SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 07/15/99
(Date of earliest event reported)
JP Morgan Commercial Mortgage Finance Corporation,
in respect of Commercial Mortgage Pass-Through Certificate,
Series 1999-C7
(Exact name of registrant as specified in governing instruments)
Delaware
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(212) 648-4518
(Registrant's telephone number, including area code)
Commission File Number 333-63589
133789046 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
JP Morgan Commercial Mortgage Finance Corporation,
in respect of Commercial Mortgage Pass-Through Certificate,
Series 1999-C7
FORM 8-K
INDEX
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
<PAGE>
JP Morgan Commercial Mortgage Finance Corporation,
in respect of Commercial Mortgage Pass-Through Certificate,
Series 1999-C7
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange
Act of 1934, the registrar has duly caused this report to
be signed on its behalf by the
undersigned hereunto duly authorized.
JP Morgan Commercial Mortgage Finance Corporation,
in respect of Commercial Mortgage Pass-Through Certificate,
Series 1999-C7
(Registrant)
Date: 07/15/99
By:
Name: David Shepherd
Title: Assistant Secretary
State Street Bank and Trust Company
as Trustee
J. P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates
Series 1999-C7
B294
Report to Certificateholders for Payment Date: July 15, 1999
Payment Summary
<TABLE>
Pass-Through Interest Original Original Beginning Principal
Class CUSIP Rate Type Fitch Rating Balance Balance Paid
<S> <C> <C> <C> <C> <C> <C> <C>
A1 617059FA3 6.1800000% Fixed AAA 208,000,000.00 206,359,750.44 873,046.26
A2 617059FB1 6.5070000% Fixed AAA 356,953,000.00 356,953,000.00 0.00
B 617059FD7 6.6580000% Fixed AA 40,067,000.00 40,067,000.00 0.00
C 617059FE5 6.7539070% Variable A+ 40,067,000.00 40,067,000.00 0.00
D 617059FF2 7.1319070% Variable BBB 52,087,000.00 52,087,000.00 0.00
E 617059FG0 7.1319070% Variable BBB- 12,020,000.00 12,020,000.00 0.00
F 617059FH8 6.0000000% Fixed BB 38,064,000.00 38,064,000.00 0.00
G 617059FJ4 6.0000000% Fixed B 26,043,000.00 26,043,000.00 0.00
H 617059FK1 6.0000000% Fixed B- 4,006,000.00 4,006,000.00 0.00
NR 617059FL9 6.0000000% Fixed NR 24,045,036.00 24,045,036.00 0.00
X* 617059FC9 0.6976831% Variable AAA 801,352,036.00 799,711,786.44 0.00
R-I 617059FM7 0.0000000% Residual NR 0.00 0.00 0.00
R-II 617059FN5 0.0000000% Residual NR 0.00 0.00 0.00
R-III 617059FP0 0.0000000% Residual NR 0.00 0.00 0.00
* Based on a Notional Balance Totals: 801,352,036.00 799,711,786.44 873,046.26
</TABLE>
Class Interest Total P&I Ending
Distrib Amt Payable Balance
1,062,752.71 1,935,798.97 205,486,704.18
1,935,577.64 1,935,577.64 356,953,000.00
222,305.07 222,305.07 40,067,000.00
225,507.32 225,507.32 40,067,000.00
309,566.36 309,566.36 52,087,000.00
71,437.93 71,437.93 12,020,000.00
190,320.00 190,320.00 38,064,000.00
130,215.00 130,215.00 26,043,000.00
20,030.00 20,030.00 4,006,000.00
120,225.18 120,225.18 24,045,036.00
464,954.47 464,954.47 798,838,740.18
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
4,752,891.68 5,625,937.94 798,838,740.18
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Cert Factor Distrib Distrib Cert Factor
<S> <C> <C> <C> <C>
A-1 0.9921141848 4.1973377885 5.1093880288 0.9879168470
A-2 1.0000000000 0.0000000000 5.4224999930 1.0000000000
B 1.0000000000 0.0000000000 5.5483332917 1.0000000000
C 1.0000000000 0.0000000000 5.6282556717 1.0000000000
D 1.0000000000 0.0000000000 5.9432557068 1.0000000000
E 1.0000000000 0.0000000000 5.9432554077 1.0000000000
F 1.0000000000 0.0000000000 5.0000000000 1.0000000000
G 1.0000000000 0.0000000000 5.0000000000 1.0000000000
H 1.0000000000 0.0000000000 5.0000000000 1.0000000000
NR 1.0000000000 0.0000000000 5.0000000000 1.0000000000
X 0.9979531473 0.0000000000 0.5802125023 0.9968636807
R-I N/A N/A N/A N/A
R-II N/A N/A N/A N/A
R-III N/A N/A N/A N/A
</TABLE>
Payment Details
Principal Detail
<TABLE>
Beg Sched Unsched Other Prin Total Prin Rlzd Loss Appraisal End Cum Cum
Class Bal Prin Prin Cash Adj's Distrib Bal Adj. Red Amt Bal Rlzd Losses Apprsl Red
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 206,359,750.44 873,046.26 0.00 0.00 873,046.26 0.00 0.00 205,486,704.18 0.00 0.00
A-2 356,953,000.00 0.00 0.00 0.00 0.00 0.00 0.00 356,953,000.00 0.00 0.00
B 40,067,000.00 0.00 0.00 0.00 0.00 0.00 0.00 40,067,000.00 0.00 0.00
C 40,067,000.00 0.00 0.00 0.00 0.00 0.00 0.00 40,067,000.00 0.00 0.00
D 52,087,000.00 0.00 0.00 0.00 0.00 0.00 0.00 52,087,000.00 0.00 0.00
E 12,020,000.00 0.00 0.00 0.00 0.00 0.00 0.00 12,020,000.00 0.00 0.00
F 38,064,000.00 0.00 0.00 0.00 0.00 0.00 0.00 38,064,000.00 0.00 0.00
G 26,043,000.00 0.00 0.00 0.00 0.00 0.00 0.00 26,043,000.00 0.00 0.00
H 4,006,000.00 0.00 0.00 0.00 0.00 0.00 0.00 4,006,000.00 0.00 0.00
NR 24,045,036.00 0.00 0.00 0.00 0.00 0.00 0.00 24,045,036.00 0.00 0.00
X* 799,711,786.44 0.00 0.00 0.00 0.00 0.00 0.00 798,838,740.18 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 799,711,786.44 873,046.26 0.00 0.00 873,046.26 0.00 0.00 798,838,740.18 0.00 0.00
</TABLE>
Interest Detail
<TABLE>
Accrd Beg Unpaid Prepymt Cur Int Yield Main. Prepayment Pymts to Int on Tot Int Cum Unpaid
Class Cert Int Int Int. Shfl Shfl Charge Prems Int Shrtfls Unpd Int Distr. Amt In Shtfl
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 1,062,752.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,062,752.71 0.00
A-2 1,935,577.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,935,577.64 0.00
B 222,305.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 222,305.07 0.00
C 225,507.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 225,507.32 0.00
D 309,566.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 309,566.36 0.00
E 71,437.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 71,437.93 0.00
F 190,320.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 190,320.00 0.00
G 130,215.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 130,215.00 0.00
H 20,030.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,030.00 0.00
NR 120,225.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 120,225.18 0.00
X* 464,954.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 464,954.47 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 4,752,891.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,752,891.68 0.00
</TABLE>
Additional Reporting Information
Mortgage Loan Activity for related Payment Date:
<TABLE>
# of Mtg Wtd Avg Beg Agg Stated End Agg Stated Ending Actual Unpd Available
Loans Note Mtg Rate Prin Bal Prin Bal Prin Bal Distrb Amt
<S> <C> <C> <C> <C> <C>
145 0.072211097 799,711,786.44 798,838,740.18 798,983,544.97 5,628,270.40
</TABLE>
Current Current Additional Principal
Rlzd Loss Trust Fund Exp # of Payoff Prepayments
0.00 0.00 0.00 0.00
Appraisal Reduction Information:
Loan # SPB of Apr Red Loan All Unpd Int & Fees Apprsd Value P&I Adv on Loan
N/A 0.00 0.00 0.00 0.00
Aggregate Delinquency information for related Payment Date:
One Month Two Months 3 Months Forecl Sp. Svcd
# of Loans 0.00 600249.09 0.00 0.00 0.00
Agg Prin Bal 0.00 0.00 0.00 0.00 0.00
REO Property with Final Recovery Determination:
Mortgage Basis for Final All Proceeds Portion Proceeds Amount of
Loan # Recov Determ Received to Certs Realized Loss
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
Subordination Levels
Class Current Original
Seniors 0.295928357 0.295000231
B 0.245771801 0.245000982
C 0.195615245 0.195001733
D 0.130411848 0.130002834
E 0.115365006 0.115003184
F 0.06771584 0.067503461
G 0.035114767 0.035004636
H 0.030099987 0.030005584
NR 0 0
Speed History
CPR
1 month 0
3 month 0
6 month 0
12 month N/A
Life 0
Principal received within 1 month of maturity is not
considered prepayment in the calculation of CPR.
P&I Advance & Fee Information:
Advances:
- Outstanding P&I 921,999.97
- Servicing 0.00
- Nonrecoverable P&I 0.00
Interest on:
- P&I Advances 0.00
- Servicing Advances 0.00
Servicing Compensation:
- to Master Servicer 57,105.98
- to Special Servicer 0.00
Class Maturity Date @ CPR
A-1 April 2008
A-2 April 2009
B April 2009
C April 2009
D April 2009
E April 2009
F NR
G NR
H NR
NR NR
<TABLE>
Historical Information Rolling 24 months (From 5/99)
One Month Del. Two Months Del. Three Plus Del. Pre-Payments Mod./REO/Workouts Liquidations
Date Count Balance Count Balance Count Balance Count Balance Count Balance Count Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/15/99 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
6/15/99 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
5/15/99 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00
</TABLE>
<TABLE>
Org DCR Cur DCR Org Fitch Cur Fitch Org Moody's Cur Moody's Org S&P Cur S&P
Class 1-Jun-99 1-Jun-99
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA AAA AAA AAA Aaa Aaa AAA AAA
A-2 AAA AAA AAA AAA Aaa Aaa AAA AAA
B AAA AAA AA AA Aaa Aaa AA AA
C AA AA A+ A+ Aa2 Aa2 A A
D A- A- BBB BBB A2 A2 BBB BBB
E BBB BBB BBB- BBB- Baa1 Baa1 BBB- BBB-
F NR NR BB BB Baa3 Baa3 BB BB
G NR NR B B Ba2 Ba2 B B
H NR NR B- B- Ba3 Ba3 B- B-
NR NR NR NR NR B2 B2 NR NR
X NR NR AAA AAA B3 B3 AAAr AAAr
R-I NR NR NR NR - - NR NR
R-II NR NR NR NR
R-III AAA AAA NR NR Aaa Aaa NR NR
</TABLE>
