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) : July 15, 1999
MERRILL LYNCH MORTGAGE INVESTORS INC, (as depositor under the Pooling and
Servicing Agreement, dated December 1, 1998, which will issue the Mortgage
Pass-Through Certificates, Series 1998-C3).
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-38073-06 13-5674085
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
World Financial Center North Tower
250 Vesey Street, 17th Floor
New York, New York 10281-1315
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-1000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 12
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibits are being filed pursuant to
"no-action" positions taken by the Securities and Exchange Commission with
respect to alternative means of satisfying the Registrant's reporting
obligations under the Securities Exchange Act of 1934, as amended, with respect
to the Registrant's Mortgage Pass-Through Certificates, Series 1998-C3 (the
"Certificates"). The Certificates were issued, and this report and exhibits are
being filed, pursuant to the terms of the Pooling and Servicing Agreement, dated
as of December 1, 1998 ( the "Agreement"), among Merrill Lynch Mortgage
Investors, Inc., as depositor, GE Capital Loan Services, Inc., as master
servicer, GE Capital Realty Group, Inc., as special servicer, and The Chase
Manhattan Bank, as trustee. On July 15, 1999 and August 16, 1999 distributions
were made to the Certificateholders. Specific information with respect to these
distributions is filed as Exhibit 99.1 and Exhibit 99.2. No other reportable
transactions or matters have occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibit is filed as part of this report:
Statement to Certificateholders on July 15, 1999,
as Exhibit 99.1.
Statement to Certificateholders on August 16, 1999,
as Exhibit 99.2.
<PAGE>
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 hereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: August 20, 1999 By: /s/ Thomas J. Provenzano
Thomas J. Provenzano
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
July 15, 1999.
99.2 Monthly Certificateholder Statement on 9
August 16, 1999.
<PAGE>
EXHIBIT 99.1
Monthly Certificateholder Statement on July 15, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> BOND PAYMENT SUMMARY
DIST DATE: 07/15/99 PAGE # 1
RECORD DATE: 06/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING COLLATERAL SUPPORT ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST PREPAYMENT DEFICIT TOTAL CERTIFICATE
CLASS CUSIP# BALANCE BALANCE DISTRIBUTION DISTRIBUTION PENALTIES ALLOCATION/ DISTRIBUTION BALANCE
(PP/YMC) (REIMB)
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 589929SW9 129,870,000.00 125,895,093.09 712,378.89 592,756.06 0.00 0.00 1,305,134.95 125,182,714.20
A-2 589929SX7 75,490,000.00 75,490,000.00 0.00 369,271.92 0.00 0.00 369,271.92 75,490,000.00
A-3 589929SY5 243,122,000.00 243,122,000.00 0.00 1,191,297.80 0.00 0.00 1,191,297.80 243,122,000.00
B 589929SZ2 33,516,000.00 33,516,000.00 0.00 169,145.06 0.00 0.00 169,145.06 33,516,000.00
C 589929TA6 35,112,000.00 35,112,000.00 0.00 188,318.39 0.00 0.00 188,318.39 35,112,000.00
D 589929TB4 38,305,000.00 38,305,000.00 0.00 222,680.85 0.00 0.00 222,680.85 38,305,000.00
E 589929TC2 7,980,000.00 7,980,000.00 0.00 46,390.63 0.00 0.00 46,390.63 7,980,000.00
F 589929SR0 35,113,000.00 35,113,000.00 0.00 175,565.00 0.00 0.00 175,565.00 35,113,000.00
G 589929SS8 4,788,000.00 4,788,000.00 0.00 23,940.00 0.00 0.00 23,940.00 4,788,000.00
H 589929ST6 14,364,000.00 14,364,000.00 0.00 71,820.00 0.00 0.00 71,820.00 14,364,000.00
J 589929SU3 3,192,000.00 3,192,000.00 0.00 15,960.00 0.00 0.00 15,960.00 3,192,000.00
K 589929SV1 17,556,605.00 17,556,605.00 0.00 87,674.08 0.00 0.00 87,674.08 17,556,605.00
L N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
R-1 N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
R-2 N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
R-3 N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL 638,408,605.00 634,433,698.09 712,378.89 3,154,819.79 0.00 0.00 3,867,198.68 633,721,319.20
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING INTEREST PREPAYMENT TOTAL ENDING
CLASS CUSIP# NOTIONAL NOTIONAL DISTRIBUTON PENALTIES DISTRIBUTION NOTIONAL
AMOUNT AMOUNT (PP/YMC) BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
IO 589929TD0 638,408,605.00 634,433,698.09 533,264.38 0.00 533,264.38 633,721,319.20
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000
END
PRINCIPAL INTEREST PRINCIPAL PASS-THROUGH
CLASS CUSIP# DISTRIBUTION DISTRIBUTION BALANCE RATE
- ------------------------------------------------------------------------------------
A-1 589929SW9 5.48532294 4.56422623 963.90786325 5.65000000%
A-2 589929SX7 0.00000000 4.89166671 1,000.00000000 5.87000000%
A-3 589929SY5 0.00000000 4.90000000 1,000.00000000 5.88000000%
IO 589929TD0 N/A 0.83530262 992.65785930 1.00864324%
B 589929SZ2 0.00000000 5.04669591 1,000.00000000 6.05603510%
C 589929TA6 0.00000000 5.36336267 1,000.00000000 6.43603510%
D 589929TB4 0.00000000 5.81336249 1,000.00000000 6.97603510%
E 589929TC2 0.00000000 5.81336216 1,000.00000000 6.97603510%
F 589929SR0 0.00000000 5.00000000 1,000.00000000 6.00000000%
G 589929SS8 0.00000000 5.00000000 1,000.00000000 6.00000000%
H 589929ST6 0.00000000 5.00000000 1,000.00000000 6.00000000%
J 589929SU3 0.00000000 5.00000000 1,000.00000000 6.00000000%
K 589929SV1 0.00000000 4.99379464 1,000.00000000 6.00000000%
L N/A N/A N/A N/A N/A
R-1 N/A N/A N/A N/A N/A
R-2 N/A N/A N/A N/A N/A
R-3 N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
TOM PROVENZANO
THE CHASE MANHATTAN BANK
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-3247
---------------------------------------
GE CAPITAL LOAN SERVICES, INC.
MASTER SERVICER (C)1998, CHASE MANHATTAN BANK
</TABLE>
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> BOND PAYMENT SUMMARY
DIST DATE: 07/15/99 PAGE # 2
RECORD DATE: 06/30/99
SEC 4.02 (B)(v) Available Distribution Amount 4,400,463.06
SEC 4.02 (B)(vi) Current P&I Advances 65,093.74
SEC 4.02 (a)(iv) Current servicing Advances 0.00
SEC 4.02 (B)(vii) Aggregate Unpaid Principal Balance 633,729,491.45
SEC 4.02 (B)(viii) Aggregate Stated Principal Balance 633,721,319.79
Delinquencies
-----------------------------------------------------------------------------
Number of Loans Unpaid Balance Stated Balance
-----------------------------------------------------------------------------
1 Period Late 0 0.00 0.00
2 Periods Late 0 0.00 0.00
3 Periods Late 0 0.00 0.00
Foreclosed 0 0.00 0.00
Specially Serviced 0 0.00 0.00
------------------------------------------------------------------------------
SEC 4.02 (B)(xii) Principal Balance for REO Loan and REO Data
-----------------------------------------------------------------------------
Loan Number Date Balance Book Value
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
SEC 4.02 (B)(xiv) REO Proceeds from Final Recovery Determination Data
-----------------------------------------------------------------------------
Loan Number Proceeds
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
SEC 4.02 (B)(xvii) Principal Distribution Amount 712,378.89
SEC 4.02 (B)(xix) Realized Losses
-----------------------------------------------------------------------------
Classes Loss Amount Cumulative Loss Amount
-----------------------------------------------------------------------------
A-1 0.00 0.00
A-2 0.00 0.00
A-3 0.00 0.00
B 0.00 0.00
C 0.00 0.00
D 0.00 0.00
E 0.00 0.00
F 0.00 0.00
G 0.00 0.00
H 0.00 0.00
J 0.00 0.00
K 0.00 0.00
-----------------------------------------------------------------------------
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> BOND PAYMENT SUMMARY
DIST DATE: 07/15/99 PAGE # 2 Cont'd
RECORD DATE: 06/30/99
SEC 4.02 (B)(xxii) Interest on P&I Advances 108.96
SEC 4.02 (B)(xxiii) Interest on Servicing Advances 0.00
SEC 4.02 (B)(xxv) Master Servicing Fee 56,609.34
Special Servicing Fee 0.00
Subordinate Percentages
-----------------------------------------------------------------------------
Class Original Current
-----------------------------------------------------------------------------
Senior 29.7500% 29.9364%
B 24.5001% 24.6536%
C 19.0002% 19.1192%
D 13.0001% 13.0815%
E 11.7501% 11.8237%
F 6.2500% 6.2892%
G 5.5000% 5.5345%
H 3.2501% 3.2704%
J 2.7501% 2.7673%
-----------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ratings STANDARD & POORS MOODY'S
-------------------------------------------------------------------------------
Class Original Current Original Current
-------------------------------------------------------------------------------
A-1 AAA AAA Aaa Aaa
A-2 AAA AAA Aaa Aaa
A-3 AAA AAA Aaa Aaa
B AA AA Aa2 Aa2
C A A A2 A2
D BBB BBB Baa2 Baa2
E BBB- BBB- Baa3 Baa3
IO AAAr AAAr Aaa Aaa
-------------------------------------------------------------------------------
GE CAPITAL LOAN SERVICES, INC.
MASTER SERVICER (C)1998, CHASE MANHATTAN BANK
</TABLE>
<PAGE>
EXHIBIT 99.2
Monthly Certificateholder Statement on August 16, 1999
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> BOND PAYMENT SUMMARY
DIST DATE: 08/16/99 PAGE # 1
RECORD DATE: 07/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING COLLATERAL SUPPORT ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST PREPAYMENT DEFICIT TOTAL CERTIFICATE
CLASS CUSIP# BALANCE BALANCE DISTRIBUTION DISTRIBUTION PENALTIES ALLOCATION/ DISTRIBUTION BALANCE
(PP/YMC) (REIMB)
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 589929SW9 129,870,000.00 125,182,714.20 609,054.47 589,401.95 0.00 0.00 1,198,456.42 124,573,659.73
A-2 589929SX7 75,490,000.00 75,490,000.00 0.00 369,271.92 0.00 0.00 369,271.92 75,490,000.00
A-3 589929SY5 243,122,000.00 243,122,000.00 0.00 1,191,297.80 0.00 0.00 1,191,297.80 243,122,000.00
B 589929SZ2 33,516,000.00 33,516,000.00 0.00 174,745.95 0.00 0.00 174,745.95 33,516,000.00
C 589929TA6 35,112,000.00 35,112,000.00 0.00 194,185.98 0.00 0.00 194,185.98 35,112,000.00
D 589929TB4 38,305,000.00 38,305,000.00 0.00 229,082.03 0.00 0.00 229,082.03 38,305,000.00
E 589929TC2 7,980,000.00 7,980,000.00 0.00 47,724.18 0.00 0.00 47,724.18 7,980,000.00
F 589929SR0 35,113,000.00 35,113,000.00 0.00 175,565.00 0.00 0.00 175,565.00 35,113,000.00
G 589929SS8 4,788,000.00 4,788,000.00 0.00 23,940.00 0.00 0.00 23,940.00 4,788,000.00
H 589929ST6 14,364,000.00 14,364,000.00 0.00 71,820.00 0.00 0.00 71,820.00 14,364,000.00
J 589929SU3 3,192,000.00 3,192,000.00 0.00 15,960.00 0.00 0.00 15,960.00 3,192,000.00
K 589929SV1 17,556,605.00 17,556,605.00 0.00 87,774.94 0.00 0.00 87,774.94 17,556,605.00
L N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
R-1 N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
R-2 N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
R-3 N/A N/A N/A N/A 0.00 N/A N/A 0.00 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 638,408,605.00 633,721,319.20 609,054.47 3,170,769.75 0.00 0.00 3,779,824.22 633,112,264.73
- -----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING INTEREST PREPAYMENT TOTAL ENDING
CLASS CUSIP# NOTIONAL NOTIONAL DISTRIBUTON PENALTIES DISTRIBUTION NOTIONAL
AMOUNT AMOUNT (PP/YMC) BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
IO 589929TD0 638,408,605.00 633,721,319.20 619,175.67 0.00 619,175.67 633,112,264.73
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000
END
PRINCIPAL INTEREST PRINCIPAL PASS-THROUGH
CLASS CUSIP# DISTRIBUTION DISTRIBUTION BALANCE RATE
- ------------------------------------------------------------------------------------
A-1 589929SW9 4.68972411 4.53839955 959.21813914 5.65000000%
A-2 589929SX7 0.00000000 4.89166671 1,000.00000000 5.87000000%
A-3 589929SY5 0.00000000 4.90000000 1,000.00000000 5.88000000%
IO 589929TD0 N/A 0.96987363 991.70383947 1.17245670%
B 589929SZ2 0.00000000 5.21380684 1,000.00000000 6.25656810%
C 589929TA6 0.00000000 5.53047334 1,000.00000000 6.63656810%
D 589929TB4 0.00000000 5.98047331 1,000.00000000 7.17656810%
E 589929TC2 0.00000000 5.98047368 1,000.00000000 7.17656810%
F 589929SR0 0.00000000 5.00000000 1,000.00000000 6.00000000%
G 589929SS8 0.00000000 5.00000000 1,000.00000000 6.00000000%
H 589929ST6 0.00000000 5.00000000 1,000.00000000 6.00000000%
J 589929SU3 0.00000000 5.00000000 1,000.00000000 6.00000000%
K 589929SV1 0.00000000 4.99953949 1,000.00000000 6.00000000%
L N/A N/A N/A N/A N/A
R-1 N/A N/A N/A N/A N/A
R-2 N/A N/A N/A N/A N/A
R-3 N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------
If there are any questions or problems with this statement, please contact
the Administrator listed below:
---------------------------------------
TOM PROVENZANO
THE CHASE MANHATTAN BANK
450 WEST 33RD STREET, 14TH FLOOR
NEW YORK, NEW YORK 10001
TEL: 212/946-3247
---------------------------------------
GE CAPITAL LOAN SERVICES, INC.
MASTER SERVICER (C) 1998, CHASE MANHATTAN BANK
</TABLE>
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> BOND PAYMENT SUMMARY
DIST DATE: 08/16/99 PAGE # 2
RECORD DATE: 07/30/99
SEC 4.02 (B)(v) Available Distribution Amount 4,398,999.89
SEC 4.02 (B)(vi) Current P&I Advances 35,859.54
SEC 4.02 (a)(iv) Current Servicing Advances 0.00
SEC 4.02 (B)(vii) Aggregate Unpaid Principal Balance 633,150,737.98
SEC 4.02 (B)(viii) Aggregate Stated Principal Balance 633,112,265.32
Delinquencies
-----------------------------------------------------------------------------
Number of Loans Unpaid Balance Stated Balance
-----------------------------------------------------------------------------
1 Period Late 0 0.00 0.00
2 Periods Late 0 0.00 0.00
3 Periods Late 0 0.00 0.00
Foreclosed 0 0.00 0.00
Specially Serviced 0 0.00 0.00
------------------------------------------------------------------------------
SEC 4.02 (B)(xii) Principal Balance for REO Loan and REO Data
-----------------------------------------------------------------------------
Loan Number Date Balance Book Value
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
SEC 4.02 (B)(xiv) REO Proceeds from Final Recovery Determination Data
-----------------------------------------------------------------------------
Loan Number Proceeds
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
SEC 4.02 (B)(xvii) Principal Distribution Amount 609,054.47
SEC 4.02 (B)(xix) Realized Losses
-----------------------------------------------------------------------------
Classes Loss Amount Cumulative Loss Amount
-----------------------------------------------------------------------------
A-1 0.00 0.00
A-2 0.00 0.00
A-3 0.00 0.00
B 0.00 0.00
C 0.00 0.00
D 0.00 0.00
E 0.00 0.00
F 0.00 0.00
G 0.00 0.00
H 0.00 0.00
J 0.00 0.00
K 0.00 0.00
-----------------------------------------------------------------------------
<PAGE>
- -----------------------------------------------------------------------------------------------------------------------------------
MERRILL LYNCH MORTGAGE INVESTORS, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C3
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> BOND PAYMENT SUMMARY
DIST DATE: 08/16/99 PAGE # 2 Cont'd
RECORD DATE: 07/30/99
SEC 4.02 (B)(xxii) Interest on P&I Advances 8.11
SEC 4.02 (B)(xxiii) Interest on Servicing Advances 0.00
SEC 4.02 (B)(xxv) Master Servicing Fee 58,176.04
Special Servicing Fee 0.00
Subordinate Percentages
-----------------------------------------------------------------------------
Class Original Current
-----------------------------------------------------------------------------
Senior 29.7500% 29.9701%
B 24.5001% 24.6813%
C 19.0002% 19.1407%
D 13.0001% 13.0962%
E 11.7501% 11.8370%
F 6.2500% 6.2962%
G 5.5000% 5.5407%
H 3.2501% 3.2741%
J 2.7501% 2.7704%
-----------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ratings STANDARD & POORS MOODY'S
-------------------------------------------------------------------------------
Class Original Current Original Current
-------------------------------------------------------------------------------
A-1 AAA AAA Aaa Aaa
A-2 AAA AAA Aaa Aaa
A-3 AAA AAA Aaa Aaa
B AA AA Aa2 Aa2
C A A A2 A2
D BBB BBB Baa2 Baa2
E BBB- BBB- Baa3 Baa3
IO AAAr AAAr Aaa Aaa
-------------------------------------------------------------------------------
GE CAPITAL LOAN SERVICES, INC.
MASTER SERVICER (C) 1998, CHASE MANHATTAN BANK
</TABLE>
