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) March 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 March 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
March 20, 1998.
Loan data file as of the March 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: March 20, 1998
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of March 20, 1998
Loan data file as of March 1998 18
Page - 2
ABN AMRO Statement Date: 03/20/98
LaSalle National Bank Payment Date: 03/20/98
Administrator: Prior Payment: 02/20/98
Alyssa Stahl (800) 246-5761 Record Date: 02/27/98
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107 WAC: 9.281586%
WAMM: 67
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 33,952,926.45 202,375.36
79548KQD3 ......... 1000.000000 679.058529 4.047507
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 154,648,926.45 0.00
79548S9K9 ......... 1000.000000 905.990336 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 6,571,181.92 56,374.24
79548S9H6 ......... 1000.000000 729.026935 6.254330
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 193,556,108.37 258,749.60
================ ================ ================
<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 33,750,551.09
79548KQD3 ......... 0.000000 0.000000 675.011022
A-2 ............... 0.00 0.00 81,468,000.00
79548KQH4 ......... 0.000000 0.000000 1000.000000
IO ................ 0.00 0.00 154,446,551.09
79548S9K9 ......... 0.000000 0.000000 904.804747
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 6,514,807.68
79548S9H6 ......... 0.000000 0.000000 722.772605
R-III ............. 0.00 0.00 0.00
9ABSM691 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 193,297,358.77
================ ================ ================
<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 ............... 183,034.57 0.00 6.469000%
79548KQD3 ......... 3.660691 0.000000 Fixed
A-2 ............... 460,314.57 0.00 6.780300%
79548KQH4 ......... 5.650250 0.000000 Fixed
IO ................ 240,979.75 0.00 1.869885%
79548S9K9 ......... 1.411748 0.000000 1.871713%
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 ................. 162,724.80 0.00 9.209100%
79548S9F0 ......... 7.674250 0.000000 9.209200%
F ................. 85,429.75 0.00 9.209100%
79548S9G8 ......... 7.674250 0.000000 9.209200%
G ................. 50,428.89 0.00 9.209100%
79548S9H6 ......... 5.594735 0.000000 9.209200%
R-III ............. 0.00 0.00 None
9ABSM691 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,422,989.66 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals
Accrual
(3) Estimated
</FN>
</TABLE>
Page - 4
<PAGE>
Salomon Brothers Mortgage Securities VII, Inc.
Midland Loan Services, L.P., as Master Servicer
Mortgage Pass-Through Certificates
Series 1996-C1
ABN AMRO Acct: 67-7487-70-4
<TABLE>
REMIC II
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
U ................. 50,000,000.00 33,952,926.45 202,375.36
None .............. 1000.000000 679.058529 4.047507
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 38,907,181.92 56,374.24
None .............. 1000.000000 940.931714 1.363355
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 193,556,108.37 258,749.60
================ ================ ================
<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 33,750,551.09
None .............. 0.000000 0.000000 675.011022
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 38,850,807.68
None .............. 0.000000 0.000000 939.568358
R-II .............. 0.00 0.00 0.00
9ABSM690 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 193,297,358.77
================ ================ ================
Total P&I Payment 1,681,739.26
============
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 ................. 198,154.94 0.00 None
None .............. 3.963099 0.000000 0.000000%
V ................. 625,205.80 0.00 None
None .............. 7.674250 0.000000 0.000000%
W ................. 113,908.89 0.00 None
None .............. 7.674250 0.000000 0.000000%
X ................. 113,908.89 0.00 None
None .............. 7.674250 0.000000 0.000000%
Y ................. 73,227.70 0.00 None
None .............. 7.674251 0.000000 0.000000%
Z ................. 298,583.44 0.00 None
None .............. 7.220945 0.000000 0.000000%
R-II .............. 0.00 0.00 None
9ABSM690 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,422,989.66 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Salomon Brothers Mortgage Securities VII, Inc.
Midland Loan Services, L.P., as Master Servicer
Mortgage Pass-Through Certificates
Series 1996-C1
ABN AMRO Acct: 67-7487-70-4
<TABLE>
REMIC I
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
Regular ........... 212,045,633.94 195,998,560.39 202,375.36
None .............. 1000.000000 924.322547 0.954395
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 1000.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
212,045,633.94 195,998,560.39 202,375.36
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 6
<PAGE>
REMIC I, Continued
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
Regular ........... 0.00 0.00 195,796,185.03
None .............. 0.000000 0.000000 923.368151
R-I ............... 0.00 0.00 0.00
9ABSM689 .......... 0.000000 0.000000 0.000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 195,796,185.03
================ ================ ================
<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 ........... 1,479,363.90 0.00 None
None .............. 6.976630 0.000000 0.000000%
R-I ............... 0.00 0.00 None
9ABSM689 .......... 0.000000 0.000000 0.000000%
- ------------------- ---------------- ---------------- ----------------
1,479,363.90 0.00 0.000000%
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Available Distribution Amount 1,681,739.26
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 ............ 202,375.36 0.00
A-2 ............ 0.00 0.00
IO ............. 0.00 0.00
B .............. 0.00 0.00
C .............. 0.00 0.00
D .............. 0.00 0.00
E .............. 0.00 0.00
F .............. 0.00 0.00
G .............. 0.00 56,374.24
---------------- ----------------
202,375.36 56,374.24
================ ================
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 11,841.58
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
195,796,185.03 195,796,185.03 195,796,185.03 42 67 9.28172047%
<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>
03/20/98 0 0 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000% 0.00% 0.000%
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%
</TABLE>
Page - 8
<PAGE>
<TABLE>
<CAPTION>
Distribution Foreclosure/Bankruptcy (1) REO (1)
Date # Balance # Balance
<S> <C> <C> <C> <C>
03/20/98 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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%
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate Delinquency
Aging Category
</FN>
</TABLE>
Distribution Modifications Prepayments
Date # Balance # Balance
03/20/98 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
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%
Page - 9
<PAGE>
Distribution Next Weighted Avg.
Date Coupon Remit
03/20/98 ....... 9.281720% 9.209220%
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%
<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>
32 199803 02/01/98 22,781.03 22,781.03 0.00
- --- -- --------- ---------- ---------- ---------
TOTALS: 22,781.03 22,781.03 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>
32 B
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 ................ 1 476,184 0.24%
$500,000 to $1,000,000 ........ 3 2,363,783 1.21%
$1,000,000 to $1,500,000 ...... 4 5,147,377 2.63%
$1,500,000 to $2,000,000 ...... 3 5,404,596 2.76%
$2,000,000 to $2,500,000 ...... 1 2,474,289 1.26%
$2,500,000 to $3,000,000 ...... 1 2,518,683 1.29%
$3,000,000 to $3,500,000 ...... 2 6,560,075 3.35%
$3,500,000 to $4,000,000 ...... 3 10,807,342 5.52%
$4,000,000 to $4,500,000 ...... 2 8,840,163 4.51%
$4,500,000 to $5,000,000 ...... 7 32,898,555 16.80%
$5,000,000 to $5,500,000 ...... 6 31,116,623 15.89%
$5,500,000 to $6,000,000 ...... 1 5,738,044 2.93%
$6,000,000 to $6,500,000 ...... 0 0 0.00%
$6,500,000 to $7,000,000 ...... 4 27,086,378 13.83%
$7,000,000 to $7,500,000 ...... 1 7,256,885 3.71%
$7,500,000 to $8,000,000 ...... 1 7,901,873 4.04%
$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 39,205,333 20.02%
- ------------------------------- --- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
Average Scheduled Balance is 4,661,814
Maximum Scheduled Balance is 27,641,630
Minimum Scheduled Balance is 476,184
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Principal Balance Balance
Multifamily ................... 21 71,934,238 36.74%
Retail ........................ 11 53,708,537 27.43%
Office ........................ 4 41,761,802 21.33%
Lodging ....................... 5 23,165,117 11.83%
Industrial .................... 1 5,226,491 2.67%
--- ------------ ------
42 195,796,185 100.00%
=== ============ ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Principal Balance Balance
Georgia ....................... 11 46,771,206 23.89%
Texas ......................... 9 28,434,638 14.52%
Washington .................... 1 27,641,630 14.12%
Florida ....................... 4 22,026,031 11.25%
New Jersey .................... 3 14,857,855 7.59%
Nevada ........................ 1 11,563,703 5.91%
Kansas ........................ 2 8,164,503 4.17%
Nebraska ...................... 1 5,738,044 2.93%
Connecticut ................... 1 5,393,644 2.75%
New York ...................... 3 5,350,922 2.73%
Tennessee ..................... 1 4,636,035 2.37%
Arizona ....................... 1 4,524,938 2.31%
Oklahoma ...................... 1 3,547,476 1.81%
South Carolina ................ 1 3,345,110 1.71%
Maryland ...................... 1 2,474,289 1.26%
Louisiana ..................... 1 1,326,162 0.68%
--- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
Page - 11
<PAGE>
<TABLE>
DISTRIBUTION OF MORTGAGE INTEREST RATES
<CAPTION>
Current Mortgage Number Scheduled Based on
Interest Rate (1) of Loans Principal Balance Balance
<S> <C> <C> <C>
8.500% or less ................ 5 45,795,793 23.39%
8.501% to 8.625% .............. 1 5,393,644 2.75%
8.626% to 8.750% .............. 5 24,428,199 12.48%
8.751% to 8.875% .............. 4 18,080,646 9.23%
8.876% to 9.000% .............. 3 14,695,226 7.51%
9.001% to 9.125% .............. 0 0 0.00%
9.126% to 9.250% .............. 1 3,686,655 1.88%
9.251% to 9.375% .............. 1 7,256,885 3.71%
9.376% to 9.500% .............. 0 0 0.00%
9.501% to 9.625% .............. 2 14,082,386 7.19%
9.626% to 9.750% .............. 1 4,362,116 2.23%
9.751% to 9.875% .............. 3 10,835,405 5.53%
9.876% to 10.000% ............. 3 2,893,735 1.48%
10.001% to 10.125% ............ 3 9,410,299 4.81%
10.126% & above ............... 10 34,875,197 17.81%
- ------------------------------- --- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
<FN>
Weighted Average Mortgage Interest Rate is 9.2816%
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 ................. 0 0 0.00%
2+ to 3 years ................. 24 128,726,622 65.75%
3+ to 4 years ................. 18 67,069,563 34.25%
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 ......................... 42 195,796,185 100.00%
=== ============ ======
Weighted Average Seasoning is 2.7
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Principal Balance Balance
Amortizing Balloon ............ 42 195,796,185 100.00%
--- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
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 ............... 4 18,133,592 9.26%
25 to 36 months ............... 0 0 0.00%
37 to 48 months ............... 15 56,342,740 28.78%
49 to 60 months ............... 6 26,961,062 13.77%
61 to 120 months .............. 17 94,358,791 48.19%
121 to 180 months ............. 0 0 0.00%
181 to 240 months ............. 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
Weighted Average Months to Maturity is 66
<TABLE>
DISTRIBUTION OF DSCR
<CAPTION>
Debt Service Number Scheduled Based on
Coverage Ratio (1) of Loans Principal Balance Balance
<S> <C> <C> <C>
1.000 or less ................. 2 9,011,213 4.60%
1.001 to 1.125 ................ 1 586,073 0.30%
1.126 to 1.250 ................ 5 29,353,937 14.99%
1.251 to 1.375 ................ 2 8,794,519 4.49%
1.376 to 1.500 ................ 5 20,947,337 10.70%
1.501 to 1.625 ................ 4 14,897,220 7.61%
1.626 to 1.750 ................ 5 22,601,257 11.54%
1.751 to 1.875 ................ 11 62,260,026 31.80%
1.876 to 2.000 ................ 3 12,327,315 6.30%
2.001 to 2.125 ................ 3 11,802,324 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 3,214,965 1.64%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
<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 ................. 39 184,504,046 94.23%
2+ & above .................... 3 11,292,139 5.77%
Unknown ....................... 0 0 0.00%
--- ------------ ------
Total ......................... 42 195,796,185 100.00%
=== ============ ======
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 -- MD 08/01/99 N
42 West 48th Street .... Office -- NY 10/01/99 N
Vista Hills ............ Retail -- TX 12/01/2001 N
Plymouth Park .......... Retail -- TX 01/01/2000 N
Peach Festival ......... Retail -- GA 02/01/2002 N
Goethals Park .......... Industrial -- NJ 03/01/2000 N
West Harbor ............ Multifamily -- GA 11/01/2004 N
Heritage Village ....... Multifamily -- FL 09/01/2001 N
Pelican Point .......... Multifamily -- TX 08/01/2001 N
Ashley Woods ........... Multifamily -- GA 02/01/2005 N
West 109th Street ...... Multifamily -- NY 11/21/2001 N
Emerald Bay ............ Multifamily -- NV 09/01/2001 N
West 14th Street ....... Multifamily -- NY 02/01/2005 N
Ranch Park ............. Multifamily -- TX 08/01/2001 N
Timber Ridge ........... Multifamily -- TX 08/01/2001 N
Windy Ridge ............ Multifamily -- TX 08/01/2001 N
English Oaks ........... Multifamily -- TX 11/01/2001 N
Northlake I ............ Multifamily -- GA 10/01/2001 N
Northlake II ........... Multifamily -- GA 10/01/2001 N
Brookgreen/Lantana ..... Multifamily -- FL 12/01/2001 N
Kings Bridge ........... Multifamily -- GA 12/01/2001 N
Beaumonde .............. Multifamily -- LA 12/01/2001 N
Raritan Mall ........... Retail 07/23/97 NJ 07/01/98 N
Manzanita Plaza ........ Retail -- AZ 08/01/2002 N
Benchmark Crossing ..... Retail -- TX 08/01/2005 N
Northmoor Apartments ... Multifamily -- GA 09/01/2002 N
Colonial Oaks .......... Multifamily -- GA 09/01/2005 N
Continental ............ Multifamily -- SC 09/01/2005 N
Atlanta ................ Lodging -- GA 10/01/2005 N
Wichita ................ Lodging -- KS 10/01/2005 N
Cross Creek ............ Multifamily -- GA 05/01/2002 N
Knoxville .............. Lodging -- TN 10/01/2005 N
Omaha .................. Lodging -- NE 10/01/2005 N
Overland Park .......... Lodging -- KS 10/01/2005 N
Las Palmas ............. Retail -- TX 10/01/2002 N
Galleria ............... Office -- NJ 11/01/2005 N
Luria Plaza ............ Retail -- FL 12/01/2005 N
Crossroads at Middleb .. Office -- CT 12/01/2002 N
Lansbury Village Apts .. Multifamily -- GA 01/01/2006 N
Grove Park ............. Retail -- FL 01/01/2003 N
Redmond East ........... Office -- WA 01/01/2006 N
Strathmore S/C ......... Retail -- NJ 01/01/2006 N
Edmond Plaza ........... Retail -- OK 01/01/2006 N
</TABLE>
Page - 14
<PAGE>
<TABLE>
LOAN LEVEL DETAIL, Continued
<CAPTION>
Ending Scheduled
Scheduled Note Principal Prepayments
Property Name Balance Rate Payment Liquidations
<S> <C> <C> <C> <C>
Dobbin Square .......... 2,474,289 10.1250% 2,727 0
42 West 48th Street .... 3,573,212 10.6250% 6,562 0
Vista Hills ............ 6,863,156 10.7500% 4,136 0
Plymouth Park .......... 6,859,599 11.0000% 3,484 0
Peach Festival ......... 6,542,394 10.6250% 4,970 0
Goethals Park .......... 5,226,491 10.8750% 8,858 0
West Harbor ............ 4,362,116 9.7500% 2,853 0
Heritage Village ....... 5,181,681 10.1000% 3,263 0
Pelican Point .......... 1,754,328 10.0100% 1,946 0
Ashley Woods ........... 1,473,828 10.4500% 823 0
West 109th Street ...... 892,646 11.1600% 814 0
Emerald Bay ............ 11,563,703 9.5500% 7,982 0
West 14th Street ....... 885,064 10.7000% 471 0
Ranch Park ............. 1,831,478 9.9000% 1,197 0
Timber Ridge ........... 586,073 9.9000% 383 0
Windy Ridge ............ 476,184 9.9000% 311 0
English Oaks ........... 1,232,645 10.4500% 1,248 0
Northlake I ............ 1,818,790 9.8500% 1,178 0
Northlake II ........... 1,114,742 9.8500% 722 0
Brookgreen/Lantana ..... 7,256,885 9.3500% 5,064 0
Kings Bridge ........... 7,901,873 9.8500% 5,029 0
Beaumonde .............. 1,326,162 10.7000% 720 0
Raritan Mall ........... 0 0.0000% 0 0
Manzanita Plaza ........ 4,524,938 9.0000% 3,153 0
Benchmark Crossing ..... 3,686,655 9.2500% 4,093 0
Northmoor Apartments ... 4,808,785 8.8700% 5,597 0
Colonial Oaks .......... 4,782,232 8.8000% 3,431 0
Continental ............ 3,345,110 8.8000% 2,400 0
Atlanta ................ 4,626,535 8.7000% 9,272 0
Wichita ................ 3,214,965 7.9500% 6,988 0
Cross Creek ............ 2,518,683 9.6200% 2,720 0
Knoxville .............. 4,636,035 8.7000% 9,291 0
Omaha .................. 5,738,044 8.7000% 11,499 0
Overland Park .......... 4,949,538 8.7000% 9,919 0
Las Palmas ............. 5,144,520 8.8750% 5,933 0
Galleria ............... 5,153,317 9.0000% 5,784 0
Luria Plaza ............ 5,016,971 9.0000% 3,383 0
Crossroads at Middlebu . 5,393,644 8.6250% 6,346 0
Lansbury Village Apts .. 6,821,230 8.1250% 5,382 0
Grove Park ............. 4,570,493 8.5000% 5,433 0
Redmond East ........... 27,641,630 8.3750% 27,584 0
Strathmore S/C ......... 4,478,047 8.7500% 5,129 0
Edmond Plaza ........... 3,547,476 8.3750% 4,296 0
--------- ------ ------- -
195,796,185 202,375 0
=========== ======= =
</TABLE>
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 .......... -- 03/01/98 0 --
42 West 48th Street .... -- 03/01/98 0 --
Vista Hills ............ -- 03/01/98 0 --
Plymouth Park .......... -- 03/01/98 0 --
Peach Festival ......... -- 03/01/98 0 --
Goethals Park .......... -- 03/01/98 0 --
West Harbor ............ -- 03/01/98 0 --
Heritage Village ....... -- 03/01/98 0 --
Pelican Point .......... -- 03/01/98 0 --
Ashley Woods ........... -- 03/01/98 0 --
West 109th Street ...... -- 03/01/98 0 --
Emerald Bay ............ -- 03/01/98 0 --
West 14th Street ....... -- 03/01/98 0 --
Ranch Park ............. -- 03/01/98 0 --
Timber Ridge ........... -- 03/01/98 0 --
Windy Ridge ............ -- 03/01/98 0 --
English Oaks ........... -- 03/01/98 0 --
Northlake I ............ -- 03/01/98 0 --
Northlake II ........... -- 03/01/98 0 --
Brookgreen/Lantana ..... -- 03/01/98 0 --
Kings Bridge ........... -- 03/01/98 0 --
Beaumonde .............. -- 03/01/98 0 --
Raritan Mall ........... 02/01/98 0 5
Manzanita Plaza ........ -- 03/01/98 0 --
Benchmark Crossing ..... -- 03/01/98 0 --
Northmoor Apartments ... -- 03/01/98 0 --
Colonial Oaks .......... -- 03/01/98 0 --
Continental ............ -- 03/01/98 0 --
Atlanta ................ -- 03/01/98 0 --
Wichita ................ -- 03/01/98 0 --
Cross Creek ............ -- 02/01/98 0 --
Knoxville .............. -- 03/01/98 0 --
Omaha .................. -- 03/01/98 0 --
Overland Park .......... -- 03/01/98 0 --
Las Palmas ............. -- 03/01/98 0 --
Galleria ............... -- 03/01/98 0 --
Luria Plaza ............ -- 03/01/98 0 --
Crossroads at Middle ... -- 03/01/98 0 --
Lansbury Village Apt ... -- 03/01/98 0 --
Grove Park ............. -- 03/01/98 0 --
Redmond East ........... -- 03/01/98 0 --
Strathmore S/C ......... -- 03/01/98 0 --
Edmond Plaza ........... -- 03/01/98 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
Offering Sched Sched
Distribution Circular Principal Interest Maturity Property
Date Control # Balance Rate Date Type
09/22/97 Raritan Mall 0.000% 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: MARCH, 1998
DATE PRINTED: 25-MAR-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 1,831,478 0 73.3% 1.75 N/A PERFORMING PERFORM TO MATURITY
02 586,073 0 73.3% 1.34 N/A PERFORMING PERFORM TO MATURITY
03 476,184 0 73.3% 2.22 N/A PERFORMING PERFORM TO MATURITY
04 1,232,645 0 71.5% 1.86 N/A PERFORMING PERFORM TO MATURITY
05 5,181,681 0 69.1% 1.21 N/A PERFORMING PERFORM TO MATURITY
06 1,754,328 0 73.1% 1.10 N/A PERFORMING PERFORM TO MATURITY
07 892,646 0 58.5% 2.38 N/A PERFORMING PERFORM TO MATURITY
08 1,326,162 0 71.7% 1.61 N/A PERFORMING PERFORM TO MATURITY
09 1,818,790 0 67.4% -3.08 N/A PERFORMING PERFORM TO MATURITY
10 1,114,742 0 53.1% 1.79 N/A PERFORMING PERFORM TO MATURITY
11 11,563,703 0 72.0% 1.23 N/A PERFORMING PERFORM TO MATURITY
12 4,362,116 0 63.7% 1.49 N/A PERFORMING PERFORM TO MATURITY
13 1,473,828 0 60.2% 1.42 N/A PERFORMING PERFORM TO MATURITY
14 885,064 0 68.1% 1.22 N/A PERFORMING PERFORM TO MATURITY
20 2,474,289 0 55.0% 1.41 N/A PERFORMING PERFORM TO MATURITY
21 3,573,212 0 48.9% 1.81 N/A PERFORMING PERFORM TO MATURITY
22 6,863,156 0 68.0% 1.75 N/A PERFORMING PERFORM TO MATURITY
23 6,859,599 0 64.1% 1.64 N/A PERFORMING PERFORM TO MATURITY
24 6,542,394 0 68.1% 1.10 N/A PERFORMING PERFORM TO MATURITY
25 5,226,491 0 49.8% 1.64 N/A PERFORMING PERFORM TO MATURITY
26 0 0 0.0% N/A N/A INACTIVE REO SALE
27 4,524,938 0 73.6% 1.36 N/A PERFORMING PERFORM TO MATURITY
28 3,686,655 0 64.7% 1.54 N/A PERFORMING PERFORM TO MATURITY
29 4,808,785 0 69.7% 1.68 N/A PERFORMING PERFORM TO MATURITY
30 4,782,232 0 71.4% 1.48 N/A PERFORMING PERFORM TO MATURITY
31 3,345,110 0 73.5% 1.30 N/A PERFORMING PERFORM TO MATURITY
32 2,521,403 0 58.4% 1.23 N/A PERFORMING PERFORM TO MATURITY
33 5,738,044 0 66.7% 1.95 N/A PERFORMING PERFORM TO MATURITY
34 4,949,538 0 61.9% 2.02 N/A PERFORMING PERFORM TO MATURITY
35 4,636,035 0 63.5% 1.64 N/A PERFORMING PERFORM TO MATURITY
36 4,626,535 0 55.1% 2.63 N/A PERFORMING PERFORM TO MATURITY
37 5,153,317 0 58.6% 1.75 N/A PERFORMING PERFORM TO MATURITY
38 5,144,520 0 71.5% 1.78 N/A PERFORMING PERFORM TO MATURITY
42 7,901,873 0 67.5% 1.26 N/A PERFORMING PERFORM TO MATURITY
43 7,256,885 0 72.2% 0.77 N/A PERFORMING PERFORM TO MATURITY
47 3,214,965 0 42.9% 3.74 N/A PERFORMING PERFORM TO MATURITY
48 27,641,630 0 63.5% 1.70 N/A PERFORMING PERFORM TO MATURITY
49 5,016,971 0 64.3% 1.38 N/A PERFORMING PERFORM TO MATURITY
50 3,547,476 0 70.2% 1.30 N/A PERFORMING PERFORM TO MATURITY
51 4,570,493 0 64.4% 1.62 N/A PERFORMING PERFORM TO MATURITY
52 5,393,644 0 70.5% 1.86 N/A PERFORMING PERFORM TO MATURITY
53 6,821,230 0 72.8% 1.49 N/A PERFORMING PERFORM TO MATURITY
54 4,478,047 0 68.4% 1.50 N/A PERFORMING PERFORM TO MATURITY
- -- ----------- --- ------ ---- --- ----------- -------------------
TOTAL 195,798,905
===========
</TABLE>
Page - 18
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: MARCH, 1998
DATE PRINTED: 25-MAR-98
<TABLE>
<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 1,831,478 7/27/94 8/1/2024 42 9.900% F 16,316
02 586,073 7/27/94 8/1/2024 42 9.900% F 5,221
03 476,184 7/27/94 8/1/2024 42 9.900% F 4,242
04 1,232,645 10/14/94 11/1/2019 45 10.450% F 11,993
05 5,181,681 7/5/94 8/1/2024 43 10.100% F 46,903
06 1,754,328 7/22/94 8/1/2019 42 10.010% F 16,597
07 892,646 10/28/94 11/1/2019 45 11.160% F 9,124
08 1,326,162 11/30/94 12/1/2024 46 10.700% F 12,551
09 1,818,790 9/16/94 10/1/2024 44 9.850% F 16,117
10 1,114,742 9/16/94 10/1/2024 44 9.850% F 9,878
11 11,563,703 8/15/94 9/1/2024 43 9.550% F 100,074
12 4,362,116 10/17/94 11/1/2024 81 9.750% F 38,318
13 1,473,828 1/27/95 2/1/2025 84 10.450% F 13,665
14 885,064 1/17/95 2/1/2025 84 10.700% F 8,368
20 2,474,289 7/1/94 8/1/2019 18 10.125% F 23,626
21 3,573,212 9/23/94 10/1/2014 20 10.625% F 38,258
22 6,863,156 12/1/94 12/1/2023 46 10.750% F 65,655
23 6,859,599 12/2/94 1/1/2025 23 11.000% F 66,396
24 6,542,394 1/31/95 2/1/2022 48 10.625% F 62,942
25 5,226,491 2/17/95 3/1/2015 24 10.875% F 56,303
26 0 6/20/95 7/1/2020 5 8.875% F 97,186
27 4,524,938 7/27/95 8/1/2025 53 9.000% F 37,113
28 3,686,655 7/31/95 8/1/2020 89 9.250% F 32,543
29 4,808,785 8/22/95 9/1/2020 55 8.870% F 41,183
30 4,782,232 8/30/95 9/1/2025 90 8.800% F 38,526
31 3,345,110 8/30/95 9/1/2025 90 8.800% F 26,948
32 2,521,403 4/18/95 5/1/2020 50 9.620% F 22,933
33 5,738,044 9/14/95 10/1/2015 91 8.700% F 53,184
34 4,949,538 9/14/95 10/1/2015 91 8.700% F 45,875
35 4,636,035 9/14/95 10/1/2015 91 8.700% F 42,970
36 4,626,535 9/14/95 10/1/2015 91 8.700% F 42,881
37 5,153,317 10/3/95 11/1/2020 92 9.000% F 44,477
38 5,144,520 9/29/95 10/1/2020 55 8.875% F 44,025
42 7,901,873 11/9/94 12/1/2024 46 9.850% F 69,931
43 7,256,885 11/14/94 12/1/2024 46 9.350% F 61,647
47 3,214,965 9/14/95 10/1/2015 91 7.950% F 28,333
48 27,641,630 12/19/95 1/1/2023 94 8.375% F 220,692
49 5,016,971 11/8/95 12/1/2025 93 9.000% F 41,036
50 3,547,476 12/28/95 1/1/2021 94 8.375% F 29,084
51 4,570,493 12/12/95 1/1/2021 59 8.500% F 37,846
52 5,393,644 11/27/95 12/1/2020 57 8.625% F 45,159
53 6,821,230 12/12/95 1/1/2016 94 8.125% F 51,604
54 4,478,047 12/20/95 1/1/2021 94 8.750% F 37,819
- -- ----------- ---------- ---------- ---- -------- --- -------
TOTAL 195,798,905
===========
</TABLE>
Page - 19
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: MARCH, 1998
DATE PRINTED: 25-MAR-98
<TABLE>
<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>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY PERFORMANCE
PORTFOLIO: SALOMON BROS MTGE SEC VII SERIES 1996 C1
REPORTING PERIOD: MARCH, 1998
DATE PRINTED: 25-MAR-98
<TABLE>
<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 1 342,821 12/31/97 BORROWER N/A N/A N/A N/A 81.0% 12/31/97
02 1 84,439 12/31/97 BORROWER N/A N/A N/A N/A 95.0% 12/31/97
03 1 113,327 12/31/97 BORROWER N/A N/A N/A N/A 96.0% 12/31/97
04 1 268,669 12/31/97 BORROWER N/A N/A N/A N/A 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 1 242,502 12/31/97 BORROWER 0,000 5/6/97 5/6/97 BORROWER 100.0% 12/31/97
09 1 595,961 12/31/97 BORROWER N/A N/A N/A N/A 88.0% 12/31/97
10 1 212,744 12/31/96 BORROWER 185,643 1/1/97 9/30/97 BORROWER 96.2% 9/30/97
11 1 1,479,150 12/31/97 BORROWER N/A N/A N/A N/A 98.0% 12/31/97
12 1 687,424 12/31/97 BORROWER N/A N/A N/A N/A 100.0% 12/31/97
13 1 234,038 12/31/97 BORROWER N/A N/A N/A N/A 93.0% 12/31/97
14 1 122,817 12/31/96 CPA 119,527 1/1/97 8/31/97 CPA 100.0% 12/31/97
20 1 400,509 12/31/97 BORROWER N/A N/A N/A N/A 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 N/A N/A N/A N/A 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 1 835,139 12/31/97 BORROWER N/A N/A N/A N/A 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 N/A N/A N/A N/A 100.0% 12/31/97
29 1 833,367 12/31/97 BORROWER N/A N/A N/A N/A 99.0% 12/31/97
30 1 684,679 12/31/97 BORROWER N/A N/A N/A N/A 97.0% 12/31/97
31 1 420,985 12/31/97 BORROWER N/A N/A N/A N/A 93.0% 12/31/97
32 1 339,779 12/31/97 BORROWER N/A N/A N/A N/A 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 N/A N/A N/A N/A 100.0% 12/31/97
38 1 943,949 12/31/97 BORROWER N/A N/A N/A N/A 97.0% 12/31/97
42 1 1,058,534 12/31/97 BORROWER N/A N/A N/A N/A 95.0% 12/31/97
43 1 251,005 12/31/97 BORROWER N/A N/A N/A N/A 95.0% 12/31/97
43 2 325,621 12/31/97 BORROWER N/A N/A N/A N/A 93.0% 12/31/97
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 N/A N/A N/A N/A 100.0% 1/8/98
50 1 457,068 12/31/97 BORROWER N/A N/A N/A N/A 82.0% 12/31/97
51 1 736,421 12/31/97 BORROWER N/A N/A N/A N/A 74.0% 12/31/97
52 1 1,012,195 12/31/97 BORROWER N/A N/A N/A N/A 100.0% 12/31/97
53 1 927,059 12/31/97 BORROWER N/A N/A N/A N/A 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: MARCH, 1998
DATE PRINTED: 25-MAR-98
LOAN 01 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 6% AND OPERATING EXPENSES ARE UP 12%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 02 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 9% AND OPERATING EXPENSES ARE UP 4%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 03 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 10% AND OPERATING EXPENSES ARE DOWN 4%. 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 COST OF COMPLETING THE CITY OCCUPANCY INSPECTION. Partial Year
Statement Comment: 7/31/97 - COMPARED TO BASE LINE, REVENUE IS UP 2% AND
OPERATING EXPENSES ARE UP 15% AS OF 7/31/97. CAPITAL EXPENDITURES CONSIST OF
CARPETS, APPLIANCES AND REPLACEMENT RESERVES.
LOAN 07 - 1: Latest Annual Statement Comment: 12/31/96 - COMPARED TO
BASE LINE, REVENUE IS UP 5% AND OPERATING EXPENSES ARE DOWN 12%, AS OF
12/31. Partial Year Statement Comment: 9/30/97 - NORMALIZED PROPERTY
TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 08 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 11% AND OPERATING EXPENSES ARE UP 1%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 09 - 1:
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: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 5% AND OPERATING EXPENSES ARE UP 14%. 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 17%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER TRANSACITON INFORMATION.
LOAN 14 - 1: Status Comment: Assumption in progress. Latest Annual
Statement Comment: 12/31/96 - COMPARED TO BASE LINE, REVENUE IS UP 12% AND
OPERATING EXPENSES ARE UP 17% AS OF 12/31/96. JUNE 30, 1997 RENT ROLL
REPORTS 100% OCCUPANCY. Partial Year Statement Comment: 8/31/97 -
NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING INFORMATION. COMPARED TO
BASE LINE, REVENUE IS UP 24% AND OPERATING EXPENSES ARE UP 15% AS OF
8/31/97. NO MANAGEMENT FEES NOT REPORTED SINCE MANAGEMENT IS COMPENSATED IN
FORM OF PARTNER DISTRIBUTIONS.
LOAN 20 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS EVEN AND OPERATING EXPENSES ARE UP 24%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
Page - 22
<PAGE>
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: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 20% AND OPERATING EXPENSES ARE UP 12% DUE TO
INCREASE IN UTILITIES. NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER
LOAN SERVICING INFORMATION.
LOAN 30 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 14% AND OPERATING EXPENSES ARE UP 18% DUE TO
INCREASE IN UTILITIES. NORMALIZED INSURANCE EXPENSE PER LOAN SERVICING
INFORMATION.
LOAN 31 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 10% AND OPERATING EXPENSES ARE UP 25%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 32 - 1: Latest Annual Statement Comment: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS DOWN 15% AND OPERATING EXPENSES ARE DOWN 9%.
NORMALIZED PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING
INFORMATION.
LOAN 33 - 1: Status Comment: Property name changed to Wyndham Garden
Hotel on February 11, 1998. 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 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.
Page - 23
<PAGE>
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: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS UP 12% AND OPERATING EXPENSES ARE UP 14%. NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
LOAN 42 - 1: Latest Annual Statement Comment: 12/31/97 - NORMALIZED
PROPERTY TAXES AND INSURANCE PER LOAN SERVICING INFO.
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: 12/31/97 - NORMALIZED PROPERTY TAXES AND INSURANCE PER LOAN
SERVICING INFO.
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: 12/31/97 - NORMALIZED PROPERTY TAXES AND INSURANCE PER LOAN
SERVICING INFO.
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: 12/31/97 - COMPARED TO
BASE LINE, REVENUE IS DOWN 8% AND OPERATING EXPENSES ARE UP 1%. NORMALIZED
INSURANCE EXPENSE PER LOAN SERVICING INFORMATION. DECLINE IN NOI DUE TO
DECREASE IN OCCUPANCY RATE.
LOAN 51 - 1: Latest Annual Statement Comment: 12/31/97 - NORMALIZED
PROPERTY TAXES AND INSURANCE EXPENSE PER LOAN SERVICING INFORMATION.
COMPARED TO BASE LINE, REVENUE IS UP 13% AND OPERATING EXPENSES ARE UP 11%.
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.
Page - 24
<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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