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Previous: IRVINE APARTMENT COMMUNITIES L P, S-3, 1997-05-15 |
Next: SALOMON BROTHERS MORT SEC VII INC ASST BACK CERT SE 1997-LB2, 8-K, 1997-05-15 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) May 12, 1997
The Money Store Commercial Mortgage Inc. (as Seller under a Pooling and
Servicing Agreement dated as of February 28, 1997 providing for the issuance
of The Money Store Business Loan Backed Certificates, Series 1997-I, Class A,
Class M and Class B
The Money Store Commercial Mortgage Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New Jersey 333-20817 Applied For
---------- --------- -----------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
------------------------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: 908-686-2000
----------------
n/a
------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
-------------------------------------------
Attached herein as Annex A is a copy of the Monthly Statement sent to Class
A Certificate holders with respect to the May 12, 1997 Remittance Date.
<PAGE>
SIGNATURES
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.
THE MONEY STORE COMMERCIAL MORTGAGE INC.
By: \S\ Harry Puglisi
----------------------------------------
Name: Harry Puglisi
Title: Treasurer
Dated: May 15, 1997
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.09 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF FEBRUARY 28, 1997, THE MONEY STORE COMMERCIAL MORTGAGE INC. REPORTS THE
FOLLOWING INFORMATION PERTAINING SERIES FOR TO 1997-1 THE MAY 12, DETERMINATION
DATE
<TABLE>
<S> <C> <C>
1. AVAILABLE FUNDS ($439,895.94)
2. (A) AGGREGATE CLASS A CERTIFICATE
PRINCIPAL BALANCE AS REPORTED IN THE PRIOR MONTH 75,494,905.42
(B) AGGREGATE CLASS M CERTIFICATE
PRINCIPAL BALANCE AS REPORTED IN THE PRIOR MONTH 7,200,000.00
(C) AGGREGATE CLASS B CERTIFICATE
PRINCIPAL BALANCE AS REPORTED IN THE PRIOR MONTH 7,189,991.00
(D) AGGREGATE POOL PRINCIPAL BALANCE
AS REPORTED IN THE PRIOR MONTH 87,683,697.84
3. PRINCIPAL PREPAYMENTS RECEIVED DURING THE DUE PERIOD
(A) NUMBER OF ACCOUNTS 0
(B) DOLLARS 0.00
4. AMOUNT OF CURTAILMENTS RECEIVED DURING THE DUE PERIOD 0.00
5. AMOUNT OF ALL EXCESS PAYMENTS AND MONTHLY PAYMENTS IN
RESPECT OF PRINCIPAL RECEIVED DURING THE DUE PERIOD 1,019,577.84
6. AGGREGATE AMOUNT OF INTEREST RECEIVED 728,924.43
7. (A) AMOUNT OF MONTHLY ADVANCE 0.00
(B) AMOUNT OF COMPENSATING INTEREST 0.00
8. DELINQUENCY AND FORECLOSURE INFORMATION
(SEE EXHIBIT K)
9. (A) AMOUNT OF REALIZED LOSSES INCURRED DURING THE DUE PERIOD 0.00
(B) THE ACTUAL LOSS AMOUNT FOR SUCH REMITTANCE DATE 0.00
10. (A) CLASS A INTEREST DISTRIBUTION AMOUNT:
(i) ACCRUED INTEREST 402,639.60
(ii) SHORTFALL, IF ANY, ON A PRECEDING
REMITTANCE DATE PLUS INTEREST 0.00
(iii) CLASS A INTEREST DISTRIBUTION AMOUNT ADJUSTMENT 117.34
ADJUSTED CLASS A INTEREST DISTRIBUTION AMOUNT 402,756.94
5.32747275
(B) CLASS M INTEREST DISTRIBUTION AMOUNT:
(i) ACCRUED INTEREST 41,100.00
(ii) SHORTFALL, IF ANY, ON A PRECEDING
REMITTANCE DATE PLUS INTEREST 0.00
(iii) CLASS M INTEREST DISTRIBUTION AMOUNT ADJUSTMENT 11.99
ADJUSTED CLASS M INTEREST DISTRIBUTION AMOUNT 41,111.99
5.70999861
(C) CLASS B INTEREST DISTRIBUTION AMOUNT:
(i) ACCRUED INTEREST 42,540.90
(ii) SHORTFALL, IF ANY, ON A PRECEDING
REMITTANCE DATE PLUS INTEREST 0.00
(iii) CLASS B INTEREST DISTRIBUTION AMOUNT ADJUSTMENT 12.29
ADJUSTED CLASS B INTEREST DISTRIBUTION AMOUNT 42,553.19
5.91016528
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
(D) CLASS A PRINCIPAL DISTRIBUTION AMOUNT:
(i) ALL PAYMENTS AND OTHER RECOVERIES OF PRINCIPAL 856,445.39
(ii) PRINCIPAL PORTION PURCHASED FOR BREACH OF
WARRANTY AND RECEIVED BY THE TRUSTEE 0.00
(iii) SUBSTITUTION ADJUSTMENTS 0.00
(iv) PRINCIPAL BALANCE OF A LIQUIDATED BUSINESS LOAN 0.00
(v) AMOUNT RELEASED FROM THE PRE-FUNDING ACCOUNT 0.00
(vi) RECALCULATED PRINCIPAL ADJUSTMENT (1,909,198.20)
TOTAL CLASS A PRINCIPAL DISTRIBUTION AMOUNT (1,052,752.81)
(13.92530172)
(E) CLASS M PRINCIPAL DISTRIBUTION AMOUNT:
(i) ALL PAYMENTS AND OTHER RECOVERIES OF PRINCIPAL 81,566.23
(ii) PRINCIPAL PORTION PURCHASED FOR BREACH OF
WARRANTY AND RECEIVED BY THE TRUSTEE 0.00
(iii) SUBSTITUTION ADJUSTMENTS 0.00
(iv) PRINCIPAL BALANCE OF A LIQUIDATED BUSINESS LOAN 0.00
(v) AMOUNT RELEASED FROM THE PRE-FUNDING ACCOUNT 0.00
(vi) RECALCULATED PRINCIPAL ADJUSTMENT (181,828.40)
TOTAL CLASS M PRINCIPAL DISTRIBUTION AMOUNT (100,262.17)
(13.92530139)
(F) CLASS B PRINCIPAL DISTRIBUTION AMOUNT:
(i) ALL PAYMENTS AND OTHER RECOVERIES OF PRINCIPAL 81,566.23
(ii) PRINCIPAL PORTION PURCHASED FOR BREACH OF
WARRANTY AND RECEIVED BY THE TRUSTEE 0.00
(iii) SUBSTITUTION ADJUSTMENTS 0.00
(iv) PRINCIPAL BALANCE OF A LIQUIDATED BUSINESS LOAN 0.00
(v) AMOUNT RELEASED FROM THE PRE-FUNDING ACCOUNT 0.00
(vi) RECALCULATED PRINCIPAL ADJUSTMENT (181,828.40)
TOTAL CLASS B PRINCIPAL DISTRIBUTION AMOUNT (100,262.17)
(13.92530139)
11. (A) AMOUNT AVAILABLE IN THE SPREAD ACCOUNT IN CASH
AND FROM LIQUIDATION OF PERMITTED INSTRUMENTS 346,192.06
(B) AMOUNT TO BE TRANSFERRED FROM SPREAD ACCOUNT TO
CERTIFICATE ACCOUNT PURSUANT TO SECTION 6.02(b)(i) 0.00
(C) THE TOTAL AMOUNT OF GUARANTY PAYMENTS 0.00
(D) PAYMENTS WITH RESPECT TO ALTERNATE CREDIT ENHANCEMENT 0.00
12. (A) AGGREGATE CLASS A CERTIFICATE PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE REMITTANCE DATE 76,547,658.23
1,012.53516177
(B) AGGREGATE CLASS M CERTIFICATE PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE REMITTANCE DATE 7,300,262.17
1,013.92530139
(C) AGGREGATE CLASS B CERTIFICATE PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE REMITTANCE DATE 7,290,253.17
1,012.53516250
(D) POOL PRINCIPAL BALANCE AFTER DISTRIBUTIONS
TO BE MADE ON THE REMITTANCE DATE 88,936,974.99
988.18861100
13. (A) EXTRA INTEREST FOR SUCH REMITTANCE DATE 245,368.20
(C) SPREAD ACCOUNT EXCESS (payable to Spread Account Depositor) 0.00
(C) SPREAD ACCOUNT BALANCE 346,192.06
(D) SPECIFIED SPREAD ACCOUNT REQUIREMENT 0.00
14. (A) WEIGHTED AVERAGE MATURITY 285.558
(B) WEIGHTED AVERAGE BUSINESS LOAN INTEREST RATE 10.560%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
15. (A) SERVICING FEES FOR THE RELATED DUE PERIOD 28,274.24
(B) AMOUNTS TO BE DEPOSITED TO THE EXPENSE ACCOUNT 4,384.19
16. AMOUNT OF REIMBURSEMENTS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f) 31,740.36
17. (A) CLASS A REMITTANCE RATE FOR SUCH REMITTANCE DATE 6.400%
(B) CLASS M REMITTANCE RATE FOR SUCH REMITTANCE DATE 6.850%
(C) CLASS B REMITTANCE RATE FOR SUCH REMITTANCE DATE 7.100%
18. (A) CUMULATIVE ACTUAL LOSS AMOUNT FOR SUCH REMITTANCE DATE 0.00
(B) CUMULATIVE REALIZED LOSSES FOR SUCH REMITTANCE DATE 0.00
19. (A) CLASS B SHORTFALL AMOUNT FOR SUCH REMITTANCE DATE 0.00
20. (A) AGGREGATE PRINCIPAL BALANCE OF THE SUBSEQUENT MORTGAGE
LOANS PURCHASED DURING THE PRIOR DUE PERIOD 0.00
(B) AMOUNT ON DEPOSIT IN THE PRE-FUNDING ACCOUNT AS OF THE END OF
SUCH DUE PERIOD 2,191,189.58
21. OTHER INFORMATION AS REQUESTED
</TABLE>
<PAGE>
I, Harry Puglisi, Treasurer, represent that The Money Store Commercial Mortgage
Inc. complied with section 6.09 of the Pooling and Servicing Agreement dated
February 28, 1997 pertaining to Series 1997 - 1 in preparing the accompanying
Servicer's Certificate.
THE MONEY STORE COMMERCIAL MORTGAGE INC.
By: \S\ Harry Puglisi
-------------------------
HARRY PUGLISI
TREASURER
By: \S\ Harry Puglisi
-------------------------
HARRY PUGLISI
TREASURER
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