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: November 24, 1998
(Date of earliest event reported)
Structured Asset Securities Corporation
Sponsor)
(Issuer in Respect of Commercial Mortgage Pass-Through
Certificates Series 1998-C4)
Exact name of registrant as specified in charter)
Delaware 33-49129 74-2440858
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File No.) Identification No.)
200 Vesey Street, New York, New York 10285
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code
(212) 526-7000
(Former name or former address, if changed since
last report.)
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the
Trust Fund formed, and the Commercial Mortgage Pass-Through
Certificates Series 1998-C4 issued pursuant to, a Pooling
and Servicing Agreement, dated as of November 1, 1998 (the
"Pooling and Servicing Agreement"), by and among Structured
Asset Securities Corporation, as sponsor, First Union National
Bank, as master servicer, Lennar Partners, Inc., as special
servicer, LaSalle National Bank, as trustee and REMIC
administrator, and ABN AMRO Bank, N.V., as fiscal agent.
The Class A-1-a, Class A-1-b, Class A-2, Class B, Class C,
Class D, Class E and Class X certificates have been registered
pursuant to the Act under a Registration Statement on Form S-3
(File No.333-49129) the "Registration Statement").
Capitalized terms used herein and not defined
herein have the same meanings ascribed to such terms in the
Pooling and Servicing Agreement.
Pursuant to Section 3.20 of the Pooling and
Servicing Agreement, the Trustee is filing this Current Report
containing the December 15, 1998 monthly distribution report.
This Current Report is being filed by the Trustee,
in its capacity as such under the Pooling and Servicing
Agreement, on behalf of the Registrant. The information
reported and contained herein has been supplied to the Trustee
by one or more of the Master Servicer, the Special Servicer
or other third parties without independent review or
investigation by the Trustee.
Pursuant to the Pooling and Servicing Agreement,
the Trustee is not responsible for the accuracy or
completeness of such information.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND
EXHIBITS
Exhibit No. Description
99.1 Monthly distribution report pursuant to
Section 4.02 of the Pooling and Servicing
Agreement for the distribution on
December 15, 1998.
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed
on behalf of the Registrant by the undersigned thereunto duly
authorized.
LASALLE NATIONAL BANK, IN ITS CAPACITY AS TRUSTEE
UNDER THE POOLING AND SERVICING AGREEMENT ON
BEHALF OF GS MORTGAGE SECURITIES CORPORATION II,
REGISTRANT
By: /s/ Russell Goldenberg
Russell Goldenberg,
Senior Vice President
Date: December 29, 1998
ABN AMRO
LaSalle National Bank
Administrator:
Barbara Marik (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Structured Asset Securities Corporation, as Depositor
First Union National Bank, as Master Servicer
Lennar Partners, Inc., as Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1998-C4
ABN AMRO Acct: 67-8044-30-6
Statement Date: 12/15/98
Payment Date: 12/15/98
Prior Payment: NA
Record Date: 11/24/98
WAC: 6.839653%
WAMM: 120
Number Of Pages
Table Of Contents 1
REMIC Certificate Report 5
Other Related Information 4
Asset Backed Facts Sheets 1
Delinquency Loan Detail 1
Mortgage Loan Characteristics 2
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
LaSalle Web Site www.lnbabs.com
Servicer Website www.firstunion.com
LaSalle Bulletin Board (714) 282-3990
LaSalle ASAP Fax System (312) 904-2200
ASAP #: 371
Monthly Data File Name: 0371MMYY.EXE
Remic III
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1-a 275,000,000.00 275,000,000.00 1,209,187.11
501773BZ7 1000.000000000 1000.000000000 4.397044036
A-1-b 693,553,000.00 693,553,000.00 0.00
501773CA1 1000.000000000 1000.000000000 0.000000000
A-2 500,000,000.00 500,000,000.00 508,135.29
501773CB9 1000.000000000 1000.000000000 1.016270580
X 2,025,590,706.0N 2,025,590,706.0 0.00
501773CG8 1000.000000000 1000.000000000 0.000000000
B 106,343,000.00 106,343,000.00 0.00
501773CC7 1000.000000000 1000.000000000 0.000000000
C 106,344,000.00 106,344,000.00 0.00
501773CD5 1000.000000000 1000.000000000 0.000000000
D 121,535,000.00 121,535,000.00 0.00
501773CE3 1000.000000000 1000.000000000 0.000000000
E 30,384,000.00 30,384,000.00 0.00
501773CF0 1000.000000000 1000.000000000 0.000000000
F 50,640,000.00 50,640,000.00 0.00
501773CH6 1000.000000000 1000.000000000 0.000000000
G 45,576,000.00 45,576,000.00 0.00
501773CJ2 1000.000000000 1000.000000000 0.000000000
H 15,192,000.00 15,192,000.00 0.00
501773CK9 1000.000000000 1000.000000000 0.000000000
J 20,255,000.00 20,255,000.00 0.00
501773CL7 1000.000000000 1000.000000000 0.000000000
K 10,128,000.00 10,128,000.00 0.00
501773CM5 1000.000000000 1000.000000000 0.000000000
L 15,192,000.00 15,192,000.00 0.00
501773CN3 1000.000000000 1000.000000000 0.000000000
M 10,128,000.00 10,128,000.00 0.00
501773CP8 1000.000000000 1000.000000000 0.000000000
N 25,320,706.00 25,320,706.00 0.00
501773CQ6 1000.000000000 1000.000000000 0.000000000
R-III 0.00 0.00 0.00
9ABSB886 1000.000000000 1000.000000000 0.000000000
2,025,590,706.00 2,025,590,706.0 1,717,322.40
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1-a 0.00 0.00 273,790,812.89
501773BZ7 0.000000000 0.000000000 995.602955964
A-1-b 0.00 0.00 693,553,000.00
501773CA1 0.000000000 0.000000000 1000.000000000
A-2 0.00 0.00 499,491,864.71
501773CB9 0.000000000 0.000000000 998.983729420
X 0.00 0.00 2,023,873,383.60
501773CG8 0.000000000 0.000000000 999.152186868
B 0.00 0.00 106,343,000.00
501773CC7 0.000000000 0.000000000 1000.000000000
C 0.00 0.00 106,344,000.00
501773CD5 0.000000000 0.000000000 1000.000000000
D 0.00 0.00 121,535,000.00
501773CE3 0.000000000 0.000000000 1000.000000000
E 0.00 0.00 30,384,000.00
501773CF0 0.000000000 0.000000000 1000.000000000
F 0.00 0.00 50,640,000.00
501773CH6 0.000000000 0.000000000 1000.000000000
G 0.00 0.00 45,576,000.00
501773CJ2 0.000000000 0.000000000 1000.000000000
H 0.00 0.00 15,192,000.00
501773CK9 0.000000000 0.000000000 1000.000000000
J 0.00 0.00 20,255,000.00
501773CL7 0.000000000 0.000000000 1000.000000000
K 0.00 0.00 10,128,000.00
501773CM5 0.000000000 0.000000000 1000.000000000
L 0.00 0.00 15,192,000.00
501773CN3 0.000000000 0.000000000 1000.000000000
M 0.00 0.00 10,128,000.00
501773CP8 0.000000000 0.000000000 1000.000000000
N 0.00 0.00 25,320,706.00
501773CQ6 0.000000000 0.000000000 1000.000000000
R-III 0.00 0.00 0.00
9ABSB886 0.000000000 0.000000000 0.000000000
0.00 0.00 2,023,873,383.60
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
A-1-a 1,345,208.33 0.00 5.87000000%
501773BZ7 4.891666655 0.000000000Fixed
A-1-b 3,589,136.78 0.00 6.21000000%
501773CA1 5.175000007 0.000000000Fixed
A-2 2,625,000.00 0.00 6.30000000%
501773CB9 5.250000000 0.000000000Fixed
X 951,618.29 0.00 0.56375750%
501773CG8 0.469797915 0.000000000 0.56375750%
B 563,617.90 0.00 6.36000000%
501773CC7 5.300000000 0.000000000Fixed
C 576,030.00 0.00 6.50000000%
501773CD5 5.416666667 0.000000000Fixed
D 658,314.58 0.00 6.50000000%
501773CE3 5.416666639 0.000000000Fixed
E 164,580.00 0.00 6.50000000%
501773CF0 5.416666667 0.000000000Fixed
F 253,200.00 0.00 6.00000000%
501773CH6 5.000000000 0.000000000Fixed
G 212,688.00 0.00 5.60000000%
501773CJ2 4.666666667 0.000000000Fixed
H 70,896.00 0.00 5.60000000%
501773CK9 4.666666667 0.000000000Fixed
J 94,523.33 0.00 5.60000000%
501773CL7 4.666666502 0.000000000Fixed
K 47,264.00 0.00 5.60000000%
501773CM5 4.666666667 0.000000000Fixed
L 70,896.00 0.00 5.60000000%
501773CN3 4.666666667 0.000000000Fixed
M 47,264.00 0.00 5.60000000%
501773CP8 4.666666667 0.000000000Fixed
N 118,163.29 0.00 5.60000000%
501773CQ6 4.666666482 0.000000000Fixed
R-III 0.00 0.00
9ABSB886 0.000000000 0.000000000
11,388,400.51 0.00
Total P&I Payment 13,105,722.91
Remic II
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1-a 275,000,000.00 275,000,000.00 1,209,187.11
NONE 1000.000000000 1000.000000000 4.397044036
A-1-b 693,553,000.00 693,553,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
A-2 500,000,000.00 500,000,000.00 508,135.29
NONE 1000.000000000 1000.000000000 1.016270580
B 106,343,000.00 106,343,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
C 106,344,000.00 106,344,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
D 121,535,000.00 121,535,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
E 30,384,000.00 30,384,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
F 50,640,000.00 50,640,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
G 45,576,000.00 45,576,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
H 15,192,000.00 15,192,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
J 20,255,000.00 20,255,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
K 10,128,000.00 10,128,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
L 15,192,000.00 15,192,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
M 10,128,000.00 10,128,000.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
N 25,320,706.00 25,320,706.00 0.00
NONE 1000.000000000 1000.000000000 0.000000000
R-II 0.00 0.00 0.00
9ABSB887 1000.000000000 1000.000000000 0.000000000
2,025,590,706.00 2,025,590,706.0 1,717,322.40
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1-a 0.00 0.00 273,790,812.89
NONE 0.000000000 0.000000000 995.602955964
A-1-b 0.00 0.00 693,553,000.00
NONE 0.000000000 0.000000000 1000.000000000
A-2 0.00 0.00 499,491,864.71
NONE 0.000000000 0.000000000 998.983729420
B 0.00 0.00 106,343,000.00
NONE 0.000000000 0.000000000 1000.000000000
C 0.00 0.00 106,344,000.00
NONE 0.000000000 0.000000000 1000.000000000
D 0.00 0.00 121,535,000.00
NONE 0.000000000 0.000000000 1000.000000000
E 0.00 0.00 30,384,000.00
NONE 0.000000000 0.000000000 1000.000000000
F 0.00 0.00 50,640,000.00
NONE 0.000000000 0.000000000 1000.000000000
G 0.00 0.00 45,576,000.00
NONE 0.000000000 0.000000000 1000.000000000
H 0.00 0.00 15,192,000.00
NONE 0.000000000 0.000000000 1000.000000000
J 0.00 0.00 20,255,000.00
NONE 0.000000000 0.000000000 1000.000000000
K 0.00 0.00 10,128,000.00
NONE 0.000000000 0.000000000 1000.000000000
L 0.00 0.00 15,192,000.00
NONE 0.000000000 0.000000000 1000.000000000
M 0.00 0.00 10,128,000.00
NONE 0.000000000 0.000000000 1000.000000000
N 0.00 0.00 25,320,706.00
NONE 0.000000000 0.000000000 1000.000000000
R-II 0.00 0.00 0.00
9ABSB887 0.000000000 0.000000000 0.000000000
0.00 0.00 2,023,873,383.60
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
A-1-a 1,546,121.89 0.00 6.74671372%
NONE 5.622261418 0.000000000 6.96239367%
A-1-b 3,899,336.28 0.00 6.74671372%
NONE 5.622261428 0.000000000 6.96239367%
A-2 2,811,130.72 0.00 6.74671372%
NONE 5.622261440 0.000000000 6.96239367%
B 597,888.15 0.00 6.74671372%
NONE 5.622261456 0.000000000 6.96239367%
C 597,893.77 0.00 6.74671372%
NONE 5.622261435 0.000000000 6.96239367%
D 683,301.54 0.00 6.74671372%
NONE 5.622261406 0.000000000 6.96239367%
E 170,826.79 0.00 6.74671372%
NONE 5.622261388 0.000000000 6.96239367%
F 284,711.32 0.00 6.74671372%
NONE 5.622261453 0.000000000 6.96239367%
G 256,240.19 0.00 6.74671372%
NONE 5.622261497 0.000000000 6.96239367%
H 85,413.40 0.00 6.74671372%
NONE 5.622261717 0.000000000 6.96239367%
J 113,878.91 0.00 6.74671372%
NONE 5.622261664 0.000000000 6.96239367%
K 56,942.26 0.00 6.74671372%
NONE 5.622261058 0.000000000 6.96239367%
L 85,413.40 0.00 6.74671372%
NONE 5.622261717 0.000000000 6.96239367%
M 56,942.26 0.00 6.74671372%
NONE 5.622261058 0.000000000 6.96239367%
N 142,359.63 0.00 6.74671372%
NONE 5.622261480 0.000000000 6.96239367%
R-II 0.00 0.00
9ABSB887 0.000000000 0.000000000
11,388,400.51 0.00
Total P&I Payment 13,105,722.91
Remic I
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
Regular Intere2,025,590,706.00 2,025,590,706.0 1,717,322.40
NONE 1000.000000000 1000.000000000 0.847813132
R-I 0.00 0.00 0.00
9ABSB888 1000.000000000 1000.000000000 0.000000000
2,025,590,706.00 2,025,590,706.0 1,717,322.40
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
Regular Intere 0.00 0.00 2,023,873,383.60
NONE 0.000000000 0.000000000 999.152186868
R-I 0.00 0.00 0.00
9ABSB888 0.000000000 0.000000000 0.000000000
0.00 0.00 2,023,873,383.60
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
Regular Intere 11,388,400.51 0.00 0.067467137
NONE 5.622261435 0.000000000 0.069623937
R-I 0.00 0.00
9ABSB888 0.000000000 0.000000000
11,388,400.50 0.00
Total P&I Payment 13,105,722.90
Notes: (1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual (3) Estimated
Other Related Information
Certificate Certificate Prepayment
ClassInterest Interest Premiums
A-1-a 1,345,208 1,345,208 0.00
A-1-b 3,589,136 3,589,136 0.00
A-2 2,625,000 2,625,000 0.00
X 951,61 951,61 0.00
B 563,61 563,61 0.00
C 576,03 576,03 0.00
D 658,31 658,31 0.00
E 164,58 164,58 0.00
F 253,20 253,20 0.00
G 212,68 212,68 0.00
H 70,8 70,8 0.00
J 94,5 94,5 0.00
K 47,2 47,2 0.00
L 70,8 70,8 0.00
M 47,2 47,2 0.00
N 118,16 118,16 0.00
Total 11,388,400. 11,388,400. 0.00
Maintenance Additional Interest Unpaid
ClassCharges Interest Shortfalls Interest
A-1-a 0.00 0.00 0.00 0.00
A-1-b 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 0.00
C 0.00 0.00 0.00 0.00
D 0.00 0.00 0.00 0.00
E 0.00 0.00 0.00 0.00
F 0.00 0.00 0.00 0.00
G 0.00 0.00 0.00 0.00
H 0.00 0.00 0.00 0.00
J 0.00 0.00 0.00 0.00
K 0.00 0.00 0.00 0.00
L 0.00 0.00 0.00 0.00
M 0.00 0.00 0.00 0.00
N 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00
Aggregate Since Inception 0.00 0.00
Master Servicer
Current Period Master Servicing Fees: 84,399.62
Current Period Primary Servicing Fees: 67,417.89
Current Period Additional Compensation: 0.00
Interest on Advances: 0.00
Special Servicer
Current Period Special Servicing Fees: 0.00
Current Period Liquidation Fees: 0.00
Current Period Workout Fees: 0.00
Current Period Additional Compensation: 0.00
Collateral Information
Group I
Beginning Loan Count: 229
Ending Loan Count: 229
Beginning Scheduled Balance of the Mortgage Lo1,716,490,256
Ending Scheduled Balance of the Mortgage Loans1,715,050,748
Available Distribution Amount: 11,075,259
Principal Distribution Amount: 1,439,508
Aggregate Realized Losses since inception: 0.00
Aggregate Realized Losses during Collection Pe 0.00
Remaining unallocated following current Distri 0.00
Collateral Information
Group II
Beginning Loan Count: 56
Ending Loan Count: 56
Beginning Scheduled Balance of the Mortgage Lo309,100,450
Ending Scheduled Balance of the Mortgage Loans308,822,636
Available Distribution Amount: 2,030,464
Principal Distribution Amount: 277,814
Aggregate Realized Losses since inception: 0.00
Aggregate Realized Losses during Collection Pe 0.00
Remaining unallocated following current Distri 0.00
Collateral Information
Total
Beginning Loan Count: 285
Ending Loan Count: 285
Beginning Scheduled Balance of the Mortgage Lo2,025,590,706
Ending Scheduled Balance of the Mortgage Loans2,023,873,384
Available Distribution Amount: 13,105,723
Principal Distribution Amount: 1,717,322
Aggregate Realized Losses since inception: 0.00
Aggregate Realized Losses during Collection Pe 0.00
Remaining unallocated following current Distri 0.00
Advances
Prior Outstanding
Principal Interest
Servicer: 0.00 0.00
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
0.00 0.00
Current Period
Principal Interest
Servicer: 34,562.26 260,446.73
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
34,562.26 260,446.73
Recovered
Principal Interest
Servicer: 0.00 0.00
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
0.00 0.00
Outstanding
Principal Interest
Servicer: 34,562.26 260,446.73
Trustee: 0.00 0.00
Fiscal Agent: 0.00 0.00
34,562.26 260,446.73
Summary of REO Properties
Principal Book
# ProperDate of REO Balance Value
1.
2.
3.
4.
5.
Date Aggregate
of Amount Other
Final of Revenues
# ProperRecovery Proceeds Collected
1.
2.
3.
4.
5.
Summary of Appraisal Reductions
Loan Principal
# ProperNumber Balance
1.
2.
3.
4.
5.
Summary of Appraisal Reductions
Appraisal Date
Reduction Appraisal of
# ProperAmount Date Reduction
1.
2.
3.
4.
5.
Maturity Date Extensions (Since Deal Origination)
Maturity Date Number of
Status Loans
Extended 0.00
In Process * 0.00
Paid Off ** 0.00
Paid Off - Extended *** 0.00
In Process - Extended **** 0.00
Total 0.00
* In the process of extending at the Special Servicer
** Scheduled Principal Balance as of deal origination
*** Currently Paid Off but had previously been extended
**** Previously extended, in the process of being extended again
Maturity Date Extensions (Since Deal Origination)
Cut_off
Maturity Date Principal
Status Balance
Extended 0.00
In Process * 0.00
Paid Off ** 0.00
Paid Off - Extended *** 0.00
In Process - Extended **** 0.00
Total 0.00
* In the process of extending at the Special Servicer
** Scheduled Principal Balance as of deal origination
*** Currently Paid Off but had previously been extended
**** Previously extended, in the process of being extended again
Maturity Date Extensions (Since Deal Origination)
Maturity Date Weighted Average
Status Extension
Extended 0.00
In Process * 0.00
Paid Off ** 0.00
Paid Off - Extended *** 0.00
In Process - Extended **** 0.00
Total 0.00
* In the process of extending at the Special Servicer
** Scheduled Principal Balance as of deal origination
*** Currently Paid Off but had previously been extended
**** Previously extended, in the process of being extended again
Initial Current
Credit Credit
ClassSupport Support
A-1-a 27.50% 27.52%
A-1-b 27.50% 27.52%
A-2 27.50% 27.52%
X NA NA
B 22.25% 22.27%
C 17.00% 17.01%
D 11.00% 11.01%
E 9.50% 9.51%
F 7.00% 7.01%
G 4.75% 4.75%
H 4.00% 4.00%
J 3.00% 3.00%
K 2.50% 2.50%
L 1.75% 1.75%
M 1.25% 1.25%
N 0.00% 0.00%
* Standard & Poor's, Moody's Investor Services
Initial Current
Certificate Certificate
ClassRating * Rating *
A-1-aAAA, Aaa AAA, Aaa
A-1-bAAA, Aaa AAA, Aaa
A-2 AAA, Aaa AAA, Aaa
X AAA, Aaa AAA, Aaa
B AA, Aa2 AA, Aa2
C A, A2 A, A2
D BBB, Baa2 BBB, Baa2
E BBB-, Baa3 BBB-, Baa3
F BB+, Ba1 BB+, Ba1
G NA, Ba2 NA, Ba2
H NA, Ba3 NA, Ba3
J NA, B1 NA, B1
K NA, B2 NA, B2
L NA, B3 NA, B3
M NA, Caa2 NA, Caa2
N NA, NA NA, NA
* Standard & Poor's, Moody's Investor Services
Distribution Delinq 1 Month Delinq 2 Months
Date # Balance # Balance
12/15/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
Distribution Delinq 3+ Months Foreclosure/Bankrupt
Date # Balance # Balance
12/15/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
Distribution REO Modifications
Date # Balance # Balance
12/15/98 0 0.00 0 0.00
0.00% 0.000% 0.00% 0.000%
Distribution Prepayments Curr Weighted Avg.
Date # Balance Coupon Remit
12/15/98 0 0.00 6.8397% 6.7467%
0.00% 0.000%
Note: Foreclosure and REO Totals are Included in the Appropriate
Delinquent Loan Detail
Paid Outstanding
Disclosure Doc Thru Current P&I P&I
Control # Date Advance Advances**
62 11/01/98 36,216.62 36,216.62
71 11/01/98 34,294.28 34,294.28
142 11/01/98 18,796.90 18,796.90
125 11/01/98 21,443.75 21,443.75
185 11/01/98 17,086.30 17,086.30
110 11/01/98 26,930.95 26,930.95
156 11/01/98 19,553.00 19,553.00
198 36100 15,485.22 15,485.22
211 36100 13,599.75 13,599.75
273 36100 8,361.54 8,361.54
175 36100 18,878.17 18,878.17
234 36100 12,434.35 12,434.35
248 36100 10,278.95 10,278.95
268 36100 10,289.11 10,289.11
96 36100 31,360.10 31,360.10
Total 295,008.99 295,008.99
Out. Property Special
Disclosure Doc Protection Advance Servicer
Control # Advances Description (1)Transfer Date
62 0.00 B
71 0.00 B
142 0.00 B
125 0.00 B
185 0.00 B
110 0.00 B
156 0.00 B
198 0.00 B
211 0.00 B
273 0.00 B
175 0.00 B
234 0.00 B
248 0.00 B
268 0.00 B
96 0.00 B
Total 0 0.00
Disclosure Doc Foreclosure Bankruptcy REO
Control # Date Date Date
62
71
142
125
185
110
156
198
211
273
175
234
248
268
96
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but < 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 or More
4. Matured Balloon/Assumed Scheduled Payment
Pool Total
Distribution of Principal Balances
Current Scheduled Number
Balances of Loans
0to 2,000,000 68
2,000,000to 4,000,000 110
4,000,000to 6,000,000 48
6,000,000to 8,000,000 18
8,000,000to 10,000,000 10
10,000,000to 15,000,000 13
15,000,000to 20,000,000 7
20,000,000to 25,000,000 1
25,000,000to 30,000,000 1
30,000,000to 35,000,000 1
35,000,000to 40,000,000 0
40,000,000to 45,000,000 0
45,000,000to 50,000,000 2
50,000,000to 75,000,000 3
75,000,000to 100,000,000 0
100,000,000to 125,000,000 1
125,000,000to 150,000,000 1
150,000,000to 175,000,000 0
175,000,000to 200,000,000 0
200,000,000& Above 1
Total 285
Current Scheduled Scheduled
Balances Balance
0to 2,000,000 100,964,569
2,000,000to 4,000,000 319,730,826
4,000,000to 6,000,000 241,845,160
6,000,000to 8,000,000 126,319,466
8,000,000to 10,000,000 88,039,907
10,000,000to 15,000,000 158,907,784
15,000,000to 20,000,000 121,754,784
20,000,000to 25,000,000 22,964,788
25,000,000to 30,000,000 27,457,698
30,000,000to 35,000,000 30,784,138
35,000,000to 40,000,000 0
40,000,000to 45,000,000 0
45,000,000to 50,000,000 93,435,057
50,000,000to 75,000,000 186,472,320
75,000,000to 100,000,000 0
100,000,000to 125,000,000 111,200,000
125,000,000to 150,000,000 145,000,000
150,000,000to 175,000,000 0
175,000,000to 200,000,000 0
200,000,000& Above 248,996,886
Total 2,023,873,384
Current Scheduled Based on
Balances Balance
0to 1,000,000 4.99%
1,000,000to 2,500,000 15.80%
2,500,000to 5,000,000 11.95%
5,000,000to 7,500,000 6.24%
7,500,000to 10,000,000 4.35%
10,000,000to 12,500,000 7.85%
12,500,000to 15,000,000 6.02%
15,000,000to 17,500,000 1.13%
17,500,000to 20,000,000 1.36%
20,000,000to 25,000,000 1.52%
25,000,000to 40,000,000 0.00%
40,000,000to 45,000,000 0.00%
45,000,000to 50,000,000 4.62%
50,000,000to 55,000,000 9.21%
55,000,000to 60,000,000 0.00%
60,000,000to 65,000,000 5.49%
65,000,000to 75,000,000 7.16%
75,000,000to 85,000,000 0.00%
85,000,000to 90,000,000 0.00%
90,000,000& Above 12.30%
Total 100.00%
Average Scheduled Balance is 7,101,310
Maximum Scheduled Balance is 248,996,886
Minimum Scheduled Balance is 597,524
Distribution of Property Types
Number Scheduled
Property Types of Loans Balance
Retail 134 890,865,081
Multifamily 64 362,989,115
Lodging 16 362,080,706
Office 45 302,706,985
Industrial 16 67,395,432
Self Storage 5 15,374,179
Health Care 1 14,126,500
Mobile Home 3 5,102,874
Total 285 2,023,873,384
Based on
Property Types Balance
Retail 44.02%
Office 17.94%
Multifamily 17.89%
Lodging 14.96%
Health Care 3.33%
Mixed Use 0.76%
Industrial 0.70%
Mobile Home 0.25%
Total 100.00%
Distribution of Mortgage Interest Rates
Current Mortgage Number
Interest Rate of Loans
6.000%or less 2
6.000%to 6.250% 2
6.251%to 6.500% 11
6.500%to 6.750% 29
6.751%to 7.000% 65
7.000%to 7.250% 123
7.251%to 7.500% 34
7.500%to 7.750% 11
7.751%to 8.000% 6
8.000%to 8.250% 1
8.251%to 8.500% 0
8.500%to 8.750% 0
8.751%to 9.000% 1
9.000%to 10.000% 0
10.000%& Above 0
Total 285
Current Mortgage Scheduled
Interest Rate Balance
6.000%or less 64,618,519
6.000%to 6.250% 257,182,258
6.251%to 6.500% 90,559,151
6.500%to 6.750% 464,079,022
6.751%to 7.000% 435,490,172
7.000%to 7.250% 482,789,471
7.251%to 7.500% 108,002,921
7.500%to 7.750% 54,950,979
7.751%to 8.000% 48,474,430
8.000%to 8.250% 7,361,304
8.251%to 8.500% 0
8.500%to 8.750% 0
8.751%to 9.000% 10,365,157
9.000%to 10.000% 0
10.000%& Above 0
Total 2,023,873,384
Current Mortgage Based on
Interest Rate Balance
7.000%or less 3.19%
7.000%to 7.500% 12.71%
7.500%to 8.000% 4.47%
8.000%to 8.500% 22.93%
8.500%to 9.000% 21.52%
9.000%to 9.500% 23.85%
9.500%to 10.000% 5.34%
10.000%to 10.500% 2.72%
10.500%to 11.000% 2.40%
11.000%to 11.500% 0.36%
11.500%to 12.000% 0.00%
12.000%to 12.500% 0.00%
12.500%to 13.000% 0.51%
13.000%to 13.500% 0.00%
13.500%& Above 0.00%
Total 100.00%
W/Avg Mortgage Interest Rate is 6.8397%
Minimum Mortgage Interest Rate 5.9200%
Maximum Mortgage Interest Rate 8.9400%
Geographic Distribution
Number Scheduled Based on
Geographic Locatioof Loans Balance Balance
California 23 401,037,443 19.82%
Other 2 303,596,886 15.00%
New York 30 173,018,866 8.55%
Florida 30 167,976,853 8.30%
Texas 30 101,677,052 5.02%
Illinois 17 80,387,463 3.97%
Pennsylvania 9 74,311,892 3.67%
Indiana 8 68,009,078 3.36%
Virginia 15 67,943,026 3.36%
Arizona 14 66,849,580 3.30%
Alabama 4 61,419,797 3.03%
Georgia 12 59,508,195 2.94%
North Carolina 15 53,056,826 2.62%
Tennessee 7 50,481,277 2.49%
Washington 7 46,997,645 2.32%
Connecticut 7 32,245,847 1.59%
Nevada 3 26,384,620 1.30%
Ohio 6 22,429,845 1.11%
Colorado 6 20,749,618 1.03%
Maryland 5 18,766,773 0.93%
Oklahoma 2 18,461,082 0.91%
Michigan 3 17,507,156 0.87%
New Jersey 5 13,762,714 0.68%
Massachusetts 4 11,220,077 0.55%
Missouri 3 10,022,747 0.50%
Oregon 2 9,432,924 0.47%
Wisconsin 2 8,632,556 0.43%
South Carolina 3 6,110,868 0.30%
Puerto Rico 1 5,595,410 0.28%
Rhode Island 2 5,482,168 0.27%
Other 8 20,797,102 1.03%
Total 285 2,023,873,384 100.00%
Loan Seasoning
Number Scheduled Based on
Number of Years of Loans Balance Balance
1 year or less 285 2,023,873,384 100.00%
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 285 2,023,873,384 100.00%
Weighted Average Seasoning is 0.2
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 11 711,742,167 35.17%
121 to 180 months 3 7,522,950 0.37%
181 to 240 months 23 61,748,254 3.05%
241 to 360 months 1 6,578,459 0.33%
Total 38 787,591,830 38.92%
Weighted Average Months to Maturity is 125
Distribution of DSCR
Debt Service Number Scheduled Based on
Coverage Ratio (1) of Loans Balance Balance
0.500or less 0 0 0.00%
0.500to 0.625 0 0 0.00%
0.625to 0.750 0 0 0.00%
0.750to 0.875 0 0 0.00%
0.875to 1.000 0 0 0.00%
1.000to 1.125 0 0 0.00%
1.125to 1.250 0 0 0.00%
1.250to 1.375 0 0 0.00%
1.375to 1.500 0 0 0.00%
1.500to 1.625 0 0 0.00%
1.625to 1.750 0 0 0.00%
1.750to 1.875 0 0 0.00%
1.875to 2.000 0 0 0.00%
2.000to 2.125 0 0 0.00%
2.125& above 0 0 0.00%
Unknown 2852,023,873,38 100.00%
Total 2852,023,873,38 100.00%
Weighted Average Debt Service Coverage Ratio is 0.000
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 0 0 0.00%
37 to 48 months 0 0 0.00%
49 to 60 months 9 56,620,209 2.80%
61 to 120 months 214 1,084,081,399 53.56%
121 to 180 months 11 47,180,276 2.33%
181 to 240 months 13 48,399,669 2.39%
Total 247 1,236,281,553 61.08%
Weighted Average Months to Maturity is 117
Distribution of Amortization Type
Number Scheduled Based on
Amortization Type of Loans Balance Balance
Fully Amortizing 14 35,815,363 1.77%
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 285 2,023,873,384 100.00%
Total 285 2,023,873,384 100.00%
(1) Debt Service Coverage Ratios are calculated as described
in th values are updated periodically as new NOI figures
become availabl borrowers on an asset level.
Neither the Trustee, Servicer, Special Servicer or Underwriter
make representation as to the accuracy of the data provided
by the borr for this calculation.
Specially Serviced Loan Detail
Beginning
Disclosure Scheduled Interest Maturity
Control # Balance Rate Date
0
