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) April 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 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 4.
Page - 1
<PAGE>
Item 5. Other Events
Attached hereto is a copy of the April 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 April 11,
1996.
Loan data file as of the April 1996 Determination Date.
Page - 2
<PAGE>
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
Name: Lawrence D. Ashley
Title: Director of MBS Programs
Date: April 11, 1996
Page - 3
<PAGE>
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Statement to the Certificateholders 5
dated as of April 11, 1996
Loan data file as of April 1996 10
Page - 4
<TABLE>
ABN AMRO Statement Date: 04/11/96
LaSalle National Bank Payment Date: 04/11/96
Prior Payment: 03/11/96
Administrator: Record Date: 03/29/96
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 200 WAC: 9.769443%
Chicago, IL 60603 WAMM: 97
Nomura Asset Securities Corporation
(Midland Loan Services L.P.)
Commercial Pass-Through Certificates
Series 1994-C3
ABN AMRO Acct: 67-7301-21-0
Upper Tier
<CAPTION>
Original Opening Principal Principal
Class Face Value (1) Balance Payment Adj / Loss
CUSIP Per $1,000 Per $1,000 Per $1,000 Per $1,000
------ -------------- -------------- ---------- ---------
<S> <C> <C> <C> <C>
A-1 ........... 110,778,455.00 108,406,388.63 158,704.20 0.00
655356EL3 ..... 1000.000000 978.587295 1.432627 0.000000
A-2 ........... 10,589,117.00 10,589,117.00 0.00 0.00
655356EM1 ..... 1000.000000 1000.000000 0.000000 0.000000
A-3 ........... 8,960,022.00 8,960,022.00 0.00 0.00
655356EN9 ..... 1000.000000 1000.000000 0.000000 0.000000
A-4 ........... 6,516,379.00 6,516,379.00 0.00 0.00
655356EP4 ..... 1000.000000 1000.000000 0.000000 0.000000
B-1 ........... 4,887,284.00 4,887,284.00 0.00 0.00
655356EQ2 ..... 1000.000000 1000.000000 0.000000 0.000000
B-2 ........... 9,774,569.00 9,774,569.00 0.00 0.00
655356ER0 ..... 1000.000000 1000.000000 0.000000 0.000000
B-3 ........... 8,145,474.00 8,145,474.00 0.00 0.00
655356ES8 ..... 1000.000000 1000.000000 0.000000 0.000000
B-4A .......... 3,257,193.00 3,257,193.00 0.00 0.00
655356ET6 ..... 1000.000000 1000.000000 0.000000 0.000000
B-4B .......... 1,000.78 1,000.78 0.00 0.00
655356EU3 ..... 1000.000000 1000.000000 0.000000 0.000000
B-5 ........... 0.00 0.00 0.00 0.00
9ABSM219 ...... 1000.000000 0.000000 0.000000 0.000000
R ............. 0.00 0.00 0.00 0.00
9ABSM220 ...... 1000.000000 0.000000 0.000000
-------------- -------------- ----------
162,909,493.78 160,537,427.41 158,704.20
============== ============== ==========
Total P&I Pmt. 1,424,728.99
============
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 5
<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
Upper Tier, Continued
<CAPTION>
Negative Closing Interest
Class Amort. Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
------ ---------- -------------- ----------
<S> <C> <C> <C>
A-1 ........... 0.00 108,247,684.43 827,451.76
655356EL3 ..... 0.000000 977.154668 7.469429
A-2 ........... 0.00 10,589,117.00 82,590.20
655356EM1 ..... 0.000000 1000.000000 7.799536
A-3 ........... 0.00 8,960,022.00 70,705.35
655356EN9 ..... 0.000000 1000.000000 7.891203
A-4 ........... 0.00 6,516,379.00 52,453.82
655356EP4 ..... 0.000000 1000.000000 8.049535
B-1 ........... 0.00 4,887,284.00 39,340.37
655356EQ2 ..... 0.000000 1000.000000 8.049536
B-2 ........... 0.00 9,774,569.00 107,222.88
655356ER0 ..... 0.000000 1000.000000 10.969576
B-3 ........... 0.00 8,145,474.00 86,260.41
655356ES8 ..... 0.000000 1000.000000 10.589980
B-4A .......... 0.00 3,257,193.00 0.00
655356ET6 ..... 0.000000 1000.000000 0.000000
B-4B .......... 0.00 1,000.78 0.00
655356EU3 ..... 0.000000 1000.000000 0.000000
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
-------- --------------- --------------
0.00 0.00 160,378,723.21
======== =============== ==============
Total P&I Pmt .
</TABLE>
Page - 6
<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
Upper Tier, Continued
<CAPTION>
Interest Pass-Through
Class Adjustment Rate(2)
CUSIP Per $1,000 Next Rate(3)
------ ---------- -----------
<S> <C> <C>
A-1 ........... 0.00 9.15944275%
655356EL3 ..... 0.000000 9.15945343%
A-2 ........... 0.00 9.35944275%
655356EM1 ..... 0.000000 9.35945343%
A-3 ........... 0.00 9.46944275%
655356EN9 ..... 0.000000 9.46945343%
A-4 ........... 0.00 9.65944275%
655356EP4 ..... 0.000000 9.65945343%
B-1 ........... 0.00 9.65944275%
655356EQ2 ..... 0.000000 9.65945343%
B-2 ........... 0.00 Not Defined
655356ER0 ..... 0.000000
B-3 ........... 0.00 Not Defined
655356ES8 ..... 0.000000
B-4A .......... 0.00 9.65944275%
655356ET6 ..... 0.000000 9.65945343%
B-4B .......... 0.00 9.65944275%
655356EU3 ..... 0.000000 9.65945343%
B-5 ........... 0.00 None
9ABSM219 ...... 0.000000
R ............. 0.00 None
9ABSM220 ...... 0.000000 0.000000
------------ ----------
1,266,024.79 0.00
============ ==========
============
<FN>
(2) Interest Paid minus Interest Adjustment minus Deferred Interest
equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 7
<PAGE>
<TABLE>
ABN AMRO Statement Date: 04/11/96
LaSalle National Bank Payment Date: 04/11/96
Prior Payment: 03/11/96
Administrator: Record Date: 03/29/96
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 200 WAC: 9.769443%
Chicago, IL 60603 WAMM: 97
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 Principal
Class Face Value(1) Balance Payment Adj or Loss
CUSIP /$1,000 Per $1,000 Per $1,000 /$1,000
- ----- ------------- -------------- ---------- -----------
<S> <C> <C> <C> <C>
A-1-L ... 110,778,455.00 108,406,388.63 158,704.20 0.00
None .... 1000.000000 978.587295 1.432627 0.000000
A-2-L ... 10,589,117.00 10,589,117.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
A-3-L ... 8,960,022.00 8,960,022.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
A-4-L ... 6,516,379.00 6,516,379.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
B-1-L ... 4,887,284.00 4,887,284.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
B-2-L ... 9,774,569.00 9,774,569.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
B-3-L ... 8,145,474.00 8,145,474.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
B-4A- ... 3,257,193.00 3,257,193.00 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
B-4B- ... 1,000.78 1,000.78 0.00 0.00
None .... 1000.000000 1000.000000 0.000000 0.000000
B-5-L ... 0.00 0.00 0.00 0.00
None .... 1000.000000 0.000000 0.000000 0.000000
LR ...... 0.00 0.00 0.00 0.00
9ABSM221 1000.000000 0.000000 0.000000 0.000000
-------------- -------------- -------------- ----------
162,909,493.78 160,537,427.41 158,704.20
============== ============== ==========
<FN>
(1) N denotes notional balance not included in total
</FN>
</TABLE>
Page - 8
<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, Continued
<CAPTION>
Negative Closing Interest Interest Pass-Through
Class Amort. Balance Payment Adjustment Rate (2)
CUSIP /$1,000 /$1,000 /$1,000 /$1,000 Next Rate(3)
- ----- --------- -------------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C>
A-1-L ... 0.00 108,247,684.43 872,621.09 0.00 9.65944275%
None .... 0.000000 977.154668 7.877173 0.000000 9.65945343%
A-2-L ... 0.00 10,589,117.00 85,237.47 0.00 9.65944275%
None .... 0.000000 1000.000000 8.049535 0.000000 9.65945343%
A-3-L ... 0.00 8,960,022.00 72,124.02 0.00 9.65944275%
None .... 0.000000 1000.000000 8.049536 0.000000 9.65945343%
A-4-L ... 0.00 6,516,379.00 52,453.82 0.00 9.65944275%
None .... 0.000000 1000.000000 8.049535 0.000000 9.65945343%
B-1-L ... 0.00 4,887,284.00 39,340.37 0.00 9.65944275%
None .... 0.000000 1000.000000 8.049536 0.000000 9.65945343%
B-2-L ... 0.00 9,774,569.00 78,680.74 0.00 9.65944275%
None .... 0.000000 1000.000000 8.049535 0.000000 9.65945343%
B-3-L ... 0.00 8,145,474.00 65,567.28 0.00 9.65944275%
None .... 0.000000 1000.000000 8.049535 0.000000 9.65945343%
B-4A- ... 0.00 3,257,193.00 0.00 0.00 9.65944275%
None .... 0.000000 1000.000000 0.000000 0.000000 9.65945343%
B-4B- ... 0.00 1,000.78 0.00 0.00 9.65944275%
None .... 0.000000 1000.000000 0.000000 0.000000 9.65945343%
B-5-L ... 0.00 0.00 0.00 0.00 None
None .... 0.000000 0.000000 0.000000 0.000000
LR ...... 0.00 0.00 0.00 0.00 None
9ABSM221 0.000000 0.000000 0.000000 0.000000
-------- -------------- -------------- ------------ -----------
0.00 0.00 160,378,723.21 1,266,024.79 0.00
======== ============== ============== ============ ==========
Total P&I 1,424,728.99
============
<FN>
(2) Interest Paid minus Deferred Interest equals Accrual
(3) Estimated
</FN>
</TABLE>
Page - 9
<PAGE>
<TABLE>
LaSalle National Bank (Midland Loan Services L.P.) Payment Date: 04/11/96
Commercial Pass-Through Certificates Prior Payment: 03/11/96
Administrator: Series 1994-C3 Record Date: 03/29/96
Ryan Kutty (800) 246-5761 ABN AMRO Acct: 67-7301-21-0
135 S. LaSalle Street Suite 200
Chicago, IL 60603
SERVICING COMPENSATION OTHER FEES
Servicing Fee 14,715.93 Prepayment Premiums 0.00
Special Servicing Rehabilitation Fee 1,056.06 Net Default Interest 0.00
Disposition Fee 0.00 Total 0.00
Total 15,771.99
OUTSTANDING INTEREST SHORTFALL
A-1-L 0.00 B-2-L 0.00 A-1 0.00 B-2 0.00
A-2-L 0.00 B-3-L 0.00 A-2 0.00 B-3 0.00
A-3-L 0.00 B-4A-L 0.00 A-3 0.00 B-4A 26,218.89
A-4-L 0.00 B-4B-L 0.00 A-4 0.00 B-4B 8.06
B-1-L 0.00 B-1 0.00
Advance Interest 503,367.64
Subsequent Advance Interest (503,367.64)
First Month Advance 0.00
Subsequent Advance Interest 503,367.64
Less Sub. Interest Distribution (25,170.89)
Net 478,196.75
Total Current Advance 478,196.75
POOL INFORMATION PROPERTY ADVANCES
Beginning Ending Current Unreimbursed
Loan Count 55 55 0.00 0.00
Balance 160,537,427.41 160,378,723.21
SUMMARY OF REO PROPERTY
<CAPTION>
Aggregate
Date Of Other
Principal Final Amount Revenues
Loan Number Loan Name Balance Book Value Recovery Of Proceeds Collected
- ----------- --------- --------- ---------- -------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
Book Value of Real Estate Through Foreclosure
or Grant of Deed in Lieu of Foreclosure 0.00
Page - 10
<PAGE>
<TABLE>
ABN AMRO Statement Date: 04/11/96
LaSalle National Bank Payment Date: 04/11/96
Prior Payment: 03/11/96
Administrator: Record Date: 03/29/96
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 200
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
<CAPTION>
Delinquencies & REOs(1)
---------------------------------------------------
Delinq 1 Month Delinq 2 Months
Distribution --------------------- ---------------------
Date # Balance # Balance
- ------------ ------ ---------- ------- ----------
<C> <C> <C> <C> <C>
04/11/96 0 0 1 2,532,513
/ 0.00% 0.000% 1.82% 1.578%
03/11/96 2 9,076,978 0 0
/ 3.64% 5.649% 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 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
06/12/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
05/11/95 1 2,091,282 0 0
/ 1.82% 1.289% 0.00% 0.000%
04/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
03/13/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
02/13/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
01/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.000%
<FN>
(1)Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Page - 11
<PAGE>
<TABLE>
<CAPTION>
Delinquencies & REO, Continued(1)
-------------------------------------------------------------
Delinq 3+ Months Foreclosure Balance
Distribution --------------------- --------------------- -------
Date # Balance # Balance Of REOs
- ------------ ------ -------- ------ ------- -------
<C> <C> <C> <C> <C> <C>
04/11/96 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
03/11/96 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
02/12/96 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
01/11/96 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
12/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
11/13/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
10/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
09/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
08/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
07/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
06/12/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
05/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
04/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
03/13/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
02/13/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
01/11/95 0 0 0 0
/ 0.00% 0.000% 0.00% 0.00 0.000%
<FN>
(1)Foreclosure and REO Totals are Included in the Appropriate
Delinquency Aging Category
</FN>
</TABLE>
Page - 12
<PAGE>
<TABLE>
<CAPTION>
Prepayments
-------------------------------------
Distribution Begin Pool Prepayment $ Sched
Date Balance (#) (# of Payoff Principal
- ------------ ---------- ----------- ---------
<C> <C> <C> <C>
04/11/96 160,537,427 0 158,704
/ 55 0
03/11/96 160,694,852 0 157,424
/ 55 0
02/12/96 160,851,006 0 156,154
/ 55 0
01/11/96 161,005,901 0 154,895
/ 55 0
12/11/95 161,159,547 0 153,646
/ 55 0
11/13/95 161,311,954 0 152,407
/ 55 0
10/11/95 161,463,133 0 151,178
/ 55 0
09/11/95 161,613,092 0 149,960
/ 55 0
08/11/95 161,761,843 0 148,751
/ 55 0
07/11/95 161,909,394 0 147,552
/ 55 0
06/12/95 162,055,757 0 146,362
/ 55 0
05/11/95 162,200,940 0 145,183
/ 55 0
04/11/95 162,344,953 0 144,013
/ 55 0
03/13/95 162,487,805 0 142,852
/ 55 0
02/13/95 162,629,507 0 141,701
/ 55 0
01/11/95 162,770,021 (45) 140,560
/ 55 0
</TABLE>
Page - 13
<PAGE>
<TABLE>
<CAPTION>
Rates & Maturity
----------------------------------------
Next Weighted Avg.
Distribution ------------------------
Date Coupon Remit WAMM
- ------------ ------------------------ ----
<C> <C> <C> <C>
04/11/96 9.76945% 9.65945% 97
03/11/96 9.76944% 9.65944% 98
02/12/96 9.76943% 9.65943% 99
01/11/96 9.76942% 9.65942% 100
12/11/95 9.76941% 9.65941% 101
11/13/95 9.76939% 9.65939% 102
10/11/95 9.76938% 9.65938% 103
09/11/95 9.76936% 9.65936% 104
08/11/95 9.76935% 9.65935% 105
07/11/95 9.76933% 9.65933% 106
06/12/95 9.76932% 9.65932% 107
05/11/95 9.76930% 9.65930% 108
04/11/95 9.76928% 9.65928% 109
03/13/95 9.76926% 9.65926% 110
02/13/95 9.76925% 9.65925% 111
01/11/95 9.76924% 9.65924% 112
</TABLE>
Page - 14
<PAGE>
ABN AMRO Statement Date: 04/11/96
LaSalle National Bank Payment Date: 04/11/96
Prior Payment: 03/11/96
Administrator: Record Date: 03/29/96
Ryan Kutty (800) 246-5761
135 S. LaSalle Street Suite 200
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
<TABLE>
<CAPTION>
Delinquency Loan Detail
- ----------------------------------------------------------------------------
Paid Outstanding
Disclosure Doc Thru Current P&I P&I
Control # Period Date Advances Advances(1)
- -------------- ------ -------- --------- ---------
<C> <C> <C> <C> <C>
30203769 199604 01/01/96 24,382.72 73,147.60
30207481 199604 03/01/96 14,326.10 14,326.10
30207482 199604 03/01/96 72,646.05 72,646.05
30207484 199604 03/01/96 21,321.60 21,321.60
30207485 199604 03/01/96 18,205.75 18,205.75
30207486 199604 03/01/96 15,173.34 15,173.34
30207487 199604 03/01/96 18,176.22 18,176.22
30207489 199604 03/01/96 58,738.49 58,738.49
30207491 199604 03/01/96 7,584.32 7,584.32
30207494 199604 03/01/96 9,207.72 9,207.72
30207505 199604 03/01/96 62,577.52 62,577.52
30207506 199604 03/01/96 9,147.64 9,147.64
30207510 199604 03/01/96 33,297.74 33,297.74
30207511 199604 03/01/96 46,336.26 46,336.26
30207515 199604 03/01/96 9,543.37 9,543.37
30207517 199604 03/01/96 37,221.46 37,221.46
30207518 199604 03/01/96 34,355.71 34,355.71
30207579 199604 03/01/96 14,604.13 14,604.13
30207580 199604 03/01/96 18,239.44 18,239.44
30207581 199604 03/01/96 22,212.40 22,212.40
30207582 199604 03/01/96 12,705.14 12,705.14
-------- ---------- ----------
TOTALS: 560,003.12 608,768.00
========== ==========
<FN>
(1) Outstanding P&I Advances include the current period P&I Advance
</FN>
</TABLE>
Page - 15
<PAGE>
<TABLE>
<CAPTION>
Delinquency Loan Detail, Continued
- ----------------------------------------------------------------------------
Outstanding
Property
Disclosure Doc Protection Advance Loan Transfer
Control # Advances Description(2) Status(3) Date
- -------------- ----------- ------------- -------- --------
<C> <C> <C> <C> <C>
30203769 0.00 2
30207481 0.00 A
30207482 0.00 B
30207484 0.00 A
30207485 0.00 A
30207486 0.00 A
30207487 0.00 A
30207489 0.00 A
30207491 0.00 A
30207494 0.00 A
30207505 0.00 A
30207506 0.00 A
30207510 0.00 A
30207511 0.00 A
30207515 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>
(2) 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
(3) Loan Status: 1. Specially Serviced 6. DPO
2. Foreclosure 7. Foreclosure Sale
3. Bankruptcy 8. Bankruptcy Sale
4. REO 9. REO Disposition
5. Prepaid in Full 10. Modification/Workout
</FN>
</TABLE>
Page - 16
<PAGE>
<TABLE>
<CAPTION>
Delinquency Loan Detail, Continued
- ----------------------------------------------------------------------------
Disclosure Doc Foreclosure Bankruptcy REO
Control # Date Date Date
- -------------- ----------- ---------- -----
<C> <C> <C> <C>
30203769
30207481
30207482
30207484
30207485
30207486
30207487
30207489
30207491
30207494
30207505
30207506
30207510
30207511
30207515
30207517
30207518
30207579
30207580
30207581
30207582
TOTALS:
</TABLE>
Servicer Advances For Current Distribution Date As Of Close Of Business on:
04/10/96
Advances Due To Delinquency Or late Payment 97,028.77
Advances Due To Extended Grace Periods 462,974.37
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 - 17
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - LOAN DATA FILE
PORTFOLIO: Nomura Series 1994 C3
REPORTING PERIOD: April, 1996
DATE PRINTED: 01-May-96
<CAPTION>
REMAIN
CURRENT ORIG LOAN LOAN INT
ASSET PRINCIPAL NOTE AMORT TERM IN INT RATE
NO BALANCE DATE DATE MOS. RATE TYPE PAYMENT
- ----- ---------- -------- --------- ---- ------- --- -------
<C> <C> <C> <C> <C> <C> <C> <C>
01 4,139,546 2/7/94 1/31/2014 94 9.865% F 40,565
02 2,171,506 10/11/94 11/1/2014 222 11.950% F 24,290
03 1,881,056 10/11/94 11/1/2014 222 11.950% F 21,041
04 4,070,225 10/11/94 11/1/2014 222 11.950% F 45,529
05 1,255,999 10/11/94 11/1/2014 222 11.950% F 14,049
06 2,086,137 10/11/94 11/1/2014 222 11.950% F 23,335
07 1,680,816 8/16/94 9/1/2014 220 11.570% F 18,415
08 933,295 6/16/94 7/1/2019 98 9.870% F 8,546
09 951,855 12/30/93 1/1/2019 56 8.500% F 7,891
10 1,075,547 3/17/94 4/1/2019 59 9.020% F 9,246
11 1,225,951 9/17/93 10/1/2023 53 8.550% F 9,656
12 1,267,797 2/28/94 3/1/2019 58 8.910% F 10,830
13 1,627,078 10/5/93 11/1/2018 54 8.410% F 13,426
14 2,057,646 8/31/93 9/1/2018 52 8.400% F 17,008
15 2,684,246 8/31/93 9/1/2018 52 8.650% F 22,626
16 3,993,732 7/20/94 8/1/2024 63 9.410% F 33,664
17 4,002,268 5/26/94 6/1/2019 277 10.210% F 37,588
18 4,383,780 6/30/93 7/1/2023 26 8.600% F 34,758
19 5,557,572 7/20/94 8/1/2024 63 9.410% F 46,846
20 7,772,343 12/10/93 1/1/2019 32 8.290% F 63,290
21 8,083,247 2/25/94 3/1/2019 58 8.570% F 67,226
22 3,267,283 8/4/94 9/1/2019 64 9.830% F 29,772
23 3,043,072 7/28/94 8/1/2019 63 9.270% F 26,591
24 7,264,107 7/28/94 8/1/2022 63 9.270% F 63,474
25 1,585,999 8/24/94 9/1/2019 64 9.860% F 14,471
26 2,176,342 4/28/94 5/1/2014 96 10.125% F 21,900
27 2,614,701 3/11/94 4/1/2019 35 9.125% F 21,561
28 2,143,805 7/6/94 8/1/2024 62 9.625% F 18,402
29 1,742,637 6/28/94 7/1/2024 62 9.915% F 15,333
30 2,080,803 7/29/94 8/1/2024 63 9.960% F 18,367
31 8,086,862 9/30/94 10/1/2019 65 9.800% F 73,387
32 7,887,381 10/14/94 11/1/2019 66 9.890% F 72,067
33 6,542,428 10/7/94 11/1/2024 66 10.310% F 59,338
34 3,195,120 10/14/94 11/1/2019 66 10.350% F 30,217
35 1,474,635 8/4/94 9/1/2019 63 9.440% F 13,043
36 2,162,257 8/19/94 9/1/2019 280 9.350% F 18,992
37 2,054,658 8/16/94 8/1/2019 279 9.440% F 18,173
38 3,058,249 8/16/94 9/1/2019 279 9.540% F 27,258
39 2,618,117 6/9/94 7/1/2024 98 9.140% F 21,590
40 3,220,063 8/16/94 9/1/2019 279 9.490% F 28,591
41 1,231,727 9/29/94 10/1/2019 66 9.980% F 11,341
42 1,563,605 10/17/94 11/1/2024 102 10.510% F 14,419
43 1,352,294 1/28/94 2/1/2014 57 9.328% F 12,829
44 1,554,416 1/28/94 2/1/2014 57 9.328% F 14,747
45 2,368,274 1/28/94 2/1/2014 57 9.328% F 22,429
46 1,944,681 1/28/94 2/1/2014 57 9.328% F 18,418
47 5,030,630 8/4/94 9/1/2024 100 10.600% F 51,863
48 2,962,510 10/5/94 11/1/2019 66 10.560% F 28,454
49 2,683,679 7/7/94 8/1/2019 61 10.310% F 25,369
50 2,948,503 7/7/94 8/1/2019 61 10.310% F 27,873
51 2,538,569 7/12/94 8/1/2019 61 10.690% F 24,615
52 749,552 5/4/94 6/1/2019 72 11.370% F 7,653
53 949,463 7/19/94 8/1/2019 63 10.800% F 9,295
54 1,269,820 6/1/94 6/1/2019 61 10.900% F 12,550
55 2,171,491 6/1/94 6/1/2019 61 10.900% F 21,462
---------
160,439,378
===========
</TABLE>
Page - 18
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - Master Servicer
Loan Portfolio Analysis System - Loan Status
PORTFOLIO: Nomura Series 1994 C3
REPORTING PERIOD: April, 1996
DATE PRINTED: 01-May-96
<CAPTION>
CURRENT
ASSET PRINCIPAL DAYS ENVIRON
NO BALANCE DELINQ LTV DSCR ISSUES ASSET STATUS RESOLUTION TYPE
- ----- ----------- ------ ----- ----- ------ ------------------------- -------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
01 4,139,546 0 72.4% 1.56 N/A PERFORMING PERFORM TO MATURITY
02 2,171,506 0 40.0% 1.85 N/A PERFORMING PERFORM TO MATURITY
03 1,881,056 0 53.0% 2.11 N/A PERFORMING PERFORM TO MATURITY
04 4,070,225 0 55.0% 1.52 N/A PERFORMING PERFORM TO MATURITY
05 1,255,999 0 44.9% 1.76 N/A PERFORMING PERFORM TO MATURITY
06 2,086,137 0 45.4% 2.46 N/A PERFORMING PERFORM TO MATURITY
07 1,680,816 0 66.4% 1.39 N/A PERFORMING PERFORM TO MATURITY
08 933,295 0 69.1% 1.62 N/A PERFORMING PERFORM TO MATURITY
09 951,855 0 68.0% 1.47 N/A PERFORMING PERFORM TO MATURITY
10 1,075,547 0 65.0% 1.93 N/A PERFORMING PERFORM TO MATURITY
11 1,225,951 0 68.0% 1.42 N/A PERFORMING PERFORM TO MATURITY
12 1,267,797 0 65.4% 1.97 N/A PERFORMING PERFORM TO MATURITY
13 1,627,078 0 60.8% 1.97 N/A PERFORMING PERFORM TO MATURITY
14 2,057,646 0 56.7% 1.76 N/A PERFORMING PERFORM TO MATURITY
15 2,684,246 0 72.5% 2.10 N/A PERFORMING PERFORM TO MATURITY
16 3,993,732 0 70.1% 1.23 N/A PERFORMING PERFORM TO MATURITY
17 4,002,268 0 65.0% 1.33 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
18 4,383,780 0 70.7% 1.45 N/A PERFORMING PERFORM TO MATURITY
19 5,557,572 0 61.9% 1.19 N/A PERFORMING PERFORM TO MATURITY
20 7,772,343 0 65.0% 1.53 N/A PERFORMING PERFORM TO MATURITY
21 8,083,247 0 71.5% 1.32 N/A PERFORMING PERFORM TO MATURITY
22 3,267,283 0 70.3% 1.30 N/A PERFORMING PERFORM TO MATURITY
23 3,043,072 0 58.5% 1.22 N/A PERFORMING PERFORM TO MATURITY
24 7,264,107 0 72.6% 1.28 N/A PERFORMING PERFORM TO MATURITY
25 1,585,999 0 70.5% 1.32 N/A PERFORMING PERFORM TO MATURITY
26 2,176,342 0 49.5% 1.33 N/A PERFORMING PERFORM TO MATURITY
27 2,614,701 0 67.5% 1.26 N/A PERFORMING PERFORM TO MATURITY
28 2,143,805 0 72.3% 1.33 N/A PERFORMING PERFORM TO MATURITY
29 1,742,637 0 57.0% 1.30 N/A PERFORMING PERFORM TO MATURITY
30 2,080,803 0 57.8% 1.48 N/A PERFORMING PERFORM TO MATURITY
31 8,086,862 0 72.0% 1.00 N/A COLLECTION IN PROCESS PERFORM TO MATURITY
32 7,887,381 0 79.0% 1.28 N/A PERFORMING PERFORM TO MATURITY
33 6,542,428 0 62.0% 1.16 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
34 3,195,120 0 61.4% 1.35 N/A PERFORMING PERFORM TO MATURITY
35 1,474,635 0 64.1% 1.34 N/A PERFORMING PERFORM TO MATURITY
36 2,162,257 0 38.6% 2.32 N/A PERFORMING PERFORM TO MATURITY
37 2,054,658 0 50.7% 1.84 N/A PERFORMING PERFORM TO MATURITY
38 3,058,249 0 53.2% 1.69 N/A PERFORMING PERFORM TO MATURITY
39 2,618,117 0 56.9% 1.76 N/A PERFORMING PERFORM TO MATURITY
40 3,220,063 0 53.7% 1.71 N/A PERFORMING PERFORM TO MATURITY
41 1,231,727 0 77.0% 1.49 N/A PERFORMING PERFORM TO MATURITY
42 1,563,605 0 68.0% 1.21 N/A PERFORMING PERFORM TO MATURITY
43 1,352,294 0 84.5% 1.52 N/A PERFORMING PERFORM TO MATURITY
44 1,554,416 0 97.2% 1.52 N/A PERFORMING PERFORM TO MATURITY
45 2,368,274 0 81.7% 1.52 N/A PERFORMING PERFORM TO MATURITY
46 1,944,681 0 48.6% 1.50 N/A PERFORMING PERFORM TO MATURITY
47 5,030,630 0 58.0% 1.36 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
48 2,962,510 0 59.3% 1.29 N/A PERFORMING PERFORM TO MATURITY
49 2,683,679 0 75.0% 1.10 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
50 2,948,503 0 66.0% 1.21 N/A MONITORING PERFORMANCE PERFORM TO MATURITY
51 2,538,569 68 67.0% 0.89 N/A NEGOTIATING MODIFICATIONS RESTRUCTURE/PERFORM TO MATURIT
52 749,552 0 57.7% 1.33 N/A PERFORMING PERFORM TO MATURITY
53 949,463 0 65.5% 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
---------
160,439,378
===========
</TABLE>
Page - 19
<PAGE>
<TABLE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - PROPERTY DESCRIPTION
PORTFOLIO: Nomura Series 1994 C3
REPORTING PERIOD: April, 1996
DATE PRINTED: 07-May-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 11/1/94 PROSPECTUS
02 1 LODGING GREENVILLE SC 29607 1965 184 5,435,000 11/1/94 PROSPECTUS
03 1 LODGING LILBURN GA 30324 1989 120 3,550,000 11/1/94 PROSPECTUS
04 1 LODGING ATLANTA GA 30324 1963 257 7,400,000 11/1/94 PROSPECTUS
05 1 LODGING KENNESAW GA 30144 1975 103 2,800,000 11/1/94 PROSPECTUS
06 1 LODGING HAPEVILLE GA 30354 1972 180 4,600,000 11/1/94 PROSPECTUS
07 1 LODGING FLORENCE KY 41042 1987 95 2,530,000 11/1/94 PROSPECTUS
08 1 MULTI-FAMILY WILTON MANORS FL 33305 1964 64 44,786 1,350,000 11/1/94 PROSPECTUS
09 1 MULTI-FAMILY PASADENA TX 77503 1977 44 54,291 1,400,000 11/1/94 PROSPECTUS
10 1 MULTI-FAMILY DAVIDSON NC 28036 1974 73 47,190 1,650,000 11/1/94 PROSPECTUS
11 1 MULTI-FAMILY NASSAU BAY TX 77058 1966 67 36,425 1,800,000 11/1/94 PROSPECTUS
12 1 MULTI-FAMILY RALEIGH NC 27606 1973 67 58,204 1,940,000 11/1/94 PROSPECTUS
13 1 MULTI-FAMILY ROSEVILLE MN 55713 1968 95 110,795 2,675,000 11/1/94 PROSPECTUS
14 1 MULTI-FAMILY AUBURN WA 98002 1976 120 123,522 3,630,000 11/1/94 PROSPECTUS
15 1 MULTI-FAMILY AUSTIN TX 78741 1973 224 188,832 3,700,000 11/1/94 PROSPECTUS
16 1 MULTI-FAMILY NEWARK DE 19713 1976 153 133,110 5,700,000 11/1/94 PROSPECTUS
17 1 MULTI-FAMILY CHARLOTTE NC 28205 1966 264 242,372 6,125,000 11/1/94 PROSPECTUS
18 1 MULTI-FAMILY WINDSOR CT 06095 1962 176 167,984 6,200,000 11/1/94 PROSPECTUS
19 1 MULTI-FAMILY NEWARK DE 19713 1976 180 141,340 8,980,000 11/1/94 PROSPECTUS
20 1 MULTI-FAMILY MT PROSPECT IL 60056 1975 301 224,752 11,900,000 11/1/94 PROSPECTUS
21 1 MULTI-FAMILY MIAMI BEACH FL 33179 1969 376 266,679 11,300,000 11/1/94 PROSPECTUS
22 1 MULTI-FAMILY RALEIGH NC 27609 1974 196 215,012 4,650,000 11/1/94 PROSPECTUS
23 1 MULTI-FAMILY SANTA MARIA CA 93454 1964 140 97,475 5,200,000 11/1/94 PROSPECTUS
24 1 MULTI-FAMILY ATLANTA GA 30328 1972 412 364,180 10,000,000 11/1/94 PROSPECTUS
25 1 MULTI-FAMILY JACKSONVILLE FL 32210 1981 101 75,318 2,250,000 11/1/94 PROSPECTUS
26 1 MULTI-FAMILY HOUSTON TX 77080 1972 347 315,424 4,400,000 11/1/94 PROSPECTUS
27 1 MULTI-FAMILY DALLAS TX 75237 1986 204 108,387 3,875,000 11/1/94 PROSPECTUS
28 1 MULTI-FAMILY FT WORTH TX 76133 1979 175 134,732 2,965,000 11/1/94 PROSPECTUS
29 1 MULTI-FAMILY DALLAS TX 75231 1972 208 178,712 3,037,000 11/1/94 PROSPECTUS
30 1 MULTI-FAMILY DALLAS TX 75217 1965 202 190,136 3,600,000 11/1/94 PROSPECTUS
31 1 MULTI-FAMILY LAS VEGAS NV 89109 1973 346 274,090 11,250,000 11/1/94 PROSPECTUS
32 1 MULTI-FAMILY INDIANAPOLIS IN 46260 1968 518 443,680 9,950,000 11/1/94 PROSPECTUS
33 1 MULTI-FAMILY INDIANAPOLIS IN 46214 1976 296 314,679 10,600,000 11/1/94 PROSPECTUS
34 1 MULTI-FAMILY EL PASO TX 79999 1970 248 231,060 5,200,000 11/1/94 PROSPECTUS
35 1 MANUFACTURED HOUSI RIDGECREST CA 93555 1972 134 2,300,000 11/1/94 PROSPECTUS
36 1 MANUFACTURED HOUSI NOVI MI 48375 1968 198 5,600,000 11/1/94 PROSPECTUS
37 1 MANUFACTURED HOUSI SPRINGFIELD OR 97477 1989 164 4,050,000 11/1/94 PROSPECTUS
38 1 MANUFACTURED HOUSI CLACKAMAS OR 97015 1964 277 5,750,000 11/1/94 PROSPECTUS
39 1 MANUFACTURED HOUSI SANDSTON VA 23150 1973 238 4,600,000 11/1/94 PROSPECTUS
40 1 MANUFACTURED HOUSI EUGENE OR 97402 1980 281 6,000,000 11/1/94 PROSPECTUS
41 1 MANUFACTURED HOUSI NEWTON IA 50205 1972 200 1,600,000 11/1/94 PROSPECTUS
42 1 MANUFACTURED HOUSI ELLENWOOD GA 30049 1986 170 2,300,000 11/1/94 PROSPECTUS
43 1 HEALTH CARE DYERSBURG TN 38024 1966 50 17,400 1,600,000 11/1/94 PROSPECTUS
44 1 HEALTH CARE LEXINGTON TN 38351 1965 55 12,000 1,600,000 11/1/94 PROSPECTUS
45 1 HEALTH CARE MEMPHIS TN 38116 1970 92 23,426 2,900,000 11/1/94 PROSPECTUS
46 1 HEALTH CARE HUMBOLDT TN 38343 1943 142 80,000 4,000,000 11/1/94 PROSPECTUS
47 1 HEALTH CARE NEPTUNE NJ 07754 1987 120 45,168 8,600,000 11/1/94 PROSPECTUS
48 1 RETAIL GRAND PRAIRIE TX 75050 1986 145,881 5,000,000 11/1/94 PROSPECTUS
49 1 RETAIL MT DORA FL 32757 1988 78,762 3,600,000 11/1/94 PROSPECTUS
50 1 RETAIL CASSELBERRY FL 32730 1987 58,847 4,500,000 11/1/94 PROSPECTUS
51 1 RETAIL DEL RAY BEACH FL 33445 1984 76,741 3,810,000 11/1/94 PROSPECTUS
52 1 WAREHOUSE CAVE CREEK AZ 85331 1987 249 25,425 1,300,000 11/1/94 PROSPECTUS
53 1 WAREHOUSE DENTON TX 75379 1984 513 58,525 1,450,000 11/1/94 PROSPECTUS
54 1 WAREHOUSE SPOKANE WA 99204 1976 480 66,553 1,900,000 11/1/94 PROSPECTUS
55 1 WAREHOUSE SPOKANE WA 99206 1976 993 133,350 3,200,000 11/1/94 PROSPECTUS
</TABLE>
Page - 20
<PAGE>
MIDLAND LOAN SERVICES, L.P. - MASTER SERVICER
LOAN PORTFOLIO ANALYSIS SYSTEM - ASSET FOOTNOTES
PORTFOLIO: Nomura Series 1994 C3
REPORTING PERIOD: April, 1996
DATE PRINTED: 07-May-96
LOAN PROPERTY
NO: NO: NARRATIVE:
- --- ---- -------------------------------------------------------
01 1
02 1
03 1
04 1
05 1
06 1
07 1
08 1
09 1 Partial Year Statement Comment: 10/31/95 - YEAR TO DATE
STATEMENT DOES NOT INCLUDE ANY PROPERTY TAX EXPENSE,
ESTIMATED AT APPROXIMATELY $22,000 BASED ON SERVICING
INFORMATION.
10 1
11 1
12 1
13 1
14 1
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.
16 1 Latest Annual Statement Comment: 12/31/95 - RENOVATION
WAS COMPLETED DURING FIRST QUARTER. WORK INCLUDED
NEW ROOF, SIDING, AND DOORS.
17 1 Status Comment: 30 OF 264 UNITS WERE DAMAGED IN FLOOD.
PROPERTY INSPECTION COMPLETED FEBRUARY, 1996. FINAL
INSPECTION IF REQUIRED, ANTICIPATED IN APRIL OR MAY,
1996.
18 1
19 1 Latest Annual Statement Comment: 12/31/95 - RENOVATION
WAS COMPLETED DURING THE FIRST QUARTER. WORK INCLUDED
NEW ROOF, SIDING, AND DOORS.
20 1
21 1
22 1
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.
24 1
25 1
26 1
27 1
28 1
29 1
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.
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. Latest Annual Statement Comment:
12/31/95 - BORROWER INDICATES THAT NUMEROUS REPAIRS
HAVE BEEN COMPLETED INCLUDING GROUNDS WORK, CARPET
REPLACEMENT, PAINTING, AND CLUBHOUSE REMODELING.
32 1 Status Comment: ASSUMPTION OF LOAN CLOSED ON 2/9/96.
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.
34 1
35 1
36 1
37 1
38 1
39 1 Partial Year Statement Comment: 9/30/95 - YEAR TO DATE
NOI IS 13% BELOW BASELINE LEVEL, BUT REMAINS ADEQUATE
TO SERVICE DEBT.
40 1
41 1
42 1
43 1
44 1 Partial Year Statement Comment: 9/30/95 - YEAR TO DATE
EXPENSE IS 15% ABOVE BASELINE LEVEL. PURCHASED
SERVICES, PENALTIES AND FINES, GAS, LAUNDRY STAFF, AND
NURSING STAFF ARE OVER BUDGET YEAR TO DATE.
45 1 Partial Year Statement Comment: 9/30/95 - YEAR TO DATE
OPERATING EXPENSES ARE 49% ABOVE BASELINE LEVEL AND 42%
ABOVE 1994 LEVEL. NURSING STAFF, PURCHASED SERVICES,
PROVIDER ASSESSMENTS, AND PENALTIES AND FINES ARE OVER
BUDGET YEAR TO DATE.
46 1 Partial Year Statement Comment: 9/30/95 - YEAR TO DATE
NOI IS 9% BELOW BASELINE LEVEL, BUT 97% GREATER THAN
1994. DIETARY STAFF, SECURITY, ACTIVITIES EXPENSE, AND
PENALTIES AND FINES ARE OVER BUDGET YEAR TO DATE.
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). PROPERTY INSPECTION
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.
48 1
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.
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.
51 1 Status Comment: TRANSFERED 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.
52 1
53 1
54 1
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 - 21
