<PAGE>
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: 08/05/98
(Date of earliest event reported)
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
(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)
212-761-4700
(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)
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Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
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>
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
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.
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
(Registrant)
Date: 08/05/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
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[LOGO]
MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: AUGUST 5, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: JULY 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150373085%
B270
REPORT TO CERTIFICATEHOLDERS
PAYMENT SUMMARY
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Orig. Fitch Pass-Thru Interest Original Beginning Principal Interest Total Ending
Class CUSIP Ratings Rate Type Balance Balance Paid Paid Paid Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 61745MGG2 AAA 6.220000% Variable 176,000,000.00 175,107,158.74 710,732.06 907,638.77 1,618,370.83 174,396,426.68
A-2 61745MGH0 AAA 6.450000% Variable 102,000,000.00 102,000,000.00 0.00 548,250.00 548,250.00 102,000,000.00
A-3 61745MGJ6 AAA 6.480000% Variable 393,239,000.00 393,239,000.00 0.00 2,123,490.60 2,123,490.60 393,239,000.00
X* 61745MGK3 AAA 0.692175% Variable 796,229,000.00 795,336,158.74 0.00 458,760.03 458,760.03 794,625,426.68
B 61745MGL1 AA+ 6.640373% Variable 13,888,000.00 13,888,000.00 0.00 76,851.25 76,851.25 13,888,000.00
C 61745MGM9 AA 6.700373% Variable 46,293,000.00 46,293,000.00 0.00 258,483.64 258,483.64 46,293,000.00
D 61745MGN7 A 6.770373% Variable 64,809,000.00 64,809,000.00 0.00 365,650.92 365,650.92 64,809,000.00
E 61745MGP2 BBB 7.150373% Variable 46,292,000.00 46,292,000.00 0.00 275,837.56 275,837.56 46,292,000.00
F 61745MGQ0 BBB- 7.150373% Variable 11,663,000.00 11,663,000.00 0.00 69,495.67 69,495.67 11,663,000.00
G 61745MGR8 BBB- 7.150373% Variable 30,000,000.00 30,000,000.00 0.00 178,759.33 178,759.33 30,000,000.00
H 61745MGS6 BB 7.150373% Variable 27,776,000.00 27,776,000.00 0.00 165,507.30 165,507.30 27,776,000.00
J 61745MGT4 B 7.150373% Variable 13,888,151.00 13,888,151.00 0.00 82,754.55 82,754.55 13,888,151.00
R 61745MGV9 NR 0.000000% N/A 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
925,848,151.00 924,955,309.74 710,732.06 5,511,479.62 6,222,211.68 924,244,577.68
---------------------------------------------------------------------------------
</TABLE>
* Based on a Notional Balance
<TABLE>
Class Q represents beneficial ownership interest in Default interest subject to the obligation to pay interest on Advances
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Q N/A N/A 0.00 N/A 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS PER CERTIFICATE *for complete information see Payment Detail
- ----------------------------------------------------------------
Beg. Principal Interest Ending
Class Cert.Factor Dist.(1) Dist.(1) Cert. Factor
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.9949270 4.0382503 5.1570385 0.9908888
A-2 1.0000000 0.0000000 5.3750000 1.0000000
A-3 1.0000000 0.0000000 5.4000000 1.0000000
X* 0.9988787 0.0000000 0.5761659 0.9979860
B 1.0000000 0.0000000 5.5336442 1.0000000
C 1.0000000 0.0000000 5.5836442 1.0000000
D 1.0000000 0.0000000 5.6419776 1.0000000
E 1.0000000 0.0000000 5.9586442 1.0000000
F 1.0000000 0.0000000 5.9586442 1.0000000
G 1.0000000 0.0000000 5.9586442 1.0000000
H 1.0000000 0.0000000 5.9586442 1.0000000
J 1.0000000 0.0000000 5.9586442 1.0000000
R N/A N/A N/A N/A
- ----------------------------------------------------------------
</TABLE>
(1) represents net payment per certificate
- ----------------------------------------------------------------
For additional information or with questions, please contact:
- ----------------------------------------------------------------
STATE STREET CORPORATE TRUST
- ----------------------------------------------------------------
Account Administrator: Cara Gordon (617) 664-5450
Account Officer: Julie Kirby (617)664-5330
Street Connection: (factor and rate by cusip) (617)664-5500
WEBSITE: HTTP: //CORPORATETRUST.STATESTREET.COM
Street Fax: Bondholder & Secondary Market Reports (617)664-5600
- ----------------------------------------------------------------
STATE STREET THIS REPORT HAS BEEN PREPARED BY OR BASED ON INFORMATION
FURNISHED TO STATE STREET BANK AND TRUST COMPANY ("STATE
STREET") BY ONE OR MORE THIRD PARTIES (E.G.,SERVICER,
MASTER SERVICER, ETC.).STATE STREET SHALL NOT HAVE AND DOES
NOT UNDERTAKE RESPONSIBILITY FOR THE ACCURACY OR
COMPLETENESS OF INFORMATION PROVIDED BY SUCH THIRD PARTIES,
AND MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO
THE ACCURACY OR COMPLETENESS THEREOF OR THE SUFFICIENCY
THEREOF FOR ANY PARTICULAR PURPOSE. STATE STREET HAS NOT
INDEPENDENTLY VERIFIED INFORMATION RECEIVED FROM THIRD
PARTIES, AND SHALL HAVE NO LIABILITY FOR ANY INACCURACIES
THEREIN OR CAUSED THEREBY.
Serving Institutional Investors Worldwide
Page 1 of 4
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<TABLE>
<CAPTION>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: AUGUST 5, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: JULY 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150373085%
B270
REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
- ----------------------------------------------------------------------------------------------------------------------
Total
Principal Cumulative
Beginning Scheduled Unscheduled Realized Losses/ Distribution Ending Cumulative Appraisal
Class Balance Principal Principal Balance Adj. Amount Balance Realized Losses Reduction
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 175,107,158.74 710,732.06 0.00 0.00 710,732.06 174,396,426.68 0.00 0.00
A-2 102,000,000.00 0.00 0.00 0.00 0.00 102,000,000.00 0.00 0.00
A-3 393,239,000.00 0.00 0.00 0.00 0.00 393,239,000.00 0.00 0.00
X* 795,336,158.74 0.00 0.00 0.00 0.00 794,625,426.68 0.00 0.00
B 13,888,000.00 0.00 0.00 0.00 0.00 13,888,000.00 0.00 0.00
C 46,293,000.00 0.00 0.00 0.00 0.00 46,293,000.00 0.00 0.00
D 64,809,000.00 0.00 0.00 0.00 0.00 64,809,000.00 0.00 0.00
E 46,292,000.00 0.00 0.00 0.00 0.00 46,292,000.00 0.00 0.00
F 11,663,000.00 0.00 0.00 0.00 0.00 11,663,000.00 0.00 0.00
G 30,000,000.00 0.00 0.00 0.00 0.00 30,000,000.00 0.00 0.00
H 27,776,000.00 0.00 0.00 0.00 0.00 27,776,000.00 0.00 0.00
J 13,888,151.00 0.00 0.00 0.00 0.00 13,888,151.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
924,955,309.74 710,732.06 0.00 0.00 710,732.06 924,244,577.68 0.00 0.00
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<CAPTION>
INTEREST DETAIL
- ----------------------------------------------------------------------------------------------------------------------------
Cumulative
Accrued Beginning Excess Prepay. Total Unpaid
Certificate Unpaid Interest on Int. Current Interest Prepayment Interest Interest Deferred
Class Interest Interest Unpaid Interest Shortfall Shortfalls Premiums Distr. Amount Shortfall Interest
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 907,638.77 0.00 0.00 0.00 0.00 0.00 907,638.77 0.00 0.00
A-2 548,250.00 0.00 0.00 0.00 0.00 0.00 548,250.00 0.00 0.00
A-3 2,123,490.60 0.00 0.00 0.00 0.00 0.00 2,123,490.60 0.00 0.00
X(1)* 458,760.03 0.00 0.00 0.00 0.00 0.00 458,760.03 0.00 0.00
B 76,851.25 0.00 0.00 0.00 0.00 0.00 76,851.25 0.00 0.00
C 258,483.64 0.00 0.00 0.00 0.00 0.00 258,483.64 0.00 0.00
D 365,650.92 0.00 0.00 0.00 0.00 0.00 365,650.92 0.00 0.00
E 275,837.56 0.00 0.00 0.00 0.00 0.00 275,837.56 0.00 0.00
F 69,495.67 0.00 0.00 0.00 0.00 0.00 69,495.67 0.00 0.00
G 178,759.33 0.00 0.00 0.00 0.00 0.00 178,759.33 0.00 0.00
H 165,507.30 0.00 0.00 0.00 0.00 0.00 165,507.30 0.00 0.00
J 82,754.55 1.55 0.11 0.00 0.00 0.00 82,754.55 1.66 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
5,511,479.63 1.55 0.00 0.00 0.00 0.00 5,511,479.62 1.66 0.00
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</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: AUGUST 5, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: JULY 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150373085%
B270
REPORT TO CERTIFICATEHOLDERS
---------------------------------------------------------------------------------------------
DELINQUENCIES One Month Two Months Three+Months Foreclosures Total
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
# of Loans 0.00 0.00 0.00 0.00 0
- --------------------------------------------------------------------------------------------------------------------------------
Ending APB 0.00 0.00 0.00 0.00 0
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
REOS
- -----------------------------------------------------------------------------------------------
Loan Name Final Recovery Date Amount of Proceeds Appraised Value Other Revenues*
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
*collected by Spec.Serv. wih respect to REO Property and credited to Collection Account
<CAPTION>
--------------------------------------
APPRAISAL REDUCTIONS Current Total Cum. Total
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
# of Loans
- -----------------------------------------------------------------------------------------------
Amount
- -----------------------------------------------------------------------------------------------
<CAPTION>
TWELVE MONTH SUMMARY OF PREPAYMENTS AND PREPAYMENT PENALTIES:
- -----------------------------------------------------------------------------------------------
Month/Year Prepayments Penalties
- ---------- ----------- ---------
<S> <C> <C>
Jul-98 0.00 0.00
Jun-98 0.00 0.00
- -----------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: AUGUST 5, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: JULY 31, 1998
SERIES 1998-XL1 W.A.C RATE: 7.150373085%
B270
REPORT TO CERTIFICATEHOLDERS
------------------------------- ----------------------------------------------------------------
Maturity Date ORIGINAL SUBORDINATION CURRENT SUBORDINATION
Class at 0% CPR CLASS SUPPORT % SUPPORT %
------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
A 27.50% 27.55%
A-1 June 3, 2005 X-1* 27.50% 27.55%
A-2 June 3, 2007 B 26.00% 26.05%
A-3 June 3, 2008 C 21.00% 21.04%
B June 3, 2008 D 14.00% 14.02%
C June 3, 2008 E 9.00% 9.02%
D June 3, 2008 F 7.74% 7.75%
E June 3, 2008 G 4.50% 4.51%
F June 3, 2008 H 1.50% 1.50%
G June 3, 2008 J 0.00% 0.00%
------------------------------ ---------------------------------------------------------------
<CAPTION>
OTHER INFORMATION
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COLLATERAL INFORMATION
Closing Collateral Balance 925,848,151.00
Beginning Collateral Balance 924,955,309.74
Ending Collateral Balance 924,244,577.68
FEES
Servicer 19,517.08
Trustee 2,312.39
Special Servicer 0.00
ADVANCES CURRENT Principal 0.00
Interest 0.00
CUMULATIVE Principal 0.00
Interest 0.00
INTEREST ON ADVANCES 0.00
ENDING LOAN COUNT 11
AGGREGATE AMOUNT OF:
Additional Trust Fund Expenses 0.00
Mortgage Loans that have been paid in full 0.00
Mortgage Loans that have been paid at their Maturity Date 0.00
Prepayment Penalties paid on the Mortgage Loans 0.00
- --------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
