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 11, 1996
TRUST CREATED BY NOMURA ASSET SECURITIES CORPORATION
(under a Pooling & Servicing Agreement
dated as of November 1, 1994, which Trust is
the issuer of Commercial Mortgage Pass-Through
=============Certificates, Series 1994-C3)=============
(Exact name of Registrant as specified in its Charter)
New York 33-48481-03 36-3994067
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Formation) File No.) Identification No.)
LaSalle National Bank, Trustee, 135 South LaSalle Street
Suite 200, Chicago, Illinois ==60603==
Attention: Asset-backed Securities Trust Services (Zip Code)
Nomura 1994 - C3
(Address of principal executive office)
Registrant's telephone number, including area code: (800) 246-5761
The Exhibit Index is on page 2.
Page - 1
<PAGE>
Item 5. Other Events
Attached hereto is a copy of the June 11, 1996, Monthly Remittance
Statement provided to the Certificateholders by the Trustee.
Item 7. Financial Statements and Exhibits
Exhibits
Monthly Remittance Statement to the Certificateholders dated as of June 11,
1996.
Loan data file as of the June 1996 Determination Date.
SIGNATURE
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, thereunto duly authorized.
MIDLAND LOAN SERVICES, L.P., not in its individual
capacity but solely as a duly authorized agent of
the Registrant pursuant to Section 3.22 of the
Pooling & Servicing Agreement dated as of November
1, 1994
By: Midland Data Systems, Inc., its General
Partner
By: Lawrence D. Ashley
Title: Director of MBS Programs
Date: June 11, 1996
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Statement to the Certificateholders 3
dated as of June 11, 1996
Loan data file as of June 1996 12
Page - 2
ABN AMRO
LaSalle National Bank
Administrator:
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 1740
Chicago, IL 60603
Nomura Asset Securities Corporation
(Midland Loan Services L.P.)
Commercial Pass-Through Certificates
Series 1994-C3
ABN AMRO Acct: 67-7301-21-0
Statement Date: 06/11/96
Payment Date: 06/11/96
Prior Payment: 05/13/96
Record Date: 05/31/96
WAC: 9.769463%
WAMM: 95
<TABLE>
UPPER TIER
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
A-1 ........ 110,778,455.00 108,087,689.62 161,296.04
655356EL3 .. 1000.000000 975.710391 1.456024
A-2 ........ 10,589,117.00 10,589,117.00 0.00
655356EM1 .. 1000.000000 1000.000000 0.000000
A-3 ........ 8,960,022.00 8,960,022.00 0.00
655356EN9 .. 1000.000000 1000.000000 0.000000
A-4 ........ 6,516,379.00 6,516,379.00 0.00
655356EP4 .. 1000.000000 1000.000000 0.000000
B-1 ........ 4,887,284.00 4,887,284.00 0.00
655356EQ2 .. 1000.000000 1000.000000 0.000000
B-2 ........ 9,774,569.00 9,774,569.00 0.00
655356ER0 .. 1000.000000 1000.000000 0.000000
B-3 ........ 8,145,474.00 8,145,474.00 0.00
655356ES8 .. 1000.000000 1000.000000 0.000000
B-4A ....... 3,257,193.00 3,257,193.00 0.00
655356ET6 .. 1000.000000 1000.000000 0.000000
B-4B ....... 1,000.78 1,000.78 0.00
655356EU3 .. 1000.000000 1000.000000 0.000000
B-5 ........ 0.00 0.00 0.00
9ABSM219 ... 1000.000000 0.000000 0.000000
R .......... 0.00 0.00 0.00
9ABSM220 ... 1000.000000 0.000000 0.000000
- ------------ ---------------- ---------------- ----------------
TOTALS: .... 162,909,493.78 160,218,728.40 161,296.04
================ ================ ================
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 3
<PAGE>
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 ........ 0.00 0.00 107,926,393.58
655356EL3 .. 0.000000 0.000000 974.254367
A-2 ........ 0.00 0.00 10,589,117.00
655356EM1 .. 0.000000 0.000000 1000.000000
A-3 ........ 0.00 0.00 8,960,022.00
655356EN9 .. 0.000000 0.000000 1000.000000
A-4 ........ 0.00 0.00 6,516,379.00
655356EP4 .. 0.000000 0.000000 1000.000000
B-1 ........ 0.00 0.00 4,887,284.00
655356EQ2 .. 0.000000 0.000000 1000.000000
B-2 ........ 0.00 0.00 9,774,569.00
655356ER0 .. 0.000000 0.000000 1000.000000
B-3 ........ 0.00 0.00 8,145,474.00
655356ES8 .. 0.000000 0.000000 1000.000000
B-4A ....... 0.00 0.00 3,257,193.00
655356ET6 .. 0.000000 0.000000 1000.000000
B-4B ....... 0.00 0.00 1,000.78
655356EU3 .. 0.000000 0.000000 1000.000000
B-5 ........ 0.00 0.00 0.00
9ABSM219 ... 0.000000 0.000000 0.000000
R .......... 0.00 0.00 0.00
9ABSM220 ... 0.000000 0.000000 0.000000
- ------------ -------- -------- ----------------
TOTALS: .... 0.00 0.00 160,057,432.36
======== ======== ================
Total P&I Payment 1,424,758.14
============
<TABLE>
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
A-1 ........ 825,021.03 0.00 9.15946340%
655356EL3 .. 7.447486 0.000000 9.15947264%
A-2 ........ 82,590.38 0.00 9.35946340%
655356EM1 .. 7.799553 0.000000 9.35947264%
A-3 ........ 70,705.50 0.00 9.46946340%
655356EN9 .. 7.891219 0.000000 9.46947264%
A-4 ........ 52,453.94 0.00 9.65946340%
655356EP4 .. 8.049553 0.000000 9.65947264%
B-1 ........ 39,340.45 0.00 9.65946340%
655356EQ2 .. 8.049553 0.000000 9.65947264%
B-2 ........ 107,139.14 0.00 Not Defined
655356ER0 .. 10.961009 0.000000 0.00000000%
B-3 ........ 86,211.66 0.00 Not Defined
655356ES8 .. 10.583995 0.000000 0.00000000%
B-4A ....... 0.00 0.00 9.65946340%
655356ET6 .. 0.000000 0.000000 9.65947264%
B-4B ....... 0.00 0.00 9.65946340%
655356EU3 .. 0.000000 0.000000 9.65947264%
B-5 ........ 0.00 0.00 None
9ABSM219 ... 0.000000 0.000000 0.00000000%
R .......... 0.00 0.00 None
9ABSM220 ... 0.000000 0.000000 0.00000000%
- ------------ --------------- -------- ----------
TOTALS: .... 1,263,462.10 0.00
=============== ========
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 4
<PAGE>
<TABLE>
Nomura Asset Securities Corporation
(Midland Loan Services L.P.)
Commercial Pass-Through Certificates
Series 1994-C3
ABN AMRO Acct: 67-7301-21-0
LOWER TIER
<CAPTION>
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
<S> <C> <C> <C>
A-1-L ..... 110,778,455.00 108,087,689.62 161,296.04
None ...... 1000.000000 975.710391 1.456024
A-2-L ..... 10,589,117.00 10,589,117.00 0.00
None ...... 1000.000000 1000.000000 0.000000
A-3-L ..... 8,960,022.00 8,960,022.00 0.00
None ...... 1000.000000 1000.000000 0.000000
A-4-L ..... 6,516,379.00 6,516,379.00 0.00
None ...... 1000.000000 1000.000000 0.000000
B-1-L ..... 4,887,284.00 4,887,284.00 0.00
None ...... 1000.000000 1000.000000 0.000000
B-2-L ..... 9,774,569.00 9,774,569.00 0.00
None ...... 1000.000000 1000.000000 0.000000
B-3-L ..... 8,145,474.00 8,145,474.00 0.00
None ...... 1000.000000 1000.000000 0.000000
B-4A-L .... 3,257,193.00 3,257,193.00 0.00
None ...... 1000.000000 1000.000000 0.000000
B-4B-L .... 1,000.78 1,000.78 0.00
None ...... 1000.000000 1000.000000 0.000000
B-5-L ..... 0.00 0.00 0.00
None ...... 1000.000000 0.000000 0.000000
LR ........ 0.00 0.00 0.00
9ABSM221 .. 1000.000000 0.000000 0.000000
- ----------- ---------------- ---------------- --------------
Totals .... 162,909,493.78 160,218,728.40 161,296.04
================ ================ ==============
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1-L ..... 0.00 0.00 107,926,393.58
None ...... 0.000000 0.000000 974.254367
A-2-L ..... 0.00 0.00 10,589,117.00
None ...... 0.000000 0.000000 1000.000000
A-3-L ..... 0.00 0.00 8,960,022.00
None ...... 0.000000 0.000000 1000.000000
A-4-L ..... 0.00 0.00 6,516,379.00
None ...... 0.000000 0.000000 1000.000000
B-1-L ..... 0.00 0.00 4,887,284.00
None ...... 0.000000 0.000000 1000.000000
B-2-L ..... 0.00 0.00 9,774,569.00
None ...... 0.000000 0.000000 1000.000000
B-3-L ..... 0.00 0.00 8,145,474.00
None ...... 0.000000 0.000000 1000.000000
B-4A-L .... 0.00 0.00 3,257,193.00
None ...... 0.000000 0.000000 1000.000000
B-4B-L .... 0.00 0.00 1,000.78
None ...... 0.000000 0.000000 1000.000000
B-5-L ..... 0.00 0.00 0.00
None ...... 0.000000 0.000000 0.000000
LR ........ 0.00 0.00 0.00
9ABSM221 .. 0.000000 0.000000 0.000000
- ----------- -------- -------- ----------------
Totals .... 0.00 0.00 160,057,432.36
======== ======== ================
Page - 5
<PAGE>
<TABLE>
<CAPTION>
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
<S> <C> <C> <C>
A-1-L ..... 870,057.57 0.00 9.65946340%
None ...... 7.854032 0.000000 9.65947264%
A-2-L ..... 85,237.66 0.00 9.65946340%
None ...... 8.049553 0.000000 9.65947264%
A-3-L ..... 72,124.17 0.00 9.65946340%
None ...... 8.049553 0.000000 9.65947264%
A-4-L ..... 52,453.94 0.00 9.65946340%
None ...... 8.049553 0.000000 9.65947264%
B-1-L ..... 39,340.45 0.00 9.65946340%
None ...... 8.049553 0.000000 9.65947264%
B-2-L ..... 78,680.91 0.00 9.65946340%
None ...... 8.049553 0.000000 9.65947264%
B-3-L ..... 65,567.40 0.00 9.65946340%
None ...... 8.049550 0.000000 9.65947264%
B-4A-L .... 0.00 0.00 9.65946340%
None ...... 0.000000 0.000000 9.65947264%
B-4B-L .... 0.00 0.00 9.65946340%
None ...... 0.000000 0.000000 9.65947264%
B-5-L ..... 0.00 0.00 None
None ...... 0.000000 0.000000 0.00000000%
LR ........ 0.00 0.00 None
9ABSM221 .. 0.000000 0.000000 0.00000000%
- ----------- ------------ -------- ----------
Totals .... 1,263,462.10 0.00
============ ========
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred
Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Servicing Compensation 0.00
Servicing Fee 14,686.72
Special Servicing Rehabilitation Fee 1,054.36
Disposition Fee 0.00
----
Total 15,741.08
=========
OTHER FEES
Prepayment Premiums 0.00
Net Default Interest 0.00
----
Total 0.00
====
OUTSTANDING INTEREST SHORTFALL
A-1-L 0.00 A-1 0.00
A-2-L 0.00 A-2 0.00
A-3-L 0.00 A-3 0.00
A-4-L 0.00 A-4 0.00
B-1-L 0.00 B-1 0.00
B-2-L 0.00 B-2 0.00
B-3-L 0.00 B-3 0.05
B-4A-L 0.00 B-4A 78,656.76
B-4B-L 0.00 B-4B 24.17
Advance Interest 715,475.97
Subsequent Advance Interest (650,972.31)
First Month Advance 64,503.66
Subsequent Advance Interest 650,972.31
Less Sub. Interest Distribution (25,172.65)
Net 625,799.66
----------
Total Current Advance 690,303.32
==========
POOL INFORMATION
Beginning
Loan Count 55
Balance 160,218,728.40
Ending
Loan Count 55
Balance 160,057,432.36
Page - 6
<PAGE>
PROPERTY ADVANCES
Current Unreimbursed
0.00 0.00
SUMMARY OF REO PROPERTY
Principal
Loan Number Loan Name Balance Book Value
Date Of Fina Amount Aggregate Other
Recovery Of Proceeds Revenues Collected
Book Value of Real Estate Through Foreclosure
or Grant of Deed in Lieu of Foreclosure 0.00
DELINQUENCIES & REOS
Distribution Delinq 1 Month Delinq 2 Months
Date # Balance # Balance
06/11/96 .... 1 6,532,964 0 0
/ ........... 1.82% 4.078% 0.00% 0.000%
05/13/96 .... 2 9,076,978 0 0
/ ........... 3.64% 5.649% 0.00% 0.000%
04/11/96 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
03/11/96 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
02/12/96 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
01/11/96 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
12/11/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
11/13/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
10/11/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
09/11/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
08/11/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
07/11/95 .... 1 2,091,282 0 0
/ ........... 1.82% 1.289% 0.00% 0.000%
06/12/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
05/11/95 .... 0 0 0 0
/ ........... 0.00% 0.000% 0.00% 0.000%
Page - 7
<PAGE>
<TABLE>
<CAPTION>
Distribution Delinq 3+ Months Foreclosure (1) Balance
Date # Balance # Balance Of REOs (1)
<C> <C> <C> <C> <C> <C> <C>
06/11/96 .. 1 2,528,386 0 0 0
/ ......... 1.82% 1.578% 0.00% 0.000% 0.000%
05/13/96 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
04/11/96 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
03/11/96 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
02/12/96 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
01/11/96 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
12/11/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
11/13/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
10/11/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
09/11/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
08/11/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
07/11/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
06/12/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
05/11/95 .. 0 0 0 0 0
/ ......... 0.00% 0.000% 0.00% 0.000% 0.000%
<FN>
(1) Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Prepayments
Distribution Begin Pool Prepayment $/ Sched
Date Balance/# # of Payoffs Principal
06/11/96 .. 160,218,728 0 161,296
/ ......... 55 0 --
05/13/96 .. 160,694,852 0 157,424
/ ......... 55 0 --
04/11/96 .. 160,851,006 0 156,154
/ ......... 55 0 --
03/11/96 .. 161,005,901 0 154,895
/ ......... 55 0 --
02/12/96 .. 161,159,547 0 153,646
/ ......... 55 0 --
01/11/96 .. 161,311,954 0 152,407
/ ......... 55 0 --
12/11/95 .. 161,463,133 0 151,178
/ ......... 55 0 --
11/13/95 .. 161,613,092 0 149,960
/ ......... 55 0 --
10/11/95 .. 161,761,843 0 148,751
/ ......... 55 0 --
09/11/95 .. 161,909,394 0 147,552
/ ......... 55 0 --
08/11/95 .. 162,055,757 0 146,362
/ ......... 55 0 --
07/11/95 .. 162,200,940 0 145,183
/ ......... 55 0 --
06/12/95 .. 162,344,953 0 144,013
/ ......... 55 0 --
05/11/95 .. 162,487,805 0 142,852
/ ......... 55 0 --
Page - 8
<PAGE>
Rates & Maturity
Distribution Next Weighted Avg.
Date Coupon Remit WAMM
06/11/96 9.76947% 9.65947% 95
05/13/96 9.76946% 9.65946% 98
04/11/96 9.76945% 9.65945% 99
03/11/96 9.76944% 9.65944% 100
02/12/96 9.76943% 9.65943% 101
01/11/96 9.76942% 9.65942% 102
12/11/95 9.76941% 9.65941% 103
11/13/95 9.76939% 9.65939% 104
10/11/95 9.76938% 9.65938% 105
09/11/95 9.76936% 9.65936% 106
08/11/95 9.76935% 9.65935% 107
07/11/95 9.76933% 9.65933% 108
06/12/95 9.76932% 9.65932% 109
05/11/95 9.76930% 9.65930% 110
<TABLE>
DELINQUENCY LOAN DETAIL
<CAPTION>
Disclosure Paid Outstanding
Doc Thru Current P&I P&I
Control # Period Date Advance Advances (1)
<S> <C> <C> <C> <C>
30203769 199606 01/01/96 24,383.09 121,913.60
30207489 199606 04/01/96 58,739.07 117,477.84
30207481 199606 05/01/96 14,326.37 14,326.37
30207482 199606 05/01/96 72,647.40 72,647.40
30207483 199606 05/01/96 21,700.49 21,700.49
30207484 199606 05/01/96 21,321.91 21,321.91
30207485 199606 05/01/96 18,205.97 18,205.97
30207486 199606 05/01/96 15,173.51 15,173.51
30207487 199606 05/01/96 18,176.42 18,176.42
30207488 199606 05/01/96 71,345.10 71,345.10
30207490 199606 05/01/96 29,924.39 29,924.39
30207491 199606 05/01/96 7,584.42 7,584.42
30207492 199606 05/01/96 12,434.00 12,434.00
30207493 199606 05/01/96 21,263.11 21,263.11
30207494 199606 05/01/96 9,207.86 9,207.86
30207504 199606 05/01/96 66,485.74 66,485.74
30207505 199606 05/01/96 62,579.29 62,579.29
30207507 199606 05/01/96 10,713.46 10,713.46
30207510 199606 05/01/96 33,298.17 33,298.17
30207511 199606 05/01/96 46,336.86 46,336.86
30207514 199606 05/01/96 7,804.08 7,804.08
30207515 199606 05/01/96 9,543.54 9,543.54
30207516 199606 05/01/96 8,460.28 8,460.28
30207517 199606 05/01/96 37,222.11 37,222.11
30207518 199606 05/01/96 34,356.32 34,356.32
30207579 199606 05/01/96 14,604.62 14,604.62
30207580 199606 05/01/96 18,240.06 18,240.06
30207581 199606 05/01/96 22,213.14 22,213.14
30207582 199606 05/01/96 12,705.56 12,705.56
- -------- ------ -------- ---------- ----------
TOTALS: 800,996.34 957,265.62
========== ==========
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
Page - 9
<PAGE>
<TABLE>
<CAPTION>
Outstanding Special
Property Servicer
Doc Protection Advance Loan Transfer
Control # Advances Desc. (1) Status (2) Date
<S> <C> <C> <C> <C>
30203769 0.00 3
30207489 0.00 1
30207481 0.00 A
30207482 0.00 B
30207483 0.00 A
30207484 0.00 A
30207485 0.00 A
30207486 0.00 A
30207487 0.00 A
30207488 0.00 A
30207490 0.00 A
30207491 0.00 A
30207492 0.00 A
30207493 0.00 A
30207494 0.00 A
30207504 0.00 A
30207505 0.00 A
30207507 0.00 A
30207510 0.00 A
30207511 0.00 A
30207514 0.00 A
30207515 0.00 A
30207516 0.00 A
30207517 0.00 A
30207518 0.00 A
30207579 0.00 A
30207580 0.00 A
30207581 0.00 A
30207582 0.00 A
---- --
TOTALS: 0.00
====
<FN>
(1) Advance Description:
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but less one month delinq
1. P&I Advance - Loan delinquent 1 month
2. P&I Advance - Loan delinquent 2 months
3. P&I Advance - Loan delinquent 3 months
(2) Loan Status:
1. Specially Serviced
2. Foreclosure
3. Bankruptcy
4. REO
5. Prepaid in Full
6. DPO
7. Foreclosure Sale
8. Bankruptcy Sale
9. REO Disposition
10. Modification/Workout
</FN>
</TABLE>
Page - 10
<PAGE>
Disclosure
Doc Foreclosure Bankruptcy REO
Control # Date Date Date
30203769
30207489
30207481
30207482
30207483
30207484
30207485
30207486
30207487
30207488
30207490
30207491
30207492
30207493
30207494
30207504
30207505
30207507
30207510
30207511
30207514
30207515
30207516
30207517
30207518
30207579
30207580
30207581
30207582
TOTALS:
Servicer Advances For Current Distribution Date As Of
Close Of Business on: 06/10/96
Advances Due To Delinquency Or late Payment 155,769.56
Advances Due To Extended Grace Periods 645,226.80
Advances For Previous Distributions Dates Reported As Due To Grace
Period And Subsequently Determined To Have Become Delinquent
During The Month Of Such Previous Distribution 0.00
Page - 11
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN STATUS
PORTFOLIO: NOMURA SERIES 1994 C3
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 12-JUN-96
<CAPTION>
CURRENT
ASSET PRINCIPAL DAYS ENVIRON
NO BALANCE DELINQ LTV DSCR ISSUES ASSET STATUS RESOLUTION TYPE
<S> <C> <C> <C> <C> <C> <C> <C>
01 4,133,011 0 72.3% 1.56 N/A PERFORMING PERFORM TO MATURITY
02 2,168,841 0 39.9% 1.87 N/A PERFORMING PERFORM TO MATURITY
03 1,878,747 0 52.9% 2.10 N/A PERFORMING PERFORM TO MATURITY
04 4,065,229 0 54.9% 1.72 N/A PERFORMING PERFORM TO MATURITY
05 1,254,457 0 44.8% 1.82 N/A PERFORMING PERFORM TO MATURITY
06 2,083,577 0 45.3% 2.52 N/A PERFORMING PERFORM TO MATURITY
07 1,678,607 0 66.3% 1.39 N/A PERFORMING PERFORM TO MATURITY
08 932,426 0 69.1% 1.62 N/A PERFORMING PERFORM TO MATURITY
09 951,855 0 68.0% 1.37 N/A PERFORMING PERFORM TO MATURITY
10 1,073,215 0 65.0% 1.93 N/A PERFORMING PERFORM TO MATURITY
11 1,225,030 0 68.1% 1.42 N/A PERFORMING PERFORM TO MATURITY
12 1,266,380 0 65.3% 1.97 N/A PERFORMING PERFORM TO MATURITY
13 1,625,055 0 60.7% 1.74 N/A PERFORMING PERFORM TO MATURITY
14 2,055,041 0 56.6% 1.76 N/A PERFORMING PERFORM TO MATURITY
15 2,680,969 0 72.5% 2.10 N/A PERFORMING PERFORM TO MATURITY
16 3,991,386 0 70.0% 1.23 N/A PERFORMING PERFORM TO MATURITY
17 3,998,733 0 65.3% 1.33 N/A PERFORMING PERFORM TO MATURITY
18 4,380,439 0 70.7% 1.84 N/A PERFORMING PERFORM TO MATURITY
19 5,554,307 0 61.9% 1.19 N/A PERFORMING PERFORM TO MATURITY
20 7,753,085 0 65.2% 1.53 N/A PERFORMING PERFORM TO MATURITY
21 8,073,749 0 71.4% 1.32 N/A PERFORMING PERFORM TO MATURITY
22 3,264,276 0 70.2% 1.30 N/A PERFORMING PERFORM TO MATURITY
23 3,039,989 0 58.5% 1.22 N/A PERFORMING PERFORM TO MATURITY
24 7,256,748 0 72.6% 1.28 N/A PERFORMING PERFORM TO MATURITY
25 1,584,560 0 70.4% 1.32 N/A PERFORMING PERFORM TO MATURITY
26 2,172,805 0 49.4% 1.33 N/A PERFORMING PERFORM TO MATURITY
27 2,611,331 0 67.4% 1.26 N/A PERFORMING PERFORM TO MATURITY
28 2,141,381 0 72.2% 1.33 N/A PERFORMING PERFORM TO MATURITY
29 1,741,702 0 57.3% 1.30 N/A PERFORMING PERFORM TO MATURITY
30 2,079,707 0 57.8% 1.48 N/A PERFORMING PERFORM TO MATURITY
31 8,079,518 0 72.0% 1.00 N/A COLLECTION IN PROCESS PERFORM TO MATURITY
32 7,880,319 0 79.2% 1.28 N/A PERFORMING PERFORM TO MATURITY
33 6,542,428 38 62.0% 1.16 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
34 3,192,461 0 61.4% 1.38 N/A PERFORMING PERFORM TO MATURITY
35 1,473,193 0 64.1% 1.34 N/A PERFORMING PERFORM TO MATURITY
36 2,160,112 0 38.6% 2.32 N/A PERFORMING PERFORM TO MATURITY
37 2,052,648 0 50.7% 1.84 N/A PERFORMING PERFORM TO MATURITY
38 3,055,304 0 53.1% 1.69 N/A PERFORMING PERFORM TO MATURITY
39 2,616,468 0 56.9% 1.76 N/A PERFORMING PERFORM TO MATURITY
40 3,216,938 0 53.6% 1.71 N/A PERFORMING PERFORM TO MATURITY
41 1,230,629 0 76.9% 1.49 N/A PERFORMING PERFORM TO MATURITY
42 1,562,881 0 68.0% 1.21 N/A PERFORMING PERFORM TO MATURITY
43 1,349,976 0 84.4% 1.00 N/A PERFORMING PERFORM TO MATURITY
44 1,549,067 0 96.8% 0.80 N/A PERFORMING PERFORM TO MATURITY
45 2,364,254 0 81.5% 0.55 N/A PERFORMING PERFORM TO MATURITY
46 1,941,379 0 48.5% 1.25 N/A PERFORMING PERFORM TO MATURITY
47 5,023,204 0 58.0% 1.36 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
48 2,960,126 0 59.2% 1.55 N/A PERFORMING PERFORM TO MATURITY
49 2,681,367 0 74.0% 1.10 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
50 2,945,963 0 65.0% 1.21 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
51 2,538,569 98 67.0% 0.89 N/A NEGOTIATING MODIFICATIONS RESTRUCTURE/PERFORM TO MATURIT
52 749,001 0 57.6% 1.33 N/A PERFORMING PERFORM TO MATURITY
53 948,713 0 65.4% 1.53 N/A PERFORMING PERFORM TO MATURITY
54 1,269,820 0 66.8% 1.24 N/A PERFORMING PERFORM TO MATURITY
55 2,171,491 0 67.9% 1.37 N/A PERFORMING PERFORM TO MATURITY
- ----- ------------ - ---- ---- --- ------------------------- ------------------------------
TOTAL 160,272,468
===========
</TABLE>
Page - 12
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN TERMS
PORTFOLIO: NOMURA SERIES 1994 C3
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 12-JUN-96
<CAPTION>
REMAIN
CURRENT ORIG LOAN INT
ASSET PRINCIPAL NOTE LOAN AMORT TERM IN INT RATE
NO BALANCE DATE DATE MONTHS RATE TYPE PAYMENT
<S> <C> <C> <C> <C> <C> <C> <C>
01 4,133,011 2/7/94 1/31/2014 93 9.865% F 40,565
02 2,168,841 10/11/94 11/1/2014 221 11.950% F 24,290
03 1,878,747 10/11/94 11/1/2014 221 11.950% F 21,041
04 4,065,229 10/11/94 11/1/2014 221 11.950% F 45,529
05 1,254,457 10/11/94 11/1/2014 221 11.950% F 14,049
06 2,083,577 10/11/94 11/1/2014 221 11.950% F 23,335
07 1,678,607 8/16/94 9/1/2014 219 11.570% F 18,415
08 932,426 6/16/94 7/1/2019 97 9.870% F 8,546
09 951,855 12/30/93 1/1/2019 55 8.500% F 7,891
10 1,073,215 3/17/94 4/1/2019 58 9.020% F 9,246
11 1,225,030 9/17/93 10/1/2023 52 8.550% F 9,656
12 1,266,380 2/28/94 3/1/2019 57 8.910% F 10,830
13 1,625,055 10/5/93 11/1/2018 53 8.410% F 13,426
14 2,055,041 8/31/93 9/1/2018 51 8.400% F 17,008
15 2,680,969 8/31/93 9/1/2018 51 8.650% F 22,626
16 3,991,386 7/20/94 8/1/2024 62 9.410% F 33,664
17 3,998,733 5/26/94 6/1/2019 276 10.210% F 37,588
18 4,380,439 6/30/93 7/1/2023 25 8.600% F 34,758
19 5,554,307 7/20/94 8/1/2024 62 9.410% F 46,846
20 7,753,085 12/10/93 1/1/2019 31 8.290% F 63,290
21 8,073,749 2/25/94 3/1/2019 57 8.570% F 67,226
22 3,264,276 8/4/94 9/1/2019 63 9.830% F 29,772
23 3,039,989 7/28/94 8/1/2019 62 9.270% F 26,591
24 7,256,748 7/28/94 8/1/2022 62 9.270% F 63,474
25 1,584,560 8/24/94 9/1/2019 63 9.860% F 14,471
26 2,172,805 4/28/94 5/1/2014 95 10.125% F 21,900
27 2,611,331 3/11/94 4/1/2019 34 9.125% F 21,561
28 2,141,381 7/6/94 8/1/2024 61 9.625% F 18,402
29 1,741,702 6/28/94 7/1/2024 61 9.915% F 15,333
30 2,079,707 7/29/94 8/1/2024 62 9.960% F 18,367
31 8,079,518 9/30/94 10/1/2019 64 9.800% F 73,387
32 7,880,319 10/14/94 11/1/2019 65 9.890% F 72,067
33 6,542,428 10/7/94 11/1/2024 65 10.310% F 59,338
34 3,192,461 10/14/94 11/1/2019 65 10.350% F 30,217
35 1,473,193 8/4/94 9/1/2019 62 9.440% F 13,043
36 2,160,112 8/19/94 9/1/2019 279 9.350% F 18,992
37 2,052,648 8/16/94 8/1/2019 278 9.440% F 18,173
38 3,055,304 8/16/94 9/1/2019 278 9.540% F 27,258
39 2,616,468 6/9/94 7/1/2024 97 9.140% F 21,590
40 3,216,938 8/16/94 9/1/2019 278 9.490% F 28,591
41 1,230,629 9/29/94 10/1/2019 65 9.980% F 11,341
42 1,562,881 10/17/94 11/1/2024 101 10.510% F 14,419
43 1,349,976 1/28/94 2/1/2014 56 9.328% F 12,829
44 1,549,067 1/28/94 2/1/2014 56 9.328% F 14,747
45 2,364,254 1/28/94 2/1/2014 56 9.328% F 22,429
46 1,941,379 1/28/94 2/1/2014 56 9.328% F 18,418
47 5,023,204 8/4/94 9/1/2024 99 10.600% F 51,863
48 2,960,126 10/5/94 11/1/2019 65 10.560% F 28,454
49 2,681,367 7/7/94 8/1/2019 60 10.310% F 25,369
50 2,945,963 7/7/94 8/1/2019 60 10.310% F 27,873
51 2,538,569 7/12/94 8/1/2019 60 10.690% F 24,615
52 749,001 5/4/94 6/1/2019 71 11.370% F 7,653
53 948,713 7/19/94 8/1/2019 62 10.800% F 9,295
54 1,269,820 6/1/94 6/1/2019 60 10.900% F 12,550
55 2,171,491 6/1/94 6/1/2019 60 10.900% F 21,462
- -- ----------- -------- --------- --- ------ --- -------
TOTAL 160,272,468
===== ===========
</TABLE>
Page - 13
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: NOMURA SERIES 1994 C3
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 12-JUN-96
<CAPTION>
ASSET PROP YEAR PROPERTY VALUATION VALUATION
NO NO PROPERTY TYPE CITY STATE ZIP BUILT UNITS NET SF VALUE DATE SOURCE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01 1 HEALTH CARE FALLON NV 89431 1973 144 38,988 5,720,000 11/01/94 PROSPECTUS
02 1 LODGING GREENVILLE SC 29607 1965 184 N/A 5,435,000 11/01/94 PROSPECTUS
03 1 LODGING LILBURN GA 30324 1989 120 N/A 3,550,000 11/01/94 PROSPECTUS
04 1 LODGING ATLANTA GA 30324 1963 257 N/A 7,400,000 11/01/94 PROSPECTUS
05 1 LODGING KENNESAW GA 30144 1975 103 N/A 2,800,000 11/01/94 PROSPECTUS
06 1 LODGING HAPEVILLE GA 30354 1972 180 N/A 4,600,000 11/01/94 PROSPECTUS
07 1 LODGING FLORENCE KY 41042 1987 95 N/A 2,530,000 11/01/94 PROSPECTUS
08 1 MULTI-FAMILY WILTON MANORS FL 33305 1964 64 44,786 1,350,000 11/01/94 PROSPECTUS
09 1 MULTI-FAMILY PASADENA TX 77503 1977 44 54,291 1,400,000 11/01/94 PROSPECTUS
10 1 MULTI-FAMILY DAVIDSON NC 28036 1974 73 47,190 1,650,000 11/01/94 PROSPECTUS
11 1 MULTI-FAMILY NASSAU BAY TX 77058 1966 67 36,425 1,800,000 11/01/94 PROSPECTUS
12 1 MULTI-FAMILY RALEIGH NC 27606 1973 67 58,204 1,940,000 11/01/94 PROSPECTUS
13 1 MULTI-FAMILY ROSEVILLE MN 55713 1968 95 110,795 2,675,000 11/01/94 PROSPECTUS
14 1 MULTI-FAMILY AUBURN WA 98002 1976 120 123,522 3,630,000 11/01/94 PROSPECTUS
15 1 MULTI-FAMILY AUSTIN TX 78741 1973 224 188,832 3,700,000 11/01/94 PROSPECTUS
16 1 MULTI-FAMILY NEWARK DE 19713 1976 153 133,110 5,700,000 11/01/94 PROSPECTUS
17 1 MULTI-FAMILY CHARLOTTE NC 28205 1966 264 242,372 6,125,000 11/01/94 PROSPECTUS
18 1 MULTI-FAMILY WINDSOR CT 06095 1962 176 167,984 6,200,000 11/01/94 PROSPECTUS
19 1 MULTI-FAMILY NEWARK DE 19713 1976 180 141,340 8,980,000 11/01/94 PROSPECTUS
20 1 MULTI-FAMILY MT PROSPECT IL 60056 1975 301 224,752 11,900,000 11/01/94 PROSPECTUS
21 1 MULTI-FAMILY MIAMI BEACH FL 33179 1969 376 266,679 11,300,000 11/01/94 PROSPECTUS
22 1 MULTI-FAMILY RALEIGH NC 27609 1974 196 215,012 4,650,000 11/01/94 PROSPECTUS
23 1 MULTI-FAMILY SANTA MARIA CA 93454 1964 140 97,475 5,200,000 11/01/94 PROSPECTUS
24 1 MULTI-FAMILY ATLANTA GA 30328 1972 412 364,180 10,000,000 11/01/94 PROSPECTUS
25 1 MULTI-FAMILY JACKSONVILLE FL 32210 1981 101 75,318 2,250,000 11/01/94 PROSPECTUS
26 1 MULTI-FAMILY HOUSTON TX 77080 1972 347 315,424 4,400,000 11/01/94 PROSPECTUS
27 1 MULTI-FAMILY DALLAS TX 75237 1986 204 108,387 3,875,000 11/01/94 PROSPECTUS
28 1 MULTI-FAMILY FT WORTH TX 76133 1979 175 134,732 2,965,000 11/01/94 PROSPECTUS
29 1 MULTI-FAMILY DALLAS TX 75231 1972 208 178,712 3,037,000 11/01/94 PROSPECTUS
30 1 MULTI-FAMILY DALLAS TX 75217 1965 202 190,136 3,600,000 11/01/94 PROSPECTUS
31 1 MULTI-FAMILY LAS VEGAS NV 89109 1973 346 274,090 11,250,000 11/01/94 PROSPECTUS
32 1 MULTI-FAMILY INDIANAPOLIS IN 46260 1968 518 443,680 9,950,000 11/01/94 PROSPECTUS
33 1 MULTI-FAMILY INDIANAPOLIS IN 46214 1976 296 314,679 10,600,000 11/01/94 PROSPECTUS
34 1 MULTI-FAMILY EL PASO TX 79999 1970 248 231,060 5,200,000 11/01/94 PROSPECTUS
35 1 MANUFACTURED HOU RIDGECREST CA 93555 1972 134 N/A 2,300,000 11/01/94 PROSPECTUS
36 1 MANUFACTURED HOU NOVI MI 48375 1968 198 N/A 5,600,000 11/01/94 PROSPECTUS
37 1 MANUFACTURED HOU SPRINGFIELD OR 97477 1989 164 N/A 4,050,000 11/01/94 PROSPECTUS
38 1 MANUFACTURED HOU CLACKAMAS OR 97015 1964 277 N/A 5,750,000 11/01/94 PROSPECTUS
39 1 MANUFACTURED HOU SANDSTON VA 23150 1973 238 N/A 4,600,000 11/01/94 PROSPECTUS
40 1 MANUFACTURED HOU EUGENE OR 97402 1980 281 N/A 6,000,000 11/01/94 PROSPECTUS
41 1 MANUFACTURED HOU NEWTON IA 50205 1972 200 N/A 1,600,000 11/01/94 PROSPECTUS
42 1 MANUFACTURED HOU ELLENWOOD GA 30049 1986 170 N/A 2,300,000 11/01/94 PROSPECTUS
43 1 HEALTH CARE DYERSBURG TN 38024 1966 50 17,400 1,600,000 11/01/94 PROSPECTUS
44 1 HEALTH CARE LEXINGTON TN 38351 1965 55 12,000 1,600,000 11/01/94 PROSPECTUS
45 1 HEALTH CARE MEMPHIS TN 38116 1970 92 23,426 2,900,000 11/01/94 PROSPECTUS
46 1 HEALTH CARE HUMBOLDT TN 38343 1943 142 80,000 4,000,000 11/01/94 PROSPECTUS
47 1 HEALTH CARE NEPTUNE NJ 07754 1987 120 45,168 8,600,000 11/01/94 PROSPECTUS
48 1 RETAIL GRAND PRAIRIE TX 75050 1986 N/A 145,881 5,000,000 11/01/94 PROSPECTUS
49 1 RETAIL MT DORA FL 32757 1988 N/A 78,762 3,600,000 11/01/94 PROSPECTUS
50 1 RETAIL CASSELBERRY FL 32730 1987 N/A 58,847 4,500,000 11/01/94 PROSPECTUS
51 1 RETAIL DEL RAY BEACH FL 33445 1984 N/A 76,741 3,810,000 11/01/94 PROSPECTUS
52 1 WAREHOUSE CAVE CREEK AZ 85331 1987 249 25,425 1,300,000 11/01/94 PROSPECTUS
53 1 WAREHOUSE DENTON TX 75379 1984 513 58,525 1,450,000 11/01/94 PROSPECTUS
54 1 WAREHOUSE SPOKANE WA 99204 1976 480 66,553 1,900,000 11/01/94 PROSPECTUS
55 1 WAREHOUSE SPOKANE WA 99206 1976 993 133,350 3,200,000 11/01/94 PROSPECTUS
</TABLE>
Page - 14
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY PERFORMANCE
PORTFOLIO: NOMURA SERIES 1994 C3
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 12-JUN-96
<CAPTION>
BASELINE OR MOST YTD YTD
ASSET PROP MOST RECENT NOI RECENT YTD PERIOD PERIOD PERCENT
NO NO ANNUAL NOI AS OF NOI SOURCE NOI BEGIN ENDING YTD NOI SOURCE OCCUPIED AS OF
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
01 1 762,514 11/1/94 PROSPECTUS N/A N/A N/A N/A 92.4% 2/28/95
02 1 545,136 12/31/95 BORROWER 545,136 1/1/95 12/31/95 BORROWER 97.0% 1/31/96
03 1 529,329 12/31/95 BORROWER 529,329 1/1/95 12/31/95 BORROWER 98.0% 1/31/96
04 1 941,931 12/31/95 BORROWER 941,931 1/1/95 12/31/95 BORROWER 100.0% 1/31/96
05 1 307,663 12/31/95 BORROWER 307,663 1/1/95 12/31/95 BORROWER 100.0% 1/31/96
06 1 704,722 12/31/95 BORROWER 704,722 1/1/95 12/31/95 BORROWER 100.0% 1/31/96
07 1 307,290 11/1/94 PROSPECTUS 254,657 1/1/95 9/30/95 BORROWER 50.0% 2/28/95
08 1 166,096 6/30/95 BORROWER 85,070 7/1/95 12/31/95 BORROWER 98.4% 9/30/95
09 1 129,958 12/31/95 BORROWER 129,958 1/1/95 12/31/95 BORROWER 100.0% 11/30/93
10 1 214,108 12/31/95 MANAGEMENT COMPANY 214,108 1/1/95 12/31/95 MANAGEMENT COMPANY 93.0% 12/31/95
11 1 164,166 11/1/94 PROSPECTUS 140,904 1/1/95 9/30/95 BORROWER 100.0% 9/30/95
12 1 256,313 12/31/95 BORROWER 256,313 1/1/95 12/31/95 BORROWER 100.0% 12/31/95
13 1 280,036 12/31/95 MANAGEMENT COMPANY 407,573 1/1/95 12/31/95 MANAGEMENT COMPANY 100.0% 2/8/96
14 1 359,530 12/31/95 MANAGEMENT COMPANY 359,530 1/1/95 12/31/95 MANAGEMENT COMPANY 94.0% 1/16/96
15 1 569,697 12/31/95 MANAGEMENT COMPANY 569,697 1/1/95 12/31/95 MANAGEMENT COMPANY 94.0% 1/16/96
16 1 495,619 12/31/95 BORROWER 495,619 1/1/95 12/31/95 BORROWER 90.9% 12/31/95
17 1 601,421 12/31/95 BORROWER 601,421 1/1/95 12/31/95 BORROWER 68.0% 11/30/95
18 1 767,599 12/31/95 BORROWER 767,959 1/1/95 12/31/95 BORROWER 94.0% 12/31/95
19 1 669,303 12/31/95 BORROWER 669,303 1/1/95 12/31/95 BORROWER 93.9% 12/31/95
20 1 1,159,569 12/31/95 MANAGEMENT COMPANY 1,159,569 1/1/95 12/31/95 MANAGEMENT COMPANY 99.0% 12/27/95
21 1 1,067,674 12/31/95 ACCOUNTANT 1,067,674 1/1/95 12/31/95 ACCOUNTANT 98.7% 12/31/95
22 1 466,224 11/1/94 PROSPECTUS 442,887 1/1/95 9/30/95 BORROWER 100.0% 9/30/95
23 1 389,742 11/1/94 PROSPECTUS 216,809 1/1/95 6/30/95 MANAGEMENT COMPANY 90.0% 12/28/95
24 1 971,630 11/1/94 PROSPECTUS 650,430 1/1/95 6/30/95 MANAGEMENT COMPANY 90.7% 12/29/95
25 1 229,564 11/1/94 PROSPECTUS 228,026 1/1/95 9/30/95 MANAGEMENT COMPANY 99.0% 10/30/95
26 1 349,703 11/1/94 PROSPECTUS 343,137 1/1/95 9/30/95 BORROWER 100.0% 2/28/94
27 1 325,017 11/1/94 PROSPECTUS 177,249 1/1/95 6/30/95 MANAGEMENT COMPANY 95.6% 7/31/95
28 1 292,994 11/1/94 PROSPECTUS 205,851 1/1/95 9/30/95 ACCOUNTANT 100.0% 11/19/95
29 1 239,596 12/31/95 BORROWER 239,596 1/1/95 12/31/95 BORROWER 91.0% 1/27/96
30 1 327,175 11/1/94 PROSPECTUS 191,462 1/1/95 10/31/95 BORROWER 93.6% 11/22/95
31 1 880,994 12/31/95 BORROWER 880,994 1/1/95 12/31/95 BORROWER 87.6% 12/23/95
32 1 1,106,803 11/1/94 PROSPECTUS 973,154 1/1/95 9/30/95 BORROWER 92.9% 11/1/95
33 1 828,558 12/31/95 MANAGEMENT COMPANY 828,558 1/1/95 12/31/95 MANAGEMENT COMPANY 84.1% 3/29/96
34 1 500,146 12/31/95 BORROWER 514,743 1/1/95 12/31/95 BORROWER 91.0% 1/31/96
35 1 209,128 11/1/94 PROSPECTUS 144,251 1/1/95 9/30/95 BORROWER 98.5% 10/30/95
36 1 528,253 11/1/94 PROSPECTUS 363,644 1/1/95 9/30/95 MANAGEMENT COMPANY 100.0% 12/11/95
37 1 402,072 12/31/95 BORROWER 402,072 1/1/95 12/31/95 BORROWER 100.0% 7/1/95
38 1 551,812 12/31/95 MANAGEMENT COMPANY 551,812 1/1/95 12/31/95 MANAGEMENT COMPANY 98.2% 12/20/95
39 1 454,692 11/1/94 PROSPECTUS 297,717 1/1/95 9/30/95 BORROWER 97.1% 9/30/95
40 1 586,940 12/31/95 BORROWER 586,940 1/1/95 12/31/95 BORROWER 100.0% 2/22/96
41 1 203,437 12/31/95 BORROWER 34,710 1/1/96 2/29/96 BORROWER 98.0% 2/29/96
42 1 208,985 12/31/95 BORROWER 213,573 1/1/95 12/31/95 BORROWER 88.2% 9/26/95
43 1 154,824 12/31/95 MANAGEMENT COMPANY 154,824 1/1/95 12/31/95 MANAGEMENT COMPANY 91.0% 12/31/94
44 1 142,846 12/31/95 MANAGEMENT COMPANY 142,846 1/1/95 12/31/95 MANAGEMENT COMPANY 91.0% 9/30/95
45 1 149,447 12/31/95 MANAGEMENT COMPANY 149,447 1/1/95 12/31/95 MANAGEMENT COMPANY 93.0% 9/30/95
46 1 277,757 12/31/95 MANAGEMENT COMPANY 277,757 1/1/95 12/31/95 MANAGEMENT COMPANY 91.0% 3/31/95
47 1 849,785 11/1/94 PROSPECTUS 331,062 1/1/95 9/30/95 ACCOUNTANT 92.8% 9/30/95
48 1 529,816 12/31/95 BORROWER 529,816 1/1/95 12/31/95 BORROWER 87.4% 9/30/95
49 1 333,919 12/31/95 MANAGEMENT COMPANY 333,919 1/1/95 12/31/95 MANAGEMENT COMPANY 89.0% 1/12/96
50 1 403,462 12/31/95 MANAGEMENT COMPANY 403,462 1/1/95 12/31/95 MANAGEMENT COMPANY 100.0% 1/12/96
51 1 261,771 12/31/95 MANAGEMENT COMPANY 261,771 1/1/95 12/31/95 MANAGEMENT COMPANY 81.0% 1/12/96
52 1 121,907 11/1/94 PROSPECTUS N/A N/A N/A N/A 96.0% 12/31/93
53 1 170,140 6/30/95 BORROWER 45,942 7/1/95 9/30/95 BORROWER 78.6% 12/14/95
54 1 187,167 11/1/94 PROSPECTUS 95,743 1/1/95 6/30/95 BORROWER 66.7% 11/17/95
55 1 352,839 11/1/94 PROSPECTUS 113,384 1/1/95 6/30/95 BORROWER 83.0% 2/21/94
</TABLE>
Page - 15
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET COMMENTS
PORTFOLIO: NOMURA SERIES 1994 C3
REPORTING PERIOD: MAY, 1996
DATE PRINTED: 12-JUN-96
LOAN 01 - 1:
LOAN 02 - 1:
LOAN 03 - 1: Latest Annual Statement Comment: 12/31/95 - REVENUE IS 18%
ABOVE BASE LINE PROJECTIONS.
LOAN 04 - 1:
LOAN 05 - 1:
LOAN 06 - 1: Latest Annual Statement Comment: 12/31/95 - REVENUE IS 22%
ABOVE BASE LINE PROJECTIONS.
LOAN 07 - 1:
LOAN 08 - 1:
LOAN 09 - 1:
LOAN 10 - 1:
LOAN 11 - 1:
LOAN 12 - 1:
LOAN 13 - 1: Latest Annual Statement Comment: 12/31/95 - BORROWER'S
OPERATING STATEMENT DID NOT INCLUDE ANY PROPERTY TAX EXPENSE. THE AMOUNT
ENTERED WAS BASED ON SERVICING INFORMATION.
LOAN 14 - 1:
LOAN 15 - 1: Latest Annual Statement Comment: 12/31/95 - CAPITAL
EXPENSE INCLUDES SUBSTANTIAL EXPENDITURES FOR SIDING, GUTTERS, CARPET,
PLUMBING, AND REPLACEMENT OF APPROXIMATELY 1/3 OF ALL APPLIANCES.
LOAN 16 - 1: Latest Annual Statement Comment: 12/31/95 - RENOVATION WAS
COMPLETED DURING FIRST QUARTER. WORK INCLUDED NEW ROOF, SIDING, AND DOORS.
LOAN 17 - 1:
LOAN 18 - 1:
LOAN 19 - 1: Latest Annual Statement Comment: 12/31/95 - RENOVATION WAS
COMPLETED DURING THE FIRST QUARTER. WORK INCLUDED NEW ROOF, SIDING, AND
DOORS.
LOAN 20 - 1:
LOAN 21 - 1:
LOAN 22 - 1:
LOAN 23 - 1: Partial Year Statement Comment: 6/30/95 - GENERAL AND
ADMINISTRATIVE EXPENSE IS $16,055 AND 115% OVER BUDGET YEAR TO DATE DUE TO
INCREASED EVICTION EXPENSE.
LOAN 24 - 1:
LOAN 25 - 1:
LOAN 26 - 1:
LOAN 27 - 1:
LOAN 28 - 1:
LOAN 29 - 1:
LOAN 30 - 1: Partial Year Statement Comment: 10/31/95 - YEAR TO DATE
REVENUE IS 5% BELOW BASELINE LEVEL, WHILE YEAR TO DATE EXPENSES ARE 10%
ABOVE BASELINE LEVEL. REPAIRS AND MAINTENANCE AND GENERAL AND
ADMINISTRATIVE EXPENSE HAVE EXCEEDED BASELINE ESTIMATES YEAR TO DATE.
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LOAN 31 - 1: Status Comment: A SECOND AND THIRD MORTGAGE EXCEEDING A
TOTAL OF $800,000 HAVE BEEN RECORDED WITHOUT THE PRIOR CONSENT OF LENDER, A
VIOLATION OF THE LOAN DOCUMENTS. DSCR ON THE FIRST MORTGAGE IS 1.00, 0.93
AFTER SUBORDINATE DEBT. A SPECIAL SERVICER IS REVIEWING. Latest Annual
Statement Comment: 12/31/95 - BORROWER INDICATES THAT NUMEROUS REPAIRS HAVE
BEEN COMPLETED INCLUDING GROUNDS WORK, CARPET REPLACEMENT, PAINTING, AND
CLUBHOUSE REMODELING.
LOAN 32 - 1:
LOAN 33 - 1: Status Comment: CONSISTENTLY DELINQUENT. NSF CHECK
RECEIVED CAUSING RECENT 30+ DAYS DELINQUENCY. DEFAULT INTEREST RATE HAS
BEEN INVOKED ON THIS LOAN. INSPECTION PERFORMED IN OCTOBER - GOOD PHYSICAL
CONDITION AND LOCATION. Latest Annual Statement Comment: 12/31/95 -
OPERATING EXPENSES ARE 13% ABOVE BASELINE PROJECTION AND 32% ABOVE PREVIOUS
YEAR. VARIANCES ARE DISTRIBUTED ACROSS ALL OPERATING EXPENSE CATEGORIES.
LOAN 34 - 1:
LOAN 35 - 1:
LOAN 36 - 1:
LOAN 37 - 1:
LOAN 38 - 1:
LOAN 39 - 1: Partial Year Statement Comment: 9/30/95 - YEAR TO DATE
NOI IS 13% BELOW BASELINE LEVEL, BUT REMAINS ADEQUATE TO SERVICE DEBT.
LOAN 40 - 1:
LOAN 41 - 1:
LOAN 42 - 1:
LOAN 43 - 1: Latest Annual Statement Comment: 12/31/95 - ANNUAL
OPERATING EXPENSES ARE 22% ABOVE BASELINE PROJECTION AND 15% ABOVE PREVIOUS
YEAR. NURSING ADMINISTRATION, NURSING STAFF, PURCHASED THERAPY SERVICES,
AND PENALTIES AND FINES ARE OVER BUDGET.
LOAN 44 - 1: Latest Annual Statement Comment: 12/31/95 - ANNUAL EXPENSE
IS 16% ABOVE BASELINE PROJECTION. NURSING, PURCHASED SERVICES, AND
PENALTIES AND FINES ARE OVER BUDGET.
LOAN 45 - 1: Latest Annual Statement Comment: 12/31/95 - ANNUAL
OPERATING EXPENSES ARE 56% ABOVE BASELINE PROJECTION AND 49% ABOVE PREVIOUS
YEAR. PURCHASED THERAPY SERVICES COST MORE THAN DOUBLE BUDGETED AMOUNT.
NURSING ADMINISTRATION AND STAFF EXCEEDED BUDGET AS WELL.
LOAN 46 - 1:
LOAN 47 - 1: Status Comment: AUDITED FINANCIAL STATEMENT FOR THE YEAR
END 12/31/94 QUESTIONED THE NURSING HOME OPERATOR'S ABILITY TO CONTINUE AS A
GOING CONCERN. YTD CASH FLOW AFTER DEBT SERVICE IS ($135,709). PROP. INSP.
IN OCT. SITED STRONG OCCUPANCY AND GOOD PHYSICAL CONDITION. Partial
Year Statement Comment: 9/30/95 - STATEMENT IS FOR THE NURSING HOME WHICH
OPERATES UNDER A LEASE TO THE BORROWER. YEAR END 1994 STATEMENTS INCLUDED
AUDITOR'S GOING CONCERN QUALIFICATION. CURRENT STATEMENTS CONTEMPLATE
CONTINUATION AS A GOING CONCERN, BUT NOTE YEAR TO DATE LOSSES.
LOAN 48 - 1:
LOAN 49 - 1: Status Comment: BORROWING ENTITY IS RELATED TO LOAN THAT
IS 60+ DAYS DELINQUENT AND IS AT SPECIAL SERVICER. Latest Annual
Statement Comment: 12/31/95 - ANNUAL REVENUE IS 11% BELOW BASELINE ESTIMATES
WHILE OPERATING EXPENSES ARE 3% ABOVE BASELINE ESTIMATES. SCHEDULED BASE
RENTAL REVENUE FROM RENT ROLL IS 3% BELOW BASELINE PROJECTION.
LOAN 50 - 1: Status Comment: BORROWING ENTITY IS RELATED TO LOAN THAT
IS 60+ DAYS DELINQUENT AND IS AT SPECIAL SERVICER. Latest Annual
Statement Comment: 12/31/95 - ANNUAL EXPENSE IS 10% ABOVE BASELINE
PROJECTION. VARIANCE IS COMPOSED PRIMARILY OF REPAIR AND MAINTENANCE
EXPENSE WHICH IS 154% ABOVE BASELINE PROJECTION. PAINTING AND ROOFING
EXPENSES EXCEEDED BORROWER'S BUDGET.
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LOAN 51 - 1: Status Comment: TRANSFERRED TO SPECIAL SERVICER DUE TO
IMMINENT DEFAULT. Latest Annual Statement Comment: 12/31/95 - REVENUE IS
11% BELOW BASELINE PROJECTION WHILE EXPENSES ARE 24% ABOVE BASELINE
PROJECTIONS. R&M, G&A, AND UTILITIES EXCEEDED BASELINE PROJECTIONS. R&M
AND G&A ARE OVER BUDGET DUE TO COSTS ASSOCIATED W/ EVICTION OF SEVERAL
TENANTS AND RETENANTING.
LOAN 52 - 1:
LOAN 53 - 1:
LOAN 54 - 1:
LOAN 55 - 1: Partial Year Statement Comment: 6/30/95 - PER BORROWER,
OCCUPANCY FELL DUE TO UNITS ENTERING MARKET. NEW MANAGER HAS BEEN HIRED.
MARKETING PLANS ARE BEING IMPLEMENTED INCL DIRECT MAIL AND EVENTS AT THE
PROPERTY. BORR IS PURSUING ALTERNATE STORAGE BUSINESS SUCH AS BOX STORAGE
FOR BUSINESSES.
Page - 18
