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: 07/25/98
(Date of earliest event reported)
Federal Deposit Insurance Corporation,
REMIC Trust 1996-C1
(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 1997-C4
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 1997-C4
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 1997-C4
(Registrant)
Date: 07/25/98
By:
Name David Shepherd
Title: Assistant Secretary
State Street Bank and Trust Company
as Trustee
Trustee's Report to Certificateholders
Payment Summary Payment Date: July 25, 1998
<TABLE>
Original Pass-Through Interest Original Beginning Principal
Class CUSIP Moody's Rating Rate Type Balance Balance Distribution
<S> <C> <C> <C> <C> <C> <C> <C>
A1 617059BX7 Aaa 0.06939 Fixed 40,000,000.00 33,091,195.32 455,155.16
A2 617059BY5 Aaa 0.07323 Fixed 100,124,000.00 100,124,000.00 0.00
A3 617059BZ2 Aaa 0.07535 Fixed 138,659,000.00 138,659,000.00 0.00
B 617059CA6 Aa2 0.07508 Variable 24,419,000.00 24,419,000.00 0.00
C 617059CB4 A2 0.07606 Variable 22,384,000.00 22,384,000.00 0.00
D 617059CC2 Baa2 0.07664 Variable 20,349,000.00 20,349,000.00 0.00
E 617059CD0 Baa3 0.08007 Variable 6,104,000.00 6,104,000.00 0.00
X* 617059CE8 AAA 0.01368 Variable 406,985,353.00 400,076,548.32 0.00
F 617059CF5 NR 0.07380 Fixed 26,454,000.00 26,454,000.00 0.00
G 617059CG3 NR 0.07380 Fixed 16,279,000.00 16,279,000.00 0.00
NR 617059CH1 NR 0.07380 Fixed 12,213,353.00 12,213,353.00 0.00
R-I N/A NR N/A N/A 0.00 0.00 0.00
R-II N/A NR N/A N/A 0.00 0.00 0.00
R-III N/A NR N/A N/A 0.00 0.00 0.00
* Based on a Notional Balance Totals: 406,985,353.00 400,076,548.32 455,155.16
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Certif. Factor Distribution Distrib. Certif. Factor
<S> <C> <C> <C> <C>
A1 0.827279883 11.378879 4.783746 0.815901004
A2 1.000000000 0.000000 6.102500 1.000000000
A3 1.000000000 0.000000 6.279167 1.000000000
B 1.000000000 0.000000 6.256934 1.000000000
C 1.000000000 0.000000 6.338601 1.000000000
D 1.000000000 0.000000 6.386934 1.000000000
E 1.000000000 0.000000 6.672767 1.000000000
X* 0.983024439 0.000000 1.120496 0.981906081
F 1.000000000 0.000000 6.150000 1.000000000
G 1.000000000 0.000000 6.150000 1.000000000
NR 1.000000000 0.000000 6.150002 1.000000000
R-I 0.000000000 0.000000 0.000000 0.000000000
R-II 0.000000000 0.000000 0.000000 0.000000000
R-III 0.000000000 0.000000 0.000000 0.000000000
</TABLE>
Principal Detail
<TABLE>
Beginning Principal Principal Realized Collat. Val Total Prin Ending
Class Balance Payments Adjustments Losses Adj Distrib. Amt Balance
<S> <C> <C> <C> <C> <C> <C> <C>
A1 33,091,195.32 455,155.16 0.00 0.00 0.00 455,155.16 32,636,040.16
A2 100,124,000.00 0.00 0.00 0.00 0.00 0.00 100,124,000.00
A3 138,659,000.00 0.00 0.00 0.00 0.00 0.00 138,659,000.00
B 24,419,000.00 0.00 0.00 0.00 0.00 0.00 24,419,000.00
C 22,384,000.00 0.00 0.00 0.00 0.00 0.00 22,384,000.00
D 20,349,000.00 0.00 0.00 0.00 0.00 0.00 20,349,000.00
E 6,104,000.00 0.00 0.00 0.00 0.00 0.00 6,104,000.00
X* 400,076,548.32 0.00 0.00 0.00 0.00 0.00 399,621,393.16
F 26,454,000.00 0.00 0.00 0.00 0.00 0.00 26,454,000.00
G 16,279,000.00 0.00 0.00 0.00 0.00 0.00 16,279,000.00
NR 12,213,353.00 0.00 0.00 0.00 0.00 0.00 12,213,353.00
R-I 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
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 400,076,548.32 455,155.16 0.00 0.00 0.00 455,155.16 399,621,393.16
</TABLE>
Interest Detail
<TABLE>
Accrued Current Unpaid Prior Accrd Unpai Prepay Int. Additional Prepayment Total Interest
Class Cert Int Distrib. Cert. Distr.Cert.Int Shortfalls Adjustments Premiums Distrib. Amount
<S> <C> <C> <C> <C> <C> <C> <C>
A1 191,349.84 0.00 0.00 0.00 0.00 0.00 191,349.84
A2 611,006.71 0.00 0.00 0.00 0.00 0.00 611,006.71
A3 870,662.97 0.00 0.00 0.00 0.00 0.00 870,662.97
B 152,788.08 0.00 0.00 0.00 0.00 0.00 152,788.08
C 141,883.25 0.00 0.00 0.00 0.00 0.00 141,883.25
D 129,967.73 0.00 0.00 0.00 0.00 0.00 129,967.73
E 40,730.57 0.00 0.00 0.00 0.00 0.00 40,730.57
X* 456,025.63 0.00 0.00 0.00 0.00 0.00 456,025.63
F 162,692.10 0.00 0.00 0.00 0.00 0.00 162,692.10
G 100,115.85 0.00 0.00 0.00 0.00 0.00 100,115.85
NR 75,112.12 0.00 1,562.51 0.00 0.00 0.00 75,112.15
R-I 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
R-III 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 2,932,334.85 0.00 1,562.51 0.00 0.00 0.00 2,932,334.88
</TABLE>
Delinquency Statistics
<TABLE>
One Month Two Months Three + Months Specially Svcd Foreclsrs
<S> <C> <C> <C> <C> <C>
# of Loans 0 0 0 0 0
Prin. Balance 0.00 0.00 0.00 0.00 0.00
</TABLE>
Other Information
Principal Prepayment Int. Prepayment Int. # of Outstanding
Prepayments Excess Shortfall Mortgage Loans
0.00 0.00 0.00 127
Advances, Expenses, Fees
Current Cum Outstanding
Principal Advances 20,909.93 20,909.93
Interest Advances 143,474.44 143,474.44
Total Advances 164,384.37 164,384.37
Servicing Advances 0.00 0.00
Current Interest on Advances 0.00
Cumulative Interest on Advances 1,563.54
Master Svc Fee Primary Svc Fee Special Servicing Fee
8,154.10 21,382.04 0.00
Subordinate Support Percentage and Maturities
Class Original Support Current Support
Subordination % Subordination %
A 0.3150 0.3208
B 0.2550 0.2597
C 0.2000 0.2037
D 0.1500 0.1528
E 0.1350 0.1375
F 0.0700 0.0713
G 0.0300 0.0306
NR 0.0000 0.0000
