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: 07/03/98
(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)
(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>
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: 07/03/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
Morgan Stanley Capital I Inc.
Mortgage Pass-Through Certificates
Series 1998-XL1
B270
Report to Certificateholders for Payment Date: July 3, 1998
Payment Summary
<TABLE>
Orig. Fitch Pass-Thru Interest Original Beginning Principal Interest
Class CUSIP Ratings Rate Type Balance Balance Paid Paid
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 61745MGG2 AAA 0.062200 Variable 176,000,000.00 176,000,000.00 892,841.26 912,266.67
A-2 61745MGH0 AAA 0.064500 Variable 102,000,000.00 102,000,000.00 0.00 548,250.00
A-3 61745MGJ6 AAA 0.064800 Variable 393,239,000.00 393,239,000.00 0.00 2,123,490.60
X 61745MGK3 AAA 0.005564 Variable 796,229,000.00 796,229,000.00 0.00 369,181.60
B 61745MGL1 AA+ 0.064790 Variable 13,888,000.00 13,888,000.00 0.00 74,983.63
C 61745MGM9 AA 0.065390 Variable 46,293,000.00 46,293,000.00 0.00 252,258.27
D 61745MGN7 A 0.066090 Variable 64,809,000.00 64,809,000.00 0.00 356,935.57
E 61745MGP2 BBB 0.069890 Variable 46,292,000.00 46,292,000.00 0.00 269,612.32
F 61745MGQ0 BBB- 0.069890 Variable 11,663,000.00 11,663,000.00 0.00 67,927.26
G 61745MGR8 BBB- 0.069890 Variable 30,000,000.00 30,000,000.00 0.00 174,725.00
H 61745MGS6 BB 0.069890 Variable 27,776,000.00 27,776,000.00 0.00 161,772.05
J 61745MGT4 B 0.069890 Variable 13,888,151.00 13,888,151.00 0.00 80,885.36
R 61745MGV9 NR 0.000000 N/A 0.00 0.00 0.00 0.00
Totals: 925,848,151.00 925,848,151.00 892,841.26 5,392,288.32
Class Q represents beneficial ownership interest in Default interest subject to the obligation to pay interest on Advances
Q N/A N/A 0.00 N/A 0.00 0.00 0.00 0.00
Total Ending
Paid Balance
1,805,107.93 175,107,158.74
548,250.00 102,000,000.00
2,123,490.60 393,239,000.00
369,181.60 795,336,158.74
74,983.63 13,888,000.00
252,258.27 46,293,000.00
356,935.57 64,809,000.00
269,612.32 46,292,000.00
67,927.26 11,663,000.00
174,725.00 30,000,000.00
161,772.05 27,776,000.00
80,885.36 13,888,151.00
0.00 0.00
6,285,129.58 924,955,309.74
0.00 0.00
</TABLE>
<TABLE>
Distributions per Certificate
Beg. Principal Interest Ending
Class Cert.Factor Dist. Dist. Cert. Factor
<S> <C> <C> <C> <C>
A-1 1.0000000 5.0729617 5.1833333 0.9949270
A-2 1.0000000 0.0000000 5.3750000 1.0000000
A-3 1.0000000 0.0000000 5.4000000 1.0000000
X 1.0000000 0.0000000 0.4636626 0.9988787
B 1.0000000 0.0000000 5.3991667 1.0000000
C 1.0000000 0.0000000 5.4491667 1.0000000
D 1.0000000 0.0000000 5.5075000 1.0000000
E 1.0000000 0.0000000 5.8241667 1.0000000
F 1.0000000 0.0000000 5.8241667 1.0000000
G 1.0000000 0.0000000 5.8241667 1.0000000
H 1.0000000 0.0000000 5.8241667 1.0000000
J 1.0000000 0.0000000 5.8240554 1.0000000
R N/A N/A N/A N/A
</TABLE>
<TABLE>
Principal Detail
Beginning Scheduled Unscheduled Realized Losses/ Total Principal Ending Cumulative Cumulative
Class Balance Principal Principal Balance Adj. Distribution Balance Realized Losses Appraisal Reduction
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 176,000,000.00 820,471.38 72,369.88 0.00 820,471.38 175,107,158.74 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 796,229,000.00 0.00 0.00 0.00 0.00 795,336,158.74 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
Totals:925,848,151.00 820,471.38 72,369.88 0.00 820,471.38 924,955,309.74 0.00 0.00
</TABLE>
<TABLE>
Interest Detail
Accrued Beg Unpaid ExcessPrepay Cur Int Prepay Total Int Cum Unpaid Deferred
Class Certf Int Int IntShortfall Shortfl Premiums Dist.Amt Int.Shrtfl Int
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 912,266.67 0.00 0.00 0.00 0.00 912,266.67 0.00 0.00
A-2 548,250.00 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 2,123,490.60 0.00 0.00
X(1)* 369,181.60 0.00 0.00 0.00 0.00 369,181.60 0.00 0.00
B 74,983.63 0.00 0.00 0.00 0.00 74,983.63 0.00 0.00
C 252,258.27 0.00 0.00 0.00 0.00 252,258.27 0.00 0.00
D 356,935.57 0.00 0.00 0.00 0.00 356,935.57 0.00 0.00
E 269,612.32 0.00 0.00 0.00 0.00 269,612.32 0.00 0.00
F 67,927.26 0.00 0.00 0.00 0.00 67,927.26 0.00 0.00
G 174,725.00 0.00 0.00 0.00 0.00 174,725.00 0.00 0.00
H 161,772.05 0.00 0.00 0.00 0.00 161,772.05 0.00 0.00
J 80,886.91 0.00 0.00 1.55 0.00 80,885.36 1.55 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals:5,392,289.87 0.00 0.00 1.55 0.00 5,392,288.32 1.55 0.00
</TABLE>
Delinquencies
<TABLE>
One Month Two Months Three+Months Foreclosures Total
<S> <C> <C> <C> <C>
0.00 0.00 0.00 0.00 0
0.00 0.00 0.00 0.00 0
</TABLE>
<TABLE>
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
</TABLE>
Appraisal Reductions Current Total Cum. Total
# of Loans
Amount
<TABLE>
Twelve Month Summary of Prepayments and Prepayment Penalties:
<S> <C> <C>
Month/Year Prepayments Penalties
Jun-98 72,369.88 0.00
</TABLE>
<TABLE>
Maturity Date
Class at 0% CPR
<S> <C>
A-1 June 3, 2005
A-2 June 3, 2007
A-3 June 3, 2008
B June 3, 2008
C June 3, 2008
D June 3, 2008
E June 3, 2008
F June 3, 2008
G June 3, 2008
</TABLE>
<TABLE>
Original Subordination Current Subordination
Class Support % Support %
<S> <C> <C>
A 27.50% 27.53%
X-1* 27.50% 27.53%
B 26.00% 26.03%
C 21.00% 21.02%
D 14.00% 14.01%
E 9.00% 9.01%
F 7.74% 7.75%
G 4.50% 4.50%
H 1.50% 1.50%
J 0.00% 0.00%
</TABLE>
Other Information:
Collateral Information
Closing Collateral Balance 925,848,151.00
Beginning Collateral Balance 925,848,151.00
Ending Collateral Balance 924,955,309.74
Fees
Servicer 19,536.28
Trustee 2,314.62
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 Dat0.00
Prepayment Penalties paid on the Mortgage Loans 0.00
