<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 09/18/98
(Date of earliest event reported)
First Union Commercial Mortgage Securities, Inc.
(Exact name of registrant as specified in governing instruments)
North Carolina
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(704) 374-6828
(Registrant's telephone number, including area code)
Commission File Number 33-97994
56-1643598 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
First Union Commercial Mortgage Securities, Inc.
Series 1997-C1
FORM 8-K
INDEX
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
<PAGE>
First Union Commercial Mortgage Securities, Inc.
Series 1997-C1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934,
the registrar has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
First Union Commercial Mortgage Securities, Inc.
Series 1997-C1
(Registrant)
Date: 09/18/98
By:
Name: David Shepherd
Title: Assistant Secretary
State Street Bank and Trust Company
as Trustee
<PAGE>
FIRST UNION MORTGAGE SECURITIES
COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES
[LOGO]
B233 PAYMENT DATE: SEPTEMBER 18, 1998
RECORD DATE: AUGUST 31, 1998
<TABLE>
<CAPTION>
SUMMARY OF AVAILABLE INFORMATION
DELIVERY
NAME OF REPORT OR FILE PREPARER FREQUENCY VEHICLES:
- ---------------------- -------- --------- ---------
<S> <C> <C> <C>
Distribution Date Statement Trustee Monthly Web, Street Fax
Loan Schedule Trustee Monthly Web, Street Fax
Loan Portfolio Stratifications Trustee Monthly Web, Street Fax
CSSA Periodic Loan Update File Trustee Monthly Web
Delinquent Loan Status Servicer Monthly Web, Street Fax
Comparative Financial Report Special Servicer Monthly Web
Operating Statement Analysis Report Special Servicer Quarterly Upon Request
NOI Adjustment Worksheet Special Servicer Annually Upon Request
REO Status Report Special Servicer Monthly Web, Street Fax
Watch List Report Special Servicer Monthly Web, Street Fax
Historical Modification Report Special Servicer Monthly Web, Street Fax
Historical Liquidation Report Special Servicer Monthly Web, Street Fax
STATE STREET INFORMATION DELIVERY VEHICLES
- ------------------------------------------
Web Site: http://corporatetrust.statestreet.com
Street Fax: (617) 664-5600
To sign up for a Street Fax account: (617) 664-5430
Street Connections (factors and rates): (617) 664-5500
For other information delivery requests: [email protected]
DEAL-SPECIFIC CONTACTS
- ----------------------
Account Officer (trustee and paying agent questions): David Shepherd (617) 664-5473
Bond Analyst (analytics and collateral questions): Mark Glenn (617) 664-5447
Servicer First Union National Bank (800) 326-1334
Special Servicer CRIIMI Mae Services LP (301) 816-2300
</TABLE>
Page 1 of 5
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
[LOGO]
PAYMENT DATE: SEPTEMBER 18, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS RECORD DATE: AUGUST 31, 1998
PAYMENT SUMMARY
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Pass-Through Interest Original Moody's Original Beginning
Class CUSIP Rate Type Rating Balance Balance
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 33736LAA3 7.150000% Fixed Aaa 200,000,000.00 183,682,819.26
A-2 33736LAB1 7.300000% Fixed Aaa 318,000,000.00 318,000,000.00
A-3 33736LAC9 7.380000% Fixed Aaa 395,812,000.00 395,812,000.00
B 33736LAE5 7.430000% Fixed Aa2 78,327,000.00 78,327,000.00
C 33736LAF2 7.440000% Fixed A2 71,800,000.00 71,800,000.00
D 33736LAG0 7.500000% Fixed Baa2 71,800,000.00 71,800,000.00
E 33736LAH8 7.750000% Fixed Baa3 19,582,000.00 19,582,000.00
F 33736LAJ4 7.000000% Fixed N/A 71,800,000.00 71,800,000.00
G 33736LAK1 7.000000% Fixed N/A 13,054,813.00 13,054,813.00
H 33736LAL9 7.000000% Fixed N/A 26,108,964.00 26,108,964.00
J 33736LAM7 7.000000% Fixed N/A 13,054,483.00 13,054,483.00
K 33736LAN5 7.000000% Fixed N/A 26,108,964.00 26,108,964.00
IO * 33736LAD7 1.304775% Variable Aaa 1,305,448,224.00 1,289,131,043.26
R N/A N/A 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------
TOTALS: 1,305,448,224.00 1,289,131,043.26
----------------------------------------------------------------
</TABLE>
* Based on a Notional Balance
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Class Interest Total P&I Ending
Distrib. Amount Distribution Amt Payable Balance
------------------------------------------------------------------------------
<S> <C> <C> <C>
1,128,172.52 1,094,443.46 2,222,615.98 182,554,646.74
0.00 1,934,500.00 1,934,500.00 318,000,000.00
0.00 2,434,243.80 2,434,243.80 395,812,000.00
0.00 484,974.68 484,974.68 78,327,000.00
0.00 445,160.00 445,160.00 71,800,000.00
0.00 448,750.00 448,750.00 71,800,000.00
0.00 126,467.08 126,467.08 19,582,000.00
0.00 418,833.33 418,833.33 71,800,000.00
0.00 76,153.08 76,153.08 13,054,813.00
0.00 152,302.29 152,302.29 26,108,964.00
0.00 76,151.15 76,151.15 13,054,483.00
0.00 152,141.83 152,141.83 26,108,964.00
0.00 1,401,688.30 1,401,688.3 1,288,002,870.74
0.00 0.00 0.00 0.00
------------------------------------------------------------------------------
TOTALS: 1,128,172.52 9,245,809.00 10,373,981.52 1,288,002,870.74
------------------------------------------------------------------------------
</TABLE>
DISTRIBUTIONS PER CERTIFICATE
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
Beginning Principal Interest Ending
Class Certificate Factor Distribution/ Distribution/ Certificate Factor
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.91841410 5.6408626 5.4722173 0.9127732
A-2 1.00000000 0.0000000 6.0833333 1.0000000
A-3 1.00000000 0.0000000 6.1500000 1.0000000
B 1.00000000 0.0000000 6.1916667 1.0000000
C 1.00000000 0.0000000 6.2000000 1.0000000
D 1.00000000 0.0000000 6.2500000 1.0000000
E 1.00000000 0.0000000 6.4583333 1.0000000
F 1.00000000 0.0000000 5.8333333 1.0000000
G 1.00000000 0.0000000 5.8333333 1.0000000
H 1.00000000 0.0000000 5.8333333 1.0000000
J 1.00000000 0.0000000 5.8333333 1.0000000
K 1.00000000 0.0000000 5.8271875 1.0000000
IO * 0.98750071 0.0000000 1.0737219 0.9866365
R 0.00000000 0.0000000 0.0000000 0.0000000
- ----------------------------------------------------------------------------------
</TABLE>
(1) represents net payment per certificate
- -----------------------------------------------------------------------------
STATE STREET DISCLAIMER NOTICE:This report has been prepared by or based on
information furnished to State Street Bank and Trust Company ("State Street")
by one or more third parties (e.g.,Servicer, Master Servicer, etc.).State
Street Serving shall not have and does not undertake responsibility for the
accuracy or completeness of information provided by such third parties, and
makes no representations or warranties with respect to the accuracy or
completeness thereof or the sufficiency thereof for any particular purpose.
State Street has not independently verified information received from third
parties, and shall have no liability for any inaccuracies therein or caused
thereby.
Page 2 of 5
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
[LOGO]
PAYMENT DATE: SEPTEMBER 18, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS RECORD DATE: AUGUST 31, 1998
PRINCIPAL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Principal Realized Appraisal Reimbrs Add Trust Ending
Class Balance Distribution Losses Reduction Amts Exp/Realzd Losses Balance
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 183,682,819.26 1,128,172.52 0.00 0.00 0.00 182,554,646.74
A-2 318,000,000.00 0.00 0.00 0.00 0.00 318,000,000.00
A-3 395,812,000.00 0.00 0.00 0.00 0.00 395,812,000.00
B 78,327,000.00 0.00 0.00 0.00 0.00 78,327,000.00
C 71,800,000.00 0.00 0.00 0.00 0.00 71,800,000.00
D 71,800,000.00 0.00 0.00 0.00 0.00 71,800,000.00
E 19,582,000.00 0.00 0.00 0.00 0.00 19,582,000.00
F 71,800,000.00 0.00 0.00 0.00 0.00 71,800,000.00
G 13,054,813.00 0.00 0.00 0.00 0.00 13,054,813.00
H 26,108,964.00 0.00 0.00 0.00 0.00 26,108,964.00
J 13,054,483.00 0.00 0.00 0.00 0.00 13,054,483.00
K 26,108,964.00 0.00 0.00 0.00 0.00 26,108,964.00
IO * 1,289,131,043.26 0.00 0.00 0.00 0.00 1,288,002,870.74
R 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS: 1,289,131,043.26 1,128,172.52 0.00 0.00 0.00 1,288,002,870.74
----------------------------------------------------------------------------------------------------------------------
</TABLE>
INTEREST DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Accrued Excess Prepaymt Distributable Current Unpaid Payment to Class Interest
Class Certificate Interest Interest Shortfalls Certificate Interest Interest Unpaid Interest Dist Amount
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 1,094,443.46 0.00 1,094,443.46 0.00 0.00 1,094,443.46
A-2 1,934,500.00 0.00 1,934,500.00 0.00 0.00 1,934,500.00
A-3 2,434,243.80 0.00 2,434,243.80 0.00 0.00 2,434,243.80
B 484,974.68 0.00 484,974.68 0.00 0.00 484,974.68
C 445,160.00 0.00 445,160.00 0.00 0.00 445,160.00
D 448,750.00 0.00 448,750.00 0.00 0.00 448,750.00
E 126,467.08 0.00 126,467.08 0.00 0.00 126,467.08
F 418,833.33 0.00 418,833.33 0.00 0.00 418,833.33
G 76,153.08 0.00 76,153.08 0.00 0.00 76,153.08
H 152,302.29 0.00 152,302.29 0.00 0.00 152,302.29
J 76,151.15 0.00 76,151.15 0.00 0.00 76,151.15
K 152,302.29 0.00 152,302.29 160.46 0.00 152,141.83
IO * 1,401,688.30 0.00 1,401,688.30 0.00 0.00 1,401,688.30
R 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------
TOTALS: 9,245,969.46 0.00 9,245,969.46 160.46 0.00 9,245,809.00
----------------------------------------------------------------------------------------------------------------
-------------------------------
Prepayment Ending Balance
YMC Unpaid Interes
-------------------------------
<C> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 10,209.67
0.00 0.00
0.00 0.00
------------------------------
Totals: 0.00 10,209.67
------------------------------
</TABLE>
Page 3 of 5
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
[LOGO]
PAYMENT DATE: SEPTEMBER 18, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS RECORD DATE: AUGUST 31, 1998
MORTGAGE LOAN ACTIVITY FOR RELATED PAYMENT DATE:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
# of Mortgage Weighted Avr. Remain Weighted Average Beg. Agg Stated Ending Agg Stated Ending Unpaid Available
Loans Outs Term to Maturity Mortgage Rate Principal Balance Principal Balance Principal Balance Distribution Amt
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
280 114.03 8.75921% 1,289,131,408.60 1,288,003,236.08 1,288,110,195.84 10,373,981.52
- ---------------------------------------------------------------------------------------------------------------------------------
Current Current Additional Principal
Realized Losses Trust Fund Exp # of Payoffs Prepayments
- -----------------------------------------------------------------------
<S> <C> <C> <C>
$0.00 440.22 0.00 0.00
- -----------------------------------------------------------------------
</TABLE>
APPRAISAL REDUCTION INFORMATION:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Loan # SPB of Apr Red Loan All Unpd Int & Fees Appraised Value P&I Adv. on Loan
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------
</TABLE>
AGGREGATE DELINQUENCY INFORMATION FOR RELATED PAYMENT DATE:
<TABLE>
<CAPTION>
----------------------------------------------------
One Month Two Months 3 Months + Foreclosures
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
# of Loans 0 0 0 0
- -----------------------------------------------------------------------
Agg Prin Balance 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------
</TABLE>
REO PROPERTY WITH FINAL RECOVERY DETERMINATION:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Mortgage Basis for Final All Proceeds Portion Proceeds Amount of
Loan # Recovery Determination Received to Certificates Realized Loss
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A N/A N/A N/A N/A
- ---------------------------------------------------------------------------------
N/A N/A N/A N/A N/A
- ---------------------------------------------------------------------------------
</TABLE>
LIQUIDATED MORTGAGE LOANS: (OTHER THAN PREPAYMENTS IN FULL)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
Loan Nature of Liquidation Portion of Proceeds Amount of
# Liquidation Event Proceeds Payable to Cert. Realized Loss
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------
N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------
</TABLE>
Page 4 of 5
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
B233
[LOGO]
PAYMENT DATE: SEPTEMBER 18, 1998
TRUSTEE REPORT TO CERTIFICATEHOLDERS RECORD DATE: AUGUST 31, 1998
SUBORDINATE LEVEL AND MATURITY
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
Original Subordinate Current Subordinate Original Class Maturity
Class Support Percentage Support Percentage @ 0% CPR
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 30.00% 30.41% February 18, 2004
A-2 30.00% 30.41% December 18, 2006
A-3 30.00% 30.41% April 18, 2007
B 24.00% 24.33% April 18, 2007
C 18.50% 18.75% April 18, 2007
D 13.00% 13.18% October 18, 2008
E 11.50% 11.66% August 18, 2009
F 6.00% 6.08% December 18, 2014
G 5.00% 5.07% December 18, 2016
H 3.00% 3.04% May 18, 2017
J 2.00% 2.03% March 18, 2020
K 0.00% 0.00% April 18, 2027
IO * N/A N/A April 18, 2027
R N/A N/A N/A
- ----------------------------------------------------------------------------
</TABLE>
P&I ADVANCE & FEE INFORMATION: LOAN PREPAYMENT INFORMATION:
<TABLE>
<CAPTION>
- ---------------------------------------------- ---------------------------------
Loan # Amount of Prepayment
Advances: ---------------------------------
<S> <C> <C> <C>
- Current P&I $ 1,010,427.12 N/A N/A
- Outstanding P&I $ 1,010,427.13 N/A N/A
- Servicing $ 0.00 N/A N/A
- Nonrecoverable P&I $ 0.00 N/A N/A
Interest on: NA N/A
- P&I Advances $ 163.54 Total 0.00
- Servicing Advances $ 0.00 ---------------------------------
Servicing Compensation:
- to Master Servicer $ 43,177.61
- to Special Servicer $ 43,617.83
- ----------------------------------------------
</TABLE>
Page 5 of 5
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 Retail CA 20170401 N 33,143,377 8.550 258,071.10 0.00 8011998 0.00 0
2 Multifamily NJ 20270401 N 29,708,836 8.420 228,975.31 0.00 7011998 0.00 B
3 Retail MD 20070101 N 28,441,778 8.750 231,008.68 0.00 8011998 0.00 0
4 Retail PA 20070401 N 23,753,719 8.625 190,418.48 0.00 8011998 0.00 0
5 Multifamily IN 20070401 N 22,026,625 8.250 167,156.82 0.00 8011998 0.00 0
6 Retail GA 20070201 N 20,910,787 8.840 167,558.14 0.00 8011998 0.00 0
7 Retail AL 20081001 N 19,763,397 9.224 164,158.40 0.00 8011998 0.00 0
8 Multifamily PA 20120401 N 18,824,134 8.657 148,212.84 0.00 8011998 0.00 0
9 Multifamily MD 20040301 N 18,204,999 8.320 139,139.57 0.00 7011998 0.00 B
10 Multifamily PA 20061201 N 16,276,188 7.992 120,979.15 0.00 8011998 0.00 0
11 Hotel IL 20040301 N 14,293,832 9.375 125,428.38 0.00 8011998 0.00 0
12 Multifamily MD 20070301 N 13,848,060 8.200 104,685.62 0.00 8011998 0.00 0
13 Office Va 20070101 N 13,598,122 8.740 108,073.12 0.00 8011998 0.00 0
14 Retail FL 20061201 N 13,282,938 8.440 102,847.48 0.00 8011998 0.00 0
15 Retail MA 20070401 N 13,178,197 8.710 104,251.42 0.00 8011998 0.00 0
16 Office CA 20070301 N 12,679,469 9.230 118,894.27 0.00 8011998 0.00 0
17 Multifamily FL 20061101 N 12,830,594 8.475 99,728.51 0.00 8011998 0.00 0
19 Retail PA 20070201 N 11,303,663 8.840 90,576.25 0.00 8011998 0.00 0
20 Retail CO 20070401 N 11,083,019 8.050 82,572.35 0.00 8011998 0.00 0
21 Multifamily IL 20040401 N 10,791,437 8.290 82,194.77 0.00 8011998 0.00 0
22 Multifamily CA 20070401 N 9,483,823 8.570 74,091.26 0.00 8011998 0.00 0
23 Retail FL 20031201 N 9,380,310 8.368 72,159.93 0.00 8011998 0.00 0
24 Multifamily TN 20061201 N 9,376,284 8.200 71,036.67 0.00 8011998 0.00 0
25 Hotel VA 20191101 N 9,284,735 9.250 83,225.42 0.00 8011998 0.00 B
26 Multifamily FL 20070101 N 9,188,996 8.350 70,522.67 0.00 8011998 0.00 0
27 Multifamily TX 20040401 N 9,011,327 8.400 69,327.23 0.00 8011998 0.00 0
28 Multifamily FL 20070201 N 8,994,857 8.500 69,925.09 0.00 8011998 0.00 0
29 Retail IL 20061201 N 8,466,378 8.474 75,790.61 0.00 8011998 0.00 0
30 Multifamily TX 20061101 N 8,441,305 8.600 66,349.00 0.00 8011998 0.00 0
31 Multifamily MO 20070301 N 8,164,117 8.410 62,909.90 0.00 8011998 0.00 0
32 Multifamily FL 20070101 N 7,838,398 8.625 61,663.17 0.00 8011998 0.00 0
33 Multifamily NC 20040301 N 7,751,490 8.000 57,527.15 0.00 8011998 0.00 0
34 Multifamily FL 20070101 N 7,706,900 8.350 59,148.04 0.00 8011998 0.00 0
35 Hotel MA 20040501 N 7,605,345 9.400 66,740.17 0.00 8011998 0.00 0
36 Retail AZ 20040101 N 7,626,556 8.610 59,916.39 0.00 8011998 0.00 0
37 Health Care MT 20070401 N 7,626,305 8.490 59,151.78 0.00 8011998 0.00 0
38 Retail MD 20070401 N 7,625,906 8.463 59,004.55 0.00 8011998 0.00 0
39 Multifamily GA 20070101 N 7,504,331 8.080 56,190.54 0.00 8011998 0.00 0
40 Multifamily CA 20070401 N 7,465,019 8.570 58,319.59 0.00 8011998 0.00 0
41 Hotel VA 20191101 N 7,330,054 9.250 65,704.28 0.00 7011998 0.00 B
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
42 Office CA 20070301 N 7,278,080 8.720 57,665.07 0.00 8011998 0.00 0
43 Retail CO 20061201 N 7,116,244 8.770 56,745.31 0.00 8011998 0.00 0
44 Retail AZ 20040401 N 7,036,529 8.830 56,261.89 0.00 8011998 0.00 0
45 Retail AZ 20070201 N 6,907,559 9.000 57,618.78 0.00 8011998 0.00 0
46 Retail FL 20070401 N 6,764,254 9.000 57,484.95 0.00 8011998 0.00 0
47 Multifamily SC 20040301 N 6,687,168 8.000 49,628.36 0.00 8011998 0.00 0
48 Retail AZ 20040401 N 6,690,624 8.910 53,875.48 0.00 8011998 0.00 0
49 Retail IL 20070101 N 6,607,417 8.800 54,856.21 0.00 8011998 0.00 0
50 Retail NE 20070101 N 6,568,883 8.240 49,912.49 0.00 8011998 0.00 B
51 Multifamily TN 20061101 N 6,564,110 8.520 51,227.03 0.00 8011998 0.00 0
52 Retail LA 20120201 N 6,244,568 8.910 66,185.13 0.00 8011998 0.00 0
53 Multifamily TX 20040401 N 6,384,342 8.180 48,139.65 0.00 8011998 0.00 0
54 Multifamily TX 20040201 N 6,327,105 8.280 48,216.11 0.00 8011998 0.00 0
55 Retail MI 20070201 N 6,294,579 8.860 53,096.34 0.00 8011998 0.00 0
56 Multifamily SC 20040301 N 6,262,176 8.000 46,474.31 0.00 8011998 0.00 0
57 Retail FL 20040401 N 6,037,452 8.850 49,653.00 0.00 8011998 0.00 0
58 Retail AZ 20031101 N 6,044,803 8.905 48,809.19 0.00 8011998 0.00 0
59 Retail OK 20070401 N 6,047,734 9.040 49,257.65 0.00 8011998 0.00 0
60 Multifamily TX 20070201 N 6,034,017 8.540 47,076.76 0.00 8011998 0.00 0
61 Retail WA 20040101 N 5,993,464 8.875 50,669.85 0.00 8011998 0.00 0
62 Office TX 20040401 N 5,917,786 9.180 51,093.40 0.00 8011998 0.00 0
63 Multifamily AZ 20220201 N 5,918,945 8.600 47,500.43 0.00 8011998 0.00 0
65 Retail SC 20070101 N 5,844,003 8.750 48,917.55 0.00 8011998 0.00 0
66 Multifamily NC 20040301 N 5,774,069 8.000 42,851.86 0.00 8011998 0.00 0
67 Retail CT 20070301 N 5,741,400 8.560 44,843.84 0.00 8011998 0.00 0
68 Hotel NJ 20070401 N 5,707,903 9.375 49,955.10 0.00 8011998 0.00 0
69 Retail FL 20070401 N 5,646,304 9.000 46,718.44 0.00 8011998 0.00 0
70 Office PA 20070401 N 5,619,471 8.990 47,795.17 0.00 8011998 0.00 0
71 Self Storage NM 20061001 N 5,545,574 9.560 49,599.72 0.00 8011998 0.00 0
72 Hotel KY 20010801 N 5,541,289 9.625 49,855.69 0.00 8011998 0.00 0
73 Retail AZ 20120401 N 5,549,330 8.770 44,135.24 0.00 8011998 0.00 0
74 Multifamily NC 20040301 N 5,536,779 8.000 41,090.82 0.00 8011998 0.00 0
75 Retail NJ 20070401 N 5,427,994 9.030 44,171.32 0.00 8011998 0.00 0
76 Retail NC 20070401 N 5,330,735 8.875 44,855.27 0.00 8011998 0.00 0
77 Mobile Home CO 20070301 N 5,342,885 8.330 40,872.50 0.00 8011998 0.00 0
78 Hotel FL 20070401 N 5,292,783 9.375 46,322.00 0.00 8011998 0.00 0
79 Office FL 20070301 N 5,250,384 8.940 42,416.39 0.00 8011998 0.00 0
80 Retail AZ 20120401 N 5,234,189 8.978 42,400.52 0.00 8011998 0.00 0
81 Retail MD 20111201 N 4,997,040 8.249 51,414.36 0.00 8011998 0.00 0
82 Retail NC 20070101 N 5,155,823 8.875 42,318.30 0.00 8011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
83 Multifamily TX 20031201 N 5,133,339 8.280 39,175.59 0.00 8011998 0.00 0
84 Hotel CO 20040501 N 5,086,692 9.400 44,637.90 0.00 8011998 0.00 0
85 Multifamily KY 20070401 N 5,102,072 8.630 40,074.50 0.00 8011998 0.00 0
86 Hotel PA 20040501 N 5,022,700 9.400 45,195.80 0.00 8011998 0.00 0
87 Hotel VA 20170401 N 4,991,166 9.250 46,709.21 0.00 8011998 0.00 0
88 Multifamily TX 20031201 N 5,034,621 8.280 38,422.21 0.00 8011998 0.00 0
89 Multifamily AL 20040301 N 4,943,552 8.000 36,688.23 0.00 8011998 0.00 0
91 Hotel NJ 20070201 N 4,890,584 9.000 43,558.72 0.00 8011998 0.00 0
92 Retail FL 20040101 N 4,888,431 8.750 39,704.62 0.00 8011998 0.00 0
93 Multifamily MS 20040301 N 4,824,907 8.000 35,807.72 0.00 8011998 0.00 0
94 Retail CO 20070401 N 4,809,834 8.970 38,935.60 0.00 8011998 0.00 0
95 Retail TX 20040401 N 4,806,991 8.870 38,571.39 0.00 8011998 0.00 0
96 Multifamily TX 20040301 N 4,751,695 8.000 35,264.38 0.00 8011998 0.00 0
97 Multifamily VA 20040301 N 4,745,810 8.000 35,220.70 0.00 8011998 0.00 0
98 Multifamily TX 20040101 N 4,690,090 8.070 35,085.89 0.00 8011998 0.00 0
100 Retail CA 20160301 N 4,497,478 8.442 40,890.45 0.00 8011998 0.00 0
101 Mobile Home ME 20020201 N 4,559,336 10.500 42,535.38 0.00 8011998 0.00 0
102 Retail GA 20070401 N 4,464,035 8.530 34,696.83 0.00 8011998 0.00 0
103 Hotel GA 20061101 N 4,296,500 9.750 40,536.88 0.00 8011998 0.00 0
104 Hotel TN 20070401 N 4,318,239 9.375 37,792.87 0.00 8011998 0.00 0
105 Retail TX 20120101 N 4,171,007 8.690 43,819.97 0.00 8011998 0.00 0
106 Self Storage CA 20070401 N 4,287,650 8.900 36,207.62 0.00 8011998 0.00 0
107 Retail MO 20070401 N 4,190,187 9.014 35,706.60 0.00 8011998 0.00 0
108 Multifamily TX 20070201 N 4,128,698 8.670 34,302.07 0.00 8011998 0.00 0
109 Retail CA 20070101 N 4,128,092 9.000 35,246.25 0.00 8011998 0.00 0
110 Multifamily FL 20061101 N 4,097,502 8.625 32,278.27 0.00 8011998 0.00 0
111 Retail TX 20070201 N 4,059,800 9.030 33,078.07 0.00 8011998 0.00 0
112 Multifamily TX 20070101 N 4,052,684 8.520 31,583.59 0.00 8011998 0.00 0
113 Retail IL 20070101 N 4,025,913 8.660 33,457.55 0.00 8011998 0.00 0
114 Office AZ 20070401 N 3,965,658 9.030 32,271.29 0.00 8011998 0.00 0
115 Retail FL 20070401 N 3,964,743 8.900 31,897.51 0.00 8011998 0.00 0
116 Multifamily TX 20070301 N 3,963,154 9.020 32,242.48 0.00 8011998 0.00 0
117 Multifamily NY 20170401 N 3,900,013 8.550 34,839.62 0.00 8011998 0.00 0
118 Multifamily AL 20061001 N 3,948,494 8.800 31,610.97 0.00 8011998 0.00 0
119 Hotel FL 20070401 N 3,818,222 9.375 36,035.36 0.00 8011998 0.00 0
120 Multifamily TX 20061201 N 3,802,744 8.500 29,603.17 0.00 8011998 0.00 0
121 Retail AL 20070101 N 3,781,063 8.625 30,387.62 0.00 8011998 0.00 0
122 Multifamily TX 20040301 N 3,761,222 8.510 29,245.65 0.00 8011998 0.00 0
123 Multifamily AZ 20040101 N 3,729,911 8.530 30,675.49 0.00 7011998 0.00 B
124 Multifamily MA 20070401 N 3,739,158 8.530 29,106.78 0.00 8011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
125 Hotel GA 20070401 N 3,701,489 9.375 32,395.12 0.00 8011998 0.00 0
126 Multifamily NC 20061101 N 3,703,726 8.750 29,501.27 0.00 8011998 0.00 0
127 Multifamily VA 20061101 N 3,677,550 8.590 28,879.96 0.00 8011998 0.00 0
128 Retail FL 20070101 N 3,659,131 8.740 29,081.49 0.00 8011998 0.00 0
129 Multifamily AZ 20061101 N 3,654,343 8.750 29,107.92 0.00 8011998 0.00 0
130 Retail GA 20111201 N 3,508,639 8.740 37,082.61 0.00 8011998 0.00 0
131 Retail NC 20070101 N 3,576,085 8.650 29,695.43 0.00 8011998 0.00 0
132 Hotel DE 20070401 N 3,547,643 9.250 33,200.17 0.00 8011998 0.00 0
133 Hotel MA 20070401 N 3,558,173 9.375 31,140.84 0.00 7011998 0.00 B
134 Health Care CA 20070301 N 3,539,902 8.370 28,673.48 0.00 8011998 0.00 0
135 Multifamily CT 20040401 N 3,520,103 9.125 28,883.97 0.00 7011998 0.00 B
136 Multifamily CA 20070301 N 3,515,471 8.750 27,927.86 0.00 8011998 0.00 0
137 Hotel GA 20070401 N 3,459,335 9.375 30,275.82 0.00 8011998 0.00 0
138 Hotel PA 20070401 N 3,457,253 9.125 29,672.05 0.00 8011998 0.00 0
139 Retail TX 20040201 N 3,463,331 8.700 27,409.62 0.00 8011998 0.00 0
140 Multifamily MO 20111201 N 3,455,264 8.295 26,405.14 0.00 8011998 0.00 0
141 Hotel CA 20191101 N 3,422,101 9.375 30,957.50 0.00 8011998 0.00 0
142 Hotel FL 20070201 N 3,410,048 9.680 30,663.96 0.00 8011998 0.00 0
143 Retail CA 20120401 N 3,396,553 8.412 27,576.07 0.00 8011998 0.00 0
144 Multifamily VA 20040301 N 3,354,741 8.000 24,896.98 0.00 8011998 0.00 0
145 Office NJ 20070301 N 3,320,289 9.125 27,826.83 0.00 8011998 0.00 0
146 Office SC 20070101 N 3,277,959 9.250 30,883.03 0.00 8011998 0.00 0
147 Retail MA 20070301 N 3,297,344 8.750 27,541.81 0.00 8011998 0.00 0
148 Retail FL 20031201 N 3,287,070 8.780 27,610.13 0.00 8011998 0.00 0
149 Retail TX 20070301 N 3,284,789 8.720 27,371.05 0.00 8011998 0.00 0
150 Multifamily TX 20120301 N 3,268,857 8.900 26,315.45 0.00 8011998 0.00 0
151 Retail CA 20040101 N 3,263,482 8.645 25,712.65 0.00 8011998 0.00 0
152 Multifamily NY 20070101 N 3,261,345 8.445 25,245.63 0.00 8011998 0.00 0
153 Hotel LA 20070201 N 3,228,498 9.375 29,100.04 0.00 8011998 0.00 0
154 Multifamily TX 20040301 N 3,213,453 8.020 23,892.68 0.00 7011998 0.00 B
155 Mobile Home VA 20061201 N 3,135,785 8.360 25,466.07 0.00 8011998 0.00 0
156 Multifamily AR 20061101 N 3,136,508 8.782 26,378.20 0.00 8011998 0.00 0
157 Self Storage CO 20061001 N 3,139,902 9.460 27,869.37 0.00 8011998 0.00 0
158 Retail MD 20111201 N 3,017,081 8.249 31,042.63 0.00 7011998 0.00 B
159 Multifamily UT 20261101 N 3,114,891 8.600 24,483.17 0.00 8011998 0.00 0
160 Multifamily CO 20070201 N 3,087,896 8.790 24,634.24 0.00 8011998 0.00 0
161 Office TX 20070401 N 3,058,607 9.340 26,740.62 0.00 8011998 0.00 0
162 Retail TX 20070301 N 3,051,351 8.760 25,507.52 0.00 8011998 0.00 0
163 Multifamily TX 20070201 N 3,065,453 8.390 23,595.08 0.00 8011998 0.00 0
164 Industrial TX 20120101 N 2,969,749 9.250 32,162.26 0.00 8011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
165 Multifamily FL 20070401 N 3,049,263 8.280 23,204.00 0.00 7011998 0.00 B
166 Industrial FL 20040401 N 3,022,745 8.832 24,173.21 0.00 8011998 0.00 0
167 Multifamily MN 20220101 N 3,020,506 9.400 25,423.82 0.00 8011998 0.00 0
168 Retail PA 20070101 N 2,945,584 8.636 24,432.38 0.00 8011998 0.00 0
169 Retail KS 20070301 N 2,945,994 8.738 23,378.84 0.00 8011998 0.00 0
170 Retail FL 20070401 N 2,874,849 8.980 23,292.34 0.00 8011998 0.00 0
171 Multifamily NY 20070301 N 2,863,426 8.625 23,008.90 0.00 8011998 0.00 0
172 Multifamily NV 20040101 N 2,846,847 8.570 23,488.54 0.00 8011998 0.00 0
173 Multifamily NJ 20070201 N 2,816,368 9.350 24,064.13 0.00 8011998 0.00 0
174 Multifamily TX 20040401 N 2,813,089 8.540 21,917.70 0.00 8011998 0.00 0
175 Retail MD 20111101 N 2,720,306 8.938 29,154.42 0.00 8011998 0.00 0
176 Multifamily GA 20220301 N 2,752,366 8.250 22,076.60 0.00 8011998 0.00 0
177 Multifamily AL 20040301 N 2,743,672 8.000 20,361.97 0.00 8011998 0.00 0
178 Multifamily TX 20070101 N 2,669,087 8.560 20,875.58 0.00 8011998 0.00 0
179 Retail MD 20170401 N 2,577,789 9.375 24,328.49 0.00 8011998 0.00 0
180 Multifamily MN 20040101 N 2,596,502 8.020 19,334.69 0.00 8011998 0.00 0
181 Retail IL 20040301 N 2,590,008 8.580 20,840.86 0.00 8011998 0.00 0
182 Retail FL 20070401 N 2,577,723 9.040 20,995.06 0.00 8011998 0.00 0
183 Retail TX 20070401 N 2,566,827 9.220 21,630.00 0.00 8011998 0.00 0
184 Health Care GA 20070401 N 2,493,393 9.000 21,189.71 0.00 7011998 0.00 B
185 Multifamily TX 20070301 N 2,498,662 8.400 19,236.40 0.00 8011998 0.00 0
186 Multifamily UT 20261101 N 2,483,027 8.600 19,516.70 0.00 8011998 0.00 0
187 Retail NY 20060901 N 2,447,379 9.060 21,082.73 0.00 8011998 0.00 0
188 Multifamily TX 20070101 N 2,427,789 8.370 18,666.30 0.00 8011998 0.00 0
189 Retail TX 20061001 N 2,328,362 9.180 20,224.47 0.00 8011998 0.00 0
190 Hotel OH 20120101 N 2,238,766 9.250 20,017.90 0.00 8011998 0.00 0
191 Retail IL 20070401 N 2,253,589 8.810 17,987.10 0.00 8011998 0.00 0
192 Multifamily UT 20261101 N 2,246,078 8.600 17,654.27 0.00 8011998 0.00 0
193 Hotel TX 20161101 N 2,208,790 9.250 20,881.76 0.00 8011998 0.00 0
194 Multifamily TX 20070401 N 2,237,005 8.875 17,957.71 0.00 8011998 0.00 0
195 Retail NY 20111101 N 2,154,558 8.938 23,091.11 0.00 8011998 0.00 0
196 Retail FL 20040301 N 2,227,085 8.520 17,332.45 0.00 7011998 0.00 B
197 Retail AZ 20070101 N 2,225,766 8.866 17,887.50 0.00 8011998 0.00 0
198 Hotel NC 20191101 N 2,199,016 9.250 19,711.28 0.00 7011998 0.00 B
199 Retail MI 20070401 N 2,204,997 8.920 17,771.13 0.00 8011998 0.00 0
200 Multifamily TX 20070201 N 2,171,067 8.750 17,646.50 0.00 8011998 0.00 0
201 Multifamily TN 20061101 N 2,147,240 8.580 16,847.34 0.00 8011998 0.00 0
202 Retail CA 20070401 N 2,119,649 8.995 18,035.36 0.00 7011998 0.00 B
203 Multifamily TX 20040201 N 2,126,324 8.450 16,455.51 0.00 8011998 0.00 0
204 Industrial TX 20040201 N 2,115,256 8.980 18,013.29 0.00 8011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
205 Hotel MI 20040201 N 2,109,454 9.750 19,070.34 0.00 8011998 0.00 0
206 Retail VA 20070101 N 2,105,962 8.875 17,775.98 0.00 8011998 0.00 0
207 Multifamily TX 20070401 N 2,074,529 9.160 17,853.78 0.00 8011998 0.00 0
208 Retail GA 20111201 N 1,984,684 8.740 20,976.02 0.00 8011998 0.00 0
209 Retail IN 20070401 N 2,040,211 8.875 17,194.52 0.00 8011998 0.00 0
210 Retail CO 20031101 N 2,035,224 9.000 17,413.32 0.00 8011998 0.00 0
211 Multifamily AZ 20220201 N 1,978,623 8.600 15,520.23 0.00 8011998 0.00 0
212 Retail FL 20070301 N 1,933,403 8.875 16,280.80 0.00 7011998 0.00 B
213 Retail GA 20070101 N 1,844,477 8.750 15,415.19 0.00 8011998 0.00 0
214 Retail GA 20070101 N 1,817,043 8.750 15,209.66 0.00 8011998 0.00 0
215 Multifamily MA 20070201 N 1,770,256 8.840 14,908.81 0.00 8011998 0.00 0
216 Hotel OK 20170401 N 1,713,210 10.000 16,887.88 0.00 8011998 0.00 0
217 Industrial AZ 20120201 N 1,706,795 9.750 16,599.04 0.00 8011998 0.00 0
218 Multifamily WI 20220301 N 1,698,044 9.620 14,545.55 0.00 8011998 0.00 0
219 Office NY 20070301 N 1,674,835 9.125 14,412.14 0.00 8011998 0.00 0
220 Industrial MA 20070201 N 17,117,019 8.940 145,305.92 0.00 8011998 0.00 0
221 Multifamily GA 20070201 N 1,660,867 8.790 13,931.94 0.00 8011998 0.00 0
222 Retail MA 20070401 N 1,626,950 9.060 13,914.60 0.00 8011998 0.00 0
223 Multifamily GA 20031201 N 1,620,656 9.125 13,988.25 0.00 8011998 0.00 0
224 Multifamily WI 20211101 N 1,602,042 9.285 13,368.45 0.00 8011998 0.00 0
225 Retail TX 20070101 N 1,597,010 8.700 12,648.00 0.00 8011998 0.00 0
226 Retail PA 20070401 N 1,586,380 9.072 12,956.94 0.00 8011998 0.00 0
227 Multifamily TX 20070401 N 1,587,934 8.750 12,587.21 0.00 8011998 0.00 0
228 Industrial OK 20120401 N 1,532,570 8.900 16,133.22 0.00 8011998 0.00 0
229 Multifamily FL 20070101 N 1,528,597 8.600 12,642.48 0.00 8011998 0.00 0
230 Multifamily TX 20040201 N 1,508,206 8.450 11,671.93 0.00 8011998 0.00 0
232 Multifamily TX 20070401 N 1,457,110 9.160 12,540.16 0.00 8011998 0.00 0
233 Multifamily TX 20041015 N 1,400,970 9.400 11,819.99 0.00 8011998 0.00 0
234 Retail TX 20070401 N 1,400,654 9.220 11,569.08 0.00 8011998 0.00 0
235 Office AZ 20070401 N 1,387,273 9.250 12,023.60 0.00 8011998 0.00 0
236 Multifamily TX 20070101 N 1,383,224 8.330 10,596.57 0.00 8011998 0.00 0
237 Retail TX 20070401 N 1,378,281 9.220 11,917.66 0.00 8011998 0.00 0
238 Multifamily TX 20040201 N 1,374,693 8.450 10,638.68 0.00 8011998 0.00 0
239 Multifamily TN 20061201 N 1,348,691 8.205 10,815.58 0.00 8011998 0.00 0
240 Retail CT 20061101 N 1,339,348 9.125 11,572.10 0.00 8011998 0.00 0
241 Hotel TN 20070101 N 1,323,173 9.375 11,940.75 0.00 8011998 0.00 0
242 Industrial WY 20070101 N 1,301,358 8.740 10,884.40 0.00 8011998 0.00 0
243 Multifamily MD 20070101 N 1,280,576 8.375 10,089.41 0.00 8011998 0.00 0
244 Multifamily FL 20070101 N 1,264,504 8.600 10,458.27 0.00 8011998 0.00 0
245 Multifamily GA 20070401 N 1,247,757 8.537 10,233.85 0.00 8011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
246 Multifamily GA 20061001 N 1,235,139 9.150 10,703.60 0.00 8011998 0.00 0
247 Office GA 20061101 N 1,227,311 9.343 10,785.10 0.00 7011998 0.00 B
248 Multifamily IN 20061201 N 1,180,227 8.205 9,464.62 0.00 8011998 0.00 0
249 Retail TX 20070301 N 1,181,701 8.940 10,021.10 0.00 8011998 0.00 0
250 Multifamily TX 20061101 N 1,186,109 9.070 9,715.97 0.00 8011998 0.00 0
251 Multifamily TX 20010901 N 1,173,893 8.850 9,947.38 0.00 8011998 0.00 0
252 Multifamily TN 20061101 N 1,166,456 8.800 9,823.97 0.00 8011998 0.00 0
253 Retail NY 20070101 N 1,130,335 9.010 9,659.00 0.00 8011998 0.00 0
254 Multifamily NY 20060901 N 1,058,488 8.980 8,614.15 0.00 8011998 0.00 0
255 Multifamily NY 20070101 N 1,035,328 9.125 8,927.05 0.00 8011998 0.00 0
256 Retail GA 20070101 N 1,034,494 8.710 8,430.77 0.00 8011998 0.00 0
257 Multifamily FL 20070101 N 1,004,338 8.600 8,306.53 0.00 8011998 0.00 0
258 Multifamily MD 20070101 N 1,009,518 8.650 7,959.40 0.00 8011998 0.00 0
259 Health Care OH 20061101 N 986,479 10.125 9,879.18 0.00 7011998 0.00 B
260 Multifamily VA 20061101 N 980,525 8.900 8,323.59 0.00 8011998 0.00 0
261 Multifamily OH 20220401 N 966,578 9.000 7,845.07 0.00 8011998 0.00 0
262 Multifamily TX 20070301 N 950,659 9.000 7,884.76 0.00 8011998 0.00 0
263 Retail AZ 20070301 N 931,011 9.125 8,011.45 0.00 8011998 0.00 0
264 Retail GA 20070101 N 923,655 8.710 7,527.47 0.00 8011998 0.00 0
265 Multifamily IN 20070301 N 907,392 8.700 7,548.87 0.00 8011998 0.00 0
266 Office AZ 20031101 N 891,569 9.075 7,306.43 0.00 8011998 0.00 0
267 Industrial NH 20040101 N 883,916 8.730 7,387.07 0.00 8011998 0.00 0
268 Multifamily NC 20061001 N 881,671 8.950 7,521.98 0.00 8011998 0.00 0
269 Multifamily TX 20070301 N 849,862 9.000 7,048.75 0.00 8011998 0.00 0
270 Self Storage AL 20070101 N 846,410 9.500 7,513.79 0.00 8011998 0.00 0
271 Self Storage AL 20070101 N 846,410 9.500 7,513.79 0.00 8011998 0.00 0
272 Retail GA 20070101 N 837,447 8.710 6,824.91 0.00 8011998 0.00 0
273 Multifamily FL 20070101 N 831,991 8.650 6,711.05 0.00 8011998 0.00 0
274 Multifamily OH 20061001 N 784,685 9.340 6,900.80 0.00 8011998 0.00 0
275 Multifamily OH 20061001 N 784,685 9.340 6,900.80 0.00 8011998 0.00 0
276 Multifamily FL 20070301 N 781,104 8.670 6,300.63 0.00 8011998 0.00 0
277 Multifamily NY 20070101 N 611,561 9.125 5,273.15 0.00 8011998 0.00 0
278 Multifamily MN 20270101 N 593,425 8.780 4,733.06 0.00 8011998 0.00 0
279 Multifamily NY 20070101 N 559,451 9.125 4,823.83 0.00 8011998 0.00 0
280 Multifamily NY 20070101 N 536,837 9.125 4,628.84 0.00 8011998 0.00 0
281 Multifamily NC 20061001 N 438,039 9.050 3,766.53 0.00 8011998 0.00 0
282 Multifamily NY 20070101 N 421,800 9.125 3,636.95 0.00 8011998 0.00 0
283 Self Storage AL 20070101 N 393,679 9.500 3,494.79 0.00 8011998 0.00 0
284 Multifamily UT 20060801 N 391,933 9.330 3,447.63 0.00 8011998 0.00 0
231a Retail MO 20070301 N 1,409,360 8.820 15,852.37 0.00 8011998 0.00 0
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-04
LOAN LEVEL DETAIL
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Offer Property Transfer Maturity Neg Am Beg Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Control# Type Date State Date (Y/N) Sched Bal Rate P&I Liquid Date Date Premium Status
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
totals 1,290,251,385 10,537,989 - 0.00 0
- -----------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- -----------------------------------------------------------------------------------------------------------------------------------
Loan Status:
A= Payment not rec'd. but still in grace period, B= Late payment, but less than 1mo., 0= Current, 1= 1 mo. delinquent, 2= 2mo.
delinquent, 3= Three or more mo. delinquent
4= Assumed scheduled payment (performing matured balloon), 7= Foreclosure, 9=REO
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-05
LOAN LEVEL DETAIL
DELINQUENCY/PREPAYMENT REPORTING HISTORY: ROLLING 24 MONTHS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Dist Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure/Bank REO Modifications Prepayments
Date --------------------------------------------------------------------------------------------------------------------
# Bal # Bal # Bal # Bal # Bal # Bal # Bal
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
998 0 - 0 - 0 - 0 - 0 - 0 - 0 -
898 0 - 0 - 0 - 0 - 0 - 0 - 0 -
798 1 2,117,424.33 0 - 0 - 0 - 0 - 0 - 0 -
698 0 - 0 - 0 - 0 - 0 - 0 - 0 -
598 0 - 0 - 0 - 0 - 0 - 0 - 0 -
498 2 2,665,966.95 0 - 0 - 0 - 0 - 0 - 0 -
398 2 2,668,055.53 0 - 0 - 0 - 0 - 0 - 0 -
298 0 - 0 - 0 - 0 - 0 - 0 - 0 -
198 1 5,370,211.42 0 - 0 - 0 - 0 - 0 - 0 -
1297 0 - 0 - 0 - 0 - 0 - 0 - 0 -
1197 0 - 0 - 0 - 0 - 0 - 0 - 0 -
1097 0 - 0 - 0 - 0 - 0 - 0 - 0 -
997 0 - 0 - 0 - 0 - 0 - 0 - 0 -
897 0 - 0 - 0 - 0 - 0 - 0 - 0 -
797 0 - 0 - 0 - 0 - 0 - 0 - 0 -
697 0 - 0 - 0 - 0 - 0 - 0 - 0 -
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-07
DELINQUENCY LOAN DETAIL
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------------
Offer Paid Thru Current Outstand Adv Loan Spec Ser ForeclosuBankruptREO
Control# Period Date P&I Adv P&I Adv Desc(1) Status(2) Trans Date Date Date Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquent loans for 9/18/98
No delinquent loans for 8/18/98
204 7181998 5011998 17,771.13 35,567.57 1 n/a n/a n/a n/a n/a
No delinquent loans for 6/18/98
No delinquent loans for 5/18/98
204 4181998 2011998 18,013.29 18,013.29 1 n/a n/a n/a n/a n/a
280 4181998 3011998 4,628.84 4,628.84 1 n/a n/a n/a n/a n/a
204 3181998 1011998 18,013.29 18,013.29 1 n/a n/a n/a n/a n/a
280 3181998 1011998 4,628.84 4,628.84 1 n/a n/a n/a n/a n/a
No delinquent loans for 2/18/98
76 1181998 11011997 44,885.27 44,885.27 1 n/a n/a n/a n/a n/a
No delinquent loans for 12/18/97
No delinquent loans for 11/18/97
No delinquent loans for 10/18/97
No delinquent loans for 9/18/97
No delinquent loans for 8/18/97
No delinquent loans for 7/18/97
No delinquent loans for 6/18/97
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
(1) ADVANCE DESCRIPTION (2) LOAN STATUS:
- ----------------------- ----------------
<S> <C> <C>
0=Late Payment but less than one month delinquent 1=Spec Serviced 6=DPO
1=P&I Advance - Loan delinquent 1 month 2=Foreclosure 7=Foreclosure Sale
2=P&I Advance - Loan delinquent 2 months 3=Bankruptcy 8=Bankruptcy Sale
3=P&I Advance - Loan delinquent 3 months or more 4=REO 9=REO Disposition
4=P&I Advance - Loan in Grace Period 5=Prepay in Full 10=Mod/Workout
5=P&I Advance - Assumed Scheduled Payment
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-08
SPECIALLY SERVICED LOAN SUMMARY
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Number of Loans as of the Closing Date 283*
Principal Balance as of the Closing Date 1,305,448,224.47
Current Number of Loans 280
Current Outstanding Principal Balance 1,288,003,236.01
Current Number of Specially Serviced Loans 0
Current Outstanding Principal Balance of Specially Serviced Loans 0.00
Percent of Specially Serviced Loans (per Current Number of Loans) 0.00000%
Percent of Specially Serviced Loans (per Current Outstanding Principal Balance) 0.00000%
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Curr Bal Curr Bal
as % of as % of
Number of Initial Current Spec Total Pool
Specially Serviced Loan Status Loans Prin Bal Prin Bal Serv Loans Balance
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 = Request for waiver of Prepayment Penalty
2 = Payment Default
3 = Request for Loan Modification or Workout
4 = Loans with Borrower Bankruptcy
5 = Loans in Process of Foreclosure
6 = Loans now REO Property
7 = Loan Paid Off
8 = Loans Returned to Master Servicer
-------------------------------------------------------------------------------------------------------------------------
*Original Loan count includes four loans which have subsequently been combined into one
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-09
<TABLE>
<CAPTION>
SPECIALLY SERVICED LOAN DETAIL
- ---------------------------------------------------------------------------------------------------------------------------------
Offer Transfer Sched Maturity Prop Spec Serv
Control# Date Prin Bal Date Type State NOI NOI Date DSCR Status Code *
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
No specially serviced loans
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
* Legend
- --------
<S> <C> <C>
1 = Request for waiver of Prepayment Penalty 4 = Loans with Borrower Bankruptcy 7 = Loan Paid Off
2 = Payment Default 5 = Loans in Process of Foreclosure 8 = Loans Returned to Master Servicer
3 = Request for Loan Modification or Workout 6 = Loans now REO Property
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-10
<TABLE>
<CAPTION>
MODIFIED LOAN DETAIL
- ---------------------------------------------------------------------------------------------------------------------------------
Distribution Control Modfication Modification
Date # Date Description
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
</TABLE>
No modified loans.
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-C1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT ID B233-11
<TABLE>
<CAPTION>
REALIZED LOSS DETAIL
- ---------------------------------------------------------------------------------------------------------------------------------
Distribution Control Appraisal App Val/ Sched Gross GP as Agg Liq Net Liq NP as Current
Date # Date Broker Est Prin Bal Proceeds % of bal Expenses Proceeds % of bal Realized Loss
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
No realized losses
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Current Tot 0 0 0% 0 0 0
Cumulative 0 0 0% 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION/LEHMAN BROTHERS, SERIES 1997-C1
SERVICER WATCH LIST
AS OF
SEPTEMBER 18, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
SCHEDULED PAID MOST
PROSPECTUS PROPERTY PROPERTY LOAN THRU MATURITY RECENT
ID NAME TYPE CITY STATE BALANCE DATE DATE DSCR
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
93 Broadmoor Apartments Multifamily Meridian MS 4,821,265 8/1/98 03012004 0.66
- ---------------------------------------------------------------------------------------------------------------------------------
116 Intern Apartments Multifamily Lubbock TX 3,960,701 8/1/98 03012007 0.99
- ---------------------------------------------------------------------------------------------------------------------------------
137 Marriot Courtyard -Athens Hospitality Athens GA 3,456,986 8/1/98 04012007 1.05
- ---------------------------------------------------------------------------------------------------------------------------------
142 Crestview Holiday Inn Hospitality Crestview FL 3,406,892 8/1/98 02012007 0.58
- ---------------------------------------------------------------------------------------------------------------------------------
154 Falcon Crest Apartments Multifamily Dallas TX 3,211,037 7/1/98 03012004 1.20
- ---------------------------------------------------------------------------------------------------------------------------------
204 1000 West Crosby Industrial Carrollton TX 2,113,072 8/1/98 02012004 0.82
- ---------------------------------------------------------------------------------------------------------------------------------
205 Holiday Inn Bay City Hospitality Bay City MI 2,107,523 8/1/98 02012004 1.10
- ---------------------------------------------------------------------------------------------------------------------------------
207 Weatheredge Multifamily Houston TX 2,073,039 8/1/98 04012007 1.08
- ---------------------------------------------------------------------------------------------------------------------------------
210 Streetcar Stables Retail - Unanchored Denver CO 2,033,074 8/1/98 11012003 1.05
- ---------------------------------------------------------------------------------------------------------------------------------
226 Rising Sun Avenue Shopping Center Retail - Anchored Philadelphia PA 1,585,416 8/1/98 04012007 0.99
- ---------------------------------------------------------------------------------------------------------------------------------
232 The Royale Apartments Multifamily Houston TX 1,456,063 8/1/98 04012007 1.05
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total 30,248,850
</TABLE>
Page 15
<PAGE>
FIRST UNION/LEHMAN BROTHERS, SERIES 1997-C1
SERVICER WATCH LIST
AS OF
SEPTEMBER 18, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
PROSPECTUS
ID COMENT/REASON ON WATCH LIST
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
93 Property is being monitored due to a normalized DSCR of .66. This low DSCR is due to a vacancy loss of
$153,530 the result of an occupancy of 84% (% is based on 9/30/97operating statement). Per the Asset
Manager, Property is raising rental standards res
- ---------------------------------------------------------------------------------------------------------------------------------
116 Property is being monitored due to a normalized DSCR of .99. This low DSCR is the direct result of low
EGI & high turnover expenses. This Property has a large student population and during the months of
July & August, occupancy drops significantly resul
- ---------------------------------------------------------------------------------------------------------------------------------
137 The subject property is being monitored due to a 34% drop in DSCR over original underwriting.
Statements are a combination of statements from old borrower and new borrower as the loan was
originated/refinanced in March of 1997. Occupancy has declined re
- ---------------------------------------------------------------------------------------------------------------------------------
142 Property is being monitored due to a normalized DSCR of .58. This low DSCR is the result of a low EGI**
due to 1) Property was without an on-site manager for an extended period of time due to the death of
the manager; 2) Two hotels have gone on-line withi
- ---------------------------------------------------------------------------------------------------------------------------------
154 Property is being monitored due to a DSCR of .98 for year-end 1997. Income is low due to higher
vacancy as a result of nearby competition. During Summer 1997, nearby multi-family property changed
ownership and lowered rents & offered large concessions.
- ---------------------------------------------------------------------------------------------------------------------------------
204 Loan transferred to Special Servicing July 21, 1998 due to 45 day payment delinquency. Property
previously monitored due to a DSCR of .75 for year-end 1997 and consistantly late mortgage payments.
Low DSCR is the result of: 1) drop in EGI over original
- ---------------------------------------------------------------------------------------------------------------------------------
205 The subject property is being monitored due to a 26% drop in DSCR over original underwriting and drop
in DSCR from 3rd to 4th quarter. (Occupancy at year end is down 5%, revenues and occupancy dropped
during the 4th quarter alone, resulting in lower EGI.
- ---------------------------------------------------------------------------------------------------------------------------------
207 The subject property is being monitored due to a 40% drop in DSCR over original underwriting (occupancy
has dropped 3%, revenues are down 3% and expenses are up 10%.) Detailed statements requested and
received from management company conflict with origin
- ---------------------------------------------------------------------------------------------------------------------------------
210 Low DSCR for year end 1997 is attributable to low rental income. Major restaurant tenant (Sostanza's)
opened in May, 1997--nearly a year later than scheduled. Tenant also has a problem with rent payments,
only $16,752 was collected in 1997 where montly
- ---------------------------------------------------------------------------------------------------------------------------------
226 The subject property is being monitored due to a low DSCR of 1.03 for 1997 Year End. Operating
Expenses are higher than usual for three reasons. (1) Utilities are high compared to U/W and 1996.
The Utilities are $77,042 for 1997, $36,000 for U/W, and $
- ---------------------------------------------------------------------------------------------------------------------------------
232 The subject property is being monitored due to a 26% drop in DSCR over original underwriting (income is
down 2% and expenses have increased 4%.) Borrower has indicated that there has been a change in
management companies. More detailed statements and cu
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Total
</TABLE>
Page 16
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT B233-01
<TABLE>
<CAPTION>
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
- ---------------------------------------------------------------------------------------------------
Current Weighted Averages
Scheduled # of Aggregate % Tot -------------------------------
Principal Mtg Sched Prin Sched Mort Mnths
Balance Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 1,000,000.00 26 19,774,720 1.54 1.59 9.07 112.52
1,000,000.00+ 48 68,743,208 5.34 1.49 8.93 117.96
2,000,000.00+ 44 107,568,647 8.35 1.39 8.81 123.55
3,000,000.00+ 52 179,212,708.00 13.91 1.36 8.82 112.13
4,000,000.00+ 25 112,368,687 8.72 1.46 8.74 102.52
5,000,000.00+ 25 136,532,405 10.60 1.35 8.87 100.19
6,000,000.00+ 16 102,279,702 7.94 1.25 8.63 89.27
7,000,000.00+ 13 97,363,935 7.56 1.45 8.62 101.94
8,000,000.00+ 10 89,634,929 6.96 1.35 8.51 108.94
10,000,000.00+ 10 126,679,518 9.84 1.44 8.65 94.14
15,000,000.00+ 5 90,049,370 6.99 1.28 8.65 110.90
20,000,000.00+ 6 157,795,406 12.25 1.25 8.57 172.50
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003.236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
- ---------------------------------------------------------------------------------------------------
Current Weighted Averages
Mortgage # of Aggregate % Tot ------------------------------------
Interest Mtg Sched Prin Sched Mort Mnths
Rate Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 8.00 1 16,250,944 1.26 1.15 7.99 99.00
8.000-8.249 24 132,939,363 10.32 1.30 8.09 84.88
8.250-8.499 34 238,224,430 18.50 1.32 8.37 126.62
8.500-8.749 64 311,589,449 24.19 1.32 8.61 127.76
8.750-8.999 63 280,865,205 21.81 1.37 8.85 100.53
9.000-9.249 46 144,752,881 11.24 1.47 9.10 102.11
9.250-9.499 35 129,796,057 10.08 1.55 9.34 136.64
9.500-9.999 10 26,339,557 2.04 1.24 9.65 98.39
10.000+ 3 7,245,350 0.56 1.78 10.33 91.64
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM (BALLOON LOANS ONLY)
- ---------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of Aggregate % Tot ------------------------------------
Term Mtg Sched Prin Sched Mort Mnths
(Months) Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 13 0 -- 0.00 0.00 0.00 0.00
13-24 0 -- 0.00 0.00 0.00 0.00
25-36 1 1,171,304 0.10 1.35 8.85 36.00
37-48 1 4,554,031 0.40 1.54 10.50 41.00
49-60 0 -- 0.00 0.00 0.00 0.00
61-72 55 273,954,038 23.88 1.36 8.55 65.64
73+ 193 867,746,550 75.63 1.36 8.73 112.32
- ---------------------------------------------------------------------------------------------------
Total 250 1,147,425,922 100.00 1.36 8.70 100.82
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM (FULLY AMORTIZING LOANS ONLY)
- ---------------------------------------------------------------------------------------------------
Remaining Weighted Averages
Stated # of Aggregate % Tot ------------------------------------
Term Mtg Sched Prin Sched Mort Mnths
(Months) Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 13 0 -- 0.00 0.00 0.00 0.00
13-24 0 -- 0.00 0.00 0.00 0.00
25-36 1 5,530,426 3.93 1.42 9.63 35.00
37-60 0 -- 0.00 0.00 0.00 0.00
61-120 3 19,123,992 13.60 1.56 9.31 101.22
121-180 10 33,081,762.00 23.53 1.49 8.73 159.63
181-240 6 19,821,714.00 14.10 1.42 9.01 219.51
241+ 10 63,019,421.00 44.83 1.34 8.74 308.37
- ---------------------------------------------------------------------------------------------------
Total 30 140,577,314 100.00 1.42 8.89 221.90
- ---------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT B233-02
<TABLE>
<CAPTION>
DISTRIBUTION OF HIGHEST STATE CONCENTRATIONS BY BALANCE AT CLOSING
- ---------------------------------------------------------------------------------------------------
Weighted Averages
Top # of Aggregate % Tot ---------------------------------
Ten Mtg Sched Prin Sched Mort Mnths
States Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Texas 52 166,226,225 12.91 1.30 8.64 90.11
Florida 30 146,219,031 11.35 1.42 8.69 93.61
California 14 102,043,248 7.92 1.31 8.71 152.05
Pennsylvania 9 88,659,528 6.88 1.31 8.64 112.66
Maryland 10 83,549,398 6.49 1.34 8.51 104.49
Arizona 17 71,373,935 5.54 1.35 8.85 115.46
Georgia 20 68,388,071 5.31 1.31 8.83 111.93
Masschusetts 8 51,801,122 4.02 1.60 8.94 97.08
New Jersey 6 51,793,091 4.02 1.42 8.74 240.11
Illinois 7 48,924,244 3.80 1.30 8.78 80.99
Other 107 409,025,344 31.76 1.39 8.74 114.05
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF PROPERTY TYPE
- ---------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -----------------------------
Property Mtg Sched Prin Sched Mort Mnths
Types Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 94 498,829,049 38.73 1.37 8.75 111.35
Multi-Family 123 520,141,493 40.38 1.28 8.44 117.94
Office 14 69,010,297 5.36 1.62 9.02 98.13
Self-Storage 6 15,029,612 1.17 1.37 9.34 99.12
Industrial 8 30,567,049 2.37 1.28 8.99 106.17
Health Care 4 14,620,786 1.14 1.39 8.66 102.42
Mobile Home Park 3 13,017,841 1.01 1.39 9.10 79.94
Hotel 28 126,787,109 9.84 1.56 9.37 125.72
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF SEASONING
- ---------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot -------------------
Seasoning Mtg Sched Prin Sched Mort Mnths
(months) Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 13 0 -- 0.00 0.00 0.00 0.00
13-24 278 1,283,058,076 99.62 1.37 8.71 114.30
25-36 1 391,129 0.03 1.37 9.33 95.00
37-48 1 4,554,031 0.35 1.54 10.50 41.00
49-60 0 -- 0.00 0.00 0.00 0.00
61-72 0 -- 0.00 0.00 0.00 0.00
73+ 0 -- 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MOST RECENT DEBT SERVICE COVERAGE RATIO
- ---------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot --------------------------
Mtg Sched Prin Sched Mort Mnths
DSCR Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0 0 -- 0.00 0.00 0.00 0.00
less than 1.01 5 15,874,856 1.23 0.78 8.85 86.04
1.01 - 1.10 18 66,325,967 5.15 1.07 8.59 100.04
1.11 - 1.20 37 209,958,214 16.30 1.17 8.50 131.43
1.21 - 1.30 60 345,297,265 26.81 1.26 8.63 128.61
1.31 - 1.40 52 249,031,888 19.33 1.35 8.76 107.12
1.41 - 1.50 41 167,469,729 13.00 1.45 8.88 97.37
1.51 - 2.00 55 199,612,757 15.50 1.65 8.87 102.06
2.01+ 12 34,432,560 2.67 2.55 9.07 101.99
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FIRST UNION-LEHMAN BROTHERS COMMERCIAL MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
UNDERWRITER: LEHMAN / FIRST UNION
STATE STREET CORPORATE TRUST
Web: corporatetrust.statestreet.com
PAYMENT DATE: SEPTEMBER 18, 1998
REPORT B233-03
<TABLE>
<CAPTION>
DISTRIBUTION OF LOAN TO VALUE RATIO
- ---------------------------------------------------------------------------------------------------
Weighted Averages
Most # of Aggregate % Tot -----------------
Recent Mtg Sched Prin Sched Mort Mnths
LTV Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0 0 -- 0.00 0.00 0.00 0.00
less than 50.00 12 51,034,325 3.96 1.84 8.93 109.95
50.00-59.99 36 116,720,624 9.06 1.58 9.11 126.01
60.00-69.99 89 329,788,892 25.60 1.41 8.98 106.61
70.00-79.99 141 771,135,124 59.87 1.28 8.53 115.30
80.00-89.99 1 2,242,952 0.17 1.12 8.60 338.00
90.00-99.99 0 -- 0.00 0.00 0.00 0.00
100.00+ 1 17,081,318 1.33 1.29 8.94 101.00
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF AMORTIZATION TYPE
- ---------------------------------------------------------------------------------------------------
Weighted Averages
# of Aggregate % Tot --------------------------
Amortization Mtg Sched Prin Sched Mort Mnths
Type Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fully Amortizing 27 117,321,229 9.11 1.40 8.78 248.95
Amortizing Balloon 249 1,146,027,589 88.98 1.36 8.70 100.81
Other 4 24,654,418 1.91 1.53 9.38 86.36
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
- ---------------------------------------------------------------------------------------------------
Weighted Averages
Original # of Aggregate % Tot ---------------------------
Term to Mtg Sched Prin Sched Mort Mnths
Maturity Loans Balance Bal DSCR Rate to Mat
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 73 2 6,701,729 0.52 1.41 9.49 35.17
73-88 56 278,508,069 21.62 1.36 8.58 65.23
89-107 1 1,399,272 0.11 1.40 9.40 73.00
108-120 179 773,846,519 60.08 1.38 8.73 101.04
121-240 26 149,364,939 11.60 1.34 8.80 177.32
241-274 0 -- 0.00 0.00 0.00 0.00
275+ 16 78,182,707 6.07 1.32 8.78 303.01
- ---------------------------------------------------------------------------------------------------
Total 280 1,288,003,236 100.00 1.37 8.72 114.03
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MATURITY DATE EXTENSIONS (SINCE DEAL ORIGINATION)
- ---------------------------------------------------------------------------------------------------
Current Cumulative
--------------------------------------------- --------------------------
# of Aggregate WA # of Aggregate WA
Months Mtg Sched Prin Months Mtg Sched Pr Months
Extended Loans Balance Extended Loans Balance Extended
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0 -12 0 0.00 0 0.00 0.00 0
13-24 0 0.00 0 0.00 0.00 0
25 + 0 0.00 0 0.00 0.00 0
Extended & Paid Off 0 0.00 0 0.00 0.00 0
- ---------------------------------------------------------------------------------------------------
Total 0 0.00 0 0.00 0.00 0
- ---------------------------------------------------------------------------------------------------
</TABLE>
