SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
__x__ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended: December 31, 1997
OR
_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 333-05271
Chase Commercial Mortgage Securities Corp
(formerly known as "Chemical Commercial Mortgage Securities
Corp.")
(Exact name of registrant as
specified in its charter)
NY. 13-3728743
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification
Number)
270 Park Avenue 10017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-
6000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days:
Yes X No
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. __X__
State the aggregate market value of the voting stock held by non-
affiliates of the registrant:
The registrant has no voting stock or class of common stock
outstanding as of the date of this report.
<PAGE>
Introductory Note
This Annual Report on Form 10-K is filed in accordance with a
letter to the Office of Chief Counsel, Division of Corporation
Finance of the Securities and Exchange Commission (the
"Division"), dated September 17, 1996, requesting advise from the
Division that it will raise no objection if Chase Commercial
Mortgage Securities Corp. (the "Registrant") files reports
pursuant to Section 15(d), 13 and 16 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), in the manner
described therein, submitted to the Office of Chief Counsel on
behalf of the Registrant. Accordingly, responses to certain
Items have been omitted from or modified in this Annual Report on
Form 10-K.
Each series of the Registrant's Commercial Mortgage Pass-Through
Certificates (the "Certificates"), represent the beneficial
ownership interest in a trust fund (a "Trust Fund") consisting,
among other things, of a segregated pool of fixed-rate,
conventional or commercial mortgage loans (the "Mortgage Loans").
Part I
Item 1. Business
Omitted.
Item 2. Properties
Information regarding the mortgaged properties will be
included in the Annual Statements of Compliance filed
under Item 14 hereof, as described in Item 14 hereof.
Item 3. Legal Proceedings
The registrant knows of no material pending proceedings
with respect to the Trust, the Trustee or the Bank.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of security holders
during the fiscal year covered by this report.
Part II
Item 5. Market for Registrant's Common Equity and Related
Stockholders Matters
The registrant has no voting stock or class of common
stock outstanding as of the date of this report. The
beneficial interest in the Trust Funds is represented by
certificates of beneficial interest (the "Certificates").
To the knowledge of the registrant, the Certificates are
traded in the over-the-counter market to a limited extent.
The records of the Registrant indicate that as of
December 31, 1997, there were three Certificateholders of
Record.
Item 6. Selected Financial Data
Omitted.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The Chase Manhattan Corporation (the "Corporation") has
been actively working on the year 2000 computer problem
for the past several years and has made significant
progress in repairing its systems. The Corporation's year
2000 remediation program includes repair of the systems of
the Servicer for the Registrant and the Trust Funds. To
date, the Corporation has completed the inventory,
assessment and strategy phases of its year 2000 program.
During these phases, the Corporation identified hardware
and software that required modification, developed
implementation plans, prioritized tasks and established
implementation time frames. The process undertaken by the
Corporation has required working with vendors, third-party
service providers and customers, as well as with the
Corporation's internal users of systems applications.
Although many applications, interfaces and locations are
already able to handle post-year 2000 data processing,
much work remains to be completed. During 1998, year 2000
activities are being given highest priority, and the
Corporation is targeting to have all major systems
repaired, including those systems that are used by the
Corporation in connection with the Trust, and the majority
of testing of such systems, including those used in
connection with the Trust, completed by year end.
Notwithstanding the substantial expense involved in such
efforts by the Corporation, it is not expected that the
Registrant or the Trust Funds will be required to bear
any expense in connection with the Corporation's year 2000
remediation program.
Item 7A. Quantitative and Qualitative Disclosures
About Market Risk
Not applicable.
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
None.
Part III
Item 10. Directors and Executive Officers of the Registrant
Omitted.
Item 11. Executive Compensation
Omitted
Item 12. Security Ownership of Certain Beneficial Owners and
Management
Omitted
Item 13. Certain Relationships and Related Transactions
None.
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports of
Form 8-K
(a) Exhibits. No exhibits are filed as part of this
Annual Report on Form 10-K. The registrant's servicer
is required to deliver a statement of compliance, and
its independent public accountants are required to
deliver a servicing statement, no later than April 30,
1998. Such statements will be filed as soon as
available.
(b) Reports on Form 8-K.
No reports were filed on Form 8-K in the fourth quarter
of 1997.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Chase Commercial Mortgage Securities Corp.
by The Chase Manhattan Bank
as Servicer
By: Janice M. Smith
Name: Janice M. Smith
Title: Vice President
Date: March 31, 1998
