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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM T-1
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STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) ___
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THE FIRST NATIONAL BANK OF CHICAGO
(EXACT NAME OF TRUSTEE AS SPECIFIED IN ITS CHARTER)
A NATIONAL BANKING ASSOCIATION 36-0899825
(I.R.S. EMPLOYER
IDENTIFICATION NUMBER)
ONE FIRST NATIONAL PLAZA, CHICAGO, ILLINOIS 60670-0126
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
THE FIRST NATIONAL BANK OF CHICAGO
ONE FIRST NATIONAL PLAZA, SUITE 0286
CHICAGO, ILLINOIS 60670-0286
ATTN: LYNN A. GOLDSTEIN, LAW DEPARTMENT (312) 732-6919
(NAME, ADDRESS AND TELEPHONE NUMBER OF AGENT FOR SERVICE)
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LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
(EXACT NAME OF OBLIGOR AS SPECIFIED IN ITS CHARTER)
MARYLAND 23-7768996
PENNSYLVANIA 23-2766549
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NUMBER)
65 VALLEY STREAM PARKWAY
MALVERN, PENNSYLVANIA 19355
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
DEBT SECURITIES
(TITLE OF INDENTURE SECURITIES)
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ITEM 1. GENERAL INFORMATION. FURNISH THE FOLLOWING
INFORMATION AS TO THE TRUSTEE:
(a) NAME AND ADDRESS OF EACH EXAMINING OR
SUPERVISING AUTHORITY TO WHICH IT IS SUBJECT.
Comptroller of Currency, Washington, D.C., Federal
Deposit Insurance Corporation, Washington, D.C., The
Board of Governors of the Federal Reserve System,
Washington D.C.
(b) WHETHER IT IS AUTHORIZED TO EXERCISE
CORPORATE TRUST POWERS.
The trustee is authorized to exercise corporate trust
powers.
ITEM 2. AFFILIATIONS WITH THE OBLIGOR. IF THE OBLIGOR
IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH
SUCH AFFILIATION.
No such affiliation exists with the trustee.
ITEM 16. LIST OF EXHIBITS. LIST BELOW ALL EXHIBITS FILED AS A
PART OF THIS STATEMENT OF ELIGIBILITY.
1. A copy of the articles of association of the
trustee now in effect.*
2. A copy of the certificates of authority of the
trustee to commence business.*
3. A copy of the authorization of the trustee to
exercise corporate trust powers.*
4. A copy of the existing by-laws of the trustee.*
5. Not Applicable.
6. The consent of the trustee required by Section
321(b) of the Act.
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7. A copy of the latest report of condition of the
trustee published pursuant to law or the
requirements of its supervising or examining
authority.
8. Not Applicable.
9. Not Applicable.
Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, The First National Bank of Chicago, a
national banking association organized and existing under the laws
of the United States of America, has duly caused this Statement of
Eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Chicago and State of
Illinois, on the 7th day of January, 1998
THE FIRST NATIONAL BANK OF CHICAGO,
TRUSTEE
BY /s/ RICHARD D. MANELLA
RICHARD D. MANELLA
VICE PRESIDENT
* EXHIBITS 1, 2, 3 AND 4 ARE HEREIN INCORPORATED BY REFERENCE TO EXHIBITS
BEARING IDENTICAL NUMBERS IN ITEM 16 OF THE FORM T-1 OF THE FIRST NATIONAL BANK
OF CHICAGO, FILED AS EXHIBIT 25.1 TO THE REGISTRATION STATEMENT ON FORM S-3 OF
SUNAMERICA INC. FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER
25, 1996 (REGISTRATION NO. 333-14201).
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EXHIBIT 6
THE CONSENT OF THE TRUSTEE REQUIRED
BY SECTION 321(b) OF THE ACT
January 7, 1998
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
In connection with the qualification of an indenture between Liberty Property
Limited Partnership and The First National Bank of Chicago, the undersigned, in
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended,
hereby consents that the reports of examinations of the undersigned, made by
Federal or State authorities authorized to make such examinations, may be
furnished by such authorities to the Securities and Exchange Commission upon
its request therefor.
Very truly yours,
THE FIRST NATIONAL BANK OF CHICAGO
BY: /S/ RICHARD D. MANELLA
RICHARD D. MANELLA
VICE PRESIDENT
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EXHIBIT 7
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Legal Title of Bank: The First National Bank of Chicago Call Date: 09/30/97 ST-BK: 17-1630 FFIEC 031
Address: One First National Plaza, Ste 0303 Page RC-1
City, State Zip: Chicago, IL 60670
FDIC Certificate No.: 0/3/6/1/8
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</TABLE>
CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR SEPTEMBER 30, 1997
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
SCHEDULE RC--BALANCE SHEET
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<CAPTION>
DOLLAR AMOUNTS IN
THOUSANDS RCFD
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ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A):
a. Noninterest-bearing balances and currency and coin(1)................. 0081
b. Interest-bearing balances(2).......................................... 0071
2. Securities
a. Held-to-maturity securities(from Schedule RC-B, column A)............. 1754
b. Available-for-sale securities (from Schedule RC-B, column D).......... 1773
3. Federal funds sold and securities purchased under agreements to
resell 1350
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income (from Schedule
RC-C).................................................................... RCFD 2122 24,171,565
b. LESS: Allowance for loan and lease losses............................. RCFD 3123 419,216
c. LESS: Allocated transfer risk reserve................................. RCFD 3128 0
d. Loans and leases, net of unearned income, allowance, and
reserve (item 4.a minus 4.b and 4.c).................................. 2125
5. Trading assets (from Schedule RD-D)...................................... 3545
6. Premises and fixed assets (including capitalized leases)................. 2145
7. Other real estate owned (from Schedule RC-M)...................... 2150
8. Investments in unconsolidated subsidiaries and associated
companies (from Schedule RC-M)........................................... 2130
9. Customers' liability to this bank on acceptances outstanding............. 2155
10. Intangible assets (from Schedule RC-M)................................... 2143
11. Other assets (from Schedule RC-F)........................................ 2160
12. Total assets (sum of items 1 through 11)................................. 2170
<CAPTION>
C400
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BIL MIL THOU
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ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A):
a. Noninterest-bearing balances and currency and coin(1)..................... 4,499,157 1.a.
b. Interest-bearing balances(2).............................................. 6,967,103 1.b.
2. Securities
a. Held-to-maturity securities(from Schedule RC-B, column A)................. 0 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D).............. 5,251,713 2.b.
3. Federal funds sold and securities purchased under agreements to
resell 5,561,976 3.
4. Loans and lease financing receivables:
a. Loans and leases, net of unearned income (from Schedule
RC-C)........................................................................ 4.a.
b. LESS: Allowance for loan and lease losses................................. 4.b.
c. LESS: Allocated transfer risk reserve..................................... 4.c.
d. Loans and leases, net of unearned income, allowance, and
reserve (item 4.a minus 4.b and 4.c)...................................... 23,752,349 4.d.
5. Trading assets (from Schedule RD-D).......................................... 6,238,805 5.
6. Premises and fixed assets (including capitalized leases)..................... 717,303 6.
7. Other real estate owned (from Schedule RC-M)...................... 7,187 7.
8. Investments in unconsolidated subsidiaries and associated
companies (from Schedule RC-M)............................................... 77,115 8.
9. Customers' liability to this bank on acceptances outstanding................. 614,921 9.
10. Intangible assets (from Schedule RC-M)....................................... 277,105 10.
11. Other assets (from Schedule RC-F)............................................ 2,147,141 11.
12. Total assets (sum of items 1 through 11)..................................... 56,108,875 12.
</TABLE>
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(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
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<TABLE>
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Legal Title of Bank: The First National Bank of Chicago Call Date: 09/30/97 ST-BK: 17-1630 FFIEC 031
Address: One First National Plaza, Ste 0303 Page RC-2
City, State Zip: Chicago, IL 60670
FDIC Certificate No.: 0/3/6/1/8
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SCHEDULE RC-CONTINUED
<TABLE>
<CAPTION>
DOLLAR AMOUNTS IN
THOUSANDS
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LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C
from Schedule RC-E, part 1).................................... RCON 2200
(1) Noninterest-bearing(1)..................................... RCON 6631 8,918,843
(2) Interest-bearing........................................... RCON 6636 12,577,625
b. In foreign offices, Edge and Agreement subsidiaries, and
IBFs (from Schedule RC-E, part II)................. RCFN 2200
(1) Noninterest bearing........................................ RCFN 6631 352,399
(2) Interest-bearing........................................... RCFN 6636 13,811,730
14. Federal funds purchased and securities sold under agreements
to repurchase: RCFD 2800
15. a. Demand notes issued to the U.S. Treasury RCON 2840
b. Trading Liabilities(from Schedule RC-D)................................. RCFD 3548
16. Other borrowed money:
a. With a remaining maturity of one year or less.......................... RCFD 2332
b. With a remaining maturity of than one year through three years......... A547
. c. With a remaining maturity of more than three years .................... A548
17. Not applicable
18. Bank's liability on acceptance executed and outstanding........... RCFD 2920
19. Subordinated notes and debentures (2)............................. RCFD 3200
20. Other liabilities (from Schedule RC-G)............................ RCFD 2930
21. Total liabilities (sum of items 13 through 20).................... RCFD 2948
22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus..................... RCFD 3838
24. Common stock...................................................... RCFD 3230
25. Surplus (exclude all surplus related to preferred stock).......... RCFD 3839
26. a. Undivided profits and capital reserves......................... RCFD 3632
b. Net unrealized holding gains (losses) on available-for-sale
securities..................................................... RCFD 8434
27. Cumulative foreign currency translation adjustments............... RCFD 3284
28. Total equity capital (sum of items 23 through 27)................. RCFD 3210
29. Total liabilities and equity capital (sum of items 21 and 28).............. RCFD 3300
<CAPTION>
BIL MIL THOU
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LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of columns A and C
from Schedule RC-E, part 1).................................... 21,496,468 13.a
(1) Noninterest-bearing(1)..................................... 13.a.1
(2) Interest-bearing........................................... 13.a.2
b. In foreign offices, Edge and Agreement subsidiaries, and
IBFs (from Schedule RC-E, part II)................. 14,164,129 13.b.
(1) Noninterest bearing........................................ 13.b.1
(2) Interest-bearing........................................... 13.b.2
14. Federal funds purchased and securities sold under agreements
to repurchase: 3,894,469 14
15. a. Demand notes issued to the U.S. Treasury 68,268 15.a
b. Trading Liabilities(from Schedule RC-D)....................................... 5,247,232 15.b
16. Other borrowed money:
a. With a remaining maturity of one year or less............................. 2,608,057 16.a
b. With a remaining maturity of than one year through three years............... 379,893 16.b
. c. With a remaining maturity of more than three years ......................... 323,042 16.c
17. Not applicable
18. Bank's liability on acceptance executed and outstanding........... 614,921 18
19. Subordinated notes and debentures (2)................. 1,700,000 19
20. Other liabilities (from Schedule RC-G)............................ 1,222,121 20
21. Total liabilities (sum of items 13 through 20).................... 51,718,600 21
22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus..................... 0 23
24. Common stock...................................................... 200,858 24
25. Surplus (exclude all surplus related to preferred stock).......... 2,989,408 25
26. a. Undivided profits and capital reserves......................... 1,175,518 26.a.
b. Net unrealized holding gains (losses) on available-for-sale
securities..................................................... 26,750 26.b.
27. Cumulative foreign currency translation adjustments............... (2,259) 27
28. Total equity capital (sum of items 23 through 27)................. 4,390,275 28
29. Total liabilities and equity capital (sum of items 21 and 28).................... 56,108,875 29
</TABLE>
Memorandum
To be reported only with the March Report of Condition.
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1. Indicate in the box at the right the number of the statement
below that best describes the most comprehensive level of auditing Number
work performed for the bank by independent external ----------------
auditors as of any date during 1996 . . . . . . . . . . . . . . . . . . . . . ....RCFD 6724 . ... N/A M.1
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1 = Independent audit of the bank conducted in accordance 4. = Directors' examination of the bank performed by other
with generally accepted auditing standards by a certified external auditors (may be required by state chartering
public accounting firm which submits a report on the bank authority)
2 = Independent audit of the bank's parent holding company 5 = Review of the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 = Compilation of the bank's financial statements by
submits a report on the consolidated holding company external auditors
(but not on the bank separately) 7 = Other audit procedures (excluding tax preparation work)
3 = Directors' examination of the bank conducted in 8 = No external audit work
accordance with generally accepted auditing standards
by a certified public accounting firm (may be required by
state chartering authority)
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
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