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: October 14, 1998
CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
(formerly known as "Chemical Commercial Mortgage Securities Corp.")
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(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
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Item 5. Other Events.
In a press release dated October 6, 1998, Standard & Poor's Ratings
Services ("S&P") announced that it had removed CRIIMI MAE Services Limited
Partnership ("CMS") from its approved list of special servicers. CMS is special
servicer for Chase Commercial Mortgage Securities Corp., Commercial Mortgage
Pass - Through Certificates, Series 1998-1 (the "Certificates"). The action
follows the bankruptcy filing of CRIIMI MAE Inc. on October 5, 1998.
CRIIMI MAE. Inc. is the parent company of the general partner of CMS. As of
the date of the press release, the Special Servicer had not filed
for bankruptcy protection.
Section 7.01(d) of the pooling and servicing agreement relating to the
Certificates (the "Agreement") states that the Special Servicer shall take all
actions as are required by it in order to maintain its status as an approved
special servicer with each of S&P and Moody's Investors Service, Inc.
("Moody's" and together with S&P the "Rating Agencies"). Under Section
7.01(a)(iii) of the Agreement, any failure by the Special Servicer to perform
in any material respect any of its covenants which continues unremedied for a
period of 30 days after it has been given written notice of such failure by one
of the parties listed in the Agreement (including Holders of 25% of any Class
of Certificates) would constitute an Event of Default with respect to the
Special Servicer. Chase Commercial Mortgage Securities Corp. is unaware of
any such notice being given to the Special Servicer. In addition, an Event of
Default with respect to the Special Sevicer will occur if the Trustee shall
receive notice from either Rating Agency that the continuation of the Special
Servicer in such capacity would result ,or has resulted , in a downgrade,
qualification or withdrawal of any rating then assigned by such Rating Agency
to any Class of Certificates.
S&P has not taken any action with respect to its ratings on the
Certificates. In a press release dated October 6, 1998, Moody's announced that
it had confirmed its ratings on the Certificates.
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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: October 15, 1998
Chase Commercial Mortgage
Securities Corp.
By: /s/ Scott Davidson
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Name: Scott Davidson
Title: Vice President
