<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: September 22, 1997
- ----------------------------------
(Date of earliest event reported)
Structured Asset Securities Corporation
---------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-96378-02 74-2440850
------------------------------------------------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation
200 Vesey Street, New York, N.Y. 10285
--------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 526-7000
<PAGE>
Item 5. Other Events.
Attached as Exhibit 1 are the consents of (i) Koeppel Tener Real Estate
Services, Inc.; (ii) Cushman & Wakefield, Inc.; (iii) Cushman & Wakefield of
California, Inc.; (iv) Cushman & Wakefield, Inc.; (v) Koeppel Tener Real
Estate Services, Inc.; (vi) Cushman & Wakefield, Inc.; (vii) Cushman &
Wakefield of California, Inc.; and (viii) CB Commercial, (collectively, the
"Appraisers' Consents"), each of which has been furnished to the Registrant in
respect of the Registrant's proposed offering of Commercial Mortgage
Pass-Through Certificates, Series 1997-LL I (the "Certificates").
The Certificates will be offered pursuant to a Prospectus and related
Prospectus Supplement (together, the "Prospectus"), which will be filed with
the Commission pursuant to Rule 424 under the Securities Act of 1933, as
amended (the "Act"). The offer and sale of the Certificates contemplated by
the Prospectus will be registered pursuant to the Act under the Registrant's
Registration Statement on Form S-3 (No. 33-96378) (the "Registration
Statement"). The Registrant hereby incorporates the Appraisers' Consents by
reference in the Registration Statement.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item 601(a) of Regulation
S-K Exhibit No. Description
------------------------- -----------
23.1 Consent of Koeppel Tener Real Estate
23.2 Consent of Cushman & Wakefield
23.3 Consent of Cushman & Wakefield of California
23.4 Consent of Cushman & Wakefield
23.5 Consent of Koeppel Tener Real Estate
23.6 Consent of Cushman & Wakefield
23.7 Consent of Cushman & Wakefield of California
23.8 Consent of CB Commercial
2
<PAGE>
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.
STRUCTURED ASSET SECURITIES CORPORATION
By: /s/ Theodore P. Janulis
-------------------------------------
Name: Theodore P. Janulis
Title: President
Date: September 22, 1997
3
<PAGE>
Exhibit Index
Item 601(a) of
Regulation S-K
Exhibit No. Description Page
- -------------- ----------- ----
23.1 Consent of Koeppel Tener Real Estate
23.2 Consent of Cushman & Wakefield
23.3 Consent of Cushman & Wakefield of California
23.4 Consent of Cushman & Wakefield
23.5 Consent of Koeppel Tener Real Estate
23.6 Consent of Cushman & Wakefield
23.7 Consent of Cushman & Wakefield of California
23.8 Consent of CB Commercial
4
<PAGE>
Exhibit 23.1
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our
appraisal/market study with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ Koeppel Tener Real Estate
------------------------------
Title: Senior Vice President
Company: Koeppel Tener Real Estate
Re: Valley View Mall
<PAGE>
Exhibit 23.2
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our
appraisal/market study with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ Cushman & Wakefield
---------------------------
Title: Senior Director - Retail Valuation Group
Company: Cushman & Wakefield
Re: Developers Diversified
<PAGE>
Exhibit 23.3
August 25, 1997
Mr. Mark H. Mauldin
LEHMAN BROTHERS, INC.
3 World Financial Center, 12th floor
New York, NY 10285
Re: Market Study - 17 Office Properties
Los Angeles and Orange Counties, California
Dear Mr. Mauldin:
At your request Cushman & Wakefield of California, Inc. has completed the
office market study covering Los Angeles and Orange Counties. The
information and analysis contained in this market study is based on data
available as of the date of this letter, and does not reflect changes
subsequent to that date. The office market statistical information in this
study is based on figures as of the end of second quarter, 1997.
This information contained in this market study has been gathered from
sources assumed to be reliable, including publicly available records.
Because records of all transactions are not readily available, the
information contained in the market study may not reflect all transactions
occurring in the geographic area discussed in the market study. In addition,
transactions that are reported may not be described accurately or completely
in the publicly available records. Cushman & Wakefield of California, Inc. is
not responsible for and does not warrant the accuracy or completeness of any
such information derived from such publicly available records.
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the internet) of our
appraisal/market study with respect to the property or properties listed on
the attached annex in your offering document, and we consent to the reference
to our firm the caption "Experts" in such document.
<PAGE>
Mr. Mark H. Mauldin
August 25, 1997
Page 2
The report may be relied upon by Lehman Brothers and its successors and
assigns in determining whether to make a loan evidenced by a note (the
"Property Note") secured by the properties which are the subjects of this
market study; (ii) the report may be relied upon by any purchaser or assignee
of the Property Note in determining to purchase the Property Note from Lehman
Brothers and its successors and assigns and by any rating agency rating
securities secured by, or representing an interest in, the Property Note;
(iii) the report may be referred to and quoted in and included with materials
offering for sale the Property Note or an interest in the property note; (iv)
the report may be relied upon by persons who acquire the Property Note or an
interest in the Property Note; and (v) the report speaks only as of its date.
Respectfully submitted,
CUSHMAN & WAKEFIELD OF CALIFORNIA, INC.
/s/ James W. Myers, MAI
Senior Director
Valuation Advisory Services
<PAGE>
Exhibit 23.4
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our
appraisal/market study with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ Cushman & Wakefield
-----------------------
Title: Senior Director
Company: Cushman & Wakefield
Re: Arden Realty
<PAGE>
Exhibit 23.5
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our
appraisal/market study with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ Koeppel Tener Real Estate
-----------------------------
Title: Senior Vice President
Company: Koeppel Tener Real Estate
Re: Worldwide Plaza
<PAGE>
Exhibit 23.6
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our
appraisal/market study with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ Cushman & Wakefield, Inc.
-----------------------------
Title: Managing Director
Company: Cushman & Wakefield, Inc.
Re: Sun Communities
<PAGE>
Exhibit 23.7
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our
appraisal/market study with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ Cushman & Wakefield of California, Inc.
-------------------------------------------
Title: Associate Director
Company: Cushman & Wakefield of California, Inc.
Re: Villa Marina
<PAGE>
Exhibit 23.8
Consent
We consent to the inclusion in any form (whether in paper or digital
format, including any electronic media such as CD-ROM or the Internet) of the
Prospectus Supplement relating to Structured Asset Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1997 LLI, of our market
study in its entirety with respect to the property or properties listed on
the attached annex, and we consent to the reference to our firm under the
caption "Experts" in such Prospectus Supplement.
Agreed to by:
/s/ CB Commercial
-----------------
Title: Senior Vice President
Company: CB Commercial
Re: Prentiss Properties
