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: September 15, 1997
(Date of earliest event reported)
GS Mortgage Securities Corporation II
(Issuer in Respect of
Commercial Mortgage Pass-Through
Certificates Series 1997-GL I)
(Exact name of registrant as specified in charter)
Delaware 33-99774-02 22-3442024
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File No.) Identification No.)
85 Broad Street, New York, New York 10004
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 902-1000
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the Trust Fund
formed, and the Commercial Mortgage Pass-Through Certificates Series
1997-GL I issued, pursuant to a Pooling and Servicing Agreement, dated
as of August 11, 1997 (the "Pooling and Servicing Agreement"), by and
among GS Mortgage Securities Corporation II, as depositor, GMAC
Commercial Mortgage Corporation, as master servicer and special
servicer, LaSalle National Bank, as trustee and REMIC administrator, and
ABN AMRO Bank, N.V., as fiscal agent. The Class A-1, Class A-2A, Class
A-2B, Class A-2C, Class A-2D, Class X-1A, Class X-2, Class B, Class C,
Class D, Class E, Class F and Class G Certificates have been registered
pursuant to the Act under a Registration Statement on Form S-3 (File
No.333-27083) (the "Registration Statement").
Capitalized terms used herein and not defined herein have
the same meanings ascribed to such terms in the Pooling and Servicing
Agreement.
Pursuant to Section 3.20 of the Pooling and Servicing
Agreement, the Trustee is filing this Current Report containing (i) the
September 15, 1997 monthly distribution report prepared by the Trustee
pursuant to Section 4.02 thereof and (ii) certain information received
from the borrowers under the loan documents, including operating
statements, officer's certificates, occupancy reports, tenant sales per
square foot and rent per square foot by merchandise category, tenant
notices and tenant change reports or listing of tenants that declared
bankruptcy or had lease expirations that did not renew.
This Current Report is being filed by the Trustee, in its
capacity as such under the Pooling and Servicing Agreement, on behalf of
the Registrant. The information reported and contained herein has been
supplied to the Trustee by one or more of the Master Servicer, the
Special Servicer or other third parties without independent review or
investigation by the Trustee. Pursuant to the Pooling and Servicing
Agreement, the Trustee is not responsible for the accuracy or
completeness of such information.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(c) Exhibits
Exhibit No. Description
99.1 Monthly distribution report pursuant to
Section 4.02 of the Pooling and Servicing
Agreement for the distribution on
` September 15, 1997.
99.2 Certain information received from
borrowers pursuant to loan documents.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
LASALLE NATIONAL BANK, IN
ITS CAPACITY AS TRUSTEE
UNDER THE POOLING AND
SERVICING AGREEMENT ON
BEHALF OF GS MORTGAGE SECURITIES
CORPORATION II, REGISTRANT
By: /s/ Russell Goldenberg
Russell Goldenberg,
Senior Vice President
Date: September 15, 1997
Exhibit Index
Exhibit No. Description
99.1 Monthly distribution report pursuant to
Section 4.02 of the Pooling and Servicing
Agreement for the distribution on
September 15, 1997.
99.2 Certain information received from
borrowers pursuant to loan documents.
ABN AMRO
LaSalle National Bank
Administrator:
Barbara Marik (800) 246-5761
135 S. LaSalle Street Suite 1740
Chicago, IL 60603
GMAC Commercial Mortgage Corporation, as Servicer
AMRESCO Management Inc., as Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1997-GL1
ABN AMRO Acct: 67-7793-002
Payment Date: 09/15/97
Prior Payment: NA
Record Date: 08/29/97
A-1 Record Date: 09/10/97
WAC: 8.108349%
WAMM: 105
Number Of Pages
Table Of Contents 1
REMIC Certificate Report 5
Other Related Information 3
Asset Backed Facts Sheets 3
Delinquency Loan Detail
Mortgage Loan Characteristics
Loan Level Listing 1
Total Pages Included In This Package 13
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
Upper Tier
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 50,000,000.00 50,000,000.00 0.00
36228CAJ2 1000.000000000 1000.000000000 0.000000000
A-2A 131,100,000.00 131,100,000.00 618,739.49
36228CAK9 1000.000000000 1000.000000000 4.719599466
A-2B 240,900,000.00 240,900,000.00 0.00
36228CAL7 1000.000000000 1000.000000000 0.000000000
A-2C 30,000,000.00 30,000,000.00 0.00
36228CAM5 1000.000000000 1000.000000000 0.000000000
A-2D 222,190,000.00 222,190,000.00 0.00
36228CAN3 1000.000000000 1000.000000000 0.000000000
X-1A 50,000,000.00 N50,000,000.00 0.00
36228CAX1 1000.000000000 1000.000000000 0.000000000
X-1B 50,000,000.00 N50,000,000.00 0.00
9ABSA668 1000.000000000 1000.000000000 0.000000000
X-2 892,890,000.00 N892,890,000.00 0.00
36228CAY9 1000.000000000 1000.000000000 0.000000000
B 78,160,000.00 78,160,000.00 0.00
36228CAP8 1000.000000000 1000.000000000 0.000000000
C 14,660,000.00 14,660,000.00 0.00
36228CAQ6 1000.000000000 1000.000000000 0.000000000
D 53,750,000.00 53,750,000.00 0.00
36228CAR4 1000.000000000 1000.000000000 0.000000000
E 14,650,000.00 14,650,000.00 0.00
36228CAS2 1000.000000000 1000.000000000 0.000000000
F 48,860,000.00 48,860,000.00 0.00
36228CAT0 1000.000000000 1000.000000000 0.000000000
G 58,620,000.00 58,620,000.00 0.00
36228CAU7 1000.000000000 1000.000000000 0.000000000
H 34,208,999.00 34,208,999.00 0.00
36228CAW3 1000.000000000 1000.000000000 0.000000000
R 0.00 0.00 0.00
9ABSA679 1000.000000000 1000.000000000 0.000000000
977,098,999.00 977,098,999.00 618,739.49
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 50,000,000.00
36228CAJ2 0.000000000 0.000000000 1000.000000000
A-2A 0.00 0.00 130,481,260.51
36228CAK9 0.000000000 0.000000000 995.280400534
A-2B 0.00 0.00 240,900,000.00
36228CAL7 0.000000000 0.000000000 1000.000000000
A-2C 0.00 0.00 30,000,000.00
36228CAM5 0.000000000 0.000000000 1000.000000000
A-2D 0.00 0.00 222,190,000.00
36228CAN3 0.000000000 0.000000000 1000.000000000
X-1A 0.00 0.00 50,000,000.00
36228CAX1 0.000000000 0.000000000 1000.000000000
X-1B 0.00 0.00 50,000,000.00
9ABSA668 0.000000000 0.000000000 1000.000000000
X-2 0.00 0.00 892,271,260.51
36228CAY9 0.000000000 0.000000000 999.307037272
B 0.00 0.00 78,160,000.00
36228CAP8 0.000000000 0.000000000 1000.000000000
C 0.00 0.00 14,660,000.00
36228CAQ6 0.000000000 0.000000000 1000.000000000
D 0.00 0.00 53,750,000.00
36228CAR4 0.000000000 0.000000000 1000.000000000
E 0.00 0.00 14,650,000.00
36228CAS2 0.000000000 0.000000000 1000.000000000
F 0.00 0.00 48,860,000.00
36228CAT0 0.000000000 0.000000000 1000.000000000
G 0.00 0.00 58,620,000.00
36228CAU7 0.000000000 0.000000000 1000.000000000
H 0.00 0.00 34,208,999.00
36228CAW3 0.000000000 0.000000000 1000.000000000
R 0.00 0.00 0.00
9ABSA679 0.000000000 0.000000000 0.000000000
0.00 0.00 976,480,259.51
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
A-1 261,090.22 0.00 5.874530000%
36228CAJ2 5.221804400 0.000000000 5.886250000%
A-2A 758,195.00 0.00 6.940000000%
36228CAK9 5.783333333 0.000000000 Fixed
A-2B 1,377,145.00 0.00 6.860000000%
36228CAL7 5.716666667 0.000000000 Fixed
A-2C 173,250.00 0.00 6.930000000%
36228CAM5 5.775000000 0.000000000 Fixed
A-2D 1,284,998.83 0.00 6.940000000%
36228CAN3 5.783333318 0.000000000 Fixed
X-1A 26,285.42 0.00 0.630850040%
36228CAX1 0.525708400 0.000000000 0.573500000%
X-1B 0.00 0.00
9ABSA668 0.000000000 0.000000000
X-2 795,825.54 0.00 1.069550160%
36228CAY9 0.891291805 0.000000000 1.067726090%
B 465,904.48 0.00 7.153088220%
36228CAP8 5.960906858 0.000000000 6.954060410%
C 87,875.56 0.00 7.193088220%
36228CAQ6 5.994240109 0.000000000 6.994060410%
D 323,086.24 0.00 7.213088220%
36228CAR4 6.010906791 0.000000000 7.014060410%
E 88,914.37 0.00 7.283088220%
36228CAS2 6.069240273 0.000000000 7.084060410%
F 299,393.24 0.00 7.353088220%
36228CAT0 6.127573475 0.000000000 7.154060410%
G 382,157.86 0.00 7.823088220%
36228CAU7 6.519240191 0.000000000 7.624060410%
H 231,283.86 0.00 8.113088220%
36228CAW3 6.760906977 0.000000000 7.914060410%
R 0.00 0.00
9ABSA679 0.000000000 0.000000000
6,555,405.62 0.00
Middle Tier
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
MA-1 50,000,000.00 50,000,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MA-2A 131,100,000.00 131,100,000.00 618,739.49
None 1000.000000000 1000.000000000 4.719599466
MA-2B 240,900,000.00 240,900,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MA-2C 30,000,000.00 30,000,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MA-2D 222,190,000.00 222,190,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MX-1B 50,000,000.00 N50,000,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MB 78,160,000.00 78,160,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MC 14,660,000.00 14,660,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MD 53,750,000.00 53,750,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
ME 14,650,000.00 14,650,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MF 48,860,000.00 48,860,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MG 58,620,000.00 58,620,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MH 34,208,999.00 34,208,999.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MR 0.00 0.00 0.00
9ABSA680 1000.000000000 1000.000000000 0.000000000
977,098,999.00 977,098,999.00 618,739.49
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
MA-1 0.00 0.00 50,000,000.00
None 0.000000000 0.000000000 1000.000000000
MA-2A 0.00 0.00 130,481,260.51
None 0.000000000 0.000000000 995.280400534
MA-2B 0.00 0.00 240,900,000.00
None 0.000000000 0.000000000 1000.000000000
MA-2C 0.00 0.00 30,000,000.00
None 0.000000000 0.000000000 1000.000000000
MA-2D 0.00 0.00 222,190,000.00
None 0.000000000 0.000000000 1000.000000000
MX-1B 0.00 0.00 50,000,000.00
None 0.000000000 0.000000000 1000.000000000
MB 0.00 0.00 78,160,000.00
None 0.000000000 0.000000000 1000.000000000
MC 0.00 0.00 14,660,000.00
None 0.000000000 0.000000000 1000.000000000
MD 0.00 0.00 53,750,000.00
None 0.000000000 0.000000000 1000.000000000
ME 0.00 0.00 14,650,000.00
None 0.000000000 0.000000000 1000.000000000
MF 0.00 0.00 48,860,000.00
None 0.000000000 0.000000000 1000.000000000
MG 0.00 0.00 58,620,000.00
None 0.000000000 0.000000000 1000.000000000
MH 0.00 0.00 34,208,999.00
None 0.000000000 0.000000000 1000.000000000
MR 0.00 0.00 0.00
9ABSA680 0.000000000 0.000000000 0.000000000
0.00 0.00 976,480,259.51
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
MA-1 261,090.22 0.00 5.874530000%
None 5.221804400 0.000000000 5.886250000%
MA-2A 886,354.89 0.00 8.113088220%
None 6.760906865 0.000000000 7.914060410%
MA-2B 1,628,702.46 0.00 8.113088220%
None 6.760906849 0.000000000 7.914060410%
MA-2C 202,827.21 0.00 8.113088220%
None 6.760907000 0.000000000 7.914060410%
MA-2D 1,502,205.89 0.00 8.113088220%
None 6.760906836 0.000000000 7.914060410%
MX-1B 0.00 0.00
None 0.000000000 0.000000000
MB 528,432.48 0.00 8.113088220%
None 6.760906858 0.000000000 7.914060410%
MC 99,114.89 0.00 8.113088220%
None 6.760906548 0.000000000 7.914060410%
MD 363,398.74 0.00 8.113088220%
None 6.760906791 0.000000000 7.914060410%
ME 99,047.29 0.00 8.113088220%
None 6.760907167 0.000000000 7.914060410%
MF 330,337.91 0.00 8.113088220%
None 6.760906877 0.000000000 7.914060410%
MG 396,324.36 0.00 8.113088220%
None 6.760906858 0.000000000 7.914060410%
MH 231,283.86 0.00 8.113088220%
None 6.760906977 0.000000000 7.839593450%
MR 0.00 0.00
9ABSA680 0.000000000 0.000000000
6,529,120.20 0.00
Lower Tier
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1T 49,500,000.00 49,500,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
LA-1S 500,000.00 500,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
LF-T 917,828,010.00 917,828,010.00 612,552.10
None 1000.000000000 1000.000000000 0.667393121
LF-S 9,270,990.00 9,270,990.00 6,187.39
None 1000.000000000 1000.000000000 0.667392587
LR 0.00 0.00 0.00
9ABSA691 1000.000000000 1000.000000000 0.000000000
977,098,999.00 977,098,999.00 618,739.49
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1T 0.00 0.00 49,500,000.00
None 0.000000000 0.000000000 1000.000000000
LA-1S 0.00 0.00 500,000.00
None 0.000000000 0.000000000 1000.000000000
LF-T 0.00 0.00 917,215,457.90
None 0.000000000 0.000000000 999.332606879
LF-S 0.00 0.00 9,264,802.61
None 0.000000000 0.000000000 999.332607413
LR 0.00 0.00 0.00
9ABSA691 0.000000000 0.000000000 0.000000000
0.00 0.00 976,480,259.51
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
LA-1T 258,479.32 0.00 0.000000000%
None 5.221804444 0.000000000 5.874530000%
LA-1S 2,610.90 0.00 5.886250000%
None 5.221800000 0.000000000 5.874530000%
LF-T 6,205,349.68 0.00 5.886250000%
None 6.760906850 0.000000000 8.113088220%
LF-S 62,680.30 0.00 7.914060410%
None 6.760906872 0.000000000 8.113088220%
LR 0.00 0.00 7.914060410%
9ABSA691 0.000000000 0.000000000
6,555,405.62 0.00
Grantor Trust
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
Q 0.00 0.00 0.00
9ABSA678 1000.000000000 1000.000000000 0.000000000
0.00 0.00 0.00
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
Q 0.00 0.00 0.00
9ABSA678 0.000000000 0.000000000 0.000000000
0.00 0.00 0.00
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
Q 8,159.07 0.00
9ABSA678 0.008350300 0.000000000
8,159.07 0.00 0.000000000%
Grantor Trust
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
M 10,276,354.00 10,276,354.00 5,206.78
36228CAV5 1000.000000000 1000.000000000 0.506675811
10,276,354.00 10,276,354.00 5,206.78
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
M 0.00 0.00 10,271,147.22
36228CAV5 0.000000000 0.000000000 999.493324189
0.00 0.00 10,271,147.22
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
M 72,443.02 0.00 8.186499986%
36228CAV5 7.049486618 0.000000000
72,443.02 0.00
Other Related Information
Stated Principal Balance Of The Mortgage Pool Prior to Current
Distribution977,098,999.1
Stated Principal Balance Of The Mortgage Pool Subsequent to Current
Distrib976,480,259.6
Servicing Fee Breakdown
Current Period Accrued Servicing Fees 38,651.68
Less Delinquent Servicing Fees 0.00
Plus Additional Servicing Fees 0.00
Less Reductions To Servicing Fees 0.00
Total Servicing Fees Collected 38,651.68
Special Servicing Fees 0.00
Trustee Fees 4,233.23
Advances (Interest at Gross)
Prior Outstanding
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Current Month
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Recovered
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Advances Outstanding
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Allocation Of Interest Shortfalls, Losses & Expenses
Accrued Prepayment Beginning
Certificate Interest Unpaid
Class Interest Shortfall Interest
A-1 261,090.22 0.00 0.00
A-2A 758,195.00 0.00 0.00
A-2B 1,377,145.00 0.00 0.00
A-2C 173,250.00 0.00 0.00
A-2D 1,284,998.83 0.00 0.00
X-1A 26,285.42 0.00 0.00
X-1B 0.00 0.00 0.00
X-2 795,825.54 0.00 0.00
B 465,904.48 0.00 0.00
C 87,875.56 0.00 0.00
D 323,086.24 0.00 0.00
E 88,914.37 0.00 0.00
F 299,393.24 0.00 0.00
G 382,157.86 0.00 0.00
H 231,283.86 0.00 0.00
6,555,405.62 0.00 0.00
Ending
Interest Unpaid
Class Loss Expenses DistributabInterest
A-1 0.00 0.00 261,090.22 0.00
A-2A 0.00 0.00 758,195.00 0.00
A-2B 0.00 0.00 1,377,145.0 0.00
A-2C 0.00 0.00 173,250.00 0.00
A-2D 0.00 0.00 1,284,998.8 0.00
X-1A 0.00 0.00 26,285.42 0.00
X-1B 0.00 0.00 0.00 0.00
X-2 0.00 0.00 795,825.54 0.00
B 0.00 0.00 465,904.48 0.00
C 0.00 0.00 87,875.56 0.00
D 0.00 0.00 323,086.24 0.00
E 0.00 0.00 88,914.37 0.00
F 0.00 0.00 299,393.24 0.00
G 0.00 0.00 382,157.86 0.00
H 0.00 0.00 231,283.86 0.00
0.00 0.00 6,555,405.6 0.00
Allocation Of Additonal Interest Proceeds
Net
Prepayment Default Default Excess
Class Premiums Interest Interest Interest
A-1 0.00 0.00 0.00 0.00
A-2A 0.00 0.00 0.00 0.00
A-2B 0.00 0.00 0.00 0.00
A-2C 0.00 0.00 0.00 0.00
A-2D 0.00 0.00 0.00 0.00
X-1A 0.00 0.00 0.00 0.00
X-1B 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 0.00
C 0.00 0.00 0.00 0.00
D 0.00 0.00 0.00 0.00
E 0.00 0.00 0.00 0.00
F 0.00 0.00 0.00 0.00
G 0.00 0.00 0.00 0.00
H 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Asset Backed Facts - Pool Total
Distribution Delinq 1 Month Delinq 2 Months
Date # Balance # Balance
09/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
Distribution Delinq 3+ Months Foreclosure/Bankruptcy
Date # Balance # Balance
09/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
Distribution REO Modifications
Date # Balance # Balance
09/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
Distribution Prepayments Curr Weighted Avg.
Date # Balance Coupon Remit
09/15/97 0 0 8.1083% 8.0609%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
Delinquent Loan Detail
Paid Outstanding
Disclosure Doc Thru Current P&I P&I
Control # Date Advance Advances**
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but < 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 or More
4. Matured Balloon/Assumed Scheduled Payment
** Outstanding P&I Advances include the current period P&I Advance
Out. Property Special
Disclosure Doc Protection Advance Servicer
Control # Advances Description (Transfer Date
Disclosure Doc Foreclosure Bankruptcy REO
Control # Date Date Date
01/00/00 01/00/00 01/00/00
Loan Level Detail
Property Operating
Type Maturity Statement
Name Code Date DSCR Date
AAPT Libor Component AMixed Use 07/11/27 1.72012/31/96
AAPT Libor Component BMixed Use 07/11/27 1.72012/31/96
380 Madison Office 07/11/14 2.26012/31/96
AAPT Fixed Mixed Use 07/11/27 1.72012/31/96
Cadillac Fairview PoolRetail 11/26/26 1.56012/31/96
CAP Pool Mixed Use 03/09/27 1.60012/31/96
Century Plaza Towers Office 03/09/27 1.76012/31/96
Montehiedra Retail 05/11/27 1.69012/31/96
Ritz Plaza Multifamily 04/24/27 1.34012/31/96
Whitehall Pool Mixed Use 09/10/00 1.74012/31/96
* NOI and DSCR, if available and reportable under the terms of the
trust agreement,
accuracy or methodology used to determine such figures.
(1) Legend:
A. P&I Adv - in Grace Period
B. P&I Adv - < one month delinq
1. P&I Adv - delinquent 1 month
2. P&I Adv - delinquent 2 months
3. P&I Adv - delinquent 3+ months
4. Mat. Balloon/Assumed P&I
5. Prepaid in Full
6. Specially Serviced
7. Foreclosure
8. Bankruptcy
Ending
Principal Note
Name State Balance Rate
AAPT Libor Component AVarious 30,000,000 6.575%
AAPT Libor Component BVarious 20,000,000 6.405%
380 Madison New York 89,000,000 7.848%
AAPT Fixed Various 75,013,854 7.480%
Cadillac Fairview PoolVarious 258,310,330 7.935%
CAP Pool Virginia 87,892,547 7.480%
Century Plaza Towers California 229,212,147 8.039%
Montehiedra Virginia 52,552,992 8.230%
Ritz Plaza NY 62,332,734 8.135%
Whitehall Pool VV 72,165,655 8.680%
976,480,260
Loan
Scheduled Prepayment Status
Name P&I Prepayment Date Code (1)
AAPT Libor Component A 180,800 0
AAPT Libor Component B 117,416 0
380 Madison 601,462 0
AAPT Fixed 619,552 0
Cadillac Fairview Pool 1,915,988 0
CAP Pool 620,372 0
Century Plaza Towers 1,693,936 0
Montehiedra 399,417 0
Ritz Plaza 469,453 0
Whitehall Pool 602,560 0
OFFICER'S CERTIFICATE
Pursuant to Section 5.1 (j) (iii) of the Loan Agreement dated as of
November 26, 1996 between GMAC Commercial Mortgage Corporation and the Borrowers
(as defined below) I, Ian MacKellar, in my capacity as Senior Vice-President of
Cadillac Fairview S.C. Finance Inc. (the "General Partner"), a Delaware
corporation and the general partner of each of CF Dover Mall L.P., CF Esplanade
L.P., CF Golden East L.P., CF Georgia North DeKalb L.P., CF Northpark L.P., CF
Southpark L.P., CF Galleria at White Plains L.P. (collectively, the
"Borrowers"), and in my capacity as Senior Vice-President of Cadillac Fairview
U.S., Inc., a Delaware Corporation, hereby certify that as of the date hereof:
1. There have been no notices received from Tenants under a Lease
affecting 7,500 or more rentable square feet in an Individual Property
threatening nonpayment of rent or other default, alleging or
acknowledging a default by landlord, requesting a termination or
modification of a Lease or notifying a Borrower of the exercise or
non-exercise of any option provided for in such Tenant's Lease, or any
other similar material correspondence received by a Borrower from
Tenants during the month.
2. The attached Statement of Income, on an aggregate and
Property-by-Property basis, presents fairly the results of operations
of the Individual Property in accordance with generally accepted
accounting principles based on amounts recorded in the accounts of the
Individual Property.
3. The attached Statement of Actual Capital Expenditures, Leasing
Commissions and Tenant Improvements, on an aggregate and
Property-by-Property basis, presents fairly the costs incurred in
accordance with generally accepted accounting principles based on
amounts recorded in the accounts of the Individual Property.
4. There have been no anchor tenants who went dark during the month.
IN WITNESS WHEREOF, the undersigned has duly signed this certificate as of
this 3rd day of September, 1997.
By: /s/ Ian MacKellar
-----------------------------
Ian MacKellar
<PAGE>
Cadillac Fairview S.C. Finance,
as general partner of the Borrowers
(see attached)
Combined Statement of Income
for the month ended July 31, 1997
<TABLE>
<CAPTION>
Dover Dover Galleria at
Commons Mall Esplanade White Plains
---------- ---------- ---------- -----------
<S> <C> <C> <C> <C>
Revenue
Rent 43,695 405,835 627,050 793,819
Percentage rent -- 60,421 38,242 7,447
Recoveries
- Property operating 2,202 158,403 315,824 356,368
- Realty taxes 1,875 24,594 37,630 180,042
Miscellaneous -- 869 41 8,615
---------- ---------- ---------- ----------
47,772 650,122 1,018,787 1,346,291
---------- ---------- ---------- ----------
Expenses
Recoverable expenses
Realty taxes 2,500 32,792 41,811 225,052
CAM indoor -- 1,200 99,287 --
CAM outdoor 2,294 131,394 84,091 228,235
HVAC -- 22,409 -- 138,038
Electric -- -- 95,234 --
Water -- -- 2,340 --
Sprinkler -- -- 93 --
Food court -- 11,208 4,493 23,701
Insurance -- -- -- --
Trash removal -- -- 1,948 --
Service center
Non-recoverable expenses
Administration 169 15,835 14,928 14,955
Specialty leasing -- -- 91 --
Utilities 178 914 -- 3,777
Maintenance 357 389 273 8,784
Management fee 1,282 11,472 20,005 22,480
---------- ---------- ---------- ----------
6,780 227,613 364,594 665,022
---------- ---------- ---------- ----------
Net income before charges for
interest, depreciation, amortiz-
ation of nonrecoverable deferred
expenses and income taxes 40,992 422,509 654,193 681,269
========== ========== ========== ==========
<CAPTION>
Georgia Northpark Shannon
Golden East N.Dekalb Mall Southpark Total
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Rent 293,583 223,417 579,866 327,506 3,294,771
Percentage rent 45,079 2,461 30,623 13,567 197,840
Recoveries
- Property operating 102,706 110,598 326,967 159,153 1,532,221
- Realty taxes 19,123 8,585 44,085 24,385 340,319
Miscellaneous -- (833) 1,935 371 10,998
---------- ---------- ---------- ---------- ----------
460,491 344,228 983,476 524,982 5,376,149
---------- ---------- ---------- ---------- ----------
Expenses
Recoverable expenses
Realty taxes 24,093 36,798 46,405 30,482 439,933
CAM indoor 56,678 94,364 121,041 1,359 373,929
CAM outdoor 45,764 9,485 26,809 91,954 620,026
HVAC -- -- 76,051 16,337 252,835
Electric -- 41,101 -- 50,139 186,474
Water -- 1,084 4,000 6,133 13,557
Sprinkler -- -- 840 -- 933
Food court 2,128 8,530 -- 6,711 56,771
Insurance -- -- (7,199) -- (7,199)
Trash removal -- -- 3,006 -- 4,954
Service center
Non-recoverable expenses
Administration 8,486 15,288 13,319 10,426 93,406
Specialty leasing -- 487 -- 1,494 2,072
Utilities 423 914 -- -- 6,206
Maintenance -- (903) -- 735 9,635
Management fee 9,893 8,809 18,286 9,313 101,540
---------- ---------- ---------- ---------- ----------
147,465 215,957 302,558 225,083 2,155,072
---------- ---------- ---------- ---------- ----------
Net income before charges for
interest, depreciation, amortiz-
ation of nonrecoverable deferred
expenses and income taxes 313,026 128,271 680,918 299,899 3,221,077
========== ========== ========== ==========
==========
</TABLE>
<PAGE>
Cadillac Fairview S.C. Finance
(see attached)
Combined Statement of Capital Expenditures, Leasing Commissions and Tenant
Improvements for the nine months ended July 31, 1997
(in US$)
<TABLE>
<CAPTION>
Dover Dover Galleria at Georgia Northpark Shannon
Commons Mall Esplanade White Plains Golden East N.Dekalb Mall
Southpark Total
--------- --------- --------- ------------ ----------- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<C>
Capital Expenditure
Month
Renovation -- -- -- -- -- -- -- -- --
Other -- -- 45,985 58,000 8,163 -- -- -- 112,148
--------- --------- --------- --------- --------- --------- --------- --------- ---------
-- -- 45,985 58,000 8,163 -- -- -- 112,148
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Cumulative
Renovation 76,792 76,792
Other 1,198 16,765 101,234 61,303 74,722 117,974 51,276
424,472
--------- --------- --------- --------- --------- --------- --------- --------- ---------
1,198 16,765 101,234 61,303 74,722 117,974 128,068 --
501,264
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Leasing Commissions
Month -- -- -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Cumulative -- -- -- -- -- -- -- 8,900 8,900
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Tenant Improvements
Month
The Buckle -- -- -- -- -- -- -- -- --
Other -- -- -- -- -- 10,771 -- -- 10,771
--------- --------- --------- --------- --------- --------- --------- --------- ---------
-- -- -- -- -- 10,771 -- -- 10,771
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Cumulative
Brookstone -- 250,000 250,000
Wills Books 225,000 225,000
Garden Botanika 120,000 120,000
Bath & Body 92,127 92,127
Macy's 5,000,000 5,000,000
The Buckle 185,295 185,295
Other 37,000 75,000 116,788 21,897 45,676 30,000
326,361
--------- --------- --------- --------- --------- --------- --------- --------- ---------
-- 37,000 75,000 5,072,O44 437,127 -- 480,971 --
6,198,783
--------- --------- --------- --------- --------- --------- --------- --------- ---------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Deferred Maintenance Escrow
Mechanical & Electrical Engineering $0 $690,000 $690,000
($690,000)
Curtain Wall and Roof Systems 0 472,000 472,000
(472,000)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Deferred Maintenance - GL Acct. 287 $0 $0 $1,162,000 $1,162,000
$0 (1,162,000)
- ------------------------------------------------------------------------------------------------------------------------------------
Garage Renovation
Renovation $2,000,000 $2,000,000
($2,000,000)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Garage Renovation - GL Acct. 288 $0 $0 $2,000,000 $2,000,000
$0 ($2,000,000)
- ------------------------------------------------------------------------------------------------------------------------------------
Other $0 $250,000 $250,000 $250,000
$0
Marketing & Promo 0 340,000 340,000 340,000
0
Capital Reserve 0 25,000 25,000 25,000
0
- ------------------------------------------------------------------------------------------------------------------------------------
Total Other $0 $0 $615,000 $615,000 $615,000
$0
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Total Capital Expenditures $887,270 $467,199,919 $17,956,760 $485,156,679
$8,194,639 ($476,962,040)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
08-14-97 02:14 PM 29 ONE HUNDRED TOWERS, L.L.C.
PAGE 1
SQUARE FOOTAGE =
2,280,199
COMPARATIVE STATEMENT OF EARNINGS
MONTH ENDING 07-31-97 YEAR TO DATE
ACTUAL BUDGET ACTUAL
BUDGET
AMOUNT /SQ.FT. AMOUNT /SQ.FT. FAV(UNF) AMOUNT
/SQ.FT. AMOUNT /SQ.FT. FAV(UNF)
- ----------------------------------------------------
- ----------------------------------------------------
INCOME
------
<C> <C> <C> <C> <C> <S> <C> <C> <C>
<C> <C>
5,279,779 27.79 5,277,995 27.78 1,784 POTENTIAL RENTS 20,501,783
26.97 20,679,875 27.21 178,092-
43,630- 0.23- 54,880- 0.29- 11,250 LESS VACANCY RENTAL 85,740-
0.11- 104,138- 0.14- 18,398
88,079- 0.46- 105,689- 0.56- 17,610 LESS FREE RENT 498,964- 0.66-
478,335- 0.63- 20,629-
- ----------------------------------------------------
- ----------------------------------------------------
5,148,070 27.09 5,117,426 26.93 30,644 ACTUAL RENTS 19,917,079
26.20 20,097,402 26.44 180,323-
- ----------------------------------------------------
- ----------------------------------------------------
5,148,070 27.09 5,117,426 26.93 30,644 TOTAL INCOME 19,917,079
26.20 20,097,402 26.44 180,323-
- ----------------------------------------------------
- ----------------------------------------------------
OPERATING EXPENSES
------------------
202,994 1.07 167,096 0.88 35,898- BUILDING ADMINISTRATION 717,093
0.94 687,741 0.90 29,352-
152,446 0.80 131,270 0.69 21,176- GENERAL BUILDING 488,784
0.64 532,720 0.70 43,936
11,782 0.06 18,000 0.09 6,218 LANDSCAPING/GROUNDS 69,850
0.09 113,000 0.15 43,150
185,027 0.97 284,400 1.50 99,373 CLEANING 814,090 1.07
967,300 1.27 153,210
84,496 0.44 71,675 0.38 12,821- SECURITY 351,393 0.46 286
700 0.38 64,693-
504,266 2.65 523,613 2.76 19,347 ENERGY 2,129,397 2.80
2,122 861 2.79 6,536-
171,178 0.90 200,676 1.06 29,498 MAINTENANCE & REPAIRS 515,809
0.68 749,404 0.99 233,595
153,577 0.81 206,311 1.09 52,734 FIXED CHARGES 569,782 0.75
627,244 0.83 57,462
293,667 1.55 308,419 1.62 14,752 PROPERTY TAXES 930,507 1.22
1,233,673 1.62 303,166
- ----------------------------------------------------
- ----------------------------------------------------
1,759,433 9.26 1,911,460 10.06 152,027 TOTAL OPERATING EXPENSES
6,586,705 8.67 7,320,643 9.63 733,938
- ----------------------------------------------------
- ----------------------------------------------------
3,388,636 17.83 3,205,966 16.87 182,670 NET OPERATING INCOME
13,330,375 17.54 12,776,759 16.81 553,616
- ----------------------------------------------------
- ----------------------------------------------------
</TABLE>
<PAGE>
Tenant move-ins consisted of Merrill Lynch, 18,996 square feet, Suite 2800,
North Tower; NWQ, 25,221 square feet, Suite 200, South Tower; and Trader Cy, an
upscale convenience store on the Concourse Level. Welcome baskets and plants
were sent as appropriate as move-in gifts.
During NWQ construction, power was shut down, but the ice maker in the kitchen
was not turned off, causing it to leak through to the tenant suite below. FMAC's
conference room was flooded, causing damage to their conference table and
miscellaneous equipment. The contractor has assumed responsibility.
Wells Fargo Bank vacated their ground floor branch on July 19th.
A fire warden training meeting was conducted with California Commerce Bank.
Approximately 20 of their employees attended the session which consisted of
viewing of the life safety film and a discussion of evacuation procedures.
Janitors picketed the property twice during the month expressing displeasure at
stricter work procedures and notification to the union that several janitors
were not performing their jobs and would be transferred from the property if
performance did not improve. The janitors were subsequently moved from the
property and cleaning has improved.
Analysis continues on the North Tower reroofing project and the consultant and
prospective contractor visited the property several times to begin the process
of developing roofing specifications.
CS Caulkins presented their analysis of the existing window washing equipment
and AMS and Skyrider are also presenting proposals for equipment which can be
utilized for window cleaning and metal maintenance.
Ultimo developed a computer program to link The Chief work order system to the
Tooley & Company accounting system so that tenant billings will automatically
appear on rent statements.
The Century City Chamber of Commerce in conjunction with the property hosted a
Vacation Fair on the plaza on July 30 and 31.
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Leasing Commissions
Alsace Development $0 $8,045 $8,045 $8,045
$0
Barrister Executive Suites 0 154,328 154,328 154,328
0
Barry Fisher 0 15,670 15,670 15,670 0
Career Images 13,872 0 13,872
(13,872)
Celebrity Cleaners 0 5,380 5,380 5,380 0
Century Tel-Systems 3,113 0 3,113
(3,113)
Cohen & Primiani 32,755 0 32,755
(32,755)
Cox, Castle 0 111,105 111,105 111,105
0
Dr. Norman Sprague 694 192 886 886
0
Franchise Mortgage 21,889 0 21,889
(21,889)
Fujisankei Communications 0 30,150 30,150 30,150
0
GE Credit Corp 10,115 0 10,115
(10,115)
Gems TV 9,665 0 9,665 (9,665)
Jack Samuels 0 3,180 3,180 3,180 0
Joseph Taback 0 33,245 33,245 33,245
0
Kelco Realty (Lease Ext.) 6,691 0 6,691
(6,691)
Ken Shellan 2,424 0 2,424 (2,424)
King, Weiser 18,276 0 18,276
(18,276)
Kopple & Klinger 0 12,640 12,640 12,640
0
Kourosh 5,530 18,860 7,660 26,520 7,660
(18,860)
Kutak Rock 0 24,030 24,030 24,030
0
L & S Advisors 0 20,830 20,830 20,830
0
Legal Research Network 0 12,477 12,477 12,477
0
Mannis & Phillips 33,672 0 33,672
(33,672)
Metropolitan Life Ins. 0 3,368 3,368 3,368
0
Norris Bishton 0 17,445 17,445 17,445
0
Norwest Mortgage 1,967 0 1,967
(1,967)
NWQ Investment 304,165 0 304,165 155,905
(148,260)
Omega World Travel 0 5,102 5,102 5,102
0
Platinum Equity 29,871 0 29,871
(29,871)
Poms, Smith et.al. 2,776 0 2,776 (2,776)
Sandy Hunter 0 7,340 7,340 7,340 0
Saudi Arabian Airlines 0 70,625 70,625 70,625
0
Shamrock Investments 0 10,521 10,521 10,521
0
Shin Han Superior U.S.A. 0 1,728 1,728 1,728
0
Strick & Co (Exp. Space) 13,514 0 13,514
(13,514)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Thompson Trading 0 2,930 2,930 2,930
0
Transamerica Occidental 0 9,944 9,944 9,944
0
Unisys Corp. 10,188 0 10,188
(10,188)
Wasser, Rosenson 60,530 0 60,530
(60,530)
Winship Travel 2,611 0 2,611 (2,611)
Spec Suite #920 0 48,825 48,825 48,825
0
Spec Suite #970 0 16,010 16,010 16,010
0
Spec Suite #1112 0 9,820 9,820 9,820 0
Spec Suite #1530 0 21,485 21,485 21,485
0
Spec Suite #3950 0 29,725 29,725 29,725
0
Spec Suite #4150 0 147,813 147,813 147,813
0
Spec Suite #2710 0 28,655 28,655 28,655
0
Leasing - Legal Costs
Career Images 7,627 0 7,627 (7,627)
Century Tel-Systems 4,585 0 4,585
(4,585)
Cohen&Johnson 2,094 0 2,094
(2,094)
Cohen & Primiani 5,390 0 5,390
(5,390)
Dr. Norman Sprague 1,591 0 1,591
(1,591)
Franchise Mortgage Acceptance 3,725 0 3,725
(3,725)
GE Credit Corp 1,389 0 1,389 (1,389)
Gems TV 3,356 0 3,356 (3,356)
Kelco Realty (Lease Ext.) 261 0 261
(261)
Ken Shellan 1,568 0 1,568 (1,568)
King, Weiser 1,504 0 1,504 (1,504)
Kourosh 4,025 0 4,025 (4,025)
Mannis & Phillips 2,739 0 2,739
(2,739)
Norwest Mortgage 3,149 0 3,149
(3,149)
NWQ Investment 9,951 0 9,951
(9,951)
Poms, Smith et.al. 1,490 0 1,490 (1,490)
Strick & Co (Exp. Space) 4,139 0 4,139
(4,139)
Wasser, Rosenson 14,760 0 14,760
(14,760)
April 1997 Misc. Legal Svc 3,993 0 3,993
(3,993)
May 1997 Misc. Legal Svc 4,257 0 4,257
(4,257)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Leasing Commissions - GL Acct. 271 $5,530 $679,241 $870,268
$1,549,509 $1,026,867 ($522,642)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Tenant Improvements
Alsace Development $0 $10,605 $10,605 $10,605
$0
Banister Executive Suites 0 756,630 756,630 756,630
0
Barry Fisher 0 69,440 69,440 69,440 0
Career Images 15,807 0 15,807
(15,807)
Celebrity Cleaners 0 2,950 2,950 2,950 0
Cohen & Primiani 167,696 0 167,696
(167,696)
Foley & Lardner 40,865 0 40,865
(40,865)
Franchise Mortgage Acceptance 8,000 154,702 0 154,702
(154,702)
Fujisankei Communications 0 28,950 28,950 28,950
0
GE Credit Corp 64,268 0 64,268
(64,268)
Gems TV 25,973 0 25,973
(25,973)
Jack Samuels 0 7,955 7,955 7,955 0
Joseph Taback 0 31,920 31,920 31,920
0
Ken Shellan 7,125 0 7,125 (7,125)
Kleinberg & Lange 804 804 0 804
(804)
Kopple & Klinger 0 14,800 14,800 14,800
0
Kourosh 1,394 29,283 35,475 64,758 35,475
(29,283)
Kutak Rock 0 41,205 41,205 41,205
0
L & S Advisors, Inc. 0 18,292 18,292 18,292
0
Legal Research 0 18,720 18,720 18,720
0
Leopold, Petrich 2,522 52,963 0 52,963
(52,963)
Mannis & Phillips 29,275 0 29,275
(29,275)
Merrill Lynch 12,835 938,836 951,671 938,836
(12,835)
Metropolitan Life 0 7,275 7,275 7,275 0
Norris Bishton 0 17,450 17,450 17,450
0
NWQ Investments 373,817 644,283 953,007 1,597,290
953,007 (644,283)
Omega World Travel 0 3,250 3,250 3,250
0
Poms, Smith et.al. 2,122 0 2,122 (2,122)
Proskauer, Rose 447,196 877,667 0 877,667
(877,667)
Sandy Hunter 0 5,100 5,100 5,100 0
Saudi Arabian Airlines 0 46,330 46,330 46,330
0
Seyfarth, Shaw 8,057 171,970 0 171,970
(171,970)
Shamrock Investments 0 15,786 15,786 15,786
0
Shin Han Superior U.S.A. 0 4,320 4,320 4,320
0
Source Services 858 18,014 0 18,014
(18,014)
Strick & Co (Exp. Space) 7,000 0 7,000
(7,000)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TBG Financial 458 0 458 (458)
Thompson Trading 0 7,725 7,725 7,725
0
Tooley & Co. 26,680 44,387 0 44,387
(44,387)
Transamerica Occidental 0 9,835 9,835 9,835
0
Unisys Corp. 91,760 0 91,760
(91,760)
Unisys Corp. - Remodel (28,548) 2,664 0 2,664
(2,664)
Wasser, Rosenson 82,388 0 82,388
(82,388)
Carpet Inventory 109,800 0 109,800
(109,800)
6th Floor Vertical Blinds 200 200 0 200
(200)
Spec Suites #920 0 66,972 66,972 66,972
0
Spec Suites #970 0 18,750 18,750 18,750
0
Spec Suites #1110 432 0 432 (432)
Spec Suites #1112 0 12,082 12,082 12,082
0
Spec Suites #1530 0 25,160 25,160 25,160
0
Spec Suites #2710 0 28,660 28,660 28,660
0
Spec Suites #3700 83 1,738 0 1,738
(1,738)
Spec Suites #3950 0 54,880 54,880 54,880
0
Spec Suites #4150 0 195,771 195,771 195,771
0
- ------------------------------------------------------------------------------------------------------------------------------------
Total Tenant Improvements - GL Acet. 222 $841,063 $2,656,479 $3,448,131
$6,104,610 $3,448,131 ($2,656,479)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Building
Building $7,583 $457,007,847 $0 $457,007,847 $0
($457,007,847)
Electrical
Replace Defective Switches 0 120,000 120,000 120,000
0
Mechanical
Outside Air Regulator 0 224,000 224,000 224,000
0
Correct Stair Pressure 0 200,000 200,000 200,000
0
Walls Around Air Intake 0 6,000 6,000 6,000
0
Replace Pumps 0 300,000 300,000 300,000
0
Heat Exchangers 0 150,000 150,000 150,000
0
VFD Installation 0 736,000 736,000 736,000
0
4th Floor Coil 3,700 4,308 40,000 44,308 40,000
(4,308)
Plumbing
ADA & Aesthetic Restroom Upgrades 0 770,000 770,000
770,000 0
Fire Protection/Security
Dielectric Couplings 0 44,000 44,000 44,000
0
ADA
Improv. to meet Govt. code requirements 0 97,641 97,641
97,641 0
- ------------------------------------------------------------------------------------------------------------------------------------
Total Building - GL Acct. 22100 $11,283 $457,012,155 $2,687,641
$459,699,796 $2,687,641 ($457,012,155)
- ------------------------------------------------------------------------------------------------------------------------------------
Bldg. & Improv. - Curtain Wall/Roof
North Tower Roof $2,401 $300,000 $302,401 $300,000
($2,401)
Repair So. Twr. Ground Fir Curtain Wall 5,805 110,000 115,805
110,000 (5,805)
Sealant South Tower Curtain Wall 0 7,000 7,000 7,000
0
- ------------------------------------------------------------------------------------------------------------------------------------
Total B & I - Curtain Wall - GL Acct. 22105 $0 $8,206 $417,000 $425,206
$417,000 ($8,206)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Building Equipment
Protek Computers $45,015 $0 $45,015
($45,015)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Building Equipment - GL Acct. 223 $0 $45,015 $0 $45,015
$0 ($45,015)
- ------------------------------------------------------------------------------------------------------------------------------------
Parking Structure
Professional Fees - Gensler & Assoc. $15,019 $15,019 $0 $15,019
($15,019)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Parking Structure - GL Acct. 225 $15,019 $15,019 $0 $15,019
$0 ($15.019)
- ------------------------------------------------------------------------------------------------------------------------------------
Closing/Due Diligence Costs
Due Diligence Costs $14,375 $5,291,304 $0 $5,291,304
($5,291,304)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Closing Costs - GL Acct. 268 $14,375 $5,291,304 $0 $5,291,304
$0 ($5,291,304)
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Costs
One Hundred Towers, L.L.C. Financing $1,492,500 $0 $1,492,500
($1,492,500)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Loan Costs - GL Acct. 270 $0 $1,492,500 $0 $1,492,500
$0 ($1,492,500)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
July 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Paid Estimated Anticipated
Current YTD Cost to Final Annual
Account Description Month Cost Complete Cost Budget
Variance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Capital Reserve Escrow
Tenant Improvements $3,725 $3,725
($3,725)
Career Images 56,105 56,105
(56,105)
Cohen & Johnson 393,105 393,105
(393,105)
Cox, Castle 230,880 230,880
(230,880)
CNB Refurbishment 29,585 29,585
(29,585)
Foley & Lardner 12,216 12,216
(12,216)
Franchise Mortgage Acceptance 10,451 10,451
(10,451)
GE Credit Corp 1,012,636 1,012,636
(1,012,636)
Kelco Realty - Initial TI 381,435 381,435
(381,435)
Kelco Realty Refurbishment 35,475 35,475
(35,475)
Kourosh 85,030 85,030 (85,030)
Leopold, Petrich 236,858 236,858
(236,858)
Littler, Mendelsohn 48,312 48,312
(48,312)
Mannis & Phillips 938,900 938,900
(938,900)
Merrill Lynch 4,670 4,670 (4,670)
Norwest Mortgage 1,032,685 1,032,685
(1,032,685)
NWQ Investments 77 77 (77)
Poms, Smith et.al. 1,798,740 1,798,740
(1,798,740)
Proskauer, Rose 225,665 225,665
(225,665)
Prudential Securities TI & Refurbishment 32,792 32,792
(32,792)
Prudential Insurance Co. 5,545 5,545
(5,545)
Rubenstein, Justman 339,432 339,432
(339,432)
Seyfarth, Shaw & Fairweather 40,771 40,771
(40,771)
Source Services 6,734 6,734 (6,734)
Strick & Co (Exp. Space) 20,850 20,850
(20,850)
Suzy Vaughan 13,915 13,915
(13,915)
Unisys Corp. 60,216 60,216 (60,216)
Wasser, Rosenson
Leasing Commissions
Cohen & Johnson 50,896 50,896
(50,896)
Kourosh 16,590 16,590 (16,590)
Unisys Corp. 40,757 40,757 (40,757)
- ------------------------------------------------------------------------------------------------------------------------------------
Subtotal $0 $0 $7,165,045 $7,165,045 $0
($7,165,045)
Reserve Funds Retumed to JPM (408,325) (408,325)
408,325
- ------------------------------------------------------------------------------------------------------------------------------------
Total Capex Reserve Escrow - GL Acct. 286 $0 $0 $6,756,720
$0 ($6,756,720)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
ATLANTIC [LOGO] AMERICAN 1717 ARCH STREET, 34TH FLOOR, P.O. BOX
42608,
PHILADELPHIA, PA 19101-2608
- --------------------------------------------------------------------------------
PROPERTIES 215.587.4200 FAX 215.587.4265
August 27, 1997
GMAC Commercial Mortgage Corporation
650 Dresher Road
P.O. Box 1015
Horsham, Pennsylvania 19044-8015
Attention: Ingrid Olson
Re: Officer's Certificate For Monthly Reporting - July 31, 1997
Reference is made to that certain Loan Agreement, dated as of June SO, 1997
(the "Loan Agreements), among AAPOP 1, L.P. ("AAPOP 1 "), Atlantic American Land
Development, Inc. ("AALDI"), Iron Run Venture I ("Iron Run I") and Iron Run
Venture II ("Iron Run II"); AAPOP, AALDI, Iron Run I and Iron Run II are each
hereinafter referred to as a "Company" and collectively as the "Companies"),
collectively as the borrower, and Goldman Sachs Mortgage Company (together with
its successors and assigns, "Lender") as the lender. All capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Loan
Agreement.
In connection with the attached documentation as of July 31, 1997, I the
undersigned, being a duly authorized officer of AALDI, and a duly authorized of
fleer of the general partner of each of AAPOP 1, Iron Run I and Iron Run II, do
hereby certify to Lender that such items are true, correct, accurate, and
complete and fairly present the results of the operations of Borrowers'
Properties on a combined and individual basis in accordance with Generally
Accepted Accounting Principles, without footnotes (as applicable and subject to
normal year end adjustments) and:
(a) the Borrowers have not received any written notices from a Tenant under
a Lease affecting 10,000 or more rentable square feet in an Individual Property
threatening nonpayment of rent or other material default by landlord, alleging
or acknowledging a default by landlord, requesting a termination or modification
of a Lease or notifying a Borrower of the exercise or non-exercise of any option
provided for in such Tenant's Lease, or any other similar material
correspondence received by a Borrower from Tenants during the month, except as
disclosed in "Exhibit A" attached.
IN WITNESS WHEREOF, I have hereunto set my hand this 27th day of August,
1997.
/s/ [illegible]
------------------------
Name:
------------------------
Title: Senior V.P. & COO
gmacstmt.doc
<PAGE>
9952 GOLDMAN SACHS SECURITIZATION
08/27/97 COMPANY INCOME STATEMENT - Jul 31/97
<TABLE>
<CAPTION>
ACTUAL BUDGET (FAV)U=REV VAR ACTUAL
BUDGET (FAV)U=REV VAR
MONTH MONTH FAV(U)=EXP % YTD YTD
FAV(U)=EXP %
<C> <C> <C> <C> <S> <C> <C> <C>
<C>
REVENUE
2,581,419 2,554,705 26,714- 1.0 BASE RENTS 7,264,963
7,472,055 207,091 2.8
461,259 447,149 14,110- 3.2 BASE RENTS AFFILIATES 1,290,543
1,305,707 15,164 1.2
2,252 1,927 325- 16.9 CPI 6,757 5,781 976-
16.9
125,539 134,452 8,913 6.6 OPERATING ESCALATION 308,009
401,547 93,538 23.3
24,504 20,000 4,504- 22.5 OTHER (INCOME) 277,408 60,000
217,408- 362.3
========= ========= ======= ===== =========
========= ======= =====
3,194,974 3,158,233 36,741- 1.2 TOTAL REVENUE 9,147,681
9,245,090 97,410 1.1
EXPENSES
NON-ESCALATABLE
17,723 0 17,723- BAD DEBT EXPENSE 17,723 0
17,723-
412- 0 412 BUSINESS TAXES 0 0 0
365 0 365- EMPLOYEE BUSINESS EXPENSES 869 0
869-
541 2,954 2,413 81.7 PROFESSIONAL SERVICES 16,946
14,162 2,784- 19.7
7,187 33,717 26,530 78.7 ADVERTISING 24,983 111,598
86,615 77.6
21,711 21,704 7- 0.0 RENT LEASE EXPENSE LAND 65,134
65,112 22- 0.0
724 16 708- 999.0 OTHER NON-ESCALATABLE 9,258-
48 9,306 999.0
--------- --------- ------- ----- --------- --------- ------- -----
47,839 58,391 10,552 18.1 TOTAL NON-ESCALATABLE EXPENSES
116,398 190,920 74,522 39.0
ESCALATABLE
ADMINISTRATIVE
46,806 41,979 4,827- 11.5 SALARIES 129,695 123,850
5,845- 4.7
8,692 9,713 1,021 10.5 FRINGES/TAXES 23,702 28,617
4,915 17.2
1,763 1,974 211 10.7 EQUIPMENT RENTAL 6,155 5,766
389- 6.8
23,264 28,087 4,823 17.2 INSURANCE 63,923 82,731
18,808 22.7
6,769 4,639 2,130- 45.9 TELEPHONE 19,857 13,706
6,151- 44.9
3,977 1,597 2,380- 149.0 OFFICE SUPPLIES AND EQUIPMENT 6,495
4,721 1,774- 37.6
1,274 1,339 65 4.8 TRANSPORTATION 3,072 3,925
853 21.7
10,529 10,870 341 3.1 OFFICE RENT 30,463 32,144
1,681 5.2
87,235 87,462 227 0.3 MANAGEMENT FEES 253,873
258,027 4,154 1.6
0 416 416 100.0 AUDIT 0 1,248 1,248
100.0
0 211 211 100.0 DUES & SUBSCRIPTIONS 410 612
202 33.0
1,250 0 1,250- HIGH RISE FIRE CODE TAX 1,250 1,500
250 16.7
749 693 56- 8.1 POSTAGE 2,040 2,030 10-
0.5
0 556 556 100.0 PROF DEVELOPMENT PROPERTY MGRS 145
1,999 1,854 92.7
72,138 1,329 70,809- 999.0 OTHER 54,215 3,882
50,333- 999.0
--------- --------- ------- ----- --------- --------- ------- -----
264,447 190,865 73,582- 38.6 TOTAL ADMINISTRATIVE 595,295
564,758 30,537- 5.4
UTILITIES
318,385 286,807 31,578- 11.0 ELECTRICITY - TENANT AREAS 705,983
758,404 52,421 6.9
29,836 32,575 2,739 8.4 ELECTRICITY COMMON AREAS 71,300
82,555 11,255 13.6
9,418 11,299 1,881 16.6 WATER 15,961 23,217
7,256 31.3
10,757 14,418 3,661 25.4 SEWER 30,109 40,886
10,777 26.4
<PAGE>
9952 GOLDMAN SACHS SECURITIZATION
08/27/97 COMPANY INCOME STATEMENT - Jul 31/97
ACTUAL BUDGET (FAV)U=REV VAR ACTUAL
BUDGET (FAV)U=REV VAR
MONTH MONTH FAV(U)=EXP % YTD YTD
FAV(U)=EXP %
<C> <C> <C> <C> <S> <C> <C> <C>
<C>
319 1,537 1,218 79.3 GAS 1,142 4,611 3,469
75.2
1,127 3,082 1,955 63.4 IRRIGATION 1,127 3,082
1,955 63.4
0 0 0 OTHER (UTIL) 589 0 589-
174,565- 121,100- 53,465 44.1 LESS: CHARGES TO TENANTS 291,642-
291,407- 235 0.1
--------- --------- ------- ----- --------- --------- ------- -----
195,277 228,618 33,341 14.6 TOTAL UTILITIES 534,568
621,348 86,780 14.0
MAINTENANCE MATERIALS/REPAIRS
682- 1,158 1,840 158.9 ELECTRICAL SUPPLIES 965- 3,430
4,395 128.1
4,680 4,903 223 4.5 HVAC SUPPLIES 15,625 19,481
3,856 19.8
38 944 906 95.9 PLUMBING SUPPLIES 575 2,794
2,219 79.4
1,877 2,834 957 33.8 TUBES & BULBS 8,399 7,877
522- 6.6
74 1,050 976 93.0 GLASS & HARDWARE 400 3,086
2,686 87.0
457 807 350 43.4 KEYS & LOCKS 2,403 2,347
56- 2.4
264 593 329 55.4 SMALL TOOLS 1,246 1,738
492 28.3
0 817 817 100.0 FILTERS 267 2,336 2,069
88.6
19,518 9,024 10,494- 116.3 FIRE PROTECTION EQUIP. 31,262
25,992 5,270- 20.3
0 245 245 100.0 UNIFORMS 0 723 723
100.0
8,968 7,003 1,965- 28.1 MAINTENANCE AND REPAIRS 13,630
10,460 3,170- 30.3
14,183 13,635 548- 4.0 BUILDING REPAIRS 29,057 41,813
12,756 30.5
9,437 1,428 8,009- 560.9 OTHER MAINTENANCE 11,261
4,240 7,021- 165.6
11,032- 758- 10,274 999.0 LESS: CHARGES TO TENANTS 11,763-
2,274- 9,489 417.3
--------- --------- ------- ----- --------- --------- ------- -----
47,782 43,683 4,099- 9.4 TOTAL MAINTENANCE MATERIALS 101,396
124,043 22,647 18.3
OUTSIDE CONTRACTS
25,182 24,573 609- 2.5 SECURITY 67,561 68,765
1,204 1.8
2,197 758 1,439- 189.8 WATER TREATMENT 3,878 3,241
637- 19.7
35,408 35,489 81 0.2 LANDSCAPING-EXTERIOR 95,208
105,602 10,394 9.8
1,446 1,537 91 5.9 PEST CONTROL 4,114 4,534
420 9.3
11,323 6,649 4,674- 70.3 OTHER (CONTRACT) 32,758 18,942
13,816- 72.9
245 2,738 2,493 91.1 PAINTING & WALLCOVERING 453
8,137 7,684 94.4
3,564 3,846 282 7.3 LANDSCAPING-INTERIOR 8,948
11,384 2,436 21.4
13,178 14,892 1,714 11.5 ELEVATOR SERVICE 45,254
44,249 1,005- 2.3
1,004 1,360 356 26.2 PLUMBING SERVICE 1,728 4,153
2,425 58.4
6,568 2,153 4,415- 205.1 ELECTRICAL SERVICE 12,080
6,468 5,612- 86.8
191 404 213 52.8 SIGNS & SIGN MAINTENANCE 974
1,092 118 10.8
27,215 12,643 14,572- 115.3 HVAC SERVICE 57,426 46,162
11,264- 24.4
1,479 3,257 1,778 54.6 ENERGY MANAGEMENT 3,643
9,740 6,097 62.6
3,303 3,302 1- 0.0 CONCIERGE SERVICE 9,908 9,906
2- 0.0
6,229- 1,042- 5,187 497.8 LESS: CHARGES TO TENANTS 11,877-
3,126- 8,751 279.9
--------- --------- ------- ----- --------- --------- ------- -----
126,074 112,559 13,515- 12.0 TOTAL OUTSIDE CONTRACTS 332,056
339,249 7,193 2.1
CLEANING
101,912 104,803 2,891 2.8 BASIC JANITORIAL 275,467
300,003 24,536 8.2
4,665 11,120 6,455 58.0 DAY STAFF 22,731 31,610
8,879 28.1
4,898 694 4,204- 605.8 WINDOW CLEANING 11,821
32,690 20,869 63.8
7,623 8,723 1,100 12.6 TRASH REMOVAL 21,405 25,694
4,189 16.4
</TABLE>
<PAGE>
9952 GOLDMAN SACHS SECURITIZATION
08/27/97 COMPANY INCOME STATEMENT - Jul 31/97
<TABLE>
<CAPTION>
ACTUAL BUDGET (FAV)U=REV VAR ACTUAL
BUDGET (FAV)U=REV VAR
MONTH MONTH FAV(U)=EXP % YTD YTD
FAV(U)=EXP %
<C> <C> <C> <C> <S> <C> <C> <C>
<C>
3,063 1,516 1,547- 102.1 CLEANING SUPPLIES 5,580 4,421
1,159- 26.2
7,219 5,207 2,012- 38.6 RESTROOM SUPPLIES 21,136
21,286 150 0.7
12,770 3,906 8,864- 226.9 CARPET CLEANING 27,990
41,295 13,305 32.2
651 648 3- 0.5 OTHER (CLEANING) 1,032 3,807
2,775 72.9
3,855- 2,158- 1,697 78.6 LESS: CHARGES TO TENANTS 7,173-
6,362- 811 12.7
--------- --------- ------- ----- --------- --------- ------- -----
138,947 134,459 4,488- 3.3 TOTAL CLEANING 379,987
454,344 74,357 16.4
MAINTENANCE LABOR
39,144 44,637 5,493 12.3 MAINTENANCE WAGES - S.T. 119,780
130,653 10,873 8.3
3,031 5,023 1,992 39.7 MAINTENANCE WAGES - O.T. 8,704
14,686 5,982 40.7
13,910 11,607 2,303- 19.8 MAINTENANCE LABOR - FRINGES 37,814
34,821 2,993- 8.6
2,832- 1,165- 1,667 143.1 LESS: CHARGES TO TENANTS 3,830-
3,495- 335 9.6
--------- --------- ------- ----- --------- --------- ------- -----
53,253 60,102 6,849 11.4 TOTAL MAINTENANCE LABOR 162,468
176,665 14,197 8.0
254,754 252,314 2,440- 1.0 REAL ESTATE TAX 722,897
740,438 17,541 2.4
--------- --------- ------- ----- --------- --------- ------- -----
1,080,534 1,022,600 57,934- 5.7 TOTAL ESCALATABLE EXP 2,828,667
3,020,845 192,178 6.4
========= ========= ======= ===== =========
========= ======= =====
1,128,373 1,080,991 47,382- 4.4 TOTAL EXPENSES 2,945,065
3,211,765 266,700 8.3
OTHER INCOME (EXPENSE)
28 0 28- OTHER INCOME (EXPENSE) 597 0
597-
========= ========= ======= ===== =========
========= ======= =====
28 0 28- 0.0 TOTAL OTHER INCOME (EXPENSE) 597 0
597- 0.0
********* ********* ******* ***** ********* *********
******* *****
2,066,629 2,077,242 10,613 0.5 NET OPERATING INC (LOSS) - NOI 6,203,213
6,033,325 169,888- 2.8
</TABLE>
<PAGE>
ATLANTIC AMERICAN PROPERTIES
TENANT IMPROVEMENTS & LEASE COMMISSIONS
ACTIVITY FOR THE MONTH OF JULY, 1997
<TABLE>
<CAPTION>
LEASE
TI COMM
BORROWER PROPERTY TENANT NAME AMOUNT AMOUNT
STATUS
-------- -------- ----------- ------ ------ ------
<S> <C> <C> <C> <C> <C>
AALDI, INC. MASONS MILL 12 FOOD SERVICES $176.65 $0.00
WORK COMPLETE
MAONS MILL 13 COLORADO PRIME $8,707.50 $0.00
WORK COMPLETE, MORE INVOICES TO COME
MASCELLMAC I FIRST USA $5,601.00 $0.00 STILL IN
PROGRESS
7535 WINDSOR ROSENBLUTH $39,767.45 $0.00 WORK
COMPLETE
7010 SNOWDRIFT VITALINK $7,714.65 $0.00 STILL IN
PROGRESS
----------- -----------
SUBTOTAL $61,967.25 $0.00
----------- -----------
AAPOP 1, L.P. 304 HARPER LEGG MASON $13,396.10 $14,099.24
WORK COMPLETE
701 EG DR LOCKHEED MARTIN $8,731.10 $111,150.00
WORK COMPLETE, MORE INVOICES TO COME
701 EG DR TODAY'S TEMP $20,180.80 $0.00 WORK
COMPLETE
1760 MARKET ST. FEDERAL TRANSIT ($769.54)* $0.00
WORK COMPLETE, MORE INVOICES TO COME
1760 MARKET ST. JOHN J. GALLAGHER $0.00 $42,908.96 NO
Tl WORK BEING WANE
----------- -----------
SUBTOTAL $41,538.46 $125,249.24
----------- -----------
IR VENTURE I 6755 SNOWDRIFT RD $0.00 $0.00
----------- -----------
SUBTOTAL $0.00 $0.00
----------- -----------
IR VENTURE II 7150 WINDSOR DR $0.00 $0.00
----------- -----------
SUBTOTAL $0.00 $0.00
----------- -----------
GRAND TOTAL $103,505.71 $125,249.24
=========== ===========
</TABLE>
* THIS AMOUNT INCLUDES A $5000 PAYMENT FOR TI FROM THE TENANT
BECAUSE THERE WAS
AN OVERAGE
PREPARED BY: KIM MARTIN
08/28/97 09:23:08 AM
<PAGE>
ATLANTIC AMERICAN PROPERTIES
CAPITAL IMPROVEMENTS
ACTIVITY FOR THE MONTH OF JULY, 1997
<TABLE>
<CAPTION>
BORROWER PROPERTY PROJECT NAME AMOUNT
STATUS
-------- -------- ------------ ------ ------
<S> <C> <C> <C> <C>
AALDI, INC. 303 FELLOWSHIP PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
303 FELLOWSHIP TOILET ROOM EXHAUST $248.00
STILL IN PROGRESS
307 FELLOWSHIP PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
307 FELLOWSHIP TOILET ROOM EXHAUST $248.00
STILL IN PROGRESS
700 EAST GATE DR PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
700 EAST GATE DR TOILET ROOM EXHAUST $248.00
STILL IN PROGRESS
MASCELLMAC I EMS SYSTEM $165.00 WORK
COMPLETE
MASCELLMAC I REVAMP STAIR TOWER $13,297.00
WORK COMPLETE
----------
SUBTOTAL $14,299.00
----------
AAPOP 1, L.P. 304 HARPER TOILET ROOM EXHAUST $248.00
STILL IN PROGRESS
305 FELLOWSHIP PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
305 FELLOWSHIP TOILET ROOM EXHAUST $314.00
STILL IN PROGRESS
309 FELLOWSHIP PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
309 FELLOWSHIP TOILET ROOM EXHAUST $248.00
STILL IN PROGRESS
701 EG DR PARKING LOT REPAIRS $31.00 STILL IN
PROGRESS
701 EG DR TOILET ROOM EXHAUST $248.00 STILL
IN PROGRESS
815 EAST GATE DR PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
817 EAST GATE DR PARKING LOT REPAIRS $31.00
STILL IN PROGRESS
1760 MARKET ST. UPGRADE BATHROOM $322.00
STILL IN PROGRESS
----------
SUBTOTAL $1,535.00
----------
IR VENTURE I 6755 SNOWDRIFT RD $0.00
----------
SUBTOTAL $0.00
----------
IR VENTURE II 7150 WINDSOR DR $0.00
----------
SUBTOTAL $0.00
----------
GRAND TOTAL $15,834.00
==========
</TABLE>
PREPARED BY: KIM MARTIN
08/28/97 09:23:08 AM
<PAGE>
ATLANTIC AMERICAN PROPERTIES, INC.
L E A S E A C T I V I T Y - J U L Y, 1 9 9 7
New Leases\Expansion
--------------------
A. 1760 Market - Law Offices of John Gallagher - 5,730 sf - 10 yrs/3 mos
B. 701 EG - Tin Plate Partners - 2,878 sf - 50 mos. - relocated from 2nd floor
to 1st floor
C. 1000 First Ave - First USA - 19,708 sf - 5 yrs.
Terminations
------------
1. 1760 Market - McAllister & Gallagher - 5,730 sf - lease ended, Gall. signed
new
2. 701 EG - Tin Plate Partners - 2,878 sf - relocated to 1st floor of bldg.
3. 180 Rittenhouse - Imperial Wallcoverings - 60,000 sf - leases ended
4. 1717 Arch - Door To Door Dry Cleaning - 405 sf - defaulted, vacated space
Renewals
--------
D. 1760 Market - Charles Schwab - 3,135 sf - 5 yrs.
1760 Market - Adecco Services - 1,569 sf - 3 yrs.
E. 701 EG - Tim Plate Partners - 2,878 sf - 1 yr extension
8/27/97
LISTED ABOVE IS THE LEASE ACTIVITY FOR THE MONTH OF JULY, 1997.
ATTACHED ARE THE
LEASE
SUMMARY FORMS FOR BOTH NEW/EXPANSION AND RENEWAL DEALS. THE
TERMINATIONS ARE
SELF-EXPLANATORY.
<PAGE>
August 29, 1997
COMMONWEALTH ATLANTIC OPERATING PROPERTIES INC.
OFFICER'S CERTIFICATE
I, Brent W. Sinnett, certify that:
I am the Chief Financial Officer of Commonwealth Atlantic Operating
Properties Inc. (the "Company"), and as such am authorized to execute this
certificate on behalf of the Company. I do hereby further certify as follows:
Pursuant to Section 5.1(j)(iii) of the Loan Agreement (the "Loan
Agreement") dated as of June 30, 1997 between Goldman Sachs Mortgage Company and
the Company, the following items are true, correct, accurate and complete and
fairly present the results of the operations of Borrowers Properties in a
combined and individual basis in accordance with GAAP, without footnotes (as
applicable and subject to normal year-end adjustments):
(A) the Company has received no written notices as identified in
Section 5.1(j)(iii)(A) of the Loan Agreement;
(B) monthly and year to date operating statements prepared for each
calendar month (on an aggregate and Property-by-Property basis), noting Net
Operating Income and other information necessary and sufficient to fairly
represent the results of operations of the Properties during such calendar
month are attached hereto; and
(C) a statement of the Capital Expenditures, Leasing Commissions and
Tenant Improvements made in respect of each Individual Property, including
separate line items (stated separately with respect to any project costing
in excess of $10,000) for (x) maintenance (i.e., roofs, parking lots,
equipment and HVAC), (y) Tenant Improvements and Leasing Commissions, and
(z) renovations, expansions and enhancements and the status of each
project, is attached hereto.
All capitalized terms used herein and not otherwise defined shall have the
meaning ascribed to them in the Loan Agreement.
IN WITNESS WHEREOF, I have hereunto set my hand on this the 29 day of
August, 1997.
/s/ Brent W. Sinnett
-------------------------
Chief Financial Officer
<PAGE>
Commonwealth Atlantic Operating Properties Inc.
Detail of Capital Expenditures
For the Period January 1, 1997 - July 31,1997
Current Year
Project # Project Name Month to Date
--------- ------------ ----- -------
140-00 Construction Work in Process
- -----------------------------------
ARB010-06 Arboretum VI 0.00 (1,507.68)
ARB010-07 Arboretum VII 0.00 (476.12)
OGW530-01 Oakwood 0.00 659.20
OGW530-02 Greenwood 0.00 6,702.21
------------------------
0.00 5,377.61
------------------------
140-45 Tenant Finish Adds - Current Year
- ----------------------------------------
ARB010-06 Arboretum VI 430.05 24,757.16
ARB010-07 Arboretum VII 170.21 546.64
DAB200-01 Dabney I 11,340.00 11,340.00
DAB200-03 Dabney III 0.00 12,200.88
DAB200-09 DabneyIX 0.00 23,500.00
DAB200-11 Dabney Xl 0.00 14,771.98
DAB200-A1 Dabney A-1 0.00 44,518.56
OGW530-01 Oakwood 5,569.23 (2,973.58)
OGW530-02 Greenwood 108,140.43 111,163.89
WML202-02 Westmoreland 3,258.50 3,258.50
------------------------
128,908.42 243,084.03
------------------------
160-00 Prepaid Leasing Costs - Current Year
- -------------------------------------------
ARB010-06 Arboretum VI 0.00 4,200.72
ARB010-07 Arboretum VII 2,994.94 2,994.94
OGW530-01 Oakwood 2,674.03 163,326.46
OGW530-02 Greenwood 59,013.70 592,702.65
------------------------
64,682.67 763,224.77
------------------------
Total Capital Expenditures 193,591.09 1,011,686.41
========================
Page - 1
<PAGE>
<TABLE>
<CAPTION>
8/29/97 RFP2 - COMMONWEALTH ATLANTIC PROP -
FR0270-D PAGE 1
12:18:44 QPADEV0001 Consolidated
V950623 BSINNETT
ACCOUNT LEVEL CASH FLOW -------------------------
Report CASHFL10 PROJECT SELECTION
CONSOL 100%
Number 002 July 31, 1997 C12 97
(01..07)
------------ Current Month ----------- ------------- Year to Date
- -----------
ACTUAL BUDGET Variance ACTUAL
BUDGET Variance
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenue
120-00 Accounts Receivable Control 7,139.56- 0.00 7,139.56- 46,272.41
0.00 46,272.41
120-20 Tenant A/R - Property Level 30,608.88 0.00 30,608.88 76,375.50-
0.00 76,375.50-
400-00 Land Rent 0.00 40,500.00 40,500.00- 202,500.00
283,500.00 81,000.00-
400-10 Base Rent 1,477,595.23 1,351,884.00 125,711.23 10,253,368.90
10,069,502.00 183,866.90
400-30 Parking Income 1,477.36 1,477.00 0.36 10,255.46
10,253.00 2.46
400-50 Other Rents 1,110.69 0.00 1,110.69 9,926.91 0.00
9,926.91
403-00 Operating Expense Reimbursemnts 68,545.21 77,791.00 9,245.79-
499,299.68 569,941.00 70,641.32-
403-01 Exp Reimb - CAM 84.87 85.00 0.13- 5,874.09
595.00 5,279.09
403-02 Exp Reimb - Property Tax 9,627.22 25,174.00 15,546.78- 124,427.45
65,926.00 58,501.45
403-04 Exp Reimb - Electricity/Gas 14,781.98 32,599.00 17,817.02- 115,085.25
225,786.00 110,700.75-
403-06 Exp Reimb - Miscellaneous 0.00 150.00 150.00- 0.00
1,050.00 1,050.00-
403-20 Prior Year Exp Reimbursements 0.00 0.00 0.00 19,797.73
0.00 19,797.73
405-00 Late Fees 871.79 0.00 871.79 10,107.52 0.00
10,107.52
405-05 Tenant Direct Billback Income 245.50 583.00 337.50- 2,705.09
4,081.00 1,375.91-
411-05 Interest Income - Notes 660.83 691.02 30.19- 5,252.76
5,459.91 207.15-
434-00 Miscellaneous Income 150.24 0.00 150.24 2,585.53-
8,750.00 11,335.53-
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
TOTAL Revenue 1,598,620.24 1,530,934.02 67,686.22 11,225,912.22
11,244,843.91 18,931.69-
Operating Expenses
500-05 Property Tax-Developed Prop. 462,352.34- 259,807.00- 202,545.34-
703,935.74- 652,798.00- 51,137.74-
500-50 Property Tax-Other 0.00 0.00 0.00 360.54- 0.00
360.54-
510-10 Insurance - Property Package 0.00 0.00 0.00 4,251.65-
12,100.00- 7,848.35
520-00 Utilities - Water & Sewer 20,283.58- 18,260.00- 2,023.58- 67,507.10-
81,523.00- 14,015.90
520-05 Utilities - Electricity 86,137.84- 93,602.00- 7,464.16 610,526.51-
625,407.00- 14,880.49
520-10 Utilities - Gas 21.52- 105.00- 83.48 4,114.40-
7,185.00- 3,070.60
520-15 Utilities - Fuel Oil 0.00 0.00 0.00 108.82- 0.00
108.82-
520-50 Utilities - Other 300.00- 150.00- 150.00- 750.00-
1,050.00- 300.00
530-00 Janitorial - Building Contract 57,080.53- 56,030.00- 1,050.53- 379,040.89-
390,404.00- 11,363.11
530-10 Janitorial - Window Washing 6,896.00- 0.00 6,896.00- 8,311.00-
12,284.00- 3,973.00
530-20 Janitorial - Carpet Cleaning 56.91- 1,090.00- 1,033.09 189.91-
6,470.00- 6,280.09
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
8/29/97 RFP2 - COMMONWEALTH ATLANTIC PROP -
FR0270-D PAGE 2
12:18:44 QPADEV0001 V950623
BSINNETT
ACCOUNT LEVEL CASH FLOW
Report CASHFL10 PROJECT SELECTION
CONSOL 100%
Number 002 July 31, 1997 C12 97
(01..07)
------------ Current Month ----------- ------------- Year to Date
- -----------
ACTUAL BUDGET Variance ACTUAL
BUDGET Variance
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
<S> <C> <C> <C> <C> <C> <C>
<C>
530-30 Janitorial - Supplies 0.00 50.00- 50.00 0.00 350.00-
350.00
530-50 Janitorial & Cleaning - Other 555.00- 425.00- 130.00- 16,922.50-
13,495.00- 3,427.50-
531-00 Trash Removal - Contract 3,488.09- 3,501.00- 12.91 20,747.70-
23,361.00- 2,613.30
532-00 Landscape - Park Maintenance 906.70- 906.00- 0.70- 13,266.15-
15,511.00- 2,244.85
532-05 Landscape - Exterior 18,890.63- 15,340.00- 3,550.63- 108,424.28-
113,780.00- 5,355.72
532-10 Landscape - Interior 1,453.46- 792.00- 661.46- 11,242.95-
5,544.00- 5,698.95-
532-15 Landscape - Irrigation 3,134.11- 1,298.00- 1,836.11- 6,171.36-
8,275.00- 2,103.64
532-20 Landscape - Seasonal Color-Ext 3,803.33- 89.00- 3,714.33- 7,233.32-
13,993.00- 6,759.68
532-25 Landscape - Seasonal Color-Nit 0.00 0.00 0.00 125.00-
0.00 125.00-
532-50 Landscape - Other 3,709.98- 1,565.00- 2,144.98- 7,725.03-
17,955.00- 10,229.97
533-00 Electrical - Supplies 229.31- 180.00- 49.31- 632.72-
1,110.00- 477.28
533-20 Electrical - Repairs 0.00 1,330.00- 1,330.00 1,780.27-
8,810.00- 7,029.73
533-50 Electrical - Other 225.50- 0.00 225.50- 5,280.01-
4,600.00- 680.01-
534-00 Lighting - Supplies 478.62- 1,850.00- 1,371.38 7,983.56-
13,050.00- 5,066.44
534-10 Lighting - Repairs 13,137.25- 130.00- 13,007.25- 13,292.43-
10,390.00- 2,902.43-
534-50 Lighting - Other 0.00 0.00 0.00 400.00- 0.00
400.00-
535-00 HVAC - Supplies 4,080.34- 2,340.00- 1,740.34- 12,044.34-
17,820.00- 5,775.66
535-05 HVAC - Contract 636.55- 3,494.00- 2,857.45 12,178.49-
13,824.00- 1,645.51
535-10 HVAC - Repairs 6,214.38- 2,250.00- 3,964.38- 21,140.18-
33,000.00- 11,859.82
535-20 HVAC - Chillers 0.00 0.00 0.00 29.18- 0.00
29.18-
535-50 HVAC - Other 4,598.68- 0.00 4,598.68- 29,786.35-
25,000.00- 4,786.35-
536-00 Parking - Sweeping 1,208.00- 326.00- 882.00- 3,361.00-
5,697.00- 2,336.00
536-10 Parking - Striping & Repairs 2,400.00- 1,075.00- 1,325.00- 2,408.28-
17,353.00- 14,944.72
536-20 Parking - Lighting 0.00 0.00 0.00 5,444.50-
11,700.00- 6,255.50
536-30 Parking - Sealcoating 0.00 0.00 0.00 0.00 5,421.00-
5,421.00
536-50 Parking - Other 3,000.00- 0.00 3,000.00- 3,223.89-
7,000.00- 3,776.11
537-01 Elevator - Supplies 0.00 50.00- 50.00 0.00 350.00-
350.00
537-02 Elevator - Repairs/Maintenance 220.00 175.00- 395.00 1,397.00-
2,425.00- 1,028.00
537~03 Elevator - Contract 3,008.68- 6,185.00- 3,176.32 26,457.59-
32,531.00- 6,073.41
537-05 Elevator - Other 637.06- 28.00- 609.06- 7,672.82-
9,908.00- 2,235.18
537-10 Plumbing - Supplies & Repairs 337.21- 650.00- 312.79 9,296.90-
4,605.00- 4,691.90-
537-11 Restroom Supplies 407.55- 985.00- 577.45 3,415.15-
4,115.00- 699.85
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
8/29/97 RFP2 - COMMONWEALTH ATLANTIC PROP -
FR0270-D PAGE 3
12:18:44 QPADEV0001 V950623
BSINNETT
ACCOUNT LEVEL CASH FLOW
Report CASHFL10 PROJECT SELECTION
CONSOL 100%
Number 002 July 31, 1997 C12 97
(01..07)
------------ Current Month ----------- ------------- Year to Date
- -----------
ACTUAL BUDGET Variance ACTUAL
BUDGET Variance
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
537-15 Painting 8 Decorating 754.04- 300.00- 454.04- 9,864.29-
20,050.00- 10,185.71
537-16 Walk-off Mats 148.92- 265.00- 116.08 1,053.66-
1,855.00- 801.34
537-17 Carpets/Floors-Repairs & Maint 0.00 50.00- 50.00 4,287.00-
590.00- 3,697.00-
537-20 Communication Systems 63.20- 65.00- 1.80 447.97-
455.00- 7.03
537-21 Fire Alarm/Control Systems 1,358.61- 1,900.00- 541.39 11,964.48-
17,289.00- 5,324.52
537-22 Energy Management Systems 23.50- 2,053.00- 2,029.50 2,505.53-
6,271.00- 3,765.47
537-25 Snow Removal 0.00 0.00 0.00 21,022.82-
67,950.00- 46,927.18
537-26 Pest Control 387.00- 418.00- 31.00 2,645.20-
3,276.00- 630.80
537-30 Supplies and Tools 281.70- 540.00- 258.30 5,140.00-
7,980.00- 2,840.00
537-31 Locks and Keys 2,139.84 235.00- 2,374.84 4,920.52-
3,295.00- 1,625.52-
537-32 Uniforms 205.63- 310.00- 104.37 2,028.53-
2,390.00- 361.47
537-33 Signage 517.27- 150.00- 367.27- 1,252.44-
650.00- 602.44-
537-35 Roof Repairs & Maintenance 4,044.40- 2,450.00- 1,594.40- 6,009.03-
21,400.00- 15,390.97
537-36 Structural Repairs 2,433.98- 100.00- 2,333.98- 2,696.28-
16,200.00- 13,503.72
537-37 Environmental Repairs 0.00 240.00- 240.00 450.00-
960.00- 510.00
537-40 Tenant Direct Billback Expense 474.07- 0.00 474.07- 953.41-
4,000.00- 3,046.59
537-50 Other Repairs & Maintenance 4,393.55- 6,133.00- 1,739.45 26,660.69-
52,681.00- 26,020.31
539-00 Concierge Services 3,295.65- 13,410.00- 10,114.35 27,402.08-
36,055.00- 8,652.92
540-00 Security Patrol/Contract 1,688.48- 1,982.00- 293.52 12,939.53-
12,580.00- 359.53-
540-05 Security Supplies 808.55- 640.00- 168.55- 4,752.60-
5,080.00- 327.40
541-05 Business Tax/License 0.00 0.00 0.00 31,981.85-
31,278.00- 703.85-
541-10 Permits/Fees 40.00 0.00 40.00 40.00 0.00
40.00
541-50 Other Taxes/Licenses/Fees 0.00 0.00 0.00 0.00
4,035.00- 4,035.00
648-00 Management Fees Exp - Outside 40,422.39- 35,120.00- 5,302.39-
223,008.47- 259,995.00- 36,986.53
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
Total Operating Expenses 768,570.25- 540,419.00- 228,151.25- 2,542,125.89-
2,806,509.00- 264,383.11
General & Administrative Expenses
600-20 Prop. Mgmt & Manta. Salaries 22,491.03- 25,710.00- 3,218.97
174,895.35- 181,794.00- 6,898.65
600-21 PM & Maint. Payroll Taxes 637.31- 751.00- 113.69 4,859.46-
5,405.00- 545.54
600-22 PM & Maint. Group Insurance 558.13- 899.00- 340.87 4,444.08-
6,293.00- 1,848.92
600-23 PM & Maint. Workers' Comp. 0.00 62.00- 62.00 1,930.20-
3,130.00- 1,199.80
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
8/29/97 RFP2 - COMMONWEALTH ATLANTIC PROP -
FR0270-D PAGE 4
12:18:44 QPADEV0001 V950623
BSINNETT
ACCOUNT LEVEL CASH FLOW
Report CASHFL10 PROJECT SELECTION
CONSOL 100%
Number 002 July 31, 1997 C12 97
(01..07)
------------ Current Month ----------- ------------- Year to Date
- -----------
ACTUAL BUDGET Variance ACTUAL
BUDGET Variance
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
600-25 PM & Maint. Other Benefits 38.47- 121.00- 82.53 1,284.72-
2,327.00- 1,042.28
609-00 Temporaries/Contract Labor 1,493.41- 755.00- 738.41- 3,958.99-
5,285.00- 1,326.01
609-15 Employee Education Expenses 0.00 0.00 0.00 177.77-
75.00- 102.77-
620-00 Legal Fees 0.00 550.00- 550.00 181.00- 2,550.00-
2,369.00
620-20 Accounting Services - Tax 0.00 0.00 0.00 44.64-
0.00 44.64-
620-21 Accounting Services - Other 156.30- 0.00 156.30- 156.30-
0.00 156.30-
620-50 Other Professional Fees 71.74- 150.00- 78.26 2,653.80-
1,050.00- 1,603.80-
630-05 Marketing Brochures 0.00 50.00- 50.00 0.00
350.00- 350.00
630-10 Commissions - Outside 12,291.98- 11,545.12- 746.86- 93,398.83-
89,573.94- 3,824.89-
630-16 Leasing-Meals & Entertainment 0.00 30.00- 30.00 0.00
210.00- 210.00
630-18 Project Promotional Expense 10,345.13- 5,000.00- 5,345.13- 13,450.71-
33,270.00- 19,819.29
630-50 Other Leasing Expense 0.00 175.00- 175.00 307.58
1,525.00- 1,832.58
640-01 G&A - Vehicle Expenses 3.60- 40.00- 36.40 345.43-
280.00- 65.43-
640-02 G&A - Mileage Reimbursement 249.49- 86.00- 163.49- 1,644.48-
602.00- 1,042.48-
640-03 G&A - Meals & Entertainment 0.00 125.00- 125.00 63.71-
1,625.00- 1,561.29
640-18 Furniture & Equipment Rental 287.41- 510.00- 222.59 2,977.02-
3,570.00- 592.98
640-20 Stationery and Office Supplies 244.39- 395.00- 150.61 1,891.41-
2,765.00- 873.59
640-21 Office Equip. Purchase/Repair 40.60- 0.00 40.60- 444.26-
0.00 444.26-
640-23 Computer Supplies/Repairs 0.00 0.00 0.00 11.56-
0.00 11.56-
640-24 Telephone Expenses 1,494.12- 1,345.00- 149.12- 8,419.04-
9,415.00- 995.96
640-30 Freight, Postage and Delivery 457.64- 229.00- 228.64- 1,896.57-
1,603.00- 293.57-
640-31 Dues and Subscriptions 0.00 0.00 0.00 3.15- 0.00
3.15-
640-45 Bank Service/Trustee Fees 98.17- 0.00 98.17- 3,646.45-
0.00 3,646.45-
640-50 Other G&A Expenses 84.51- 95.00- 10.49 721.28-
665.00- 56.28-
640-60 Cost of Abandoned Projects 0.00 0.00 0.00 238.45-
0.00 238.45-
640-65 Bad Debt Expense 0.00 4,315.17- 4,315.17 0.00
30,673.19- 30,673.19
648-99 Management Fees Exp - Inside 11,034.99- 11,839.00- 804.01 76,489.20-
82,386.00- 5,896.80
660-20 Interest Exp - Permanent Loan 0.00 128,333.00- 128,333.00 770,024.65-
898,331.00- 128,306.35
661-05 Land Lease Expense 0.00 40,500.00- 40,500.00 202,500.00-
283,500.00- 81,000 00
- ---------------------------------------- ------------ ------------- ----------- ------------- -------------
- -----------
TOTAL General & Administrative Expenses 62,078.42- 233,610.29- 171,531.87
1,372,444.93- 1,648,253.13- 275,808.20
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
8/29/97 RFP2 - COMMONWEALTH ATLANTIC PROP -
FR0270-D PAGE 5
12:18:44 QPADEV0001 V950623
BSINNETT
ACCOUNT LEVEL CASH FLOW
Report CASHFL10 PROJECT SELECTION
CONSOL 100%
Number 002 July 31, 1997 C12 97
(01..07)
------------ Current Month ----------- ------------- Year to Date
- ------------
ACTUAL BUDGET Variance ACTUAL
BUDGET Variance
- ---------------------------------------- ------------ ------------- ----------- ------------- --------------
- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Operating Income 767,971.57 756,904.73 11,066.84 7,311,341.40
6,790,081.78 521,259.62
Other Operating Sources (Uses)
125-05 Interest Receivable - Loans 30.19 0.00 30.19 207.15
0.00 207.15
200-20 A/P Property - Property Level 6,514.54- 0.00 6,514.54- 20,145.15-
0.00 20,145.15-
220-00 Interest Payable 0.00 0.00 0.00 128,333.33- 0.00
128,333.33-
230-00 Security Deposits Control 0.00 0.00 0.00 5,426.39 0.00
5,426.39
230-20 Prepaid Rent 348,264.07 0.00 348,264.07 357,489.60
0.00 357,489.60
- ---------------------------------------- ------------ ------------- ----------- ------------- --------------
- ------------
TOTAL Other Operating Sources (Uses) 341,779.72 0.00 341,779.72
214,644.66 0.00 214,644.66
- ---------------------------------------- ------------ ------------- ----------- ------------- --------------
- ------------
Cash Flow From Operations 1,109,751.29 756,904.73 352,846.56 7,525,986.06
6,790,081.78 735,904.28
Income From Investments
- ---------------------------------------- ------------ ------------- ----------- ------------- --------------
- ------------
TOTAL Income From Investments 0.00 0.00 0.00 0.00
0.00 0.00
Investment in Property and Partnerships
133-00 Land Improvements-Current Year 0.00 0.00 0.00 0.00
5,000.00- 5,000.00
140-00 Construction Work In Process 0.00 12,604.00- 12,604.00 5,377.61-
201,830.00- 196,452.39
140-05 Tenant Finish Adds-Current Yr 128,908.42- 474,840.00- 345,931.58
243,084.03- 1,000,133.00- 757,048.97
160-00 Prepaid Leasing Costs-Curr Yr 64,682.67- 14,484.00- 50,198.67-
763,224.77- 876,921.16- 113,696.39
210-20 Permanent Financing 0.00 0.00 0.00 22,000,000.00-
0.00 22,000,000.00-
- ---------------------------------------- ------------ ------------- ----------- ------------- --------------
- ------------
TOTAL Investment in Property and
Partnerships 193,591.09- 501,928.00- 308,336.91 23,011,686.41-
2,083,884.16- 20,927,802.25-
Other Sources (Uses)
120-10 Tenant Notes Receivable 4,527.91 4,527.91 0.00 31,072.60
31,072.59 0.01
170-25 Manager Cash/Property Funding 0.00 0.00 0.00 5,565,467.75-
0.00 5,565,467.75-
170-26 Manager Cash-Contra 0.00 0.00 0.00 5,589,665.67
0.00 5,589,665.67
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
8/29/97 RFP2 - COMMONWEALTH ATLANTIC PROP -
FR0270-D PAGE 6
12:18:44 QPADEV0001 V950623
BSINNETT
ACCOUNT LEVEL CASH FLOW
Report CASHFL10 PROJECT SELECTION
CONSOL 100%
Number 002 July 31, 1997 C12 97
(01..07)
----------- Current Month ---------- -------------- Year to Date
- --------------
ACTUAL BUDGET Variance ACTUAL
BUDGET Variance
- ------------------------------------- ----------- ------------- ---------- -------------- -------------
- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
200-50 Other Miscellaneous Payables 1,493.41 0.00 1,493.41 1,493.41
0.00 1,493.41
- ------------------------------------- ----------- ------------- ---------- -------------- -------------
- --------------
TOTAL Other Sources (Uses) 6,021.32 4,527.91 1,493.41 56,763.93
31,072.59 25,691.34
Cash Flow from Land Sales
700-20 Other Sales Revenue 0.00 0.00 0.00 2,100.00 0.00
2,100.00
- ------------------------------------- ----------- ------------- ---------- -------------- -------------
- --------------
TOTAL Cash Flow from Land sales 0.00 0.00 0.00 2,100.00
0.00 2,100.00
===================================== =========== =============
========== ============== ============= ==============
Cash Flow (Deficit) 922,181.52 259,504.64 662,676.88 15,426,836.42-
4,737,270.21 20,164,106.63-
===================================== =========== =============
========== ============== ============= ==============
PROJECT SELECTION 922,181.52- 259,504.64- 662,676.88
15,426,836.42 4,737,270.21- 20,164,106.63-
</TABLE>
<PAGE>
A R C H O N
- -----------
G R O U P
September 9, 1997
Mr. Joseph Funk
GMAC Commercial Mortgage
650 Dresher Road
P.O. Box 1015
Horsham, PA 19044-8015
Officer's Certificate
I hereby certify that, to the best of my knowledge with respect to the Loan
Agreement between WMP II Real Estate Limited Partnership, as Borrower, and GMAC
Commercial Mortgage, as Lender, dated August 26, 1996, that the enclosed
operating statements are true, correct, accurate, and complete and present
fairly in accordance with GAAP, the results of operations of the Individual
Properties for the month ended July 31st, 1997, all Operating Cash Flow and Net
Capital Proceeds have been applied in accordance with the provisions of this
Agreement and there are no Events of Default in existence at this time. There
have been no notices received from a Tenant under a Lease affecting 10,000 or
more rentable square feet in an Individual Property threatening non-payment of
rent or other default, alleging or acknowledging a default by landlord,
requesting a termination or modification of a Lease or notifying Borrower of the
exercise or non-exercise of any option provided for in such Tenant's Lease, or
any other similar material correspondence received by Borrower from Tenants
during the subject month.
WMP II Real Estate Limited Partnership
By: WMP II Gen-Par, Inc., General Partner
By: /s/ Chris Abernathy
-------------------
Chris Abernathy
Assistant Vice President
600 E. Las Colinas Blvd. Suite 1900 Irving, TX 75039
972.831.2200 F. 972.830.7600
<PAGE>
ARCHON GROUP L.P.
MONTHLY CASHFLOW
CITY CENTER - 36001
VERSION VARWMP002A
For the Period Ending July 31, 1997
Description July YTD
- ------------------------------- --------- ---------
REVENUES:
Net Rental Income/Room Revenues 642,080 4,701,975
Reimbursements/Recoveries 68,949 217,275
Other Income 34,014 220,886
--------- ---------
Total Income 745,043 5,140,136
PROPERTY EXPENSES
Management Fee 12,857 94,891
On-Site General & Admin. 2,810 32,742
Utilities 158,051 747,655
Payroll & Burden 27,076 198,894
Building Services & Supplies 74,140 428,281
Security 28,958 114,740
Grounds Maintenance 0 6,959
Repairs & Maintenance 34,965 163,987
Advertising & Marketing 6,069 68,235
Other 0 0
--------- ---------
Total Operating Expenses 344,926 1,856,384
--------- ---------
NOI BEFORE FIXED EXPENSES 400,117 3,283,752
Taxes 63,164 442,510
Insurance 6,444 45,106
Ground Lease Payments 0 0
Hotel Replacement Reserves 0 0
--------- ---------
Total Fixed Expenses 69,608 487,616
--------- ---------
Total Expenses 414,534 2,344,000
--------- ---------
NET OPERATING INCOME 330,509 2,796,136
CAPITAL EXPENDITURES
Tenant Improvements 0 91,935
Leasing Commissions 3,698 56,208
Property Capital Replacements 35,563 250,493
Property Capital Renovations 0 92,603
Capital Reserves 0 0
Delinquent Taxes 0 0
Environmental Remediation 0 0
--------- ---------
Total Capital Expenditures 39,261 491,239
--------- ---------
PROPERTY CASH FLOW 291,248 2,304,897
========= =========
KNIGHTSBRIDGE MANAGEMENT
235 West 48th Street, RP Level, New York, NY 10036
Phone (212)582-4000 Fax (212)582-3448
August 27, 1997
Mr. Brian T. Stauffer
GMAC Commericial Mortgage Corp.
650 Dresher Road
Post Office Box 1015
Horsham, PA 19044-1378
Dear Mr. Stauffer:
Enclosed, please find monthly and year-to-date Operating Statements as well as
monthly Occupancy Reports for CS Ritz Holdings, L.P. (235 West 48th Street, New
York, NY) for the period ended July 31, 1997.
The statements include:
1) Balance Sheet as of July 31, 1997
2) Statement of Operating Income and Expenses for the month of July and
the period December 19, 1996 to July 31, 1997. This report also
contains a comparison of budgeted income and expenses and actual
income and expenses, both for the month and year-to-date.
The Financial Reports contained herein are true, correct, accurate and
completely and fairly present the financial condition and operations of CS Ritz
Holdings, L.P.
Sincerely,
/s/ Edward F. Torti
Edward F. Torti
Chief Financial Officer
Enclosures
sld/eft
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
***PREPARED FOR*** CS RITZ HOLDING, LP
***PREPARED BY***
235 WEST 48TH STREET STATEMENT OF OPERATING INCOME &
EXPENSES KNIGHTSBRIDGE MANAGEMENT, L.P.
NEW YORK, NY 10036 FOR PERIOD ENDED 7/31/97
PAGE: A 6
- ------------------------------------------------------------------------------------------------------------------------------------
BLD ACCT: 174 CORP.NO.: 0
FISCAL BEG: 12
- ------------------------------------------------------------------------------------------------------------------------------------
--------------CURRENT MONTH------------------------YEAR TO
DATE------------------------ANNUAL BUDGET----
----ACTUAL-- ---BUDGET--- --VAR--- ----ACTUAL---- --BUDGET--
- ---VAR--- ----TOTAL---- --REMAINING--
<S> <C> <C> <C> <C> <C> <C> <C>
<C>
OPERATING INCOME
RESIDENTIAL RENT 891,878.57 866,040 5,839 6,535,740.08 6,586,430
- -50,690 10,130,590 3,594,850
COMMERCIAL RENT 119,909.69 110,000 9,910 840,164.35 770,000
70,164 1,210,000 369,836
LAUNDRY INCOME .00 5,833 -5,833 .00 40,831 -40,831
64,163 64,163
VACANCY LOSS -3,654.43 -15,000 11,346 -38,263.36 -105,000
66,737 -165,000 -126,737
INTEREST 2,854.67 1,250 1,605 18,127.53 8,750 9,378
13,750 -4,378
BOUNCED CHECK FEES -1,471.18 0 -1,471 -691.18 0 -691
0 691
MISCELLANEOUS INCOME 12,343.70 0 12,344 79,822.83 0
79,823 0 -79,823
LATE FEES -1,036.84 0 -1,037 9,038.24 0 9,038 0
-9,038
BAD DEBT WRITEOFF -2,730.95 -1,250 -1,481 -15,060.39 -10,000
- -5,060 -15,000 60
EMPPLOYEE APART/GAR. -2,300.00 -2,300 0 -18,400.00 -18,400
0 -27,600 -9,200
RENT CONCESSIONS .00 1,666 -1,666 .00 13,336 -13,336
20,000 20,000
HEALTH CLUB FEES 6,165.00 12,866 -6,701 149,912.51 102,936
46,977 154,400 4,487
421 A INCOME 34,332.02 30,000 4,332 234,844.80 210,000 24,845
330,000 95,155
RECLASSIFICATIONS .00 0 0 1,802.34 0 1,082
0 -1,082
------------ --------- ------ ------------ --------- ------- ---------- ---------
TOTAL INCOME 1,056,290.25 1,029,105 27,185 7,796,317.75 7,598,883
197,435 11,715,303 3,918,985
------------ --------- ------ ------------ --------- ------- ---------- ---------
OPERATING EXPENSES
PAYROLL & PAYROLL TAXES
SALARIES 50,112.96 95,154 -45,041 374,928.97 461,585 -86,656
706,267 331,338
EMPLOYEE BENEFITS 29,138.67 29,375 -236 86,524.42 88,125
- -1,601 117,500 30,976
FICA EXPENSES 4,807.70 0 4,808 37,185.41 0 37,185
0 -37,185
FEDERAL UNEMPLOYMENT 46.94 0 47 1,554.86 0 1,555
0 -1,555
STATE UNEMPLOYMENT IN 258.04 0 258 9,116.01 0 9,116
0 -9,116
------------ --------- ------ ------------ --------- ------- ---------- ---------
TOTAL PAYROLL & P/R TA 84,364.31 124,529 -40,165 509,309.67 549,710
- -40,400 823,767 314,457
OTHER OPERATING EXPENSES
REAL ESTATE TAXES 144,329.97 140,715 3,615 780,402.20 776,787
3,615 1,339,647 559,245
WATER & SEWER 24,634.03 7,404 17,230 71,960.36 59,235 12,725
88,851 16,891
MAINTENANCE & JANITOR 5,201.42 0 5,201 17,671.83 0
17,672 0 -17,672
GAS & ELECTRIC 87.91 16,250 -16,162 100,762.99 130,000 -29,237
195,000 94,237
FUEL 3,866.11 6,875 -3,009 75,778.92 103,125 -27,346
137,300 61,721
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
***PREPARED FOR*** CS RITZ HOLDING, LP
***PREPARED BY***
235 WEST 48TH STREET STATEMENT OF OPERATING INCOME &
EXPENSES KNIGHTSBRIDGE MANAGEMENT, L.P.
NEW YORK, NY 10036 FOR PERIOD ENDED 7/31/97
PAGE: A 7
- ------------------------------------------------------------------------------------------------------------------------------------
BLD ACCT: 174 CORP.NO.: 0
FISCAL BEG: 12
- ------------------------------------------------------------------------------------------------------------------------------------
--------------CURRENT MONTH------------------------YEAR TO
DATE------------------------ANNUAL BUDGET----
----ACTUAL-- ---BUDGET--- --VAR--- ----ACTUAL---- --BUDGET--
- ---VAR--- ----TOTAL---- --REMAINING--
<S> <C> <C> <C> <C> <C> <C> <C>
<C>
TAXES .00 0 0 100,000 0 100 0
- -100
INSURANCE 6,627.01 8,692 -2,065 57,409.52 71,708 -14,298
97,784 40,374
SUPT. EXPENSE .00 300 -300 6020.00 2,400 -1,800
3,600 3,000
INSPECTION FEES & PER 1,785.00 0 1,785 3,870.00 6,000 -2,130
12,000 8,130
UNIFORMS 170.00 0 170 1,544.95 5,000 -3,455
5,000 3,455
R & M HEALTH CLUB 1,525.25 6,250 -4,725 23,059.93 50,000
- -26,940 75,000 51,940
OUTSIDE INSTRUC. HEAL .00 0 0 1,000.00 0 1,000
0 -1,000
PAYROLL HEALTH CLUB 8,884.60 9,533 -648 70,411.65 66,731
3,681 104,863 34,451
---------- ------- ----- ------------ --------- ------ --------- -------
TOTAL OTHER OPERATING 197,111.30 196,019 1,092 1,204,572.35 1,270,986
-66,414 2,059,245 854,673
ADMINISTRATIVE EXPENSES
MANAGEMENT FEES 51,404.00 51,341 63 430,640.91 378,671
51,970 584,035 153,394
LEGAL FEES 516.16 2,104 -1,588 8,292.53 16,834 -8,541
25,250 16,957
ENGINEERING .00 0 0 .00 3,500 -3,500 3,500
3,500
CONSULTING 310.00 208 102 6,959.46 1,668 5,291
2,500 -4,459
AUDITING FEES .00 0 0 .00 10,000 -10,000
10,000 10,000
TELEPHONE 1,036.02 0 1,036 7,327.49 0 7,327 0
7,327
LEASING COMMISSION 3,846.16 4,166 -320 31,641.74 33,336
- -1,694 50,000 18,358
OFFICE SUPPLIES .00 100 -100 1,485.99 800 686
1,200 -286
OFFICE EQUIPMENT 41.60 515 -473 749.07 4,120 -3,371
6,180 5,431
DATA PROCESSING 283.90 125 159 1,832.81 1,000 833
1,500 -333
GENERAL SERVICES 347.07 208 139 943.44 1,668 -725
2,500 1,557
PRINTING .00 208 -208 112.97 1,668 -1,555 2,500
2,387
POSTAGE .00 0 0 1,215.00 0 1,215 0
- -1,215
MEMBERSHIP & DUES .00 125 -125 3,426.49 1,000 2,426
1,500 -1,926
TRAVEL .00 0 0 319.01 0 319 0
- -319
BANK CHARGES .00 20 -20 .00 170 -170 250
250
ADVERTISING 2,657.90 3,333 -675 22,331.50 26,668 -4,336
40,000 17,668
PETTY CASH 300.00 83 217 1,800.00 668 1,132
1,000 -800
MARKETING & PROMOTION .00 0 0 2,240.00 0 2,240
0 -2,240
INTERCOM .00 0 0 698.21 3,750 -3,052 5,000
4,302
MISC. ADMINISTRATIVE 59.96 291 -231 1,142.71 2,336 -1,193
3,500 2,357
POSTAGE .00 125 -125 .00 1,000 -1,000 1,500
1,500
---------- ------- ----- ------------ --------- ------ --------- -------
TOTAL ADMINISTRATIVE 60,802.77 62,952 -2,149 523,159.33 488,857
34,302 741,915 218,756
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
***PREPARED FOR*** CS RITZ HOLDING, LP
***PREPARED BY***
235 WEST 48TH STREET STATEMENT OF OPERATING INCOME &
EXPENSES KNIGHTSBRIDGE MANAGEMENT, L.P.
NEW YORK, NY 10036 FOR PERIOD ENDED 7/31/97
PAGE: A 8
- ------------------------------------------------------------------------------------------------------------------------------------
BLD ACCT: 174 CORP.NO.: 0
FISCAL BEG: 12
- ------------------------------------------------------------------------------------------------------------------------------------
--------------CURRENT MONTH------------------------YEAR TO
DATE------------------------ANNUAL BUDGET----
----ACTUAL-- ---BUDGET--- --VAR--- ----ACTUAL---- --BUDGET--
- ---VAR--- ----TOTAL---- --REMAINING--
<S> <C> <C> <C> <C> <C> <C> <C>
<C>
REPAIRS & MAINTENANCE
SUPPLIES\HARDWARE 2,096.78 2,500 -403 23,731.24 20,000
3,731 30,000 6,269
EQUIPMENT & TOOLS 472.40 625 -153 6,068.33 5,000 1,068
7,500 1,432
APPLIANCE .00 416 -416 .00 3,336 -3,336 5,000
5,000
UNIT PREP 1,210.88 0 1,211 4,266.01 0 4,266 0
-4,266
CONTNGENCY RESERVE .00 2,168 -2,168 .00 17,353 -17,353
26,025 26,025
ELECTRICAL REPAIRS .00 0 0 2,152.01 5,000 -2,848
5,000 2,848
HVAC - CENTRAL SYSTEMS 30.68 5,000 -4,969 5,920.23 47,500
- -41,580 50,000 44,080
HVAC - INDIVIDUAL UNIT .00 5,000 -5,000 .00 15,000 -15,000
20,000 20,000
PLUMBING REPAIRS 1,588.05 2,500 -912 2,063.59 20,000 -17,956
30,000 27,936
ELEVATOR CONTRACTS & 4,330.00 6,666 -2,336 30,310.00 53,336
- -23,026 80,000 49,690
LANDSCAPING .00 1,250 -1,250 2,876.00 3,750 -874
5,000 2,124
PLASTERING & PAINTING .00 1,666 -1,666 .00 13,336 -13,336
20,000 20,000
GARAGE REPAIRS .00 0 0 .00 5,000 -5,000
5,000 5,000
FLOORING .00 0 0 .00 11,250 -11,250 15,000
15,000
GLAZING .00 0 0 .00 1,875 -1,875 2,500
2,500
FIRE PROTECTION .00 0 0 151.01 5,625 -5,474
7,500 7,349
EXTERMINATING 460.06 500 -40 3,220.42 4,000 -780
6,000 2,780
COMPACTOR & CHUTE 99.59 0 100 2,786.29 1,875 911
2,500 -286
SIDEWALK .00 0 0 .00 2,500 -2,500 2,500
2,500
FACADE\ROOFING .00 2,500 -2,500 .00 5,000 -5,000
5,000 5,000
MISC. CONSTRUCTION .00 833 -833 .00 6,668 -6,668
10,000 10,000
CLEANING 1,901.90 3,000 -1,098 14,362.04 24,000 -9,638
36,000 21,638
POOL SUPPLIES/MAINT. 688.05 0 688 2,789.49 0 2,789
0 -2,789
---------- ------- ------ ------------ --------- ------- --------- ---------
TOTAL REPAIRS & MAINTE 12,878.39 34,624 -21,746 100,696.66 271,404
- -170,707 370,525 269,828
---------- ------- ------ ------------ --------- ------- --------- ---------
TOTAL OPERATING EXPEN 355,156.77 418,124 -62,967 2,337,738.01 2,580,957
-243,219 3,995,452 1,657,714
---------- ------- ------ ------------ --------- ------- --------- ---------
NET OPERATING INCOME 701,133.48 610,981 90,152 5,458,579.42 5,017,926
440,654 7,719,851 2,261,271
---------- ------- ------ ------------ --------- ------- --------- ---------
MORTGAGE INTEREST CAD .00 0 0 2,257,500.01 2,323,387
- -65,887 2,323,387 65,887
MORTGAGE INTEREST OTHE 423,316.89 437,104 -13,787 1,397,662.13
1,397,116 346 3,114,900 1,717,238
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
***PREPARED FOR*** CS RITZ HOLDING, LP
***PREPARED BY***
235 WEST 48TH STREET STATEMENT OF OPERATING INCOME &
EXPENSES KNIGHTSBRIDGE MANAGEMENT, L.P.
NEW YORK, NY 10036 FOR PERIOD ENDED 7/31/97
PAGE: A 9
- ------------------------------------------------------------------------------------------------------------------------------------
BLD ACCT: 174 CORP.NO.: 0
FISCAL BEG: 12
- ------------------------------------------------------------------------------------------------------------------------------------
--------------CURRENT MONTH------------------------YEAR TO
DATE------------------------ANNUAL BUDGET----
----ACTUAL-- ---BUDGET--- --VAR--- ----ACTUAL---- --BUDGET--
- ---VAR--- ----TOTAL---- --REMAINING--
<S> <C> <C> <C> <C> <C> <C> <C>
<C>
---------- ------- ----- ------------ --------- ------ --------- ---------
TOTAL INTEREST 423,316.89 437,104 -13,787 3,655,162.14 3,720,503
- -65,341 5,438,287 1,783,125
---------- ------- ----- ------------ --------- ------ --------- ---------
INCOME BEFORE DEPR. 277,816.59 176,877 103,940 1,803,417.60 1,297,423
505,995 2,281,564 478,146
---------- ------- ----- ------------ --------- ------ --------- ---------
DEPRECIATION 146,676.00 146,676 0 1,088,241.00 1,075,624
12,617 1,662,328 574,087
---------- ------- ----- ------------ --------- ------ --------- ---------
NET INCOME (LOSS) 131,140.59 27,201 103,940 715,176.60 221,799
493,378 619,236 -95,941
---------- ------- ----- ------------ --------- ------ --------- ---------
DISTRIBUTION
DISTR. BLUECHIP NOTE 41,575.01 0 41,575 204,660.51 0 204,661
0 -204,661
DISTRIBUTIONS BLUECHI 40,000.00 55,997 -15,997 263,214.03 382,738
- -119,524 606,726 343,512
DISTRIBUTIONS CADIM N 60,000.00 83,996 -23,996 395,646.01 573,863
- -178,217 909,847 514,201
DISTR. CADIM HOLDINGS 61,845.30 0 61,845 305,366.55 0
305,367 0 -305,367
---------- ------- ----- ------------ --------- ------ --------- ---------
TOTAL DISTRIBUTION 203,420.31 139,993 63,427 1,167,887.10 956,601
212,286 1,516,573 347,686
MORTGAGE PAYABLE CADI .00 0 0 62,500,000.00 0
62,500,000 0 -62,500,000
MORTGAGE PAYABLE GMAC 46,136.26 0 46,136 62,422,060.83 0
62,422,061 0 62,422,061
MORTGAGE PAYABLE OTHE .00 46,136 -46,136 .00 102,342
- -102,342 247,287 247,287
CAPITAL IMPROVEMENTS
BUILDING IMPROVEMENTS 11,863.00 0 11,863 11,863.00 0
11,863 0 -11,863
CAPITAL PROJECTS/VACA .00 15,966 -15,966 67,450.00 47,898
19,652 111,762 44,312
CAPITAL EXPENSE RESER .00 0 0 15,967.00 0 15,967
0 -15,967
FURNITURE & FIXTURES 2,413.13 0 2,413 45,360.66 0 45,361
0 -45,361
---------- ------- ----- ------------ --------- ------ --------- ---------
TOTAL CAPITAL IMPROVEM 14,276.13 15,966 -1,690 140,640.66 47,898
92,743 111,762 -28,879
---------- ------- ----- ------------ --------- ------ --------- ---------
TOTAL EXPENSES 618,989.47 620,219 -1,230 3,725,204.94 3,687,798
37,407 5,871,074 2,145,869
---------- ------- ----- ------------ --------- ------ --------- ---------
OTHER ITEMS (BALANCE SHEET CHANGES)
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
***PREPARED FOR*** CS RITZ HOLDING, LP
***PREPARED BY***
235 WEST 48TH STREET STATEMENT OF OPERATING INCOME &
EXPENSES KNIGHTSBRIDGE MANAGEMENT, L.P.
NEW YORK, NY 10036 FOR PERIOD ENDED 7/31/97
PAGE: A 10
- ------------------------------------------------------------------------------------------------------------------------------------
BLD ACCT: 174 CORP.NO.: 0
FISCAL BEG: 12
- ------------------------------------------------------------------------------------------------------------------------------------
--------------CURRENT MONTH------------------------YEAR TO
DATE------------------------ANNUAL BUDGET----
----ACTUAL-- ---BUDGET--- --VAR--- ----ACTUAL---- --BUDGET--
- ---VAR--- ----TOTAL---- --REMAINING--
<S> <C> <C> <C> <C> <C> <C> <C>
<C>
RECEIVABLE FROM TENAN 5,590.02 0 5,590 205,839.54 0
205,840 0 -205,840
ALLOW FOR TENANT RECE .00 0 0 -74,514.48 0 -74,514
0 74,514
DEBT SERVICE RESERVE .00 0 0 614,322.00 0 614,322
0 -614,322
PREPAID EXPENSES .00 0 0 -21,604.67 0 -21,605
0 21,605
PREPAID REAL ESTATE T 686,033.72 0 686,034 187,658.66 0
187,659 0 -187,659
R/E TAX ESCROW -685,543.30 0 -685,543 140,639.70 0 140,640
0 -140,640
INSURANCE ESCROW 5,424.14 0 5,424 43,393.28 0 43,393
0 -43,393
TENANTS SECURITY DEPO 67,795.22 0 67,795 119,726.51 0
119,727 0 -119,727
MORTGAGE FINANCING CO 5,000.00 0 5,000 579,779.20 0
579,779 0 -579,779
ORGINIZATION COSTS .00 0 0 7,500.00 0 7,500
0 -7,500
BUILDING .00 0 0 -300,769.55 0 -300,770 0
300,770
ACCUM DEPRECIATED BUI -146,676.00 0 -146,676 -1,088,241.00 0
- -1,088,241 0 1,088,241
ACCRUED EXPENSES .00 0 0 -214,408.66 0 -214,409
0 214,409
PREPAID RENT -29,952.83 0 -29,953 358,842.83 0 358,843
0 -358,843
DISABILITY WITHHELD -88.84 0 -89 -88.84 0 -89
0 89
IRS EMPL LEVY -134.24 0 -134 -886.23 0 -886 0
886
TENANT'S SECURITY -76,201.08 0 -76,201 -123,540.18 0 -123,540
0 123,540
DUE TO RITZ HOLDING .00 0 0 -45,257.80 0 -45,253
0 45,253
ACCOUNTS PAYABLE 84,238.43 0 84,238 -265.21 0 -265
0 265
EQUITY CADIM NY INC. .00 0 0 -966,000.00 0 -966,000
0 966,000
EQUITY BLUE CHIP .00 0 0 -644,000.00 0 -644,000
0 644,000
------------ ------- --------- ------------ ------- --------- --------- ---------
TOTAL OTHER ITEMS -84,514.76 0 -84,515 -1,221,869.90 0
- -1,221,870 0 1,221,870
------------ ------- --------- ------------ ------- --------- --------- ---------
CHANGE IN CASH -48,177.35 -174,894 126,717 549,579.57 -885,042
1,434,622 -1,256,386 -1,805,966
------------ ------- --------- ------------ ------- --------- --------- ---------
BEGINNING CASH BALANC 1,068,702.30 0 1,068,702 470,945.38 0
470,945 0 -470,945
------------ ------- --------- ------------ ------- --------- --------- ---------
ENDING CASH BALANCE 1,020,524.95 -174,894 1,195,419 1,020,524.95
- -885,042 1,905,567 -1,256,386 -2,276,911
------------ ------- --------- ------------ ------- --------- --------- ---------
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Report Date: 08/12/97 MONTEHIEDRA TOWN CENTER
Page: 1
Company: 03 VORNADO MONTEHIEDRA ACQUISITION LP
Date: 08/12/97
Development ID: 62 VORNADO MONTEHIEDRA ACQUIS. LP
Time: 09:28:41
This is a PRELIM report since it contains data from the current period. Entries are
not final.
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Current Period Year-to-Date
1 Month 1 Month 7 Months 7 Months
Thru: Jul 1997 Std. Budget Variance % Jul 1997 Std. Budget
Variance %
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
<C>
INCOME
MINIMUM RENTS 681,564 677,976 3,588 0.53 2,281,197
2,278,863 2,334 0.10
FASB 13 MIN RENT ADJ 19,005 19,005 0 0.00 64,617 64,617
0 0.00
OVERAGE (47,290) 0 (47,290) 0.00 30,916 107,283
(76,367) -71.18
RE ESTATE TAX REIMB 33,731 29,188 4,543 15.57 117,151
98,734 18,417 18.65
SERVICE 189,604 185,980 3,624 1.95 630,839 631,477 (
638) -0.10
MISCELLANEOUS 34,568 8,900 25,668 288.40 90,698 26,700
63,998 239.69
-------- -------- -------- -------- ---------- ---------- -------- -------
TOTAL INCOME 911,182 921,049 ( 9,867) -1.07 3,215,419 3,207,674
7,745 0.24
OPERATING EXPENSES
ADVERT, TRAVEL, & PROMO 35,638 20,080 (15,558) -77.48 53,043
75,240 22,197 29.50
BAD DEBT 0 0 0 0.00 0 0 0 0.00
INSURANCE 4,938 4,938 ( 0) -0.00 17,240 14,814 (
2,426) -16.38
LEGAL & ACCOUNTING 7,217 4,167 ( 3,050) -73.20 7,217
12,501 5,284 42.27
MANAGEMENT FEES 35,031 27,119 ( 7,912) -29.18 92,591
84,772 ( 7,819) -9.22
MISCELLANEOUS 419 625 206 32.99 2,393 1,875 (
518) -27.65
OFFICE EXPENSE 639 500 ( 139) -27.80 776 1,500
724 48.24
PROFESSIONAL SERVICES 5,247 1,862 ( 3,385) -181.81 8,729
5,586 ( 3,143) -56.27
R&M RECOVERABLE 2,291 11,650 9,360 80.34 14,488 34,950
20,462 58.55
R&M CONTRACT RECOVERABLE 15,735 10,775 ( 4,960) -46.03 39,929
32,325 ( 7,604) -23.52
R&M NONRECOVERABLE 3,300 1,000 ( 2,300) -230.00 3,300
3,000 ( 300) -10.00
SALARIES & WAGES 8,292 10,103 1,811 17.93 24,875 30,309
5,434 17.93
SECURITY SERVICES 29,918 30,100 182 0.60 99,144 90,300
( 8,844) -9.79
SUPPLIES 31,083 27,866 ( 3,217) -11.54 97,694 83,598
(14,096) -16.86
TAXES OTHER 0 0 0 0.00 0 1,600 1,600
100.00
TAXES PAYROLL 0 0 0 0.00 0 0 0
0.00
TAXES REAL ESTATE 37,193 18,596 ( 18,597) -100.00 107,182
88,585 (18,597) -20.99
UTILITIES 20,059 21,250 1,191 5.61 64,938 63,750 (
1,188) -1.86
-------- -------- -------- -------- ---------- ---------- -------- -------
TOTAL EXPENSES 237,001 190,631 ( 46,370} -24.32 633,541
624,705 ( 8,836) -1.41
INC0ME BEFORE INT,DEP 674,181 730,418 ( 56,237) -7.70 2,581,878
2,582,969 ( 1,091) -0.04
INTEREST EXPENSE 431,792 431,791 ( 1) -0.00 1,211,948
1,211,947 ( 1) -0.00
AMORTIZATION 10,815 10,815 0 0.00 36,770 36,771
1 0.00
DEPRECIATION 141,967 141,907 ( 60) -0.04 482,687 482,508 (
179) -0.04
-------- -------- -------- -------- ---------- ---------- -------- -------
(584,574) (584,513) ( 61) -0.01 (1,731,406) (1,731,226) ( 180)
-0.01
NET INCOME/LOSS 89,607 145,905 ( 56,298) -38.59 850,472
851,743 ( 1,271) -0.15
</TABLE>
