SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 29, 1998
(Date of earliest event reported)
Bear Sterns Commercial Mortgage Securities Inc.
Sponsor)
Issuer in Respect of
Mortgage Pass-Through Certificates
Series 1998-C1)
Exact name of registrant as specified in charter)
Delaware 33-65816 3611414
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File No.) Identification No.)
245 Park Avenue, New York, NY 10167
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 272-2000
(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the Trust
Fund formed, and the Mortgage Pass-Through Certificates Series 1998-C1
issued pursuant to, a Pooling and Servicing Agreement, dated as of
June 1, 1998 (the "Pooling and Servicing Agreement"), by and among Bear
Stearns Commercial Mortgage Securities Inc., as depositor, Banc One
Mortgage Capital Markets, LLC, as servicer and AMRESCO Management, Inc.
as special servicer, LaSalle National Bank, as trustee and REMIC
administrator, and ABN AMRO Bank, N.V., as fiscal agent. The
Class A-1, Class A-2, Class X, Class B, Class C, Class D, and Class E.
Certificates have been registered pursuant to the Act under a
Registration Statement on Form S-3 (the "Registration Statement").
Capitalized terms used herein and not defined herein have
the same meanings ascribed to such terms in the Pooling and Servicing
Agreement.
This Current Report is being filed by the Trustee, in its
capacity as such under the Pooling and Servicing Agreement, on behalf
of the Registrant. The information reported and contained herein has
been supplied to the Trustee by one or more of the Master Servicer,
the Special Servicer or other third parties without independent review
or investigation by the Trustee. Pursuant to the Pooling and Servicing
Agreement, the Trustee is not responsible for the accuracy or completeness
of such information.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
Exhibits
Exhibit No. Description
99 Monthly distribution report pursuant to
Section 4.2 of the Pooling and Servicing
Agreement for the distribution on July 16, 1998
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf
of the Registrant by the undersigned thereunto duly authorized.
LASALLE NATIONAL BANK, IN
ITS CAPACITY AS TRUSTEE
UNDER THE POOLING AND
SERVICING AGREEMENT ON
BEHALF OF Bear Sterns
Commercial Mortgage
Securities, Inc., REGISTRANT
By: /s/ Russell Goldenberg
Russell Goldenberg
Senior Vice President
Date: July 14, 1998
ABN AMRO
LaSalle National Bank
Administrator:
Robert Castle (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Bear Stearns Commercial Mortgage Securities Inc., Depositor
Banc One Mortgage Capital Markets, LLC, Servicer
AMRESCO Management, Inc., Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1998-C1
ABN AMRO Acct: 67-7954-20-8
Statement Date 07/16/98
Payment Date: 07/16/98
Prior Payment:NA
Record Date: 06/30/98
WAC: 7.27904%
WAMM: 133
Number Of Pages
Table Of Contents 1
REMIC Certificate Report 2
Other Related Information 2
Asset Backed Facts Sheets 1
Delinquency Loan Detail 1
Mortgage Loan Characteristics 2
Loan Level Listing 6
Total Pages Included In This Package 15
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
Information is available for this issue from the following sources
LaSalle Web Site www.lnbabs.com
LaSalle Bulletin Board (714) 282-3990
LaSalle ASAP Fax System (312) 904-2200
ASAP #: 335
Monthly Data File Name: 0335MMYY.EXE
ABN AMRO
LaSalle National Bank
Administrator:
Robert Castle (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Bear Stearns Commercial Mortgage Securities Inc., Depositor
Banc One Mortgage Capital Markets, LLC, Servicer
AMRESCO Management, Inc., Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1998-C1
ABN AMRO Acct: 67-7954-20-8
Upper Tier
Statement Date 07/16/98
Payment Date: 07/16/98
Prior Payment:NA
Record Date: 06/30/98
WAC: 7.2790%
WAMM: 133
Original Opening
Class Face Value (1) Balance
CUSIP Per $1,000 Per $1,000
A-1 129,564,000.00 129,564,000.00
07383FAA6 1000.00000000 1000.00000000
A-2 417,211,428.00 417,211,428.00
07383FAB4 1000.00000000 1000.00000000
B 35,736,956.00 35,736,956.00
07383FAC2 1000.00000000 1000.00000000
C 32,163,260.00 32,163,260.00
07383FAD0 1000.00000000 1000.00000000
D 32,163,260.00 32,163,260.00
07383FAE8 1000.00000000 1000.00000000
E 8,934,239.00 8,934,239.00
07383FAF5 1000.00000000 1000.00000000
F 12,507,935.00 12,507,935.00
07383FAH1 1000.00000000 1000.00000000
G 12,507,935.00 12,507,935.00
07383FAJ7 1000.00000000 1000.00000000
H 5,360,543.00 5,360,543.00
07383FAK4 1000.00000000 1000.00000000
I 17,868,478.00 17,868,478.00
07383FAL2 1000.00000000 1000.00000000
J 4,645,804.00 4,645,804.00
07383FAM0 1000.00000000 1000.00000000
K 6,075,283.00 6,075,283.00
07383FAN8 1000.00000000 1000.00000000
X 714,739,121.00N 714,739,121.00
07383FAG3 1000.00000000 1000.00000000
R 0.00 0.00
9ABSB465 1000.00000000 1000.00000000
714,739,121.00 714,739,121.00
Principal Principal Negative
Class Payment Adj. or Loss Amortization
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 731,941.25 0.00 0.00 0.00
07383FAA6 5.64926407 0.00000000 0.00000000 0.00000000
A-2 0.00 0.00 0.00 0.00
07383FAB4 0.00000000 0.00000000 0.00000000 0.00000000
B 0.00 0.00 0.00 0.00
07383FAC2 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00 0.00 0.00 0.00
07383FAD0 0.00000000 0.00000000 0.00000000 0.00000000
D 0.00 0.00 0.00 0.00
07383FAE8 0.00000000 0.00000000 0.00000000 0.00000000
E 0.00 0.00 0.00 0.00
07383FAF5 0.00000000 0.00000000 0.00000000 0.00000000
F 0.00 0.00 0.00 0.00
07383FAH1 0.00000000 0.00000000 0.00000000 0.00000000
G 0.00 0.00 0.00 0.00
07383FAJ7 0.00000000 0.00000000 0.00000000 0.00000000
H 0.00 0.00 0.00 0.00
07383FAK4 0.00000000 0.00000000 0.00000000 0.00000000
I 0.00 0.00 0.00 0.00
07383FAL2 0.00000000 0.00000000 0.00000000 0.00000000
J 0.00 0.00 0.00 0.00
07383FAM0 0.00000000 0.00000000 0.00000000 0.00000000
K 0.00 0.00 0.00 0.00
07383FAN8 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00 0.00 0.00
07383FAG3 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00 0.00 0.00
9ABSB465 0.00000000 0.00000000 0.00000000 0.00000000
731,941.25
Closing Interest Interest Pass-Through
Class Balance Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Per $1,000 Next Rate (3)
A-1 128,832,058.75 684,529.80 0.00 6.3400%
07383FAA6 994.35073593 5.28333333 0.00000000 Fixed
A-2 417,211,428.00 2,239,034.66 0.00 6.4400%
07383FAB4 1000.00000000 5.36666666 0.00000000 Fixed
B 35,736,956.00 194,766.41 0.00 6.5400%
07383FAC2 1000.00000000 5.44999999 0.00000000 Fixed
C 32,163,260.00 180,918.34 0.00 6.7500%
07383FAD0 1000.00000000 5.62500008 0.00000000 Fixed
D 32,163,260.00 180,918.34 0.00 6.7500%
07383FAE8 1000.00000000 5.62500008 0.00000000 Fixed
E 8,934,239.00 50,255.09 0.00 6.7500%
07383FAF5 1000.00000000 5.62499951 0.00000000 Fixed
F 12,507,935.00 62,539.68 0.00 6.0000%
07383FAH1 1000.00000000 5.00000040 0.00000000 Fixed
G 12,507,935.00 62,539.68 0.00 6.0000%
07383FAJ7 1000.00000000 5.00000040 0.00000000 Fixed
H 5,360,543.00 26,802.72 0.00 6.0000%
07383FAK4 1000.00000000 5.00000093 0.00000000 Fixed
I 17,868,478.00 89,342.39 0.00 6.0000%
07383FAL2 1000.00000000 5.00000000 0.00000000 Fixed
J 4,645,804.00 23,229.02 0.00 6.0000%
07383FAM0 1000.00000000 5.00000000 0.00000000 Fixed
K 6,075,283.00 30,376.41 0.00 6.0000%
07383FAN8 1000.00000000 4.99999918 0.00000000 Fixed
X 714,007,179.75 476,069.68 0.00 0.7993%
07383FAG3 998.97593230 0.66607475 0.00000000 1.0320%
R 0.00 0.00 0.00
9ABSB465 0.00000000 0.00000000 0.00000000
714,007,179.75 4,301,322.22
Total P&I Payme 5,033,263.47
Page 2 of 15
Notes: (1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
ABN AMRO
LaSalle National Bank
Administrator:
Robert Castle (800) 246-5761
135 S. LaSalle Street Suite 1625
Chicago, IL 60674-4107
Bear Stearns Commercial Mortgage Securities Inc., Depositor
Banc One Mortgage Capital Markets, LLC, Servicer
AMRESCO Management, Inc., Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1998-C1
ABN AMRO Acct: 67-7954-20-8
Lower Tier
Statement Date 07/16/98
Payment Date: 07/16/98
Prior Payment:NA
Record Date: 06/30/98
WAC: 7.27904%
WAMM: 133
Original Opening
Class Face Value (1) Balance
CUSIP Per $1,000 Per $1,000
LA-1 129,564,000.00 129,564,000.00
NONE 1000.00000000 1000.00000000
LA-2 417,211,428.00 417,211,428.00
NONE 1000.00000000 1000.00000000
LB 35,736,956.00 35,736,956.00
NONE 1000.00000000 1000.00000000
LC 32,163,260.00 32,163,260.00
NONE 1000.00000000 1000.00000000
LD 32,163,260.00 32,163,260.00
NONE 1000.00000000 1000.00000000
LE 8,934,239.00 8,934,239.00
NONE 1000.00000000 1000.00000000
LF 12,507,935.00 12,507,935.00
NONE 1000.00000000 1000.00000000
LG 12,507,935.00 12,507,935.00
NONE 1000.00000000 1000.00000000
LH 5,360,543.00 5,360,543.00
NONE 1000.00000000 1000.00000000
LI 17,868,478.00 17,868,478.00
NONE 1000.00000000 1000.00000000
LJ 4,645,804.00 4,645,804.00
NONE 1000.00000000 1000.00000000
LK 6,075,283.00 6,075,283.00
NONE 1000.00000000 1000.00000000
LR 0.00 0.00
9ABSB466 1000.00000000 1000.00000000
714,739,121.00 714,739,121.00
Principal Principal Negative
Class Payment Adj. or Loss Amortization
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1 731,941.25 0.00 0.00 0.00
NONE 5.64926407 0.00000000 0.00000000 0.00000000
LA-2 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LB 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LC 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LD 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LE 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LF 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LG 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LH 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LI 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LJ 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LK 0.00 0.00 0.00 0.00
NONE 0.00000000 0.00000000 0.00000000 0.00000000
LR 0.00 0.00 0.00 0.00
9ABSB466 0.00000000 0.00000000 0.00000000 0.00000000
731,941.25
Closing Interest Interest Pass-Through
Class Balance Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Per $1,000 Next Rate (3)
LA-1 128,832,058.75 779,720.17 0.00 7.2216%
NONE 994.35073593 6.01803101 0.00000000 7.4544%
LA-2 417,211,428.00 2,510,791.32 0.00 7.2216%
NONE 1000.00000000 6.01803103 0.00000000 7.4544%
LB 35,736,956.00 215,066.11 0.00 7.2216%
NONE 1000.00000000 6.01803103 0.00000000 7.4544%
LC 32,163,260.00 193,559.50 0.00 7.2216%
NONE 1000.00000000 6.01803113 0.00000000 7.4544%
LD 32,163,260.00 193,559.50 0.00 7.2216%
NONE 1000.00000000 6.01803113 0.00000000 7.4544%
LE 8,934,239.00 53,766.53 0.00 7.2216%
NONE 1000.00000000 6.01803131 0.00000000 7.4544%
LF 12,507,935.00 75,273.14 0.00 7.2216%
NONE 1000.00000000 6.01803095 0.00000000 7.4544%
LG 12,507,935.00 75,273.14 0.00 7.2216%
NONE 1000.00000000 6.01803095 0.00000000 7.4544%
LH 5,360,543.00 32,259.91 0.00 7.2216%
NONE 1000.00000000 6.01803026 0.00000000 7.4544%
LI 17,868,478.00 107,533.06 0.00 7.2216%
NONE 1000.00000000 6.01803131 0.00000000 7.4544%
LJ 4,645,804.00 27,958.59 0.00 7.2216%
NONE 1000.00000000 6.01803046 0.00000000 7.4544%
LK 6,075,283.00 36,561.25 0.00 7.2216%
NONE 1000.00000000 6.01803241 0.00000000 7.4544%
LR 0.00 0.00 0.00
9ABSB466 0.00000000 0.00000000 0.00000000
714,007,179.75 4,301,322.22 0
Total P&I Payme 5,033,263.47
Page 3 of 15
Notes: (1) N denotes notional balance not included in total
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
_
