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: July 1, 1997
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
(formerly known as "Chemical Commercial Mortgage Securities Corp.")
-------------------------------------------------------------------
(Exact Name of Registrant)
New York 333-05271 13-3728743
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
380 Madison Avenue, New York 10017-2951
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 622-3510
<PAGE>
Item 5. Other Events.
On or about March 15, 1997, Chase Manhattan Mortgage Corporation, a
unit of The Chase Manhattan Bank, as servicer (the "Servicer") delivered to
LaSalle National Bank (the "Trustee") the Officer's Certificate (the "Series One
Servicer's Certificate") required by Section 3.13 of the Pooling and Servicing
Agreement, dated as of July 1, 1996, among Chase Commercial Mortgage Securities
Corp. (the "Depositor"), the Servicer, Lennar Partners, Inc. (the "Special
Servicer"), LaSalle National Bank (the "Trustee") and ABN Amro Bank N.V., (the
"Fiscal Agent") in respect of the Mortgage Pass-Through Certificates, Series
1996-1 (such agreement being the "Series One Pooling and Servicing Agreement").
On or about April 28, 1997, the Special Servicer delivered to the
Trustee the Officer's Certificate (the "Series One Special Servicer's
Certificate") required by Section 3.13 of the Series One Pooling and Servicing
Agreement.
On or about March 13, 1997, Price Waterhouse LLP delivered to the
Trustee the certificate (the "Series One Servicer's Accountant's Certificate")
required by Section 3.14 of the Series One Pooling and Servicing Agreement.
On or about February 6, 1997, Deloitte & Touche LLP delivered to the
Trustee the certificate (the "Series One Special Servicer's Accountant's
Certificate") required by Section 3.14 of the Series One Pooling and Servicing
Agreement.
On or about March 25, 1997, The Chase Manhattan Bank, as servicer (the
"Servicer") delivered to LaSalle National Bank (the "Trustee") the Officer's
Certificate (the "Series Two Servicer's Certificate") required by Section 3.13
of the Pooling and Servicing Agreement, dated as of December 1, 1996 among Chase
Commercial Mortgage Securities Corp. (the "Depositor"), the Servicer, Lennar
Partners, Inc. (the "Special Servicer"), LaSalle National Bank (the "Trustee")
and ABN Amro Bank N.V., (the "Fiscal Agent") in respect of the Mortgage
Pass-Through Certificates, Series 1996-2 (such agreement being the "Series Two
Pooling and Servicing Agreement").
On or about April 28, 1997, the Special Servicer delivered to the
Trustee the Officer's Certificate (the "Series Two Special Servicer's
Certificate") required by Section 3.13 of the Series Two Pooling and Servicing
Agreement.
On or about March 13, 1997, Price Waterhouse LLP delivered to the
Trustee the certificate (the "Series Two Servicer's Accountant's Certificate")
required by Section 3.14 of the Series Two Pooling and Servicing Agreement.
On or about February 6, 1997, Deloitte & Touche LLP delivered to the
Trustee the certificate (the "Series Two Special Servicer's Accountant's
Certificate") required by Section 3.14 of the Series Two Pooling and Servicing
Agreement.
A copy of each of the (i) Series One Special Servicer's Certificates;
(ii) Series One Special Servicer's Certificate; (iii) Series One Servicer's
Accountant's Certificate; (iv) Series One Special Servicer's Accountant's
Certificate; (v) Series Two Servicer's Certificate; (vi) Series Two Special
Servicer's Certificate; (vii) Series Two Servicer's Accountant's Certificate;
and (viii) Series Two Special Servicer's Accountant's Certificate is being filed
as Exhibit 20.1, 20.2, 20.3, 20.4, 20.5, 20.6, 20.7 and 20.8, respectively, to
this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit Nos. Description
- ------------ -----------
20.01 Series One Servicer's Certificate
20.02 Series One Special Servicer's Certificate
20.03 Series One Servicer's Accountant's Certificate
20.04 Series One Special Servicer's Accountant's Certificate
20.05 Series Two Servicer's Certificate
20.06 Series Two Special Servicer's Certificate
20.07 Series Two Servicer's Accountant's Certificate
20.08 Series Two Special Servicer's Accountant's Certificate
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: July 1, 1997
THE CHASE MANHATTAN BANK,
as Paying Agent, on behalf of
Chase Commercial Mortgage
Securities Corp.
By: /s/ Norma Catone
-------------------
Name: Norma Catone
Title: Second Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit Nos. Description
- ------------ -----------
20.01 Series One Servicer's Certificate
20.02 Series One Special Servicer's Certificate
20.03 Series One Servicer's Accountant's Certificate
20.04 Series One Special Servicer's Accountant's Certificate
20.05 Series Two Servicer's Certificate
20.06 Series Two Special Servicer's Certificate
20.07 Series Two Servicer's Accountant's Certificate
20.08 Series Two Special Servicer's Accountant's Certificate
Exhibit 20.01
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CHASE COMMERCIAL MORTGAGE BANK
380 Madison Avenue 11th floor
New York, New York 10017
Date: March 25, 1997
Officer's Certificate
Annual Statement as to Compliance for Calendar Year 1996
Commercial Mortgage Pass Through Certificates
Series 1996-1 of Chase Commercial Mortgage Securities
Corp. (the "Company")
o A review of the activities of Chase Commercial Mortgage Bank (a unit of
The Chase Manhattan Bank), as Servicer (the "Servicer") under the Pooling
and Servicing Agreement, dated as of July 1, 1996 (the "Pooling
Agreement"), among the Company, the Servicer, Lennar Partners, Inc., as
Special Servicer, LaSalle National Bank, as Trustee, and ABN Amro Bank,
N. V., as Fiscal Agent, during the preceding year, and its performance
under the Pooling Agreement, has been made under this officer's
supervision.
o To the best of this officer's knowledge, we have maintained an effective
internal control system relating to our servicing of the Mortgaged Loans
and have fulfilled our obligations throughout such year.
o The Servicer has received no notification regarding qualification, or
challenging the status, of the Trust Fund as a REMIC from the IRS or any
other governmental agency.
o Terms not separately defined herein have the meanings specified in the
Pooling Agreement.
I have hereunto signed my name and affixed the seal of the Servicer.
Date: 3/25/97 By: /s/Janice M. Smith
------------------
Name: Janice M. Smith
Title: Vice President
Exhibit 20.02
-------------
CERTIFICATE OF OFFICER
OF
LENNAR PARTNERS, INC.
Pooling and Servicing Agreement
dated as of July 1, 1996, (the "Agreement"), by and among Chase Commercial
Mortgage Securities Corp., as Depositor, The Chase Manhattan Bank, as Servicer,
LaSalle National Bank, as Trustee, ABN AMRO Bank, N.V., as Fiscal Agent, and
Lennar Partners, Inc., as Special Servicer
The undersigned, David Levin, as President of LENNAR PARTNERS, INC., a Florida
Corporation (the "Company"), in accordance with section 3.13 of the Agreement,
hereby certifies on behalf of the Company that (i) a review of the activities of
the Company during the period from July 30, 1996 through December 31, 1996 and
of the Company's performance under the Agreement has been performed under my
supervision, (ii) to the best of my knowledge, based on such review, the Company
has maintained an effective internal control system relating to its servicing of
the Mortgage Loans serviced by the Company and has fulfilled in all material
respects its obligations under this Agreement throughout such period ended
December 31, 1996, and (iii) the Company has received no notice regarding
qualification or challenging the status of the Trust Fund as a REMIC from the
IRS or any other governmental agency or body.
IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate.
Dated as of April 28, 1997.
/s/ David Levin
-----------
David Levin, Vice President
Chase 1 996-c 1
Exhibit 20.03
-------------
Price Waterhouse LLP
Report of Independent Accountants
Uniform Single Attestation Program
for Mortgage Bankers
March 13, 1997
To the Board of Directors and Stockholders of
The Chase Manhattan Bank
We have examined management's assertion about the Chase Commercial Mortgage
Banking Group's (CCMB), a unit of The Chase Manhattan Bank, compliance with the
minimum servicing standards applicable to commercial mortgage loan servicing as
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (USAP) as of and for the year ended
December 31, 1996, included in the accompanying management assertion. Management
is responsible for CCMB's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about CCMB's
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about CCMB's compliance with the minimum
servicing standards and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on CCMB's compliance with the minimum servicing standards.
In our opinion, management's assertion that CCMB complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 1996, described in the accompanying management assertion, is fairly stated,
in all material respects.
/s/ Price Waterhouse LLP
<PAGE>
March 13, 1997
Price Waterhouse LLP
1177 Avenue of the Americas
New York, NY 10036
Gentlemen:
As of and for the year ended December 31,1996, Chase Commercial Mortgage Banking
Group (CCMB), a unit of The Chase Manhattan Bank, has complied in all material
respects with the minimum servicing standards applicable to commercial mortgage
loan servicing set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program For Mortgage Bankers. As of and for this same
period, CCMB had in effect a fidelity bond in the amount of $200,000,000 and
errors and omissions policy in the amount of $25,000,000.
/s/Patricia A. Micka
------------------------------------
Patricia A. Micka, Managing Director
The Chase Manhattan Bank
/s/Janice M. Smith
----------------------------------
Janice M. Smith, Vice President
The Chase Manhattan Bank
/s/William T. Barry
-------------------------------------
William T. Barry, Vice President
The Chase Manhattan Bank
Exhibit 20.04
-------------
Deloitte &
Touche LLP
Certified Public Accountants Suite 2500
l00 Southeast Second Street
Miami, Florida 33131-2135
Telephone: (305) 358-4141
Facsimile: (305) 372-3160
Independent Accountant's Report
To Lennar Partners, Inc.:
We have examined management's assertion about Lennar Partners, Inc.'s ("the
Company") compliance with the minimum servicing standards identified in the
Mortgage Banker's Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP) as applicable to the special servicing of commercial
and multifamily mortgage loans as of and for the year ended December 31, 1996
included in the accompanying management assertion. Management is responsible for
the Company's compliance with those applicable minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
applicable minimum servicing standards and performing such other procedures as
we considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the applicable minimum
servicing standards.
In our opinion, management's assertion that the Company complied with the
aforementioned applicable minimum servicing standards as of and for the year
ended December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 6, 1997
DeloitteTouche
Tohmatsu
International
<PAGE>
LENNAR PARTNERS
February 6, 1997
Chase Manhattan Bank
CCMB Servicing Division
380 Madison Avenue - 11th Floor
New York, NY 10017
Attention Janice Smith, V.P.
Re: Annual Independent Public Accountant's Servicing Report
Chase Commercial Mortgage Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1996- 1
To Whom it May Concern:
As of and for the year ended December 31, 1996, Lennar Partners, Inc. has
complied in all material respects with the applicable minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers applicable to the commercial and
multifamily mortgages for the special servicer as noted in the attachment to
this assertion. As of and for this same period, Lennar Partners, Inc. had in
effect a fidelity bond in the amount of $7,500,000 and errors and omissions
policy in the amount of $10,000,000.
Sincerely,
LENNAR PARTNERS, INC.
/s/ Thekla Blaser
Thekla Blaser
CFO
cc: LaSalle National Bank
135 South LaSalle Street
Suite 1740
Chicago, IL 60603
Attn: Asset-Backed Securities Trust Services
Chase Manhattan Bank
450 West 33rd Street - 15th Floor
New York, NY 10001
Attention: Structured Finance Services (MBS)
760 NW 107th Avenue, Suite 400, Miami, Florida 33172
Telephone 305/220-4300 FAX 305/226-3428
<PAGE>
Standard & Poor's Ratings Group
26 Broadway
New York, NY 10004
Attention: Commercial Mortgage Surveillance
Fitch Investors Service
One State Street Plaza
New York, NY 10004
Attention: Commercial Mortgage Surveillance
Exhibit 20.5
------------
CHASE COMMERCIAL MORTGAGE BANK
380 Madison Avenue 11th floor
New York, New York 10017
Date: March 25, 1997
Officer's Certificate
Annual Statement as to Compliance for Calendar Year 1996
Commercial Mortgage Pass Through Certificates
Series 1996-2 of Chase Commercial Mortgage Securities
Corp. (the "Company")
o A review of the activities of Chase Commercial Mortgage Bank (a unit of
The Chase Manhattan Bank), as Servicer (the "Servicer") under the Pooling
and Servicing Agreement, dated as of December 1, 1996 (the "Pooling
Agreement"), among the Company, the Servicer, Lennar Partners, Inc., as
Special Servicer, LaSalle National Bank, as Trustee, and ABN Amro Bank,
N. V., as Fiscal Agent, during the preceding year, and its performance
under the Pooling Agreement, has been made under this officer's
supervision.
o To the best of this officer's knowledge, we have maintained an effective
internal control system relating to our servicing of the Mortgaged Loans
and have fulfilled our obligations throughout such year.
o The Servicer has received no notification regarding qualification, or
challenging the status, of the Trust Fund as a REMIC from the IRS or any
other governmental agency.
o Terms not separately defined herein have the meanings specified in the
Pooling Agreement.
I have hereunto signed my name and affixed the seal of the Servicer.
Date: 3/25/97 By: /s/Janice M. Smith
------------------
Name: Janice M. Smith
Title: V.P.
Exhibit 20.06
-------------
CERTIFICATE OF OFFICER
OF
LENNAR PARTNERS, INC.
Pooling and Servicing Agreement
dated as of December 1, 1996, (the "Agreement"), by and among Chase Commercial
Mortgage Securities Corp., as Depositor, The Chase Manhattan Bank, as Servicer,
LaSalle National Bank, as Trustee, ABN AMRO Bank, N.V., as Fiscal Agent, and
Lennar Partners, Inc., as Special Servicer
The undersigned, David Levin, as President of LENNAR PARTNERS, INC., a Florida
Corporation (the "Company"), in accordance with section 3.13 of the Agreement,
hereby certifies on behalf of the Company that (i) a review of the activities of
the Company during the period from December 18, 1996 through December 31, 1996
and of the Company's performance under the Agreement has been performed under my
supervision, (ii) to the best of my knowledge, based on such review, the Company
has maintained an effective internal control system relating to its servicing of
the Mortgage Loans serviced by the Company and has fulfilled in all material
respects its obligations under this Agreement throughout such period ended
December 31, 1996, and (iii) the Company has received no notice regarding
qualification or challenging the status of the Trust Fund as a REMIC from the
IRS or any other governmental agency or body.
IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate.
Dated as of April 28, 1997.
/s/ David Levin
---------------------------
David Levin, Vice President
Chase 96C2OC.doc
Exhibit 20.07
-------------
Price Waterhouse LLP
Report of Independent Accountants
Uniform Single Attestation Program
for Mortgage Bankers
March 13, 1997
To the Board of Directors and Stockholders of
The Chase Manhattan Bank
We have examined management's assertion about the Chase Commercial Mortgage
Banking Group's (CCMB), a unit of The Chase Manhattan Bank, compliance with the
minimum servicing standards applicable to commercial mortgage loan servicing as
identified in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (USAP) as of and for the year ended
December 31, 1996, included in the accompanying management assertion. Management
is responsible for CCMB's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about CCMB's
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about CCMB's compliance with the minimum
servicing standards and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on CCMB's compliance with the minimum servicing standards.
In our opinion, management's assertion that CCMB complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 1996, described in the accompanying management assertion, is fairly stated,
in all material respects.
/s/ Price Waterhouse LLP
<PAGE>
March 13, 1997
Price Waterhouse LLP
1177 Avenue of the Americas
New York, NY 10036
Gentlemen:
As of and for the year ended December 31,1996, Chase Commercial Mortgage Banking
Group (CCMB), a unit of The Chase Manhattan Bank, has complied in all material
respects with the minimum servicing standards applicable to commercial mortgage
loan servicing set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program For Mortgage Bankers. As of and for this same
period, CCMB had in effect a fidelity bond in the amount of $200,000,000 and
errors and omissions policy in the amount of $25,000,000.
/s/ Patricia A. Micka
------------------------------------
Patricia A. Micka, Managing Director
The Chase Manhattan Bank
/s/ Janice M. Smith
------------------------------------
Janice M. Smith, Vice President
The Chase Manhattan Bank
/s/ William T. Barry
--------------------------------
William T. Barry, Vice President
The Chase Manhattan Bank
Exhibit 20.8
------------
Deloitte &
Touche LLP
Certified Public Accountants Suite 2500
l00 Southeast Second Street
Miami, Florida 33131-2135
Telephone: (305) 358-4141
Facsimile: (305) 372-3160
Independent Accountant's Report
To Lennar Partners, Inc.:
We have examined management's assertion about Lennar Partners, Inc.'s ("the
Company") compliance with the minimum servicing standards identified in the
Mortgage Banker's Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP) as applicable to the special servicing of commercial
and multifamily mortgage loans as of and for the year ended December 31, 1996
included in the accompanying management assertion. Management is responsible for
the Company's compliance with those applicable minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
applicable minimum servicing standards and performing such other procedures as
we considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the applicable minimum
servicing standards.
In our opinion, management's assertion that the Company complied with the
aforementioned applicable minimum servicing standards as of and for the year
ended December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 6, 1997
DeloitteTouche
Tohmatsu
International
<PAGE>
LENNAR PARTNERS
February 6, 1997
Chase Manhattan Bank
CCMB Servicing Division
380 Madison Avenue - 11th Floor
New York, NY 10017
Attention Janice Smith, V.P.
Re: Annual Independent Public Accountant's Servicing Report
Chase Commercial Mortgage Securities Corporation
Commercial Mortgage Pass-Through Certificates, Series 1996- 2
To Whom it May Concern:
As of and for the year ended December 31, 1996, Lennar Partners, Inc. has
complied in all material respects with the applicable minimum servicing
standards set forth in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers applicable to the commercial and
multifamily mortgages for the special servicer as noted in the attachment to
this assertion. As of and for this same period, Lennar Partners, Inc. had in
effect a fidelity bond in the amount of $7,500,000 and errors and omissions
policy in the amount of $10,000,000.
Sincerely,
LENNAR PARTNERS, INC.
/s/ Thekla Blaser
Thekla Blaser
CFO
cc: LaSalle National Bank
135 South LaSalle Street
Suite 1740
Chicago, IL 60603
Attn: Asset-Backed Securities Trust Services
Chase Manhattan Bank
450 West 33rd Street - 15th Floor
New York, NY 10001
Attention: Structured Finance Services (MBS)
760 NW 107th Avenue, Suite 400, Miami, Florida 33172
Telephone 305/220-4300 FAX 305/226-3428
Standard & Poor's Ratings Group
26 Broadway
New York, NY 10004
Attention: Commercial Mortgage Surveillance
Fitch Investors Service
One State Street Plaza
New York, NY 10004
Attention: Commercial Mortgage Surveillance
