN DETAIL
No Specially Serviced Loan Detail as of the current due date
Offering 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: MAY, 1997
DATE PRINTED: 21-MAY-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 1,843,012 0 N/A 0.00 N/A PERFORMING PERFORM TO MATURITY
02 589,764 0 N/A 1.47 N/A PERFORMING PERFORM TO MATURITY
03 479,183 0 N/A 2.06 N/A PERFORMING PERFORM TO MATURITY
04 1,244,648 0 N/A 1.86 N/A PERFORMING PERFORM TO MATURITY
05 5,213,117 0 N/A 1.21 N/A PERFORMING PERFORM TO MATURITY
06 1,774,875 0 N/A 1.10 N/A PERFORMING PERFORM TO MATURITY
07 900,461 0 N/A 2.38 N/A PERFORMING PERFORM TO MATURITY
08 1,333,082 0 N/A 1.42 N/A PERFORMING PERFORM TO MATURITY
09 1,830,149 0 N/A 1.53 N/A PERFORMING PERFORM TO MATURITY
10 1,121,704 0 N/A 1.79 N/A PERFORMING PERFORM TO MATURITY
11 11,640,751 0 72.5% 1.25 N/A PERFORMING PERFORM TO MATURITY
12 4,389,632 0 N/A 1.40 N/A PERFORMING PERFORM TO MATURITY
13 1,481,748 0 N/A 1.50 N/A PERFORMING PERFORM TO MATURITY
14 889,596 0 N/A 1.17 N/A PERFORMING PERFORM TO MATURITY
20 2,500,550 0 55.6% 1.43 N/A PERFORMING PERFORM TO MATURITY
21 3,636,301 0 49.8% 1.81 N/A PERFORMING PERFORM TO MATURITY
22 6,902,900 0 68.3% 1.75 N/A PERFORMING PERFORM TO MATURITY
23 6,893,053 0 64.4% 1.64 N/A PERFORMING PERFORM TO MATURITY
24 6,590,177 0 68.6% 1.14 N/A PERFORMING PERFORM TO MATURITY
25 5,311,574 0 50.6% 1.51 N/A PERFORMING PERFORM TO MATURITY
26 11,458,891 0 65.6% 1.12 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
27 4,555,428 0 74.1% 1.16 N/A PERFORMING PERFORM TO MATURITY
28 3,726,204 0 65.4% 1.53 N/A PERFORMING PERFORM TO MATURITY
29 4,862,944 0 70.5% 1.67 N/A PERFORMING PERFORM TO MATURITY
30 4,815,439 0 N/A 1.67 N/A PERFORMING PERFORM TO MATURITY
31 3,368,338 0 N/A 1.34 N/A PERFORMING PERFORM TO MATURITY
32 2,544,931 0 N/A 1.01 N/A PERFORMING PERFORM TO MATURITY
33 5,849,384 0 N/A 1.95 N/A PERFORMING PERFORM TO MATURITY
34 5,045,578 0 N/A 2.02 N/A PERFORMING PERFORM TO MATURITY
35 4,725,992 0 N/A 1.64 N/A PERFORMING PERFORM TO MATURITY
36 4,716,308 0 N/A 2.63 N/A PERFORMING PERFORM TO MATURITY
37 5,209,259 0 N/A 1.56 N/A PERFORMING PERFORM TO MATURITY
38 5,201,925 0 N/A 1.56 N/A PERFORMING PERFORM TO MATURITY
42 7,950,360 0 N/A 1.12 N/A PERFORMING PERFORM TO MATURITY
43 7,305,803 0 N/A 0.94 N/A PERFORMING PERFORM TO MATURITY
47 3,282,810 0 N/A 3.74 N/A PERFORMING PERFORM TO MATURITY
48 27,909,027 0 64.2% 1.70 N/A PERFORMING PERFORM TO MATURITY
49 5,049,691 0 N/A 1.40 N/A PERFORMING PERFORM TO MATURITY
50 3,589,116 0 71.1% 1.36 N/A PERFORMING PERFORM TO MATURITY
51 4,623,134 0 N/A 1.44 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
52 5,455,106 0 N/A 1.57 N/A PERFORMING PERFORM TO MATURITY
53 6,873,447 0 N/A 1.30 N/A PERFORMING PERFORM TO MATURITY
54 4,527,696 0 69.1% 1.50 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- --- ------ ---- --- ------------------------- ------------------------------
TOTAL 209,213,086
===========
</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: MAY, 1997
DATE PRINTED: 21-MAY-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 1,843,012 7/27/94 8/1/2024 51 9.900% F 16,316
02 589,764 7/27/94 8/1/2024 51 9.900% F 5,221
03 479,183 7/27/94 8/1/2024 51 9.900% F 4,242
04 1,244,648 10/14/94 11/1/2019 55 10.450% F 11,993
05 5,213,117 7/5/94 8/1/2024 53 10.100% F 46,903
06 1,774,875 7/22/94 8/1/2019 51 10.010% F 16,597
07 900,461 10/28/94 11/1/2019 55 11.160% F 9,124
08 1,333,082 11/30/94 12/1/2024 55 10.700% F 12,551
09 1,830,149 9/16/94 10/1/2024 53 9.850% F 16,117
10 1,121,704 9/16/94 10/1/2024 53 9.850% F 9,878
11 11,640,751 8/15/94 9/1/2024 53 9.550% F 100,074
12 4,389,632 10/17/94 11/1/2024 90 9.750% F 38,318
13 1,481,748 1/27/95 2/1/2025 94 10.450% F 13,665
14 889,596 1/17/95 2/1/2025 94 10.700% F 8,368
20 2,500,550 7/1/94 8/1/2019 27 10.125% F 23,626
21 3,636,301 9/23/94 10/1/2014 29 10.625% F 38,258
22 6,902,900 12/1/94 12/1/2023 55 10.750% F 65,655
23 6,893,053 12/2/94 1/1/2025 33 11.000% F 66,396
24 6,590,177 1/31/95 2/1/2022 58 10.625% F 62,942
25 5,311,574 2/17/95 3/1/2015 34 10.875% F 56,303
26 11,458,891 6/20/95 7/1/2020 14 8.875% F 97,186
27 4,555,428 7/27/95 8/1/2025 63 9.000% F 37,113
28 3,726,204 7/31/95 8/1/2020 99 9.250% F 32,543
29 4,862,944 8/22/95 9/1/2020 64 8.870% F 41,183
30 4,815,439 8/30/95 9/1/2025 100 8.800% F 38,526
31 3,368,338 8/30/95 9/1/2025 100 8.800% F 26,948
32 2,544,931 4/18/95 5/1/2020 60 9.620% F 22,933
33 5,849,384 9/14/95 10/1/2015 101 8.700% F 53,184
34 5,045,578 9/14/95 10/1/2015 101 8.700% F 45,875
35 4,725,992 9/14/95 10/1/2015 101 8.700% F 42,970
36 4,716,308 9/14/95 10/1/2015 101 8.700% F 42,881
37 5,209,259 10/3/95 11/1/2020 102 9.000% F 44,477
38 5,201,925 9/29/95 10/1/2020 65 8.875% F 44,025
42 7,950,360 11/9/94 12/1/2024 55 9.850% F 69,931
43 7,305,803 11/14/94 12/1/2024 55 9.350% F 61,647
47 3,282,810 9/14/95 10/1/2015 101 7.950% F 28,333
48 27,909,027 12/19/95 1/1/2023 104 8.375% F 220,692
49 5,049,691 11/8/95 12/1/2025 103 9.000% F 41,036
50 3,589,116 12/28/95 1/1/2021 104 8.375% F 29,084
51 4,623,134 12/12/95 1/1/2021 68 8.500% F 37,846
52 5,455,106 11/27/95 12/1/2020 67 8.625% F 45,159
53 6,873,447 12/12/95 1/1/2016 104 8.125% F 51,604
54 4,527,696 12/20/95 1/1/2021 104 8.750% F 37,819
- -- ----------- ---------- ---------- ---- -------- --- -------
TOTAL 209,213,086
===========
</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: MAY, 1997
DATE PRINTED: 21-MAY-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: MAY, 1997
DATE PRINTED: 21-MAY-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 100.0 6/30/96
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 832,830 1/1/96 12/31/96 BORROWER 100.0 12/31/96
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 968,625 1/1/96 12/31/96 BORROWER 83.2% 12/31/96
25 1 1,023,576 12/31/95 BORROWER 557,395 1/1/96 9/30/96 BORROWER 85.9% 10/31/96
26 1 1,315,059 12/31/95 BORROWER 1,047,567 1/1/96 9/30/96 BORROWER 92.0% 9/30/96
27 1 520,919 12/31/95 BORROWER 524,813 1/1/96 9/30/96 BORROWER 94.6% 6/30/96
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 1,276,489 1/1/96 12/31/96 BORROWER 76.1% 12/31/96
34 1 1,113,295 12/31/96 BORROWER 1,135,534 1/1/96 12/31/96 BORROWER 73.0% 12/31/96
35 1 850,607 12/31/96 MANAGEMENT COMPANY 886,462 1/1/96 12/31/96 MANAGEMENT COMPANY 68.6% 12/31/96
36 1 1,355,109 12/31/96 BORROWER 1,405,583 1/1/96 12/31/96 BORROWER 67.2% 12/31/96
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 1,213,481 1/1/96 12/25/96 BORROWER 97.0% 12/25/96
43 1 297,906 12/31/95 BORROWER 271,534 1/1/96 12/25/96 BORROWER 78.0% 12/25/96
43 2 398,778 12/31/95 BORROWER 298,695 1/1/96 12/25/96 BORROWER 85.0% 12/25/96
47 1 1,272,106 12/31/96 BORROWER 1,293,743 1/1/96 12/31/96 BORROWER 74.7% 12/31/96
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 1 690,283 12/31/95 BORROWER 539,054 1/1/96 9/30/96 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 851,006 1/1/96 12/31/96 BORROWER 100.0 12/31/96
53 1 809,793 12/31/96 BORROWER 821,077 1/1/96 12/31/96 BORROWER 92.7% 12/31/96
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: MAY, 1997
DATE PRINTED: 21-MAY-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: 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%.
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.
Page - 22
<PAGE>
LOAN 25 - 1: Partial Year Statement Comment: 9/30/96 - EXPENSES UP BY
30% COMPARED TO BSLINE. CAP EXPENSES ARE UP BY 589% VERSUS BSLINE. BORRWR
REPORTS DUE TO NEW SPRINKLER, RENOVATION OF UNUSED SPACE FOR FUTURE USE, AND
MAJOR ROOF REPAIRS.BSLNE PROJECTED $0 G&A, R&M,AND UTILITY EXPENSE.
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. 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: 12/31/95 - OPERATING
EXPENSES WERE 34% HIGHER THAN PREVIOUS YEAR AND 28% HIGHER THAN THE BASE
LINE PROJECTION. THE LARGEST VARIANCES WERE IN REPAIRS AND MAINTENANCE AND
MANAGEMENT FEES. Partial Year Statement Comment: 9/30/96 - REVENUES ARE
UP BY 6% COMPARED TO THE BASELINE FIGURES WHILE EXPENSES ARE DOWN BY 4% IN
RELATION TO THE BASELINE.
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:
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.
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.
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: 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.
LOAN 43 - 2: 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. Partial Year Statement Comment: 12/25/96 - REVENUE IS DOWN 2%
FROM BASE LINE WHILE EXPENSES ARE UP 13% FROM BASE LINE.
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
