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) February 20, 1998
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 February 20, 1998, 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
February 20, 1998.
Loan data file as of the February 1998 Determination Date.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MIDLAND LOAN SERVICES, L.P., not in its individual
capacity but solely as a duly authorized agent of
the Registrant pursuant to Section 3.22 of the
Pooling & Servicing Agreement dated as of February
1, 1996
By: Midland Data Systems, Inc., its General
Partner
/s/ Lawrence D. Ashley
By: Lawrence D. Ashley
Title: Director of MBS Programs
Date: February 20, 1998
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of February 20, 1998
Loan data file as of February 1998 18
Page - 2
ABN AMRO Statement Date: 02/20/98
LaSalle National Bank Payment Date: 02/20/98
Administrator: Prior Payment: 01/20/98
Alyssa Stahl (800) 246-5761 Record Date: 01/30/98
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107 WAC: 9.259236%
WAMM: 68
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 45,497,346.46 11,544,420.01
79548KQD3 ......... 1000.000000 909.946929 230.888400
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 166,193,346.46 0.00
79548S9K9 ......... 1000.000000 973.621798 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 6,845,872.70 274,690.78
79548S9H6 ......... 1000.000000 759.501966 30.475032
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 205,375,219.16 11,819,110.79
================ ================ ================
<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 33,952,926.45
79548KQD3 ......... 0.000000 0.000000 679.058529
A-2 ............... 0.00 0.00 81,468,000.00
79548KQH4 ......... 0.000000 0.000000 1000.000000
IO ................ 0.00 0.00 154,648,926.45
79548S9K9 ......... 0.000000 0.000000 905.990336
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 6,571,181.92
79548S9H6 ......... 0.000000 0.000000 729.026935
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 193,556,108.37
================ ================ ================
<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 ............... 301,284.45 56,015.84 6.469000%
79548KQD3 ......... 6.025689 1.120317 Fixed
A-2 ............... 460,314.57 0.00 6.780300%
79548KQH4 ......... 5.650250 0.000000 Fixed
IO ................ 416,781.08 172,913.21 1.760849%
79548S9K9 ......... 2.441657 1.012989 1.869885%
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 ................. 162,328.99 0.00 9.186700%
79548S9F0 ......... 7.655583 0.000000 9.209100%
F ................. 85,221.95 0.00 9.186700%
79548S9G8 ......... 7.655583 0.000000 9.209100%
G ................. 52,409.15 0.00 9.186700%
79548S9H6 ......... 5.814431 0.000000 9.209100%
R-III ............. 0.00 0.00 None
9ABSM691 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,718,417.52 228,929.05 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 45,497,346.46 11,544,420.01
None .............. 1000.000000 909.946929 230.888400
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 39,181,872.70 274,690.78
None .............. 1000.000000 947.574838 6.643125
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 205,375,219.16 11,819,110.79
================ ================ ================
<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 33,952,926.45
None .............. 0.000000 0.000000 679.058529
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 38,907,181.92
None .............. 0.000000 0.000000 940.931714
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 193,556,108.37
================ ================ ================
Total P&I Payment 13,364,615.10
=============
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 ................. 321,545.93 56,015.84 None
None .............. 6.430919 1.120317 0.000000%
V ................. 623,685.07 0.00 None
None .............. 7.655583 0.000000 0.000000%
W ................. 113,631.82 0.00 None
None .............. 7.655583 0.000000 0.000000%
X ................. 113,631.82 0.00 None
None .............. 7.655583 0.000000 0.000000%
Y ................. 73,049.58 0.00 None
None .............. 7.655584 0.000000 0.000000%
Z ................. 299,960.09 0.00 None
None .............. 7.254238 0.000000 0.000000%
R-II .............. 0.00 0.00 None
9ABSM690 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,545,504.31 56,015.84 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 ........... 212,045,633.94 207,542,980.40 11,544,420.01
None .............. 1000.000000 978.765639 54.443092
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 207,542,980.40 11,544,420.01
================ ================ ================
<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 0.00 195,998,560.39
None .............. 0.000000 0.000000 924.322547
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 195,998,560.39
================ ================ ================
<TABLE>
REMIC I, Continued
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
Regular ........... 1,993,108.30 228,929.05 None
None .............. 9.399431 1.079622 0.000000%
R-I ............... 0.00 0.00 None
9ABSM689 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,993,108.30 228,929.05 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Available Distribution Amount 13,537,528.31
Prepayment Previous Loss Unpaid
Class Premiums Reimbursement Interest
A-1 ............... 56,015.84 0.00 0.00
A-2 ............... 0.00 0.00 0.00
IO ................ 172,913.21 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
---------------- ---------------- ----------------
228,929.05 0.00 0.00
================ ================ ================
Page - 7
<PAGE>
PRINCIPAL DISTRIBUTION
Class Scheduled Unscheduled
A-1 ............ 214,135.06 11,330,284.95
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 .............. 0.00 274,690.78
---------------- ----------------
214,135.06 11,604,975.73
================ ================
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 12,539.06
Aggregate Special Servicing Compensation 189,596.73
Fees/ Premiums paid to Class R-I 0.00
Mortgage Stated Assigned
Pool Principal Asset Loan Remaining
Balance Balance Value Count Term WAC
195,998,560.39 195,998,560.39 195,998,560.39 42 68 9.28158566%
<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>
02/20/98 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
01/20/98 0 0 0 0 1 11,343,576
/ 0.00% 0.000% 0.00% 0.000% 2.33% 5.460%
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%
</TABLE>
Page - 8
<PAGE>
<TABLE>
<CAPTION>
Distribution Foreclosure/Bankruptcy (1) REO (1)
Date # Balance # Balance
<S> <C> <C> <C> <C>
02/20/98 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
01/20/98 1 11,343,576 0 0
/ 2.33% 5.460% 0.00% 0.000%
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%
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate Delinquency
Aging Category
</FN>
</TABLE>
Distribution Modifications Prepayments
Date # Balance # Balance
02/20/98 0 0 0 1
/ 0.00% 0.000% 0.00% 2.326%
01/20/98 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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%
Distribution Next Weighted Avg.
Date Coupon Remit
02/20/98 ....... 9.281586% 9.209086%
01/20/98 ....... 9.259236% 9.186736%
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%
Page - 9
<PAGE>
<TABLE>
DELINQUENCY LOAN DETAIL
<CAPTION>
Outstanding
Disclosure Paid Current Outstanding Property
Doc Thru P&I P&I Protection
Control # Period Date Advance Advances(1) Advances
<S> <C> <C> <C> <C> <C>
TOTALS:
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
<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>
TOTALS:
<FN>
(1) Advance Description:
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but less one month delinq
1. P&I Advance - Loan delinquent 1 month
2. P&I Advance - Loan delinquent 2 months
3. P&I Advance - Loan delinquent 3 months
(2) Loan Status:
1. Specially Serviced
2. Foreclosure
3. Bankruptcy
4. REO
5. Prepaid in Full
6. DPO
7. Foreclosure Sale
8. Bankruptcy Sale
9. REO Disposition
10. Modification/Workout
</FN>
</TABLE>
DISTRIBUTION OF PRINCIPAL BALANCES
Current Scheduled Number Scheduled Based on
Principal Balances of Loans Prin. Balance Balance
$0 to $500,000 ................ 1 476,495 0.24%
$500,000 to $1,000,000 ........ 3 2,365,452 1.21%
$1,000,000 to $1,500,000 ...... 4 5,150,890 2.63%
$1,500,000 to $2,000,000 ...... 3 5,408,917 2.76%
$2,000,000 to $2,500,000 ...... 1 2,477,016 1.26%
$2,500,000 to $3,000,000 ...... 1 2,521,403 1.29%
$3,000,000 to $3,500,000 ...... 2 6,569,463 3.35%
$3,500,000 to $4,000,000 ...... 3 10,822,293 5.52%
$4,000,000 to $4,500,000 ...... 2 8,848,145 4.51%
$4,500,000 to $5,000,000 ...... 7 32,944,651 16.81%
$5,000,000 to $5,500,000 ...... 6 31,150,191 15.89%
$5,500,000 to $6,000,000 ...... 1 5,749,543 2.93%
$6,000,000 to $6,500,000 ...... 0 0 0.00%
$6,500,000 to $7,000,000 ...... 4 27,104,350 13.83%
$7,000,000 to $7,500,000 ...... 1 7,261,950 3.71%
$7,500,000 to $8,000,000 ...... 1 7,906,902 4.03%
$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 ............ 2 39,240,900 20.02%
- ------------------------------- --- ------------ ------
Total ......................... 42 195,998,560 100.00%
=== ============ ======
Average Scheduled Balance is 4,558,106
Maximum Scheduled Balance is 27,669,214
Minimum Scheduled Balance is 476,495
Page - 10
<PAGE>
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Principal Balance Balance
Multifamily ................... 21 71,987,774 36.73%
Retail ........................ 11 53,755,273 27.43%
Office ........................ 4 41,808,079 21.33%
Lodging ....................... 5 23,212,086 11.84%
Industrial .................... 1 5,235,349 2.67%
--- -------------- ------
42 195,998,560.39 100.00%
=== ============== ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Principal Balance Balance
Georgia ....................... 11 46,813,184 23.88%
Texas ......................... 9 28,457,368 14.52%
Washington .................... 1 27,669,214 14.12%
Florida ....................... 4 22,043,175 11.25%
New Jersey .................... 3 14,877,626 7.59%
Nevada ........................ 1 11,571,686 5.90%
Kansas ........................ 2 8,181,410 4.17%
Nebraska ...................... 1 5,749,543 2.93%
Connecticut ................... 1 5,399,990 2.76%
New York ...................... 3 5,358,770 2.73%
Tennessee ..................... 1 4,645,326 2.37%
Arizona ....................... 1 4,528,090 2.31%
Oklahoma ...................... 1 3,551,771 1.81%
South Carolina ................ 1 3,347,510 1.71%
Maryland ...................... 1 2,477,016 1.26%
Louisiana ..................... 1 1,326,882 0.68%
--- ------------ ------
Total ......................... 42 195,998,560 100.00%
=== ============ ======
<TABLE>
DISTRIBUTION OF MORTGAGE INTEREST RATES
<CAPTION>
Current Mortgage Number Scheduled Based on
Interest Rate (1) of Loans Principal Balance Balance
<S> <C> <C> <C>
8.500% or less ................ 5 45,845,475 23.39%
8.501% to 8.625% .............. 1 5,399,990 2.76%
8.626% to 8.750% .............. 5 24,473,309 12.49%
8.751% to 8.875% .............. 4 18,098,007 9.23%
8.876% to 9.000% .............. 3 14,707,546 7.50%
9.001% to 9.125% .............. 0 0 0.00%
9.126% to 9.250% .............. 1 3,690,748 1.88%
9.251% to 9.375% .............. 1 7,261,950 3.71%
9.376% to 9.500% .............. 0 0 0.00%
9.501% to 9.625% .............. 2 14,093,089 7.19%
9.626% to 9.750% .............. 1 4,364,969 2.23%
9.751% to 9.875% .............. 3 10,842,334 5.53%
9.876% to 10.000% ............. 3 2,895,626 1.48%
10.001% to 10.125% ............ 3 9,418,235 4.81%
10.126% & above ............... 10 34,907,284 17.81%
- ------------------------------- --- ------------ ------
Total ......................... 42 195,998,560 100.00%
=== ============ ======
<FN>
Weighted Average Mortgage Interest Rate is 9.2592%
Minimum Mortgage Interest Rate is 7.9500%
Maximum Mortgage Interest Rate is 11.1600%
</FN>
</TABLE>
Page - 11
<PAGE>
LOAN SEASONING
Number Scheduled Based on
Number of Years of Loans Principal Balance Balance
1 year or less ................ 0 0 0.00%
1+ to 2 years ................. 5 47,106,699 24.03%
2+ to 3 years ................. 20 88,635,762 45.22%
3+ to 4 years ................. 17 60,256,100 30.74%
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 ......................... 42 195,998,560 100.00%
=== ============ ======
Weighted Average Seasoning is 2.6
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Principal Balance Balance
Amortizing Balloon 42 195,998,560 100.00%
-- ----------- ------
Total 42 195,998,560 100.00%
== =========== ======
DISTRIBUTION OF REMAINING TERM
FULLY AMORTIZING
Fully Amortizing Number Scheduled Based on
Mortgage Loans of Loans Principal Balance Balance
60 months or less ............. 0 0 0.00%
61 to 120 months .............. 0 0 0.00%
121 to 180 months ............. 0 0 0.00%
181 to 240 months ............. 0 0 0.00%
241 to 360 months ............. 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 0 0 0.00%
=== ============ ======
Weighted Average Months to Maturity is Na
DISTRIBUTION OF REMAINING TERM
BALLOON LOANS
Balloon Number Scheduled Based on
Mortgage Loans of Loans Principal Balance Balance
12 months or less ............. 0 0 0.00%
13 to 24 months ............... 3 12,919,874 6.59%
25 to 36 months ............... 1 5,235,349 2.67%
37 to 48 months ............... 15 56,381,705 28.77%
49 to 60 months ............... 6 26,990,244 13.77%
61 to 120 months .............. 17 94,471,390 48.20%
121 to 180 months ............. 0 0 0.00%
181 to 240 months ............. 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 42 195,998,560 100.00%
=== ============ ======
Weighted Average Months to Maturity is 67
Page - 12
<PAGE>
<TABLE>
DISTRIBUTION OF DSCR
<CAPTION>
Debt Service Number Scheduled Based on
Coverage Ratio (1) of Loans Principal Balance Balance
<S> <C> <C> <C>
1.000 or less ................. 2 9,018,224 4.60%
1.001 to 1.125 ................ 1 586,456 0.30%
1.126 to 1.250 ................ 5 29,377,168 14.99%
1.251 to 1.375 ................ 2 8,800,362 4.49%
1.376 to 1.500 ................ 5 20,962,525 10.70%
1.501 to 1.625 ................ 4 14,908,745 7.61%
1.626 to 1.750 ................ 5 22,625,936 11.54%
1.751 to 1.875 ................ 11 62,324,555 31.80%
1.876 to 2.000 ................ 3 12,348,172 6.30%
2.001 to 2.125 ................ 3 11,824,464 6.03%
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 3,221,953 1.64%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 42 195,998,560 100.00%
=== ============ ======
<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 1.610
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 ................. 39 184,698,170 94.23%
2+ & above .................... 3 11,300,390 5.77%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 42 195,998,560 100.00%
=== ============ ======
Page - 13
<PAGE>
<TABLE>
LOAN LEVEL DETAIL
Special Servicer Neg
Transfer Maturity Am
Property Name Property Date State Date (Y/N)
<S> <C> <C> <C> <C> <C>
Dobbin Square .......... Retail N/A MD 08/01/99 N
42 West 48th Street .... Office N/A NY 10/01/99 N
Vista Hills ............ Retail N/A TX 12/01/2001 N
Plymouth Park .......... Retail N/A TX 01/01/2000 N
Peach Festival ......... Retail N/A GA 02/01/2002 N
Goethals Park .......... Industrial N/A NJ 03/01/2000 N
West Harbor ............ Multifamily N/A GA 11/01/2004 N
Heritage Village ....... Multifamily N/A FL 09/01/2001 N
Pelican Point .......... Multifamily N/A TX 08/01/2001 N
Ashley Woods ........... Multifamily N/A GA 02/01/2005 N
West 109th Street ...... Multifamily N/A NY 11/21/2001 N
Emerald Bay ............ Multifamily N/A NV 09/01/2001 N
West 14th Street ....... Multifamily N/A NY 02/01/2005 N
Ranch Park ............. Multifamily N/A TX 08/01/2001 N
Timber Ridge ........... Multifamily N/A TX 08/01/2001 N
Windy Ridge ............ Multifamily N/A TX 08/01/2001 N
English Oaks ........... Multifamily N/A TX 11/01/2001 N
Northlake I ............ Multifamily N/A GA 10/01/2001 N
Northlake II ........... Multifamily N/A GA 10/01/2001 N
Brookgreen/Lantana ..... Multifamily N/A FL 12/01/2001 N
Kings Bridge ........... Multifamily N/A GA 12/01/2001 N
Beaumonde .............. Multifamily N/A LA 12/01/2001 N
Raritan Mall ........... Retail 07/23/97 NJ 07/01/98 N
Manzanita Plaza ........ Retail N/A AZ 08/01/2002 N
Benchmark Crossing ..... Retail N/A TX 08/01/2005 N
Northmoor Apartments ... Multifamily N/A GA 09/01/2002 N
Colonial Oaks .......... Multifamily N/A GA 09/01/2005 N
Continental ............ Multifamily N/A SC 09/01/2005 N
Atlanta ................ Lodging N/A GA 10/01/2005 N
Wichita ................ Lodging N/A KS 10/01/2005 N
Cross Creek ............ Multifamily N/A GA 05/01/2002 N
Knoxville .............. Lodging N/A TN 10/01/2005 N
Omaha .................. Lodging N/A NE 10/01/2005 N
Overland Park .......... Lodging N/A KS 10/01/2005 N
Las Palmas ............. Retail N/A TX 10/01/2002 N
Galleria ............... Office N/A NJ 11/01/2005 N
Luria Plaza ............ Retail N/A FL 12/01/2005 N
Crossroads at Middleb .. Office N/A CT 12/01/2002 N
Lansbury Village Apts .. Multifamily N/A GA 01/01/2006 N
Grove Park ............. Retail N/A FL 01/01/2003 N
Redmond East ........... Office N/A WA 01/01/2006 N
Strathmore S/C ......... Retail N/A NJ 01/01/2006 N
Edmond Plaza ........... Retail N/A 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 .......... 2,477,016 10.1250% 2,704 0
42 West 48th Street .... 3,579,774 10.6250% 6,505 0
Vista Hills ............ 6,867,291 10.7500% 4,099 0
Plymouth Park .......... 6,863,084 11.0000% 3,453 0
Peach Festival ......... 6,547,364 10.6250% 4,926 0
Goethals Park .......... 5,235,349 10.8750% 8,778 0
West Harbor ............ 4,364,969 9.7500% 2,830 0
Heritage Village ....... 5,184,944 10.1000% 3,236 0
Pelican Point .......... 1,756,275 10.0100% 1,930 0
Ashley Woods ........... 1,474,651 10.4500% 816 0
West 109th Street ...... 893,461 11.1600% 807 0
Emerald Bay ............ 11,571,686 9.5500% 7,919 0
West 14th Street ....... 885,536 10.7000% 467 0
Ranch Park ............. 1,832,675 9.9000% 1,187 0
Timber Ridge ........... 586,456 9.9000% 380 0
Windy Ridge ............ 476,495 9.9000% 309 0
English Oaks ........... 1,233,893 10.4500% 1,237 0
Northlake I ............ 1,819,968 9.8500% 1,169 0
Northlake II ........... 1,115,464 9.8500% 716 0
Brookgreen/Lantana ..... 7,261,950 9.3500% 5,025 0
Kings Bridge ........... 7,906,902 9.8500% 4,988 0
Beaumonde .............. 1,326,882 10.7000% 714 0
Raritan Mall ........... 0 8.8750% 13,291 11,330,285
Manzanita Plaza ........ 4,528,090 9.0000% 3,129 0
Benchmark Crossing ..... 3,690,748 9.2500% 4,062 0
Northmoor Apartments ... 4,814,382 8.8700% 5,556 0
Colonial Oaks .......... 4,785,663 8.8000% 3,406 0
Continental ............ 3,347,510 8.8000% 2,382 0
Atlanta ................ 4,635,807 8.7000% 9,205 0
Wichita ................ 3,221,953 7.9500% 6,942 0
Cross Creek ............ 2,521,403 9.6200% 2,698 0
Knoxville .............. 4,645,326 8.7000% 9,224 0
Omaha .................. 5,749,543 8.7000% 11,417 0
Overland Park .......... 4,959,457 8.7000% 9,848 0
Las Palmas ............. 5,150,452 8.8750% 5,889 0
Galleria ............... 5,159,101 9.0000% 5,741 0
Luria Plaza ............ 5,020,354 9.0000% 3,358 0
Crossroads at Middlebur 5,399,990 8.6250% 6,301 0
Lansbury Village Apts .. 6,826,611 8.1250% 5,346 0
Grove Park ............. 4,575,926 8.5000% 5,395 0
Redmond East ........... 27,669,214 8.3750% 27,393 0
Strathmore S/C ......... 4,483,176 8.7500% 5,092 0
Edmond Plaza ........... 3,551,771 8.3750% 4,266 0
----------- -------- -------- ----------
195,998,560 0.0000% 214,135 11,330,285
=========== ======== ======== ==========
Page - 15
<PAGE>
<TABLE>
LOAN LEVEL DETAIL, Continued
<CAPTION>
Paid Prepayment Loan
Prepayment Through Premium Status
Property Name Date Date Amount Code (1)
<S> <C> <C> <C> <C>
Dobbin Square .......... N/A 02/01/98 0 N/A
42 West 48th Street .... N/A 02/01/98 0 N/A
Vista Hills ............ N/A 02/01/98 0 N/A
Plymouth Park .......... N/A 02/01/98 0 N/A
Peach Festival ......... N/A 02/01/98 0 N/A
Goethals Park .......... N/A 02/01/98 0 N/A
West Harbor ............ N/A 02/01/98 0 N/A
Heritage Village ....... N/A 02/01/98 0 N/A
Pelican Point .......... N/A 02/01/98 0 N/A
Ashley Woods ........... N/A 02/01/98 0 N/A
West 109th Street ...... N/A 02/01/98 0 N/A
Emerald Bay ............ N/A 02/01/98 0 N/A
West 14th Street ....... N/A 02/01/98 0 N/A
Ranch Park ............. N/A 02/01/98 0 N/A
Timber Ridge ........... N/A 02/01/98 0 N/A
Windy Ridge ............ N/A 02/01/98 0 N/A
English Oaks ........... N/A 02/01/98 0 N/A
Northlake I ............ N/A 02/01/98 0 N/A
Northlake II ........... N/A 02/01/98 0 N/A
Brookgreen/Lantana ..... N/A 02/01/98 0 N/A
Kings Bridge ........... N/A 02/01/98 0 N/A
Beaumonde .............. N/A 02/01/98 0 N/A
Raritan Mall ........... 2/01/98 02/01/98 0 5
Manzanita Plaza ........ N/A 02/01/98 0 N/A
Benchmark Crossing ..... N/A 02/01/98 0 N/A
Northmoor Apartments ... N/A 02/01/98 0 N/A
Colonial Oaks .......... N/A 02/01/98 0 N/A
Continental ............ N/A 02/01/98 0 N/A
Atlanta ................ N/A 02/01/98 0 N/A
Wichita ................ N/A 02/01/98 0 N/A
Cross Creek ............ N/A 02/01/98 0 N/A
Knoxville .............. N/A 02/01/98 0 N/A
Omaha .................. N/A 02/01/98 0 N/A
Overland Park .......... N/A 02/01/98 0 N/A
Las Palmas ............. N/A 02/01/98 0 N/A
Galleria ............... N/A 02/01/98 0 N/A
Luria Plaza ............ N/A 02/01/98 0 N/A
Crossroads at Middle ... N/A 02/01/98 0 N/A
Lansbury Village Apt ... N/A 02/01/98 0 N/A
Grove Park ............. N/A 02/01/98 0 N/A
Redmond East ........... N/A 02/01/98 0 N/A
Strathmore S/C ......... N/A 02/01/98 0 N/A
Edmond Plaza ........... N/A 02/01/98 0 N/A
<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 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 7
<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: FEBRUARY, 1998
DATE PRINTED: 24-FEB-98
<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 1,832,675 0 73.3% 1.73 N/A PERFORMING PERFORM TO MATURITY
02 586,456 0 73.3% 1.47 N/A PERFORMING PERFORM TO MATURITY
03 476,495 0 73.3% 2.06 N/A PERFORMING PERFORM TO MATURITY
04 1,233,893 0 71.5% 1.86 N/A PERFORMING PERFORM TO MATURITY
05 5,184,944 0 69.1% 1.21 N/A PERFORMING PERFORM TO MATURITY
06 1,756,275 0 73.2% 1.10 N/A PERFORMING PERFORM TO MATURITY
07 893,461 0 58.6% 2.38 N/A PERFORMING PERFORM TO MATURITY
08 1,326,882 0 71.7% 1.42 N/A PERFORMING PERFORM TO MATURITY
09 1,819,968 0 67.4% 1.57 N/A PERFORMING PERFORM TO MATURITY
10 1,115,464 0 53.1% 1.79 N/A PERFORMING PERFORM TO MATURITY
11 11,571,686 0 72.1% 1.25 N/A PERFORMING PERFORM TO MATURITY
12 4,364,969 0 63.7% 1.49 N/A PERFORMING PERFORM TO MATURITY
13 1,474,651 0 60.2% 1.47 N/A PERFORMING PERFORM TO MATURITY
14 885,536 0 68.1% 1.22 N/A PERFORMING PERFORM TO MATURITY
20 2,477,016 0 55.0% 1.41 N/A PERFORMING PERFORM TO MATURITY
21 3,579,774 0 49.0% 1.81 N/A PERFORMING PERFORM TO MATURITY
22 6,867,291 0 68.0% 1.75 N/A PERFORMING PERFORM TO MATURITY
23 6,863,084 0 64.1% 1.64 N/A PERFORMING PERFORM TO MATURITY
24 6,547,364 0 68.2% 1.10 N/A PERFORMING PERFORM TO MATURITY
25 5,235,349 0 49.9% 1.64 N/A PERFORMING PERFORM TO MATURITY
26 0 0 0.0% 1.27 N/A INACTIVE REO SALE
27 4,528,090 0 73.6% 1.36 N/A PERFORMING PERFORM TO MATURITY
28 3,690,748 0 64.7% 1.54 N/A PERFORMING PERFORM TO MATURITY
29 4,814,382 0 69.8% 1.67 N/A PERFORMING PERFORM TO MATURITY
30 4,785,663 0 71.4% 1.67 N/A PERFORMING PERFORM TO MATURITY
31 3,347,510 0 73.6% 1.34 N/A PERFORMING PERFORM TO MATURITY
32 2,521,403 0 58.4% 1.01 N/A PERFORMING PERFORM TO MATURITY
33 5,749,543 0 66.9% 1.95 N/A PERFORMING PERFORM TO MATURITY
34 4,959,457 0 62.0% 2.02 N/A PERFORMING PERFORM TO MATURITY
35 4,645,326 0 63.6% 1.64 N/A PERFORMING PERFORM TO MATURITY
36 4,635,807 0 55.2% 2.63 N/A PERFORMING PERFORM TO MATURITY
37 5,159,101 0 58.6% 1.75 N/A PERFORMING PERFORM TO MATURITY
38 5,150,452 0 71.5% 1.56 N/A PERFORMING PERFORM TO MATURITY
42 7,906,902 0 67.6% 1.44 N/A PERFORMING PERFORM TO MATURITY
43 7,261,950 0 72.3% 0.80 N/A PERFORMING PERFORM TO MATURITY
47 3,221,953 0 43.0% 3.74 N/A PERFORMING PERFORM TO MATURITY
48 27,669,214 0 63.6% 1.70 N/A PERFORMING PERFORM TO MATURITY
49 5,020,354 0 64.4% 1.38 N/A PERFORMING PERFORM TO MATURITY
50 3,551,771 0 70.3% 1.45 N/A PERFORMING PERFORM TO MATURITY
51 4,575,926 0 64.4% 1.61 N/A PERFORMING PERFORM TO MATURITY
52 5,399,990 0 70.6% 1.86 N/A PERFORMING PERFORM TO MATURITY
53 6,826,611 0 72.8% 1.49 N/A PERFORMING PERFORM TO MATURITY
54 4,483,176 0 68.4% 1.50 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- --- ------ ---- --- ------------------------- ------------------------------
TOTAL 195,998,560
===========
</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: FEBRUARY, 1998
DATE PRINTED: 24-FEB-98
<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 1,832,675 7/27/94 8/1/24 42 9.900% F 16,316
02 586,456 7/27/94 8/1/24 42 9.900% F 5,221
03 476,495 7/27/94 8/1/24 42 9.900% F 4,242
04 1,233,893 10/14/94 11/1/19 45 10.450% F 11,993
05 5,184,944 7/5/94 8/1/24 43 10.100% F 46,903
06 1,756,275 7/22/94 8/1/19 42 10.010% F 16,597
07 893,461 10/28/94 11/1/19 45 11.160% F 9,124
08 1,326,882 11/30/94 12/1/24 46 10.700% F 12,551
09 1,819,968 9/16/94 10/1/24 44 9.850% F 16,117
10 1,115,464 9/16/94 10/1/24 44 9.850% F 9,878
11 11,571,686 8/15/94 9/1/24 43 9.550% F 100,074
12 4,364,969 10/17/94 11/1/24 81 9.750% F 38,318
13 1,474,651 1/27/95 2/1/25 84 10.450% F 13,665
14 885,536 1/17/95 2/1/25 84 10.700% F 8,368
20 2,477,016 7/1/94 8/1/19 18 10.125% F 23,626
21 3,579,774 9/23/94 10/1/14 20 10.625% F 38,258
22 6,867,291 12/1/94 12/1/23 46 10.750% F 65,655
23 6,863,084 12/2/94 1/1/25 23 11.000% F 66,396
24 6,547,364 1/31/95 2/1/22 48 10.625% F 62,942
25 5,235,349 2/17/95 3/1/15 25 10.875% F 56,303
26 0 6/20/95 7/1/20 5 8.875% F 97,186
27 4,528,090 7/27/95 8/1/25 54 9.000% F 37,113
28 3,690,748 7/31/95 8/1/20 90 9.250% F 32,543
29 4,814,382 8/22/95 9/1/20 55 8.870% F 41,183
30 4,785,663 8/30/95 9/1/25 91 8.800% F 38,526
31 3,347,510 8/30/95 9/1/25 91 8.800% F 26,948
32 2,521,403 4/18/95 5/1/20 51 9.620% F 22,933
33 5,749,543 9/14/95 10/1/15 92 8.700% F 53,184
34 4,959,457 9/14/95 10/1/15 92 8.700% F 45,875
35 4,645,326 9/14/95 10/1/15 92 8.700% F 42,970
36 4,635,807 9/14/95 10/1/15 92 8.700% F 42,881
37 5,159,101 10/3/95 11/1/20 93 9.000% F 44,477
38 5,150,452 9/29/95 10/1/20 56 8.875% F 44,025
42 7,906,902 11/9/94 12/1/24 46 9.850% F 69,931
43 7,261,950 11/14/94 12/1/24 46 9.350% F 61,647
47 3,221,953 9/14/95 10/1/15 92 7.950% F 28,333
48 27,669,214 12/19/95 1/1/23 95 8.375% F 220,692
49 5,020,354 11/8/95 12/1/25 94 9.000% F 41,036
50 3,551,771 12/28/95 1/1/21 95 8.375% F 29,084
51 4,575,926 12/12/95 1/1/21 59 8.500% F 37,846
52 5,399,990 11/27/95 12/1/20 58 8.625% F 45,159
53 6,826,611 12/12/95 1/1/16 95 8.125% F 51,604
54 4,483,176 12/20/95 1/1/21 95 8.750% F 37,819
- -- ----------- ---------- ---------- ---- -------- --- -------
TOTAL 195,998,560
===========
</TABLE>
Page - 19
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: FEBRUARY, 1998
DATE PRINTED: 24-FEB-98
<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 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 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: FEBRUARY, 1998
DATE PRINTED: 24-FEB-98
<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% 9/30/97
02 1 92,269 12/31/96 BORROWER 52,572 1/1/97 9/30/97 BORROWER 98.0% 9/30/97
03 1 105,056 12/31/96 BORROWER 69,920 1/1/97 9/30/97 BORROWER 97.6% 9/30/97
04 1 268,669 12/31/97 BORROWER 200,286 1/1/97 9/30/97 BORROWER 100.0% 12/31/97
05 1 681,684 12/31/96 BORROWER 329,648 1/1/97 6/30/97 BORROWER 93.0% 3/25/97
06 1 220,813 12/31/96 BORROWER 108,869 1/1/97 7/31/97 ACCOUNTANT 95.5% 6/30/97
07 1 261,217 12/31/96 BORROWER 212,330 1/1/97 9/30/97 BORROWER 97.0% 9/30/97
08 1 214,850 12/31/96 ATTORNEY 198,967 1/1/97 9/30/97 BORROWER 100.0% 9/30/97
09 1 303,691 12/31/96 BORROWER 249,905 1/1/97 9/30/97 BORROWER 94.8% 9/30/97
10 1 212,744 12/31/96 BORROWER 185,643 1/1/97 9/30/97 BORROWER 96.2% 9/30/97
11 1 1,504,344 12/31/96 BORROWER 1,125,743 1/1/97 9/30/97 BORROWER 98.5% 9/30/97
12 1 687,424 12/31/97 BORROWER 526,263 1/1/97 9/30/97 BORROWER 100.0% 12/31/97
13 1 241,831 12/31/97 BORROWER 183,154 1/1/97 9/30/97 BORROWER 93.0% 12/31/97
14 1 122,817 12/31/96 CPA 119,527 1/1/97 8/31/97 CPA 100.0% 8/31/97
20 1 400,509 12/31/97 BORROWER 283,458 1/1/97 6/30/97 BORROWER 89.0% 12/31/97
21 1 832,830 12/31/96 BORROWER 634,722 1/1/97 9/30/97 BORROWER 94.7% 9/30/97
22 1 1,382,380 12/31/96 BORROWER 1,049,072 1/1/96 9/30/96 BORROWER 97.0% 12/31/96
23 1 1,311,759 12/31/95 BORROWER 977,129 1/1/97 9/30/97 BORROWER 72.0% 4/30/97
24 1 834,075 12/31/97 BORROWER 673,228 1/1/97 9/30/97 BORROWER 92.0% 12/31/97
25 1 1,109,395 12/31/96 BORROWER 1,001,735 1/1/97 9/30/97 BORROWER 98.1% 9/30/97
26 1 1,483,175 12/31/96 BORROWER 769,703 1/1/97 6/30/97 BORROWER 97.0% 6/30/97
27 1 609,151 12/31/96 BORROWER 488,447 1/1/97 9/30/97 BORROWER 96.2% 11/1/97
28 1 602,804 12/31/97 BORROWER 508,057 1/1/97 10/31/97 BORROWER 100.0% 12/31/97
29 1 826,321 12/31/96 BORROWER 627,522 1/1/97 9/30/97 BORROWER 96.6% 9/30/97
30 1 773,172 12/31/96 BORROWER 508,276 1/1/97 9/30/97 BORROWER 92.0% 6/30/97
31 1 436,062 12/31/96 BORROWER 361,958 1/1/97 9/30/97 BORROWER 86.2% 9/30/97
32 1 280,421 12/31/96 MANAGEMENT COMPANY 256,006 1/1/97 9/30/97 BORROWER 77.5% 9/30/97
33 1 1,249,269 12/31/96 BORROWER 990,020 1/1/97 9/30/97 BORROWER 78.0% 9/30/97
34 1 1,113,295 12/31/96 BORROWER 888,557 1/1/97 9/30/97 BORROWER 77.3% 9/30/97
35 1 850,427 12/31/96 BORROWER 631,135 1/1/97 9/30/97 BORROWER 66.7% 9/30/97
36 1 1,355,109 12/31/96 BORROWER 652,518 1/1/97 9/30/97 BORROWER 62.7% 9/30/97
37 1 935,978 12/31/97 BORROWER 733,604 1/1/97 9/30/97 BORROWER 100.0% 12/31/97
38 1 828,082 12/31/96 MANAGEMENT COMPANY 479,970 1/1/97 6/30/97 BORROWER 82.0% 10/28/97
42 1 1,210,059 12/25/96 BORROWER 820,441 1/1/97 9/30/97 BORROWER 93.0% 9/30/97
43 1 291,335 12/25/96 BORROWER 149,018 1/1/97 9/30/97 BORROWER 91.5% 9/30/97
43 2 306,457 12/25/96 BORROWER 237,614 1/1/97 9/30/97 BORROWER 97.0% 6/30/97
47 1 1,272,106 12/31/96 BORROWER 783,640 1/1/97 9/30/97 BORROWER 78.8% 9/30/97
48 1 4,519,076 12/31/96 BORROWER 3,545,168 1/1/97 9/30/97 BORROWER 98.9% 9/30/97
49 1 680,983 12/31/97 BORROWER 586,149 1/1/97 9/30/97 BORROWER 100.0% 1/8/98
50 1 506,606 12/31/96 BORROWER 329,330 1/1/97 9/30/97 BORROWER 91.0% 6/30/97
51 1 733,421 12/31/97 BORROWER 609,074 1/1/97 9/30/97 BORROWER 74.0% 12/31/97
52 1 1,012,195 12/31/97 BORROWER 761,455 1/1/97 9/30/97 BORROWER 100.0% 12/31/97
53 1 927,059 12/31/97 BORROWER 690,070 1/1/97 9/30/97 BORROWER 96.0% 9/30/97
54 1 683,361 12/31/96 BORROWER 187,022 1/1/97 3/31/97 BORROWER 96.0% 3/31/97
</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: FEBRUARY, 1998
DATE PRINTED: 24-FEB-98
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: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS UP 12% AND OPERATING EXPENSES ARE UP 5%.
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 COSTOF 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: 9/30/97 - 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: Latest Annual Statement Comment: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS UP 5% AND OPERATING EXPENSES ARE DOWN 8%.
LOAN 13 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS UP 11% AND OPERATING EXPENSES ARE UP 13%. NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER TRANSACITON INFORMATION.
<PAGE>
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: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS EVEN AND OPERATING EXPENSES ARE UP 24%. 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: 12/31/97 - COMPARED TO BASE
LINE, REVENUE DOWN 12% AND OPERATING EXPENSES ARE DOWN 5%. 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: Loan paid in full 1/22/98. Collected all
prinicpal, interest through 2/1/98, default interest at 5%, prepayment penalty,
expenses and one late charge. 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: Latest Annual Statement Comment: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS UP 13% AND OPERATING EXPENSES ARE UP 18%.
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.
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: Latest Annual Statement Comment: 12/31/96 - RE-ENTERED USING
LODGING FORMAT. NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
Partial Year Statement Comment: 9/30/97 - RE-ENTERED USING LODGING FORMAT.
NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
<PAGE>
LOAN 34 - 1: Latest Annual Statement Comment: 12/31/96 - RE-ENTERED USING
LODGING STATEMENT FORMAT. Partial Year Statement Comment: 9/30/97 - NOI IS
UP 21% FROM BASE LINE. NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING
INFORMATION.
LOAN 35 - 1: Latest Annual Statement Comment: 12/31/96 - RE-ENTERED USING
LODGING FORMAT. NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
Partial Year Statement Comment: 9/30/97 - RE-ENTERED USING LODGING FORMAT.
NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 36 - 1: Latest Annual Statement Comment: 12/31/96 - RE-ENTERED USING
LODGING FORMAT. Partial Year Statement Comment: 9/30/97 - NOI IS DOWN 9%
FROM BASE LINE. AVERAGE DAILY ROOM RATE IS $66.88. NORMALIZED PROPERTY TAXES
AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 37 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO BASE
LINE PROJECTIONS, REVENUE IS UP 27% AND OPERATING EXPENSES ARE UP 37%.
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. Partial Year Statement Comment: 6/30/97 - COMPARED
TO BASE LINE, REVENUE IS UP 8% AND OPERATING EXPENSES ARE UP 2% AS OF 6/30/97.
G & A EXPENSES INCLUDE SECURITY EXPENSE. NORMALIZED PROPERTY TAXES AND
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
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 - 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 BASELINE. 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 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 47 - 1: Latest Annual Statement Comment: 12/31/96 - RE-ENTERED USING
LODGING FORMAT. Partial Year Statement Comment: 9/30/97 - NOI IS UP 9% FROM
BASE LINE. AVERAGE DAILY RATE IS $65.73.
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.
LOAN 49 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS UP 13% AND OPERATING EXPENSES ARE UP 45%. NORMALIZED 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: 12/31/97 - NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION. COMPARED
TO BASELINE, REVENUE IS UP 13% AND OPERATING EXPENSES ARE UP 11%.
<PAGE>
LOAN 52 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO BASE
LINE, REVENUE IS UP 12% AND OPERATING EXPENSES ARE UP 12%. NORMALIZED PROPERTY
TAXES AND INSURANCE.
LOAN 53 - 1:
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.
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