SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 333-14225 and 333-22559
Salomon Brothers Mortgage Securities VII, Inc., Series 1996-LB2 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-2004380, 52-2004378
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 26, 1997, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Salomon Brothers Mortgage
Securities VII, Inc., Series 1996-LB2 Trust (the "Trust"), established pursuant
to a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement")
among Salomon Brothers Mortgage Securities VII, Inc., as Depositor, (the
"Depositor"), Long Beach Mortgage Company, as Master Servicer, (the "Master
Servicer") and Norwest Bank Minnesota, N.A., as Trustee, ( the "Trustee"),
pursuant to which the Salomon Brothers Mortgage Securities VII, Inc., Series
1996-LB2 Trust, certificates registered under the Securities Act of 1933 (the
"Certificates") were issued. Item 14 of the Original Form 10-K is amended to
read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Long Beach Mortgage Company, as Servicer <F1>
99.2 Management Assertion Letter:
(a) Long Beach Mortgage Company, as Servicer <F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) Long Beach Mortgage Company, as Servicer <F1>
(b) No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Omitted.
(d) Omitted.
<F1> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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:
Salomon Brothers Mortgage Securities VII, Inc., Series 1996-LB2 Trust
By: Norwest Bank Minnesota, N.A.,
as Trustee
By: /s/ Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President
Dated: June 24, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Long Beach Mortgage Company, as Servicer <F1>
99.2 Management Assertion Letter:
(a) Long Beach Mortgage Company, as Servicer <F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) Long Beach Mortgage Company, as Servicer <F1>
<F1> Filed herewith.
Deloitte &
Touche LLP
(logo) Suite 1200 Telephone (714) 436-7100
695 Town Center Drive Facsimile: (714) 436-7200
Costa Mesa, California 92626-1924
INDEPENDENT ACCOUNTANTS'REPORT
To Long Beach Mortgage Company:
We have examined management's assertion about Long Beach Mortgage Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996, included in the
accompanying management assertion. Management is responsible for Long Beach
Mortgage Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Long Beach Mortgage Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on Long Beach Mortgage Company's compliance
with the minimum servicing standards.
In our opinion, management's assertion that Long Beach Mortgage Company complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
March 28, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
(logo) Long Beach Mortgage
Company
January 12, 1997
As of and for the year ended December 31, 1996, Long Beach Mortgage Company has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION
PROGRAM FOR MORTGAGE BANKERS. As of and for this same period, Long Beach
Mortgage Company had in effect a fidelity bond in the amount of $ 10,000,000
and errors and omissions policy in the amount of $3,500,000.
/s/ Patricia L. Wayman /s/ Sheridan Brooks
Patricia Wayman Sheridan Brooks
President Controller
Servicing Division
1068 TOWN & COUNTRY ROAD, ORANGE, CALIFORNIA 92868 (714) 543-5262 (logo)
Equal Housing
LENDER
(logo) Long Beach Mortgage
Company
OFFICERS CERTIFICATE
ANNUAL STATEMENT OF COMPLIANCE
MORTGAGE PASS-THROUGH CERTIFICATES
RESIDENTIAL MORTGAGE LOANS SERIES
1996-LBl, 1996-LB2, 1996-LB3, 1997-LBl
IN ACCORDANCE WITH THE APPROPRIATE SECTION OF THE ABOVE CAPTIONED POOLING AND
SERVICING AGREEMENTS, I, PATRICIA L. WAYMAN, AND SHAWNA R. OGILVIE OF LONG
BEACH MORTGAGE COMPANY, (THE "SERVICER") HEREBY CERTIFY:
(i) A REVIEW OF THE ACTIVITIES OF THE SERVICER DURING THE PRECEDING CALENDAR
YEAR, AND OF PERFORMANCE UNDER THESE AGREEMENTS HAVE BEEN MADE UNDER OUR
SUPERVISION.
(ii) TO THE BEST OF OUR KNOWLEDGE, BASED ON SUCH REVIEW, THE SERVICER HAS
FULFILLED ALL ITS OBLIGATIONS UNDER THESE AGREEMENTS THROUGHOUT SUCH YEAR.
CERTIFIED THIS 18TH DAY OF MARCH, 1997.
BY: /s/ Patricia L. Wayman
PATRICIA L. WAYMAN
PRESIDENT
BY: /s/ Shawna R. Ogilvie
SHAWNA R. OGILVIE
VICE PRESIDENT
1068 TOWN & COUNTRY ROAD, ORANGE, CALIFORNIA 92868 (714) 543-5262 (logo)
Equal Housing
LENDER
