SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 10/25/98
(Date of earliest event reported)
JP Morgan Commercial Mortgage Finance Corp.
Commercial Mortgage Pass-Through Series 1996-C3
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(202) 664-5500
(Registrant's telephone number, including area code)
Commission File Number 333-16397
04-3342274(I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
JP Morgan Commercial Mortgage Finance Corp.
Commercial Mortgage Pass-Through Series 1996-C3
FORM 8-K
INDEX
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
<PAGE>
JP Morgan Commercial Mortgage Finance Corp.
Commercial Mortgage Pass-Through Series 1996-C3
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange
Act of 1934, the registrar has duly caused this report to
be signed on its behalf by the
undersigned hereunto duly authorized.
JP Morgan Commercial Mortgage Finance Corp.
Commercial Mortgage Pass-Through Series 1996-C3
(Registrant)
Date: 10/25/98
By:
Name David Shepherd
Title: Assistant Secretary
State Street Bank and Trust Company
as Trustee
J. P. Morgan Commercial Mortgage Finance Corp.
Mortgage Pass-Through Certificates
Series 1996-C3
B213
<TABLE>
Trustee's Report to Certificateholders
Payment Summary Payment Date: October 25, 1998
Certificate OriginalFitch Interest Original Beginning Principal
Class CUSIP Rate Rating Type Balance Balance Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
A1 617059BF6 0.07330000 AAA Fixed 160,000,000.00 148,412,533.81 475,982.11
A1X 617059BG4 0.00994167 AAA Variable 160,000,000.00 148,412,533.81 0.00
A2 617059BH2 0.07330000 AAA Fixed 112,636,000.00 112,636,000.00 0.00
A2X 617059BJ8 0.00994167 AAA Variable 112,636,000.00 112,636,000.00 0.00
B 617059BK5 0.08069167 AA Variable 24,056,000.00 24,056,000.00 0.00
BCX 617059BL3 0.00178561 AA Variable 50,116,000.00 50,116,000.00 0.00
C 617059BM1 0.08216167 A Variable 26,060,000.00 26,060,000.00 0.00
D 617059BP4 0.08324167 BBB Variable 14,032,000.00 14,032,000.00 0.00
E 617059BQ2 0.08324167 BBB- Variable 8,018,000.00 8,018,000.00 0.00
F 617059BR0 0.08324167 N/R Variable 26,060,000.00 26,060,000.00 0.00
G 617059BS8 0.08324167 N/R Variable 18,042,000.00 18,042,000.00 0.00
NR 617059BT6 0.08324167 N/R Variable 12,031,989.00 12,031,989.00 0.00
R-I N/A N/A N/R N/A 0.00 0.00 N/A
R-II N/A N/A N/R N/A 0.00 0.00 N/A
R-III N/A N/A N/R N/A 0.00 0.00 N/A
Totals: 400,935,989.00 389,348,522.81 475,982.11
BCX Components
BCX-B N/A 0.00255000 N/R Fixed 24,056,000.00 24,056,000.00 0.00
BCX-C N/A 0.00108000 N/R Fixed 26,060,000.00 26,060,000.00 0.00
* Notional Class
</TABLE>
<TABLE>
Interest Total Ending
Distribution Payable Balance
<S> <C> <C>
906,553.23 1,382,535.34 147,936,551.70
122,955.68 122,955.68 147,936,551.70
688,018.23 688,018.23 112,636,000.00
93,315.81 93,315.81 112,636,000.00
161,759.90 161,759.90 24,056,000.00
7,457.30 7,457.30 50,116,000.00
178,427.76 178,427.76 26,060,000.00
97,337.26 97,337.26 14,032,000.00
55,619.31 55,619.31 8,018,000.00
180,773.16 180,773.16 26,060,000.00
125,153.85 125,153.85 18,042,000.00
80,266.80 80,266.80 12,031,989.00
0.00 0.00 0.00
0.00 0.00 0.00
0.00 0.00 0.00
2,697,638.29 3,173,620.40 388,872,540.70
5,111.90 5,111.90 24,056,000.00
2,345.40 2,345.40 26,060,000.00
</TABLE>
<TABLE>
Trustee's Report to Certificateholders
Distributions per Certificate
Beginning Principal Interest Ending
Class Certif.Factor Distribution Distribution Certif. Factor
<S> <C> <C> <C> <C>
A 927.578336 2.974888 5.665958 924.603448
AX 927.578336 0.000000 0.768473 924.603448
B 1,000.000000 0.000000 6.108333 1000.000000
C 1,000.000000 0.000000 0.828472 1000.000000
D 1,000.000000 0.000000 6.724306 1000.000000
DX 1,000.000000 0.000000 0.148801 1000.000000
E 1,000.000000 0.000000 6.846806 1000.000000
F 1,000.000000 0.000000 6.936806 1000.000000
G 1,000.000000 0.000000 6.936806 1000.000000
NR 1,000.000000 0.000000 6.936806 1000.000000
R-I 0.000000 0.000000 0.000000 0.000000
R-II 0.000000 0.000000 0.000000 0.000000
R-III 0.000000 0.000000 0.000000 0.000000
represents net payment per certificate
BCX Components
BCX-B 1,000.00 0.000000% 0.212500 1,000.00
BCX-C 1,000.00 0.000000% 0.090000 1,000.00
* Notional Class
</TABLE>
<TABLE>
Principal Detail
Beginning Scheduled Unscheduled Principal Realized Balance Total Principal Ending
Class Balance Principal Principal Adjustments Losses Adjustment Distrib.Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 148,412,533.81 475,982.11 0.00 0.00 0.00 0.00 475,982.11 147,936,551.70
A1X 148,412,533.81 0.00 0.00 0.00 0.00 0.00 0.00 147,936,551.70
A2 112,636,000.00 0.00 0.00 0.00 0.00 0.00 0.00 112,636,000.00
A2X 112,636,000.00 0.00 0.00 0.00 0.00 0.00 0.00 112,636,000.00
B 24,056,000.00 0.00 0.00 0.00 0.00 0.00 0.00 24,056,000.00
BCX 50,116,000.00 0.00 0.00 0.00 0.00 0.00 0.00 50,116,000.00
C 26,060,000.00 0.00 0.00 0.00 0.00 0.00 0.00 26,060,000.00
D 14,032,000.00 0.00 0.00 0.00 0.00 0.00 0.00 14,032,000.00
E 8,018,000.00 0.00 0.00 0.00 0.00 0.00 0.00 8,018,000.00
F 26,060,000.00 0.00 0.00 0.00 0.00 0.00 0.00 26,060,000.00
G 18,042,000.00 0.00 0.00 0.00 0.00 0.00 0.00 18,042,000.00
NR 12,031,989.00 0.00 0.00 0.00 0.00 0.00 0.00 12,031,989.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 389,348,522.81 475,982.11 0.00 0.00 0.00 0.00 475,982.11 388,872,540.70
BCX Components
BCX-B 24,056,000.00 0.00 0.00 0.00 0.00 0.00 0.00 24,056,000.00
BCX-C 26,060,000.00 0.00 0.00 0.00 0.00 0.00 0.00 26,060,000.00
</TABLE>
<TABLE>
Interest Detail
Accrued Interest Excess Additional PriorUnpaidCurrent Int.Accrd on Cum. Unpaid Total Interest
Class Certif.Int Losses PPIS Exp. Loss Int.Recov Unpaid Int. Prior Unpaid Int Interest Distrib Amt
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 906,553.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 906,553.23
A1X 122,955.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 122,955.68
A2 688,018.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 688,018.23
A2X 93,315.81 0.00 0.00 0.00 0.00 0.00 0.00 0.00 93,315.81
B 161,759.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 161,759.90
BCX 7,457.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,457.30
C 178,427.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 178,427.76
D 97,337.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 97,337.26
E 55,619.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55,619.31
F 180,773.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 180,773.16
G 125,153.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 125,153.85
NR 83,463.57 0.00 0.00 0.00 0.00 3,196.77 580.40 20,078.71 80,266.80
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 2,700,835.06 0.00 0.00 0.00 0.00 3,196.77 580.40 20,078.71 2,697,638.29
BCX Components
BCX-B 5,111.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,111.90
BCX-C 2,345.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,345.40
</TABLE>
Delinquency Statistics
31-60 Days 61-90 Days 90+ Days Foreclosures
Loans Delinquent 2 0 0 0
Percentage Delinquent 0.0152672 0.0000000 0.0000000 0.0000000
Delinquent Loans UPB 7,029,518.67 0.00 0.00 0.00
Percentage Delinquent 0.0180546 0.0000000 0.0000000 0.0000000
Other Information
Current Unreimbursed
P & I Advances 1,330,139.92 1,399,750.38
Principal Portion 196,276.40 0.0209,413.87
Interest Portion 1,133,863.52 0.01,190,336.51
0.00 0.00 0.00
Servicing Advances 0.00 0.02,733.37
0.00 0.00.00
Interest on Advances 0.00 0.00.00
0 0 0
Servicing Fee 0 0 0
Primary 26,764.42 0 0
Master 9,733.71 0 0
Special 463.44 0 0
Reimbursed Non-recoverable Advances 2,733.37
<TABLE>
Subordinate Support Percentage
Original Sub Current Sub
Class Support Support
<S> <C> <C>
A 0.3200 0.3299
B 0.2600 0.2681
C 0.1950 0.2011
D 0.1600 0.1650
E 0.1400 0.1444
F 0.0750 0.0773
G 0.0300 0.0309
</TABLE>
