SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 24, 1996
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. (as depositor under
the Pooling and Servicing Agreement, dated as of July 1, 1996
providing for the issuance of Chase Commercial Mortgage Securi-
ties Corp.'s Mortgage Pass-Through Certificates Series 1996-1)
Chase Commercial Mortgage Securities Corp.
(Exact name of registrant as specified in its charter)
New York 333-05271 13-3728743
- ----------------------------- ----------- -----------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
380 Madison Avenue
New York, New York 10017-2951
-------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 270-6000
-----------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
The Registrant registered issuances of Commercial Mortgage
Pass-Through Certificates on a delayed or continuous basis pursuant to Rule
415 under the Securities Act of 1933, as amended (the "Act"), by a
Registration Statement on Form S-3 (Registration File No. 333-05271). Pursuant
to a base prospectus, dated May 28, 1996 and a prospectus supplement, subject
to completion, dated June 24, 1996, the Registrant plans to issue
approximately $389,980,252 in aggregate principal amount of its Chase
Commercial Mortgage Corp. Commercial Mortgage Pass-Through Certificates,
Series 1996-1 (the "Certificates") on July 30, 1996. This Current Report on
Form 8-K discloses the use of computational Materials (as defined in the
Kidder Peabody Acceptance Corporation I, SEC No-Action Letter, available May
24, 1994), collateral term sheets (as defined in the Public Securities
Association SEC No-Action Letter, available February 17, 1995 (the "PSA No
Action letter")) and structural term sheets (as defined in the PSA No-Action
Letter) by the underwriters in connection with the offering of the
Certificates. A copy of such computational materials, collateral term sheets
and structural term sheets is attached hereto as Exhibit 99.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHASE COMMERCIAL MORTGAGE
SECURITIES CORP.
By: /S/ Jaqueline R. Slater
-------------------------------
Name: Jaqueline R. Slater
Title: President
Dated: June 25, 1996
3
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99 Computational Materials, Collateral 5
Term Sheets and Structural Term Sheets,
each as prepared for use by the underwriters
in connection with the offering of the
Certificates.
4
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
$389,980,252(approximate)
PUBLICLY OFFERED CERTIFICATES
----------------------------------------------
CREDIT WA WA | Class A-1 | | |
SUPPORT DSCR LTV | $190.0mm | | |
- ------- ---- --- | AAA/AAA | P | X |
29.0% 2.17x 47% |-----------------| $3.8mm | $443.2mm |
| Class A-2 | AAAr/-- | (notional) |
| $120.8mm | | --/AAA |
| AAA/AAA | | |
----------------------------------------------
----------------------------------------------
| Class B |
23.0% 2.00x 51% | $26.6mm |
| AA/AA |
----------------------------------------------
----------------------------------------------
| Class C |
18.0% 1.88x 55% | $22.2mm |
| A/A |
----------------------------------------------
----------------------------------------------
| Class D |
14.5% 1.80x 57% | $15.5mm |
| BBB/BBB |
----------------------------------------------
----------------------------------------------
| Class E |
12.0% 1.75x 59% | $11.1mm |
| BBB-/BBB- |
----------------------------------------------
----------------------------------------------
| NON-OFFERED CERTIFICATES |
| $53.2mm |
| (not offered by the Prospectus Supplement) |
| |
----------------------------------------------
All Class Sizes Approximate
CHASE SECURITIES INC.
BEAR, STEARNS & CO. INC.
PAINEWEBBER INCORPORATED
THIS INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS LISTED ABOVE,
AND NOT BY CHASE COMMERCIAL MORTGAGE SECURITIES CORP. ("CHASE") OR ANY OF ITS
AFFILIATES (OTHER THAN CHASE SECURITIES INC.). THE INFORMATION CONTAINED
HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS AND THE
OTHER INFORMATION CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
$389,980,252 (approximate)
PUBLICLY OFFERED CERTIFICATES
PAGE
----
Transaction Overview and Price Talk ............................. 1
Certificate Structure Summary ................................... 2-3
Prepayment Protection ........................................... 4-6
Collateral Highlights ........................................... 7
Geographic Overview of Mortgage Pool ............................ 8
Property Type Overview of Mortgage Pool ......................... 9
Collateral Summary Tables ....................................... 10-11
Individual Mortgage Loan Information ............................ 12-16
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The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
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$389,980,252 (approximate)
PUBLICLY OFFERED CERTIFICATES
Legal Structure: Sequential pay REMIC, classes rated AAA
through BBB- offered publicly; all other
Certificates offered privately under Rule
144A
Cut-Off Date: July 1, 1996
Closing Date: July 30, 1996 via DTC
Distribution Date: Monthly on the 18th or the next business
day, beginning August 19, 1996
Delay Days: 17
ERISA: Classes A-1, A-2, P, and X may qualify for
certain exemptions from the plan asset rules
of ERISA
Rating Agencies: S&P/Fitch
Rated Final Distribution Date July 18, 2028
Servicer: Chemical Bank
Advancing: Scheduled P & I (excluding Balloon Payments)
and Servicing Advances through liquidation
unless deemed nonrecoverable
Special Servicer: Lennar Partners, Inc.
SMMEA Eligibility: The certificates are not SMMEA eligible
Trustee/Fiscal Agent: La Salle National Bank/ABN AMRO Bank N.V.
Optional Call: 4% cleanup call
Pricing Speed: 0% CPR
PUBLICLY OFFERED CERTIFICATES
(All class sizes approximate)
<TABLE>
<CAPTION>
INITIAL
CERTIFICATE AVG. EXPECTED APPROX.
RATINGS BALANCE((A)) EST. LIFE PRINCIPAL CUMULATIVE FINAL DISTR. PRICE DOLLAR
CLASS (S&P/FITCH) $MM CPN (YRS)((B)) WINDOW((B)) SUBORDINAT'N DATE TALK((E)) PRICE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA/AAA $190.0 7.75% 7.0 0.1 - 9.5 01/2006 +80-85 101-((08))
A-2 AAA/AAA $120.8 7.90% 9.5 9.5 - 9.6 29% 03/2006 +85-90 101-((04))
P((c)) AAAr/-- $3.8 N/A 7.8 0.1 - 9.6 03/2006 +105-115 55-((30))
X((d)) --/AAA $443.2 (not.) N/A N/A N/A 05/2019 +325-350 3-((14))
B AA/AA $26.6 7.90% 9.7 9.6 - 9.7 23% 04/2006 +100-105 100-((07))
C A/A $22.2 7.90% 9.8 9.7 - 9.8 18% 05/2006 +110-115 99-((18))
D BBB/BBB $15.5 7.90% 9.9 9.8 - 9.9 14.5% 06/2006 +145-150 97-((10))
E BBB-/BBB- $11.1 7.90% 9.9 9.9 - 9.9 12% 06/2006 +210-220 93-((13))
</TABLE>
NON-OFFERED CERTIFICATES (not offered by the Prospectus Supplement)
F BB/--
G B/-- $53.2 million
H NR/NR
a While the sum of the Class A-1, A-2 and P Certificate Balances is expected
to equal $314.6 million (plus or minus 5%), the final Class P Certificate
Balance, and thus the final Class A Certificate Balance, will depend upon
prevailing interest rates. The final Certificate Balances for Classes A-1,
A-2 and P will be set forth in the final Prospectus Supplement.
b Calculated at 0% CPR
c P/O class
d WAC I/O
e Expressed in ranges of spreads to the interpolated Treasury curve
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
1
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
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CERTIFICATE STRUCTURE SUMMARY
DISTRIBUTIONS OF PRINCIPAL AND INTEREST:
On each Distribution Date, the Available Distribution Amount will be
applied in accordance with the priorities described in the
Prospectus Supplement. Generally, the priorities will be first to
distributions of interest to the Class A and X Certificates, pro
rata; second pro rata to distribution of the Class P Principal
Distribution Amount to the Class P Certificates and to distribution
of all other principal to the Class A Certificates until the Class A
Certificate Balance has been reduced to zero; third to distribution
of interest to the Class B Certificates; fourth to distribution of
any principal to the Class B Certificates until the Class B
Certificate Balance has been reduced to zero; and, thereafter, to
sequential distributions of interest and principal to the Class C
through H Certificates. See page S-12 of the preliminary Prospectus
Supplement.
ALLOCATION OF LOSSES:
Realized losses from any Mortgage Loan will be allocated in reverse
alphabetical order (except for Class P which receives losses pro
rata with Class A) starting with Class H. See page S-16 of the
preliminary Prospectus Supplement.
CLASS P DESCRIPTION:
Class P, rated AAAr by S&P only, is a principal-only class. Class P
is stripped off all Discount Mortgage Loans. Discount Mortgage Loans
are all loans with net coupons below the highest Certificate coupon.
On each Distribution Date, the Class P Fraction of the decrease in
scheduled principal balance from the prior Distribution Date for
each Discount Mortgage Loan is paid to Class P. Losses are allocated
to Class P pari passu with Classes A-1 and A-2, only after the Class
B through H certificate balances have been reduced to zero. See
pages S-25, S-50 and S-53 of the preliminary Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS:
On Each Distribution Date, the Paying Agent will furnish each
Certificateholder with a statement setting forth certain information
with respect to the Mortgage Loans, including (i) distributions of
principal and interest on each Class of Certificates, (ii)
outstanding Mortgage Loan and Certificate Balances and (iii)
delinquency and prepayment data.
The Servicer will provide a financial market publisher, which
initially shall be Bloomberg, L.P., quarterly with certain current
information with respect to the Mortgaged Properties including
current and original net operating income, debt service coverage
ratios based on borrowers' operating statements and occupancy rates,
to the extent the Servicer has received such information from the
borrowers. See page S-10 of the preliminary Prospectus Supplement.
SERVICER ADVANCING:
The Servicer will be required to make P & I Advances (excluding
principal Balloon Payments) and Servicing Advances through
liquidation of the Mortgage Loan subject to a determination that
such Advances would not be Nonrecoverable Advances. See page S-15 of
the preliminary Prospectus Supplement.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
2
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY (CONT'D)
SPECIAL SERVICER FLEXIBILITY:
When a loan is more than 60 days delinquent, or upon the occurrence
of certain other events described in the Prospectus Supplement, the
Servicer will transfer its servicing responsibilities to the Special
Servicer. Certain servicing responsibilities will be carried out by
the Special Servicer prior to servicing transfer, such as loan
extensions, modifications, and assumptions. The Special Servicer has
the flexibility to modify loans, subject to the Servicing Standards
set forth in the Pooling and Servicing Agreement. See page S-61 of
the preliminary Prospectus Supplement.
APPRAISAL REDUCTIONS:
By the time a loan becomes 120 days delinquent or if it meets
certain other criteria specified in the Prospectus Supplement, an
appraisal of the Mortgaged Property will be obtained by the Special
Servicer. An Appraisal Reduction may result, which would have the
effect of reducing interest advanced to and the voting rights of the
most subordinate Class of Certificates then outstanding. See page
S-55 of the preliminary Prospectus Supplement.
EXTENSION ADVISOR:
The Class A, Class P, Class B, Class C, Class D and Class E
Certificateholders will be entitled to elect the Extension Advisor.
The initial Extension Advisor will be the Trustee. The Special
Servicer will not be permitted to grant any extension of the
maturity of any Mortgage Loan beyond the third anniversary of its
original maturity date without the Extension Advisor's written
consent. See page S-65 of the preliminary Prospectus Supplement.
MORTGAGE POOL:
The Mortgage Pool will consist of 39 multifamily and 48 commercial,
fixed-rate Mortgage Loans with an Initial Pool Balance of
approximately $443,159,377. See pages 7-16 of this document for more
detail on the Mortgage Loans.
PREPAYMENT PENALTIES:
78 of the Mortgage Loans, representing approximately 93.3% of the
Initial Pool Balance, may not be prepaid until six months or less
prior to stated maturity without a yield maintennace charge or
prepayment penalty. See the following 3 pages of this document for
further detail.
REPRESENTATIONS AND WARRANTIES:
Each Mortgage Loan Seller will make certain representations and
warranties with respect to each Mortgage Loan sold by such Mortgage
Loan Seller, as described more fully beginning on page S-40 of the
preliminary Prospectus Supplement.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
3
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
DISTRIBUTION OF PREPAYMENT PENALTIES
There are two types of prepayment penalties to be distributed to Class X (IO)
and investment-grade principal classes: 1) Prepayment premiums, expressed as
fixed percentages of pre-paid principal balances; and 2) Yield Maintenance
Charges, calculated using a formula which uses prevailing Treasury yields.
1. PREPAYMENT PREMIUMS - 25% of prepayment premiums will be allocated to
any class(es) receiving principal on the distribution date. Only
Classes A, B, C, D and E will receive this distribution. All remaining
amounts of prepayment premiums will be distributed to Class X.
2. YIELD MAINTENANCE CHARGES - The fraction of yield maintenance charges
distributed to principal bond classes is defined by:
(Bond Coupon - Treasury Rate)/(Mortgage Rate - Treasury Rate),
not to exceed 1.0, where Treasury Rate is the appropriate Treasury
yield used to calculate the yield maintenance charge.
This fraction is applied to the yield maintenance charge, to determine
the amount allocated among Classes A, B, C, D and E receiving principal
on the distribution date. Class X will receive the remainder of any
yield maintenance charges.
EXAMPLE((A))
$2,000,000 loan with an 8.5% coupon, 120 month remaining term, and 300
month remaining amortization term, prepays immediately. The Treasury
yield used to calculate yield maintenance, the prevailing 10-year
Treasury, is 6.95%. Applying a 6.95% yield to the mortgage cash flows
to maturity results in a present value of $2,207,939. The yield
maintenance charge is therefore $207,939((b)), or 10.39% of the prepaid
mortgage balance. The A-2 Class, with a 7.90% coupon, receives the
prepayment principal.
Principal Bond Class Fraction (not to exceed 1.0)
= (7.90% - 6.95%) / (8.50% - 6.95%)
= .95 / 1.55
= .612903
A-2 Yield Maintenance Charge Allocation
= $207,939 * .612903
= $127,446
Class X Yield Maintenance Charge Allocation
= $207,939 - $127,446
= $80,493
This method of distributing yield maintenance charges is intended to
approximately return to bondholders affected by prepayments the premium on
their bond coupon calculated at Treasuries flat. The distribution to Class X
is similarly intended to approximate the present value of the cash flow lost
due to prepayments (mortgage coupon - bond coupon), also at Treasuries flat.
a The effect on the various classes of prepayment will differ based on the
assumptions of mortgage coupons, security coupons, and Treasury yields.
b The actual yield maintenance calculation methodology may vary for different
loans.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
4
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
PREPAYMENT RESTRICTIONS
All of the loans have prepayment protection, typically a lock-out period
period followed by a yield maintenance period and/or a fixed percentage
penalty thereafter. Most loans become freely prepayable 6 months prior to
maturity, although the length of the prepayment window varies as shown in the
following table. For additional information on prepayment penalties, see pages
S-25 through S-28 as well as Exhibit A in the preliminary Prospectus
Supplement.
<TABLE>
<CAPTION>
PREPAYMENT RESTRICTIONS IN EFFECT AS OF THE CUT-OFF DATE
CUT-OFF LOCK-OUT YIELD PREPAYMENT NO PENALTY
LOAN LOAN PERIOD MAINTENANCE PREMIUM DURING LAST
MATURITY # OF LOANS BALANCE % OF TOTAL (MOS.) PERIOD (MOS.) PERIOD (MOS.) __ MOS.
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
5 Years 2 $14,202,996 3.20% 24 33 0 3
7 Years 2 9,989,187 2.25% 24-36 42-48 0 6-12
7 Years 8 26,847,983 6.06% 0 60 18 6
7 Years 1 3,084,295 0.70% 24 0 58 2
10 Years 64 341,887,734 77.15% 12-48 66-180 0 0-12
10 Years 2 6,114,540 1.38% 0 84 30 6
10 Years 1 11,421,949 2.58% 48 0 66 6
11 Years 1 3,486,028 0.79% 36 90 0 6
15 Years 4 22,841,618 5.15% 36-108 54-138 0 6-18
20 Years 1 1,791,994 0.40% 156 72 0 12
25 Years 1 1,491,053 0.34% 24 61 0 216
---------- ------------ --------- ------ ------ --- -----
87 $443,159,377 100.00%
</TABLE>
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The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
5
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
PREPAYMENT RESTRICTION SUMMARY
(Assuming no defaults, modifications, extensions or prepayments)
<TABLE>
<CAPTION>
TOTAL ENDING BALANCE $443.2 $438.2 $432.8 $427.0 $420.6 $400.7 $389.8
- ------------------------------------------------------------------------------------------------------------------------------
CUT-OFF 1 YEAR 2 YEARS 3 YEARS 4 YEARS 5 YEARS 6 YEARS
PREPAYMENT PENALTY TYPE DATE JULY 1997 JULY 1998 JULY 1999 JULY 2000 JULY 2001 JULY 2002
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Locked-Out 90.2% 87.3% 81.0% 4.5% 0.8% 0.8% 0.8%
(GREATER) of 3% or Yield Maint 7.4% 7.4% 7.4% 7.4% 7.2% 1.4% 0.9%
(GREATER) of 1 % or Yield Maint 2.0% 5.0% 8.5% 85.0% 86.2% 86.9% 87.8%
Standard Yield Maint 0.3% 0.3% 2.4% 2.4% 2.4% 0.3% 0.3%
5% of UPB 0.0% 0.0% 0.7% 0.0% 0.0% 0.0% 0.0%
4% of UPB 0.0% 0.0% 0.0% 0.7% 0.0% 0.0% 0.0%
3% of UPB 0.0% 0.0% 0.0% 0.0% 0.7% 0.0% 0.5%
2% of UPB 0.0% 0.0% 0.0% 0.0% 2.8% 9.3% 2.7%
1% of UPB 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.8%
No Penalty 0.0% 0.0% 0.0% 0.0% 0.0% 1.1% 6.3%
=============================================================================================================================
Totals 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
<CAPTION>
TOTAL ENDING BALANCE $350.2 $342.5 $329.3 $23.2 $19.3 $18.3 $17.2((A))
- -----------------------------------------------------------------------------------------------------------------------------------
7 YEARS 8 YEARS 9 YEARS 10 YEARS 11 YEARS 12 YEARS 13 YEARS
PREPAYMENT PENALTY TYPE JULY 2003 JULY 2004 JULY 2005 JULY 2006 JULY 2007 JULY 2008 JULY 2009((A))
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Locked-Out 0.8% 0.7% 0.4% 5.2% 5.8% 0.0% 0.0%
(GREATER) of 3% or Yield Maint 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(GREATER) of 1 % or Yield Maint 94.1% 93.6% 59.8% 76.6% 88.4% 93.4% 93.8%
Standard Yield Maint 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5% of UPB 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
4% of UPB 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
3% of UPB 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2% of UPB 3.5% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0%
1% of UPB 0.0% 3.5% 0.0% 0.0% 0.0% 0.0% 0.0%
No Penalty 0.4% 1.3% 39.8% 18.2% 5.9% 6.6% 6.2%
Totals 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
</TABLE>
A Represents the year in which the ending Pool Balance (assuming no defaults,
modifications, extensions or prepayments) falls below the 4% Optional
Termination level
The sum of the percentages in any column may not equal 100% due to rounding
UPB = Unpaid Principal Balance
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
6
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
COLLATERAL HIGHLIGHTS
OVERVIEW
# of loans 87
Initial Pool Balance $443,159,377
Average Balance $5,093,786
WAC 8.53%
WAM 114 months
WA DSCR 1.54x
WA LTV 66.8%
WA LTV at Maturity 56.1%
o The Mortgage Loans were recently originated or purchased by the
Mortgage Loan Sellers, Chemical Bank (62.5% of Initial Pool Balance)
and Bear, Stearns Funding Inc. (37.5% of Initial Pool Balance), in
accordance with their respective underwriting standards. The
Mortgage Loan Sellers' underwriting standards are described in
detail in the preliminary Prospectus Supplement beginning on page
S-36.
o The Mortgaged Properties are located in 23 states; 17.7% of the
Initial Pool Balance is secured by properties located in New York,
9.7% by properties located in Texas, and 9.1% by properties located
in Florida. The following page maps the location of all Mortgaged
Properties.
o Eight Mortgage Loans totalling 15.2% of the Initial Pool Balance are
secured by more than one property.
o No group of borrowers with a common property manager represents more
than 8.1% of the Initial Pool Balance.
o The majority of the retail Mortgaged Properties are community
shopping centers anchored by grocery stores and, in many cases,
drugstores.
o All mortgage loans provide for amortization prior to maturity; the
weighted average remaining amortization term is 316 months.
o 83 Mortgage Loans accounting for 98.7% of the Initial Pool Balance
require balloon payments at maturity.
o More than 93% of the Initial Pool Balance of Mortgage Loans may not
be prepaid without Yield Maintenance Charges or Prepayment Premiums
until six months or less prior to stated maturity. See pages 4-6 of
this document for details.
o Further information on the Mortgage Loans is provided on the
following pages of this document and in the preliminary Prospectus
Supplement (see especially pages S-30 through S-34 and Exhibit A).
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
7
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
GEOGRAPHIC OVERVIEW OF MORTGAGE POOL
[GRAPHIC]
(is greater than or (is greater than or
equal to) equal to)
10% total balance 5.1 - 9.9% 1.1 - 5.0% 1.0%
- ----------------------------------------------------------------------------
NEW YORK CALIFORNIA ARIZONA KANSAS
14 properties 13 properties 2 properties 1 property
$78.3 million $38.6 million $10.1 million $3.5 million
17.7% of total 8.7% of total 2.3% of total 0.8% of total
COLORADO CONNECTICUT MICHIGAN
7 properties 3 properties 1 property
$27.8 million $8.7 million $3.4 million
6.3% of total 2.0% of total 0.8% of total
FLORIDA GEORGIA NEBRASKA
7 properties 5 properties 1 property
$40.1 million $16.2 million $1.3 million
9.1% of total 3.7% of total 0.3% of total
ILLINOIS INDIANA OREGON
9 properties 6 properties 1 property
$31.9 million $10.7 million $1.5 million
7.2% of total 2.4% of total 0.3% of total
NEW JERSEY MARYLAND VIRGINIA
4 properties 3 properties 2 properties
$30.4 million $12.0 million $3.6 million
6.9% of total 2.7% of total 0.8% of total
TEXAS MASSACHUSETTS
12 properties 3 properties
$43.1 million $15.7 million
9.7% of total 3.5% of total
MISSOURI
2 properties
$10.3 million
2.3% of total
OHIO
1 property
$10.7 million
2.4% of total
PENNSYLVANIA
5 properties
$18.4 million
4.2% of total
SOUTH CAROLINA
3 properties
$11.3 million
2.6% of total
TENNESSEE
8 properties
$15.5 million
3.5% of total
Total 113 properties/$443.2 million Total Cut-off Date Balance
NOTE: The 113 properties secure a total of 87 mortgage loans; 8 loans totalling
$67.3 million (15.2% of total) are secured by more than one property each,
covering a total of 34 properties.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
8
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
PROPERTY TYPE OVERVIEW OF MORTGAGE POOL((A))
<TABLE>
<CAPTION>
WEIGHTED AVERAGES
-------------------------------------------
% OF CUT- LOAN/
INITIAL OFF LTV UNIT
PROPERTY # OF # OF POOL DATE AT OCCUP. OR
TYPE LOANS PROPS. BAL. LTV MAT. DSCR % SQ. FT.
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Industrial 5 7 4.7% 65.1% 54.0% 1.57x 97.0% $13
Ministorage 1 6 2.4% 71.7% 48.7% 1.28x 85.2% $25
Multifamily 39 45 37.0% 71.5% 60.3% 1.41x 96.7% $8,186
Office 4 6 5.3% 62.1% 53.4% 1.74x 91.3% $48
Retail,
Anchored 33 33 43.2% 65.8% 56.0% 1.58x 95.6% $46
Retail,
Unanchored 3 4 1.5% 65.3% 51.6% 1.20x 93.4% $40
Multiple 2 12 6.0% 48.9% 39.6% 2.01x 92.0% N/A
========================================================================================
Totals 87 113 100.0% 66.8% 56.1% 1.54x 95.4% N/A
</TABLE>
[GRAPHIC]
b b
Anchored Retail 36 properties, $198.7 million, 44.8% of total
Multifamily 45 properties, $163.9 million, 37.0% of total
Industrial 10 properties, $30.0 million, 6.8% of total
Office 8 properties, $26.8 million, 6.1% of total
Mini-Storage 6 properties, $10.7 million, 2.4% of total
Unanchored Retail 5 properties, $7.6 million, 1.7% of total
Hotel 3 properties, $5.5 million, 1.2% of total
a 113 properties secure a total of 87 mortgage loans. Of the 87 mortgage
loans, 8 mortgage loans totalling $67.3 million in Cut-off Date Balance
(15.2% of total) are secured by more than one property each, covering a
total of 34 properties. Of the 8 cross-collateralized mortgage loans, 2
mortgage loans totalling $26.4 million of Cut-off Date Balance are secured
by a total of 12 properties of multiple property types.
b Reflects allocated principal balance by property for multiple property
loans.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
9
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
COLLATERAL SUMMARY
<TABLE>
<CAPTION>
CUT-OFF DATE BALANCE GROSS COUPON BALLOON YEAR ORIGINATION YEAR
- ------------------------------- --------------------------- -------------------- ------------------------------
BALANCE ($) % DSCR GROSS CPN % % DSCR YEAR % DSCR YEAR % DSCR
- ---------------- ----- ----- ----------- ----- ----- ---- ----- ----- ------------ ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
350,000 - 1M 0.3% 1.54x 7.13 - 7.5 1.8% 3.78x 2001 3.9% 2.77x 1990 0.8% 1.37x
1,000,001 - 2M 5.5% 1.51x 7.51 - 7.75 8.0% 1.88x 2002 6.4% 1.29x 1994 2.3% 1.24x
2,000,001 - 4M 16.7% 1.43x 7.76 - 8.00 11.4% 1.48x 2003 1.9% 1.40x 1995 46.5% 1.68x
4,000,001 - 6M 18.7% 1.45x 8.01 - 8.25 9.8% 1.51x 2004 0.6% 1.41x 1996 50.5% 1.42x
6,000,001 - 8M 15.7% 1.83x 8.26 - 8.50 14.1% 1.68x 2005 20.5% 1.52x CUT-OFF DATE LTV
-----------------------------
8,000,001 - 10M 12.6% 1.45x 8.51 - 8.75 26.1% 1.44x 2006 60.0% 1.52x LTV (%) % DSCR
------------- ----- -----
10,000,001 - 15M 26.0% 1.45x 8.76 - 9.00 15.1% 1.37x 2007 0.8% 1.45x 20.90 - 30.00 1.8% 3.78x
15,000,001 - 20M 4.5% 2.1x 9.01 - 9.25 3.0% 1.33x 2010 0.6% 1.27x 30.01 - 40.00 2.0% 1.92x
9.26 - 9.50 6.8% 1.42x 2011 4.6% 1.30x 40.01 - 50.00 9.2% 1.95x
9.51 - 9.75 2.4% 1.28x 2015 0.4% 1.43x 50.01 - 60.00 11.7% 1.67x
9.76 - 10.00 0.4% 1.43x 2019 0.3% 1.23x 60.01 - 70.00 16.8% 1.49x
10.01 - 11.01 1.2% 1.09x 70.01 - 79.77 58.6% 1.38x
<CAPTION>
DSCR YEAR BUILT PROPERTY TYPE GEOGRAPHIC DISTRIBUTION
- --------------------------- --------------------------- --------------------------------- ------------------------------
RANGE PROPERTY
RATIO % DSCR (YEARS) % DSCR TYPE % DSCR STATE % DSCR
- ----------- ----- ----- ----------- ----- ----- ---------------- ----- ----- -------------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0.96 - 1.00 0.7% 0.96x 1890 - 1929 7.6% 1.51x Retail, Anchored 43.2% 1.58x New York 17.7% 1.53x
1.01 - 1.20 2.5% 1.09x 1930 - 1959 13.3% 1.63x Multifamily 37.0% 1.41x Texas 9.7% 2.13x
1.21 - 1.24 3.7% 1.23x 1960 - 1969 17.0% 1.45x Multiple 6.0% 2.01x Florida 9.1% 1.56x
1.25 - 1.30 10.2% 1.28x 1970 - 1979 30.2% 1.55x Office 5.3% 1.74x California 8.7% 1.55x
1.31 - 1.40 23.8% 1.35x 1980 - 1989 26.4% 1.55x Industrial 4.7% 1.57x Illinois 7.2% 1.63x
1.41 - 1.50 26.4% 1.44x 1990 - 1995 5.5% 1.50x Ministorage 2.4% 1.28x New Jersey 6.9% 1.38x
1.51 - 1.60 9.4% 1.55x Retail,Unanchored 1.5% 1.2x Colorado 6.3% 1.31x
1.61 - 1.70 3.4% 1.62x Pennsylvania 4.2% 1.44x
1.71 - 1.80 4.9% 1.75x Georgia 3.7% 1.44x
1.81 - 1.90 3.1% 1.85x Massachusetts 3.5% 1.25x
1.91 - 2.00 0.3% 1.96x Tennessee 3.5% 1.31x
2.01 - 2.30 7.5% 2.07x Maryland 2.7% 1.58x
2.31 - 4.00 4.1% 2.99x South Carolina 2.6% 1.33x
Ohio 2.4% 1.42x
Indiana 2.4% 1.27x
Other states (8) 9.6% N/A
</TABLE>
All percentages are percentages of Initial Pool Balance.
The sum of the percentages in any column may not total 100% due to rounding.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
10
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996--1
- ------------------------------------------------------------------------------
OVERVIEW OF MORTGAGE LOANS SECURED BY RETAIL PROPERTIES
<TABLE>
<CAPTION>
DSCR LTV GEOGRAPHIC DISTRIBUTION
- ----------------------------------- ----------------------------------- -----------------------------
RATIO %((A)) DSCR RATIO %((A)) DSCR STATE %((A)) DSCR
- ------------- ------ ----- -------------- ------ ----- ----- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
0.96 - 1.00x 1.5% 0.96x 20.00 - 30.00% 3.9% 3.78x NY 24.9% 1.62x
1.21 - 1.24x 5.2% 1.23x 30.01 - 40.00% 4.3% 1.92x FL 13.7% 1.56x
1.25 - 1.30x 11.4% 1.28x 40.01 - 50.00% 9.4% 1.84x NJ 9.7% 1.39x
1.31 - 1.40x 15.9% 1.36x 50.01 - 60.00% 10.3% 1.71x TX 9.4% 2.37x
1.41 - 1.50x 37.6% 1.43x 60.01 - 70.00% 14.0% 1.42x SC 5.6% 1.33x
1.51 - 1.60x 3.6% 1.57x 70.01 - 80.00% 58.4% 1.37x MA 5.2% 1.23x
1.61 - 1.70x 1.7% 1.65x OH 5.2% 1.42x
1.71 - 1.80x 9.2% 1.77x MD 4.9% 1.47x
1.81 - 1.90x 5.2% 1.86x PA 4.3% 1.36x
1.91 - 2.00x 0.6% 1.91x CA 4.3% 1.70x
2.01 - 2.30x 2.1% 2.02x CT 3.6% 1.42x
AZ 3.4% 1.41x
WA DSCR 1.59x WA LTV TN 2.8% 1.30x
64.5%
CO 1.7% 1.45x
GA 1.5% 1.57x
</TABLE>
((A)) As a percentage of the $206.4 million in aggregate Cut-off Date Balance
of Mortgage Loans secured by retail properties
OVERVIEW OF MORTGAGE LOANS SECURED BY MULTIFAMILY PROPERTIES
<TABLE>
<CAPTION>
DSCR LTV Geographic Distribution
- ----------------------------------- ----------------------------------- -----------------------------
Ratio %((b)) DSCR Ratio %((b)) DSCR State %((b)) DSCR
- ------------- ------ ----- -------------- ------ ----- ----- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1.01 - 1.24 10.5% 1.13x 50.01 - 60.00% 8.6% 1.53x IL 16.1% 1.60x
1.25 - 1.30 2.9% 1.28x 60.01 - 70.00% 23.0% 1.41x CO 14.9% 1.29x
1.31 - 1.40 38.0% 1.34x 70.01 - 80.00% 68.4% 1.40x NY 12.5% 1.37x
1.41 - 1.50 20.7% 1.45x CA 9.7% 1.40x
1.51 - 1.60 20.9% 1.54x GA 7.9% 1.40x
1.61 - 1.70 3.2% 1.64x FL 7.2% 1.55x
1.71 - 1.80 0.0% NJ 6.4% 1.36x
1.81 - 1.90 1.8% 1.84x TN 5.9% 1.31x
1.91 - 2.00 0.9% 1.96x PA 5.8% 1.52x
2.01 - 2.30 1.1% 2.09x MO 5.6% 1.33x
TX 5.2% 1.30x
WA DSCR 1.41x WA LTV MI 2.1% 1.37x
71.5%
OR 0.9% 1.23x
</TABLE>
((B)) As a percentage of the $163.9 million in aggregate Cut-off Balance of
Mortgage Loans secured by multifamily properties
The sum of the percentages in any column may not total 100% due to rounding.
- ------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you based
upon the information contained in the final Prospectus Supplement relating to
the securities. You should consult your own counsel, accountant, and other
advisors as to the legal tax, business, financial and related aspects of a
purchase of these securities.
11
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996-1
LOAN INFORMATION
OCCU-
ID PROPERTY NAME CITY STATE TYPE PANCY
- -- ---------------------------- -------------- ----- ----------- ------
1 GLENBOROUGH PORTFOLIO
Navistar Chicago West Chicago IL Industrial 100.0%
Navistar Baltimore Baltimore City MD Industrial 100.0%
Benicia Industrial Benicia CA Industrial 100.0%
Regency Westpointe Omaha NE Office 95.5%
Shannon Crossing Union City GA Retail, 89.6%
Anchored
Westwood Plaza Tampa FL Retail, 94.0%
Anchored
Country Suites--Ontario Ontario CA Hotel 65.0%
Country Suites--Arlington Arlington TX Hotel 70.0%
Country Suites--Tucson Tucson AZ Hotel 79.0%
- -- ---------------------------- -------------- ----- ----------- ------
2 FRANKLIN TOWN CENTER Franklin NJ Retail, 100.0%
Anchored
3 BURNSIDE PLAZA SHOPPING CTR. Inwood NY Retail, 100.0%
Anchored
4 OAK VIEW APARTMENTS Westmont IL Multifamily 98.0%
5 2500 INVERRARY CLUB APTS. Lauderhill FL Multifamily 97.0%
6 COCONUT CREEK PLAZA Coconut Creek FL Retail, 86.0%
Anchored
7 PLAZA 200 SHOPPING CENTER Carle Place NY Retail, 100.0%
Anchored
8 THE CENTRE OF SHEFFIELD Sheffield OH Retail, 94.0%
Anchored
- -- ---------------------------- -------------- ----- ----------- ------
9 NAGEL PORTFOLIO
96th Street Indianapolis IN Ministorage 92.0%
Glen Arm Indianapolis IN Ministorage 86.0%
Post Indianapolis IN Ministorage 79.0%
Shadeland Indianapolis IN Ministorage 86.0%
Stover Indianapolis IN Ministorage 71.0%
Tacoma Indianapolis IN Ministorage 93.0%
- -- ---------------------------- -------------- ----- ----------- ------
10 184 THOMPSON STREET New York NY Multifamily 100.0%
11 BOARDWALK AT PARK PLACE Norwood MA Retail, 99.0%
Anchored
- -- ---------------------------- -------------- ----- ----------- ------
12 BELZ APARTMENT PORTFOLIO
Frayser Village Memphis TN Multifamily 97.0%
Northgate Memphis TN Multifamily 96.6%
North Terrace Memphis TN Multifamily 97.6%
Highland Gardens Memphis TN Multifamily 95.3%
Mendenhall Memphis TN Multifamily 100.0%
Oak Run Memphis TN Multifamily 91.6%
Southern Pines Memphis TN Multifamily 93.3%
- -- ---------------------------- -------------- ----- ----------- ------
13 TRI-CITY PORTFOLIO II
Lakeside Tower San Bernardino CA Office 76.0%
One Parkside San Bernardino CA Office 92.3%
Two Carnegie Plaza San Bernardino CA Office 80.0%
- -- ---------------------------- -------------- ----- ----------- ------
14 CENTENNIAL VILLAGE Warminster PA Multifamily 91.0%
15 TOPS Long Island City NY Retail, 100.0%
Anchored
16 DORCHESTER AT FOREST PARK St. Louis MO Multifamily 94.0%
17 PINE CREEK APARTMENTS Colorado CO Multifamily 94.9%
Springs
18 NORTH HILLS MALL North Richland TX Retail, 93.0%
Hills Anchored
19 CRANBURY CROSSING East Brunswick NJ Multifamily 100.0%
20 CITY WAREHOUSE BUILDING Dallas TX Industrial 96.0%
21 440 PLAZA SHOPPING CENTER Killeen TX Retail, 88.0%
Anchored
22 DEER VALLEY CENTER Phoenix AZ Retail, 95.0%
Anchored
23 CIRCLE ROAD PLAZA Cicero NY Retail, 97.0%
Anchored
24 HEATHER CROFT SHOPPING CNTR Northfield NJ Retail, 95.6%
Anchored
25 BEAUX ARTS New York NY Office 100.0%
- -- ---------------------------- -------------- ----- ----------- ------
26 TRI-CITY PORTFOLIO I
Promotional Retail Center San Bernardino CA Retail, 97.2%
Anchored
Service Retail Center San Bernardino CA Retail, 96.8%
Unanchored
Carnegie Business Center San Bernardino CA Office 87.1%
- -- ---------------------------- -------------- ----- ----------- ------
27 NORTHPOINTE CENTER Dallas TX Office 95.0%
28 VILLAGE SQUARE SHOPPING CTR. Myrtle Beach SC Retail, 98.0%
Anchored
29 HILLWOOD PLAZA Nashville TN Retail, 95.0%
Anchored
30 MEADOWS PARK SHOPPING CENTER Woodlawn MD Retail, 98.0%
Anchored
31 RIVERWOOD West Chicago IL Multifamily 98.4%
- -- ---------------------------- -------------- ----- ----------- ------
32 TORRINGTON PARKADE Torrington CT Retail, 98.1%
Anchored
- -- ---------------------------- -------------- ----- ----------- ------
33 FRANKLIN INDUSTRIAL PARK
101 Constitution Boulevard Franklin MA Industrial 100.0%
20 Liberty Way Franklin MA Industrial 100.0%
- -- ---------------------------- -------------- ----- ----------- ------
34 BAYWOOD APARTMENTS Sacramento CA Multifamily 96.0%
35 1723-29 WALNUT ST. Philadelphia PA Retail, 100.0%
Anchored
- -- ---------------------------- -------------- ----- ----------- ------
36 MEAD AND ELWOOD DISTRIBUTION
CENTERS
Mead Distribution Center St. Joseph MO Industrial 100.0%
Elwood Distribution Center Elwood KS Industrial 100.0%
- -- ---------------------------- -------------- ----- ----------- ------
37 SHANNON GLEN APARTMENTS Colorado CO Multifamily 99.0%
Springs
38 MIAMI GARDENS/441 PLAZA Miami FL Retail, 92.0%
Anchored
39 BOLTON PLACE APARTMENTS Atlanta GA Multifamily 99.0%
40 VALLEY OAKS Atlanta GA Multifamily 94.0%
41 NORTHWEST PLAZA Baltimore MD Retail, 84.5%
Anchored
42 MOUNTAIN VILLAGE Chino CA Retail, 96.0%
Anchored
43 PAVILLION APARTMENTS Atlanta GA Multifamily 96.0%
44 TAMPA FESTIVAL CENTER Tampa FL Retail, 77.0%
Anchored
45 GREYSTONE LOFT & CORNERSTONE San Diego CA Multifamily 94.0%
BLOCK, THE
46 400 EAST FORDHAM ROAD Bronx NY Retail, 100.0%
Anchored
47 COLONY APARTMENTS Victorville CA Multifamily 97.0%
48 CEDAR CREEK CLUB APARTMENTS Colorado CO Multifamily 96.6%
Springs
- -- ---------------------------- -------------- ----- ----------- ------
(RESTUBBED TABLE CONTINUED FROM ABOVE)
CUT-OFF
ORIGI- # OF CUT-OFF DATE % OF NOTE MAT. U/W DATE LTV @
ID NATOR(1) PROPS BALANCE POOL RATE DATE DSCR LTV MAT.
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
1 BSFI 9 $19,862,588.33 4.5% 7.570% 1/1/06 2.1x 47.1% 37.9%
5,561,524.73 1.3%
1,961,430.60 0.4%
1,737,976.48 0.4%
1,291,068.24 0.3%
1,464,865.89 0.3%
2,383,510.60 0.5%
595,877.65 0.1%
1,688,320.01 0.4%
3,178,014.13 0.7%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
2 CB 1 13,153,979.13 3.0% 7.875% 2/1/06 1.46x 68.5% 60.2%
3 CB 1 13,063,582.10 3.0% 7.875% 3/1/06 1.41x 76.8% 67.4%
4 CB 1 12,954,676.41 2.9% 7.875% 2/1/06 1.45x 79.5% 69.8%
5 BSFI 1 11,743,437.35 2.7% 8.893% 6/1/06 1.55x 77.8% 69.5%
6 BSFI 1 11,421,948.84 2.6% 8.627% 12/1/05 1.42x 70.9% 58.6%
7 BSFI 1 10,712,782.07 2.4% 8.400% 11/1/05 1.86x 48.7% 40.0%
8 BSFI 1 10,696,753.53 2.4% 8.451% 2/1/06 1.42x 73.3% 60.1%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
9 BSFI 6 10,682,757.52 2.4% 9.630% 5/1/11 1.27x 71.7% 48.7%
1,552,494.20 0.4% (3)
1,572,461.97 0.4%
1,812,075.22 0.4%
2,239,385.52 0.5%
1,357,808.43 0.3%
2,148,532.17 0.5%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
10 BSFI 1 10,492,194.46 2.4% 8.910% 6/1/06 1.35x 65.6% 56.2%
11 CB 1 10,477,904.23 2.4% 9.000% 4/1/06 1.23x 76.2% 66.1%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
12 BSFI 7 9,682,045.66 2.2% 8.800% 5/1/11 1.31x 77.3% 50.9%
3,126,202.78 0.7%
840,441.49 0.2%
497,078.22 0.1%
1,287,612.26 0.3%
1,846,575.72 0.4%
668,759.85 0.2%
1,415,375.33 0.3%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
13 BSFI 3 9,591,978.01 2.2% 9.390% 6/1/06 1.61x 53.7% 44.9%
3,902,935.88 0.9%
3,312,229.91 0.8%
2,376,812.22 0.5%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
14 CB 1 9,441,460.31 2.1% 8.250% 1/1/06 1.52x 75.5% 61.8%
15 CB 1 9,102,400.70 2.1% 8.750% 8/1/05 1.79x 54.2% 45.0%
16 CB 1 9,094,627.38 2.1% 8.625% 6/1/06 1.33x 73.9% 65.7%
17 HCMC 1 8,905,672.76 2.0% 8.720% 9/1/02 1.1x 74.3% 66.9%
18 CB 1 7,941,039.70 1.8% 7.125% 1/1/01 3.78x 20.9% 19.2%
19 CB 1 7,528,477.79 1.7% 7.750% 3/1/06 1.33x 73.8% 64.6%
20 BSFI 1 7,150,862.47 1.6% 8.593% 12/1/05 2.01x 53.4% 44.1%
21 CB 1 6,980,071.48 1.6% 8.670% 4/1/03 1.38x 71.2% 63.7%
22 CB 1 6,938,204.00 1.6% 8.600% 10/1/05 1.41x 75.4% 62.4%
23 CB 1 6,892,031.40 1.6% 8.750% 5/1/06 1.43x 79.2% 70.6%
24 CB 1 6,846,049.86 1.5% 8.600% 11/1/05 1.25x 74.4% 61.5%
25 CB 1 6,512,020.43 1.5% 8.625% 1/1/06 1.4x 74.0% 61.0%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
26 BSFI 3 6,487,856.90 1.5% 8.744% 5/1/06 1.72x 54.5% 44.9%
3,493,461.41 0.8%
1,197,758.20 0.3%
1,796,637.30 0.4%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
27 CB 1 6,261,955.78 1.4% 8.375% 1/1/01 2.37x 65.9% 61.4%
28 CB 1 6,000,000.00 1.4% 9.279% 7/1/06 1.33x 75.5% 67.8%
29 CB 1 5,788,235.00 1.3% 8.875% 11/1/05 1.3x 78.2% 70.1%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
30 CB 1 5,787,449.38 1.3% 8.850% 4/1/06 1.38x 72.3% 62.5%
31 CB 1 5,302,648.29 1.2% 7.875% 1/1/06 1.64x 63.9% 56.1%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
32 CB 1 5,290,785.27 1.2% 8.750% 4/1/06 1.3x 73.5% 65.5%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
33 BSFI 2 5,201,102.58 1.2% 9.070% 4/1/06 1.27x 74.3% 61.7%
2,608,031.30 0.6%
2,593,071.28 0.6%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
34 CB 1 5,076,167.51 1.2% 8.125% 12/1/05 1.33x 76.9% 68.0%
35 CB 1 5,047,381.97 1.1% 9.250% 6/1/06 1.35x 68.2% 61.3%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
36 CB 2 4,768,067.99 1.1% 8.750% 12/1/05 1.41x 77.0% 63.8%
1,241,299.75 0.3%
3,526,768.24 0.8%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
37 HCMC 1 4,559,536.84 1.0% 8.340% 10/1/02 1.46x 72.4% 64.9%
38 BSFI 1 4,470,615.23 1.0% 8.398% 3/1/06 2.02x 47.3% 33.2%
39 BSFI 1 4,468,364.19 1.0% 8.639% 4/1/06 1.21x 55.9% 46.9%
40 CB 1 4,288,918.52 1.0% 8.250% 3/1/06 1.47x 71.5% 63.2%
41 BSFI 1 4,273,245.36 1.0% 8.190% 1/1/06 1.59x 47.0% 38.3%
42 CB 1 4,220,584.45 1.0% 8.125% 1/1/06 1.74x 73.4% 64.8%
43 CB 1 4,189,176.23 1.0% 8.250% 3/1/06 1.54x 67.0% 59.3%
44 BSFI 1 4,053,607.56 0.9% 8.826% 10/1/05 1.42x 68.7% 61.6%
45 CB 1 3,978,124.27 0.9% 8.625% 10/1/05 1.37x 69.8% 62.3%
46 BSFI 1 3,976,059.30 0.9% 8.430% 1/1/06 2.39x 33.1% 27.2%
47 HCMC 1 3,780,101.99 0.9% 8.240% 11/1/05 1.59x 72.7% 64.4%
48 HCMC 1 3,677,933.08 0.8% 8.600% 9/1/02 1.31x 72.1% 64.8%
- -- ------ ----- -------------- ---- ------ ------- ----- ------- -----
The Underwriters make no representations as to the accuracy or completeness
of the information contained herein. The Information contained herein is
qualified in its entirety by the Information in the Prospectus and Prospectus
Supplement for this transaction. The Information contained herein is
preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you
based upon the information contained in the final Prospectus Supplement
relating to the securities. You should consult your own counsel, accountant,
and other advisors as to the legal tax, business, financial and related
aspects of a purchase of these securities.
<PAGE>
CHASE COMMERCIAL MORTGAGE SECURITIES CORP. 1996-1
LOAN INFORMATION (CONT'D)
<TABLE>
<CAPTION>
OCCU-
ID PROPERTY NAME CITY STATE TYPE PANCY
- -- ----------------------------- ------------- ----- ----------- ------
<S> <C> <C> <C> <C> <C>
49 SOUTH POINT APARTMENTS Colorado CO Multifamily 95.0%
Springs
50 CENTER ON PLUM CREEK Castle Rock CO Retail, 94.0%
Anchored
51 LESLIE TOWERS Southfield MI Multifamily 99.0%
52 STANFORD STATION SHOPPING CTR Panama City FL Retail, 99.0%
Anchored
53 OCEAN PLAZA N. Myrtle Beach SC Retail, 100.0%
Anchored
54 PARK WILSHIRE APARTMENTS Los Angeles CA Multifamily 94.0%
55 NEWBURGH COMMONS Newburgh NY Retail, 100.0%
Anchored
56 RIDGE HUDSON Irondequoit NY Retail, 86.0%
Unanchored
57 SYCAMORE GARDENS New Windsor NY Multifamily 98.0%
58 9 E. 16TH ST. New York NY Multifamily 100.0%
59 CHESTNUT SQUARE APARTMENTS City of NJ Multifamily 91.8%
Vineland
60 JAMES STREET SHOPPING CTR. Philadelphia PA Retail, 100.0%
Anchored
61 BYRD PLAZA Cocoa FL Retail, 72.0%
Anchored
62 LAKE NORTH APARTMENTS Dallas TX Multifamily 96.0%
63 DRIFTWOOD VILLAGE SHOPPING Mesquite TX Retail, 100.0%
CTR. Unanchored
64 148-50 E. 74TH ST. New York NY Multifamily 100.0%
65 ADEN CREST APARTMENTS Fort Worth TX Multifamily 96.0%
66 NORTH HILLS SHOPPING CENTER North Augusta SC Retail, 100.0%
Anchored
67 MESA PLAZA SHOPPING CENTER Austin TX Retail, 100.0%
Anchored
68 CAROLINE REALTY (CVS) New Canaan CT Retail, 100.0%
Anchored
69 WOODLAND TERRACE Chicago Ridge IL Multifamily 100.0%
70 TIMBERS APARTMENTS Colorado CO Multifamily 100.0%
Springs
71 FAIRFAX ASSOCIATES Fairfax VA Industrial 81.3%
72 751 ST. MARKS Brooklyn NY Multifamily 93.5%
73 VILLAGE SHOPPING CENTER Monroe GA Retail, 100.0%
Anchored
74 CLAREMONT ASSOCIATES Alexandria VA Industrial 100.0%
75 NEW HORIZON APARTMENTS Colorado CO Multifamily 100.0%
Springs
76 CAMELOT Brownwood TX Multifamily 99.0%
77 BRENTWOOD Bensenville IL Multifamily 97.0%
78 TOWN & COUNTRY ESTATES Medford OR Multifamily 98.6%
79 FREESTANDING CVS Ridgewood NY Retail, 100.0%
Anchored
80 GRAYSLAKE Grayslake IL Multifamily 94.3%
81 GUNDERSON APARTMENTS Carol Stream IL Multifamily 99.0%
82 CAROL STREAM Carol Stream IL Multifamily 97.0%
83 LANDMARK OFFICE BUILDING Greenwich CT Office 94.0%
84 CASTLE LOMA APARTMENTS Mesquite TX Multifamily 97.0%
- -- ----------------------------- ------------- ----- ----------- ------
85 FRIENDLY SILVERMAN
Friendly Silverman Clarks Summit PA Retail, 100.0%
Unanchored
Friendly Silverman Dallas PA Retail, 100.0%
Unanchored
- -- ----------------------------- ------------- ----- ----------- ------
86 WILLIAM B. TRAVIS APARTMENTS Galveston TX Multifamily 97.0%
87 WOODLAND APARTMENTS West Chicago IL Multifamily 92.0%
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CUT-OFF
ORIGI- # OF CUT-OFF DATE % OF NOTE MAT. U/W DATE LTV @
ID NATOR(1) PROPS BALANCE POOL RATE DATE DSCR LTV MAT.
- -- ------ ----- --------------- ------ ------- ------- ----- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
49 HCMC 1 3,664,255.00 0.8% 8.340% 10/1/02 1.28x 70.3% 62.9%
50 CB 1 3,486,028.46 0.8% 8.125% 1/1/07 1.45x 72.6% 62.8%
51 (2) 1 3,428,946.89 0.8% 9.500% 4/15/06 1.37x 57.1% 47.9%
52 BSFI 1 3,296,958.08 0.7% 8.802% 6/1/06 1.54x 64.6% 53.3%
53 CB 1 3,134,961.45 0.7% 8.375% 1/1/06 1.39x 74.6% 64.0%
54 CB 1 3,091,289.94 0.7% 8.750% 4/1/06 1.32x 69.5% 57.3%
55 CB 1 3,084,295.01 0.7% 9.000% 10/1/02 1.33x 71.7% 67.5%
56 CB 1 3,009,115.51 0.7% 11.010% 12/1/01 .96x 73.4% 68.4%
57 CB 1 2,977,579.95 0.7% 8.030% 12/1/05 1.36x 69.7% 56.7%
58 CB 1 2,908,592.88 0.7% 8.500% 10/1/05 1.45x 70.9% 63.2%
59 BSFI 1 2,891,510.39 0.7% 8.500% 4/1/06 1.43x 70.5% 57.8%
60 BSFI 1 2,882,614.82 0.7% 8.420% 1/1/06 1.39x 73.9% 60.7%
61 CB 1 2,768,268.07 0.6% 9.500% 12/1/04 1.41x 39.0% 28.9%
62 BSFI 1 2,489,281.42 0.6% 7.943% 3/1/06 1.41x 73.2% 59.3%
63 CB 1 2,404,392.79 0.5% 8.750% 3/1/06 1.47x 58.6% 52.3%
64 CB 1 2,347,355.36 0.5% 8.875% 5/1/06 1.35x 66.1% 59.1%
65 HCMC 1 2,334,438.15 0.5% 8.310% 7/1/05 1.04x 71.8% 59.2%
66 CB 1 2,186,269.85 0.5% 9.300% 5/1/06 1.26x 72.9% 60.8%
67 CB 1 2,171,019.08 0.5% 8.500% 4/1/06 1.42x 72.4% 64.2%
68 CB 1 2,086,528.37 0.5% 8.000% 1/1/06 1.72x 32.1% 26.1%
69 CB 1 2,034,037.50 0.5% 7.625% 3/1/06 1.49x 79.8% 69.6%
70 HCMC 1 1,848,937.11 0.4% 8.540% 9/1/02 1.53x 74.3% 66.7%
71 BSFI 1 1,848,412.04 0.4% 9.230% 6/1/06 1.36x 51.3% 42.7%
72 CB 1 1,791,994.49 0.4% 9.800% 1/1/15 1.43x 61.8% 0.0%
73 CB 1 1,749,493.57 0.4% 9.300% 9/1/05 1.29x 70.0% 58.8%
74 BSFI 1 1,748,522.85 0.4% 9.330% 6/1/06 1.31x 67.3% 56.1%
75 HCMC 1 1,672,510.09 0.4% 8.320% 10/1/02 1.53x 74.1% 66.3%
76 HCMC 1 1,589,735.90 0.4% 8.000% 1/1/03 1.51x 57.4% 51.0%
77 CB 1 1,543,329.27 0.4% 7.750% 1/1/06 1.85x 70.2% 61.5%
78 ARMC 1 1,491,053.06 0.3% 9.340% 5/1/19 1.23x 65.5% 0.0%
79 CB 1 1,465,976.43 0.3% 8.250% 9/1/10 1.28x 65.2% 0.0%
80 CB 1 1,394,868.81 0.3% 7.625% 2/1/06 2.08x 55.8% 48.7%
81 CB 1 1,393,822.92 0.3% 7.625% 1/1/06 1.96x 57.5% 50.2%
82 CB 1 1,393,822.92 0.3% 7.625% 1/1/06 1.83x 57.5% 50.2%
83 CB 1 1,296,637.82 0.3% 9.250% 4/1/06 1.45x 46.3% 38.6%
84 ARMC 1 1,136,104.13 0.3% 10.370% 3/1/05 1.28x 64.2% 55.4%
- -- ------ ----- --------------- ------ ------- ------- ----- ------- -----
85 CB 2 1,010,838.07 0.2% 10.790% 1/1/10 1.27x 56.9% 0.0%
498,300.46 0.1%
512,537.61 0.1%
- -- ------ ----- --------------- ------ ------- ------- ----- ------- -----
86 HCMC 1 929,402.36 0.2% 9.280% 5/1/02 1.32x 69.4% 63.2%
87 CB 1 358,713.06 0.1% 7.750% 2/1/06 2.11x 59.8% 52.4%
------ ===== =============== ====== ======= ======= ===== ======= =====
113 $443,159,377.48 100.0% 8.534% 1.54x 66.8% 56.1%
</TABLE>
(1) BSFI = Bear, Stearns Funding Inc.
CB = Chemical Bank
HCMC = Hanover Capital Mortgage Corp.
ARMC = American Residential Mortgage Corp.
(2) Purchased by BSFI from an insurance company
(3) Represents the date on which cash sweep and interest rate step
("hyper-amortization") begin
- ------------
The Underwriters make no representations as to the accuracy or
completeness of the information contained herein. The Information contained
herein is qualified in its entirety by the Information in the Prospectus and
Prospectus Supplement for this transaction. The Information contained herein
is preliminary as of the date hereof and will be superseded by the applicable
final Prospectus, Prospectus Supplement and by any other information
subsequently filed with the Securities and Exchange Commission. These
materials are subject to change, completion, or amendment from time to time
without notice, and the Underwriters are under no obligation to keep you
advised of such changes. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. Any
investment decision with respect to the securities should be made by you
based upon the information contained in the final Prospectus Supplement
relating to the securities. You should consult your own counsel, accountant,
and other advisors as to the legal tax, business, financial and related
aspects of a purchase of these securities.
