SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: November 9, 1999
(Date of earliest event reported)
Asset Securitization Corporation,
Commercial Mortgage Asset Trust
Commercial Mortgage Pass-Through Certificates, Series 1999-C2
(Exact name of registrant as specified in its charter)
Delaware 333-53859 13-3672337
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(State or Other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
Two World Financial Center, Building B, New York, New York 10281
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Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 667-9300
ITEM 5. OTHER EVENTS.
Attached as Exhibit 99.1 are Exhibit A-4, Exhibit A-5, Exhibit B and
Exhibit C-1 to the Pooling and Servicing Agreement for the Commercial Mortgage
Asset Trust, Commercial Mortgage Pass-Through Certificates, Series 1999-C2 (the
"Certificates"). On October 28, 1999, Commercial Mortgage Asset Trust (the
"Company") caused the issuance of the Certificates, pursuant to a Pooling and
Servicing Agreement, dated as of October 11, 1999, by and among the Company, as
depositor, BNY Asset Solutions LLC, as servicer, Lennar Partners, Inc., as
special servicer, LaSalle Bank National Association, as trustee, and ABN AMRO
Bank, N.V., as fiscal agent, of the Certificates, issued in twenty-one classes:
the Class A-1, the Class A-2, the Class A-3, the Class CS-1, the Class X, the
Class B, the Class C, the Class D, the Class E, the Class F, the Class G, the
Class H, the Class J, the Class K, the Class L, the Class M, the Class N, the
Class Q-1, the Class Q-2, the Class R and the Class LR Certificates.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
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Item 601(a) of
Exhibit No. Regulation S-K Description
Exhibit No.
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99.1 4 Exhibit A-4, Exhibit
A-5, Exhibit B and
Exhibit C-1 to the
Pooling and Servicing
Agreement, dated as of
October 11, 1999
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
ASSET SECURITIZATION CORPORATION
By: /s/ Brad Altberger
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Name: Brad Altberger
Title: Vice President
Date: November 9, 1999
EXHIBIT INDEX
Exhibit No. Description Paper (P) or Electronic (E)
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99.1 Exhibit A-4, Exhibit A-5, E
Exhibit B and Exhibit C-1 to
the Pooling and Servicing
Agreement, dated as of
October 11, 1999
EXHIBIT A-4
FORM OF CLASS CS-1
THIS CERTIFICATE IS ISSUED ON ___________________, AT AN ISSUE PRICE OF _______%
OF ITS INITIAL NOTIONAL AMOUNT, INCLUDING ACCRUED INTEREST, AND A STATED
REDEMPTION PRICE AT MATURITY EQUAL TO ALL INTEREST DISTRIBUTIONS EXPECTED TO BE
RECEIVED HEREON, AND IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR FEDERAL
INCOME TAX PURPOSES. ASSUMING THAT THIS CERTIFICATE PAYS IN ACCORDANCE WITH
PROJECTED CASH FLOWS REFLECTING THE PREPAYMENT ASSUMPTION THAT EACH ARD LOAN
WILL PREPAY ON ITS ANTICIPATED REPAYMENT DATE AND THAT EACH OTHER MORTGAGE LOAN
WILL NOT PREPAY: (I) THE AMOUNT OF OID AS A PERCENTAGE OF THE INITIAL NOTIONAL
AMOUNT OF THIS CERTIFICATE IS APPROXIMATELY __________%; (II) THE ANNUAL YIELD
TO MATURITY OF THIS CERTIFICATE, COMPOUNDED MONTHLY, IS APPROXIMATELY _____%;
AND (III) THE AMOUNT OF OID ALLOCABLE TO THE SHORT FIRST ACCRUAL PERIOD
(________________ TO _________________) AS A PERCENTAGE OF THE INITIAL NOTIONAL
AMOUNT OF THIS CERTIFICATE, CALCULATED USING THE EXACT METHOD, IS APPROXIMATELY
__________%.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR
THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.
PRINCIPAL PAYMENTS ON THE CERTIFICATES ARE PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET
FORTH BELOW.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE OR FOREIGN
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS AND ONLY (A)(1)
PURSUANT TO RULE 144A UNDER THE 1933 ACT TO AN INSTITUTIONAL INVESTOR THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE 144A ("QIB") PURCHASING FOR ITS OWN ACCOUNT OR A PERSON
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A OR (2) IN CERTIFICATED FORM TO AN "INSTITUTIONAL ACCREDITED INVESTOR"
AS SUCH TERM IS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE 1933 ACT AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES.
TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
BELOW.
FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G(A)(1) AND 860D OF THE CODE, AND CERTAIN
OTHER ASSETS.
COMMERCIAL MORTGAGE ASSET TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1999-C2, CLASS CS-1
Pass-Through Rate:(1)
First Distribution Date: Cut-off Date:
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Aggregate Initial Assumed Final
Notional Balance of the Distribution Date:
Class CS-1 Certificates: [____________]
$[_____________]
CUSIP: [____________] Initial Notional
Balance of this Certificate:
ISIN: [_______________] $[__________]
No.: CS-1-[__]
This certifies that ___________ is the registered owner of a
beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class CS-1 Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial and multifamily properties and held in trust by the Trustee
and serviced by the Servicer. The Trust Fund was created, and the Mortgage Loans
are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby. Also issued under the Pooling and Servicing
Agreement are Class A-1, Class A-2, Class A-3, Class X, Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class
N, Class Q-1, Class Q-2, Class R and Class LR Certificates (together with the
CS-1 Certificates, the "Certificates"; the Holders of Certificates issued under
the Pooling and Servicing Agreement are collectively referred to herein as
"Certificateholders").
This Certificate is issued pursuant to, and in accordance with, the
terms of a Pooling and Servicing Agreement dated as of October 11, 1999 (the
"Pooling and Servicing Agreement"), by and among Asset Securitization
Corporation, as Depositor, BNY Asset Solutions LLC, as Servicer, Lennar
Partners, Inc., as Special Servicer, LaSalle Bank National Association, as
Trustee, and ABN AMRO Bank N.V., as Fiscal Agent. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.
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(1) The Pass-Through Rate is for the Distribution Date occurring in November
1999 The Pass Through Rate for all subsequent distributions Dates shall be
calculated as provided in the Pooling and Servicing Agreement.
The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.
Pursuant to the terms of the Pooling and Servicing Agreement, the
Trustee, or the Paying Agent on behalf of the Trustee, will distribute (other
than the final distribution on any Certificate), on the seventeenth day of each
month (each such date, a "Distribution Date"); provided, that if the seventeenth
day of any month is not a Business Day, the Distribution Date shall be the
following Business Day, to the Person in whose name this Certificate is
registered as of the related Record Date, an amount equal to such Person's pro
rata share (based on the Percentage Interest represented by this Certificate) of
that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class CS-1 Certificates for such
Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums,
as provided in the Pooling and Servicing Agreement. The Class CS-1
Certificateholders will also be entitled to receive that portion of any
Repurchase Price constituting clause (v) of the definition thereof as set forth
in the Pooling and Servicing Agreement.
During each Interest Accrual Period (as defined below), interest on
the Class CS-1 Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Notional Balance hereof.
Interest accrued on this Certificate during an Interest Accrual
Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the
extent provided in the Pooling and Servicing Agreement. The "Interest Accrual
Period" with respect to any Distribution Date commences on and includes the
eleventh day of the month preceding the month in which such Distribution Date
occurs and ends on and includes the tenth day of the month in which such
Distribution Date occurs. Each Interest Accrual Period is assumed to consist of
30 days.
All distributions (other than the final distribution on any
Certificate) will be made by the Paying Agent to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which
will be the tenth day of the month in which the related Distribution Date occurs
or, if such day is not a Business Day, the preceding Business Day. Such
distributions shall be made on each Distribution Date other than the Termination
Date to each Certificateholder of record on the related Record Date by check
mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that such Certificateholder shall have provided the Paying
Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the
United States and having appropriate facilities therefor. The final distribution
on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the office of the Trustee or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in the notice to Certificateholders of such final distribution.
Any funds not distributed on the Termination Date because of failure
of Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the non-tendering Certificateholders, whereupon the
Trust Fund shall terminate. If any Certificates as to which notice of the
Termination Date has been given pursuant to Section 9.01 of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining Certificateholders, at their last addresses shown in the
Certificate Register, to surrender their Certificates for cancellation in order
to receive, from such funds held, the final distribution with respect thereto.
If within one year after the second notice any Certificate shall not have been
surrendered for cancellation, the Trustee may, directly or through an agent,
take appropriate steps to contact the remaining Certificateholders concerning
surrender of their Certificates. The costs and expenses of maintaining such
funds and of contacting Certificateholders shall be paid out of the assets which
remain held. If within two years after the second notice any Certificates shall
not have been surrendered for cancellation, the Paying Agent shall pay to the
Trustee all amounts distributable to the Holders thereof, and the Trustee shall
thereafter hold such amounts for the benefit of such Holders until the earlier
of (i) its termination as Trustee under the Pooling and Servicing Agreement and
the transfer of such amounts to a successor Trustee or (ii) the termination of
the Trust Fund and distribution of such amounts to the Class R
Certificateholders. No interest shall accrue or be payable to any
Certificateholder on any amount held as a result of such Certificateholder's
failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement. Such funds held by the
Trustee may be invested under certain circumstances, and subject to certain
conditions as specified in the Pooling and Servicing Agreement.
This Certificate is limited in right of payment to, among other
things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.
As provided in the Pooling and Servicing Agreement, the Trust Fund
includes (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the
Mortgage Loans due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) the Servicer's, the
Special Servicer's and the Trustee's rights under the insurance policies with
respect to the Mortgage Loans required to be maintained pursuant to the Pooling
and Servicing Agreement and any proceeds thereof; (vi) any Assignments of
Leases, Rents and Profits and any security agreements; (vii) any indemnities or
guaranties given as additional security for any Mortgage Loans; (viii) all
assets deposited in the Collection Account, the Distribution Account, the
Upper-Tier Distribution Account, the Excess Interest Distribution Account, the
Repurchase Price Return of Premium Distribution Account and the Interest Reserve
Account, including reinvestment income; (ix) each Loan REMIC Regular Interest
and Loan REMIC Residual Interest; (x) any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) the rights and remedies under the
Mortgage Loan Purchase and Sale Agreements and Bloomfield Purchase Agreement;
and (xii) the proceeds of any of the foregoing. As provided in the Pooling and
Servicing Agreement, withdrawals may be made from certain of the above-accounts
for purposes other than distributions to Certificateholders.
This Certificate does not purport to summarize the Pooling and
Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced
hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee.
As provided in the Pooling and Servicing Agreement and subject to
certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate
Registrar at the Corporate Trust Office together with an assignment and transfer
(executed by the Holder or his duly authorized attorney), subject to the
requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements of
Article V of the Pooling and Servicing Agreement, the Trustee shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized
denominations of a like aggregate Notional Balance. Such Certificates shall be
delivered by the Certificate Registrar in accordance with Section 5.02(e) of the
Pooling and Servicing Agreement.
Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Servicer, the Special Servicer, the Trustee, the
Fiscal Agent, the Certificate Registrar, any Paying Agent and any agent of any
of them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar, any
Paying Agent or any agent of any of them shall be affected by notice to the
contrary.
No fee or service charge shall be imposed by the Certificate
Registrar for its services in respect of any registration of transfer or
exchange referred to in Section 5.02 of the Pooling and Servicing Agreement
other than for transfers to Institutional Accredited Investors as provided in
Section 5.02(h) of that Agreement. In connection with any transfer to an
Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any costs (including the cost of the Certificate Registrar's counsel's
review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided herein) incurred by the
Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any
such transfer.
The Pooling and Servicing Agreement or any Custodial Agreement may
be amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Trustee and the Fiscal Agent, without the consent of any of the
Certificateholders, (i) to cure any ambiguity, (ii) to correct or supplement any
provisions therein that may be defective or inconsistent with any other
provisions in such agreements, (iii) to amend any provision of the Pooling and
Servicing Agreement to the extent necessary or desirable to maintain the rating
or ratings assigned to each of the Classes of Regular Certificates by each
Rating Agency, (iv) to amend or supplement any provisions in such agreements
that shall not adversely affect in any material respect the interests of any
Certificateholder not consenting thereto, as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or
confirmation in writing from each Rating Agency that such amendment or
supplement will not result in a qualification, withdrawal or downgrading of the
then-current ratings assigned to the Certificates, (v) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to
reallocate any responsibilities or rights as between the Servicer and Special
Servicer, upon confirmation in writing from each Rating Agency that such
amendment or supplement will not result in a qualification, downgrade or
withdrawal of the then-current ratings assigned to the Certificates or (vi) to
make any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement, which shall not be inconsistent with the
provisions of the Pooling and Servicing Agreement and will not result in a
downgrade, qualification or withdrawal of the then-current rating or ratings
then assigned to any outstanding Class of Certificates, as confirmed by each
Rating Agency in writing.
The Pooling and Servicing Agreement or any Custodial Agreement may
also be amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
each of the Classes of Regular Certificates representing not less than 66-2/3%
of the Percentage Interests of each Class of Certificates affected by the
amendment for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or
of modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay the timing of,
payments received on Mortgage Loans which are required to be
distributed on any Certificate without the consent of all the
Holders of all Certificates representing all Percentage
Interests of the Class or Classes affected thereby;
(ii) change the percentages of Voting Rights of Holders of
Certificates which are required to consent to any action or
inaction under the Pooling and Servicing Agreement, without
the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes
affected hereby;
(iii) alter the Servicing Standard set forth in the Pooling and
Servicing Agreement or the obligations of the Servicer, the
Trustee or the Fiscal Agent to make a P&I Advance or Property
Advance without the consent of the Holders of all Certificates
representing all of the Percentage Interests of the Class or
Classes affected thereby; or
(iv) amend any section of the Pooling and Servicing Agreement which
relates to the amendment of the Pooling and Servicing
Agreement without the consent of all the Holders of all
Certificates representing all Percentage Interests of the
Class or Classes affected thereby.
Further, the Depositor, the Servicer, the Special Servicer, the
Trustee and the Fiscal Agent, at any time and from time to time, without the
consent of the Certificateholders, may amend the Pooling and Servicing Agreement
to modify, eliminate or add to any of its provisions to such extent as shall be
necessary to maintain the qualification of the Trust REMICs as two separate
REMICs, of the Loan REMICs as two separate REMICs and the portion of the Trust
Fund exclusive of the Trust REMICs as a grantor trust, or to prevent the
imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided, however, that such action, as
evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material
respect the interest of any Certificateholder.
The Depositor, and if the Depositor does not exercise the option,
the Special Servicer and, if neither the Servicer nor the Depositor exercises
the option, the Servicer and, if the Depositor, Special Servicer or the Servicer
do not exercise their respective option, the Holders of the Class LR
Certificates representing greater than a 50% Percentage Interest in such Class
may effect an early termination of the Trust Fund, upon not less than 30 days'
prior Notice of Termination given to the Trustee and Servicer any time on or
after the Early Termination Notice Date (defined as any date as of which the
aggregate Stated Principal Balance of the Mortgage Loans is less than 1.0% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
Date) specifying the Anticipated Termination Date, on any Distribution Date on
which the aggregate Stated Principal Balance of the Mortgage Loans remaining in
the Trust Fund is less than 1% of the aggregate Stated Principal Balance of the
Mortgage Loans as of the Cut-off Date, by purchasing on such date all, but not
less than all, of the Mortgage Loans and REO Property then included in the Trust
Fund, and all property acquired in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to the greater of:
(i) the sum of
(A) 100% of the outstanding principal balance of each
Mortgage Loan included in the Trust Fund as of the last
day of the month preceding such Distribution Date (less
any P&I Advances previously made on account of
principal);
(B) the fair market value of all other property included in
the Trust Fund as of the last day of the month preceding
such Distribution Date, as determined by an Independent
appraiser acceptable to the Servicer as of the date not
more than 30 days prior to the last day of the month
preceding such Distribution Date;
(C) all unpaid interest accrued on such principal balance of
each such Mortgage Loan (including for this purpose any
Mortgage Loan as to which title to the related Mortgaged
Property has been acquired) at the Mortgage Rate (plus
the Excess Rate, to the extent applicable) to the last
day of the month preceding such Distribution Date (less
any P&I Advances previously made on account of
interest);
(D) the aggregate amount of unreimbursed Advances, with
interest thereon and unpaid Trust Fund expenses;
(E) the Repurchase Price Return of Premium Amount; and
(ii) the aggregate fair market value of the Mortgage Loans and all
REO Property in the Trust Fund, on the last day of the month
preceding such Distribution Date, as determined by an
Independent appraiser acceptable to the Servicer, together
with one month's interest thereon at the Mortgage Rate.
Any portion of such purchase price attributable to a Mortgage Loan included in a
Loan REMIC shall be distributed in respect of the related Loan REMIC Regular
Interest and to the Holders of the Class LR Certificates in respect of the
related Loan REMIC Residual Interest in complete liquidation of such Loan REMIC.
All costs and expenses incurred by any and all parties to the
Pooling and Servicing Agreement or by the Trust Fund pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement shall be borne by the party exercising
its purchase rights thereunder. The Trustee shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement.
The obligations created by the Pooling and Servicing Agreement shall
terminate upon the earliest to occur of (i) the repurchase of the Mortgage Loans
by the Depositor, the Servicer or the Holder of the Class LR Certificates as
described above; or (ii) the later of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of
the last asset held by the Trust Fund. In no event, however, will the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of
21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the United Kingdom, living
on the date hereof.
Unless the Certificate of Authentication on this Certificate has
been executed by the Trustee or on its behalf by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under
the Pooling and Servicing Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Class CS-1
Certificate to be duly executed.
Dated: October __, 1999.
LASALLE BANK NATIONAL ASSOCIATION, not in its
individual capacity but solely as Trustee
By:
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Authorized Officer
Certificate of Authentication
This is one of the Class CS-1 Certificates referred to in the
Pooling and Servicing Agreement.
Dated: October __, 1999.
LASALLE BANK NATIONAL ASSOCIATION, not in its
individual capacity but solely as Authenticating
Agent
By:
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Authorized Officer
Schedule A
Certificate Balance of
Individual Certificates
exchanged or transferred Remaining
for, or issued in exchange Principal
for or upon transfer of, an Amount of this
Date interest in this Global Global Notation Made By
Certificate Certificate
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s) and transfer(s) unto__________________________________________________
________________________________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class CS-1 Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.
I (we) further direct the Certificate Registrar to issue a new Class
CS-1 Certificate of the entire Percentage Interest represented by the within
Class CS-1 Certificates to the above-named Assignee(s) and to deliver such Class
CS-1 Certificate to the following address:
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Date: ___________
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Signature by or on behalf of
Assignor(s)
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Taxpayer Identification Number
DISTRIBUTION INSTRUCTIONS
The Assignee(s) should include the following for purposes of
distribution:
Address of the Assignee(s) for the purpose of receiving notices and
distributions:__________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Distributions, if be made by wire transfer in immediately available funds to
________________________________________________________________________________
for the account of _________________________________________________________
account number ________________________________________________.
This information is provided by ____________________________________________the
Assignee(s) named above, or ______________________________________________as its
(their) agent.
By:
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[Please print or type name(s)]
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Title
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Taxpayer Identification Number
EXHIBIT A-5
FORM OF CLASS X
THIS CERTIFICATE IS ISSUED ON ________________, AT AN ISSUE PRICE OF _______% OF
ITS INITIAL NOTIONAL AMOUNT, INCLUDING ACCRUED INTEREST, AND A STATED REDEMPTION
PRICE AT MATURITY EQUAL TO ALL INTEREST DISTRIBUTIONS EXPECTED TO BE RECEIVED
HEREON, AND IS ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID") FOR FEDERAL INCOME
TAX PURPOSES. ASSUMING THAT THIS CERTIFICATE PAYS IN ACCORDANCE WITH PROJECTED
CASH FLOWS REFLECTING THE PREPAYMENT ASSUMPTION THAT EACH ARD LOAN WILL PREPAY
ON ITS ANTICIPATED REPAYMENT DATE AND THAT EACH OTHER MORTGAGE LOAN WILL NOT
PREPAY: (I) THE AMOUNT OF OID AS A PERCENTAGE OF THE INITIAL NOTIONAL AMOUNT OF
THIS CERTIFICATE IS APPROXIMATELY __________%; (II) THE ANNUAL YIELD TO MATURITY
OF THIS CERTIFICATE, COMPOUNDED MONTHLY, IS APPROXIMATELY _____%; AND (III) THE
AMOUNT OF OID ALLOCABLE TO THE SHORT FIRST ACCRUAL PERIOD (________________ TO
_________________) AS A PERCENTAGE OF THE INITIAL NOTIONAL AMOUNT OF THIS
CERTIFICATE, CALCULATED USING THE EXACT METHOD, IS APPROXIMATELY __________%.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE ORIGINATOR, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE
FISCAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR
THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.
PRINCIPAL PAYMENTS ON THE CERTIFICATES ARE PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY
TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY STATE OR FOREIGN
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE LAWS AND ONLY (A)(1)
PURSUANT TO RULE 144A UNDER THE 1933 ACT TO AN INSTITUTIONAL INVESTOR THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE 144A ("QIB") PURCHASING FOR ITS OWN ACCOUNT OR A PERSON
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A OR (2) IN CERTIFICATED FORM TO AN "INSTITUTIONAL ACCREDITED INVESTOR"
AS SUCH TERM IS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE 1933 ACT AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES.
TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
BELOW.
FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G(A)(1) AND 860D OF THE CODE, AND CERTAIN
OTHER ASSETS.
COMMERCIAL MORTGAGE ASSET TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1999-C2, CLASS X
Pass-Through Rate:(2)
First Distribution Date: Cut-off Date:
----------------
- ------------------------
Aggregate Initial Assumed Final
Notional Balance of the Distribution Date:
Class X Certificates: [________]
$[-------------]
CUSIP: [_________] Initial Notional
Balance of this Certificate:
ISIN: [___________] $[________]
No.: X-[__]
This certifies that ___________ is the registered owner of a
beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class X Certificates. The Trust Fund, described more
fully below, consists primarily of a pool of Mortgage Loans secured by first
liens on commercial and multifamily properties and held in trust by the Trustee
and serviced by the Servicer. The Trust Fund was created, and the Mortgage Loans
are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof,
assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby. Also issued under the Pooling and Servicing
Agreement are Class A-1, Class A-2, Class A-3, Class CS-1, Class B, Class C,
Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M,
Class N, Class Q-1, Class Q-2, Class R and Class LR Certificates (together with
the X Certificates, the "Certificates"; the Holders of Certificates issued under
the Pooling and Servicing Agreement are collectively referred to herein as
"Certificateholders").
This Certificate is issued pursuant to, and in accordance with, the
terms of a Pooling and Servicing Agreement dated as of October 11, 1999 (the
"Pooling and Servicing Agreement"), by and among Asset Securitization
Corporation, as Depositor, BNY Asset Solutions LLC, as Servicer, Lennar
Partners, Inc., as Special Servicer, LaSalle Bank National Association, as
Trustee, and ABN AMRO Bank N.V., as Fiscal Agent. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.
The Trustee makes no representation or warranty as to any of the
statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity
as Trustee under the Pooling and Servicing Agreement.
- ---------------------
(2) The Pass-Through Rate is for the Distribution Date occurring in November
1999. The Pass Through Rate for all subsequent Distribution Dates shall be
calculated as provided in the Pooling and Servicing Agreement.
Pursuant to the terms of the Pooling and Servicing Agreement, the
Trustee, or the Paying Agent on behalf of the Trustee, will distribute (other
than the final distribution on any Certificate), on the seventeenth day of each
month (each such date, a "Distribution Date"); provided, that if the seventeenth
day of any month is not a Business Day, the Distribution Date shall be the
following Business Day, to the Person in whose name this Certificate is
registered as of the related Record Date, an amount equal to such Person's pro
rata share (based on the Percentage Interest represented by this Certificate) of
that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class X Certificates for such
Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. Holders of this Certificate may be entitled to Prepayment Premiums,
as provided in the Pooling and Servicing Agreement. The Class X
Certificateholders will also be entitled to receive that portion of any
Repurchase Price constituting clause (v) of the definition thereof as set forth
in the Pooling and Servicing Agreement.
During each Interest Accrual Period (as defined below), interest on
the Class X Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.
Interest accrued on this Certificate during an Interest Accrual
Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the
extent provided in the Pooling and Servicing Agreement. The "Interest Accrual
Period" with respect to any Distribution Date commences on and includes the
eleventh day of the month preceding the month in which such Distribution Date
occurs and ends on and includes the tenth day of the month in which such
Distribution Date occurs. Each Interest Accrual Period is assumed to consist of
30 days.
All distributions (other than the final distribution on any
Certificate) will be made by the Paying Agent to the persons in whose names the
Certificates are registered at the close of business on each Record Date, which
will be the tenth day of the month in which the related Distribution Date occurs
or, if such day is not a Business Day, the preceding Business Day. Such
distributions shall be made on each Distribution Date other than the Termination
Date to each Certificateholder of record on the related Record Date by check
mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that such Certificateholder shall have provided the Paying
Agent with wire instructions in writing at least five Business Days prior to the
related Record Date, by wire transfer of immediately available funds to the
account of such Certificateholder at a bank or other entity located in the
United States and having appropriate facilities therefor. The final distribution
on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the office of the Trustee or its agent (which
may be the Paying Agent or the Certificate Registrar acting as such agent) that
is specified in the notice to Certificateholders of such final distribution.
Any funds not distributed on the Termination Date because of failure
of Certificateholders to tender their Certificates shall be set aside and held
in trust for the account of the non-tendering Certificateholders, whereupon the
Trust Fund shall terminate. If any Certificates as to which notice of the
Termination Date has been given pursuant to Section 9.01 of the Pooling and
Servicing Agreement shall not have been surrendered for cancellation within six
months after the time specified in such notice, the Trustee shall mail a second
notice to the remaining Certificateholders, at their last addresses shown in the
Certificate Register, to surrender their Certificates for cancellation in order
to receive, from such funds held, the final distribution with respect thereto.
If within one year after the second notice any Certificate shall not have been
surrendered for cancellation, the Trustee may, directly or through an agent,
take appropriate steps to contact the remaining Certificateholders concerning
surrender of their Certificates. The costs and expenses of maintaining such
funds and of contacting Certificateholders shall be paid out of the assets which
remain held. If within two years after the second notice any Certificates shall
not have been surrendered for cancellation, the Paying Agent shall pay to the
Trustee all amounts distributable to the Holders thereof, and the Trustee shall
thereafter hold such amounts for the benefit of such Holders until the earlier
of (i) its termination as Trustee under the Pooling and Servicing Agreement and
the transfer of such amounts to a successor Trustee or (ii) the termination of
the Trust Fund and distribution of such amounts to the Class R
Certificateholders. No interest shall accrue or be payable to any
Certificateholder on any amount held as a result of such Certificateholder's
failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 9.01 of the Pooling and Servicing Agreement. Such funds held by the
Trustee may be invested under certain circumstances, and subject to certain
conditions as specified in the Pooling and Servicing Agreement.
This Certificate is limited in right of payment to, among other
things, certain collections and recoveries in respect of the Mortgage Loans, as
more specifically set forth herein and in the Pooling and Servicing Agreement.
As provided in the Pooling and Servicing Agreement, the Trust Fund
includes (i) such Mortgage Loans as from time to time are subject to the Pooling
and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the
Mortgage Loans due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) the Servicer's, the
Special Servicer's and the Trustee's rights under the insurance policies with
respect to the Mortgage Loans required to be maintained pursuant to the Pooling
and Servicing Agreement and any proceeds thereof; (vi) any Assignments of
Leases, Rents and Profits and any security agreements; (vii) any indemnities or
guaranties given as additional security for any Mortgage Loans; (viii) all
assets deposited in the Collection Account, the Distribution Account, the
Upper-Tier Distribution Account, the Excess Interest Distribution Account, the
Repurchase Price Return of Premium Distribution Account and the Interest Reserve
Account, including reinvestment income; (ix) each Loan REMIC Regular Interest
and Loan REMIC Residual Interest; (x) any environmental indemnity agreements
relating to the Mortgaged Properties; (xi) the rights and remedies under the
Mortgage Loan Purchase and Sale Agreements and Bloomfield Purchase Agreement;
and (xii) the proceeds of any of the foregoing. As provided in the Pooling and
Servicing Agreement, withdrawals may be made from certain of the above-accounts
for purposes other than distributions to Certificateholders.
This Certificate does not purport to summarize the Pooling and
Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced
hereby, and the limitations thereon, and the rights, duties and immunities of
the Trustee.
As provided in the Pooling and Servicing Agreement and subject to
certain limitations set forth therein, this Certificate is transferable or
exchangeable only upon surrender of this Certificate to the Certificate
Registrar at the Corporate Trust Office together with an assignment and transfer
(executed by the Holder or his duly authorized attorney), subject to the
requirements in Article V of the Pooling and Servicing Agreement. Upon surrender
for registration of transfer of this Certificate, subject to the requirements of
Article V of the Pooling and Servicing Agreement, the Trustee shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated
transferee or transferees, one or more new Certificates in authorized
denominations of a like aggregate Notional Balance. Such Certificates shall be
delivered by the Certificate Registrar in accordance with Section 5.02(e) of the
Pooling and Servicing Agreement.
Prior to due presentation of this Certificate for registration of
transfer, the Depositor, the Servicer, the Special Servicer, the Trustee, the
Fiscal Agent, the Certificate Registrar, any Paying Agent and any agent of any
of them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Servicer, the
Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar, any
Paying Agent or any agent of any of them shall be affected by notice to the
contrary.
No fee or service charge shall be imposed by the Certificate
Registrar for its services in respect of any registration of transfer or
exchange referred to in Section 5.02 of the Pooling and Servicing Agreement
other than for transfers to Institutional Accredited Investors as provided in
Section 5.02(h) of that Agreement. In connection with any transfer to an
Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any costs (including the cost of the Certificate Registrar's counsel's
review of the documents and any legal opinions, submitted by the transferor or
transferee to the Certificate Registrar as provided herein) incurred by the
Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any
such transfer.
The Pooling and Servicing Agreement or any Custodial Agreement may
be amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Trustee and the Fiscal Agent, without the consent of any of the
Certificateholders, (i) to cure any ambiguity, (ii) to correct or supplement any
provisions therein that may be defective or inconsistent with any other
provisions in such agreements, (iii) to amend any provision of the Pooling and
Servicing Agreement to the extent necessary or desirable to maintain the rating
or ratings assigned to each of the Classes of Regular Certificates by each
Rating Agency, (iv) to amend or supplement any provisions in such agreements
that shall not adversely affect in any material respect the interests of any
Certificateholder not consenting thereto, as evidenced in writing by an Opinion
of Counsel, at the expense of the party requesting such amendment or
confirmation in writing from each Rating Agency that such amendment or
supplement will not result in a qualification, withdrawal or downgrading of the
then-current ratings assigned to the Certificates, (v) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to
reallocate any responsibilities or rights as between the Servicer and Special
Servicer, upon confirmation in writing from each Rating Agency that such
amendment or supplement will not result in a qualification, downgrade or
withdrawal of the then-current ratings assigned to the Certificates or (vi) to
make any other provisions with respect to matters or questions arising under the
Pooling and Servicing Agreement, which shall not be inconsistent with the
provisions of the Pooling and Servicing Agreement and will not result in a
downgrade, qualification or withdrawal of the then-current rating or ratings
then assigned to any outstanding Class of Certificates, as confirmed by each
Rating Agency in writing.
The Pooling and Servicing Agreement or any Custodial Agreement may
also be amended from time to time by the Depositor, the Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
each of the Classes of Regular Certificates representing not less than 66-2/3%
of the Percentage Interests of each Class of Certificates affected by the
amendment for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or
of modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay the timing of,
payments received on Mortgage Loans which are required to be
distributed on any Certificate without the consent of all the
Holders of all Certificates representing all Percentage
Interests of the Class or Classes affected thereby;
(ii) change the percentages of Voting Rights of Holders of
Certificates which are required to consent to any action or
inaction under the Pooling and Servicing Agreement, without
the consent of the Holders of all Certificates representing
all of the Percentage Interests of the Class or Classes
affected hereby;
(iii) alter the Servicing Standard set forth in the Pooling and
Servicing Agreement or the obligations of the Servicer, the
Trustee or the Fiscal Agent to make a P&I Advance or Property
Advance without the consent of the Holders of all Certificates
representing all of the Percentage Interests of the Class or
Classes affected thereby; or
(iv) amend any section of the Pooling and Servicing Agreement which
relates to the amendment of the Pooling and Servicing
Agreement without the consent of all the Holders of all
Certificates representing all Percentage Interests of the
Class or Classes affected thereby.
Further, the Depositor, the Servicer, the Special Servicer, the
Trustee and the Fiscal Agent, at any time and from time to time, without the
consent of the Certificateholders, may amend the Pooling and Servicing Agreement
to modify, eliminate or add to any of its provisions to such extent as shall be
necessary to maintain the qualification of the Trust REMICs as two separate
REMICs, of the Loan REMICs as two separate REMICs and the portion of the Trust
Fund exclusive of the Trust REMICs as a grantor trust, or to prevent the
imposition of any additional material state or local taxes, at all times that
any Certificates are outstanding; provided, however, that such action, as
evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund),
is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material
respect the interest of any Certificateholder.
The Depositor, and if the Depositor does not exercise the option,
the Special Servicer and, if neither the Servicer nor the Depositor exercises
the option, the Servicer and, if the Depositor, Special Servicer or the Servicer
do not exercise their respective option, the Holders of the Class LR
Certificates representing greater than a 50% Percentage Interest in such Class
may effect an early termination of the Trust Fund, upon not less than 30 days'
prior Notice of Termination given to the Trustee and Servicer any time on or
after the Early Termination Notice Date (defined as any date as of which the
aggregate Stated Principal Balance of the Mortgage Loans is less than 1.0% of
the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
Date) specifying the Anticipated Termination Date, on any Distribution Date on
which the aggregate Stated Principal Balance of the Mortgage Loans remaining in
the Trust Fund is less than 1% of the aggregate Stated Principal Balance of the
Mortgage Loans as of the Cut-off Date, by purchasing on such date all, but not
less than all, of the Mortgage Loans and REO Property then included in the Trust
Fund, and all property acquired in respect of any Mortgage Loan, at a purchase
price, payable in cash, equal to the greater of:
(i) the sum of
(A) 100% of the outstanding principal balance of each
Mortgage Loan included in the Trust Fund as of the last
day of the month preceding such Distribution Date (less
any P&I Advances previously made on account of
principal);
(B) the fair market value of all other property included in
the Trust Fund as of the last day of the month preceding
such Distribution Date, as determined by an Independent
appraiser acceptable to the Servicer as of the date not
more than 30 days prior to the last day of the month
preceding such Distribution Date;
(C) all unpaid interest accrued on such principal balance of
each such Mortgage Loan (including for this purpose any
Mortgage Loan as to which title to the related Mortgaged
Property has been acquired) at the Mortgage Rate (plus
the Excess Rate, to the extent applicable) to the last
day of the month preceding such Distribution Date (less
any P&I Advances previously made on account of
interest);
(D) the aggregate amount of unreimbursed Advances, with
interest thereon and unpaid Trust Fund expenses;
(E) the Repurchase Price Return of Premium Amount; and
(ii) the aggregate fair market value of the Mortgage Loans and all
REO Property in the Trust Fund, on the last day of the month
preceding such Distribution Date, as determined by an
Independent appraiser acceptable to the Servicer, together
with one month's interest thereon at the Mortgage Rate.
Any portion of such purchase price attributable to a Mortgage Loan included in a
Loan REMIC shall be distributed in respect of the related Loan REMIC Regular
Interest and to the Holders of the Class LR Certificates in respect of the
related Loan REMIC Residual Interest in complete liquidation of such Loan REMIC.
All costs and expenses incurred by any and all parties to the
Pooling and Servicing Agreement or by the Trust Fund pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement shall be borne by the party exercising
its purchase rights thereunder. The Trustee shall be entitled to rely
conclusively on any determination made by an Independent appraiser pursuant to
Section 9.01(c) of the Pooling and Servicing Agreement.
The obligations created by the Pooling and Servicing Agreement shall
terminate upon the earliest to occur of (i) the repurchase of the Mortgage Loans
by the Depositor, the Servicer or the Holder of the Class LR Certificates as
described above; or (ii) the later of (a) the receipt or collection of the last
payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of
the last asset held by the Trust Fund. In no event, however, will the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of
21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late ambassador of the United States to the United Kingdom, living
on the date hereof.
Unless the Certificate of Authentication on this Certificate has
been executed by the Trustee or on its behalf by the Authenticating Agent, by
manual signature, this Certificate shall not be entitled to any benefit under
the Pooling and Servicing Agreement or be valid for any purpose.
IN WITNESS WHEREOF, the Trustee has caused this Class X Certificate
to be duly executed.
Dated: October __, 1999.
LASALLE BANK NATIONAL ASSOCIATION, not in its
individual capacity but solely as Trustee
By:
-------------------------------------------
Authorized Officer
Certificate of Authentication
This is one of the Class X Certificates referred to in the Pooling
and Servicing Agreement.
Dated: October __, 1999.
LASALLE BANK NATIONAL ASSOCIATION, not in its
individual capacity but solely as Authenticating
Agent
By:
-------------------------------------------
Authorized Officer
Schedule A
Certificate Balance of
Individual Certificates
exchanged or transferred Remaining
for, or issued in exchange Principal
for or upon transfer of, an Amount of this
Date interest in this Global Global Notation Made By
Certificate Certificate
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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned ("Assignor(s)") hereby sell(s),
assign(s) and transfer(s) unto__________________________________________________
________________________________________________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s)
of assignee(s)) ("Assignee(s)") the entire Percentage Interest represented by
the within Class X Certificate and hereby authorize(s) the registration of
transfer of such interest to Assignee(s) on the Certificate Register of the
Trust Fund.
I (we) further direct the Certificate Registrar to issue a new Class
X Certificate of the entire Percentage Interest represented by the within Class
X Certificates to the above-named Assignee(s) and to deliver such Class X
Certificate to the following address:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Date: ___________
------------------------------------
Signature by or on behalf of
Assignor(s)
------------------------------------
Taxpayer Identification Number
DISTRIBUTION INSTRUCTIONS
The Assignee(s) should include the following for purposes of
distribution:
Address of the Assignee(s) for the purpose of receiving notices and
distributions:__________________________________________________________________
________________________________________________________________________________
_______________________________________________________________________________.
Distributions, if be made by wire transfer in immediately available funds to
_______________________________________________________________for the account
of _____________________________________________________________account number
_____________________________________.
This information is provided by _________________________________the Assignee(s)
named above, or ___________________________________________as its (their) agent.
By:
------------------------------------------
------------------------------------------
[Please print or type name(s)]
------------------------------------------
Title
------------------------------------------
Taxpayer Identification Number
<PAGE>
<TABLE>
EXHIBIT B
MORTGAGE LOAN SCHEDULE
<CAPTION>
LOAN # ASSET # PROPERTY NAME BORROWER NAME CITY STATE MONTHLY ANNUAL ORIGINAL
PAYMENT DEBT MORTGAGE
SERVICE RATE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 1 Westin Denver Hotel Westin Denver LLC Denver CO $362,504 $4,350,046 8.505%
2 1 208 South Lasalle LaSalle-Adams, LLC Chicago IL $332,187 $3,986,250 8.500%
- ------------------------------------------------------------------------------------------------------------------------------------
ACCOR-M-SIX LIMITED PARTNERSHIP
3 1 1078 M-Six Limited Partnership Danvers MA 7.030%
3 2 1268 M-Six Limited Partnership Villa Park IL 7.030%
3 3 775 M-Six Limited Partnership Speedway IN 7.030%
3 4 739 M-Six Limited Partnership Medford OR 7.030%
3 5 1040 M-Six Limited Partnership Glenview IL 7.030%
3 6 253 M-Six Limited Partnership Grants Pass OR 7.030%
3 7 245 M-Six Limited Partnership South Bend IN 7.030%
3 8 700 M-Six Limited Partnership Chattanooga TN 7.030%
3 9 1059 M-Six Limited Partnership Chicopee MA 7.030%
3 10 1254 M-Six Limited Partnership Merrillville IN 7.030%
3 11 1283 M-Six Limited Partnership Washington PA 7.030%
3 12 156 M-Six Limited Partnership Nashville TN 7.030%
3 13 699 M-Six Limited Partnership Goodlettsville TN 7.030%
3 14 784 M-Six Limited Partnership Rolling IL 7.030%
Meadows
--------- -----------
$236,143 $2,833,711
- ------------------------------------------------------------------------------------------------------------------------------------
4 1 Marina Pacifica Shopping Marina Pacifica LLC Long Beach CA $256,550 $3,078,601 8.317%
Center
5 1 Luckman Plaza The Luckman Management Co. West CA $247,450 $2,969,404 7.990%
LP Hollywood
6 1 Henry W. Oliver Oliver Building L.P. Pittsburgh PA $259,037 $3,108,442 8.500%
- ------------------------------------------------------------------------------------------------------------------------------------
CONGRESSIONAL NORTH
7 1 Congressional North Plaza Congressional North Rockville MD 7.840%
Associates Limited
Partnership
7 2 121 Congressional Lane Congressional North Rockville MD 7.840%
Associates Limited
Partnership
--------- -----------
$242,829 $2,913,953
- ------------------------------------------------------------------------------------------------------------------------------------
8 1 80 John Street WSA Equities, LLC New York NY $230,517 $2,766,209 7.342%
9 1 633 Indiana Avenue Indiana Associates L.P. Washington DC $202,832 $2,433,980 7.040%
10 1 Bank of America-Vegas Bridger Associates Las Vegas NV $204,177 $2,450,130 7.750%
11 1 Bayside Exposition Center Bayside Expo Borrower Boston MA $161,186 $1,934,231 7.250%
12 1 Warminster Towne Center Warminster Towne Center Warminster PA $158,924 $1,907,083 8.240%
Associates, L.P.` Twnsp
13 1 Shops at Park Place Shops at Park Place LLC Irvine CA $151,803 $1,821,633 8.360%
14 1 Campbell Forum Campbell Forum Partners, Richardson TX $152,960 $1,835,518 8.500%
Ltd.
15 1 Calaveras Center Calaveras Center, LLC Milpitas CA $140,731 $1,688,770 7.880%
- ------------------------------------------------------------------------------------------------------------------------------------
CINEMARK POOL B
16 1 Colorado Springs, CO - Pricino IX, LP Colorado CO 8.049%
Tinseltown Springs
16 2 Mishawaka - Movies 10 Pricino IX, LP Mishawaka IN 8.049%
--------- -----------
$123,119 $1,477,423
- ------------------------------------------------------------------------------------------------------------------------------------
17 1 Mall of Orange H.M.A. Enterprises - Mall Orange CA $125,303 $1,503,630 8.780%
of Orange, LP
18 1 60 Madison Ave. M.Madison LLC New York NY $103,249 $1,238,983 8.500%
19 1 Geneva Crossing ECB, LLC Carol Stream IL $102,499 $1,229,988 8.500%
20 1 La Jolla Professional La Jolla Village Prof. La Jolla CA $100,591 $1,207,097 8.450%
Ctr. Assoc.
- ------------------------------------------------------------------------------------------------------------------------------------
ALLIED PORTFOLIO
21 1 Park Shopping Center Allied/SSR Shopping Springfield OH 8.850%
Centers LLC
21 2 Miamisburg Plaza Allied/SSR Shopping Miamisburg OH 8.850%
Centers LLC
21 3 Page Manor Allied/SSR Shopping Dayton OH 8.850%
Centers LLC
21 4 Fairborn Plaza Allied/SSR Shopping Fairborn OH 8.850%
Centers LLC
--------- -----------
$104,825 $1,257,900
- ------------------------------------------------------------------------------------------------------------------------------------
AUERBACH RETAIL PORTFOLIO
22 1 National & Sepulveda Auerbach Shopping Centers, Los Angeles CA 7.550%
Center LLC
22 2 Hacienda Valley Auerbach Shopping Centers, Industry CA 7.550%
LLC
--------- -----------
$86,601 $1,039,207
- ------------------------------------------------------------------------------------------------------------------------------------
23 1 SL-Mentor II Facility Mentor Industrial Complex Mentor OH $75,510 $906,117 7.214%
II, LP
24 1 Signature Place Apartments Signature Place - Overland Overland Park KS $73,865 $886,376 8.000%
L.L.C.
25 1 Park Fletcher Park Fletcher Office Indianapolis IN $60,253 $723,031 7.230%
Associates, L.P.
26 1 Staples Plaza Best/Newmark Associates Yorktown NY $61,902 $742,829 7.420%
L.L.C. Heights
27 1 Euless Town Center Euless Shopping Center, Euless TX $59,561 $714,735 6.970%
L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
28 1 Willow Creek Apartments Mooresville Apartments, LLC Mooresville NC $58,524 $702,284 7.900%
29 1 Bayou Walk Shopping Center Bayou Shopping Center, Ltd. Shreveport LA $61,378 $736,540 8.500%
30 1 Lakewood Center North Lakewood Operating Assoc., Lakewood OH $51,888 $622,651 7.392%
LP
31 1 Lakeside Office Park Quannapowitt 591 Limited Wakefield MA $53,536 $642,431 7.110%
Partnership, Quannapowitt
595
32 1 Regal Cinema Medina Theatre Associates, Medina OH $53,797 $645,565 8.090%
LLC
- ------------------------------------------------------------------------------------------------------------------------------------
33 1 East Town Mall Marlin Easttown L.L.C. Green Bay WI $51,411 $616,933 7.430%
34 1 Spring Glen Medical Center Whitney Medical Center Hamden CT $47,020 $564,237 7.820%
Limited Partnership
35 1 532 Broad Hollow Road 532 Realty Associates, LLC Melville NY $48,695 $584,344 8.220%
36 1 Manassas Executive Center BGK Manassas Assoc., LP Manassas VA $48,320 $579,834 8.500%
- ------------------------------------------------------------------------------------------------------------------------------------
37 1 Circuit City-Philadelphia CC Philadelphia 98, LLC Philadelphia PA $37,064 $444,770 7.640%
38 1 Westbury Lake Apartments G & E Partnership Lansing MI $43,639 $523,672 7.320%
39 1 Northridge Shopping Center Hamstra North Ridge Hobart IN $43,054 $516,645 7.750%
Center, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
100 COURT & LIBERTY BUILDING
40 1 Liberty Building Liberty Court Operating Des Moines IA 8.500%
Associates, L.P.
40 2 100 Court Liberty Court Operating Des Moines IA 8.500%
Associates, L.P.
--------- -----------
$42,443 $509,317
- ------------------------------------------------------------------------------------------------------------------------------------
41 1 Northwood Village Northwood Village, LTD. Davenport IA $39,131 $469,578 7.640%
42 1 Stadium Apartments Stadium Apartments Limited Ann Arbor MI $34,203 $410,434 7.460%
Partnership
43 1 DeKalb Plaza Pine Tree Dekalb, LLC DeKalb IL $32,536 $390,431 7.600%
44 1 Circuit City-Ridgeland CC Ridgeland 98, LLC Ridgeland MS $26,474 $317,693 7.640%
45 1 The Belgravia Building Lubert-Adler Belgravia Philadelphia PA $28,500 $341,997 7.350%
Associates, LP
- ------------------------------------------------------------------------------------------------------------------------------------
46 1 Southwest Pointe Southwest Pointe, LLC Arleta CA $27,496 $329,957 7.300%
Apartments
47 1 Short Pump Village Short Pump Village LLC &SP Richmond VA $27,739 $332,865 7.070%
Center LLC
48 1 Circuit City-Indianapolis CC Indianapolis 98, LLC Indianapolis IN $23,827 $285,924 7.640%
49 1 Chestnut Gardens Arlen Development, LLC Suffern NY $23,126 $277,517 7.680%
50 1 Treehouse Apartments EIP V Limited Partnership Tampa FL $22,553 $270,630 7.910%
- ------------------------------------------------------------------------------------------------------------------------------------
51 1 Bayshore Village Bayshore Village New Baltimore MI $20,612 $247,345 7.050%
Apartments Apartments LLC.
52 1 Cobleskill Center New Cobleskill Associates Cobbleskill NY $21,027 $252,325 7.440%
L.P.
53 1 Sports Park Plaza Woodoak Investments LC Salt Lake UT $20,425 $245,095 7.230%
City
54 1 Cedar Grove Mobile Home Copperas Cove MHC, L.L.C. Copperas Cove TX $22,315 $267,780 7.670%
Park
55 1 Circuit City-Jackson,TN CC Jackson 98, LLC Jackson TN $17,473 $209,677 7.640%
- ------------------------------------------------------------------------------------------------------------------------------------
56 1 Parham 64 Parham Road Operating Richmond VA $17,340 $208,075 7.120%
Associates, L.P.
57 1 Circuit City-Kingsport CC Kingsport 98, LLC Kingsport TN $15,885 $190,616 7.640%
58 1 Circuit City-Wichita CC Wichita Falls 98, LLC Wichita TX $15,885 $190,616 7.640%
Falls Fallas
59 1 231-235 East 117th Street Noyo 117 Associates LLC New York NY $17,030 $204,362 7.490%
- ------------------------------------------------------------------------------------------------------------------------------------
60 1 Willow Creek Manor WCM Apartments Alvin TX $16,048 $192,575 7.050%
61 1 312 East 106th Street 312 East 106th Street Real New York NY $16,241 $194,890 7.490%
Estate LLC
62 1 234/236/238/240 East 234 E. 116th Street LLC New York NY $15,647 $187,765 7.490%
116th Street
63 1 Wayzata Bay Office J&A Real Estate LLC Wayzata MN $14,885 $178,620 7.320%
Buildings
- ------------------------------------------------------------------------------------------------------------------------------------
EASTGATE/SOUTHGATE APARTMENTS
64 1 Eastgate JMW Gateco, LLC Newark OH 7.500%
64 2 South Gate Corners JMW Gateco, LLC Heath OH 7.500%
--------- -----------
$14,299 $171,594
- ------------------------------------------------------------------------------------------------------------------------------------
65 1 Schram Tech Park Schram Tech Park, LLC Waterford MI $11,409 $136,906 7.640%
66 1 215 East 117th Street 215 E. 117th Street Corp. New York NY $332,187 $3,986,250 8.500%
67 1 Ironbridge Plaza I.B. Ventures, LLC Chesterfield VA $9,273 $111,277 6.900%
68 1 Huffman Business Park Huffman Buildings A&B, LLC Anchorage AK $8,717 $104,600 6.780%
Buildings A & B
69 1 Flatiron Flatiron Building Omaha NE $8,754 $105,047 7.120%
Operating Associates, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
70 1 Winterhaven East Winterhaven East, LLC, Tucson AZ $8,639 $103,663 6.980%
Apartments
71 1 Hidden Creek Maishe Properties Ltd. North OH $7,621 $91,452 6.750%
Apartments Ridgeville
72 1 Huffman Business Park Huffman Buildings M & N, Anchorage AK $7,368 $88,416 6.780%
Building M & N LLC
73 1 Sentry Lubbock Park Operating Lubbock TX $7,407 $88,886 7.120%
I Associates, LP
74 1 Gateway Office Plaza Empire Gateway Albuquerque Albuquerque NM $7,341 $88,086 7.030%
Operating Associates
- ------------------------------------------------------------------------------------------------------------------------------------
75 1 228 East 116th Street 228 East 116th Street LLC New York NY $7,684 $92,206 7.490%
76 1 Greenway Shopping Center Greenway - Cooper Arlington TX $8,658 $103,899 8.230%
Partners, L.P.
77 1 Huffman Business Park Huffman Building O, LLC Anchorage AK $6,080 $72,965 6.780%
Building O
78 1 2371 2nd Avenue 2371 2nd Avenue LLC New York NY $5,449 $65,382 7.490%
79 1 Huffman Business Park Huffman Building C, LLC Anchorage AK $4,572 $54,868 6.780%
Building C
80 1 154 East 106th Street 154 East 106th Street LLC New York NY $4,401 $52,809 7.490%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOAN # ASSET # PROPERTY NAME REVISED MATURITY DATE ANTICIPATED ORIGINAL
MORTGAGE RATE REPAYMENT DATE PRINCIPAL
BALANCE
<S> <C> <C> <C> <C> <C> <C>
1 1 Westin Denver Hotel 2.000% 11-Dec-23 11-Dec-13 $45,000,000
2 1 208 South Lasalle 2.000% 11-Apr-28 11-Apr-13 $1,485,000
- -----------------------------------------------------------------------------------------------------------------------------------
ACCOR-M-SIX LIMITED PARTNERSHIP
3 1 1078 n/a 01-May-18 $40,308,831
3 2 1268 n/a 01-May-18 $40,308,831
3 3 775 n/a 01-May-18 $40,308,831
3 4 739 n/a 01-May-18 $40,308,831
3 5 1040 n/a 01-May-18 $40,308,831
3 6 253 n/a 01-May-18 $40,308,831
3 7 245 n/a 01-May-18 $40,308,831
3 8 700 n/a 01-May-18 $40,308,831
3 9 1059 n/a 01-May-18 $40,308,831
3 10 1254 n/a 01-May-18 $40,308,831
3 11 1283 n/a 01-May-18 $40,308,831
3 12 156 n/a 01-May-18 $40,308,831
3 13 699 n/a 01-May-18 $40,308,831
3 14 784 n/a 01-May-18 $40,308,831
------------
$40,308,831
- -----------------------------------------------------------------------------------------------------------------------------------
4 1 Marina Pacifica Shopping Center 2.000% 11-Dec-28 11-Nov-10 $33,936,008
5 1 Luckman Plaza 2.000% 11-Oct-27 11-Oct-12 $33,755,456
6 1 Henry W. Oliver 2.000% 11-Jan-29 11-Jan-14 $33,688,681
- -----------------------------------------------------------------------------------------------------------------------------------
CONGRESSIONAL NORTH
7 1 Congressional North Plaza 2.000% 11-Aug-26 11-Aug-08 $33,000,000
7 2 121 Congressional Lane 2.000% 11-Aug-26 11-Aug-08 $33,000,000
-----------
$33,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
8 1 80 John Street 2.000% 11-Feb-29 11-Feb-09 $29,591,225
9 1 633 Indiana Avenue 2.000% 11-Oct-25 11-Oct-09 $29,000,000
10 1 Bank of America-Vegas 2.000% 11-Sep-29 11-Sep-09 $28,500,000
11 1 Bayside Exposition Center 2.000% 11-Jan-24 11-Jan-09 $22,300,000
12 1 Warminster Towne Center 2.000% 11-Feb-28 11-Feb-10 $20,884,905
13 1 Shops at Park Place 2.000% 11-Jun-27 11-Jun-07 $20,000,000
14 1 Campbell Forum 2.000% 11-Jan-28 11-Jan-08 $19,892,981
15 1 Calaveras Center 2.000% 11-Oct-29 11-Oct-09 $19,400,000
- -----------------------------------------------------------------------------------------------------------------------------------
CINEMARK POOL B
16 1 Colorado Springs, CO - Tinseltown n/a 11-Mar-18 $18,355,354
16 2 Mishawaka - Movies 10 n/a 11-Mar-18 $18,355,354
-----------
$18,355,354
- -----------------------------------------------------------------------------------------------------------------------------------
17 1 Mall of Orange 2.000% 11-Sep-26 11-Apr-09 $15,500,000
18 1 60 Madison Ave. 2.000% 11-Dec-27 11-Dec-07 $13,427,854
19 1 Geneva Crossing 2.000% 11-Jul-28 11-Jul-13 $13,331,171
20 1 La Jolla Professional 2.000% 11-Apr-26 11-Apr-09 $13,142,801
- -----------------------------------------------------------------------------------------------------------------------------------
ALLIED PORTFOLIO
21 1 Park Shopping Center 2.000% 11-Apr-28 11-Apr-13 $13,204,582
21 2 Miamisburg Plaza 2.000% 11-Apr-28 11-Apr-13 $13,204,582
21 3 Page Manor 2.000% 11-Apr-28 11-Apr-13 $13,204,582
21 4 Fairborn Plaza 2.000% 11-Apr-28 11-Apr-13 $13,204,582
-----------
$13,204,582
- -----------------------------------------------------------------------------------------------------------------------------------
AUERBACH RETAIL PORTFOLIO
22 1 National & Sepulveda Center 2.000% 11-Oct-29 11-Feb-14 $12,325,000
22 2 Hacienda Valley 2.000% 11-Oct-29 11-Feb-14 $12,325,000
-----------
$12,325,000
- -----------------------------------------------------------------------------------------------------------------------------------
23 1 SL-Mentor II Facility 2.000% 11-Sep-29 11-Sep-09 $11,100,000
24 1 Signature Place Apartments 2.000% 11-May-27 11-Jul-13 $10,066,531
25 1 Park Fletcher 2.000% 11-Feb-29 11-Feb-09 $8,850,000
26 1 Staples Plaza 2.000% 11-Jan-28 11-Apr-08 $8,802,706
27 1 Euless Town Center 2.000% 11-Oct-23 11-Jan-08 $8,450,000
- -----------------------------------------------------------------------------------------------------------------------------------
28 1 Willow Creek Apartments 2.000% 11-Nov-27 11-Nov-07 $7,922,119
29 1 Bayou Walk Shopping Center 2.000% 11-Dec-27 11-Mar-13 $7,982,472
30 1 Lakewood Center North 2.000% 11-Jun-29 11-Jun-09 $7,500,000
31 1 Lakeside Office Park 2.000% 11-Dec-23 11-Feb-09 $7,500,000
32 1 Regal Cinema 2.000% 11-Jun-26 11-Sep-19 $7,075,000
- -----------------------------------------------------------------------------------------------------------------------------------
33 1 East Town Mall 2.000% 11-Mar-23 11-Jun-08 $7,000,000
34 1 Spring Glen Medical Center 2.000% 11-Nov-27 11-Feb-09 $6,477,241
35 1 532 Broad Hollow Road 2.000% 11-Sep-27 11-Dec-07 $6,500,000
36 1 Manassas Executive Center 2.000% 11-Sep-28 11-Sep-08 $6,284,132
- -----------------------------------------------------------------------------------------------------------------------------------
37 1 Circuit City-Philadelphia n/a 11-Jun-20 $5,821,598
38 1 Westbury Lake Apartments 2.000% 11-Jan-23 11-Apr-13 $6,000,000
39 1 Northridge Shopping Center 2.000% 11-Nov-23 11-Jan-09 $5,700,000
- -----------------------------------------------------------------------------------------------------------------------------------
100 COURT & LIBERTY BUILDING
40 1 Liberty Building 2.000% 11-Sep-27 11-Sep-07 $5,519,873
40 2 100 Court 2.000% 11-Sep-27 11-Sep-07 $5,519,873
----------
$5,519,873
- -----------------------------------------------------------------------------------------------------------------------------------
41 1 Northwood Village 2.000% 11-Feb-25 11-May-13 $5,360,000
42 1 Stadium Apartments 2.000% 11-Mar-28 11-Jun-14 $4,841,094
43 1 DeKalb Plaza 2.000% 11-Mar-28 11-Jun-08 $4,608,000
44 1 Circuit City-Ridgeland n/a 11-Jun-20 $4,158,283
45 1 The Belgravia Building 2.000% 11-Mar-29 11-Mar-09 $4,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
46 1 Southwest Pointe Apartments 2.000% 11-Dec-27 11-Mar-08 $3,938,051
47 1 Short Pump Village 2.000% 11-Apr-23 11-Jul-08 $3,900,000
48 1 Circuit City-Indianapolis n/a 11-Jun-20 $3,742,455
49 1 Chestnut Gardens 2.000% 11-Oct-27 11-Jul-09 $3,250,000
50 1 Treehouse Apartments 2.000% 11-Oct-29 11-Jan-10 $3,100,000
- -----------------------------------------------------------------------------------------------------------------------------------
51 1 Bayshore Village Apartments 2.000% 11-Feb-28 11-Apr-14 $3,029,642
52 1 Cobleskill Center 2.000% 11-May-28 11-Aug-08 $3,025,000
53 1 Sports Park Plaza 2.000% 11-Feb-28 11-May-08 $3,000,000
54 1 Cedar Grove Mobile Home Park 2.000% 11-Aug-22 11-Aug-07 $2,975,000
55 1 Circuit City-Jackson,TN n/a 11-Jun-20 $2,744,467
- -----------------------------------------------------------------------------------------------------------------------------------
56 1 Parham 64 2.000% 11-Nov-28 11-Nov-08 $2,575,000
57 1 Circuit City-Kingsport n/a 11-Jun-20 $2,494,969
58 1 Circuit City-Wichita Falls n/a 11-Jun-20 $2,494,969
59 1 231-235 East 117th Street 2.000% 11-Jul-28 11-Apr-09 $2,438,000
- -----------------------------------------------------------------------------------------------------------------------------------
60 1 Willow Creek Manor 2.000% 11-Sep-28 11-Dec-08 $2,400,000
61 1 312 East 106th Street 2.000% 11-Jul-28 11-Apr-09 $2,325,000
62 1 234/236/238/240 East 116th Street 2.000% 11-Jul-28 11-Apr-09 $2,240,000
63 1 Wayzata Bay Office Buildings 2.000% 11-Feb-25 11-May-08 $2,100,000
- -----------------------------------------------------------------------------------------------------------------------------------
EASTGATE/SOUTHGATE APARTMENTS
64 1 Eastgate 2.000% 11-Dec-23 11-Feb-09 $1,935,000
64 2 South Gate Corners 2.000% 11-Dec-23 11-Feb-09 $1,935,000
----------
$1,935,000
- -----------------------------------------------------------------------------------------------------------------------------------
65 1 Schram Tech Park 2.000% 11-Dec-23 11-Feb-09 $1,525,000
66 1 215 East 117th Street 2.000% 11-Apr-28 11-Apr-13 $1,485,000
67 1 Ironbridge Plaza 2.000% 11-Aug-28 11-Nov-08 $1,408,000
68 1 Huffman Business Park Buildings A & B 2.000% 11-Dec-28 11-Feb-14 $1,339,800
69 1 Flatiron 2.000% 11-Nov-28 11-Nov-08 $1,300,000
- -----------------------------------------------------------------------------------------------------------------------------------
70 1 Winterhaven East Apartments 2.000% 11-Jan-28 11-Apr-08 $1,292,330
71 1 Hidden Creek 2.000% 11-Dec-28 11-Mar-14 $1,175,000
Apartments
72 1 Huffman Business Park Building M & N 2.000% 11-Dec-28 11-Feb-14 $1,132,500
73 1 Sentry I 2.000% 11-Nov-28 11-Nov-08 $1,100,000
74 1 Gateway Office Plaza 2.000% 11-Oct-28 11-Oct-08 $1,100,000
- -----------------------------------------------------------------------------------------------------------------------------------
75 1 228 East 116th Street 2.000% 11-Jul-28 11-Apr-09 $1,100,000
76 1 Greenway Shopping Center 2.000% 11-Aug-22 11-Aug-07 $1,100,000
77 1 Huffman Business Park Building O 2.000% 11-Dec-28 11-Feb-14 $934,600
78 1 2371 2nd Avenue 2.000% 11-Jul-28 11-Apr-09 $780,000
79 1 Huffman Business Park Building C 2.000% 11-Dec-28 11-Feb-14 $702,800
80 1 154 East 106th Street 2.000% 11-Jul-28 11-Apr-09 $630,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOAN # CUT-OFF DATE ORIGINATOR ACTUAL 360 TERM REMAINING TERM
PRINCIPAL
BALANCE
<S> <C> <C> <C> <C> <C>
1 $44,593,725 CCA TRUE 317 290
2 $42,788,119 CCA TRUE 360 345
- ---------------------------------------------------------------------------------------------
3 $5,167,799 CCA FALSE 240 223
3 $3,912,762 CCA FALSE 240 223
3 $3,838,936 CCA FALSE 240 223
3 $3,765,111 CCA FALSE 240 223
3 $3,543,633 CCA FALSE 240 223
3 $3,322,156 CCA FALSE 240 223
3 $2,657,725 CCA FALSE 240 223
3 $2,288,597 CCA FALSE 240 223
3 $2,214,771 CCA FALSE 240 223
3 $2,067,120 CCA FALSE 240 223
3 $1,993,294 CCA FALSE 240 223
3 $1,919,468 CCA FALSE 240 223
3 $1,845,642 CCA FALSE 240 223
3 $1,771,817 CCA FALSE 240 223
-----------
$40,308,831
- ---------------------------------------------------------------------------------------------
4 $33,725,031 CCA TRUE 361 350
5 $33,623,958 CCA TRUE 343 336
6 $33,523,888 CCA TRUE 366 351
- ---------------------------------------------------------------------------------------------
7 $27,568,582 CCA TRUE 343 322
7 $5,078,423 CCA TRUE 343 322
-----------
$32,647,005
- ---------------------------------------------------------------------------------------------
8 $29,198,810 CCA TRUE 360 352
9 $29,000,000 CCA TRUE 312 312
10 $28,479,885 CCA TRUE 360 359
11 $22,069,624 CCA TRUE 300 291
12 $20,884,905 CCA TRUE 340 340
13 $19,692,004 CCA TRUE 359 332
14 $19,660,894 CCA TRUE 360 339
15 $19,400,000 CCA TRUE 360 360
- ---------------------------------------------------------------------------------------------
16 $12,014,406 CCA FALSE 240 221
16 $6,340,948 CCA FALSE 240 221
-----------
$18,355,354
- ---------------------------------------------------------------------------------------------
17 $15,500,000 CCA TRUE 323 323
18 $13,265,426 CCA TRUE 360 338
19 $13,227,139 CCA TRUE 360 345
20 $13,103,073 CCA TRUE 324 318
- ---------------------------------------------------------------------------------------------
21 $8,296,076 CCA TRUE 360 342
21 $1,934,752 CCA TRUE 360 342
21 $1,342,907 CCA TRUE 360 342
21 $1,276,660 CCA TRUE 360 342
------------
$12,850,396
- ---------------------------------------------------------------------------------------------
22 $10,250,000 CCA TRUE 378 360
22 $2,075,000 CCA TRUE 378 360
-----------
$12,325,000
- ---------------------------------------------------------------------------------------------
23 $11,100,000 CCA TRUE 359 359
24 $9,976,778 CCA TRUE 346 331
25 $8,796,886 CCA TRUE 370 352
26 $8,776,196 CCA TRUE 343 339
27 $8,328,519 CCA TRUE 300 288
- ---------------------------------------------------------------------------------------------
28 $7,915,749 CCA TRUE 338 337
29 $7,885,913 CCA TRUE 360 338
30 $7,480,144 CCA TRUE 360 356
31 $7,412,583 CCA TRUE 300 290
32 $7,030,211 CCA TRUE 324 320
- ---------------------------------------------------------------------------------------------
33 $6,851,529 CCA TRUE 300 281
34 $6,415,759 CCA TRUE 351 337
35 $6,402,648 CCA TRUE 360 335
36 $6,240,164 CCA TRUE 360 347
- ---------------------------------------------------------------------------------------------
37 $5,821,598 CCA FALSE 262 248
38 $5,762,708 CCA TRUE 300 279
39 $5,533,666 CCA TRUE 300 289
- ---------------------------------------------------------------------------------------------
40 $2,861,300 CCA TRUE 360 335
40 $2,581,513 CCA TRUE 360 335
----------
$5,442,813
- ---------------------------------------------------------------------------------------------
41 $5,261,826 CCA TRUE 324 304
42 $4,836,987 CCA TRUE 342 341
43 $4,549,820 CCA TRUE 360 341
44 $4,158,283 CCA FALSE 262 248
45 $3,974,806 CCA TRUE 366 353
- ---------------------------------------------------------------------------------------------
46 $3,938,051 CCA TRUE 338 338
47 $3,751,913 CCA TRUE 300 282
48 $3,742,455 CCA FALSE 262 248
49 $3,197,265 CCA TRUE 360 336
50 $3,100,000 CCA TRUE 384 360
- ---------------------------------------------------------------------------------------------
51 $3,029,642 CCA TRUE 340 340
52 $2,989,654 CCA TRUE 360 343
53 $2,954,581 CCA TRUE 360 340
54 $2,889,455 Bloomfield TRUE 300 274
55 $2,744,467 CCA FALSE 262 248
- ---------------------------------------------------------------------------------------------
56 $2,553,718 CCA TRUE 360 349
57 $2,494,969 CCA FALSE 262 248
58 $2,494,969 CCA FALSE 262 248
59 $2,398,074 CCA TRUE 360 345
- ---------------------------------------------------------------------------------------------
60 $2,376,178 CCA TRUE 360 347
61 $2,286,925 CCA TRUE 360 345
62 $2,203,317 CCA TRUE 360 345
63 $2,059,091 CCA TRUE 324 304
- ---------------------------------------------------------------------------------------------
64 $1,186,950 CCA TRUE 300 290
64 $727,007 CCA TRUE 300 290
----------
$1,913,956
- ---------------------------------------------------------------------------------------------
65 $1,498,458 CCA TRUE 300 290
66 $1,460,681 CCA TRUE 360 345
67 $1,392,565 CCA TRUE 360 346
68 $1,329,064 CCA TRUE 360 350
69 $1,289,256 CCA TRUE 360 349
- ---------------------------------------------------------------------------------------------
70 $1,278,516 CCA TRUE 352 339
71 $1,165,521 CCA TRUE 360 350
72 $1,123,425 CCA TRUE 360 350
73 $1,090,909 CCA TRUE 360 349
74 $1,089,995 CCA TRUE 360 348
- ---------------------------------------------------------------------------------------------
75 $1,081,986 CCA TRUE 360 345
76 $1,071,393 CCA TRUE 300 274
77 $927,111 CCA TRUE 360 350
78 $767,226 CCA TRUE 360 345
79 $697,169 CCA TRUE 360 350
80 $619,683 CCA TRUE 360 345
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOAN # ASSET # PROPERTY NAME BALLOON GROUND CREDIT LEASE CREDIT LOANS
REMAINING LEASE (A) TENANT/GUARANTOR
AMORTIZATION
TERM
<S> <C> <C> <C> <C> <C>
1 1 Westin Denver Hotel FALSE FALSE
2 1 208 South Lasalle FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
ACCOR-M-SIX LIMITED PARTNERSHIP
3 1 1078 124 FALSE TRUE Accor
3 2 1268 124 FALSE TRUE Accor
3 3 775 124 FALSE TRUE Accor
3 4 739 124 FALSE TRUE Accor
3 5 1040 124 FALSE TRUE Accor
3 6 253 124 FALSE TRUE Accor
3 7 245 124 FALSE TRUE Accor
3 8 700 124 FALSE TRUE Accor
3 9 1059 124 FALSE TRUE Accor
3 10 1254 124 FALSE TRUE Accor
3 11 1283 124 FALSE TRUE Accor
3 12 156 124 FALSE TRUE Accor
3 13 699 124 FALSE TRUE Accor
3 14 784 124 FALSE TRUE Accor
- -----------------------------------------------------------------------------------------------------------------------------------
4 1 Marina Pacifica Shopping Center TRUE FALSE
5 1 Luckman Plaza FALSE FALSE
6 1 Henry W. Oliver FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
CONGRESSIONAL NORTH
7 1 Congressional North Plaza FALSE FALSE
7 2 121 Congressional Lane FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
8 1 80 John Street FALSE FALSE
9 1 633 Indiana Avenue FALSE FALSE
10 1 Bank of America-Vegas FALSE FALSE
11 1 Bayside Exposition Center FALSE FALSE
12 1 Warminster Towne Center FALSE FALSE
13 1 Shops at Park Place FALSE FALSE
14 1 Campbell Forum FALSE FALSE
15 1 Calaveras Center TRUE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
CINEMARK POOL B
16 1 Colorado Springs, CO - Tinseltown 95 FALSE TRUE Cinemark
16 2 Mishawaka - Movies 10 95 FALSE TRUE Cinemark
- -----------------------------------------------------------------------------------------------------------------------------------
17 1 Mall of Orange TRUE FALSE
18 1 60 Madison Ave. FALSE FALSE
19 1 Geneva Crossing FALSE FALSE
20 1 La Jolla Professional FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
ALLIED PORTFOLIO
21 1 Park Shopping Center FALSE FALSE
21 2 Miamisburg Plaza FALSE FALSE
21 3 Page Manor FALSE FALSE
21 4 Fairborn Plaza FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
AUERBACH RETAIL PORTFOLIO
22 1 National & Sepulveda Center FALSE FALSE
22 2 Hacienda Valley FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
23 1 SL-Mentor II Facility FALSE FALSE
24 1 Signature Place Apartments FALSE FALSE
25 1 Park Fletcher FALSE FALSE
26 1 Staples Plaza FALSE FALSE
27 1 Euless Town Center FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
28 1 Willow Creek Apartments FALSE FALSE
29 1 Bayou Walk Shopping Center FALSE FALSE
30 1 Lakewood Center North FALSE FALSE
31 1 Lakeside Office Park FALSE FALSE
32 1 Regal Cinema FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
33 1 East Town Mall FALSE FALSE
34 1 Spring Glen Medical Center FALSE FALSE
35 1 532 Broad Hollow Road FALSE FALSE
36 1 Manassas Executive Center FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
37 1 Circuit City-Philadelphia 196 FALSE TRUE Circuit City
38 1 Westbury Lake Apartments FALSE FALSE
39 1 Northridge Shopping Center FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
100 COURT & LIBERTY BUILDING
40 1 Liberty Building FALSE FALSE
40 2 100 Court FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
41 1 Northwood Village FALSE FALSE
42 1 Stadium Apartments FALSE FALSE
43 1 DeKalb Plaza FALSE FALSE
44 1 Circuit City-Ridgeland 196 FALSE TRUE Circuit City
45 1 The Belgravia Building FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
46 1 Southwest Pointe Apartments FALSE FALSE
47 1 Short Pump Village FALSE FALSE
48 1 Circuit City-Indianapolis 196 FALSE TRUE Circuit City
49 1 Chestnut Gardens FALSE FALSE
50 1 Treehouse Apartments FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
51 1 Bayshore Village Apartments FALSE FALSE
52 1 Cobleskill Center FALSE FALSE
53 1 Sports Park Plaza FALSE FALSE
54 1 Cedar Grove Mobile Home Park FALSE FALSE
55 1 Circuit City-Jackson,TN 196 FALSE TRUE Circuit City
- -----------------------------------------------------------------------------------------------------------------------------------
56 1 Parham 64 FALSE FALSE
57 1 Circuit City-Kingsport 196 FALSE TRUE Circuit City
58 1 Circuit City-Witchita Falls 196 FALSE TRUE Circuit City
59 1 231-235 East 117th Street FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
60 1 Willow Creek Manor FALSE FALSE
61 1 312 East 106th Street FALSE FALSE
62 1 234/236/238/240 East 116th Street FALSE FALSE
63 1 Wayzata Bay Office Buildings FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
EASTGATE/SOUTHGATE APARTMENTS
64 1 Eastgate FALSE FALSE
64 2 South Gate Corners FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
65 1 Schram Tech Park FALSE FALSE
66 1 215 East 117th Street FALSE FALSE
67 1 Ironbridge Plaza FALSE FALSE
68 1 Huffman Business Park Buildings A & B FALSE FALSE
69 1 Flatiron FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
70 1 Winterhaven East Apartments FALSE FALSE
71 1 Hidden Creek FALSE FALSE
Apartments
72 1 Huffman Business Park Building M & N FALSE FALSE
73 1 Sentry I FALSE FALSE
74 1 Gateway Office Plaza FALSE FALSE
- -----------------------------------------------------------------------------------------------------------------------------------
75 1 228 East 116th Street FALSE FALSE
76 1 Greenway Shopping Center FALSE FALSE
77 1 Huffman Business Park Building O FALSE FALSE
78 1 2371 2nd Avenue FALSE FALSE
79 1 Huffman Business Park Building C FALSE FALSE
80 1 154 East 106th Street FALSE FALSE
</TABLE>
LOAN # RESIDUAL VALUE NET CASH LTV CROSS DEFAULTED SPLIT NOTE
POLICY FLOW DSCR
1 1.74 57.9%
2 1.38 62.0%
- --------------------------------------------------------------------------------
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
3 TRUE 1.00 90.5% TRUE
---- -----
1.00 90.5%
- --------------------------------------------------------------------------------
4 1.33 69.5%
5 1.29 65.9%
6 1.33 72.9%
- --------------------------------------------------------------------------------
7 1.22 72.5% TRUE
7 1.22 72.5% TRUE
---- -----
1.22 72.5%
- --------------------------------------------------------------------------------
8 1.27 72.3%
9 1.53 75.3%
10 1.48 57.0%
11 1.43 61.3%
12 1.25 73.3%
13 1.33 65.6%
14 1.21 69.0%
15 1.28 59.7%
- --------------------------------------------------------------------------------
16 NAP 1.00 96.6% TRUE
16 NAP 1.00 96.6% TRUE
---- -----
1.00 96.6%
- --------------------------------------------------------------------------------
17 1.25 41.9%
18 1.22 58.4%
19 1.18 77.8%
20 1.16 59.0%
- --------------------------------------------------------------------------------
21 1.24 55.4% TRUE
21 1.24 55.4% TRUE
21 1.24 55.4% TRUE
21 1.24 55.4% TRUE
---- -----
1.24 55.4%
- --------------------------------------------------------------------------------
22 1.24 80.8% TRUE
22 1.24 80.8% TRUE
---- -----
1.24 80.8%
- --------------------------------------------------------------------------------
23 1.65 75.0%
24 1.37 64.0%
25 1.27 69.8%
26 1.42 56.6%
27 1.34 75.7%
- --------------------------------------------------------------------------------
28 1.41 67.7%
29 1.21 75.8%
30 1.41 69.3%
31 1.70 47.2%
32 1.33 70.3%
- --------------------------------------------------------------------------------
33 1.22 72.9%
34 1.41 56.3%
35 1.15 64.0%
36 1.21 71.7%
- --------------------------------------------------------------------------------
37 TRUE 1.00 96.5% TRUE
38 1.18 78.5%
39 1.45 64.3%
- --------------------------------------------------------------------------------
40 1.24 62.6% TRUE
40 1.24 62.6% TRUE
---- -----
1.24 62.6%
- --------------------------------------------------------------------------------
41 1.13 76.3%
42 1.32 78.0%
43 1.21 75.8%
44 TRUE 1.00 95.9% TRUE
45 1.17 63.1%
- --------------------------------------------------------------------------------
46 1.40 82.9%
47 1.43 59.8%
48 TRUE 1.00 95.7% TRUE
49 1.41 69.5%
50 1.48 75.8%
- --------------------------------------------------------------------------------
51 1.78 62.5%
52 1.25 67.2%
53 1.59 62.5%
54 1.60 43.1%
55 TRUE 1.00 96.7% TRUE
- --------------------------------------------------------------------------------
56 1.62 63.8%
57 TRUE 1.00 96.6% TRUE
58 TRUE 1.00 96.6% TRUE
59 1.61 70.5%
- --------------------------------------------------------------------------------
60 1.62 72.0%
61 1.40 69.3%
62 1.46 73.4%
63 1.23 67.0%
- --------------------------------------------------------------------------------
64 1.88 50.5% TRUE
64 1.88 50.5% TRUE
---- -----
1.88 50.5%
- --------------------------------------------------------------------------------
65 1.25 62.7%
66 1.39 76.9%
67 1.27 66.6%
68 1.66 65.8%
69 1.51 67.9%
- --------------------------------------------------------------------------------
70 1.32 78.7%
71 1.70 72.8%
72 1.73 67.3%
73 1.62 57.4%
74 1.20 60.6%
- --------------------------------------------------------------------------------
75 1.49 72.1%
76 1.71 47.6%
77 1.68 66.9%
78 1.62 51.1%
79 1.40 66.4%
80 1.54 63.2%
<PAGE>
<TABLE>
<CAPTION>
LOAN # ASSET # PROPERTY NAME DEFEASANCE LOCK BOX DUE DATE PROPERTY TYPE
<S> <C> <C> <C> <C> <C> <C>
1 1 Westin Denver Hotel TRUE Hard 11th Hotel-Full Service
2 1 208 South Lasalle TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
ACCOR-M-SIX LIMITED PARTNERSHIP
3 1 1078 TRUE Hard 1st Hotel-Ltd. Service
3 2 1268 TRUE Hard 1st Hotel-Ltd. Service
3 3 775 TRUE Hard 1st Hotel-Ltd. Service
3 4 739 TRUE Hard 1st Hotel-Ltd. Service
3 5 1040 TRUE Hard 1st Hotel-Ltd. Service
3 6 253 TRUE Hard 1st Hotel-Ltd. Service
3 7 245 TRUE Hard 1st Hotel-Ltd. Service
3 8 700 TRUE Hard 1st Hotel-Ltd. Service
3 9 1059 TRUE Hard 1st Hotel-Ltd. Service
3 10 1254 TRUE Hard 1st Hotel-Ltd. Service
3 11 1283 TRUE Hard 1st Hotel-Ltd. Service
3 12 156 TRUE Hard 1st Hotel-Ltd. Service
3 13 699 TRUE Hard 1st Hotel-Ltd. Service
3 14 784 TRUE Hard 1st Hotel-Ltd. Service
- -----------------------------------------------------------------------------------------------------------------------------------
4 1 Marina Pacifica Shopping Center TRUE Hard 11th Retail-Anchored
5 1 Luckman Plaza TRUE Hard 11th Office
6 1 Henry W. Oliver TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
CONGRESSIONAL NORTH
7 1 Congressional North Plaza TRUE Hard 11th Retail-Anchored
7 2 121 Congressional Lane TRUE Hard 11th Office-Medical Office
- -----------------------------------------------------------------------------------------------------------------------------------
8 1 80 John Street TRUE Soft 11th Multifamily
9 1 633 Indiana Avenue TRUE Hard 11th Office
10 1 Bank of America-Vegas TRUE Hard 11th Office
11 1 Bayside Exposition Center TRUE Hard 11th Other-Convention
12 1 Warminster Towne Center TRUE Hard 11th Retail-Anchored
13 1 Shops at Park Place TRUE Hard 11th Retail-Unanchored
14 1 Campbell Forum TRUE No 11th Office
15 1 Calaveras Center TRUE Hard 11th Industrial
- -----------------------------------------------------------------------------------------------------------------------------------
CINEMARK POOL B
16 1 Colorado Springs, CO - Tinseltown TRUE Hard 11th Movie Theatre
16 2 Mishawaka - Movies 10 TRUE Hard 11th Movie Theatre
- -----------------------------------------------------------------------------------------------------------------------------------
17 1 Mall of Orange TRUE Hard 11th Retail-Anchored
18 1 60 Madison Ave. TRUE No 11th Office
19 1 Geneva Crossing TRUE Hard 11th Retail-Anchored
20 1 La Jolla Professional TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
ALLIED PORTFOLIO
21 1 Park Shopping Center TRUE Hard 11th Retail-Anchored
21 2 Miamisburg Plaza TRUE Hard 11th Retail-Anchored
21 3 Page Manor TRUE Hard 11th Retail-Unanchored
21 4 Fairborn Plaza TRUE Hard 11th Retail-Anchored
- -----------------------------------------------------------------------------------------------------------------------------------
AUERBACH RETAIL PORTFOLIO
22 1 National & Sepulveda Center TRUE Hard 11th Retail-Anchored
22 2 Hacienda Valley TRUE Hard 11th Retail-Unanchored
- -----------------------------------------------------------------------------------------------------------------------------------
23 1 SL-Mentor II Facility TRUE Hard 11th Industrial
24 1 Signature Place Apartments TRUE Soft 11th Multifamily
25 1 Park Fletcher TRUE Hard 11th Office
26 1 Staples Plaza TRUE Soft 11th Retail-Unanchored
27 1 Euless Town Center TRUE No 11th Retail-Unanchored
- -----------------------------------------------------------------------------------------------------------------------------------
28 1 Willow Creek Apartments TRUE No 11th Multifamily
29 1 Bayou Walk Shopping Center TRUE No 11th Retail-Anchored
30 1 Lakewood Center North TRUE Hard 11th Office
31 1 Lakeside Office Park TRUE No 11th Office
32 1 Regal Cinema TRUE No 11th Movie Theatre
- -----------------------------------------------------------------------------------------------------------------------------------
33 1 East Town Mall TRUE No 11th Retail-Anchored
34 1 Spring Glen Medical Center TRUE Hard 11th Office-Medical Office
35 1 532 Broad Hollow Road TRUE No 11th Office
36 1 Manassas Executive Center TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
37 1 Circuit City-Philadelphia TRUE Hard 11th Retail-Quasi-Anchored
38 1 Westbury Lake Apartments TRUE No 11th Multifamily
39 1 Northridge Shopping Center TRUE No 11th Retail-Anchored
- -----------------------------------------------------------------------------------------------------------------------------------
100 COURT & LIBERTY BUILDING
40 1 Liberty Building TRUE Hard 11th Office
40 2 100 Court TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
41 1 Northwood Village TRUE No 11th Multifamily
42 1 Stadium Apartments TRUE No 11th Multifamily
43 1 DeKalb Plaza TRUE No 11th Retail-Quasi-Anchored
44 1 Circuit City-Ridgeland TRUE Hard 11th Retail-Quasi-Anchored
45 1 The Belgravia Building TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
46 1 Southwest Pointe Apartments TRUE No 11th Multifamily
47 1 Short Pump Village TRUE No 11th Retail-Quasi-Anchored
48 1 Circuit City-Indianapolis TRUE Hard 11th Retail-Quasi-Anchored
49 1 Chestnut Gardens TRUE No 11th Multifamily
50 1 Treehouse Apartments TRUE No 11th Multifamily
- -----------------------------------------------------------------------------------------------------------------------------------
51 1 Bayshore Village Apartments TRUE No 11th Multifamily
52 1 Cobleskill Center TRUE No 11th Retail-Anchored
53 1 Sports Park Plaza TRUE No 11th Office
54 1 Cedar Grove Mobile Home Park TRUE No 11th Mobile Home Park
55 1 Circuit City-Jackson,TN TRUE Hard 11th Retail-Quasi-Anchored
- -----------------------------------------------------------------------------------------------------------------------------------
56 1 Parham 64 TRUE Hard 11th Office
57 1 Circuit City-Kingsport TRUE Hard 11th Retail-Quasi-Anchored
58 1 Circuit City-Wichita Falls TRUE Hard 11th Retail-Quasi-Anchored
59 1 231-235 East 117th Street TRUE Soft 11th Multifamily
- -----------------------------------------------------------------------------------------------------------------------------------
60 1 Willow Creek Manor TRUE No 11th Multifamily
61 1 312 East 106th Street TRUE Soft 11th Multifamily
62 1 234/236/238/240 East 116th Street TRUE Soft 11th Multifamily
63 1 Wayzata Bay Office Buildings TRUE No 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
EASTGATE/SOUTHGATE APARTMENTS
64 1 Eastgate TRUE No 11th Multifamily
64 2 South Gate Corners TRUE No 11th Retail-Quasi-Anchored
- -----------------------------------------------------------------------------------------------------------------------------------
65 1 Schram Tech Park TRUE No 11th Industrial
66 1 215 East 117th Street TRUE Soft 11th Multifamily
67 1 Ironbridge Plaza TRUE No 11th Retail-Quasi-Anchored
68 1 Huffman Business Park Buildings A TRUE No 11th Industrial
& B
69 1 Flatiron TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
70 1 Winterhaven East Apartments TRUE No 11th Multifamily
71 1 Hidden Creek TRUE No 11th Multifamily
Apartments
72 1 Huffman Business Park Building M & N TRUE No 11th Industrial
73 1 Sentry I TRUE Hard 11th Office
74 1 Gateway Office Plaza TRUE Hard 11th Office
- -----------------------------------------------------------------------------------------------------------------------------------
75 1 228 East 116th Street TRUE Soft 11th Multifamily
76 1 Greenway Shopping Center TRUE No 11th Retail-Quasi-Anchored
77 1 Huffman Business Park Building O TRUE No 11th Industrial
78 1 2371 2nd Avenue TRUE Soft 11th Multifamily
79 1 Huffman Business Park Building C TRUE No 11th Industrial
80 1 154 East 106th Street TRUE Soft 11th Multifamily
</TABLE>
LOAN # PREMIUM LOAN ORIGINAL BASE RATE BORROWER PAYS LETTER OF
PREMIUM RATING AGENCY CREDIT
FEE
1 FALSE FALSE
2 TRUE $2,597,812 7.785% FALSE
- -------------------------------------------------------------------------------
FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
3 FALSE FALSE
FALSE
- -------------------------------------------------------------------------------
4 FALSE FALSE
5 FALSE FALSE
6 TRUE $2,911,319 7.490% FALSE
- -------------------------------------------------------------------------------
7 FALSE FALSE
7 FALSE FALSE
- -------------------------------------------------------------------------------
8 FALSE FALSE
9 FALSE FALSE
10 FALSE FALSE
11 FALSE FALSE
12 FALSE FALSE
13 FALSE FALSE
14 TRUE $1,107,019 7.680% FALSE
15 FALSE FALSE
- -------------------------------------------------------------------------------
16 FALSE FALSE
16 FALSE FALSE
- -------------------------------------------------------------------------------
17 FALSE FALSE
18 TRUE $672,146 7.760% FALSE
19 TRUE $1,188,829 7.460% FALSE
20 TRUE $957,199 7.390% FALSE
- -------------------------------------------------------------------------------
21 FALSE FALSE
21 FALSE FALSE
21 FALSE FALSE
21 FALSE FALSE
- -------------------------------------------------------------------------------
22 FALSE FALSE
22 FALSE FALSE
- -------------------------------------------------------------------------------
23 FALSE FALSE
24 TRUE $733,469 7.160% FALSE
25 FALSE FALSE
26 FALSE FALSE
27 FALSE FALSE
- -------------------------------------------------------------------------------
28 FALSE FALSE
29 TRUE $762,528 7.390% FALSE
30 FALSE FALSE
31 FALSE FALSE
32 FALSE FALSE
- -------------------------------------------------------------------------------
33 FALSE FALSE
34 FALSE FALSE
35 FALSE FALSE
36 TRUE $590,868 7.147% FALSE
- -------------------------------------------------------------------------------
37 FALSE FALSE
38 FALSE FALSE
39 FALSE FALSE
- -------------------------------------------------------------------------------
40 TRUE 7.750% FALSE
40 TRUE 7.750% FALSE
$280,127
- -------------------------------------------------------------------------------
41 FALSE FALSE
42 FALSE FALSE
43 FALSE FALSE
44 FALSE FALSE
45 FALSE FALSE
- -------------------------------------------------------------------------------
46 FALSE FALSE
47 FALSE FALSE
48 FALSE FALSE
49 FALSE FALSE
50 FALSE FALSE
- -------------------------------------------------------------------------------
51 FALSE FALSE
52 FALSE FALSE
53 FALSE FALSE
54 FALSE FALSE
55 FALSE FALSE
- -------------------------------------------------------------------------------
56 FALSE FALSE
57 FALSE FALSE
58 FALSE FALSE
59 FALSE FALSE
- -------------------------------------------------------------------------------
60 FALSE FALSE
61 FALSE FALSE
62 FALSE FALSE
63 FALSE FALSE
- -------------------------------------------------------------------------------
64 FALSE FALSE
64 FALSE FALSE
- -------------------------------------------------------------------------------
65 FALSE FALSE
66 FALSE FALSE
67 FALSE FALSE
68 FALSE FALSE
69 FALSE FALSE
- -------------------------------------------------------------------------------
70 FALSE FALSE
71 FALSE FALSE
72 FALSE FALSE
73 FALSE FALSE
74 FALSE FALSE
- -------------------------------------------------------------------------------
75 FALSE FALSE
76 FALSE FALSE
77 FALSE FALSE
78 FALSE FALSE
79 FALSE FALSE
80 FALSE FALSE
<PAGE>
<TABLE>
<CAPTION>
LOAN # ASSET # PROPERTY NAME CREDIT CLT LEASE BALLOON NET
LEASE PAYMENT BALANCE MORTGAGE
EXPIRATION PASS-THROUGH
DATE RATE
<S> <C> <C> <C> <C> <C> <C>
1 1 Westin Denver Hotel $3,637,680 8.452%
2 1 208 South Lasalle $6,500,741 8.447%
- --------------------------------------------------------------------------------------------------
ACCOR-M-SIX LIMITED PARTNERSHIP
3 1 1078 30-Apr-19 $1,274,194 6.977%
3 2 1268 30-Apr-19 $964,747 6.977%
3 3 775 30-Apr-19 $946,544 6.977%
3 4 739 30-Apr-19 $928,341 6.977%
3 5 1040 30-Apr-19 $873,733 6.977%
3 6 253 30-Apr-19 $819,125 6.977%
3 7 245 30-Apr-19 $655,300 6.977%
3 8 700 30-Apr-19 $564,286 6.977%
3 9 1059 30-Apr-19 $546,083 6.977%
3 10 1254 30-Apr-19 $509,678 6.977%
3 11 1283 30-Apr-19 $491,475 6.977%
3 12 156 30-Apr-19 $473,272 6.977%
3 13 699 30-Apr-19 $455,069 6.977%
3 14 784 30-Apr-19 $436,866 6.977%
-------- ----------
$332,484 $9,938,713
- --------------------------------------------------------------------------------------------------
4 1 Marina Pacifica $4,467,879 8.264%
Shopping Center
5 1 Luckman Plaza $7,787,248 7.937%
6 1 Henry W. Oliver $4,960,959 8.447%
- --------------------------------------------------------------------------------------------------
CONGRESSIONAL NORTH
7 1 Congressional North $2,700,371 7.787%
Plaza
7 2 121 Congressional Lane $497,437 7.787%
----------
$3,197,808
- --------------------------------------------------------------------------------------------------
8 1 80 John Street $2,328,341 7.289%
9 1 633 Indiana Avenue $1,752,489 6.987%
10 1 Bank of America-Vegas $3,229,435 7.697%
11 1 Bayside Exposition $1,288,275 7.197%
Center
12 1 Warminster Towne Center $2,415,841 8.187%
13 1 Shops at Park Place $2,996,489 8.307%
14 1 Campbell Forum $2,912,900 8.447%
15 1 Calaveras Center $2,326,310 7.827%
- --------------------------------------------------------------------------------------------------
CINEMARK POOL B
16 1 Colorado Springs, CO - 11-Mar-18 $151,105 $- 7.996%
Tinseltown
16 2 Mishawaka - Movies 10 11-Mar-18 $79,750 $- 7.996%
-------- ----------
$230,855 $-
- --------------------------------------------------------------------------------------------------
17 1 Mall of Orange $1,944,765 8.727%
18 1 60 Madison Ave. $1,989,534 8.447%
19 1 Geneva Crossing $2,029,801 8.447%
20 1 La Jolla Professional $4,694,086 8.397%
- --------------------------------------------------------------------------------------------------
ALLIED PORTFOLIO
21 1 Park Shopping Center $1,453,345 8.797%
21 2 Miamisburg Plaza $338,939 8.797%
21 3 Page Manor $235,257 8.797%
21 4 Fairborn Plaza $223,651 8.797%
----------
$2,251,192
- --------------------------------------------------------------------- ----------------------------
AUERBACH RETAIL PORTFOLIO
22 1 National & Sepulveda $1,087,462 7.497%
Center
22 2 Hacienda Valley $220,145 7.497%
----------
$1,307,607
- --------------------------------------------------------------------------------------------------
23 1 SL-Mentor II Facility $1,029,094 7.160%
24 1 Signature Place $2,140,198 7.947%
Apartments
25 1 Park Fletcher $808,157 7.177%
26 1 Staples Plaza $782,371 7.367%
27 1 Euless Town Center $450,215 6.917%
- --------------------------------------------------------------------------------------------------
28 1 Willow Creek Apartments $792,413 7.847%
29 1 Bayou Walk Shopping $1,182,727 8.447%
Center
30 1 Lakewood Center North $753,273 7.339%
31 1 Lakeside Office Park $418,139 7.057%
32 1 Regal Cinema $681,687 8.037%
- --------------------------------------------------------------------------------------------------
33 1 East Town Mall $444,716 7.377%
34 1 Spring Glen Medical $704,433 7.767%
Center
35 1 532 Broad Hollow Road $865,340 8.167%
36 1 Manassas Executive $930,300 8.447%
Center
- --------------------------------------------------------------------------------------------------
37 1 Circuit 30-Jun-20 $50,342 $2,803,968 7.587%
City-Philadelphia
38 1 Westbury Lake Apartments $352,974 7.267%
39 1 Northridge Shopping $390,183 7.697%
Center
- --------------------------------------------------------------------------------------------------
100 COURT & LIBERTY BUILDING
40 1 Liberty Building $427,257 8.447%
40 2 100 Court $385,478 8.447%
--------
$812,735
- --------------------------------------------------------------------------------------------------
41 1 Northwood Village $423,888 7.587%
42 1 Stadium Apartments $427,279 7.407%
43 1 DeKalb Plaza $504,261 7.547%
44 1 Circuit City-Ridgeland 30-Jun-20 $35,958 $2,002,830 7.587%
45 1 The Belgravia Building $- 7.297%
- --------------------------------------------------------------------------------------------------
46 1 Southwest Pointe $320,563 7.247%
Apartments
47 1 Short Pump Village $216,701 7.017%
48 1 Circuit 30-Jun-20 $32,363 $1,802,547 7.587%
City-Indianapolis
49 1 Chestnut Gardens $358,125 7.627%
50 1 Treehouse Apartments $375,858 7.857%
- --------------------------------------------------------------------- -------------------------
51 1 Bayshore Village $228,577 6.997%
Apartments
52 1 Cobleskill Center $311,061 7.387%
53 1 Sports Park Plaza $272,494 7.177%
54 1 Cedar Grove Mobile Home $200,278 7.617%
Park
55 1 Circuit City-Jackson,TN 30-Jun-20 $23,733 $1,321,869 7.587%
- --------------------------------------------------------------------------------------------------
56 1 Parham 64 $228,572 7.067%
57 1 Circuit City-Kingsport 30-Jun-20 $21,575 $1,201,696 7.587%
58 1 Circuit City-Witchita 30-Jun-20 $21,575 $1,201,696 7.587%
Falls
59 1 231-235 East 117th $254,892 7.437%
Street
- --------------------------------------------------------------------------------------------------
60 1 Willow Creek Manor $207,918 6.997%
61 1 312 East 106th Street $243,080 7.437%
62 1 234/236/238/240 East $234,193 7.437%
116th Street
63 1 Wayzata Bay Office $148,531 7.267%
Buildings
- --------------------------------------------------------------------------------------------------
EASTGATE/SOUTHGATE APARTMENTS
64 1 Eastgate $76,326 7.447%
64 2 South Gate Corners $46,750 7.447%
--------
$123,076
- --------------------------------------------------------------------------------------------------
65 1 Schram Tech Park $101,627 7.587%
66 1 215 East 117th Street $155,256 8.447%
67 1 Ironbridge Plaza $116,363 6.847%
68 1 Huffman Business Park $105,206 6.727%
Buildings A & B
69 1 Flatiron $115,399 7.067%
- --------------------------------------------------------------------------------------------------
70 1 Winterhaven East $102,621 6.927%
Apartments
71 1 Hidden Creek $91,192 6.697%
Apartments
72 1 Huffman Business Park $88,928 6.727%
Building M & N
73 1 Sentry I $97,643 7.067%
74 1 Gateway Office Plaza $95,354 6.977%
- --------------------------------------------------------------------------------------------------
75 1 228 East 116th Street $115,004 7.437%
76 1 Greenway Shopping Center $88,908 8.177%
77 1 Huffman Business Park $73,386 6.727%
Building O
78 1 2371 2nd Avenue $81,554 7.437%
79 1 Huffman Business Park $55,186 6.727%
Building C
80 1 154 East 106th Street $65,865 7.437%
</TABLE>
EXHIBIT C-1
AFFIDAVIT PURSUANT TO
SECTION 860E(e)(4) OF THE
INTERNAL REVENUE CODE OF
1986, AS AMENDED
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
__________________, being first duly sworn, deposes and says:
1. That he/she is a ______________ of ____________
______________________ (the "Purchaser"), a ___________ duly organized and
existing under the laws of the State of ________, on behalf of which he makes
this affidavit.
2. That the Purchaser's Taxpayer Identification Number is
_________________.
3. That the Purchaser of the Commercial Mortgage Asset Trust,
Commercial Mortgage Pass-Through Certificates, Series 1999-C2, Class [R] [LR]
(the "Class [R] [LR] Certificate") is a Permitted Transferee (as defined in
Article I of the Pooling and Servicing Agreement, dated as of October 11, 1999,
by and among Asset Securitization Corporation, as depositor, BNY Asset Solutions
LLC, as servicer, Lennar Partners, Inc., as special servicer, LaSalle Bank
National Association, as trustee, and ABN AMRO Bank N.V., as fiscal agent (the
"Pooling and Servicing Agreement"), or is acquiring the Class [R] [LR]
Certificate for the account of, or as agent (including as a broker, nominee, or
other middleman) for, a Permitted Transferee and has received from such person
or entity an affidavit substantially in the form of this affidavit.
4. That the Purchaser historically has paid its debts as they have
come due and intends to pay its debts as they come due in the future and the
Purchaser intends to pay taxes associated with holding the Class [R] [LR]
Certificate as they become due.
5. That the Purchaser understands that it may incur tax liabilities
with respect to the Class [R] [LR] Certificate in excess of any cash flow
generated by the Class [R] [LR] Certificate. [The Purchaser acknowledges that
the Class LR Certificate represents a residual interest in three separate
REMICs: the Lower-Tier REMIC, the Geneva Crossing REMIC and the Henry W. Oliver
REMIC.]
6. That the Purchaser will not transfer the [Class [R] [LR]
Certificate] [Loan REMIC Residual Interests] to any person or entity from which
the Purchaser has not received an affidavit substantially in the form of this
affidavit or as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 4 or paragraph 7 hereof are not
satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.
7. That the Purchaser is not a Disqualified Non-U.S. Person and is
not purchasing the Class [R] [LR] Certificate for the account of, or as an agent
(including as a broker, nominee or other middleman) for, a Disqualified Non-U.S.
Person.
8. That the Purchaser agrees to such amendments of the Pooling and
Servicing Agreement as may be required to further effectuate the restrictions on
transfer of the Class [R] [LR] Certificate to such a "disqualified
organization," an agent thereof, or a person that does not satisfy the
requirements of paragraph 4 and paragraph 7 hereof.
9. That, if a "tax matters person" is required to be designated with
respect to the [Upper-Tier REMIC] [Lower-Tier REMIC or either of the Loan
REMICs], the Purchaser agrees to act as "tax matters person" and to perform the
functions of "tax matters partner" of the [Upper-Tier REMIC] [the Lower-Tier
REMIC or such Loan REMIC as the case may be] pursuant to Section 4.04 of the
Pooling and Servicing Agreement, and agrees to the irrevocable designation of
the Trustee as the Purchaser's agent in performing the function of "tax matters
person" and "tax matters partner."
10. The Purchaser agrees to be bound by and to abide by the
provisions of Section 5.02 of the Pooling and Servicing Agreement concerning
registration of the transfer and exchange of the Class [R] [LR] Certificate.
Capitalized terms used but not defined herein have the respective
meanings ascribed to such terms in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
executed on its behalf by its ______________ this ________ day of
_________________, 1999.
[PURCHASER]
By:______________________
Title:
Name:
Personally appeared before me the above-named _______________, known
or proved to me to be the same person who executed the foregoing instrument and
to be the _____________ of the Purchaser, and acknowledged to me that he/she
executed the same as his/her free act and deed and the free act and deed of the
Purchaser.
Subscribed and sworn before me this _______ day of
___________________, ______.
- ------------------------
NOTARY PUBLIC
COUNTY OF ___________
STATE OF _________
My commission expires the ________ day of ________________, ____.
