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 (Date of earliest event reported) August 15, 1998
TRUST CREATED BY COMMERCIAL MORTGAGE ACCEPTANCE CORPORATION
(under a Pooling & Servicing Agreement
dated as of August 1, 1998, which Trust is
the issuer of Commercial Mortgage Pass-Through
Certificates, Series 1998-C1)
(Exact name of Registrant as specified in its Charter)
New York 333-51817-01 36-4243000
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Formation) File No.) Identification No.)
LaSalle National Bank, Trustee, 135 South LaSalle Street
Suite 1625, Chicago, Illinois 60647
Attention: Asset-backed Securities Trust Services (Zip Code)
CMAC Series 1998-C1
(Address of principal executive office)
Registrant's telephone number, including area code: (800) 246-5761
The Exhibit Index is on page 2.
Page - 1
<PAGE>
ITEM 5. OTHER EVENTS
Attached hereto is a copy of the August 15, 1998, Monthly Remittance
Statement provided to the Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
Monthly Remittance Statement to the Certificateholders dated as of
August 15, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MIDLAND LOAN SERVICES, INC., not in its individual
capacity but solely as a duly authorized agent of
the Registrant pursuant to Section 3.20 of the
Pooling & Servicing Agreement dated as of August
1, 1998
/s/ Lawrence D. Ashley
By: Lawrence D. Ashley
Title: Senior Vice President
Date: April 15, 1998
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 3
dated as of August 15, 1998
Page - 2
ABN AMRO Statement Date: 08/15/98
LaSalle National Bank Payment Date: 08/15/98
Administrator: Prior Payment: NA
Harry Paik (800) 246-5761 Record Date: 07/31/98
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107 WAC: 7.67365%
WAMM: 173
Commercial Mortgage Acceptance Corp.
Midland Loan Services, L.P., as Master Servicer
Commercial Mortgage Pass-Through Certificates
Series 1998-C1
<TABLE>
GRANTOR TRUST
ABN AMRO Acct:67-7982-51-4
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
A-1 ............... 277,000,000.00 277,000,000.00 0.00
201728CT7 ......... 1,000.000000000 1,000.000000000 0.000000000
X ................. 1,192,237,748.76N 1,192,237,748.76 0.00
201728CV2 ......... 1,000.000000000 1,000.000000000 0.000000000
V ................. 0.00 0.00 0.00
9ABSB558 .......... 1,000.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
277,000,000.00 277,000,000.00 0.00
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
GRANTOR TRUST, CONTINUED
ABN AMRO Acct:67-7982-51-4
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 ............... 0.00 0.00 275,779,938.10
201728CT7 ......... 0.00000000 0.00000000 995.595444404
X ................. 0.00 0.00 1,191,017,688.0
201728CV2 ......... 0.00000000 0.00000000 998.976663269
V ................. 0.00 0.00 0.00
9ABSB558 .......... 0.00000000 0.00000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 277,000,000.00
================ ================ ================
Total P&I Payment 51,445.35
=========
<TABLE>
GRANTOR TRUST, CONTINUED
ABN AMRO Acct:67-7982-51-4
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
A-1 ............... 0.00 0.00 --
201728CT7 ......... 0.000000000 0.00 --
X ................. 0.00 0.00 --
201728CV2 ......... 0.000000000 0.00 --
V ................. 51,445.35 0.00 --
9ABSB558 .......... 0.043150201 0.00 --
---------------- ---------------- ----------------
51,445.35 0.00 --
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 3
<PAGE>
<TABLE>
REMIC III
ABN AMRO Acct: 67-7982-50-6
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
A-1 ............... 277,000,000.00 277,000,000.00 1,220,061.90
201728CT7 ......... 1,000.000000000 1,000.00 4.404555596
A-2 ............... 581,412,000.00 581,412,000.00 0.00
201728CU4 ......... 1,000.00 1,000.00 0.000000000
X ................. 1,192,237,748.76N 1,192,237,748.76 0.00
201728CV2 ......... 1,000.00 1,000.00 0.000000000
B ................. 59,611,000.00 59,611,000.00 0.00
201728CW0 ......... 1,000.00 1,000.00 0.000000000
C ................. 59,612,000.00 59,612,000.00 0.00
201728CX8 ......... 1,000.00 1,000.00 0.000000000
D ................. 62,593,000.00 62,593,000.00 0.00
201728CY6 ......... 1,000.00 1,000.00 0.000000000
E ................. 20,862,000.00 20,862,000.00 0.00
201728CZ3 ......... 1,000.00 1,000.00 0.000000000
F ................. 53,650,000.00 53,650,000.00 0.00
201728DA7 ......... 1,000.00 1,000.00 0.000000000
G ................. 11,923,000.00 11,923,000.00 0.00
201728DB5 ......... 1,000.00 1,000.00 0.000000000
H ................. 8,942,000.00 8,942,000.00 0.00
201728DC3 ......... 1,000.00 1,000.00 0.000000000
J ................. 14,905,000.00 14,905,000.00 0.00
201728DD1 ......... 1,000.00 1,000.00 0.000000000
K ................. 8,939,000.00 8,939,000.00 0.00
201728DE9 ......... 1,000.00 1,000.00 0.000000000
L ................. 11,924,000.00 11,924,000.00 0.00
201728DF6 ......... 1,000.00 1,000.00 0.000000000
M ................. 8,940,000.00 8,940,000.00 0.00
201728DG4 ......... 1,000.00 1,000.00 0.000000000
N ................. 11,925,941.00 11,925,941.00 0.00
201728DH2 ......... 1,000.00 1,000.00 0.000000000
R-III ............. 0.00 0.00 0.00
9ABSB557 .......... 1,000.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
1,192,238,941.00 1,192,238,941.00 1,220,061.90
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 4
<PAGE>
REMIC III, Continued
ABN AMRO Acct: 67-7982-50-6
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 ............... 0.00 0.00 275,779,938.10
201728CT7 ......... 0.000000000 0.000000000 995.60
A-2 ............... 0.00 0.00 581,412,000.00
201728CU4 ......... 0.000000000 0.000000000 1,000.00
X ................. 0.00 0.00 1,191,017,688.0
201728CV2 ......... 0.000000000 0.000000000 998.98
B ................. 0.00 0.00 59,611,000.00
201728CW0 ......... 0.000000000 0.000000000 1,000.00
C ................. 0.00 0.00 59,612,000.00
201728CX8 ......... 0.000000000 0.000000000 1,000.00
D ................. 0.00 0.00 62,593,000.00
201728CY6 ......... 0.000000000 0.000000000 1,000.00
E ................. 0.00 0.00 20,862,000.00
201728CZ3 ......... 0.000000000 0.000000000 1,000.00
F ................. 0.00 0.00 53,650,000.00
201728DA7 ......... 0.000000000 0.000000000 1,000.00
G ................. 0.00 0.00 11,923,000.00
201728DB5 ......... 0.000000000 0.000000000 1,000.00
H ................. 0.00 0.00 8,942,000.00
201728DC3 ......... 0.000000000 0.000000000 1,000.00
J ................. 0.00 0.00 14,905,000.00
201728DD1 ......... 0.000000000 0.000000000 1,000.00
K ................. 0.00 0.00 8,939,000.00
201728DE9 ......... 0.000000000 0.000000000 1,000.00
L ................. 0.00 0.00 11,924,000.00
201728DF6 ......... 0.000000000 0.000000000 1,000.00
M ................. 0.00 0.00 8,940,000.00
201728DG4 ......... 0.000000000 0.000000000 1,000.00
N ................. 0.00 0.00 11,925,941.00
201728DH2 ......... 0.000000000 0.000000000 1,000.00
R-III ............. 0.00 0.00 0.00
9ABSB557 .......... 0.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 1,191,018,879.10
================ ================ ================
Total P&I Payment 8,745,558.78
============
Page - 5
<PAGE>
<TABLE>
REMIC III, Continued
ABN AMRO Acct: 67-7982-50-6
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
A-1 ............... 1,438,091.67 0.00 6.230000000%
201728CT7 ......... 5.191666679 0.00 Fixed
A-2 ............... 3,144,469.90 0.00 6.490000000%
201728CU4 ......... 5.408333333 0.00 Fixed
X ................. 1,096,429.00 0.00 1.103567470%
201728CV2 ......... 0.919639561 0.00 0.010123119
B ................. 327,860.50 0.00 6.600000000%
201728CW0 ......... 5.500000000 0.00 Fixed
C ................. 335,814.27 0.00 6.760000000%
201728CX8 ......... 5.633333389 0.00 Fixed
D ................. 372,949.96 0.00 7.150000000%
201728CY6 ......... 5.958333360 0.00 Fixed
E ................. 130,291.63 0.00 7.494485200%
201728CZ3 ......... 6.245404563 0.00 0.074920628
F ................. 278,532.92 0.00 6.230000000%
201728DA7 ......... 5.191666729 0.00 Fixed
G ................. 61,701.53 0.00 6.210000000%
201728DB5 ......... 5.175000419 0.00 Fixed
H ................. 46,274.85 0.00 6.210000000%
201728DC3 ......... 5.175000000 0.00 Fixed
J ................. 77,133.38 0.00 6.210000000%
201728DD1 ......... 5.175000335 0.00 Fixed
K ................. 46,259.33 0.00 6.210000000%
201728DE9 ......... 5.175000559 0.00 Fixed
L ................. 61,706.70 0.00 6.210000000%
201728DF6 ......... 5.175000000 0.00 Fixed
M ................. 46,264.50 0.00 6.210000000%
201728DG4 ......... 5.175000000 0.00 Fixed
N ................. 61,716.74 0.00 6.210000000%
201728DH2 ......... 5.174999608 0.00 Fixed
R-III ............. 0.00 0.00 --
9ABSB557 .......... 0.000000000 -- --
---------------- ---------------- ----------------
7,525,496.88 0.00 --
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 6
<PAGE>
<TABLE>
REMIC II
ABN AMRO Acct: 67-7982-50-6
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
A-1-II ............ 277,000,000.00 277,000,000.00 1,220,061.90
NONE .............. 1,000.000000000 1,000.00 4.40
A-2-II ............ 581,412,000.00 581,412,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
WAC-II ............ 1,192,237,748.76N 1,192,237,748.76 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
B-II .............. 59,611,000.00 59,611,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
C-II .............. 59,612,000.00 59,612,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
D-II .............. 62,593,000.00 62,593,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
E-II .............. 20,862,000.00 20,862,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
F-II .............. 53,650,000.00 53,650,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
G-II .............. 11,923,000.00 11,923,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
H-II .............. 8,942,000.00 8,942,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
J-II .............. 14,905,000.00 14,905,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
K-II .............. 8,939,000.00 8,939,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
L-II .............. 11,924,000.00 11,924,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
M-II .............. 8,940,000.00 8,940,000.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
N-II .............. 11,925,941.00 11,925,941.00 0.00
NONE .............. 1,000.000000000 1,000.00 0.00
R-II .............. 0.00 0.00 0.00
9ABSB559 .......... 1,000.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
1,192,238,941.00 1,192,238,941.00 1,220,061.90
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 7
<PAGE>
REMIC II, Continued
ABN AMRO Acct: 67-7982-50-6
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1-II ............ 0.00 0.00 275,779,938.10
NONE .............. 0.000000000 0.000000000 995.595444404
A-2-II ............ 0.00 0.00 581,412,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
WAC-II ............ 0.00 0.00 1,191,017,688.0
NONE .............. 0.000000000 0.000000000 998.97666327
B-II .............. 0.00 0.00 59,611,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
C-II .............. 0.00 0.00 59,612,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
D-II .............. 0.00 0.00 62,593,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
E-II .............. 0.00 0.00 20,862,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
F-II .............. 0.00 0.00 53,650,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
G-II .............. 0.00 0.00 11,923,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
H-II .............. 0.00 0.00 8,942,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
J-II .............. 0.00 0.00 14,905,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
K-II .............. 0.00 0.00 8,939,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
L-II .............. 0.00 0.00 11,924,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
M-II .............. 0.00 0.00 8,940,000.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
N-II .............. 0.00 0.00 11,925,941.00
NONE .............. 0.000000000 0.000000000 1,000.0000000
R-II .............. 0.00 0.00 0.00
9ABSB559 .......... 0.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 1,191,018,879.10
================ ================ ================
Total P&I Payment 8,745,558.78
============
Page - 8
<PAGE>
<TABLE>
REMIC II, Continued
ABN AMRO Acct: 67-7982-50-6
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
A-1-II ............ 1,438,091.67 0.00 6.230000000%
NONE .............. 5.191666679 0.000000000 Fixed
A-2-II ............ 3,144,469.90 0.00 6.490000000%
NONE .............. 5.408333333 0.000000000 Fixed
WAC-II ............ 1,096,429.00 0.00 1.103567470%
NONE .............. 0.919639561 0.000000000 0.010123119
B-II .............. 327,860.50 0.00 6.600000000%
NONE .............. 5.500000000 0.000000000 Fixed
C-II .............. 335,814.27 0.00 6.760000000%
NONE .............. 5.633333389 0.000000000 Fixed
D-II .............. 372,949.96 0.00 7.150000000%
NONE .............. 5.958333360 0.000000000 Fixed
E-II .............. 130,291.63 0.00 7.494485200%
NONE .............. 6.245404563 0.000000000 0.074920628
F-II .............. 278,532.92 0.00 6.230000000%
NONE .............. 5.191666729 0.000000000 Fixed
G-II .............. 61,701.53 0.00 6.210000000%
NONE .............. 5.175000419 0.000000000 Fixed
H-II .............. 46,274.85 0.00 6.210000000%
NONE .............. 5.175000000 0.000000000 Fixed
J-II .............. 77,133.38 0.00 6.210000000%
NONE .............. 5.175000335 0.000000000 Fixed
K-II .............. 46,259.33 0.00 6.210000000%
NONE .............. 5.175000559 0.000000000 Fixed
L-II .............. 61,706.70 0.00 6.210000000%
NONE .............. 5.175000000 0.000000000 Fixed
M-II .............. 46,264.50 0.00 6.210000000%
NONE .............. 5.175000000 0.000000000 Fixed
N-II .............. 61,716.74 0.00 6.210000000%
NONE .............. 5.174999608 0.000000000 Fixed
R-II .............. 0.00 0.00 --
9ABSB559 .......... 0.000000000 0.000000000 --
- ------------------- ---------------- ---------------- ----------------
7,525,496.88 0.00 --
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
<TABLE>
REMIC I
67-7982-50-6
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
REGULAR INTEREST .. 1,192,238,941.00 1,192,238,941.0 1,220,061.90
NONE .............. 1,000.000000000 1,000.000000000 1.023336731
R-I ............... 0.00 0.00 0.00
9ABSB561 .......... 1,000.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
1,192,238,941.00 1,192,238,941.00 1,220,061.90
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 9
<PAGE>
REMIC I, Continued
67-7982-50-6
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
REGULAR INTEREST .. 0.00 0.00 1,191,018,879.1
NONE .............. 0.000000000 0.000000000 998.976663269
R-I ............... 0.00 0.00 0.00
9ABSB561 .......... 0.000000000 0.000000000 0.000000000
- ------------------- ---------------- ---------------- ----------------
0.00 0.00 1,191,018,879.10
================ ================ ================
Total P&I Payment 8,745,558.78
============
<TABLE>
REMIC I, Continued
67-7982-50-6
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
REGULAR INTEREST .. 7,525,496.88 0.00 7.574485200%
NONE .............. 6.312071030 0.000000000 7.57206277%
R-I ............... 0.00 0.00 --
9ABSB561 .......... 0.000000000 0.000000000 --
- ------------------- ---------------- ---------------- ----------------
7,525,496.88 0.00 --
================ ================ ================
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
OTHER RELATED INFORMATION
Distributable
Certificate Prepayment
Class Interest Premiums
A-1 ............ 1,438,091.67 0.00
A-2 ............ 3,144,469.90 0.00
X .............. 1,096,429.00 0.00
B .............. 327,860.50 0.00
C .............. 335,814.27 0.00
D .............. 372,949.96 0.00
E .............. 130,291.63 0.00
F .............. 278,532.92 0.00
G .............. 61,701.53 0.00
H .............. 46,274.85 0.00
J .............. 77,133.38 0.00
K .............. 46,259.33 0.00
L .............. 61,706.70 0.00
M .............. 46,264.50 0.00
N .............. 61,716.74 0.00
---------------- ----------------
TOTAL .......... 7,525,496.88 0.00
================ ================
Page - 10
<PAGE>
OTHER RELATED INFORMATION, Continued
Beginning Ending
PPIS Interest Interest
Class Allocation Shortfall Shortfall
A-1 ............... 0.00 0.00 0.00
A-2 ............... 0.00 0.00 0.00
X ................. 0.00 0.00 0.00
B ................. 0.00 0.00 0.00
C ................. 0.00 0.00 0.00
D ................. 0.00 0.00 0.00
E ................. 0.00 0.00 0.00
F ................. 0.00 0.00 0.00
G ................. 0.00 0.00 0.00
H ................. 0.00 0.00 0.00
J ................. 0.00 0.00 0.00
K ................. 0.00 0.00 0.00
L ................. 0.00 0.00 0.00
M ................. 0.00 0.00 0.00
N ................. 0.00 0.00 0.00
---------------- ---------------- ----------------
TOTAL ............. 0.00 0.00 0.00
================ ================ ================
OTHER RELATED INFORMATION, Continued
Servicer Advances 0.00
Aggregate Servicing Compensation 95,145.93
SPECIAL SERVICER FEES
Special Workout Disposition
Servicer Fees Fees Fees
0.00 0.00 0.00
APPRAISAL REDUCTIONS
Reduction in
Principal Appraisal Principal P & I
Balance Reduction Amt. Distribution Amt. Advances
$0.00 $0.00 $0.00 $0.00
Pool Balance Delinquency Advances by
Beginning Ending Trustee Fiscal Agent
1,192,238,941.32 1,191,018,879.42 0.00 0.00
Distribution Delinq 1 Month Delinq 2 Months
Date # Balance # Balance
08/15/98 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00%
Distribution Delinq 3+ Months Foreclosure/Bankruptcy
Date # Balance # Balance
08/15/98 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00%
Distribution REO Modifications
Date # Balance # Balance
08/15/98 0 0 0 0
/ 0.00% 0.00% 0.000% 0.00%
Distribution Prepayments Curr Weighted Avg.
Date # Balance Coupon Remit
08/15/98 0 0 7.674% 7.574%
/ 0.00% 0.000% 0.000% 0.000%
Page - 11
<PAGE>
<TABLE>
DELINQUENT LOAN DETAIL
<CAPTION>
Paid Outstanding Out. Property Special
Disclosure Doc Thru Current P&I P&I Protection Advance Servicer
Control # Date Advance Advances(1) Advances Description (2) Transfer Date
<S> <C> <C> <C> <C> <C> <C>
114 07/01/98 29,549.22 29,549.22 0.00 B --
313 07/01/98 6,533.49 6,533.49 0.00 B --
273 07/01/98 9,093.78 9,093.78 0.00 B --
238 07/01/98 13,444.77 13,444.77 0.00 B --
228 07/01/98 13,767.70 13,767.70 0.00 B --
199 07/01/98 16,553.27 16,553.27 0.00 B --
223 07/01/98 13,159.21 13,159.21 0.00 B --
79 07/01/98 42,409.93 42,409.93 0.00 B --
146 07/01/98 24,701.50 24,701.50 0.00 B --
179 07/01/98 18,020.63 18,020.63 0.00 B --
184 07/01/98 20,808.02 20,808.02 0.00 B --
197 07/01/98 17,389.35 17,389.35 0.00 B --
216 07/01/98 15,930.06 15,930.06 0.00 B --
136 07/01/98 29,968.38 29,968.38 0.00 B --
195 07/01/98 20,263.67 20,263.67 0.00 B --
208 07/01/98 18,447.83 18,447.83 0.00 B --
240 07/01/98 13,893.62 13,893.62 0.00 B --
151 07/01/98 23,218.44 23,218.44 0.00 B --
182 07/01/98 29,382.01 29,382.01 0.00 B --
204 07/01/98 24,399.19 24,399.19 0.00 B --
71 07/01/98 44,195.63 44,195.63 0.00 B --
220 07/01/98 15,084.71 15,084.71 0.00 B --
2 07/01/98 231,135.75 231,135.75 0.00 B --
22 07/01/98 103,055.16 103,055.16 0.00 B --
222 07/01/98 13,039.29 13,039.29 0.00 B --
83 07/01/98 43,948.40 43,948.40 0.00 B --
224 07/01/98 13,241.88 13,241.88 0.00 B --
117 07/01/98 30,665.48 30,665.48 0.00 B --
198 07/01/98 17,446.97 17,446.97 0.00 B --
202 07/01/98 19,625.36 19,625.36 0.00 B --
29 07/01/98 80,883.78 80,883.78 0.00 B --
251 07/01/98 17,764.19 17,764.19 0.00 B --
- --- -------- ---------- ---------- ---- -- --
Total -- 1,031,020.67 1,031,020.67 0.00 -- --
============ ============ ==== === ==========
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
(2) Advance Description:
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but less one month delinq
1. P&I Advance - Loan delinquent 1 month
2. P&I Advance - Loan delinquent 2 months
3. P&I Advance - Loan delinquent 3 months
4. Matured Balloon/Assumed Scheduled Payment
</FN>
</TABLE>
Page - 12
<PAGE>
DELINQUENT LOAN DETAIL, Continued
Disclosure Doc Foreclosure Bankruptcy REO
Control # Date Date Date
114 -- -- --
313 -- -- --
273 -- -- --
238 -- -- --
228 -- -- --
199 -- -- --
223 -- -- --
79 -- -- --
146 -- -- --
179 -- -- --
184 -- -- --
197 -- -- --
216 -- -- --
136 -- -- --
195 -- -- --
208 -- -- --
240 -- -- --
151 -- -- --
182 -- -- --
204 -- -- --
71 -- -- --
220 -- -- --
2 -- -- --
22 -- -- --
222 -- -- --
83 -- -- --
224 -- -- --
117 -- -- --
198 -- -- --
202 -- -- --
29 -- -- --
251 -- -- --
DISTRIBUTION OF PRINCIPAL BALANCES
Current Scheduled Number Scheduled Based on
Balances of Loans Balance Balance
$0 to $1,000,000 .............. 20 16,845,838 1.41%
$1,000,000 to $2,000,000 ...... 89 129,546,401 10.88%
$2,000,000 to $3,000,000 ...... 72 177,978,916 14.94%
$3,000,000 to $4,000,000 ...... 36 124,668,010 10.47%
$4,000,000 to $5,000,000 ...... 30 135,388,050 11.37%
$5,000,000 to $6,000,000 ...... 15 82,177,893 6.90%
$6,000,000 to $7,000,000 ...... 13 85,403,951 7.17%
$7,000,000 to $8,000,000 ...... 10 76,240,502 6.40%
$8,000,000 to $9,000,000 ...... 5 42,093,878 3.53%
$9,000,000 to $10,000,000 ..... 4 38,354,107 3.22%
$10,000,000 to $11,000,000 .... 6 62,919,222 5.28%
$11,000,000 to $12,000,000 .... 5 56,224,419 4.72%
$12,000,000 to $13,000,000 .... 1 12,730,696 1.07%
$13,000,000 to $14,000,000 .... 3 40,152,904 3.37%
$14,000,000 to $15,000,000 .... 1 14,936,399 1.25%
$15,000,000 to $20,000,000 .... 2 33,032,733 2.77%
$20,000,000 to $22,000,000 .... 1 20,411,973 1.71%
$22,000,000 to $24,000,000 .... 0 0 0.00%
$24,000,000 to $25,000,000 .... 0 0 0.00%
$25,000,000 & Above ........... 1 41,912,987 3.52%
- ------------------------------- --- ------------ ------
Total ......................... 314 1,191,018,879 100.00%
=== ============ ======
Average Scheduled Balance is 3,793,054
Maximum Scheduled Balance is 41,912,987
Minimum Scheduled Balance is 537,170
Page - 13
<PAGE>
DISTRIBUTION OF PROPERTY TYPES
Number Scheduled Based on
Property Types of Loans Balance Balance
Retail ........................ 93 376,255,420 31.59%
Multifamily ................... 104 347,129,338 29.15%
Office ........................ 36 144,367,761 12.12%
Lodging ....................... 26 106,141,385 8.91%
Industrial .................... 25 84,309,971 7.08%
Mixed Use ..................... 2 55,370,386 4.65%
Mobile Home ................... 15 36,243,789 3.04%
Self Storage .................. 9 24,162,708 2.03%
Other ......................... 2 10,301,086 0.86%
Health Care ................... 2 6,737,031 0.57%
--- ------------ ------
Total ......................... 314 1,191,018,879 100.00%
=== ============ ======
GEOGRAPHIC DISTRIBUTION
Number Scheduled Based on
Geographic Location of Loans Balance Balance
California .................... 50 272,565,095 22.89%
Pennsylvania .................. 15 88,365,145 7.42%
New Jersey .................... 13 65,513,285 5.50%
North Carolina ................ 12 57,239,435 4.81%
Florida ....................... 15 51,031,628 4.28%
Illinois ...................... 12 50,185,248 4.21%
Texas ......................... 19 49,629,382 4.17%
Massachusetts ................. 9 42,489,473 3.57%
Ohio .......................... 19 42,452,356 3.56%
Georgia ....................... 13 40,226,853 3.38%
Arizona ....................... 12 34,671,907 2.91%
Washington .................... 7 32,467,901 2.73%
Various ....................... 4 26,998,693 2.27%
Colorado ...................... 10 26,858,568 2.26%
Oregon ........................ 10 26,028,138 2.19%
New York ...................... 6 25,002,435 2.10%
Kentucky ...................... 5 23,657,800 1.99%
Louisiana ..................... 10 22,305,097 1.87%
Missouri ...................... 11 21,987,693 1.85%
Indiana ....................... 3 21,433,016 1.80%
Oklahoma ...................... 6 20,461,517 1.72%
Nevada ........................ 4 17,680,572 1.48%
Maryland ...................... 7 16,449,442 1.38%
Michigan ...................... 7 15,665,174 1.32%
West Virginia ................. 2 14,342,059 1.20%
New Hampshire ................. 3 13,086,864 1.10%
Mississippi ................... 3 10,741,002 0.90%
Tennessee ..................... 2 9,280,836 0.78%
Virginia ...................... 3 6,899,959 0.58%
Iowa .......................... 3 6,253,919 0.53%
Other ......................... 19 39,048,389 3.28%
--- ------------ ------
Total ......................... 314 1,191,018,879 100.00%
=== ============ ======
DISTRIBUTION OF MORTGAGE INTEREST RATES
Current Mortgage Number Scheduled Based on
Interest Rate of Loans Balance Balance
6.75% or less ................. 2 7,089,975 0.60%
6.75% to 7.25% ................ 117 486,870,418 40.88%
7.25% to 7.75% ................ 117 421,595,339 35.40%
7.75% to 8.25% ................ 58 185,912,008 15.61%
8.25% to 8.75% ................ 16 65,188,538 5.47%
8.75% to 9.25% ................ 2 13,064,585 1.10%
9.25% to 9.75% ................ 0 0 0.00%
9.75% to 10.25% ............... 2 11,298,017 0.95%
10.25% to 10.75% .............. 0 0 0.00%
10.75% to 11.25% .............. 0 0 0.00%
11.25% to 11.75% .............. 0 0 0.00%
11.75% to 12.25% .............. 0 0 0.00%
12.25% to 12.75% .............. 0 0 0.00%
12.75% to 13.25% .............. 0 0 0.00%
13.25% & Above ................ 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 314 1,191,018,879 100.00%
=== ============ ======
W/Avg Mortgage Interest Rate is 7.4540%
Minimum Mortgage Interest Rate is 6.6400%
Maximum Mortgage Interest Rate is 10.2500%
Page - 14
<PAGE>
LOAN SEASONING
Number Scheduled Based on
Number of Years of Loans Balance Balance
1 year or less ................ 314 1,191,018,879 100.00%
1+ to 2 years ................. 0 0 0.00%
2+ to 3 years ................. 0 0 0.00%
3+ to 4 years ................. 0 0 0.00%
4+ to 5 years ................. 0 0 0.00%
5+ to 6 years ................. 0 0 0.00%
6+ to 7 years ................. 0 0 0.00%
7+ to 8 years ................. 0 0 0.00%
8+ to 9 years ................. 0 0 0.00%
9+ to 10 years ................ 0 0 0.00%
10 years or more .............. 0 0 0.00%
- ------------------------------- --- ------------ ------
Total ......................... 314 1,191,018,879 100.00%
=== ============ ======
Weighted Average Seasoning is 0.1
DISTRIBUTION OF REMAINING TERM
FULLY AMORTIZING
Fully Amortizing Number Scheduled Based on
Mortgage Loans of Loans Balance Balance
60 months or less ............. 0 0 0.00%
61 to 120 months .............. 3 5,111,550 0.43%
121 to 180 months ............. 5 30,914,860 2.60%
181 to 240 months ............. 27 72,082,484 6.05%
241 to 360 months ............. 2 20,066,749 1.68%
- ------------------------------- --- ------------ ------
37 128,175,642 10.76%
=== ============ ======
Weighted Average Months to Maturity.............. 214
<TABLE>
DISTRIBUTION OF DSCR
<CAPTION>
Debt Service Number Scheduled Based on
Coverage Ratio (1) of Loans Balance Balance
<S> <C> <C> <C>
0.500 or less ................. 0 0 0.00%
0.500 to 0.625 ................ 0 0 0.00%
0.625 to 0.750 ................ 1 10,168,796 0.85%
0.750 to 0.875 ................ 0 0 0.00%
0.875 to 1.000 ................ 3 20,814,284 1.75%
1.000 to 1.125 ................ 1 4,380,658 0.37%
1.125 to 1.250 ................ 2 3,878,963 0.33%
1.250 to 1.375 ................ 6 16,069,308 1.35%
1.375 to 1.500 ................ 12 45,922,392 3.86%
1.500 to 1.625 ................ 12 42,187,692 3.54%
1.625 to 1.750 ................ 10 33,506,358 2.81%
1.750 to 1.875 ................ 2 4,720,694 0.40%
1.875 to 2.000 ................ 2 4,040,886 0.34%
2.000 to 2.125 ................ 2 12,928,054 1.09%
2.125 & above ................. 5 15,494,688 1.30%
Unknown ....................... 256 976,906,106 82.02%
--- ------------- ------
Total ......................... 314 1,191,018,879 100.00%
=== ============= ======
<FN>
(1) Debt Service Coverage Ratios are calculated as described in the prospectus,
values are updated periodically as new NOI figures become available from
borrowers on an asset level. Neither the Trustee, Servicer, Special
Servicer or Underwriter makes any representation as to the accuracy of the
data provided by the borrower for this calculation.
</FN>
</TABLE>
Weighted Average Debt Service Coverage Ratio is 1.518
Page - 15
<PAGE>
DISTRIBUTION OF AMORTIZATION TYPE
Number Scheduled Based on
Amortization Type of Loans Balance Balance
Fully Amortizing .............. 37 128,175,642 10.76%
Interest Only / Balloon........ 277 1,062,843,237 89.24%
--- ------------- ------
Total ......................... 314 1,191,018,879 100.00%
=== ============= ======
DISTRIBUTION OF REMAINING TERM
BALLOON LOANS
Balloon Number Scheduled Based on
Mortgage Loans of Loans Balance Balance
12 months or less ............. 0 0 0.00%
13 to 24 months ............... 0 0 0.00%
25 to 36 months ............... 2 2,400,507 0.20%
37 to 48 months ............... 3 24,618,203 2.07%
49 to 60 months ............... 1 3,119,324 0.26%
61 to 120 months .............. 197 676,039,661 56.76%
121 to 180 months ............. 20 102,089,003 8.57%
181 to 240 months ............. 54 254,576,540 21.37%
- ------------------------------- --- ------------ ------
277 1,062,843,237 89.24%
=== ============ ======
Weighted Average Months to Maturity 168
NOI AGING
Number Scheduled Based on
NOI Date of Loans Balance Balance
1 year or less ................ 0 0 0.00%
1 to 2 years .................. 0 0 0.00%
2 Years or More ............... 0 0 0.00%
Unknown ....................... 314 1,191,018,879 100.00%
--- ------------ ------
Total ......................... 314 1,191,018,879 100.00%
=== ============ ======
SPECIALLY SERVICED LOAN DETAIL
Beginning
Disclosure Scheduled Interest Maturity
Control # Balance Rate Date
<TABLE>
SPECIALLY SERVICED LOAN DETAIL, Continued
<CAPTION>
Specially
Disclosure Property Serviced
Control # Type Status Code (1) Comments
<S> <C> <C> <C>
<FN>
(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
7) Loans Paid Off
8) Loans Returned to Master Servicer
</FN>
</TABLE>
Page - 16
<PAGE>
MODIFIED LOAN DETAIL
Disclosure Modification Modification
Control # Date Description
REALIZED LOSS DETAIL
Dist. Disclosure Appraisal Appraisal
Date Control # Date Value
Current Total
Cumulative
REALIZED LOSS DETAIL, Continued
Beginning Gross Proceeds
Disclosure Scheduled Gross as a % of
Control # Balance Proceeds Sched Principal
Current Total
Cumulative
<TABLE>
REALIZED LOSS DETAIL, Continued
<CAPTION>
Aggregate Net Net Proceeds
Disclosure Liquidation Liquidation as a % of Realized
Control # Expenses (1) Proceeds Sched. Balance Loss
<S> <C> <C> <C> <C>
Current Total
Cumulative
<FN>
(1) Aggregate Liquidation expenses also include outstanding P & I advances and unpaid
servicing fees, unpaid trustee fees, etc.
</FN>
</TABLE>
Page - 17
<PAGE>
