DISCLAIMER
Prospective investors are advised to read carefully, and should rely solely on,
the Prospectus Supplement dated January , 2001 and accompanying Prospectus dated
September 11, 2000 (together, the "Prospectus") relating to the Certificates
referred to below in making their investment decision.
This diskette accompanies and is a part of the Prospectus Supplement relating to
the Commercial Mortgage Pass - Through Certificates Series 2001-PPM (the
"Certificates"). The information set forth on this diskette is an electronic
copy of the information set forth in Appendix II "Certain Characteristics of the
Mortgage Loans" in the Prospectus. This diskette should be reviewed only in
conjunction with the entire Prospectus. This diskette does not contain all
relevant information relating to the Certificates. Such information is described
elsewhere in the Prospectus.
Methodologies used in deriving certain information contained on this diskette
are more fully described elsewhere in the Prospectus.
The information on this diskette should not be viewed as projections, forecasts,
predictions or opinions with respect to value.
Prior to making any investment decision, a prospective investor must receive and
should carefully review the Prospectus. NOTHING IN THIS DISKETTE SHOULD BE
CONSIDERED AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY
CERTIFICATES.
<PAGE>
APPENDIX II
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Aggregate Cut-Off
Loan Cut-Off Date Balance/
No. Portfolio Name Property Name (1) Date Balance (2) Square Foot (3)
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 Whitesell Industrial II 950 Taylor's Lane (I) $7,188,044 $26.24
2 Whitesell Industrial II 2703 Cindel Drive (I) $5,603,132 $26.24
3 Whitesell Industrial II 823 Eastgate (I) $3,803,791 $26.24
4 Whitesell Industrial II 1817 Route 130 (I) $3,598,685 $26.24
5 Whitesell Industrial II 399 Dulty's Lane (I) $1,976,478 $26.24
6 Whitesell Industrial II 600 Glen Court (I) $1,873,927 $26.24
7 Whitesell Industrial II 397 Dulty's Lane (I) $1,734,081 $26.24
8 Whitesell Industrial II 614 Heron Drive (I) $1,706,112 $26.24
9 Whitesell Industrial II 603 Heron Drive (I) $1,351,837 $26.24
10 Whitesell Industrial II 204 Center Square Road (I) $1,156,054 $26.24
11 Whitesell Industrial II 102 Gaither Drive (I) $960,271 $26.24
12 850 Stephenson Highway (A) $12,115,884 $88.21
13 750 Stephenson Highway (A) $11,321,400 $88.21
14 1400 Stephenson Highway Office Building (A) $6,951,736 $88.21
15 State Street Square $29,338,794 $79.91
16 6000 & 8000 Midlantic Drive $21,779,278 $63.06
17 Century III Plaza $21,505,227 $77.60
18 Mericle Development I 75-95 Jaycee Drive (II) (B) $2,733,882 $24.04
19 Mericle Development I 350-390 N. Pennsylvania Avenue (II) (B) $2,602,689 $24.04
20 Mericle Development I 155 Stewart Road (II) (B) $2,272,592 $24.04
21 Mericle Development I 600 Baltimore Drive (II) (B) $2,176,666 $24.04
22 Mericle Development I 225 Stewart Road (II) (B) $1,760,518 $24.04
23 Mericle Development I 565 Oak Ridge Road (II) (B) $1,718,198 $24.04
24 Mericle Development I 1150 Crestwood Drive (II) (B) $842,171 $24.04
25 Mericle IV The Harte-Hanks Facility (III) (B) $2,150,263 $24.04
26 Mericle IV Vogelbacher Industrial Park (III) (B) $2,150,263 $24.04
27 15 & 19 Burt Collins Drive (B) $2,621,758 $24.04
28 Park Austin Apartments $20,650,000 $35,119.05
29 Willow Springs Apartments (C) $7,770,511 $20,982.20
30 Chesapeake Apartments (C) $5,710,890 $20,982.20
31 Mission Antigua Apartments (C) $5,570,440 $20,982.20
32 Southgate Commerce Ctr Aurora Warehouse Southgate Commerce Center, Inc. (IV) $7,781,702 $12.54
33 Southgate Commerce Ctr Southgate Commerce Center, Inc. (IV) $5,992,805 $12.54
34 Southgate Commerce Ctr Southgate Commerce Center, Inc. (IV) $4,114,463 $12.54
35 Mendota I & II A Northland Insurance Buildings (V) $9,784,650 $60.14
36 Mendota I & II A Mendota Office Center I and II (V) $7,960,453 $60.14
37 Donaldson's Crossroads Shopping Center $16,099,412 $57.93
38 Cross Keys Place $14,913,025 $72.43
39 The Village at University Place II $14,833,372 $78.24
40 Pepper Cove Apartments (D) $7,566,243 $35,881.02
41 The Kensington Apartments (D) $5,745,616 $35,881.02
42 Wonderland MarketPlace $11,706,047 $86.71
43 Festival at Manchester Lakes $11,504,571 $71.93
44 Whitesell 550 Glen Avenue (VI) $1,994,539 $22.42
45 Whitesell 20 West Stow Road (VI) $1,550,945 $22.42
46 Whitesell 1825 Underwood Boulevard (VI) $1,112,800 $22.42
47 Whitesell 1829 Underwood Boulevard (VI) $961,303 $22.42
48 Whitesell 1816 Underwood Boulevard (VI) $952,583 $22.42
49 Whitesell 1819 Underwood Boulevard (VI) $943,864 $22.42
50 Whitesell 1812 Underwood Boulevard (VI) $694,274 $22.42
51 Whitesell One Underwood Court (VI) $570,024 $22.42
52 Whitesell 1801 Underwood Boulevard (VI) $534,057 $22.42
53 Whitesell 1835 Underwood Boulevard (VI) $471,932 $22.42
54 Whitesell 1803 Underwood Boulevard (VI) $401,088 $22.42
55 Whitesell 1810 Underwood Boulevard (VI) $382,559 $22.42
56 Whitesell 1822 Underwood Boulevard (VI) $329,153 $22.42
57 Six Neshaminy Interplex $10,668,604 $95.45
58 757 & 835 Springdale Drive (E) $5,800,241 $52.92
59 1504 Glen Avenue (E) $2,563,238 $52.92
60 Brookview Corporate Center (E) $2,270,296 $52.92
61 Chesterfield Village Square $9,734,727 $73.02
62 Northtown Devco Industrial Building 220 (VII) $1,887,828 $12.25
63 Northtown Devco Industrial Building 222 (VII) $1,342,455 $12.25
64 Northtown Devco Industrial Building 223 (VII) $1,216,600 $12.25
65 Northtown Devco Industrial Building 211 (VII) $964,890 $12.25
66 Northtown Devco Industrial Building 204 (VII) $679,618 $12.25
67 Northtown Devco Industrial Building 232 (VII) $637,667 $12.25
68 Northtown Devco Industrial Building 224 (VII) $574,738 $12.25
69 Northtown Devco Industrial Building 237 (VII) $486,640 $12.25
70 Northtown Devco Industrial Building 238 (VII) $486,640 $12.25
71 Northtown Devco Industrial Building 219 (VII) $423,713 $12.25
72 Northtown Devco Industrial Building 214 (VII) $419,517 $12.25
73 Northtown Devco Industrial Building 233 (VII) $318,833 $12.25
74 Crabtree Crossing Apartments $9,150,982 $43,995.11
75 Evergreen Atrium Office Building $8,856,017 $56.26
76 Eckerd Drug Eckerd - #5635 (VIII) $3,266,791 $190.85
77 Eckerd Drug Eckerd - #5821 (VIII) $1,914,441 $190.85
78 Eckerd Drug Eckerd - #5028 (VIII) $1,673,783 $190.85
79 Eckerd Drug Eckerd -#5831 (VIII) $1,472,263 $190.85
80 Powerline Center $7,988,403 $24.97
81 The Waterford at Valley Ranch Apartments $7,946,296 $26,487.65
82 Boca Corporate Center (*) $6,939,970 $96.68
83 Boca Corporate Center (*) $982,529 $96.68
84 Naab Road Medical Center $7,638,236 $99.46
85 Crown Point Shopping Center $7,578,857 $51.41
86 Westport Business Park Westport Business Park 1-4 (IX) $4,866,901 $35.09
87 Westport Business Park Westport Business Park 12-14 (IX) $2,385,736 $35.09
88 Fair Oaks Renaissance Plaza $6,970,822 $100.62
89 Cranberry Corporate Center $6,785,466 $46.96
90 Bayside Bridge Plaza Shopping Center $6,496,096 $37.64
91 Franklin Office Center $6,144,622 $65.30
92 Forest Park II & III $6,059,257 $68.94
93 The Plaza at Williams Centre $6,477,258 $59.47
94 US Web Building $5,998,525 $114.39
95 Livermore Airway Business Park (Projects 1,3, and 7) $5,967,941 $36.33
96 Vons at Eastgate Plaza $5,860,026 $106.23
97 9000 Keystone Crossing Office Center $5,661,350 $42.25
98 2115 Rexford $5,635,054 $77.48
99 Britannia Business Center $5,542,291 $33.86
100 Perimeter Corporate Park II $5,146,616 $37.41
101 Village at Gap $5,106,338 $60.74
102 Rainbow Foods $4,831,875 $70.54
103 Dopaco Company Building $4,796,781 $23.98
104 Monroe Plaza Shopping Center $4,801,849 59.69
105 IRS Office Building $4,757,627 $92.20
106 Alpharetta Commons Shopping Center 4758728.91 50.33
107 Cooper Power Tools, Inc. $4,667,768 $57.46
108 Shorewood Retail Center 4613590.12 96.12
109 Interchange I, II & III $4,463,060 $23.29
110 32nd Street Business Center $4,272,240 $48.55
111 Philly Broad Street CVS / G Street CVS Pharmacy (F) $2,849,503 $137.04
112 Ocean City CVS #961 (F) $1,316,572 $137.04
113 Oaks of Westlakes Apartments $4,092,594 $15,270.87
114 Costa Mesa Shopping Center $3,654,055 $48.82
115 The Crossing Apartments $3,607,358 $37,576.64
116 Creekside I Apartments $3,548,542 $36,963.97
117 21101-21211 Oxnard Street & 601 Variel Avenue $3,351,605 $55.62
118 North American Beltmann Building $3,318,663 $23.89
119 Freedom Centre $3,275,518 $34.95
120 Springtree Plaza Shopping Center (**) $3,150,000 $183.93
121 Springtree Plaza Shopping Center (**) $111,153 $183.93
122 ALTEK Industrial Building $3,155,575 $22.77
123 Eisenhower Corporate Park, Bldg. D $3,083,816 $81.42
124 675 East 500 South $3,004,562 $40.43
125 Welles Street Industrial $2,920,632 $7.65
126 Resource Park West Office Building $2,917,172 $50.07
127 33300-33360 Central Avenue $2,767,127 $29.21
128 One Willow Creek Office Building $2,622,026 $79.09
129 CVS Centers, Inc., CVS Pharmacy $2,595,088 $128.15
130 1400-1550 Whipple Road $2,000,374 $18.81
131 Precision Litho Building $1,929,485 $34.46
132 Churchill-Winston Building $1,751,964 $17.37
TOTAL/WEIGHTED AVERAGE $623,573,070
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Original Original
Term to Remaining Amort. Balloon
Loan Mortgage Note Maturity Maturity Term to Term Loan
No. Rate Constant Date Date (4) (mos) Maturity (mos) (mos) (5) Balance
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $5,368,600
2 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $4,184,862
3 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $2,840,972
4 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $2,687,782
5 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $1,476,190
6 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $1,399,597
7 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $1,295,149
8 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $1,274,260
9 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $1,009,659
10 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $863,432
11 8.150% 10.887% 12/03/97 12/01/07 119 83 240 $717,206
12 8.530% 9.754% 05/12/00 05/01/10 119 112 300 $10,010,559
13 8.530% 9.754% 05/12/00 05/01/10 119 112 300 $9,354,129
14 8.530% 9.754% 05/12/00 05/01/10 119 112 300 $5,743,763
15 8.270% 12.716% 09/24/96 10/01/13 204 153 204 $0
16 8.320% 11.326% 12/16/96 01/01/07 120 72 240 $16,708,097
17 8.210% 9.975% 02/18/97 03/01/07 120 74 300 $18,470,964
18 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
19 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
20 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
21 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
22 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
23 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
24 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
25 6.620% 11.952% 01/22/99 02/01/16 204 181 204 $0
26 6.620% 11.952% 01/22/99 02/01/16 204 181 204 $0
27 8.570% 11.952% 11/05/96 12/01/14 216 167 216 $0
28 7.940% 7.940% 12/15/99 01/01/05 60 48 324 $19,440,675
29 7.770% 9.419% 12/18/95 12/20/05 119 59 330 $6,990,615
30 7.770% 9.419% 12/18/95 12/20/05 119 59 330 $5,137,761
31 7.770% 9.419% 12/18/95 12/20/05 119 59 330 $5,011,377
32 8.180% 11.373% 07/25/96 08/01/06 120 67 240 $6,031,029
33 8.180% 11.373% 07/25/96 08/01/06 120 67 240 $4,644,585
34 8.180% 11.373% 07/25/96 08/01/06 120 67 240 $3,188,820
35 7.900% 9.314% 11/01/99 11/01/09 120 106 300 $8,024,451
36 7.900% 9.314% 11/01/99 11/01/09 120 106 300 $6,528,416
37 8.380% 11.285% 03/26/97 04/01/17 240 195 240 $0
38 8.000% 9.860% 11/30/99 12/01/11 144 131 264 $10,099,849
39 8.440% 10.241% 08/20/96 09/01/06 120 68 300 $12,900,972
40 7.980% 9.659% 12/30/96 01/01/04 84 36 312 $7,137,295
41 7.980% 9.659% 12/26/96 01/01/04 84 36 312 $5,419,884
42 8.160% 9.197% 09/30/97 09/30/05 96 57 360 $11,004,329
43 7.925% 9.998% 11/17/95 11/17/02 83 22 300 $11,012,559
44 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $1,556,068
45 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $1,209,992
46 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $868,167
47 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $749,974
48 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $743,171
49 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $736,369
50 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $541,648
51 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $444,712
52 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $416,652
53 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $368,184
54 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $312,914
55 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $298,459
56 8.250% 11.483% 05/10/96 06/01/06 120 65 240 $256,794
57 8.300% 9.601% 02/03/00 03/01/10 120 110 300 $8,771,857
58 7.800% 10.127% 11/12/99 12/01/09 120 107 240 $4,069,707
59 7.800% 10.127% 11/12/99 12/01/09 120 107 240 $1,798,482
60 7.800% 10.127% 11/12/99 12/01/09 120 107 240 $1,592,940
61 7.990% 10.900% 07/21/97 07/01/07 119 78 240 $7,330,787
62 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
63 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
64 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
65 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
66 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
67 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
68 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
69 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
70 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
71 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
72 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
73 8.170% 13.809% 12/23/96 01/01/12 180 132 180 $0
74 8.000% 9.311% 07/18/00 08/01/25 300 295 300 $0
75 8.040% 9.760% 08/28/97 09/01/07 120 80 300 $7,518,614
76 8.180% 11.833% 05/11/00 06/01/15 180 173 180 $0
77 8.180% 11.833% 05/11/00 06/01/15 180 173 180 $0
78 8.180% 11.833% 05/11/00 06/01/15 180 173 180 $0
79 8.180% 11.833% 05/11/00 06/01/15 180 173 180 $0
80 8.270% 9.936% 08/27/97 09/01/07 120 80 300 $6,809,881
81 8.460% 10.241% 09/03/96 10/01/11 180 129 300 $5,478,954
82 8.010% 9.674% 07/07/97 08/01/07 120 79 300 $5,897,220
83 7.280% 9.674% 12/06/99 08/01/07 91 79 276 $829,659
84 8.410% 10.044% 08/01/97 09/01/07 120 80 300 $6,527,369
85 8.120% 9.877% 04/24/97 05/01/07 120 76 300 $6,480,684
86 8.140% 9.822% 09/02/97 09/01/02 60 20 300 $4,721,292
87 8.140% 9.822% 09/02/97 09/01/02 60 20 300 $2,314,359
88 7.940% 10.486% 08/05/99 09/01/19 240 224 240 $0
89 8.100% 10.257% 10/18/00 04/01/20 233 231 234 $45,308
90 8.480% 11.525% 09/17/96 10/01/16 240 189 240 $0
91 8.390% 10.128% 01/02/97 02/01/07 120 73 300 $5,300,898
92 8.310% 10.312% 08/27/97 09/01/07 120 80 276 $4,983,324
93 8.720% 11.697% 09/06/96 09/01/06 119 68 240 $5,070,551
94 8.170% 10.269% 06/21/00 07/01/20 240 234 240 $0
95 7.990% 11.092% 12/31/96 01/01/07 120 72 240 $4,548,677
96 8.100% 10.181% 08/15/00 09/01/20 240 236 240 $0
97 8.510% 10.249% 11/21/96 12/01/06 120 71 300 $4,907,418
98 8.140% 9.782% 12/19/96 01/01/07 120 72 312 $4,922,424
99 8.190% 9.634% 03/27/97 04/30/07 121 76 324 $4,880,719
100 8.680% 11.583% 12/09/96 12/01/03 84 35 240 $4,652,746
101 8.200% 10.973% 10/29/97 11/01/17 240 202 240 $0
102 8.560% 11.925% 10/09/96 11/01/15 228 178 228 $0
103 8.040% 13.181% 09/23/97 10/01/12 180 141 180 $0
104 8.170% 11.219% 12/19/96 01/01/07 120 72 240 $3,672,954
105 8.110% 12.211% 02/06/98 07/01/14 196 162 196 $0
106 0.0816 9.865% 07/30/97 08/01/12 180 139 300 $3,202,159
107 8.220% 9.911% 07/21/00 08/01/10 120 115 240 $3,304,626
108 0.0803 10.902% 07/16/97 09/01/17 240 200 240 $0
109 7.960% 14.611% 12/01/95 12/01/10 180 119 180 $49,465
110 8.490% 10.474% 08/31/00 09/01/20 240 236 240 $0
111 8.050% 10.943% 07/02/97 08/01/17 240 199 240 $0
112 8.050% 10.943% 07/02/97 08/01/17 240 199 240 $0
113 8.380% 10.226% 06/21/96 07/01/03 84 30 300 $3,883,293
114 8.390% 13.194% 08/20/96 09/01/11 180 128 197 $641,878
115 8.230% 10.081% 08/26/96 09/01/06 120 68 300 $3,127,411
116 7.960% 9.741% 05/07/97 06/01/07 120 77 300 $3,021,534
117 8.800% 10.797% 03/30/00 04/01/20 240 231 240 $0
118 7.980% 11.325% 04/30/96 05/01/16 240 184 240 $0
119 8.570% 11.504% 12/31/96 01/01/17 240 192 240 $0
120 8.100% 9.453% 01/25/00 02/01/10 120 109 262 $2,433,820
121 8.100% 9.453% 01/25/00 02/01/10 120 109 39 $0
122 8.190% 11.291% 10/15/96 11/01/16 240 190 240 $0
123 8.050% 10.291% 12/15/99 01/01/10 120 108 240 $2,174,975
124 8.160% 11.156% 02/05/97 03/01/07 120 74 240 $2,286,242
125 8.250% 21.418% 11/05/96 12/01/06 120 71 120 $0
126 8.370% 10.157% 10/22/96 11/01/06 120 70 300 $2,526,884
127 8.080% 10.110% 03/03/97 04/01/07 120 75 300 $2,312,271
128 8.670% 11.661% 09/16/96 10/01/16 240 189 240 $0
129 7.960% 10.701% 02/05/98 03/01/18 240 206 240 $0
130 8.220% 13.652% 03/27/97 04/01/12 180 135 180 $0
131 8.090% 13.446% 05/01/97 06/01/12 180 137 180 $0
132 7.960% 14.692% 10/18/95 11/01/10 180 118 180 $19,150
8.186% 10.658% 147 111 264
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Loan Balloon Security Zip
No. LTV (3) Type (6) Address City State Code
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 52.7% Fee 3000 Cindel Drive Cinnaminson Township NJ 08016
2 52.7% Fee 2703 Cindel Drive Delran Township NJ 08016
3 52.7% Fee 823 Eastgate Mount Laurel Township NJ 08054
4 52.7% Fee 1817 Route 130 Bensalem NJ 08016
5 52.7% Fee 399 Dulty's Lane Bensalem NJ 08016
6 52.7% Fee 600 Glen Court Moorestown Township NJ 08057
7 52.7% Fee 397 Dulty's Lane Bensalem NJ 08016
8 52.7% Fee 614 Heron Drive Logan Township NJ 08085
9 52.7% Fee 603 Heron Drive Bridgeport NJ 08085
10 52.7% Fee 204 Center Square Road Logan Township NJ 08085
11 52.7% Fee 102 Gaither Drive Mount Laurel Township NJ 08054
12 60.0% Fee 850 Stephenson Highway Troy MI 48084
13 60.0% Fee 750 Stephenson Highway Troy MI 48084
14 60.0% Fee 1400 Stephenson Highway Troy MI 48084
15 0.0% Fee 50 West State Street Trenton NJ 08608
16 34.3% Fee 6000 & 8000 Midlantic Drive Mt. Laurel Township NJ 08054
17 59.7% Fee Mountain View Drive West Mifflin PA 15122
18 0.0% Fee 75-95 Jaycee Drive West Hazelton Borough PA 18201
19 0.0% Fee 350-390 N. Pennsylvania Avenue Wilkes-Barre City PA 18702
20 0.0% Fee 155 Stewart Road Hanover Township PA 18702
21 0.0% Fee 600 Baltimore Drive Plains Township PA 18702
22 0.0% Fee 225 Stewart Road Hanover Township PA 18702
23 0.0% Fee 565 Oak Ridge Road Hazel Township PA 18201
24 0.0% Fee 1150 Crestwood Drive Wright Township PA 18707
25 0.0% Fee 165 Commerce Drive Hanover Township PA 18702
26 0.0% Fee 1200 Sathers Drive Pittston Township PA 18640
27 0.0% Fee 15 & 19 Burt Collins Drive Throop Borough PA 18503
28 67.7% Fee 3220 Duval Road Austin TX 78759
29 59.3% Fee 4227 North 27th Avenue Phoenix AZ 85017
30 59.3% Fee 200 East Southern Avenue Tempe AZ 85282
31 59.3% Fee 5525 South Mission Road Tucson AZ 85746
32 43.9% Fee 5374 Baseline Road Montgomery IL 60538
33 43.9% Fee 5885 Fulton Industrial Blvd. Atlanta GA 30387
34 43.9% Fee 21800 S. Cicero Ave. Matteson IL 60443
35 45.2% Fee 1285 and 1295 Northland Drive Mendota Heights MN 55120
36 45.2% Fee 1250 and 1270 Northland Drive Mendota Heights MN 55120
37 0.0% Fee 3900 Washington Rd./U.S. Route 19 McMurray/Peters Township PA 15317
38 52.3% Fee Route 313 & 611 Plumstead Township PA 18901
39 58.5% Fee NEC I-85 and W.T. Harris Boulevard Charlotte NC 28262
40 67.9% Fee 9300 SW 137 Avenue Miami FL 33186
41 67.9% Fee 2950 Bixby Avenue Boulder CO 80303
42 51.0% Fee 151 VFW Parkway Revere MA 02151
43 51.5% Fee & Leasehold 7001-7025 Manchester Blvd. Franconia VA 22310
44 41.1% Fee 550 Glen Avenue Moorestown Twp NJ 08057
45 41.1% Fee 20 West Stow Road Evesham NJ 08053
46 41.1% Fee 1825 Underwood Boulevard Delran NJ 08075
47 41.1% Fee 1829 Underwood Boulevard Delran NJ 08075
48 41.1% Fee 1816 Underwood Boulevard Delran NJ 08075
49 41.1% Fee 1819 Underwood Boulevard Delran NJ 08075
50 41.1% Fee 1812 Underwood Boulevard Delran NJ 08075
51 41.1% Fee One Underwood Court Delran NJ 08075
52 41.1% Fee 1801 Underwood Boulevard Delran NJ 08075
53 41.1% Fee 1835 Underwood Boulevard Delran NJ 08075
54 41.1% Fee 1803 Underwood Boulevard Delran NJ 08075
55 41.1% Fee 1810 Underwood Boulevard Delran NJ 08075
56 41.1% Fee 1822 Underwood Boulevard Delran NJ 08075
57 58.1% Fee US Route 1 & Interplex Circle Bensalem Township PA 19053
58 51.4% Fee 757 & 835 Springdale Drive West Whiteland PA 19341
59 51.4% Fee 1504 Glen Avenue Moorestown NJ 08057
60 51.4% Fee 815 Sumneytown Pike Upper Gwynedd PA 19446
61 50.5% Fee 27557-27949 23 Mile Road/51170-51382 Gratiot Avenue Chesterfield MI 48051
62 0.0% Fee 1424-1540 Atlantic North Kansas City MO 64116
63 0.0% Fee 1502-48 Gentry North Kansas City MO 64116
64 0.0% Fee 1501-49 Erie North Kansas City MO 64116
65 0.0% Fee 1715-1829 Linn Street North Kansas City MO 64116
66 0.0% Fee 1403-55 Murray Street North Kansas City MO 64116
67 0.0% Fee 2100-24 Atlantic North Kansas City MO 64116
68 0.0% Fee 1500-48 Erie North Kansas City MO 64116
69 0.0% Fee 1906-40 Linn North Kansas City MO 64116
70 0.0% Fee 1952-86 Linn North Kansas City MO 64116
71 0.0% Fee 1221-25 Atlantic North Kansas City MO 64116
72 0.0% Fee 1519-45 Atlantic North Kansas City MO 64116
73 0.0% Fee 2105-11 Atlantic North Kansas City MO 64116
74 0.0% Fee 60 Crabtree Crossing Parkway Morrisville NC 27560
75 58.5% Fee 26261 Evergreen Road Southfield MI 48076
76 0.0% Fee 3265 Sheridan Drive Amherst NY 14226
77 0.0% Fee 2561 Union Road Cheektowaga NY 14227
78 0.0% Fee 4937 Transit Road Lancaster NY 14043
79 0.0% Fee 2391 Grand Island Boulevard Grand Island NY 14072
80 56.2% Fee 5300 North Powerline Road Fort Lauderdale FL 33309
81 46.5% Fee 151 Dallas Cowboys Parkway Irving TX 75063
82 51.4% Fee 7777 Glades Road Boca Raton FL 33434
83 51.4% Fee 7777 Glades Road Boca Raton FL 33434
84 59.6% Fee 8220 & 8240 North Naab Road Indianapolis IN 46260
85 65.4% Fee 2000-2100 Bethel Road Columbus OH 43220
86 58.0% Fee 7020-7051 Portwest Drive, Houston TX 97037
87 58.0% Fee 6950-6990 Portwest Drive North Houston TX 97037
88 0.0% Fee SWC Fair Oaks & Orange Grove Blvd. Pasadena CA 91103
89 0.4% Fee 220, 230 & 280 Executive Drive Cranberry Township PA 16066
90 0.0% Fee 1500 McMullen-Booth Road Clearwater FL 33759
91 52.5% Fee 29100 Franklin Road Southfield MI 48034
92 49.5% Fee 701 & 820 Forest Point Circle Charlotte NC 28273
93 33.6% Fee S/W/C Broadway Blvd & Craycroft Road Tucson AZ 85711
94 0.0% Fee 10381-10443 Bandley Drive Cupertino CA 95014
95 30.5% Fee 2600 Kitty Hawk Road Livermore CA 94550
96 0.0% Fee 11861 Valley View Street Garden Grove CA 92845
97 51.3% Fee 9000 Keystone Crossing Indianapolis IN 46240
98 57.5% Fee 2115 Rexford Charlotte NC 28211
99 46.7% Fee 3400, 3440 & 3480 East Britannia Drive Tucson AZ 85706
100 37.2% Fee 1525 Perimeter Parkway Huntsville AL 35806
101 0.0% Fee Lincoln Highway & State Route 41 Salisbury PA 17527
102 0.0% Fee 441 Highway 96 Shoreview MN 55126
103 0.0% Fee 461 South Boot Road Downingtown PA 19335
104 49.0% Fee NE Route 42 and SE Gordon Street Monroe Township NJ 08094
105 0.0% Fee 5104 North Blythe Avenue Fresno CA 93722
106 24.9% Fee 4350 State Bridge Road Alpharetta GA 30022
107 49.0% Fee 4121 N. Atlantic Blvd. Auburn Hills MI 48326
108 0.0% Fee 4081-4185 North Oakland Avenue Shorewood WI 53211
109 0.6% Fee 5230, 5249-5251 W. 73rd Street and 7200 Ohms Lane Edina MN 55435
110 0.0% Fee 32nd & 33rd Streets Pittsburgh PA 15201
111 0.0% Fee Various Philadelphia PA Various
112 0.0% Fee 3401-23 Simpson Street Ocean City NJ 08226
113 50.6% Fee 534 Hunt Lane San Antonio TX 78245
114 7.3% Fee 171-187 17th Street Costa Mesa CA 92627
115 68.9% Fee 16500 SE 82nd Drive Clackamas OR 97015
116 69.8% Fee 1613 SW 49th Street Corvallis OR 97035
117 0.0% Fee 21101-21211 Oxnard Street & 601 Variel Avenue Woodland Hills CA 91367
118 0.0% Fee 2481 Cleveland Avenue North Roseville MN 55113
119 0.0% Fee 1986 Freedom Boulevard Watsonville (Freedom) CA 95019
120 58.0% Fee 3551 and 3599 North University Drive Sunrise FL 33351
121 0.0% Fee 3551 and 3599 North University Drive Sunrise FL 33351
122 0.0% Fee East 22819 Appleway Avenue Liberty Lake WA 99019
123 51.2% Fee 2705 South Industrial Highway Ann Arbor MI 48104
124 28.3% Fee 675 East 500 South Salt Lake City UT 84102
125 0.0% Fee 180 Welles Street Forty Fort Borough PA 18704
126 46.2% Fee 710 Kipling Street Lakewood CO 80215
127 49.7% Fee 33300-33360 Central Avenue Union City CA 94587
128 0.0% Fee 16100 NW Cornell Road Beaverton OR 97006
129 0.0% Fee Various Various NJ Various
130 0.0% Fee 1400-1550 Whipple Road Union City CA 94587
131 0.0% Fee 2305 South 1070 West Street West Valley City UT 84119
132 0.5% Fee 2000 West 94th Street Bloomington MN 55431
36.3%
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Net
Loan Property Property Year Year Operating
No. Type Sub-Type Units/NSF Built Renovated Income
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 Industrial Warehouse 209,657 1989 NAP $826,058
2 Industrial Warehouse 218,000 1996 NAP $876,340
3 Industrial Flex Industrial 146,898 1976 NAP $598,696
4 Industrial Warehouse 163,500 1976 NAP $511,034
5 Industrial Warehouse 84,484 1989 NAP $349,076
6 Industrial Warehouse 85,337 1978 NAP $302,782
7 Industrial Warehouse 85,648 1989 NAP $311,661
8 Industrial Flex Industrial 52,910 1975 NAP $195,382
9 Industrial Flex Industrial 43,233 1977 NAP $156,096
10 Industrial Warehouse 57,680 1975 NAP $208,925
11 Industrial Flex Industrial 32,079 1977 NAP $101,649
12 Office Suburban 133,061 1981 NAP $1,543,371
13 Office Suburban 138,075 1979 NAP $1,425,369
14 Office Suburban 73,375 1984 NAP $907,694
15 Office Urban 367,164 1920's, 1989 1994 $4,388,302
16 Office Suburban 345,373 1986 & 1987 NAP $4,139,393
17 Retail Anchored 277,141 1996-97 NAP $2,631,512
18 Industrial Warehouse 150,008 1960, 1995 1965, 1976 $474,118
19 Industrial Warehouse 180,211 1940's, 1950's 1989 $388,145
20 Industrial Office/Warehouse 70,000 1995 NAP $337,454
21 Office Suburban 31,359 1995 NAP $374,378
22 Industrial Office/Warehouse 40,000 1994 NAP $289,746
23 Industrial Warehouse 76,800 1996 NAP $226,400
24 Industrial Warehouse 36,000 1989 NAP $116,839
25 Industrial Warehouse 140,000 1998 NAP $361,617
26 Industrial Warehouse 70,000 1997 NAP $361,618
27 Industrial Warehouse 80,430 1989, 1990 NAP $451,528
28 Multifamily Garden Apartments 588 1984/1986 NAP $2,376,441
29 Multifamily Garden Apartments 468 1985 NAP $1,150,884
30 Multifamily Garden Apartments 192 1985/1986 NAP $827,397
31 Multifamily Garden Apartments 248 1988-1989 NAP $782,735
32 Industrial Warehouse 574,701 1974/1979 NAP $1,773,863
33 Industrial Warehouse 408,887 1974 NAP $550,831
34 Industrial Warehouse 442,810 1970/1993/1995 NAP $900,997
35 Office Suburban 146,808 1988 and 1994 NAP $1,652,643
36 Office Suburban 148,250 1998/1999 NAP $1,650,099
37 Retail Grocery Anchored 277,894 1963/1975/1981 1987/1990/1994/1996 $2,428,791
38 Retail Anchored 205,909 1989 NAP $1,835,219
39 Retail Anchored 189,589 1996 NAP $2,041,612
40 Multifamily Garden Apartments 208 1988 1994 $953,085
41 Multifamily Garden Apartments 163 1973 NAP $889,951
42 Retail Grocery Anchored 135,007 1996 NAP $1,943,144
43 Retail Grocery Anchored 159,948 1989/1990 NAP $2,030,101
44 Industrial Warehouse 102,232 1975 NAP $411,074
45 Industrial Warehouse 65,094 1985 NAP $299,472
46 Industrial Office/Warehouse 47,004 1973 1995 $181,774
47 Industrial Office/Warehouse 40,024 1975 NAP $187,106
48 Industrial Office/Warehouse 34,707 1976 NAP $198,945
49 Industrial Office/Warehouse 41,356 1974 NAP $181,286
50 Industrial Office/Warehouse 30,109 1974 NAP $135,167
51 Industrial Flex Industrial 21,427 1982 NAP $88,426
52 Industrial Office/Warehouse 24,965 1974 NAP $83,532
53 Industrial Flex Industrial 23,740 1984 1995 $81,932
54 Industrial Flex Industrial 17,600 1974 NAP $65,212
55 Industrial Office/Warehouse 22,174 1975 NAP $90,922
56 Industrial Office/Warehouse 15,640 1980 NAP $62,801
57 Office Suburban 111,774 1985 NAP $1,261,506
58 Industrial Flex Industrial 75,050 1984 / 1988 NAP $800,556
59 Industrial Warehouse 100,550 1980 1992 $389,452
60 Office Suburban 25,340 1993 NAP $310,921
61 Retail Grocery Anchored 133,309 1996 NAP $1,379,237
62 Industrial Warehouse 156,793 1968 NAP $335,157
63 Industrial Warehouse 111,384 1970 NAP $232,517
64 Industrial Warehouse 111,748 1971 NAP $202,764
65 Industrial Warehouse 80,900 1962 NAP $206,005
66 Industrial Warehouse 67,350 1956/1969 NAP $142,207
67 Industrial Warehouse 50,050 1975 NAP $117,831
68 Industrial Warehouse 46,240 1971 NAP $106,292
69 Industrial Warehouse 26,280 1978 NAP $84,496
70 Industrial Warehouse 26,190 1978 NAP $87,614
71 Industrial Warehouse 33,495 1968 NAP $75,924
72 Industrial Warehouse 40,000 1955 NAP $85,563
73 Industrial Warehouse 20,207 1975 NAP $52,692
74 Multifamily Garden Apartments 208 1999 NAP $1,190,312
75 Office Suburban 157,415 1979 NAP $1,151,902
76 Retail Free Standing 10,908 1999 NAP $344,075
77 Retail Free Standing 10,908 1999 NAP $250,933
78 Retail Free Standing 10,908 1999 NAP $211,621
79 Retail Free Standing 10,908 1999 NAP $197,325
80 Industrial Warehouse 319,907 1976 1995-96 $1,273,288
81 Multifamily Garden Apartments 300 1995 NAP $1,061,292
82 Office Suburban 81,945 1985 1996 $1,210,917
83 Office Suburban 81,945 1985 1996 $1,210,917
84 Office Medical 76,795 1978, 1992 1990, NAP $1,013,877
85 Retail Grocery Anchored 147,427 1982/1985/1992/1997 NAP $891,256
86 Industrial Warehouse 149,699 1981 NAP $794,898
87 Industrial Warehouse 56,965 1984 NAP $357,586
88 Retail Grocery Anchored 69,282 1998 NAP $887,793
89 Industrial Office/Warehouse 144,500 1985,1988,1999 1996 $1,104,558
90 Retail Grocery Anchored 172,600 1989 NAP $1,284,339
91 Office Suburban 94,105 1984 NAP $1,009,018
92 Office Suburban 87,898 1996/1997 NAP $955,959
93 Retail Unanchored 108,914 1988 & 1990 NAP $1,587,056
94 Office Suburban 52,438 1979 NAP $1,043,663
95 Industrial Flex Industrial 164,250 1982/1984 NAP $1,415,442
96 Retail Free Standing 55,164 2000 NAP $665,832
97 Office Suburban 133,987 1975 NAP $908,687
98 Office Suburban 72,730 1980 1992 $769,979
99 Industrial Flex Industrial 163,663 1984 NAP $993,431
100 Office Suburban 137,578 1989 NAP $1,187,771
101 Retail Grocery Anchored 84,071 1996 NAP $707,790
102 Retail Free Standing 68,500 1995 N/A $654,184
103 Industrial Warehouse 200,000 1966 and 1997 NAP $810,714
104 Retail Grocery Anchored 80,451 1987 NAP $674,535
105 Office Suburban 51,600 1997 NAP $715,750
106 Retail Grocery Anchored 94,544 1997 NAP $1,157,854
107 Industrial Office/Warehouse 81,230 2000 NAP $599,149
108 Retail Grocery Anchored 48,000 1948/1953/1993 1997 $666,319
109 Industrial Warehouse 191,599 1979, 1980, 1981 NAP $852,914
110 Industrial Warehouse 88,000 1999 NAP $543,378
111 Retail Free Standing 22,000 1997 NAP $368,063
112 Retail Free Standing 8,400 1993 NAP $174,350
113 Multifamily Garden Apartments 268 1984 1996 $757,562
114 Retail Grocery Anchored 74,843 1979 1988 $793,105
115 Multifamily Garden Apartments 96 1996 NAP $409,902
116 Multifamily Garden Apartments 96 1997 NAP $413,854
117 Industrial Warehouse 60,260 1972/3 NAP $485,846
118 Industrial Warehouse 138,900 1995 NAP $526,164
119 Retail Grocery Anchored 93,731 1973 1988/1989/1993/1994 $777,743
120 Retail Anchored 17,730 1999 NAP $343,044
121 Retail Anchored 17,730 1999 NAP $343,044
122 Industrial Office/Warehouse 138,593 1996 NAP $618,402
123 Office Suburban 37,875 1999 NAP $397,616
124 Office Urban 74,319 1981 NAP $767,250
125 Industrial Warehouse 381,881 1949-1970 1999/2000 $945,734
126 Office Suburban 58,260 1981 NAP $519,782
127 Industrial Warehouse 94,748 1996-1997 NAP $441,760
128 Office Suburban 33,151 1996 NAP $421,558
129 Retail Free Standing 20,250 1997 NAP $329,067
130 Industrial Warehouse 106,374 1986 NAP $505,956
131 Industrial Warehouse 56,000 1996 NAP $296,907
132 Industrial Warehouse 100,850 1963,1966,1968 1995 $453,056
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
Source
Loan Underwritable Monthly Implied Market Cap Rate of
No. Cash Flow Payment (7) DSCR (3) DSCR (3) (8) Value(9) Rate (9) Value (9)
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1 $752,678 $65,211 1.18 1.42 $8,260,000 10.0% Market Study
2 $800,040 $50,833 1.18 1.42 $8,763,000 10.0% Market Study
3 $510,557 $34,509 1.18 1.42 $5,840,000 10.3% Market Study
4 $453,809 $32,648 1.18 1.42 $5,110,000 10.0% Market Study
5 $319,507 $17,931 1.18 1.42 $3,490,000 10.0% Market Study
6 $272,914 $17,001 1.18 1.42 $2,954,000 10.2% Market Study
7 $281,684 $15,732 1.18 1.42 $3,116,000 10.0% Market Study
8 $174,282 $15,478 1.18 1.42 $1,775,000 11.0% Market Study
9 $132,318 $12,264 1.18 1.42 $1,420,000 11.0% Market Study
10 $188,737 $10,488 1.18 1.42 $1,990,000 10.5% Market Study
11 $82,401 $8,712 1.18 1.42 $1,184,000 8.6% Market Study
12 $1,377,045 $98,484 1.16 1.26 $16,500,000 10.2% Appraisal
13 $1,252,775 $92,026 1.16 1.26 $16,000,000 9.4% Appraisal
14 $815,975 $56,507 1.16 1.26 $9,375,000 11.3% Appraisal
15 $3,941,548 $310,901 1.06 1.49 $48,091,000 9.1% Market Study
16 $3,712,940 $205,552 1.51 1.89 $48,700,000 8.5% Market Study
17 $2,587,182 $178,765 1.21 1.34 $30,959,000 8.5% Market Study
18 $421,615 $28,081 1.18 1.57 $4,741,000 10.0% Market Study
19 $298,039 $26,733 1.18 1.57 $3,881,000 10.0% Market Study
20 $295,454 $23,343 1.18 1.57 $3,375,000 10.0% Market Study
21 $335,179 $22,357 1.18 1.57 $3,744,000 10.0% Market Study
22 $265,746 $18,083 1.18 1.57 $2,897,000 10.0% Market Study
23 $199,520 $17,648 1.18 1.57 $2,264,000 10.0% Market Study
24 $104,239 $8,650 1.18 1.57 $1,168,000 10.0% Market Study
25 $322,767 $18,812 1.18 1.57 $3,616,000 10.0% Market Study
26 $322,768 $18,812 1.18 1.57 $3,616,000 10.0% Market Study
27 $411,312 $26,929 1.18 1.57 $4,515,000 10.0% Market Study
28 $2,229,441 $136,634 1.36 1.20 $28,700,000 7.8% Appraisal
29 $1,033,884 $60,992 1.41 1.48 $12,163,000 8.5% Market Study
30 $779,397 $44,825 1.41 1.48 $9,169,000 8.5% Market Study
31 $720,735 $43,723 1.41 1.48 $7,587,000 9.5% Market Study
32 $1,570,643 $73,748 1.34 1.69 $17,306,000 10.2% Market Study
33 $407,720 $56,794 1.34 1.69 $5,508,310 10.0% Market Study
34 $746,038 $38,993 1.34 1.69 $8,790,000 10.3% Market Study
35 $1,476,473 $75,948 1.78 1.85 $17,750,000 9.3% Appraisal
36 $1,472,199 $61,789 1.78 1.85 $14,440,000 12.4% Appraisal
37 $2,317,633 $151,403 1.28 1.60 $25,565,000 9.5% Market Study
38 $1,752,856 $122,539 1.19 1.31 $19,318,000 9.5% Appraisal
39 $1,918,379 $126,588 1.26 1.44 $22,071,000 9.3% Market Study
40 $901,085 $60,901 1.36 1.46 $10,012,000 9.0% Market Study
41 $849,201 $46,246 1.36 1.46 $8,492,000 10.0% Market Study
42 $1,889,141 $89,721 1.75 1.79 $21,590,000 9.0% Market Study
43 $1,966,122 $95,857 1.71 1.90 $21,369,000 9.5% Market Study
44 $375,258 $19,086 1.50 1.92 $4,111,000 10.0% Market Study
45 $270,180 $14,841 1.50 1.92 $2,995,000 10.0% Market Study
46 $165,323 $10,648 1.50 1.92 $1,818,000 10.0% Market Study
47 $173,099 $9,199 1.50 1.92 $1,871,000 10.0% Market Study
48 $186,797 $9,115 1.50 1.92 $1,989,000 10.0% Market Study
49 $162,675 $9,032 1.50 1.92 $1,813,000 10.0% Market Study
50 $124,629 $6,643 1.50 1.92 $1,352,000 10.0% Market Study
51 $78,784 $5,455 1.50 1.92 $884,000 10.0% Market Study
52 $74,794 $5,110 1.50 1.92 $835,300 10.0% Market Study
53 $73,623 $4,516 1.50 1.92 $819,000 10.0% Market Study
54 $54,652 $3,838 1.50 1.92 $652,000 10.0% Market Study
55 $83,161 $3,661 1.50 1.92 $909,000 10.0% Market Study
56 $57,327 $3,150 1.50 1.92 $628,000 10.0% Market Study
57 $1,197,794 $85,355 1.17 1.25 $15,100,000 8.4% Appraisal
58 $707,868 $48,948 1.24 1.40 $7,925,000 10.1% Appraisal
59 $349,231 $21,631 1.24 1.40 $3,500,000 11.1% Appraisal
60 $279,246 $19,159 1.24 1.40 $3,100,000 10.0% Appraisal
61 $1,326,037 $88,424 1.25 1.51 $14,518,000 9.5% Market Study
62 $272,440 $21,724 1.09 1.67 $3,192,000 10.5% PPM UW
63 $187,963 $15,448 1.09 1.67 $2,214,000 10.5% PPM UW
64 $158,065 $14,000 1.09 1.67 $1,931,000 10.5% PPM UW
65 $173,645 $11,103 1.09 1.67 $1,962,000 10.5% PPM UW
66 $115,266 $7,820 1.09 1.67 $1,354,000 10.5% Market Study
67 $97,811 $7,338 1.09 1.67 $1,122,000 10.5% PPM UW
68 $87,793 $6,614 1.09 1.67 $1,012,000 10.5% PPM UW
69 $73,984 $5,600 1.09 1.67 $805,000 10.5% PPM UW
70 $77,137 $5,600 1.09 1.67 $834,000 10.5% PPM UW
71 $62,526 $4,876 1.09 1.67 $723,000 10.5% PPM UW
72 $69,563 $4,827 1.09 1.67 $815,000 10.5% PPM UW
73 $45,609 $3,669 1.09 1.67 $502,000 10.5% PPM UW
74 $1,148,712 $71,007 1.35 1.39 $13,000,000 8.8% Appraisal
75 $958,761 $72,026 1.11 1.20 $12,850,000 9.0% Market Study
76 $342,439 $32,214 1.01 1.33 $4,880,000 7.1% Appraisal
77 $249,297 $18,879 1.01 1.33 $2,860,000 8.8% Appraisal
78 $209,985 $16,505 1.01 1.33 $2,500,000 8.5% Appraisal
79 $195,689 $14,518 1.01 1.33 $2,200,000 9.0% Appraisal
80 $1,161,320 $66,145 1.46 1.62 $12,127,000 10.5% Market Study
81 $1,001,292 $67,814 1.23 1.40 $11,780,000 8.5% PPM UW
82 $1,112,583 $56,391 1.45 1.56 $13,091,000 9.2% PPM UW
83 $1,112,583 $7,475 1.45 1.56 $13,091,000 9.2% PPM UW
84 $907,929 $63,934 1.18 1.32 $10,961,000 9.2% Market Study
85 $832,285 $62,383 1.11 1.22 $9,903,000 9.0% Market Study
86 $720,048 $39,836 1.46 1.60 $8,367,000 9.5% PPM UW
87 $323,407 $19,528 1.46 1.60 $3,764,000 9.5% PPM UW
88 $857,989 $60,913 1.17 1.37 $9,400,000 9.4% Appraisal
89 $1,017,858 $57,998 1.46 1.67 $10,400,000 10.6% Appraisal
90 $1,215,299 $62,392 1.62 2.08 $13,519,000 9.5% PPM UW
91 $891,387 $51,859 1.43 1.61 $10,090,000 10.0% PPM UW
92 $850,481 $52,072 1.36 1.56 $10,063,000 9.5% PPM UW
93 $1,516,262 $63,137 2.00 2.60 $15,115,000 10.5% PPM UW
94 $1,020,065 $51,331 1.66 1.89 $15,150,000 6.9% Appraisal
95 $1,281,332 $55,164 1.94 2.39 $14,899,000 9.5% PPM UW
96 $657,557 $49,718 1.10 1.25 $8,200,000 8.1% Appraisal
97 $741,203 $48,354 1.28 1.45 $9,565,000 9.5% PPM UW
98 $679,066 $45,934 1.23 1.34 $8,555,000 9.0% Market Study
99 $895,234 $44,497 1.68 1.79 $10,457,000 9.5% PPM UW
100 $1,015,798 $49,678 1.70 2.19 $12,503,000 9.5% PPM UW
101 $674,152 $46,691 1.20 1.47 $7,864,000 9.0% PPM UW
102 $643,909 $48,016 1.12 1.48 $7,269,000 9.0% PPM UW
103 $740,714 $52,688 1.17 1.72 $8,534,000 9.5% PPM UW
104 $642,354 $44,894 1.19 1.49 $7,495,000 9.0% PPM UW
105 $679,630 $48,411 1.17 1.59 $7,534,000 9.5% PPM UW
106 $1,120,036 $39,122 2.39 2.62 $12,865,000 9.0% PPM UW
107 $570,718 $38,554 1.23 1.36 $6,740,000 8.9% Appraisal
108 $647,119 $41,915 1.29 1.56 $7,404,000 9.0% PPM UW
109 $757,114 $54,341 1.16 1.88 $8,978,000 9.5% PPM UW
110 $512,672 $37,289 1.15 1.33 $5,700,000 9.5% Appraisal
111 $364,748 $25,984 1.18 1.43 $4,090,000 9.0% PPM UW
112 $173,090 $12,006 1.18 1.43 $1,937,000 9.0% PPM UW
113 $690,562 $34,876 1.65 1.87 $7,673,000 9.0% PPM UW
114 $763,168 $40,177 1.58 2.32 $8,812,000 9.0% PPM UW
115 $385,902 $30,304 1.06 1.19 $4,540,000 8.5% Market Study
116 $389,854 $28,805 1.13 1.22 $4,332,000 9.0% Market Study
117 $449,690 $30,155 1.24 1.49 $5,600,000 8.7% Appraisal
118 $477,549 $31,320 1.27 1.60 $5,539,000 9.5% PPM UW
119 $688,923 $31,401 1.83 2.34 $8,187,000 9.5% PPM UW
120 $340,384 $21,263 1.10 1.16 $4,200,000 8.2% Appraisal
121 $340,384 $4,426 1.10 1.16 $4,200,000 8.2% Appraisal
122 $562,943 $29,691 1.58 1.98 $6,509,000 9.5% Market Study
123 $352,166 $26,446 1.11 1.27 $4,250,000 9.4% Appraisal
124 $674,351 $27,932 2.01 2.49 $8,076,000 9.5% PPM UW
125 $789,163 $52,127 1.26 3.00 $9,457,000 10.0% PPM UW
126 $449,870 $24,691 1.52 1.71 $5,471,000 9.5% PPM UW
127 $403,861 $23,314 1.44 1.62 $4,650,000 9.5% PPM UW
128 $380,119 $25,480 1.24 1.61 $4,437,000 9.5% PPM UW
129 $326,029 $23,142 1.17 1.40 $3,656,000 9.0% PPM UW / Appraisal
130 $463,406 $22,757 1.70 2.57 $5,326,000 9.5% PPM UW
131 $274,264 $21,619 1.06 1.58 $3,125,000 9.5% Market Study
132 $412,715 $21,450 1.60 2.62 $4,301,000 10.5% PPM UW
1.34x 1.58x
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
Cut-off
Loan Date Percent Tenant Information(11) Due
No. LTV (3) Leased (10) Date Largest Tenant % NSF Date (12)
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 70.5% 100.0% 09/11/00 Sea Gull Holdings, Inc. 100.0% 1
2 70.5% 100.0% 07/18/00 Chesapeake Display/Packaging 61.1% 1
3 70.5% 100.0% 07/18/00 Konica Photo Imaging, Inc. 26.5% 1
4 70.5% 100.0% 07/18/00 Distributec, Inc. 100.0% 1
5 70.5% 100.0% 08/24/00 American Flexible Conduit 100.0% 1
6 70.5% 100.0% 07/18/00 Distributec, Inc. 100.0% 1
7 70.5% 100.0% 07/18/00 Burlington Coat Factory 100.0% 1
8 70.5% 89.0% 07/18/00 VSE Corporation 27.3% 1
9 70.5% 100.0% 07/18/00 Pandrol USA, LP 27.0% 1
10 70.5% 100.0% 07/18/00 Tristar Fulfillment Services 100.0% 1
11 70.5% 84.0% 07/18/00 PLCS, Inc. 45.4% 1
12 72.6% 100.0% 07/20/00 Oxford Automotive 13.6% 1
13 72.6% 100.0% 07/20/00 Textron Automotive Co. 85.7% 1
14 72.6% 100.0% 07/20/00 General Motors (sub-lessee) 100.0% 1
15 61.0% 92.0% 07/01/00 N. J. Dept. of Treasury 45.2% 1
16 44.7% 99.0% 07/18/00 Inrange Technologies, Inc. 15.9% 1
17 69.5% 100.0% 07/31/00 Home Depot USA, Inc. 47.6% 1
18 62.2% 97.0% 06/01/00 PROP. "A" - Preferred Develop. 58.2% 1
19 62.2% 92.0% 06/01/00 The Lion, Inc. 42.5% 1
20 62.2% 100.0% 06/01/00 Brooks Armored Car Service 22.7% 1
21 62.2% 100.0% 06/01/00 Citadel Communications Co. 35.4% 1
22 62.2% 79.0% 06/01/00 Fleet Pennsylvania Services 56.5% 1
23 62.2% 100.0% 06/01/00 MMI Products, Inc. 100.0% 1
24 62.2% 100.0% 06/01/00 The Toro Company 100.0% 1
25 62.2% 100.0% 06/01/00 Harte-Hanks 100.0% 1
26 62.2% 100.0% 06/01/00 Genco Company 39.3% 1
27 62.2% 100.0% 06/01/00 15 B.C. DRIVE - Sandvick Saws 50.3% 1
28 72.0% 96.0% 07/26/00 0.0% 1
29 65.9% 91.0% 06/30/00 0.0% 1
30 65.9% 92.0% 06/30/00 0.0% 1
31 65.9% 98.0% 06/30/00 0.0% 1
32 56.6% 100.0% 05/12/00 Customized Solutions, LLC 50.6% 1
33 56.6% 78.0% 05/12/00 GES Exposition Services, INC. 51.7% 1
34 56.6% 100.0% 05/12/00 Meritex Logistics 76.3% 1
35 55.1% 100.0% 07/21/00 Northland Insurance Co. 100.0% 1
36 55.1% 99.0% 11/28/00 Travel Realty 20.7% 1
37 63.0% 97.0% 08/04/00 Giant Eagle 24.8% 1
38 77.2% 100.0% 07/18/00 K-Mart 42.0% 1
39 67.2% 100.0% 05/31/00 Rhodes Furniture 19.6% 1
40 71.9% 95.0% 07/01/00 0.0% 1
41 71.9% 100.0% 02/01/00 0.0% 1
42 54.2% 99.0% 03/31/00 The Stop & Shop Supermarket 48.6% 1
43 53.8% 88.0% 08/23/00 Shoppers Food Warehouse 26.8% 1
44 52.7% 100.0% 08/01/00 Distributec 100.0% 1
45 52.7% 99.0% 08/01/00 Virtual Health - West Jersey 54.0% 1
46 52.7% 100.0% 08/01/00 Test Technology 100.0% 1
47 52.7% 100.0% 08/01/00 Slomin's 22.5% 1
48 52.7% 100.0% 08/01/00 Fresenius Medical Care 100.0% 1
49 52.7% 100.0% 08/01/00 Renaissance Promotions, Inc. 38.6% 1
50 52.7% 93.0% 08/01/00 Fresenius Medical Care 26.4% 1
51 52.7% 100.0% 08/01/00 Whitesell Construction Co. 63.8% 1
52 52.7% 100.0% 08/01/00 OfficeMax 100.0% 1
53 52.7% 100.0% 08/01/00 Pitney Bowes, Inc. 100.0% 1
54 52.7% 100.0% 08/01/00 Sonoco Paperboard Group 100.0% 1
55 52.7% 100.0% 08/01/00 Test Technology 67.3% 1
56 52.7% 100.0% 08/01/00 Impra 100.0% 1
57 70.7% 100.0% 07/21/00 Sears Roebuck & Co 54.4% 1
58 73.2% 100.0% 07/21/00 Environmental Resources Management 67.6% 1
59 73.2% 100.0% 07/21/00 Subaru of America, Inc. 100.0% 1
60 73.2% 100.0% 07/21/00 Fox,Rothschild,O'Brian,Frankel 100.0% 1
61 67.1% 91.0% 06/16/00 Farmer Jack #690 35.1% 1
62 57.3% 100.0% 06/30/00 Seasonal Concepts Inc. 28.1% 1
63 57.3% 100.0% 06/30/00 Central Garden & Pet Company 70.6% 1
64 57.3% 100.0% 06/30/00 Silgan Containers Corporation 100.0% 1
65 57.3% 100.0% 06/30/00 Unitog Company 38.2% 1
66 57.3% 100.0% 06/30/00 Stuppy Floral 48.0% 1
67 57.3% 100.0% 06/30/00 Morgan Adhesives (Mactac) 80.0% 1
68 57.3% 100.0% 06/30/00 Safelite Corporation 31.3% 1
69 57.3% 100.0% 06/30/00 KC Decorative Seal 14.6% 1
70 57.3% 100.0% 06/30/00 Designed Telecommunications 14.7% 1
71 57.3% 100.0% 06/30/00 Technical Communications 32.8% 1
72 57.3% 100.0% 06/30/00 Unistrut Midwest 25.0% 1
73 57.3% 100.0% 06/30/00 Helget Gas Products 35.3% 1
74 70.4% 91.0% 06/21/00 0.0% 1
75 68.9% 78.0% 09/30/00 BBDO Detroit 36.0% 1
76 66.9% 100.0% 09/08/00 Eckerd's Drugs #5635 100.0% 1
77 66.9% 100.0% 09/08/00 Eckerd's Drugs #5821 100.0% 1
78 66.9% 100.0% 09/08/00 Eckerd's Drugs #5028 100.0% 1
79 66.9% 100.0% 09/08/00 Eckerd Drugs #5831 100.0% 1
80 65.9% 100.0% 04/07/00 Formica Corp. 19.9% 1
81 67.5% 94.0% 06/19/00 0.0% 1
82 60.5% 100.0% 08/02/00 XM Satellite Radio, Inc. 16.7% 1
83 60.5% 100.0% 08/02/00 XM Satellite Radio, Inc. 16.7% 1
84 69.7% 99.0% 06/20/00 St. Vincent Hospital & Health 34.1% 1
85 76.5% 90.0% 08/11/00 Kroger Company 48.3% 1
86 59.8% 95.0% 06/30/00 Emmolt Walker Printing, Inc. 21.6% 1
87 59.8% 100.0% 06/30/00 Alvern, Inc. 23.6% 1
88 74.2% 94.0% 11/01/00 The Vons Companies, Inc. 72.0% 1
89 65.2% 100.0% 07/28/00 Schmidt Feintechnik Corp. 8.6% 1
90 48.1% 97.0% 04/01/00 Publix Super Market 24.4% 1
91 60.9% 98.0% 03/31/00 Master Data Center 11.2% 1
92 60.2% 100.0% 06/01/00 Metropolitan Property/Casualty 35.3% 1
93 42.9% 100.0% 06/15/00 Cactus Moon 10.8% 1
94 39.6% 100.0% 06/07/00 US Web/CKS Group, Inc 56.7% 1
95 40.1% 99.0% 06/30/00 Ettnuum 7.6% 1
96 71.5% 100.0% 01/28/00 Vons Companies 100.0% 1
97 59.2% 94.0% 04/01/00 Key Benefit Administrators 42.9% 1
98 65.9% 85.0% 06/30/00 Peterson Consulting, PA 21.2% 1
99 53.0% 88.0% 04/20/00 C/D Tech Power 34.7% 1
100 41.2% 99.0% 02/10/00 Mevatec Corporation 22.5% 1
101 64.9% 98.0% 07/01/00 Weis Markets 55.0% 1
102 66.5% 100.0% 08/01/00 Rainbow Foods 100.0% 1
103 56.2% 100.0% 07/01/00 Dopaco, Inc. 100.0% 1
104 64.1% 100.0% 06/01/00 Shop Rite Supermarket 80.8% 1
105 63.2% 100.0% 07/11/00 General Services Admin (USA) 100.0% 1
106 37.0% 100.0% 06/13/00 Publix Supermarket 68.9% 1
107 69.3% 100.0% 06/14/00 Cooper Power Tools, Inc. 100.0% 1
108 62.3% 100.0% 07/20/00 Kohl's Food Store 58.3% 1
109 49.7% 93.0% 07/01/00 Filmtec Corporation 32.8% 1
110 75.0% 100.0% 08/28/00 Restaurant Depot Enterprises 50.2% 1
111 69.1% 100.0% 5/30/00 & 6/7/00 CVS #2121 50.0% 1
112 69.1% 100.0% 05/30/00 CVS #961 100.0% 1
113 53.3% 96.0% 06/25/00 0.0% 1
114 41.5% 99.0% 02/24/98 Vons Grocery Store 40.1% 1
115 79.5% 96.0% 06/22/00 0.0% 1
116 81.9% 92.0% 09/08/00 0.0% 1
117 59.9% 100.0% 07/18/00 United Imaging 33.9% 1
118 59.9% 100.0% 06/01/00 Beltmann North American Co, Inc 89.2% 1
119 40.0% 99.0% 07/01/00 Rite Aid 22.9% 1
120 77.7% 100.0% 01/20/00 Walgreen's Drugstore 89.8% 1
121 77.7% 100.0% 01/20/00 Walgreen's Drugstore 89.8% 1
122 48.5% 100.0% 07/07/00 Altek, Inc. 100.0% 1
123 72.6% 100.0% 06/30/00 University of Michigan 36.2% 1
124 37.2% 100.0% 03/31/00 Xerox Corporation 30.8% 1
125 30.9% 98.0% 06/01/00 Preferred Development Corp 92.5% 1
126 53.3% 87.0% 02/24/00 JMW , Ltd. dba ReMax 100 17.2% 1
127 59.5% 100.0% 04/11/00 Packaging Results, Inc 42.3% 1
128 59.1% 100.0% 02/01/00 ABC Technologies, Inc. 51.8% 1
129 71.0% 100.0% 07/01/00 Collings CVS, Inc. 50.0% 1
130 37.6% 100.0% 07/17/00 American Licorice Company 21.0% 1
131 61.7% 100.0% 12/31/99 Precision Litho 100.0% 1
132 40.7% 100.0% 05/01/00 Starlight Candles, Inc. 71.5% 1
62.6%
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Interest Related
Loan Grace Accrual Borrower
No. Period (12) Method Loan Groups Seasoning(13)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
2 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
3 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
4 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
5 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
6 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
7 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
8 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
9 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
10 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
11 10 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 36
12 10 30/360 12,13,14 7
13 10 30/360 12,13,14 7
14 10 30/360 12,13,14 7
15 10 30/360 51
16 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 48
17 10 30/360 46
18 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
19 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
20 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
21 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
22 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
23 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
24 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
25 10 30/360 18,19,20,21,22,23,24,25,26,27,125 23
26 10 30/360 18,19,20,21,22,23,24,25,26,27,125 23
27 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
28 10 30/360 12
29 10 30/360 29,30,31 60
30 10 30/360 29,30,31 60
31 10 30/360 29,30,31 60
32 10 30/360 32,33,34 53
33 10 30/360 32,33,34 53
34 10 30/360 32,33,34 53
35 10 30/360 35,36 14
36 10 30/360 35,36 14
37 10 30/360 45
38 10 30/360 13
39 10 30/360 52
40 10 30/360 40,41 48
41 10 30/360 40,41 48
42 10 30/360 39
43 10 30/360 61
44 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
45 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
46 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
47 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
48 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
49 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
50 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
51 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
52 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
53 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
54 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
55 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
56 5 30/360 1,2,3,4,5,6,7,8,9,10,11,16,44,45,46,47,48,49,50,51,52,53,54,55,56 55
57 10 30/360 10
58 10 30/360 58,59,60 13
59 10 30/360 58,59,60 13
60 10 30/360 58,59,60 13
61 10 30/360 41
62 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
63 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
64 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
65 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
66 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
67 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
68 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
69 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
70 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
71 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
72 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
73 10 30/360 62,63,64,65,66,67,68,69,70,71,72,73 48
74 15 30/360 5
75 10 30/360 40
76 10 30/360 76, 77, 78, 79 7
77 10 30/360 76, 77, 78, 79 7
78 10 30/360 76, 77, 78, 79 7
79 10 30/360 76, 77, 78, 79 7
80 10 30/360 40
81 5 30/360 51
82 10 30/360 82,83 41
83 10 30/360 82,83 12
84 10 30/360 40
85 10 30/360 44
86 10 30/360 86, 87 40
87 10 30/360 86, 87 40
88 10 30/360 16
89 10 30/360 89, 110 2
90 10 30/360 51
91 10 30/360 47
92 10 30/360 40
93 10 30/360 51
94 10 30/360 6
95 10 30/360 48
96 10 30/360 4
97 10 30/360 49
98 15 30/360 48
99 10 30/360 45
100 10 30/360 49
101 10 30/360 101, 103 38
102 10 30/360 50
103 10 30/360 101, 103 39
104 10 30/360 48
105 10 30/360 34
106 10 30/360 41
107 10 30/360 5
108 10 30/360 40
109 10 Actual/360 109, 132 61
110 10 30/360 89, 110 4
111 10 30/360 111, 112 41
112 10 30/360 111, 112 41
113 10 30/360 54
114 10 30/360 52
115 10 30/360 52
116 10 30/360 43
117 10 30/360 9
118 10 30/360 56
119 10 30/360 48
120 10 30/360 120, 121 11
121 10 30/360 120, 121 11
122 10 30/360 50
123 10 30/360 12
124 10 30/360 46
125 10 30/360 18,19,20,21,22,23,24,25,26,27,125 49
126 10 30/360 50
127 10 30/360 45
128 10 30/360 51
129 10 30/360 34
130 10 30/360 45
131 10 30/360 43
132 10 Actual/360 109, 132 62
37
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Prepayment Code (16)
--------------------------------------------
Date of Yield Administrative
Loan Date of Engineering Lockout Maintenance Cost Rate
No. Phase I (14) Report (15) Period YM YM1 Open Code (17) (bps) (18)
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 09/01/97 09/20/97 60 52 7 E 9.33
2 09/01/97 09/20/97 60 52 7 E 9.33
3 09/01/97 09/20/97 60 52 7 E 9.33
4 09/01/97 09/20/97 60 52 7 E 9.33
5 09/01/97 09/20/97 60 52 7 E 9.33
6 09/01/97 09/20/97 60 52 7 E 9.33
7 09/01/97 09/20/97 60 52 7 E 9.33
8 09/01/97 09/20/97 60 52 7 E 9.33
9 09/01/97 09/20/97 60 52 7 E 9.33
10 09/01/97 09/20/97 60 52 7 E 9.33
11 09/01/97 09/20/97 60 52 7 E 9.33
12 04/18/00 04/27/00 60 55 4 M 11.33
13 04/18/00 04/27/00 60 55 4 M 11.33
14 04/18/00 04/27/00 60 55 4 M 12.33
15 08/30/96 08/30/96 36 161 7 E 9.33
16 10/01/96 11/06/96 60 53 7 E 9.33
17 06/01/95 NAV 60 56 4 H 9.33
18 08/01/96 08/15/96 12 200 4 F 10.33
19 08/01/96 08/15/96 12 200 4 F 10.33
20 08/01/96 08/15/96 12 200 4 F 10.33
21 08/01/96 08/15/96 12 200 4 F 10.33
22 08/01/96 08/15/96 12 200 4 F 10.33
23 08/01/96 NAV 12 200 4 F 10.33
24 08/01/96 08/15/96 12 200 4 F 10.33
25 11/23/98 12/01/98 60 140 4 M 10.33
26 11/23/98 12/01/98 60 140 4 M 10.33
27 08/01/96 08/07/96 12 200 4 F 12.33
28 11/16/99 10/08/99 12 44 4 J 9.33
29 10/24/95 10/24/95 35 80 4 L 12.33
30 10/25/95 10/25/95 35 80 4 L 12.33
31 10/20/95 10/20/95 35 80 4 L 12.33
32 05/23/96 05/23/96 60 53 7 E 4.33
33 05/16/96 05/23/96 60 53 7 E 4.33
34 05/23/96 05/23/96 60 53 7 E 4.33
35 10/29/99 10/27/99 23 93 4 I 7.33
36 10/29/99 10/27/99 23 93 4 I 7.33
37 03/18/97 03/18/97 60 173 7 H 10.33
38 11/12/99 11/12/99 60 80 4 M 10.33
39 08/15/96 08/16/96 60 56 4 E 10.33
40 12/18/96 12/02/96 0 80 4 E 12.33
41 12/05/96 12/12/96 0 80 4 E 12.33
42 09/17/97 09/24/97 24 67 5 E 10.33
43 09/11/95 07/19/95 12 67 4 E 12.33
44 04/01/96 04/23/96 36 78 6 E 11.33
45 04/01/96 04/23/96 36 78 6 E 11.33
46 04/01/96 04/23/96 36 78 6 E 11.33
47 04/01/96 04/23/96 36 78 6 E 11.33
48 04/01/96 04/23/96 36 78 6 E 11.33
49 04/01/96 04/23/96 36 78 6 E 11.33
50 04/01/96 04/23/96 36 78 6 E 11.33
51 04/01/96 04/23/96 36 78 6 E 11.33
52 04/01/96 04/23/96 36 78 6 E 11.33
53 04/01/96 04/23/96 36 78 6 E 11.33
54 04/01/96 04/23/96 36 78 6 E 11.33
55 04/01/96 04/23/96 36 78 6 E 11.33
56 04/01/96 04/23/96 36 78 6 E 11.33
57 06/29/99 06/22/99 11 105 4 B 7.33
58 11/11/99 & 3/1/99 07/01/99 12 103 5 M 10.33
59 11/05/99 07/01/99 12 103 5 M 10.33
60 07/01/99 07/28/99 12 103 5 M 10.33
61 04/11/97 04/15/97 60 55 4 E 4.33
62 12/17/96 11/25/96 60 116 4 D 11.33
63 12/17/96 11/21/96 60 116 4 D 11.33
64 12/17/96 11/25/96 60 116 4 D 11.33
65 12/13/96 11/08/96 60 116 4 D 11.33
66 12/13/96 11/07/96 60 116 4 D 11.33
67 12/18/96 11/21/96 60 116 4 D 11.33
68 12/17/96 11/15/96 60 116 4 D 11.33
69 12/17/96 11/21/96 60 116 4 D 11.33
70 12/17/96 11/08/96 60 116 4 D 11.33
71 12/13/96 11/25/96 60 116 4 D 11.33
72 12/15/96 11/07/96 60 116 4 D 11.33
73 12/18/96 11/21/96 60 116 4 D 11.33
74 05/25/00 05/25/00 11 285 4 A 12.33
75 08/19/97 08/19/97 60 53 7 E 4.33
76 05/11/00 02/16/00 59 117 4 E 12.33
77 04/20/00 02/16/00 59 117 4 E 12.33
78 03/08/00 02/16/00 59 117 4 E 12.33
79 03/08/00 02/16/00 59 117 4 E 12.33
80 07/11/97 08/22/97 60 56 4 E 12.33
81 12/14/94 07/25/96 60 116 4 E 12.33
82 06/04/97 06/06/97 0 115 5 K 12.33
83 06/04/97 06/06/97 5 81 5 M 12.33
84 06/18/97 07/17/96 60 56 4 E 12.33
85 01/09/97 03/24/97 60 56 4 E 12.33
86 07/08/97 03/03/97 24 31 5 D 12.33
87 07/08/97 03/03/97 24 31 5 D 12.33
88 05/20/99 05/31/99 60 176 4 M 12.33
89 02/11/00 02/11/00 60 169 4 B 12.33
90 09/12/96 09/12/96 120 116 4 E 12.33
91 09/27/96 09/20/96 60 56 4 E 4.33
92 05/01/97 NAV 36 80 4 E 4.33
93 07/11/96 08/12/96 59 56 4 D 12.33
94 04/07/00 04/13/00 60 176 4 M 10.33
95 12/06/96 12/06/96 24 92 4 E 12.33
96 12/07/99 02/15/00 60 176 4 C 12.33
97 08/05/96 08/14/96 12 104 4 E 7.32
98 09/17/96 09/16/96 60 56 4 E 4.33
99 01/26/97 03/05/97 60 57 4 E 12.33
100 07/10/96 07/10/96 36 44 4 D 12.33
101 09/15/97 09/15/97 60 176 4 E 12.33
102 10/08/96 09/10/96 59 165 4 D 12.33
103 08/01/97 08/01/97 60 116 4 E 12.32
104 10/29/96 10/29/96 60 53 7 E 12.33
105 11/14/97 11/21/97 36 156 4 E 4.33
106 06/05/97 NAV 120 56 4 E 12.325
107 03/17/00 06/20/00 60 56 4 M 12.33
108 05/23/97 05/12/97 60 173 7 E 4.325
109 10/23/95 10/09/95 35 141 4 D 12.33
110 08/14/00 08/14/00 60 176 4 B 12.33
111 5/21/97 & 6/18/97 NAV 11 225 4 F 12.33
112 04/21/97 04/30/97 11 225 4 F 12.33
113 03/04/96 03/25/96 24 55 5 D 12.33
114 06/21/96 06/14/96 96 80 4 D 12.33
115 05/29/96 08/07/96 60 56 4 E 12.33
116 03/10/97 03/12/97 60 56 4 E 12.33
117 03/11/00 02/02/00 60 178 2 C 12.33
118 01/31/96 04/26/96 60 176 4 G 12.33
119 12/02/96 12/06/96 120 116 4 E 12.33
120 01/25/00 01/18/00 12 101 7 M 12.33
121 01/25/00 01/18/00 12 101 7 M 12.33
122 10/07/96 09/23/96 60 176 4 E 12.33
123 10/20/99 12/07/99 60 56 4 B 12.33
124 11/26/96 11/21/96 60 56 4 E 12.33
125 08/01/96 08/15/96 12 104 4 F 12.33
126 10/10/96 10/10/96 24 92 4 E 12.33
127 02/26/97 02/07/97 60 56 4 E 12.33
128 08/06/96 08/14/96 120 116 4 E 12.33
129 12/4/97 & 11/12/97 01/05/98 60 176 4 E 12.33
130 03/07/97 03/18/97 90 86 4 E 12.33
131 03/21/97 03/17/97 84 92 4 E 12.33
132 10/16/95 10/09/95 35 141 4 D 12.33
</TABLE>
<PAGE>
FOOTNOTES TO APPENDIX II
1. Sets of Mortgage Loans that have identical alphabetical coding designate
multiple loans that are cross-collateralized and cross-defaulted, while
Mortgage Loans that have identical Roman Numeral coding indicate multiple
properties securing one note. Mortgage Loans identified by identical
numbers of asterisks' are loans that have two pari passu Notes secured by
the same properties. The following six loan pools represent cross
collateralized/cross-defaulted properties and are designated by identical
alphabetical coding: Mortgage Loan Nos. 12-14, 18-27, 29-31, 40-41, 58-60
and 111-112. Mortgage Loans Nos. 1-11, 18-24, 25-26, 32-34, 35-36, 44-56,
62-73, 76-79, and 86-87 represent multiple properties securing a single
note. For purposes of the statistical information set forth in this
prospectus supplement, as to such multiple property loans, a portion of the
aggregate Cut-off Date balance has been allocated to each property, based
upon the allocation assigned in the related loan documents or upon the
Appraised Value or upon the Underwritable Cash Flows of each such property.
The following loan pools represent pari passu Notes secured by the same
collateral and are identified by identical numbers of asterisks: Mortgage
Loan Nos. 82-83 and 120-121.
2. RELEASE OF COLLATERAL:
With respect to Mortgage Loan Nos. 1-11, The Whitesell Industrial II
Portfolio, the 11 Mortgaged Properties secure one note with a Cut-off Date
balance of $30,952,411. So long as no default or event of default exists,
the Borrower may obtain a release of up to five of the eleven parcels at
any time after December 1, 2000 and in no more than two separate
transactions under certain conditions, including payment to Lender of an
amount equal to 110% of the then outstanding principal balance of the loan
allocated to such Mortgaged Property, together with payment of any
applicable prepayment premium with respect to such release payment. The
Loan is closed to prepayment until February 2003, except in connection with
amounts paid to obtain a release, as aforesaid. Following application of
such release payment to the outstanding principal balance of the Loan,
Borrower's monthly payments under the Note will be recalculated based on
the amortization of the remaining principal balance of the Note over the
remaining portion of the original 20 year amortization term.
Additionally, upon origination of the Whitesell Industrial II Portfolio
Loan, a parcel of the Whitesell Industrial II Portfolio Property known as
823 East Gate Drive did not have parking spaces adequate to meet then
current zoning requirements. Following the closing and to remedy the
parking deficiency, the Mortgage was modified to spread the lien thereof
over a one-acre parcel of land owned by Borrower adjacent to 823 Eastgate
Drive (the "Parking Parcel"). If and when the Borrower provides Lender
reasonably satisfactory assurances that 823 Eastgate Drive, standing alone,
complies with applicable parking requirements, Lender is required to
release the Parking Parcel from the lien of the Mortgage in consideration
of payment of $1.00.
With respect to Mortgage Loan No. 15, The State Street Square Office
Buildings, the note with a Cut-off Date balance of $29,338,794 is secured
by a mortgage on four parcels. So long as no default or event of default
exists under the Loan Documents, the Borrower may obtain a release of the
National State Bank Building (Block 20, Lot 8) and the State Street Square
Phase II Parcel (Block 20, Lot 17), but not the One State Street Square
Building or the parking garage parcel (Block 20, Lot 1 and Block 20, Lot
16), from the lien under certain conditions, including payment to Lender of
an amount equal to 105% of the then outstanding principal balance of the
loan allocated to such parcel of the Mortgaged Property (i.e., 11.25% for
the National State Bank Building and 0.74% for the State Street Square
Phase II Parcel), together with payment of any applicable prepayment
premium with respect to such release payment. The Loan is no longer closed
to prepayment. Following application of such release payment to the
outstanding principal balance of the Loan, Borrower's monthly payments
under the Note will be recalculated based on the amortization of the
remaining principal balance of the Note over the remaining portion of the
original 17 year amortization term. Prior to any release described above,
Lender must be satisfied that the remaining Mortgaged Property has adequate
access to public highways and utility service and complies in all respects
with applicable zoning and other legal requirements, including parking
requirements.
With respect to Mortgage Loan Nos. 18-24, Mericle Development I Portfolio,
the 7 Mortgaged Properties secure one note with a Cut-off Date balance of
$14,106,717. So long as no default or event of default exists, the Borrower
may obtain a release of any of the Mortgaged Properties from the lien under
certain conditions including payment to Lender of an amount equal to 110%
of the then outstanding principal balance of the loan allocated to such
Mortgaged Property, together with payment of any applicable prepayment
premium with respect to such release payment. The Loan is no longer closed
to prepayment. Following application of such release payment to the
outstanding principal balance of the Loan, Borrower's monthly payments
under the Note will be recalculated based on the amortization of the
remaining principal balance of the Note over the remaining portion of the
original 216 month amortization term. Prior to any release described above,
Lender must be satisfied that the remaining Mortgaged Property has adequate
access to public highways and utility service and complies in all respects
with applicable zoning and other legal requirements.
With respect to Mortgage Loan Nos. 32-34, The Southgate Commerce Center
Portfolio, the 3 Mortgaged Properties secure one note with a Cut-off Date
balance of $17,888,971. So long as no default or Event of default exists,
following the fifth anniversary of the loan, the Borrower may obtain a
release of a Mortgaged Property, from the lien under certain conditions,
including payment to Lender of an amount equal to 115% of the then
outstanding principal balance of the loan allocated to such Mortgaged
Property, together with payment of any applicable prepayment premium with
respect to such release payment. The prepayment lockout period expires on
the fifth anniversary of the first pay date of the Loan.
With respect to Mortgage Loan Nos. 35-36, Mendota I & II A, the 2 Mortgaged
Properties secure one note with a Cut-off Date balance of $17,745,103. So
long as no default or event of default exists, the Borrower shall have the
right to sell the Northland Insurance Building and obtain a release thereof
from the lien provided that the Borrower makes a prepayment of the
principal of the Loan in an amount sufficient to reduce the principal
balance of the Loan to an amount which not does not exceed 70% of the fair
market value (as determined by a then current appraisal) of the remaining
Mortgaged Property, the Borrowers pays any applicable prepayment premium
with respect to such release payment, and the projected DSCR for the
ensuing one-year period following such sale for the remaining Mortgaged
Property is not less than 1.40x. The Loan is closed to prepayment prior to
October 31, 2001 and thereafter may only be prepaid in whole, except, in
both cases, in connection with a release of the Northland Insurance
Building, as aforesaid.
With respect to Mortgage Loan Nos. 44-56, The Whitesell Portfolio, the 13
Mortgaged Properties secure one note with a Cut-off Date balance of
$10,899,122. So long as no default or event of default exists, the Borrower
may obtain a release of up to five of the thirteen parcels and in no more
than two separate transactions, from the lien under certain conditions,
including payment to Lender of an amount equal to 110% of the then
outstanding principal balance of the loan allocated to such Mortgaged
Property, together with payment of any applicable prepayment premium with
respect to such release payment. The Loan is no longer closed to
prepayment. Prior to any release described above, Lender must be satisfied
that the remaining Mortgaged Property has adequate access to public
highways and utility service and complies in all respects with applicable
zoning and other legal requirements.
With respect to Mortgage Loan Nos. 62-73, The Northtown Devco Industrial
Portfolio, the 12 Mortgaged Properties secure one note with a Cut-off Date
balance of $9,439,139. In the event the Borrower sells one or more (but not
all) of the Mortgaged Properties to an arms-length third party purchaser
and no default or event of default exists under the loan documents, the
Borrower may obtain a release of the applicable Mortgaged Property from the
lien under certain conditions, including payment of a release price in an
amount equal to 120% of the loan amount allocated to such Mortgaged
Property, together with the applicable prepayment penalty on such amount.
The Loan is closed to prepayment until February 2002, except for
prepayments in connection with a release as aforesaid. If any such release
occurs during the prepayment lockout period, the prepayment premium shall
be calculated as if such prepayment were made after the fifth year of the
Loan term in which case the prepayment penalty is the greater of 1% and a
yield maintenance premium.
With respect to Mortgage Loan Nos. 76-79, The Eckerd Drug Portfolio, the 4
Mortgaged Properties secure one note with a Cut-off Date balance of
$8,327,278. Borrower may sell one or two, but not more than two, of the
Mortgaged Properties to an arms-length third party purchaser and may obtain
a release of such parcels of the Mortgaged Property from the lien under
certain conditions, including payment to Lender of a release price equal to
120% of the loan amount allocated to such Mortgaged Property together with
any applicable prepayment premium, plus accrued and unpaid interest on the
principal amount prepaid. The Loan is closed to prepayment until June,
2005.
With respect to Mortgage Loan Nos. 86-87, The Westport Business Park
Portfolio, the 2 Mortgaged Properties secure one note with a Cut-off Date
balance of $7,252,638. So long as no default exists, the Borrower may
obtain a release of the Mortgaged Property known as Buildings 12-14
(Mortgage Loan No. 87) from the lien under certain conditions, including
the payment to Lender of $2.5 million and any applicable prepayment penalty
with respect to such amount, receipt by Lender of a current appraisal of
the remaining Mortgaged Property which confirms a Loan to value ratio,
after giving effect to such partial prepayment and release, of not more
than 75% and confirmation by Lender that the DSCR after prepayment and
release is at least 1.40x. The Loan is no longer closed to prepayment and
permits partial prepayment.
SUBSTITUTION OF COLLATERAL:
With respect to Mortgage Loan No. 109, Interchange I, II & III, at any time
during the term, the Borrower has a right to substitute for the Mortgaged
Property other real property of like kind and quality provided, among other
things, no event of default exists; the Borrower shall have obtained for
lender a written confirmation from Fitch Investors Service,L.P. and
Standard & Poor's Ratings Group that the substitution in and of itself will
not result in a reduction, withdrawal or qualification of any rating then
assigned to any outstanding certificates; the DSCR for the substitute
property based on its net operating income (after reserves) over the latest
12-month period is at least equal to the greater of the DSCR for the
Mortgaged Property as of such date and 1.35x; the appraised value of the
substitute property is at least equal to the greater of the appraised value
of the Mortgaged Property as of such date and an amount which results in a
LTV of 65% and lender shall have received an opinion of counsel to the
effect that the substitution of the substitute property for the Mortgaged
Property will not be a "significant modification" (within the meaning of
Treas. Reg. Section 1.860G-2). The Borrower is required to pay all fees and
expenses in connection with any such substitution, including, without
limitation, lender's counsel and Rating Agency Fees, title insurance
premiums and appraisal fees.
With respect to Mortgage Loan No. 132, the Churchill-Winston Building, at
any time during the term, the Borrower has a right to substitute for the
Mortgaged Property other real property of like kind and quality provided,
among other things, no default or event of default exists; the Borrower
shall have obtained for lender a written confirmation from Fitch Investors
Service, L.P. and Standard & Poor's Ratings Group that the substitution in
and of itself will not result in a reduction, withdrawal or qualification
of any rating then assigned to any outstanding certificates; the DSCR for
the substitute property based on its net operating income (after reserves)
over the latest 12-month period is at least equal to the greater of the
DSCR for the Mortgaged Property as of such date and 1.35x; the appraised
value of the substitute property is at least equal to the greater of the
appraised value of the Mortgaged Property as of such date and an amount
which results in a LTV of 65% and lender shall have received an opinion of
counsel to the effect that the substitution of the substitute property for
the Mortgaged Property will not be a "significant modification" (within the
meaning of Treas. Reg. Section 1.860G-2). The Borrower is required to pay
all fees and expenses in connection with any such substitution, including,
without limitation, lender's counsel and Rating Agency Fees, title
insurance premiums and appraisal fees.
SECONDARY FINANCING:
With respect to Mortgage Loan Nos. 35 and 36, the Mendota I & II A
Portfolio, a subordinated "B" Note Loan has been made to Borrower with a
Cut-off Date balance of $5,912,837. The "B" Note evidencing the "B" loan is
secured by the Mortgage encumbering the Mortgaged Properties. The "B" Note
has a ten-year term and amortizes on the basis of a 25-year term. Interest
on the "B" Note adjusts quarterly to the greater of (i) 5.5% and (ii) 215
basis points over 3-month LIBOR. Borrower has the right during the term,
but not more often than once in any 6 month period, to have the "B" Note
converted to a fixed rate obligation, which rate shall be equal to a
spread, selected by Lender, over U.S. Treasuries having a maturity closest
to November 1, 2009, which spread shall be determined based on similar
rates being offered to qualified applicants for similar projects with
similar market conditions. Further, the Borrower is permitted to obtain
secondary debt secured by the Mortgaged Property in the future provided the
existing secondary secured debt, evidenced by the "B" Note is paid in full
and only if (i) the LTV of the aggregate loan amounts will not exceed 70%
and at the time of such financing, the DSCR on the "A" Note is equal to or
greater than 1.40x and (ii) such debt is subordinated to the debt evidenced
by the "A" Note, in a manner satisfactory to Lender, provided any
subordination agreement (a) shall give the right to the subordinate note
holder to notice of, and opportunity to cure, Borrower's defaults under the
"A" Note and (b) shall not prohibit the secondary note holder from
foreclosing the Mortgage.
Mortgage Loan No. 88, Fair Oaks Renaissance Plaza, has additional secured
financing from the Pasadena Community Development Commission with an
outstanding principal balance, as of January 1, 2001, of approximately
$1,343,000. The additional financing is subordinate to the Mortgage Loan
and matures 20 years following the opening of the Mortgaged Property's
major tenant, Von's Supermarket. Until such time the Mortgage Loan is paid
in full, the Borrower shall not be required to make any payments to the
subordinate Lender under the subordinate note other than the required
payment of 25% of all positive annual cash flow from the Mortgaged
Property.
Mortgage Loan No. 103, Dopaco Company Building, has additional secured
financing with an outstanding principal balance, as of January 1, 2001, of
approximately $340,666. The additional financing bears interest at the rate
of 2% per annum. The subordinate loan fully amortizes over its fifteen year
term and matures on October 1, 2009. The additional financing is
subordinate to the Mortgage Loan as evidenced by a recorded Subordination
Agreement among lender, the subordinate lender and Borrower.
With respect to Mortgage Loan Nos. 57, Six Neshaminy Interplex, the
Borrower is permitted to obtain additional unsecured financing of
$2,000,000 without Lender approval.
With respect to Mortgage Loan Nos. 120, Freedom Center, the Borrower is
permitted to obtain additional unsecured financing subject to a maximum
amount of $250,000 without Lender approval.
With respect to Mortgage Loan Nos. 18-24, the Mericle Development I
Portfolio, the Borrower is permitted to obtain additional third mortgage
financing (subordinate to the first lien and the "soft" second lien on the
Mortgaged Property used to effectuate the cross-collateralization) secured
by the Mortgaged Properties, provided that the third mortgage lender is an
institutional lender, the financing accrues interest at a fixed rate which,
in Lender's reasonable judgment, is market for similar lenders on similar
projects, the third lender enters into a subordination agreement with
Lender satisfactory to Lender, a combined minimum DSCR, taking into account
the 1st, 2nd and 3rd loans, of 1.20x is maintained and a combined LTV,
taking into account the 1st, 2nd and 3rd loans, of 75% is not exceeded, as
confirmed by a then current appraisal.
With respect to Mortgage Loan No. 27, 15 and 19 Burt Collins Drive, the
Borrower is permitted to obtain additional third mortgage financing
(subordinate to the first lien and the "soft" second lien on the Mortgaged
Property used to effectuate the cross-collateralization) secured by the
Mortgaged Property, provided that the third mortgage lender is an
institutional lender, the financing accrues interest at a fixed rate which,
in Lender's reasonable judgment, is market for similar lenders on similar
projects, the third lender enters into a subordination agreement with
Lender satisfactory to Lender, a combined minimum DSCR, taking into account
the 1st, 2nd and 3rd loans, of 1.20x is maintained and a combined LTV,
taking into account the 1st, 2nd and 3rd loans, of 75% is not exceeded, as
confirmed by a then current appraisal.
With respect to Mortgage Loan No. 61, Chesterfield Village Square, the
Borrower is permitted to obtain additional fixed rate (at market rates)
financing secured by the Mortgaged Property, fully subordinated to the lien
of the Loan, provided that a combined minimum DSCR of 1.25x is maintained
and a combined LTV of 75% is not exceeded, as confirmed by a then current
appraisal. Any secured subordinate financing must provide that the equal
monthly payments thereunder fully amortize the balance of the subordinate
note prior to the maturity date of the Note. The subordinate note holder
must be a state or federally chartered institutional lender and is required
to enter into a subordination agreement with Lender.
With respect to Mortgage Loan No. 75, Evergreen Atrium Office Building, the
Borrower is permitted to obtain additional fixed rate (at market rates)
financing secured by the Mortgaged Property, fully subordinated to the lien
of the Loan, provided that a combined minimum DSCR of 1.25x is maintained
and a combined LTV of 75% is not exceeded, as confirmed by a then current
appraisal. Any secured subordinate financing must provide that the equal
monthly payments thereunder fully amortize the balance of the subordinate
note prior to the maturity date of the Note. The subordinate note holder
must be a state or federally chartered institutional lender and is required
to enter into a subordination agreement with Lender.
With respect to Mortgage Loan No. 91, Franklin Office Center, the Borrower
is permitted to obtain additional fixed rate (at market rates) financing
secured by the Mortgaged Property, fully subordinated to the lien of the
Loan, provided that a combined minimum DSCR of 1.25x is maintained and a
combined LTV of 75% is not exceeded, as confirmed by a then current
appraisal. Any secured subordinate financing must provide that the equal
monthly payments thereunder fully amortize the balance of the subordinate
note prior to the maturity date of the Note. The subordinate note holder
must be a state or federally chartered institutional lender and is required
to enter into a subordination agreement with Lender.
With respect to Mortgage Loan Nos. 96, Vons at Eastgate Plaza, the Borrower
is permitted to obtain additional fixed rate subordinate (at market rates)
financing secured by the Mortgaged Property, at any time after five years
from the Note date, and only in connection with a sale to a third party,
provided that, at the time Borrower wants to incur such financing,
annualized net operating income from the Mortgaged Property supports a
combined minimum DSCR of 1.25x is maintained and the aggregate balance
under the Note and the subordinate note does not exceed the lesser of (i)
70% of the value of the Mortgaged Property based on a then current
appraisal and (ii) 70% of the purchase price to such third party purchaser.
A financing fee of $3,500, in addition to Lender's actual out-of-pocket
costs, is payable in connection with any such secondary financing.
With respect to Mortgage Loan No. 125, Welles Street Industrial, the
Borrower is permitted to obtain additional second mortgage financing
secured by the Mortgaged Property, provided that the subordinate mortgage
lender is an institutional lender, the financing accrues interest at a
fixed rate which, in Lender's reasonable judgment, is market for similar
lenders on similar projects, the subordinate lender enters into a
subordination agreement with Lender satisfactory to Lender, a combined
minimum DSCR of 1.20x is maintained and a combined LTV of 75% is not
exceeded, as confirmed by a then current appraisal.
With respect to Mortgage Loan No. 128, One Willow Creek Office Building,
the Borrower is permitted to obtain additional subordinate financing
secured by the Mortgaged Property after the fifth loan year, provided that
a combined minimum DSCR of 1.25x is maintained and a combined LTV of 75% is
not exceeded, as confirmed by a then current appraisal. Any secured
subordinate financing must provide that the equal monthly payments
thereunder fully amortize the balance of the subordinate note prior to the
maturity date of the Note. A financing fee of $5,000, in addition to
Lender's actual out-of-pocket costs, is payable in connection with any such
secondary financing.
PARI PASSU NOTES:
With respect to Mortgage Loan Nos. 82 and 83, Boca Corporate Center, the
original Note contemplated a future funding. Subsequent to Loan
origination, the future funding was fully advanced and is evidenced by a
Future Advance Note (Mortgage Loan No. 83). The Future Advance Note and the
Note are cross-defaulted and are paid pari-passu. The Mortgage and the
other loan documents secure both the Note and the Future Advance Note.
With respect to Mortgage Loan Nos. 120 and 121, Springtree Plaza Shopping
Center, the Springtree Plaza loan provides for pari-passu promissory notes
in the original amounts of $3,150,000 (the "A" Note) and $150,000 (the "B"
Note). Each loan was structured with a 8.10% interest rate and an
amortization schedule of 25 years. The monthly payment due under the "A"
Note is $24,521.25 and under the "B" Note is $1,167.68. The priority of
application for the total monthly payments of $25,688.93 is as follows:
(1) pay interest on the "B" Note;
(2) pay interest on the "A" Note;
(3) pay principal on the "B" Note until the "B" Note is paid in full
(scheduled to be May 2003).
After the "B" Note is paid in full, the payment on the "A" Note will be
adjusted to $25,688.93/month.
PURCHASE OPTIONS:
With respect to Mortgage Loan No. 17, Century III Plaza, the Mortgaged
Property secures a note with a Cut-off Date balance of $21,505,227. Kohl's
Department Stores, Inc. ("Kohl's"), one of the tenants at the Mortgaged
Property, entered into a long-term prepaid ground lease with the Borrower
and Kohl's has the right to purchase the land for $1 under the terms of its
lease. Per the Non-Disturbance and Attornment Agreement between Lender,
Borrower and Kohl's, Lender will execute and record a partial release at
such time Kohl's purchases the land.
In addition to the above, Home Depot, USA, Inc., another one of the tenants
at the Mortgaged Property, has the right to purchase its site and
improvements approximately 16 years (January 1, 2017) after the Cut-off
Date. The Mortgaged Loan matures approximately six years (March 1, 2007)
after the Cut-off Date.
3. Certain ratios including Cut-off Date balance/Unit or SF, DSCR, Implied
DSCR, Cut-off Date LTV and Balloon LTV are calculated on a combined basis
for Mortgage Loans that are secured by multiple properties, Mortgage Loans
that are cross-collateralized and cross-defaulted and Mortgage Loans having
pari passu type structures.
4. Mortgage Loan No. 28, Park Austin Apartments, provides for monthly payments
of interest only through January 1, 2001. The monthly payment used to
calculate the DSCR for this Mortgage Loan reflects only the monthly
interest payment. The Borrower may extend the Loan commencing on January 1,
2005 and ending on January 1, 2007 provided a minimum DSCR of 1.20x is
maintained and a maximum LTV of 75% is not exceeded. As of November 28,
2000, PPM reached an agreement with the Borrower on revised extension terms
for the referenced loan. The extension would be for a term of two years on
the following terms:
Interest Rate: Fixed at 8.25% for the extension term;
Amortization: The loan amortization will start at a 27 year schedule in
loan year 2 and continue on this schedule through the maturity date.
Therefore, if the Mortgage Loan were extended, a new payment would be
calculated at the beginning of year 6 based on the new interest rate of
8.25% and a remaining amortization term of 23 years. Based on the
calculated balloon balance of $19,440,675, the expected P & I payment
during the extension period would be $158,869.64;
Prepayment: During the extension period, the Loan would be prepayable
during year 1, with a prepayment premium of 0.25%, and at par in year 2.
5. The Amortization Term shown is the basis for determining the fixed monthly
principal and interest payment as set forth in the related note.
With respect to Mortgage Loan No. 88, Fair Oaks Renaissance Plaza, the
remaining amortization term is 215 months and the remaining term is 224
months. For the purposes of the payment assumptions of this prospectus
supplement, the outstanding principal balance is scheduled to be reduced to
zero on the payment date of the 215th month.
6. With respect to Mortgage Loan Nos. 76-79, The Eckerd Drug Portfolio, the
Mortgaged Properties are subject to a ground lease. However, the fee-owner
of each of the Mortgaged Properties is a party to the Mortgage and the
Mortgage Loans are deemed secured by a fee interest for purposes of this
prospectus supplement.
Mortgage Loan No. 43, Festival at Manchester, is a 159,948 SF neighborhood
shopping center. The Borrower owns 16.1314 acres in fee and ground leases
an additional 1.01281 acre parcel. The ground lease is not subordinated.
This parcel is currently unimproved and is used for parking and
landscaping.
7. Mortgage Loan Nos. 107, Cooper Power Tools, is subject to a monthly payment
of principal and interest of $38,553.65 for the first 36 months of the
Loan. The Loan is subject to a step in payment to $40,479.41 in the 37th
month of the Loan term. DSCR and Implied DSCR are based on the current
payment of $38,553.65. The lease with Cooper Power Tools calls for an
increase in rent in the 37th month of the lease. The increased debt service
effective on August 1, 2003, applied to the Mortgaged Property's
underwritable cash flow, results in a DSCR of 1.28x.
8. Implied DSCR is based on an assumed constant of 9.0%, as defined herein.
9. The Market Value for the Mortgage Loans as of January 1, 2001 was
calculated according to the methodology described in this Prospectus
Supplement using a capitalization rate applied to either a) the
underwritten net operating income of such commercial mortgaged property or
properties or b) the underwritten net operating cash flow of such
multifamily mortgaged property or properties. Capitalization rates were
determined by a) 1999/2000 third party appraisals, b) third party market
studies conducted on or after October 17, 2000, or c) internal valuations
were prepared by Seller's underwriter's on the basis of underwritten net
operating income for commercial properties and underwritten net operating
cash flow for multifamily properties, resulting in an implied
capitalization rate. The Source of Value column indicates that the
valuation is determined from an appraisal, a third party market study or
Seller's underwriting.
10. In general for each Mortgaged Property, "Percent Leased" was determined
based on a rent roll provided by the related Borrower. In certain cases,
"Percent Leased" was determined based on an appraisal, executed lease,
operating statement or occupancy report. "Percent Leased as of Date"
indicates the date as of which "Percent Leased" was determined based on
such information.
11. "Largest Tenant" refers to the tenant that represents the greatest
percentage of the total square footage at the related Mortgaged Property.
12. With respect to Mortgage Loans that have a Due Date (inclusive of any grace
periods) on or after the Determination Date, the master servicer is
required to make advances of scheduled loan payments, to the extent such
payment is not received from the applicable borrower by the Determination
Date. Advances made in respect of the aforementioned loans, will not begin
to accrue interest until a date which is the later of such mortgage loan's
due date or the expiration of any applicable grace period.
13. Seasoning represents the approximate number of months elapsed from the date
of the first regularly scheduled payment or due date to the Cut-Off Date.
14. With respect to Mortgage Properties with Environmental site assessements
dated prior to July 1, 1999, the Seller has represented to the Depositor
that no material adverse environmental condition exists.
15. With respect to Mortgage Properties with Engineering Reports dated prior to
July 1, 1999, the Seller has represented to the Depositor that no material
adverse condition exists. For Mortgage Loans that indicate an "NAV", there
is no Engineering Report, however there is a Letter of Substantial
Completion from the architect and the Seller has represented to the
Depositor that no material adverse condition exists.
16. The "Prepayment Code" includes the number of loan payments from the first
Due Date to the stated maturity. "YM" represents yield maintenance. "YM1"
represents the greater of the product of the applicable yield maintenance
formula or one percent of the outstanding principal balance prepaid,
respectively. "Open" represents the number of payments, including the
maturity date, at which principal payments are permitted without payment of
a Yield Maintenance premium. For each Mortgage Loan, the number set forth
under the category of "Prepayment Code" represents the number of payments
in the "Original Term to Maturity" for which such provision applies.
Mortgage Loan No. 127, 33300-33360 Central Avenue, the Borrower is
permitted to prepay up to $30,000 per annum on the August 1 payment date
each year, without a prepayment penalty. This right is non-cumulative from
year to year.
17. Mortgage Loans with associated Yield Maintenance Premiums are categorized
according to thirteen unique Yield Maintenance Formulas. These are
represented by the Mortgage Loans, labeled as "A", "B", "C", "D", "E", "F",
"G", "H", "I", "J", "K", "L" and "M". Summaries for the thirteen formulas
are listed beginning on page II-11.
18. The "Administrative Cost Rate" indicated for each Mortgage Loan will be the
sum of the master servicing fee rate, the primary or correspondent
servicing fee rate and the trustee fee rate, and will be calculated based
on the same interest calculation methodology applicable to each Mortgage
Loan.
<PAGE>
YIELD MAINTENANCE FORMULAS
The following are summaries of yield maintenance provisions, or formulas,
contained in the related promissory note for certain of the mortgage loans.
There are thirteen unique yield maintenance formulas represented by the mortgage
loans, each labeled as "A", "B", "C", "D", "E", "F", "G", "H", "I", "J", "K",
"L" and "M". Each Mortgage Loan, which provides for a yield maintenance formula,
references the applicable formula printed below in the column titled "YM
Formula".
A The "Yield Maintenance Amount" shall mean:
the present value on the date of prepayment of all future principal and
interest payments beginning with the payment due on the second month
following the pay-off date, including any balloon payments assuming payment
in accordance with the repayment terms set forth in this Note less the
current outstanding principal balance of this Note. The interest rate used
in calculating the present value shall be the Treasury Rate, as defined
herein, divided by twelve (12). "Treasury Rate" shall be the yield plus
twenty-five (25) basis points as reported by Bloomberg L.P. of the U.S.
Government Treasury Securities having a maturity date which is the same as
the Maturity Date of the Loan three (3) business days prior to the
prepayment of the Loan ("Index"). If for any reason such index is not
published, the Treasury Rate shall be based on the yields reported in
another publication of comparable reliability and institutional acceptance
as selected by the Noteholder in its sole discretion which most closely
approximates yields in percent per annum of selected U.S. treasury
securities of varying maturities. If no Treasury Constant Maturities are
published for the specific length of time to the Maturity Date, the index
to be utilized shall be the weighted average of the Treasury Constant
Maturities published for the two periods most nearly corresponding to the
Maturity Date.
B The "Yield Maintenance Amount" shall mean:
the present value on the date of prepayment of all future principal and
interest payments beginning with the payment due on the month following the
pay-off date, including any balloon payments assuming payment in accordance
with the repayment terms of the Note less the current outstanding principal
balance of the Loan. The interest rate used in calculating the present
value shall be the Treasury Rate, as defined herein, divided by twelve.
"Treasury Rate" shall be the yield as reported by Bloomberg L.P. of U.S.
Government Treasury Securities having a maturity date which is the same as
the Maturity Date of the Loan three (3) business days prior to the
prepayment of the Loan ("Index"). If for any reason such index is not
published, the Treasury Rate shall be based on the yields reported in
another publication of comparable reliability and institutional acceptance
as selected by the Lender in its sole discretion which most closely
approximates yields in percent per annum of selected U.S. Treasury
securities of varying maturities. If no Treasury Constant Maturities are
published for the specific length of time to the Maturity Date, the index
to be utilized shall be the weighted average of the Treasury Constant
Maturities published for the two periods most nearly corresponding to the
Maturity Date.
C The "Yield Maintenance Amount" shall mean:
the present value as of the Prepayment Date of all future principal and
interest payments beginning with the payment due on the second (2nd) month
following the Prepayment Date, including any balloon payments, assuming
payment in accordance with the repayment terms of this Note, less the
outstanding principal balance of the Loan as of the Prepayment Date. The
monthly discount rate used for purposes of calculating the present value
referenced in the preceding sentence shall be a rate equal to one-twelfth
(1/12) the Treasury Rate (defined below). The term "Treasury Rate" shall
mean (x) the yield, as reported by Bloomberg L.P. three (3) business days
prior to the Prepayment Date, of U.S. Government Treasury Securities having
a maturity date which is the same as the Maturity Date of the Loan, or (y)
if that index is no longer published by Bloomberg L.P. as of the date which
is three (3) business days prior to the Prepayment Date, the yields, as
reported by another publication of comparable reliability and institutional
acceptance (as selected by Noteholder in Noteholder's sole and absolute
discretion), of selected U.S. Treasury securities of varying maturities (in
either case, the "Index"). Notwithstanding the foregoing, if no Treasury
Constant Maturities are published for the specific length of time from the
date which is three (3) business days prior to the Prepayment Date to the
Maturity Date, the Index shall be the weighted average of the Treasury
Constant Maturities published for the two periods most nearly corresponding
to the Maturity Date.
D The "Yield Maintenance Amount" shall mean:
an amount calculated at the time of prepayment using a formula designed to
compensate Lender for the loss of its performing loan (such amount being
herein referred to as the "Formula Amount"). The Formula Amount shall be
calculated only if at the time of any prepayment (whether voluntary or
involuntary), the Government Yield as of the date of prepayment is less
than the Note Rate, and in such event the Formula Amount shall be
calculated as follows. The amount prepaid shall be multiplied by (a) the
Interest Differential, times (b) a fraction, the numerator of which is the
number of days from and including the date of prepayment to and including
the Maturity Date, and the denominator of which is 360. The resulting
product shall then be divided by the number of whole months (using a 30-day
month) from and including the date of prepayment to and including the
Maturity Date, yielding a quotient (the "Quotient"). The Formula Amount
shall be the present value (determined in accordance with standard
financial practice) on the date of prepayment (using the Government Yield
as of the date of such prepayment as the discount factor) of a stream of
equal monthly payments in number equal to the number of whole months (using
a 30-day month) from and including the date of prepayment to and including
the Maturity Date, with the amount of each hypothetical monthly payment
equal to the Quotient and with the first payment payable thirty days after
the date of prepayment. For purposed hereof, the following terms shall have
the meaning set forth below:
"Government Yield": For purposes of determining the Interest Differential,
as of the date of any prepayment, and for determining the present value of
the stream of hypothetical payments described above, the yield (converted
as necessary to the equivalent semi-annual compound rate) on U.S. Treasury
Securities having a maturity date closest to the Maturity Date. The yield
shall be as published in The Wall Street Journal (or, if not so published,
as determined by Lender by using the average of quotes obtained by Lender
from three primary dealers that market U.S. Treasury Securities in the
secondary market). "U.S. Treasury Securities" means actively traded U.S.
Treasury bonds, bills and notes and, if more than one issue of U.S.
Treasury Securities is scheduled to mature on or about the Maturity Date,
then to the extent possible the U.S. Treasury Security issued most recently
prior to the date of determination will be chosen as the basis of the
Government Yield.
"Interest Differential": as of the date of any full or partial prepayment,
the Note Rate (as converted to a bond-equivalent semi-annual compound rate)
minus the Government Yield as of the date of prepayment.
E The "Yield Maintenance Amount" shall mean:
an amount calculated at the time of prepayment using a formula designed to
compensate Noteholder for the loss of its performing Loan. This yield
protection payment will be calculated by (a) assuming reinvestment of the
prepaid amount in U.S. Treasury securities with maturities as close as
practicable to the maturity of this Note, (b) assuming conversion of this
Note to a bond-equivalent, interest-only note without changing its interest
rate, and (c) determining the present value of the difference between the
two (2) assumed interest-payment streams, using the yield of the assumed
reinvestment as the discount rate.
F The "Yield Maintenance Amount" shall be calculated by:
(i) assuming reinvestment of the prepaid amount in U.S Treasury securities
with maturities as close as practicable to the maturity of this Note, (ii)
assuming conversion of this Note to a bond-equivalent, interest-only note
without changing its interest rate, and (iii) determining the present value
of the difference between the two assumed interest-payment streams, using
the yield of the assumed reinvestment as the discount rate.
G The "Yield Maintenance Calculation" shall mean:
an amount calculated at the time of prepayment using a formula designed to
compensate Noteholder for the loss of its performing Loan (such amount
being referred to herein as the "Formula Amount"). The Formula Amount shall
be calculated only if at the time of any prepayment (whether voluntary or
involuntary), the Government Yield as of the date of prepayment is less
than the Interest Rate, and in such event the Formula Amount shall be
calculated as follows. The amount prepaid shall be multiplied by (a) the
Interest Differential, times (b) a fraction, the numerator of which is the
number of days from and including the date of prepayment to and including
the Maturity Date, and the denominator of which is 360. The resulting
product shall then be divided by the number of whole months (using a 30-day
month) from and including the date of prepayment to and including the
Maturity Date, yielding a quotient (the "Quotient"). The Formula Amount
shall be the present value (determined in accordance with standard
financial practice) on the date of prepayment (using the Government Yield
as of the date of such prepayment as the discount factor) of a stream of
equal monthly payments in number equal to the number of whole months (using
a 30-day month) from and including the date of prepayment to and including
the Maturity Date, with the amount of each hypothetical monthly payment
equal to the Quotient and with the first payment payable thirty days after
the date of prepayment. For purposes hereof, the following terms shall have
the meanings set forth below.
"Government Yield": For purposes of determining the Interest Differential,
as of the date of any prepayment, and for determining the present value of
the stream of hypothetical payments described above, the yield (converted
as necessary to the equivalent semi-annual compound rate) on U.S. Treasury
Securities having a maturity date closest to the Maturity Date, plus fifty
basis points (.50%). The yield shall be as published in The Wall Street
Journal (or, if not so published, as determined by Lender by using the
average of quotes obtained by Lender from three primary dealers that market
U.S. Treasury Securities in the secondary market). "U.S. Treasury
Securities" means actively traded U.S. Treasury bonds, bills and notes and,
if more than one issue of U.S. Treasury Securities is scheduled to mature
on or about the Maturity Date, then to the extent possible the U.S.
Treasury Security issued most recently prior to the date of determination
will be chosen as the basis of the Governmental Yield.
"Interest Differential": as of the date of any full or partial prepayment,
the Interest Rate (as converted to a bond-equivalent semi-annual compound
rate) minus the Government Yield as of the date of prepayment.
H The "Yield Maintenance Amount" shall mean:
an amount calculated at the time of prepayment using a formula designed to
compensate Noteholder for the loss of its performing Loan. This yield
protection payment will be calculated by (a) assuming reinvestment of the
prepaid amount in U.S. Government/Treasury securities with constant
maturities as close as practicable to the maturity of this Note, as such
U.S. Government/Treasury Constant Maturities and their average yields are
reported by Bloomberg, L.P. or by such other similar reporter selected by
Noteholder in the event that Bloomberg, L.P. no longer publishes its
reports or no longer reports such average yields, (b) assuming conversion
of this Note to a bond-equivalent, interest-only note without changing its
interest rate, and (c) determining the present value of the difference
between the two assumed interest-payment streams, using the yield of the
assumed reinvestment as the discount rate.
I The "Yield Maintenance Amount" shall mean:
an amount calculated at the time of prepayment using a formula designed to
compensate Noteholder for the loss of its performing Loan (such amount
being referred to herein as the "Formula Amount"). The Formula Amount shall
be calculated only if at the time of any prepayment (whether voluntary or
involuntary), the sum of (i) the Government Yield as of the date of
prepayment, plus (ii) one-quarter percent (.25%) is less than the Interest
Rate, and in such event the Formula Amount shall be calculated as follows.
The amount prepaid shall be multiplied by (a) the Interest Differential,
times (b) a fraction, the numerator of which is the number of days from and
including the date of prepayment to and including the Maturity Date, and
the denominator of which is 360. The resulting product shall then be
divided by the number of whole months (using a 30-day month) from and
including the date of prepayment to and including the Maturity Date,
yielding a quotient (the "Quotient"). The Formula Amount shall be the
present value (determined in accordance with standard financial practice)
on the date of prepayment (using the sum of (i) the Government Yield as of
the date of such prepayment, plus (ii) one-quarter percent (.25%), divided
by 12, as the discount factor) of a stream of equal monthly payments in
number equal to the number of whole months (using a 30-day month) from and
including the date of prepayment to and including the Maturity Date, with
the amount of each hypothetical monthly payment equal to the Quotient and
with the first payment payable thirty days after the date of prepayment.
For purposes hereof, the following terms shall have the meanings set forth
below.
"Government Yield": For purposes of determining the Interest Differential,
as of the date of any prepayment, and for determining the present value of
the stream of hypothetical payments described above, the yield (converted
as necessary to the equivalent semi-annual compound rate) on U.S. Treasury
Securities having a maturity date closest to the Maturity Date. The yield
shall be as published in The Wall Street Journal (or, if not so published,
as determined by Lender by using the average of quotes obtained by Lender
from three primary dealers that market U.S. Treasury Securities in the
secondary market). "U.S. Treasury Securities" means actively traded U.S.
Treasury bonds, bills and notes and, if more than one issue of U.S.
Treasury Securities is scheduled to mature on or about the Maturity Date,
then to the extent possible the U.S. Treasury Security issued most recently
prior to the date of determination will be chosen as the basis of the
Government Yield.
"Interest Differential": as of the date of any prepayment, the Interest
Rate (as converted to a bond-equivalent semi-annual compound rate) minus
the sum of (i) Government Yield as of the date of prepayment, and (ii)
one-quarter percent (0.25%)
J The "Yield Maintenance Amount" shall mean:
The present value on the date of prepayment of all future principal and
interest payments beginning with the payment due on the second month
following the pay-off date, including any balloon payment, assuming payment
in accordance with the repayment terms of this Note less the current
outstanding principal balance of the Loan; provided however that in the
event that the Loan is extended, the Premium for the period from January 2,
2005 to and including January 1, 2006 shall be equal to one-quarter of one
percent (.25%) of the outstanding balance at the time of prepayment. The
interest rate used in calculating the present value shall be the Treasury
Rate, as defined herein, divided by twelve. "Treasury Rate" shall be the
yield as reported by Bloomberg L.P. of U.S. Government Treasury Securities
having a maturity date which is the same as the Maturity Date of the Loan
ten (10) business days prior to the prepayment of the Loan ("Index"). If
for any reason such Index is not published, the Treasury Rate shall be
based on the yields reported in another publication of comparable
reliability and institutional acceptance as selected by Noteholder in its
reasonable discretion which most closely approximates yields in percent per
annum of selected U.S. Treasury securities of varying maturities. If no
Treasury Constant Maturities are published for the specific length of time
to the Maturity Date, the index to be utilized shall be the weighted
average of the Treasury Constant Maturities published for the two periods
most nearly corresponding to the Maturity Date.
K The "Yield Maintenance Amount" shall be:
An amount calculated at the time of repayment using a formula designed to
compensate Lender for the loss of its performing Loan. This yield
protection payment will be calculated by (a) assuming reinvestment of the
Note's maturity, (b) assuming conversion of the Note to a bond-equivalent,
interest-only note without changing its interest rate, and (c) determining
the present value of the difference between the two assumed
interest-payment streams, using the yield of the assumed reinvestment as
the discount rate.
L The "Yield Maintenance Amount" shall mean:
an amount calculated at the time of prepayment using a formula designed to
compensate Noteholder for the loss of its performing Loan (such amount
being referred to herein as the "Formula Amount"). The Formula Amount shall
be calculated only if at the time of any prepayment (whether voluntary or
involuntary), the Government Yield as of the date of prepayment is less
than the Interest Rate, and in such event the Formula Amount shall be
calculated as follows. The amount prepaid shall be multiplied by (a) the
Interest Differential, times (b) a fraction, the numerator of which is the
number of days from and including the date of prepayment to and including
the Maturity Date, and the denominator of which is 360. The resulting
product shall then be divided by the number of whole months (using a 30-day
month) from and including the date of prepayment to and including the
Maturity Date, yielding a quotient (the "Quotient"). The Formula Amount
shall be the Present Value (determined in accordance with standard
financial practice) on the date of prepayment (using the Governmental Yield
as of the date of such prepayment as the discount factor) of a stream of
equal monthly payments in number equal to the number of whole months (using
a 30-day month) from and including the date of prepayment to and including
the Maturity Date, with the amount of each hypothetical monthly payment
equal to the Quotient and with the first payment payable thirty days after
the date of prepayment. For purposes hereof, the following terms shall have
the meanings set forth below.
"Government Yield": For purposes of determining the Interest Differential,
as of the date of any prepayment, and for determining the present value of
the stream of hypothetical payments described above, the yield (converted
as necessary to the equivalent semi-annual compound rate) on U.S. Treasury
Securities having a maturity date closest to the Maturity Date. The yield
shall be as published in The Wall Street Journal (or, if not so published,
as determined by Lender by using the average of quotes obtained by Lender
from three primary dealers that market U.S. Treasury Securities in the
secondary market). "U.S. Treasury Securities" means actively traded U.S.
Treasury bonds, bills and notes and, if more than one issue of U.S.
Treasury Securities is scheduled to mature on or about the Maturity Date,
then to the extent possible the U.S. Treasury Security issued most recently
prior to the date of determination will be chosen as the basis of the
Governmental Yield.
"Interest Differential": as of the date of any full or partial prepayment,
the Interest Rate (as converted to a bond-equivalent semi-annual compound
rate) minus the Governmental Yield as of the date of prepayment.
M The "Yield Maintenance Amount" shall mean:
the present value on the date of prepayment of all future principal and interest
payments beginning with the payment due on the second month following the
pay-off date, including any balloon payments assuming payment in accordance with
the repayment terms of the Note less the current outstanding principal balance
of the Loan. The interest rate used in calculating the present value shall be
the Treasury Rate, as defined herein, divided by twelve. "Treasury Rate" shall
be the yield as reported by Bloomberg L.P. of U.S. Government Treasury
Securities having a maturity date which is the same as the Maturity Date of the
Loan three (3) business days prior to the prepayment of the Loan ("Index"). If
for any reason such index is not published, the Treasury Rate shall be based on
the yields reported in another publication of comparable reliability and
institutional acceptance as selected by the Lender in its sole discretion which
most closely approximates yields in percent per annum of selected U.S. Treasury
securities of varying maturities. If no Treasury Constant Maturities are
published for the specific length of time to the Maturity Date, the index to be
utilized shall be the weighted average of the Treasury Constant Maturities
published for the two periods most nearly corresponding to the Maturity Date.
