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: March 12, 1997
(Date of earliest event reported)
Structured Asset Securities Corporation
(Sponsor)
(Issuer in Respect of
Mortgage Pass-Through Certificates
Series 1997-LL1)
(Exact name of registrant as specified in charter)
Delaware 33-96378-02 74-2440850
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File No.) Identification No.)
220 Vesey Street, New York, N.Y. 10285
(Address of principal executive offices)(Zip Code)
Registrant's Telephone Number, including area code
(212) 526-7000
(Former name or former address, if changed since last
report.)
ITEM 5. OTHER EVENTS
Attached as Exhibit 1 is the opinion of Cadwalader,
Wickersham & Taft, special counsel to the Company, regarding
certain corporate and tax matters (the "Cadwalader Opinion"),
provided in connection with the issuance of the Commercial
Mortgage Pass-Through Certificates, Series 1997-LL1 (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 the 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 Cadwalader Opinion
by reference in the Registration Statement.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION
AND EXHIBITS
(c) Exhibits
Exhibit No. Description
5.1 Opinion of Cadwalader Wickersham & Taft as
8.1 Opinion of Cadwalader Wickersham & Taft
as to certain taz matters (included
in Exhibit 5.1)
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 MORTGAGE CAPTIAL
FUNDING, INC, REGISTRANT
By: /s Russell Goldenberg
Russell Goldenberg,
Senior Vice President
Date: March 31, 1997
ABN AMRO
LaSalle National Bank
Administrator:
Alyssa Stahl (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Structured Asset Securities Corporation
GMAC Commercial Mortgage Corporation, as Master & Special
Servicer
Commerical Mortgage Pass-Through Certificates
Series 1997-LL1
ABN AMRO Acct: 67-7820-70-6
Statement Date 03/12/98
Payment Date: 03/12/98
Prior Payment: 02/12/98
Record Date: 02/27/98
WAC: 7.339626%
WAMM: 203
Number Of Pages
Table Of Contents 1
REMIC Certificate Report 2
Other Related Information 2
Asset Backed Facts Sheets 3
Loan Level Listing 1
Total Pages Included In This Package 9
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
REMIC II
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 612,000,000.00 607,550,612.28 1,130,621.80
863572PN7 1000.000000000 992.729758627 1.847421242
A-2 204,000,000.00 204,000,000.00 0.00
863572PP2 1000.000000000 1000.000000000 0.000000000
A-3 168,434,000.00 168,434,000.00 0.00
863572PQ0 1000.000000000 1000.000000000 0.000000000
X-1 1,376,717,068.0N 1,372,267,680.2 0.00
863572PR8 1000.000000000 996.768117558 0.000000000
B 114,138,000.00 114,138,000.00 0.00
863572PS6 1000.000000000 1000.000000000 0.000000000
C-1 49,870,000.00 49,870,000.00 0.00
863572PT4 1000.000000000 1000.000000000 0.000000000
C-2 50,000,000.00 50,000,000.00 0.00
863572PU1 1000.000000000 1000.000000000 0.000000000
X-2 50,000,000.00 N 50,000,000.00 0.00
863572PV9 1000.000000000 1000.000000000 0.000000000
D 114,137,000.00 114,137,000.00 0.00
863572PW7 1000.000000000 1000.000000000 0.000000000
E 42,802,000.00 42,802,000.00 0.00
863572PX5 1000.000000000 1000.000000000 0.000000000
F 71,336,068.00 71,336,068.00 0.00
863572PY3 1000.000000000 1000.000000000 0.000000000
T 0.00 0.00 0.00
863572QA4 1000.000000000 0.000000000 0.000000000
R 0.00 0.00 0.00
863572QC0 1000.000000000 0.000000000 0.000000000
1,426,717,068.00 1,422,267,680.2 1,130,621.80
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 0.00 0.00 606,419,990.48
863572PN7 0.000000000 0.000000000 990.882337386
A-2 0.00 0.00 204,000,000.00
863572PP2 0.000000000 0.000000000 1000.000000000
A-3 0.00 0.00 168,434,000.00
863572PQ0 0.000000000 0.000000000 1000.000000000
X-1 0.00 0.00 1,371,137,058.48
863572PR8 0.000000000 0.000000000 995.946872709
B 0.00 0.00 114,138,000.00
863572PS6 0.000000000 0.000000000 1000.000000000
C-1 0.00 0.00 49,870,000.00
863572PT4 0.000000000 0.000000000 1000.000000000
C-2 0.00 0.00 50,000,000.00
863572PU1 0.000000000 0.000000000 1000.000000000
X-2 0.00 0.00 50,000,000.00
863572PV9 0.000000000 0.000000000 1000.000000000
D 0.00 0.00 114,137,000.00
863572PW7 0.000000000 0.000000000 1000.000000000
E 0.00 0.00 42,802,000.00
863572PX5 0.000000000 0.000000000 1000.000000000
F 0.00 0.00 71,336,068.00
863572PY3 0.000000000 0.000000000 1000.000000000
T 0.00 0.00 0.00
863572QA4 0.000000000 0.000000000 0.000000000
R 0.00 0.00 0.00
863572QC0 0.000000000 0.000000000 0.000000000
0.00 0.00 1,421,137,058.48
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
A-1 3,437,723.88 0.00 6.79000000%
863572PN7 5.617195882 0.000000000 Fixed
A-2 1,162,800.00 0.00 6.84000000%
863572PP2 5.700000000 0.000000000 Fixed
A-3 968,495.50 0.00 6.90000000%
863572PQ0 5.750000000 0.000000000 Fixed
X-1 541,844.98 0.00 0.47382445%
863572PR8 0.393577586 0.000000000 0.95445446%
B 661,049.25 0.00 6.95000000%
863572PS6 5.791666667 0.000000000 Fixed
C-1 290,908.33 0.00 7.00000000%
863572PT4 5.833333266 0.000000000 Fixed
C-2 235,472.22 0.00 6.05500000%
863572PU1 4.709444400 0.000000000 6.05500000%
X-2 3,875.00 0.00 0.09964286%
863572PV9 0.077500000 0.000000000 0.10161293%
D 680,066.29 0.00 7.15000000%
863572PW7 5.958333319 0.000000000 Fixed
E 260,378.83 0.00 7.30000000%
863572PX5 6.083333255 0.000000000 Fixed
F 433,961.08 0.00 7.30000000%
863572PY3 6.083333329 0.000000000 Fixed
T 0.00 0.00
863572QA4 0.000000000 0.000000000
R 0.00 0.00
863572QC0 0.000000000 0.000000000
8,676,575.36 0.00
Total P&I Payment 9,807,197.16
REMIC I
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1 612,000,000.00 607,550,612.28 1,130,621.80
none 1000.000000000 992.729758627 1.847421242
LA-2 204,000,000.00 204,000,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LA-3 168,434,000.00 168,434,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LB 114,138,000.00 114,138,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LC-1 49,870,000.00 49,870,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LC-2 50,000,000.00 50,000,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LD 114,137,000.00 114,137,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LE 42,802,000.00 42,802,000.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LF 71,336,068.00 71,336,068.00 0.00
none 1000.000000000 1000.000000000 0.000000000
LR 0.00 0.00 0.00
863572QE6 1000.000000000 0.000000000 0.000000000
1,426,717,068.00 1,422,267,680.2 1,130,621.80
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1 0.00 0.00 606,419,990.48
none 0.000000000 0.000000000 990.882337386
LA-2 0.00 0.00 204,000,000.00
none 0.000000000 0.000000000 1000.000000000
LA-3 0.00 0.00 168,434,000.00
none 0.000000000 0.000000000 1000.000000000
LB 0.00 0.00 114,138,000.00
none 0.000000000 0.000000000 1000.000000000
LC-1 0.00 0.00 49,870,000.00
none 0.000000000 0.000000000 1000.000000000
LC-2 0.00 0.00 50,000,000.00
none 0.000000000 0.000000000 1000.000000000
LD 0.00 0.00 114,137,000.00
none 0.000000000 0.000000000 1000.000000000
LE 0.00 0.00 42,802,000.00
none 0.000000000 0.000000000 1000.000000000
LF 0.00 0.00 71,336,068.00
none 0.000000000 0.000000000 1000.000000000
LR 0.00 0.00 0.00
863572QE6 0.000000000 0.000000000 0.000000000
0.00 0.00 1,421,137,058.48
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
LA-1 3,735,454.24 0.00 7.37806036%
none 6.103683399 0.000000000 7.85878457%
LA-2 1,254,270.26 0.00 7.37806036%
none 6.148383627 0.000000000 7.85878457%
LA-3 1,035,596.85 0.00 7.37806036%
none 6.148383640 0.000000000 7.85878457%
LB 701,764.21 0.00 7.37806036%
none 6.148383623 0.000000000 7.85878457%
LC-1 306,619.89 0.00 7.37806036%
none 6.148383597 0.000000000 7.85878457%
LC-2 239,347.22 0.00 6.15464286%
none 4.786944400 0.000000000 6.15661293%
LD 701,758.06 0.00 7.37806036%
none 6.148383609 0.000000000 7.85878457%
LE 263,163.12 0.00 7.37806036%
none 6.148383720 0.000000000 7.85878457%
LF 438,601.52 0.00 7.37806036%
none 6.148383732 0.000000000 7.85878457%
LR 21.98 0.00
863572QE6 0.000015406 0.000000000
8,676,597.35 0.00
Total P&I Payment 9,807,219.15
Notes: (1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus
Deferred Interest equals Accrual (3) Estimated
Other Related Information
Accrued ReimbursemeNet Prior
Certificate of Prior Prepayment Unpaid
Class Interest Losses Int. ShortfalInterest
A-1 3,437,723.88 0.00 0.00 0.00
A-2 1,162,800.00 0.00 0.00 0.00
A-3 968,495.50 0.00 0.00 0.00
X-1 541,844.98 0.00 0.00 0.00
B 661,049.25 0.00 0.00 0.00
C-1 290,908.33 0.00 0.00 0.00
C-2 235,472.22 0.00 0.00 0.00
X-2 3,875.00 0.00 0.00 0.00
D 680,066.29 0.00 0.00 0.00
E 260,378.83 0.00 0.00 0.00
F 433,961.08 0.00 0.00 0.00
totals: 8,676,575.36 0.00 0.00 0.00
Ending Actual
Unpaid Interest Distribution
Class Interest Loss of Interest
A-1 0.00 0.00 3,437,723.88
A-2 0.00 0.00 1,162,800.00
A-3 0.00 0.00 968,495.50
X-1 0.00 0.00 541,844.98
B 0.00 0.00 661,049.25
C-1 0.00 0.00 290,908.33
C-2 0.00 0.00 235,472.22
X-2 0.00 0.00 3,875.00
D 0.00 0.00 680,066.29
E 0.00 0.00 260,378.83
F 0.00 0.00 433,961.08
totals: 0.00 0.00 8,676,575.36
Advances
Prior Outst Curre
Principal Interest Principal Interest
Made by Servicer: 0.00 0.00 0.00 0.00
Made by Trustee: 0.00 0.00 0.00 0.00
Made by Fiscal Agent: 0.00 0.00 0.00 0.00
Totals: 0.00 0.00 0.00 0.00
Advances Out
Principal Interest Principal Interest
Made by Servicer: 0.00 0.00 0.00 0.00
Made by Trustee: 0.00 0.00 0.00 0.00
Made by Fiscal Agent: 0.00 0.00 0.00 0.00
Totals: 0.00 0.00 0.00 0.00
Beginning Loan Count: 10
Ending Loan Count: 10
Beginning Scheduled Balance of the Mortgage Lo1,422,267,680.58
Ending Scheduled Balance of the Mortgage Loans1,421,137,058.78
REO Property Information
Ending Principal
# Loan Number Date of REOBalance
OutstandingDate of
# Loan Number Arrearage Final Recovery
Amount of Realized
# Loan Number Proceeds Loss
Realized Loss Information
Prior Current
0.00 0.00
0.00 0.00
Reimbursement
Component of PrioCumulatvie
Mortgage Pool 0.00 0.00
Certificates 0.00 0.00
Asset Backed Facts - Pool Total
DistributiDelinq 1 Month Delinq 2 Months
Date # Balance # Balance
03/12/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiDelinq 3+ Months Foreclosure/Bankruptcy
Date # Balance # Balance
03/12/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiREO Modifications
Date # Balance # Balance
03/12/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiPrepayments Curr Weighted Avg.
Date # Balance Coupon Remit
03/12/98 0 0.00 7.8263% 7.8073%
0.00% 0.000%
Asset Backed Facts - Group 1 Total
DistributiDelinq 1 Month Delinq 2 Months
Date # Balance # Balance
11/13/97 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiDelinq 3+ Months Foreclosure/Bankruptcy
Date # Balance # Balance
11/13/97 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiREO Modifications
Date # Balance # Balance
11/13 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiPrepayments Curr Weighted Avg.
Date # Balance Coupon Remit
11/13 0 0.00 7.8788% 7.8598%
0.00% 0.000%
Asset Backed Facts - Group 2 Total
DistributiDelinq 1 Month Delinq 2 Months
Date # Balance # Balance
03/12/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiDelinq 3+ Months Foreclosure/Bankruptcy
Date # Balance # Balance
03/12/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiREO Modifications
Date # Balance # Balance
03/12/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
DistributiPrepayments Curr Weighted Avg.
Date # Balance Coupon Remit
03/12/98 0 0.00 6.3808% 6.3618%
0.00% 0.000%
Note: Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
Loan Level Detail
Property
Disclosure Type Maturity
Control # Code Date DSCR
Courtyard Lodging 04/10/17 1.85473
Prentiss Mixed Use 02/26/27 2.57612
DDR/DRA Retail 06/10/02 2.15405
Arden Office 06/10/12 2.67518
Sun Communities Lodging 09/10/27 1.4407
Macerich-VM Retail 10/10/26 2.03637
Macerich-VV Retail 10/10/26 2.21546
Worldwide #1 Office 07/10/17 1.40407
Worldwide #2 Office 07/10/17 1.451
Worldwide #3 Office 07/10/17N/A
Operating Ending
Disclosure Statement Principal
Control # Date State Balance
Courtyard 35703Various 318,621,788
Prentiss 35703Various 180,100,000
DDR/DRA 35703Various 322,500,000
Arden 35764Various 175,000,000
Sun Communities 35703Various 44,775,869
Macerich-VM 35703CA 58,000,000
Macerich-VV 35703TX 51,000,000
Worldwide #1 35734NY 116,139,402
Worldwide #2 35734NY 105,000,000
Worldwide #3 NY 50,000,000
1,421,137,059
Disclosure Note Scheduled
Control # Rate P&I Prepayment
Courtyard 7.87% 2,551,706 0
Prentiss 7.58% 1,137,482 0
DDR/DRA 7.38% 1,982,838 0
Arden 7.52% 1,096,667 0
Sun Communities 7.01% 299,688 0
Macerich-VM 7.23% 349,208 0
Macerich-VV 7.89% 312,970 0
Worldwide #1 7.92% 1,212,219 0
Worldwide #2 7.92% 646,800 0
Worldwide #3 6.18% 240,139 0
0
Loan
Disclosure Prepayment Status
Control # Date Code (1)
Courtyard
Prentiss
DDR/DRA
Arden
Sun Communities
Macerich-VM
Macerich-VV
Worldwide #1
Worldwide #2
Worldwide #3
* NOI and DSCR, if available and reportable under the terms of the trust
agreement, are based on information obtained from the related borrower,
and no other party to the agreement shall be held liable for the
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
9. REO
10. DPO
11. Modification
Specially Serviced Loan Detail
Beginning
DisclosureScheduled Interest Maturity
Control # Balance Rate Date
0
Specially
DisclosureProperty Serviced
Control # Type Status CodeComments
0 0
0 0
0 0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
(1) Legend :
1) Request for waiver of Prepayment Penalty
2) Payment default
3) Request for Loan Modification or Workout
4) Loan with Borrower Bankruptcy
5) Loan in Process of Foreclosure
6) Loan now REO Property
Modified Loan Detail
DisclosureModificationModification
Control # Date Description
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
Realized Loss Detail
Beginning
Dist. Disclosure Appraisal Appraisal Scheduled
Date Control # Date Value Balance
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
01/00/00 0 01/00/00 0.00 0.00
Current Total 0.00
Cumulative 0.00
Gross ProceedAggregate
Dist. Disclosure Gross as a % of Liquidation
Date Control # Proceeds Sched PrincipExpenses *
0 0 0.00 0.00
0 0 0.00 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
Current Total 0.00 0.00
Cumulative 0.00 0.00
Net Net Proceeds
Liquidationas a % of Realized
Date Control # Proceeds Sched. BalancLoss
0 0
0 0
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
0 0 0.00 0.00% 0.00
Current Total 0.00 0.00
Cumulative 0.00 0.00
* Aggregate liquidation expenses also include outstanding
P&I advances and unpaid servicing fees, unpaid trustee fees, etc.
_
