EXHIBIT 99.1
MORTGAGE LOAN PURCHASE AGREEMENT
THIS MORTGAGE LOAN PURCHASE AGREEMENT (this "Agreement") is dated as
of February 1, 2004 between WACHOVIA BANK, NATIONAL ASSOCIATION (the "Seller")
and WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC. (the "Purchaser").
The Seller intends to sell and the Purchaser intends to purchase
certain multifamily and commercial mortgage loans (the "Mortgage Loans")
identified on the schedule (the "Mortgage Loan Schedule") annexed hereto as
Exhibit A. The Purchaser intends to deposit the Mortgage Loans, along with
certain other mortgage loans (the "Other Mortgage Loans"), into a trust fund
(the "Trust Fund"), the beneficial ownership of which will be evidenced by
multiple classes (each, a "Class") of mortgage pass-through certificates (the
"Certificates"). One or more "real estate mortgage investment conduit" ("REMIC")
elections will be made with respect to most of the Trust Fund. The Trust Fund
will be created and the Certificates will be issued pursuant to a Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
February 1, 2004, among the Purchaser, as depositor, Wachovia Bank, National
Association, as master servicer (in such capacity, the "Master Servicer") and
with respect to the ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Loan, special servicer, Lennar Partners,
Inc., as special servicer, except with respect to the 11 Madison Avenue Loan (in
such capacity and together with Wachovia Bank, National Association, the
"Special Servicer"), and ▇▇▇▇▇ Fargo Bank, N.A., as trustee (the "Trustee").
Capitalized terms used herein (including the schedules attached hereto) but not
defined herein (or in such schedules) have the respective meanings set forth in
the Pooling and Servicing Agreement.
Now, therefore, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:
SECTION 1. Agreement to Purchase.
The Seller agrees to sell, and the Purchaser agrees to purchase, the
Mortgage Loans identified on the Mortgage Loan Schedule. The Mortgage Loan
Schedule may be amended to reflect the actual Mortgage Loans delivered to the
Purchaser pursuant to the terms hereof. The Mortgage Loans are expected to have
an aggregate principal balance of $1,069,116,736 (the "Wachovia Mortgage Loan
Balance") (subject to a variance of plus or minus 5.0%) as of the close of
business on the Cut-Off Date, after giving effect to any payments due on or
before such date, whether or not such payments are received. The Wachovia
Mortgage Loan Balance, together with the aggregate principal balance of the
Other Mortgage Loans as of the Cut-Off Date (after giving effect to any payments
due on or before such date whether or not such payments are received), is
expected to equal an aggregate principal balance (the "Cut-Off Date Pool
Balance") of $1,290,099,569 (subject to a variance of plus or minus 5.0%). The
purchase and sale of the Mortgage Loans shall take place on February 26, 2004 or
such other date as shall be mutually acceptable to the parties to this Agreement
(the "Closing Date"). The consideration (the "Aggregate Purchase Price") for the
Mortgage Loans shall be equal to (i) of the Wachovia Mortgage Loan
Balance as of the Cut-Off Date, plus (ii) $4,150,842, which amount represents
the amount of interest accrued on the Wachovia Mortgage Loan Balance at the
related Net Mortgage Rate for the period from and including the Cut-Off Date up
to but not including the Closing Date.
The Aggregate Purchase Price shall be paid to the Seller or its
designee by wire transfer in immediately available funds on the Closing Date.
SECTION 2. Conveyance of Mortgage Loans.
(a) Effective as of the Closing Date, subject only to receipt of
the Aggregate Purchase Price and satisfaction of the other conditions to closing
that are for the benefit of the Seller, the Seller does hereby sell, transfer,
assign, set over and otherwise convey to the Purchaser, without recourse (except
as set forth in this Agreement), all the right, title and interest of the Seller
in and to the Mortgage Loans identified on the Mortgage Loan Schedule as of such
date, on a servicing released basis, together with all of the Seller's right,
title and interest in and to the proceeds of any related title, hazard, primary
mortgage or other insurance proceeds.
(b) The Purchaser or its assignee shall be entitled to receive all
scheduled payments of principal and interest due after the Cut-Off Date, and all
other recoveries of principal and interest collected after the Cut-Off Date
(other than in respect of principal and interest on the Mortgage Loans due on or
before the Cut-Off Date). All scheduled payments of principal and interest due
on or before the Cut-Off Date but collected after the Cut-Off Date, and
recoveries of principal and interest collected on or before the Cut-Off Date
(only in respect of principal and interest on the Mortgage Loans due on or
before the Cut-Off Date and principal prepayments thereon), shall belong to, and
shall be promptly remitted to, the Seller.
(c) No later than the Closing Date, the Seller shall, on behalf of
the Purchaser, deliver to the Trustee, the documents and instruments specified
below with respect to each Mortgage Loan (each a "Mortgage File"). All Mortgage
Files so delivered will be held by the Trustee in escrow at all times prior to
the Closing Date. Each Mortgage File shall contain the following documents:
(i) the original executed Mortgage Note including any power
of attorney related to the execution thereof, together with any and all
intervening endorsements thereon, endorsed on its face or by allonge
attached thereto (without recourse, representation or warranty, express or
implied) to the order of ▇▇▇▇▇ Fargo Bank, N.A., as trustee for the
registered holders of Wachovia Bank Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2004-C10 or in blank (or a lost
note affidavit and indemnity with a copy of such Mortgage Note attached
thereto);
(ii) an original or copy of the Mortgage, together with any
and all intervening assignments thereof, in each case (unless not yet
returned by the applicable recording office) with evidence of recording
indicated thereon or certified by the applicable recording office;
(iii) an original or copy of any related Assignment of Leases
(if such item is a document separate from the Mortgage), together with any
and all intervening assignments thereof, in each case (unless not yet
returned by the applicable recording office) with evidence of recording
indicated thereon or certified by the applicable recording office;
(iv) an original executed assignment, in recordable form
(except for any missing recording information), of (A) the Mortgage, (B)
any related Assignment of Leases (if such item is a document separate from
the Mortgage and to the extent not already assigned pursuant to preceding
clause (a)) and (C) any other recorded document relating to the Mortgage
Loan otherwise included in the Mortgage File, in favor of ▇▇▇▇▇ Fargo
Bank, N.A., as trustee for the registered holders of Wachovia Bank
Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2004-C10, or in blank;
(v) an original assignment of all unrecorded documents
relating to the Mortgage Loan (to the extent not already assigned pursuant
to clause (iv) above), in favor of ▇▇▇▇▇ Fargo Bank, N.A., as trustee for
the registered holders of Wachovia Bank Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2004-C10, or in
blank;
(vi) originals or copies of any consolidation, assumption,
substitution and modification agreements in those instances where the
terms or provisions of the Mortgage or Mortgage Note have been
consolidated or modified or the Mortgage Loan has been assumed or
consolidated;
(vii) the original or a copy of the policy or certificate of
lender's title insurance or, if such policy has not been issued or
located, an original or copy of an irrevocable, binding commitment (which
may be a marked version of the policy that has been executed by an
authorized representative of the title company or an agreement to provide
the same pursuant to binding escrow instructions executed by an authorized
representative of the title company) to issue such title insurance policy;
(viii)any filed copies (bearing evidence of filing) or other
evidence of filing satisfactory to the Purchaser of any prior UCC
Financing Statements in favor of the originator of such Mortgage Loan or
in favor of any assignee prior to the Trustee (but only to the extent the
Seller had possession of such UCC Financing Statements prior to the
Closing Date) and, if there is an effective UCC Financing Statement and
continuation statement in favor of the Seller on record with the
applicable public office for UCC Financing Statements, an original UCC
Amendment, in form suitable for filing in favor of ▇▇▇▇▇ Fargo Bank, N.A.,
as trustee for the registered holders of Wachovia Bank Commercial Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2004-C10, as
assignee, or in blank;
(ix) an original or copy of (A) any Ground Lease or (B) any
loan guaranty, indemnity, ground lessor estoppel or environmental
insurance policy or Lease Enhancement Policy;
(x) any intercreditor agreement relating to permitted debt
of the Mortgagor;
(xi) copies of any loan agreement, escrow agreement, security
agreement or letter of credit relating to a Mortgage Loan; and
(xii) with respect to any Companion Loan, all of the above
documents with respect to such Companion Loan and the related
Intercreditor Agreement; provided that a copy of each mortgage note
relating to such Companion Loan, rather than the original, shall be
provided (except that with respect to the Starrett-Lehigh Building
Subordinate Loan, an original Mortgage Note (or a lost affidavit in the
form specified in (i) above) will be required to be provided), and no
assignments shall be provided.
provided that, with respect to the Starrett-Lehigh Building Subordinate Loan,
only the documents and instruments described in clause (i) above shall be
delivered to the Trustee and the remaining documents and instruments in the
related Mortgage File will be delivered in connection with the Starrett-Lehigh
Building Loan.
(d) The Seller shall take all actions reasonably necessary
(i) to permit the Trustee to fulfill its obligations pursuant to Section 2.01(d)
of the Pooling and Servicing Agreement and (ii) to perform its obligations
described in Section 2.01(d) of the Pooling and Servicing Agreement. Without
limiting the generality of the foregoing, if a draw upon a letter of credit is
required before its transfer to the Trust Fund can be completed, the Seller
shall draw upon such letter of credit for the benefit of the Trust pursuant to
written instructions from the Master Servicer. The Seller shall reimburse the
Trustee for all reasonable costs and expenses incurred for recording any
documents described in Section 2(c)(iv)(C).
(e) All documents and records (except draft documents,
attorney-client privileged communications and internal correspondence and credit
and other underwriting analysis of the Seller) relating to each Mortgage Loan
and in the Seller's possession (the "Additional Mortgage Loan Documents") that
are not required to be delivered to the Trustee shall promptly be delivered or
caused to be delivered by the Seller to the Master Servicer or at the direction
of the Master Servicer to the appropriate sub-servicer, together with any
related escrow amounts and reserve amounts.
(f) The Seller shall take such actions as are reasonably necessary
to assign or otherwise grant to the Trust Fund the benefit of any letters of
credit in the name of the Seller which secure any Mortgage Loan.
(g) On the Closing Date, the Seller shall pay to the Master
Servicer for deposit into the Interest Reserve Account the Interest Reserve
Amounts to be distributed on the first Distribution Date for its Interest
Reserve Loans.
SECTION 3. Representations, Warranties and Covenants of Seller.
(a) The Seller hereby represents and warrants to and covenants
with the Purchaser, as of the date hereof, that:
(i) The Seller is a national banking association organized
and validly existing and in good standing under the laws of the United
States of America and possesses all requisite authority, power, licenses,
permits and franchises to carry on its business as currently conducted by
it and to execute, deliver and comply with its obligations under the terms
of this Agreement;
(ii) This Agreement has been duly and validly authorized,
executed and delivered by the Seller and, assuming due authorization,
execution and delivery hereof by the Purchaser, constitutes a legal, valid
and binding obligation of the Seller, enforceable against the Seller in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, receivership, moratorium and other
laws affecting the enforcement of creditors' rights in general, as they
may be applied in the context of the insolvency of a national banking
association, and by general equity principles (regardless of whether such
enforcement is considered in a proceeding in equity or at law), and by
public policy considerations underlying the securities laws, to the extent
that such public policy considerations limit the enforceability of the
provisions of this Agreement which purport to provide indemnification from
liabilities under applicable securities laws;
(iii) The execution and delivery of this Agreement by the
Seller and the Seller's performance and compliance with the terms of this
Agreement will not (A) violate the Seller's articles of association, or
bylaws, (B) violate any law or regulation or any administrative decree or
order to which it is subject or (C) constitute a material default (or an
event which, with notice or lapse of time, or both, would constitute a
material default) under, or result in the breach of, any material
contract, agreement or other instrument to which the Seller is a party or
by which the Seller is bound;
(iv) The Seller is not in default with respect to any order
or decree of any court or any order, regulation or demand of any federal,
state, municipal or other governmental agency or body, which default might
have consequences that would, in the Seller's reasonable and good faith
judgment, materially and adversely affect the condition (financial or
other) or operations of the Seller or its properties or have consequences
that would materially and adversely affect its performance hereunder;
(v) The Seller is not a party to or bound by any agreement
or instrument or subject to any articles of association, bylaws or any
other corporate restriction or any judgment, order, writ, injunction,
decree, law or regulation that would, in the Seller's reasonable and good
faith judgment, materially and adversely affect the ability of the Seller
to perform its obligations under this Agreement or that requires the
consent of any third person to the execution of this Agreement or the
performance by the Seller of its obligations under this Agreement (except
to the extent such consent has been obtained);
(vi) No consent, approval, authorization or order of any
court or governmental agency or body is required for the execution,
delivery and performance by the Seller of or compliance by the Seller with
this Agreement or the consummation of the transactions contemplated by
this Agreement except as have previously been obtained, and no bulk sale
law applies to such transactions;
(vii) No litigation is pending or, to the Seller's knowledge,
threatened against the Seller that would, in the Seller's good faith and
reasonable judgment, prohibit its entering into this Agreement or
materially and adversely affect the performance by the Seller of its
obligations under this Agreement; and
(viii)Under generally accepted accounting principles ("GAAP")
and for federal income tax purposes, the Seller will report the transfer
of the Mortgage Loans to the Purchaser as a sale of the Mortgage Loans to
the Purchaser in exchange for consideration consisting of a cash amount
equal to the Aggregate Purchase Price. The consideration received by the
Seller upon the sale of the Mortgage Loans to the Purchaser will
constitute at least reasonably equivalent value and fair consideration for
the Mortgage Loans. The Seller will be solvent at all relevant times prior
to, and will not be rendered insolvent by, the sale of the Mortgage Loans
to the Purchaser. The Seller is not selling the Mortgage Loans to the
Purchaser with any intent to hinder, delay or defraud any of the creditors
of the Seller.
(b) The Seller hereby makes the representations and warranties
contained in Schedule I and Schedule II hereto for the benefit of the Purchaser
and the Trustee for the benefit of the Certificateholders as of the Closing
Date, with respect to (and solely with respect to) each Mortgage Loan, which
representations and warranties are subject to the exceptions set forth on
Schedule III.
(c) If the Seller receives written notice of a Document Defect or
a Breach pursuant to Section 2.03(a) of the Pooling and Servicing Agreement
relating to a Mortgage Loan, then the Seller shall not later than 90 days from
receipt of such notice (or, in the case of a Document Defect or Breach relating
to a Mortgage Loan not being a "qualified mortgage" within the meaning of the
REMIC Provisions (a "Qualified Mortgage"), not later than 90 days from any party
to the Pooling and Servicing Agreement discovering such Document Defect or
Breach provided the Seller receives such notice in a timely manner), if such
Document Defect or Breach shall materially and adversely affect the value of the
applicable Mortgage Loan or the interests of the Certificateholders therein,
cure such Document Defect or Breach, as the case may be, in all material
respects, which shall include payment of actual losses and any Additional Trust
Fund Expenses directly resulting therefrom or, if such Document Defect or Breach
(other than omissions solely due to a document not having been returned by the
related recording office) cannot be cured within such 90-day period, (i)
repurchase the affected Mortgage Loan at the applicable Purchase Price not later
than the end of such 90-day period or (ii) substitute a Qualified Substitute
Mortgage Loan (other than with respect to the Starrett-Lehigh Building Loan and
the Starrett-Lehigh Building Subordinate Loan, for which no substitution will be
permitted) for such affected Mortgage Loan not later than the end of such 90-day
period (and in no event later than the second anniversary of the Closing Date)
and pay the Master Servicer for deposit into the Certificate Account, any
Substitution Shortfall Amount in connection therewith; provided, however, that
unless the Breach would cause the Mortgage Loan not to be a Qualified Mortgage,
and if such Document Defect or Breach is capable of being cured but not within
such 90-day period and the Seller has commenced and is diligently proceeding
with the cure of such Document Defect or Breach within such 90-day period, such
Seller shall have an additional 90 days to complete such cure (or, failing such
cure, to repurchase or substitute the related Mortgage Loan); and provided,
further, that with respect to such additional 90-day period the Seller shall
have delivered an officer's certificate to the Trustee setting forth what
actions the Seller is pursuing in connection with the cure thereof and stating
that the Seller anticipates that such Document Defect or Breach will be cured
within the additional 90-day period; and provided; further, that no Document
Defect (other than with respect to a Mortgage Note, Mortgage, title insurance
policy, Ground Lease or any letter of credit) shall be considered to materially
and adversely affect the value of the related Mortgage Loan or the interests of
the Certificateholders therein unless the document with respect to which the
Document Defect exists is required in connection with an imminent enforcement of
the mortgagee's rights or remedies under the related Mortgage Loan, defending
any claim asserted by any borrower or third party with respect to the Mortgage
Loan, establishing the validity or priority of any lien or any collateral
securing the Mortgage Loan or for any immediate significant servicing
obligations. For a period of two years from the Closing Date, so long as there
remains any Mortgage File relating to a Mortgage Loan as to which there is any
uncured Document Defect or Breach, the Seller shall provide the officer's
certificate to the Trustee described above as to the reasons such Document
Defect or Breach remains uncured and as to the actions being taken to pursue
cure. Notwithstanding the foregoing, the delivery of a commitment to issue a
policy of lender's title insurance as described in paragraph 12 of Schedule I
hereof in lieu of the delivery of the actual policy of lender's title insurance
shall not be considered a Document Defect or Breach with respect to any Mortgage
File if such actual policy of insurance is delivered to the Trustee or a
Custodian on its behalf not later than the 90th day following the Closing Date.
(d) If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described above, (ii) such Mortgage Loan is a
Crossed Loan, and (iii) the applicable Document Defect or Breach does not
constitute a Document Defect or Breach, as the case may be, as to any other
Crossed Loan in such Crossed Group (without regard to this paragraph), then the
applicable Document Defect or Breach, as the case may be, will be deemed to
constitute a Document Defect or Breach, as the case may be, as to each other
Crossed Loan in the Crossed Group for purposes of this paragraph, and the Seller
will be required to repurchase or substitute for all of the remaining Crossed
Loan(s) in the related Crossed Group as provided in the immediately preceding
paragraph unless such other Crossed Loans in such Crossed Group satisfy the
Crossed Loan Repurchase Criteria and satisfy all other criteria for substitution
or repurchase, as applicable, of Mortgage Loans set forth herein. In the event
that the remaining Crossed Loans satisfy the aforementioned criteria, the Seller
may elect either to repurchase or substitute for only the affected Crossed Loan
as to which the related Breach or Document Defect exists or to repurchase or
substitute for all of the Crossed Loans in the related Crossed Group. The Seller
shall be responsible for the cost of any Appraisal required to be obtained by
the Master Servicer to determine if the Crossed Loan Repurchase Criteria have
been satisfied, so long as the scope and cost of such Appraisal has been
approved by the Seller (such approval not to be unreasonably withheld). To the
extent that the Seller is required to purchase or substitute for a Crossed Loan
hereunder in the manner prescribed above while the Purchaser continues to hold
any other Crossed Loans in such Crossed Group, neither the Seller nor the
Purchaser shall enforce any remedies against the other's Primary Collateral, but
each is permitted to exercise remedies against the Primary Collateral securing
its respective Crossed Loans, including, with respect to the Purchaser, the
Primary Collateral securing the Crossed Loans still held by the Purchaser, so
long as such exercise does not materially impair the ability of the other party
to exercise its remedies against its Primary Collateral.
If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Purchaser shall forbear from exercising such remedies until the Mortgage
Loan documents evidencing and securing the relevant Crossed Loans can be
modified in a manner that complies with this Agreement to remove the threat of
material impairment as a result of the exercise of remedies or some other
accommodation can be reached. Any reserve or other cash collateral or letters of
credit securing the Crossed Loans shall be allocated between such Crossed Loans
in accordance with the Mortgage Loan documents, or otherwise on a pro rata basis
based upon their outstanding Stated Principal Balances. Notwithstanding the
foregoing, if a Crossed Loan included in the Trust Fund is modified to terminate
the related cross-collateralization and/or cross-default provisions, as a
condition to such modification, the Seller shall furnish to the Trustee an
Opinion of Counsel that such modification shall not cause an Adverse REMIC
Event. Any expenses incurred by the Purchaser in connection with such
modification or accommodation (including but not limited to recoverable attorney
fees) shall be paid by the Seller.
(e) In connection with any permitted repurchase or substitution of
one or more Mortgage Loans contemplated hereby, upon receipt of a certificate
from a Servicing Officer certifying as to the receipt of the Purchase Price or
Substitution Shortfall Amount(s), as applicable, in the Certificate Account, and
the delivery of the Mortgage File(s) and the Servicing File(s) for the related
Qualified Substitute Mortgage Loan(s) to the Custodian and the Master Servicer,
respectively, if applicable (i) the Trustee shall execute and deliver such
endorsements and assignments as are provided to it by the Master Servicer, in
each case without recourse, representation or warranty, as shall be necessary to
vest in the Seller, the legal and beneficial ownership of each repurchased
Mortgage Loan or substituted Mortgage Loan, as applicable, (ii) the Trustee, the
Custodian, the Master Servicer and the Special Servicer shall each tender to the
Seller, upon delivery to each of them of a receipt executed by the Seller, all
portions of the Mortgage File and other documents pertaining to such Mortgage
Loan possessed by it, and (iii) the Master Servicer and the Special Servicer
shall release to the Seller any Escrow Payments and Reserve Funds held by it in
respect of such repurchased or deleted Mortgage Loans.
(f) Without limiting the remedies of the Purchaser, the
Certificateholders or the Trustee on behalf of the Certificateholders pursuant
to this Agreement, it is acknowledged that the representations and warranties
are being made for risk allocation purposes. This Section 3 provides the sole
remedy available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Document Defect in a Mortgage File or any
Breach of any representation or warranty set forth in or required to be made
pursuant to this Section 3.
SECTION 4. Representations and Warranties of the Purchaser. In order
to induce the Seller to enter into this Agreement, the Purchaser hereby
represents and warrants for the benefit of the Seller as of the date hereof
that:
(a) The Purchaser is a corporation duly organized, validly
existing and in good standing under the laws of the State of North Carolina. The
Purchaser has the full corporate power and authority and legal right to acquire
the Mortgage Loans from the Seller and to transfer the Mortgage Loans to the
Trustee.
(b) This Agreement has been duly and validly authorized, executed
and delivered by the Purchaser, all requisite action by the Purchaser's
directors and officers has been taken in connection therewith, and (assuming the
due authorization, execution and delivery hereof by the Seller) this Agreement
constitutes the valid, legal and binding agreement of the Purchaser, enforceable
against the Purchaser in accordance with its terms, except as such enforcement
may be limited by (i) laws relating to bankruptcy, insolvency, reorganization,
receivership or moratorium, (ii) other laws relating to or affecting the rights
of creditors generally, or (iii) general equity principles (regardless of
whether such enforcement is considered in a proceeding in equity or at law).
(c) Except as may be required under federal or state securities
laws (and which will be obtained on a timely basis), no consent, approval,
authorization or order of, registration or filing with, or notice to, any
governmental authority or court, is required, under federal or state law, for
the execution, delivery and performance by the Purchaser of or compliance by the
Purchaser with this Agreement, or the consummation by the Purchaser of any
transaction described in this Agreement.
(d) None of the acquisition of the Mortgage Loans by the
Purchaser, the transfer of the Mortgage Loans to the Trustee, and the execution,
delivery or performance of this Agreement by the Purchaser, results or will
result in the creation or imposition of any lien on any of the Purchaser's
assets or property, or conflicts or will conflict with, results or will result
in a breach of, or constitutes or will constitute a default under (i) any term
or provision of the Purchaser's articles of association or bylaws, (ii) any term
or provision of any material agreement, contract, instrument or indenture, to
which the Purchaser is a party or by which the Purchaser is bound, or (iii) any
law, rule, regulation, order, judgment, writ, injunction or decree of any court
or governmental authority having jurisdiction over the Purchaser or its assets.
(e) Under GAAP and for federal income tax purposes, the Purchaser
will report the transfer of the Mortgage Loans by the Seller to the Purchaser as
a sale of the Mortgage Loans to the Purchaser in exchange for consideration
consisting of a cash amount equal to the Aggregate Purchase Price.
(f) There is no action, suit, proceeding or investigation pending
or to the knowledge of the Purchaser, threatened against the Purchaser in any
court or by or before any other governmental agency or instrumentality which
would materially and adversely affect the validity of this Agreement or any
action taken in connection with the obligations of the Purchaser contemplated
herein, or which would be likely to impair materially the ability of the
Purchaser to enter into and/or perform under the terms of this Agreement.
(g) The Purchaser is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have consequences that
would materially and adversely affect the condition (financial or other) or
operations of the Purchaser or its properties or might have consequences that
would materially and adversely affect its performance hereunder.
SECTION 5. Closing. The closing of the sale of the Mortgage Loans
(the "Closing") shall be held at the offices of Cadwalader, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇
LLP, Charlotte, North Carolina on the Closing Date.
The Closing shall be subject to each of the following conditions:
(a) All of the representations and warranties of the Seller set
forth in or made pursuant to Section 3(a) and Section 3(b) of this Agreement and
all of the representations and warranties of the Purchaser set forth in Section
4 of this Agreement shall be true and correct in all material respects as of the
Closing Date;
(b) The Pooling and Servicing Agreement (to the extent it affects
the obligations of the Seller hereunder) and all documents specified in Section
6 of this Agreement (the "Closing Documents"), in such forms as are agreed upon
and acceptable to the Purchaser, the Seller, the Underwriters and their
respective counsel in their reasonable discretion, shall be duly executed and
delivered by all signatories as required pursuant to the respective terms
thereof;
(c) The Seller shall have delivered and released to the Trustee
(or a Custodian on its behalf) and the Master Servicer, respectively, all
documents represented to have been or required to be delivered to the Trustee
and the Master Servicer pursuant to Section 2 of this Agreement;
(d) All other terms and conditions of this Agreement required to
be complied with on or before the Closing Date shall have been complied with in
all material respects and the Seller shall have the ability to comply with all
terms and conditions and perform all duties and obligations required to be
complied with or performed after the Closing Date;
(e) The Seller shall have paid all fees and expenses payable by it
to the Purchaser or otherwise pursuant to this Agreement as of the Closing Date;
and
(f) A letter from the independent accounting firm of KPMG LLP or
Ernst & Young LLP, as applicable, in form satisfactory to the Purchaser,
relating to certain information regarding the Mortgage Loans and Certificates as
set forth in the Prospectus and Prospectus Supplement, respectively.
Both parties agree to use their best efforts to perform their
respective obligations hereunder in a manner that will enable the Purchaser to
purchase the Mortgage Loans on the Closing Date.
SECTION 6. Closing Documents. The Closing Documents shall consist of
the following:
(a) This Agreement duly executed by the Purchaser and the Seller;
(b) A certificate of the Seller, executed by a duly authorized
officer of the Seller and dated the Closing Date, and upon which the Purchaser
and the Underwriters may rely, to the effect that: (i) the representations and
warranties of the Seller in this Agreement are true and correct in all material
respects at and as of the Closing Date with the same effect as if made on such
date; and (ii) the Seller has, in all material respects, complied with all the
agreements and satisfied all the conditions on its part that are required under
this Agreement to be performed or satisfied at or prior to the Closing Date;
(c) An officer's certificate from an officer of the Seller (signed
in his/her capacity as an officer), dated the Closing Date, and upon which the
Purchaser may rely, to the effect that each individual who, as an officer or
representative of the Seller, signed this Agreement or any other document or
certificate delivered on or before the Closing Date in connection with the
transactions contemplated herein, was at the respective times of such signing
and delivery, and is as of the Closing Date, duly elected or appointed,
qualified and acting as such officer or representative, and the signatures of
such persons appearing on such documents and certificates are their genuine
signatures;
(d) An officer's certificate from an officer of the Seller (signed
in his/her capacity as an officer), dated the Closing Date, and upon which the
Purchaser and the Underwriters may rely, to the effect that (i) such officer has
carefully examined the Specified Portions of the Prospectus Supplement and
nothing has come to his attention that would lead him to believe that the
Specified Portions of the Prospectus Supplement, as of the date of the
Prospectus Supplement or as of the Closing Date, included or include any untrue
statement of a material fact relating to the Mortgage Loans or omitted or omit
to state therein a material fact necessary in order to make the statements
therein relating to the Mortgage Loans, in light of the circumstances under
which they were made, not misleading, and (ii) such officer has examined the
Specified Portions of the Memorandum and nothing has come to his attention that
would lead him to believe that the Specified Portions of the Memorandum, as of
the date thereof or as of the Closing Date, included or include any untrue
statement of a material fact relating to the Mortgage Loans or omitted or omit
to state therein a material fact necessary in order to make the statements
therein related to the Mortgage Loans, in the light of the circumstances under
which they were made, not misleading. The "Specified Portions" of the Prospectus
Supplement shall consist of Annex A thereto, the diskette which accompanies the
Prospectus Supplement (insofar as such diskette is consistent with such Annex A)
and the following sections of the Prospectus Supplement (exclusive of any
statements in such sections that purport to summarize the servicing and
administration provisions of the Pooling and Servicing Agreement: "Summary of
Prospectus Supplement--The Parties--The Mortgage Loan Sellers," "Summary of
Prospectus Supplement--The Mortgage Loans," "Risk Factors--The Mortgage Loans,"
and "Description of the Mortgage Pool--General," "--Mortgage Loan History,"
"--Certain Terms and Conditions of the Mortgage Loans," "-- Assessments of
Property Condition," "--Co-Lender Loans," "--Additional Mortgage Loan
Information," "-- Twenty Largest Mortgage Loans," "--The Mortgage Loan Sellers,"
"--Underwriting Standards," and "--Representations and Warranties; Repurchases
and Substitutions." The "Specified Portions" of the Memorandum shall consist of
the Specified Portions of the Prospectus Supplement, the paragraph that begins
on page "iv" of the Memorandum and carries over to page "v" of the Memorandum
and the first full paragraph on page "v" of the Memorandum.
(e) The resolutions of the requisite committee of the Seller's
board of directors authorizing the Seller's entering into the transactions
contemplated by this Agreement, the articles of association and by-laws of the
Seller, and a certificate of good standing of the Seller issued by the
Comptroller of the Currency not earlier than sixty (60) days prior to the
Closing Date;
(f) A written opinion of counsel for the Seller (which opinion may
be from in-house counsel, outside counsel or a combination thereof), reasonably
satisfactory to the Purchaser, its counsel and the Rating Agencies, dated the
Closing Date and addressed to the Purchaser, the Trustee, the Underwriters and
each of the Rating Agencies, together with such other written opinions as may be
required by the Rating Agencies; and
(g) Such further certificates, opinions and documents as the
Purchaser may reasonably request.
SECTION 7. Indemnification.
(a) The Seller shall indemnify and hold harmless the Purchaser,
the Underwriters, the Initial Purchasers, their respective officers and
directors, and each person, if any, who controls the Purchaser or any
Underwriter within the meaning of either Section 15 of the Securities Act of
1933, as amended (the "1933 Act") or Section 20 of the Securities Exchange Act
of 1934, as amended (the "1934 Act"), against any and all losses, expenses
(including the reasonable fees and expenses of legal counsel), claims, damages
or liabilities, joint or several, to which they or any of them may become
subject under the 1933 Act, the 1934 Act or other federal or state statutory law
or regulation, at common law or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) (i) arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
contained in (A) the Prospectus Supplement, the Preliminary Prospectus
Supplement, the Memorandum, the Diskette or, insofar as they are required to be
filed as part of the Registration Statement pursuant to the No-Action Letters,
any Computational Materials or ABS Term Sheets with respect to the Registered
Certificates, or in any revision or amendment of or supplement to any of the
foregoing, (B) any items similar to Computational Materials or ABS Term Sheets
forwarded by the Seller to the Initial Purchasers, or in any revision or
amendment of or supplement to any of the foregoing or (C) the summaries,
reports, documents and other written and computer materials and all other
information regarding the Mortgage Loans or the Seller furnished by the Seller
for review by prospective investors (the items in (A), (B) and (C) above being
defined as the "Disclosure Material"), or (ii) arise out of or are based upon
the omission or alleged omission to state therein (in the case of Computational
Materials and ABS Term Sheets, when read in conjunction with the Prospectus
Supplement, in the case of items similar to Computational Materials and ABS Term
Sheets, when read in conjunction with the Memorandum, and in the case of any
summaries, reports, documents, written or computer materials, or other
information contemplated in clause (C) above, when read in conjunction with the
Memorandum) a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading; but, with respect to the Disclosure Material described in
clauses (A) and (B) of the definition thereof, only if and to the extent that
(1) any such untrue statement or alleged untrue statement or omission or alleged
omission occurring in, or with respect to, such Disclosure Material, arises out
of or is based upon an untrue statement or omission with respect to the Mortgage
Loans, the related Mortgagors and/or the related Mortgaged Properties contained
in the Data File (it being herein acknowledged that the Data File was and will
be used to prepare the Prospectus Supplement and the Preliminary Prospectus
Supplement, including without limitation Annex A thereto, the Memorandum, the
Diskette, any Computational Materials and ABS Term Sheets with respect to the
Registered Certificates and any items similar to Computational Materials and ABS
Term Sheets forwarded to prospective investors in the Non-Registered
Certificates), (2) any such untrue statement or alleged untrue statement or
omission or alleged omission of a material fact occurring in, or with respect
to, such Disclosure Material, is with respect to, or arises out of or is based
upon an untrue statement or omission of a material fact with respect to, the
information regarding the Mortgage Loans, the related Mortgagors, the related
Mortgaged Properties and/or the Seller set forth in the Specified Portions of
each of the Prospectus Supplement, the Preliminary Prospectus Supplement and the
Memorandum, (3) any such untrue statement or alleged untrue statement or
omission or alleged omission occurring in, or with respect to, such Disclosure
Material, arises out of or is based upon a breach of the representations and
warranties of the Seller set forth in or made pursuant to Section 3 of this
Agreement or (4) any such untrue statement or alleged untrue statement or
omission or alleged omission occurring in, or with respect to, such Disclosure
Material, arises out of or is based upon any other written information
concerning the characteristics of the Mortgage Loans, the related Mortgagors or
the related Mortgaged Properties furnished to the Purchaser or the Underwriters
by the Seller; provided that the indemnification provided by this Section 7
shall not apply to the extent that such untrue statement or omission of a
material fact was made as a result of an error in the manipulation of, or in any
calculations based upon, or in any aggregation of the information regarding the
Mortgage Loans, the related Mortgagors and/or the related Mortgaged Properties
set forth in the Data File or Annex A to the Prospectus Supplement or the
Preliminary Prospectus Supplement to the extent such information was not
materially incorrect in the Data File or such Annex A, as applicable, including
without limitation the aggregation of such information with comparable
information relating to the Other Mortgage Loans. Notwithstanding the foregoing,
the indemnification provided in this Section 7(a) shall not inure to the benefit
of any Underwriter or Initial Purchaser (or to the benefit of any person
controlling such Underwriter or Initial Purchaser) from whom the person
asserting claims giving rise to any such losses, claims, damages, expenses or
liabilities purchased Certificates if (x) the subject untrue statement or
omission or alleged untrue statement or omission made in any Disclosure Material
(exclusive of the Prospectus or any corrected or amended Prospectus or the
Memorandum or any corrected or amended Memorandum) is eliminated or remedied in
the Prospectus or the Memorandum (in either case, as corrected or amended, if
applicable), as applicable, and (y) a copy of the Prospectus or Memorandum (in
either case, as corrected or amended, if applicable), as applicable, shall not
have been sent to such person at or prior to the written confirmation of the
sale of such Certificates to such person, and (z) in the case of a corrected or
amended Prospectus or Memorandum, such Underwriter or Initial Purchaser received
written notice of such correction or amendment prior to the written confirmation
of such sale. The information described in clauses (1) through (4) above is
collectively referred to as the "Seller Information". The Seller shall, subject
to clause (c) below, reimburse each such indemnified party, as incurred, for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action.
This indemnity will be in addition to any liability which the Seller may
otherwise have.
(b) For purposes of this Agreement, "Registration Statement" shall
mean such registration statement No. 333-108944 filed by the Purchaser on Form
S-3, including without limitation exhibits thereto and information incorporated
therein by reference; "Base Prospectus" shall mean the prospectus dated February
4, 2004, as supplemented by the prospectus supplement dated February 12, 2004
(the "Prospectus Supplement" and, together with the Base Prospectus, the
"Prospectus") relating to the Registered Certificates, including all annexes
thereto; "Preliminary Prospectus Supplement" shall mean the prospectus
supplement dated February 4, 2004 relating to the Registered Certificates,
including all annexes thereto; "Memorandum" shall mean the private placement
memorandum dated February 12, 2004, relating to the Non-Registered Certificates,
including all exhibits thereto; "Registered Certificates" shall mean the Class
A-1, Class A-2, Class A-3, Class A-4, Class B, Class C, Class D and Class E
Certificates; "Non-Registered Certificates" shall mean the Certificates other
than the Registered Certificates; "Computational Materials" shall have the
meaning assigned thereto in the no-action letter dated May 20, 1994 issued by
the Division of Corporation Finance of the Securities and Exchange Commission
(the "Commission") to ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ Acceptance Corporation I, ▇▇▇▇▇▇, Peabody
& Co. Incorporated, and ▇▇▇▇▇▇ Structured Asset Corporation and the no-action
letter dated May 27, 1994 issued by the Division of Corporation Finance of the
Commission to the Public Securities Association (together, the "▇▇▇▇▇▇
Letters"); "ABS Term Sheets" shall have the meaning assigned thereto in the
no-action letter dated February 17, 1995 issued by the Division of Corporation
Finance of the Commission to the Public Securities Association (the "PSA Letter"
and, together with the ▇▇▇▇▇▇ Letters, the "No-Action Letters"); "Diskette"
shall mean the diskette or compact disc attached to each of the Prospectus and
the Memorandum; and "Data File" shall mean the compilation of information and
data regarding the Mortgage Loans covered by the Agreed Upon Procedures Letters
dated February 4, 2004 and rendered by KPMG LLP or Ernst & Young LLP, as the
case may be (a "hard copy" of which Data File was initialed on behalf of the
Seller and the Purchaser).
(c) As promptly as reasonably practicable after receipt by any
person entitled to indemnification under this Section 7 (an "indemnified party")
of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the Seller (the "indemnifying
party") under this Section 7, notify the indemnifying party in writing of the
commencement thereof; but the omission so to notify the indemnifying party will
not relieve it from any liability that it may have to any indemnified party
under this Section 7 (except to the extent that such omission has prejudiced the
indemnifying party in any material respect) or from any liability which it may
have otherwise than under this Section 7. In case any such action is brought
against any indemnified party and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate
therein, and to the extent that it may elect by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense thereof, with counsel selected by the
indemnifying party and reasonably satisfactory to such indemnified party;
provided, however, that if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party or
parties shall have reasonably concluded that there may be legal defenses
available to it or them and/or other indemnified parties that are different from
or additional to those available to the indemnifying party, the indemnified
party shall have the right to select separate counsel to assert such legal
defenses and to otherwise participate in the defense of such action on behalf of
such indemnified party or parties. Upon receipt of notice from the indemnifying
party to such indemnified party of its election so to assume the defense of such
action and approval by the indemnified party of counsel, the indemnifying party
will not be liable for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof, unless (i) the
indemnified party shall have employed separate counsel in connection with the
assertion of legal defenses in accordance with the proviso to the preceding
sentence (it being understood, however, that the indemnifying party shall not be
liable for the expenses of more than one separate counsel, approved by the
Purchaser and the Underwriters, representing all the indemnified parties under
this Section 7 who are parties to such action), (ii) the indemnifying party
shall not have employed counsel reasonably satisfactory to the indemnified party
to represent the indemnified party within a reasonable time after notice of
commencement of the action or (iii) the indemnifying party has authorized the
employment of counsel for the indemnified party at the expense of the
indemnifying party; and except that, if clause (i) or (iii) is applicable, such
liability shall only be in respect of the counsel referred to in such clause (i)
or (iii). Unless it shall assume the defense of any proceeding, an indemnifying
party shall not be liable for any settlement of any proceeding effected without
its written consent but, if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party shall indemnify the
indemnified party from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel or any other expenses for
which the indemnifying party is obligated under this subsection, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party in accordance with such request prior to the date of such
settlement. If an indemnifying party assumes the defense of any proceeding, it
shall be entitled to settle such proceedings with the consent of the indemnified
party or, if such settlement provides for an unconditional release of the
indemnified party in connection with all matters relating to the proceedings
that have been asserted against the indemnified party in such proceeding by the
other parties to such settlement, which release does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of
any indemnified party without the consent of the indemnified party.
(d) If the indemnification provided for in this Section 7 is
unavailable to an indemnified party under Section 7(a) hereof or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then
the indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities, in such proportion as is
appropriate to reflect the relative fault of the indemnified and indemnifying
parties in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations, taking into account the parties' relative knowledge and access
to information concerning the matter with respect to which the claim was
asserted, the opportunity to correct and prevent any statement or omission or
failure to comply, and any other equitable considerations appropriate under the
circumstances. The relative fault of the indemnified and indemnifying parties
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by such parties;
provided that no Underwriter or Initial Purchaser shall be obligated to
contribute more than its share of underwriting discounts and commissions and
other fees pertaining to the Certificates less any damages otherwise paid by
such Underwriter or Initial Purchaser with respect to such loss, liability,
claim, damage or expense. It is hereby acknowledged that the respective
Underwriters' and Initial Purchasers' obligations under this Section 7 shall be
several and not joint. For purposes of this Section, each person, if any, who
controls an Underwriter within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act, and such Underwriter's officers and directors, shall
have the same rights to contribution as such Underwriter, and each director of
the Seller and each person, if any who controls the Seller within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same
rights to contribution as the Seller.
(e) The Purchaser and the Seller agree that it would not be just
and equitable if contribution pursuant to Section 7(d) were determined by pro
rata allocation or by any other method of allocation that does not take account
of the considerations referred to in Section 7(d) above. The amount paid or
payable by an indemnified party as a result of the losses, claims, damages and
liabilities referred to in this Section 7 shall be deemed to include, subject to
the limitations set forth above, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such
action or claim, except where the indemnified party is required to bear such
expenses pursuant to this Section 7, which expenses the indemnifying party shall
pay as and when incurred, at the request of the indemnified party, to the extent
that the indemnifying party will be ultimately obligated to pay such expenses.
If any expenses so paid by the indemnifying party are subsequently determined to
not be required to be borne by the indemnifying party hereunder, the party that
received such payment shall promptly refund the amount so paid to the party
which made such payment. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the ▇▇▇▇ ▇▇▇) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.
(f) The indemnity and contribution agreements contained in this
Section 7 shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by the Purchaser,
the Underwriters, any of their respective directors or officers, or any person
controlling the Purchaser or the Underwriters, and (iii) acceptance of and
payment for any of the Certificates.
(g) Without limiting the generality or applicability of any other
provision of this Agreement, the Underwriters, the Initial Purchasers and their
directors, officers and controlling parties shall be third-party beneficiaries
of the provisions of this Section 7.
SECTION 8. Costs. The Seller shall pay (or shall reimburse the
Purchaser to the extent that the Purchaser has paid) the Seller's pro rata
portion of the aggregate of the following amounts (the Seller's pro rata portion
to be determined according to the percentage that the Wachovia Mortgage Loan
Balance represents as of the Cut-Off Date Pool Balance): (i) the costs and
expenses of printing and delivering the Pooling and Servicing Agreement and the
Certificates; (ii) the costs and expenses of printing (or otherwise reproducing)
and delivering a preliminary and final Prospectus and Memorandum relating to the
Certificates; (iii) the initial fees, costs, and expenses of the Trustee
(including reasonable attorneys' fees); (iv) the filing fee charged by the
Securities and Exchange Commission for registration of the Certificates so
registered; (v) the fees charged by the Rating Agencies to rate the Certificates
so rated; (vi) the fees and disbursements of a firm of certified public
accountants selected by the Purchaser and the Seller with respect to numerical
information in respect of the Mortgage Loans and the Certificates included in
the Prospectus, the Memorandum and any related Computational Materials or ABS
Term Sheets, including in respect of the cost of obtaining any "comfort letters"
with respect to such items; (vii) the reasonable out-of-pocket costs and
expenses in connection with the qualification or exemption of the Certificates
under state securities or "Blue Sky" laws, including filing fees and reasonable
fees and disbursements of counsel in connection therewith, in connection with
the preparation of any "Blue Sky" survey and in connection with any
determination of the eligibility of the Certificates for investment by
institutional investors and the preparation of any legal investment survey;
(viii) the expenses of printing any such "Blue Sky" survey and legal investment
survey; and (ix) the reasonable fees and disbursements of counsel to the
Underwriters; provided, however, Seller shall pay (or shall reimburse the
Purchaser to the extent that the Purchaser has paid) the expense of recording
any assignment of Mortgage or assignment of Assignment of Leases as contemplated
by Section 2 hereof with respect to such Seller's Mortgage Loans. All other
costs and expenses in connection with the transactions contemplated hereunder
shall be borne by the party incurring such expense.
SECTION 9. Grant of a Security Interest. It is the express intent of
the parties hereto that the conveyance of the Mortgage Loans by the Seller to
the Purchaser as provided in Section 2 hereof be, and be construed as, a sale of
the Mortgage Loans by the Seller to the Purchaser and not as a pledge of the
Mortgage Loans by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, if, notwithstanding the aforementioned intent
of the parties, the Mortgage Loans are held to be property of the Seller, then,
(a) it is the express intent of the parties that such conveyance be deemed a
pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or
other obligation of the Seller, and (b) (i) this Agreement shall also be deemed
to be a security agreement within the meaning of Article 9 of the Uniform
Commercial Code of the applicable jurisdiction; (ii) the conveyance provided for
in Section 2 hereof shall be deemed to be a grant by the Seller to the Purchaser
of a security interest in all of the Seller's right, title and interest in and
to the Mortgage Loans, and all amounts payable to the holder of the Mortgage
Loans in accordance with the terms thereof, and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including, without limitation, all amounts, other than
investment earnings, from time to time held or invested in the Certificate
Account, the Distribution Account or, if established, the REO Account (each as
defined in the Pooling and Servicing Agreement) whether in the form of cash,
instruments, securities or other property; (iii) the assignment to the Trustee
of the interest of the Purchaser as contemplated by Section 1 hereof shall be
deemed to be an assignment of any security interest created hereunder; (iv) the
possession by the Trustee or any of its agents, including, without limitation,
the Custodian, of the Mortgage Notes, and such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be possession by the secured party for purposes of perfecting the
security interest pursuant to Section 9-313 of the Uniform Commercial Code of
the applicable jurisdiction; and (v) notifications to persons (other than the
Trustee) holding such property, and acknowledgments, receipts or confirmations
from persons (other than the Trustee) holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the secured party for the
purpose of perfecting such security interest under applicable law. The Seller
and the Purchaser shall, to the extent consistent with this Agreement, take such
actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans, such security interest would
be deemed to be a perfected security interest of first priority under applicable
law and will be maintained as such throughout the term of this Agreement and the
Pooling and Servicing Agreement.
SECTION 10. Covenants of Purchaser. The Purchaser shall provide the
Seller with all forms of Disclosure Materials (including the final form of the
Memorandum and the preliminary and final forms of the Prospectus Supplement)
promptly upon any such document becoming available.
SECTION 11. Notices. All notices, copies, requests, consents,
demands and other communications required hereunder shall be in writing and
telecopied or delivered to the intended recipient at the "Address for Notices"
specified beneath its name on the signature pages hereof or, as to either party,
at such other address as shall be designated by such party in a notice hereunder
to the other party. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when transmitted by
telecopier or personally delivered or, in the case of a mailed notice, upon
receipt, in each case given or addressed as aforesaid.
SECTION 12. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, incorporated herein by reference or contained in the certificates of
officers of the Seller submitted pursuant hereto, shall remain operative and in
full force and effect and shall survive delivery of the Mortgage Loans by the
Seller to the Purchaser (and by the Purchaser to the Trustee).
SECTION 13. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or
which is held to be void or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof. Any part, provision, representation, warranty or covenant of
this Agreement that is prohibited or unenforceable or is held to be void or
unenforceable in any particular jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto waive any provision of law which prohibits
or renders void or unenforceable any provision hereof.
SECTION 14. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original, but which together
shall constitute one and the same agreement.
SECTION 15. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES,
OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF NEW YORK. THE PARTIES HERETO
INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS AGREEMENT.
SECTION 16. Attorneys' Fees. If any legal action, suit or proceeding
is commenced between the Seller and the Purchaser regarding their respective
rights and obligations under this Agreement, the prevailing party shall be
entitled to recover, in addition to damages or other relief, costs and expenses,
attorneys' fees and court costs (including, without limitation, expert witness
fees). As used herein, the term "prevailing party" shall mean the party which
obtains the principal relief it has sought, whether by compromise settlement or
judgment. If the party which commenced or instituted the action, suit or
proceeding shall dismiss or discontinue it without the concurrence of the other
party, such other party shall be deemed the prevailing party.
SECTION 17. Further Assurances. The Seller and the Purchaser agree
to execute and deliver such instruments and take such further actions as the
other party may, from time to time, reasonably request in order to effectuate
the purposes and to carry out the terms of this Agreement.
SECTION 18. Successors and Assigns. The rights and obligations of
the Seller under this Agreement shall not be assigned by the Seller without the
prior written consent of the Purchaser, except that any person into which the
Seller may be merged or consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Seller is a party, or any
person succeeding to all or substantially all of the business of the Seller,
shall be the successor to the Seller hereunder. The Purchaser has the right to
assign its interest under this Agreement, in whole or in part, as may be
required to effect the purposes of the Pooling and Servicing Agreement, and the
assignee shall, to the extent of such assignment, succeed to the rights and
obligations hereunder of the Purchaser. Subject to the foregoing, this Agreement
shall bind and inure to the benefit of and be enforceable by the Seller, the
Purchaser, the Underwriters (as intended third party beneficiaries hereof) and
their permitted successors and assigns, and the officers, directors and
controlling persons referred to in Section 7. This Agreement is enforceable by
the Underwriters and the other third party beneficiaries hereto in all respects
to the same extent as if they had been signatories hereof.
SECTION 19. Amendments. No term or provision of this Agreement may
be waived or modified unless such waiver or modification is in writing and
signed by a duly authorized officer of the party, or third party beneficiary,
against whom such waiver or modification is sought to be enforced. No amendment
to the Pooling and Servicing Agreement which relates to defined terms contained
therein, Section 2.01(d) thereof or the repurchase obligations or any other
obligations of the Seller shall be effective against the Seller (in such
capacity) unless the Seller shall have agreed to such amendment in writing.
SECTION 20. Accountants' Letters. The parties hereto shall cooperate
with KPMG LLP and Ernst & Young LLP in making available all information and
taking all steps reasonably necessary to permit such accountants to deliver the
letters required by the Underwriting Agreement.
SECTION 21. Knowledge. Whenever a representation or warranty or
other statement in this Agreement is made with respect to a Person's
"knowledge," such statement refers to such Person's employees or agents who were
or are responsible for or involved with the indicated matter and have actual
knowledge of the matter in question.
[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]
IN WITNESS WHEREOF, the Seller and the Purchaser have caused their
names to be signed hereto by their respective duly authorized officers as of the
date first above written.
SELLER
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WACHOVIA BANK, NATIONAL
ASSOCIATION
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Managing Director
Address for Notices:
One Wachovia Center
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Telecopier No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
PURCHASER
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WACHOVIA COMMERCIAL MORTGAGE
SECURITIES, INC.
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Managing Director
Address for Notices:
One Wachovia Center
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Telecopier No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
SCHEDULE I
GENERAL MORTGAGE REPRESENTATIONS AND WARRANTIES
1. The information pertaining to each Mortgage Loan set forth in the Mortgage
Loan Schedule was true and correct in all material respects as of the
Cut-Off Date.
2. As of the date of its origination, such Mortgage Loan complied in all
material respects with, or was exempt from, all requirements of federal,
state or local law relating to the origination of such Mortgage Loan.
3. Immediately prior to the sale, transfer and assignment to the Purchaser,
the Seller had good and marketable title to, and was the sole owner of,
each Mortgage Loan, and the Seller is transferring such Mortgage Loan free
and clear of any and all liens, pledges, charges or security interests of
any nature encumbering such Mortgage Loan. Upon consummation of the
transactions contemplated by the Mortgage Loan Purchase Agreement, the
Seller will have validly and effectively conveyed to the Purchaser all
legal and beneficial interest in and to such Mortgage Loan free and clear
of any pledge, lien or security interest.
4. The proceeds of such Mortgage Loan have been fully disbursed and there is
no requirement for future advances thereunder by the Mortgagee.
5. Each related Mortgage Note, Mortgage, Assignment of Leases (if any) and
other agreement executed in connection with such Mortgage Loan is a legal,
valid and binding obligation of the related Mortgagor (subject to any
non-recourse provisions therein and any state anti-deficiency or market
value limit deficiency legislation), enforceable in accordance with its
terms, except (a) that certain provisions contained in such Mortgage Loan
documents are or may be unenforceable in whole or in part under applicable
state or federal laws, but neither the application of any such laws to any
such provision nor the inclusion of any such provisions renders any of the
Mortgage Loan documents invalid as a whole and such Mortgage Loan
documents taken as a whole are enforceable to the extent necessary and
customary for the practical realization of the rights and benefits
afforded thereby and (b) as such enforcement may be limited by bankruptcy,
insolvency, receivership, reorganization, moratorium, redemption,
liquidation or other laws affecting the enforcement of creditors' rights
generally, or by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law). The
related Mortgage Note and Mortgage contain no provision limiting the right
or ability of the Seller to assign, transfer and convey the related
Mortgage Loan to any other Person.
6. As of the date of its origination, there was no valid offset, defense,
counterclaim, abatement or right to rescission with respect to any of the
related Mortgage Notes, Mortgage(s) or other agreements executed in
connection therewith, and, as of the Cut-Off Date, there is no valid
offset, defense, counterclaim or right to rescission with respect to such
Mortgage Note, Mortgage(s) or other agreements, except in each case, with
respect to the enforceability of any provisions requiring the payment of
default interest, late fees, additional interest, prepayment premiums or
yield maintenance charges.
7. Each related assignment of Mortgage and assignment of Assignment of Leases
from the Seller to the Trustee constitutes the legal, valid and binding
first priority assignment from the Seller, except as such enforcement may
be limited by bankruptcy, insolvency, redemption, reorganization,
liquidation, receivership, moratorium or other laws relating to or
affecting creditors' rights generally or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in
equity or at law). Each Mortgage and Assignment of Leases is freely
assignable.
8. Each related Mortgage is a valid and enforceable first lien on the related
Mortgaged Property subject only to the exceptions set forth in paragraph
(5) above and the following title exceptions (each such title exception, a
"Title Exception", and collectively, the "Title Exceptions"): (a) the lien
of current real property taxes, ground rents, water charges, sewer rents
and assessments not yet due and payable, (b) covenants, conditions and
restrictions, rights of way, easements and other matters of public record,
none of which, individually or in the aggregate, materially and adversely
interferes with the current use of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor's ability
to pay its obligations under the Mortgage Loan when they become due or
materially and adversely affects the value of the Mortgaged Property, (c)
the exceptions (general and specific) and exclusions set forth in the
applicable policy described in paragraph (12) below or appearing of
record, none of which, individually or in the aggregate, materially
interferes with the current use of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor's ability
to pay its obligations under the Mortgage Loan when they become due or
materially and adversely affects the value of the Mortgaged Property, (d)
other matters to which like properties are commonly subject, none of
which, individually or in the aggregate, materially and adversely
interferes with the current use of the Mortgaged Property or the security
intended to be provided by such Mortgage or with the Mortgagor's ability
to pay its obligations under the Mortgage Loan when they become due or
materially and adversely affects the value of the Mortgaged Property, (e)
the right of tenants (whether under ground leases, space leases or
operating leases) at the Mortgaged Property to remain following a
foreclosure or similar proceeding (provided that such tenants are
performing under such leases) and (f) if such Mortgage Loan is
cross-collateralized with any other Mortgage Loan, the lien of the
Mortgage for such other Mortgage Loan, none of which, individually or in
the aggregate, materially and adversely interferes with the current use of
the Mortgaged Property or the security intended to be provided by such
Mortgage or with the Mortgagor's ability to pay its obligations under the
Mortgage Loan when they become due or materially and adversely affects the
value of the Mortgaged Property. Except with respect to
cross-collateralized and cross-defaulted Mortgage Loans, there are no
mortgage loans that are senior or pari passu with respect to the related
Mortgaged Property or such Mortgage Loan.
9. UCC Financing Statements have been filed and/or recorded (or, if not filed
and/or recorded, have been submitted in proper form for filing and
recording), in all public places necessary at the time of the origination
of the Mortgage Loan to perfect a valid security interest in all items of
personal property reasonably necessary to operate the Mortgaged Property
owned by a Mortgagor and located on the related Mortgaged Property (other
than any personal property subject to a purchase money security interest
or a sale and leaseback financing arrangement permitted under the terms of
such Mortgage Loan or any other personal property leases applicable to
such personal property), to the extent perfection may be effected pursuant
to applicable law by recording or filing, and the Mortgages, security
agreements, chattel Mortgages or equivalent documents related to and
delivered in connection with the related Mortgage Loan establish and
create a valid and enforceable lien and priority security interest on such
items of personalty except as such enforcement may be limited by
bankruptcy, insolvency, receivership, reorganization, moratorium,
redemption, liquidation or other laws affecting the enforcement of
creditor's rights generally, or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in
equity or at law). Notwithstanding any of the foregoing, no representation
is made as to the perfection of any security interest in rents or other
personal property to the extent that possession or control of such items
or actions other than the filing of UCC Financing Statements are required
in order to effect such perfection.
10. All real estate taxes and governmental assessments, or installments
thereof, which would be a lien on the Mortgaged Property and that prior to
the Cut-Off Date have become delinquent in respect of each related
Mortgaged Property have been paid, or an escrow of funds in an amount
sufficient to cover such payments has been established. For purposes of
this representation and warranty, real estate taxes and governmental
assessments and installments thereof shall not be considered delinquent
until the earlier of (a) the date on which interest and/or penalties would
first be payable thereon and (b) the date on which enforcement action is
entitled to be taken by the related taxing authority.
11. To the Seller's actual knowledge as of the Cut-Off Date, and to the
Seller's actual knowledge based solely upon due diligence customarily
performed with the origination of comparable Mortgage Loans by the Seller,
each related Mortgaged Property was free and clear of any material damage
(other than deferred maintenance for which escrows were established at
origination) that would affect materially and adversely the value of such
Mortgaged Property as security for the Mortgage Loan and to the Seller's
actual knowledge as of the Cut-Off Date there was no proceeding pending
for the total or partial condemnation of such Mortgaged Property.
12. The lien of each related Mortgage as a first priority lien in the original
principal amount of such Mortgage Loan after all advances of principal (as
set forth on the Mortgage Loan Schedule) is insured by an ALTA lender's
title insurance policy (or a binding commitment therefor), or its
equivalent as adopted in the applicable jurisdiction, insuring the Seller,
its successors and assigns, subject only to the Title Exceptions; the
Seller or its successors or assigns is the named insured of such policy;
such policy is assignable without consent of the insurer and will inure to
the benefit of the Trustee as mortgagee of record; is in full force and
effect upon the consummation of the transactions contemplated by this
Agreement; all premiums thereon have been paid; no claims have been made
under such policy and the Seller has not done anything, by act or
omission, and the Seller has no actual knowledge of any matter, which
would impair or diminish the coverage of such policy. The insurer issuing
such policy is either (x) a nationally recognized title insurance company
or (y) qualified to do business in the jurisdiction in which the related
Mortgaged Property is located to the extent required; such policy contains
no material exclusions for, or affirmatively insures (except for any
Mortgaged Property located in a jurisdiction where such insurance is not
available) (a) access to a public road (except as provided below) or (b)
against any loss due to encroachments of any material portion of the
improvements thereon.
13. Except as provided below, as of the date of its origination, all insurance
coverage required under each related Mortgage, which insurance covered
such risks as were customarily acceptable to prudent commercial and
multifamily mortgage lending institutions lending on the security of
property comparable to the related Mortgaged Property in the jurisdiction
in which such Mortgaged Property is located, and with respect to a fire
and extended perils insurance policy, is in an amount (subject to a
customary deductible) at least equal to the lesser of (i) the replacement
cost of improvements located on such Mortgaged Property, or (ii) the
initial principal balance of the Mortgage Loan, and in any event, the
amount necessary to prevent operation of any co-insurance provisions; and,
except if such Mortgaged Property is operated as a mobile home park, is
also covered by business interruption or rental loss insurance, in an
amount at least equal to 12 months of operations of the related Mortgaged
Property (or in the case of a Mortgaged Property without any elevator, 6
months), all of which was in full force and effect with respect to each
related Mortgaged Property; and, except as provided below, as of the
Cut-Off Date, to the actual knowledge of the Seller, all insurance
coverage required under each Mortgage, which insurance covers such risks
and is in such amounts as are customarily acceptable to prudent commercial
and multifamily mortgage lending institutions lending on the security of
property comparable to the related Mortgaged Property in the jurisdiction
in which such Mortgaged Property is located, is in full force and effect
with respect to each related Mortgaged Property; all premiums due and
payable through the Closing Date have been paid; and no notice of
termination or cancellation with respect to any such insurance policy has
been received by the Seller; and except for certain amounts not greater
than amounts which would be considered prudent by an institutional
commercial mortgage lender with respect to a similar Mortgage Loan and
which are set forth in the related Mortgage, any insurance proceeds in
respect of a casualty loss, will be applied either (i) to the repair or
restoration of all or part of the related Mortgaged Property or (ii) the
reduction of the outstanding principal balance of the Mortgage Loan,
subject in either case to requirements with respect to leases at the
related Mortgaged Property and to other exceptions customarily provided
for by prudent institutional lenders for similar loans. The Mortgaged
Property is also covered by comprehensive general liability insurance
against claims for personal and bodily injury, death or property damage
occurring on, in or about the related Mortgaged Property, in an amount
customarily required by prudent institutional lenders.
The insurance policies contain a standard mortgagee clause naming the
Seller, its successors and assigns as loss payee, in the case of a
property insurance policy, and additional insured in the case of a
liability insurance policy and provide that they are not terminable
without 30 days prior written notice to the Mortgagee (or, with respect to
non-payment, 10 days prior written notice to the Mortgagee) or such lesser
period as prescribed by applicable law. Each Mortgage requires that the
Mortgagor maintain insurance as described above or permits the Mortgagee
to require insurance as described above, and permits the Mortgagee to
purchase such insurance at the Mortgagor's expense if Mortgagor fails to
do so.
14. Except as provided below, (a) other than payments due but not yet 30 days
or more delinquent, to the Seller's actual knowledge, based upon due
diligence customarily performed with the servicing of comparable mortgage
loans by prudent institutional lenders, there is no material default,
breach, violation or event of acceleration existing under the related
Mortgage or the related Mortgage Note, and to the Seller's actual
knowledge no event (other than payments due but not yet delinquent) which,
with the passage of time or with notice and the expiration of any grace or
cure period, would constitute a material default, breach, violation or
event of acceleration, provided, however, that this representation and
warranty does not address or otherwise cover any default, breach,
violation or event of acceleration that specifically pertains to any
matter otherwise covered by any other representation and warranty made by
the Seller in any paragraphs of this Schedule I or in any paragraph of
Schedule II, and (b) the Seller has not waived any material default,
breach, violation or event of acceleration under such Mortgage or Mortgage
Note, except for a written waiver contained in the related Mortgage File
being delivered to the Purchaser, and pursuant to the terms of the related
Mortgage or the related Mortgage Note and other documents in the related
Mortgage File no Person or party other than the holder of such Mortgage
Note may declare any event of default or accelerate the related
indebtedness under either of such Mortgage or Mortgage Note.
15. As of the Closing Date, each Mortgage Loan is not, and in the prior 12
months (or since the date of origination if such Mortgage Loan has been
originated within the past 12 months), has not been, 30 days or more past
due in respect of any Scheduled Payment.
16. Except with respect to ARD Loans, which provide that the rate at which
interest accrues thereon increases after the Anticipated Repayment Date,
the Mortgage Rate (exclusive of any default interest, late charges or
prepayment premiums) of such Mortgage Loan is a fixed rate.
17. Each related Mortgage does not provide for or permit, without the prior
written consent of the holder of the Mortgage Note, each related Mortgaged
Property to secure any other promissory note or obligation except as
expressly described in such Mortgage.
18. Each Mortgage Loan is directly secured by a Mortgage on a commercial
property or a multifamily residential property, and either (a)
substantially all of the proceeds of such Mortgage Loan were used to
acquire, improve or protect the portion of such commercial or multifamily
residential property that consists of an interest in real property (within
the meaning of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d))
and such interest in real property was the only security for such Mortgage
Loan as of the Testing Date (as defined below), or (b) the fair market
value of the interest in real property which secures such Mortgage Loan
was at least equal to 80% of the principal amount of the Mortgage Loan (i)
as of the Testing Date, or (ii) as of the Closing Date. For purposes of
the previous sentence, (A) the fair market value of the referenced
interest in real property shall first be reduced by (1) the amount of any
lien on such interest in real property that is senior to the Mortgage
Loan, and (2) a proportionate amount of any lien on such interest in real
property that is on a parity with the Mortgage Loan, and (B) the "Testing
Date" shall be the date on which the referenced Mortgage Loan was
originated unless (1) such Mortgage Loan was modified after the date of
its origination in a manner that would cause a "significant modification"
of such Mortgage Loan within the meaning of Treasury Regulations Section
1.1001-3(b), and (2) such "significant modification" did not occur at a
time when such Mortgage Loan was in default or when default with respect
to such Mortgage Loan was reasonably foreseeable. However, if the
referenced Mortgage Loan has been subjected to a "significant
modification" after the date of its origination and at a time when such
Mortgage Loan was not in default or when default with respect to such
Mortgage Loan was not reasonably foreseeable, the Testing Date shall be
the date upon which the latest such "significant modification" occurred.
The Mortgage Loan documents with respect to each Defeasance Loan do not
allow such Defeasance Loan to be defeased prior to two years after the
Startup Day.
19. One or more environmental site assessments or updates thereof were
performed by an environmental consulting firm independent of the Seller
and the Seller's affiliates with respect to each related Mortgaged
Property during the 18-months preceding the origination of the related
Mortgage Loan, and the Seller, having made no independent inquiry other
than to review the report(s) prepared in connection with the assessment(s)
referenced herein, has no actual knowledge and has received no notice of
any material and adverse environmental condition or circumstance affecting
such Mortgaged Property that was not disclosed in such report(s). If any
such environmental report identified any Recognized Environmental
Condition (REC), as that term is defined in the Standard Practice for
Environmental Site Assessments: Phase I Environmental Site Assessment
Process Designation: E 1527-00, as recommended by the American Society for
Testing and Materials (ASTM), with respect to the related Mortgaged
Property and the same have not been subsequently addressed in all material
respects, then either (i) an escrow greater than 100% of the amount
identified as necessary by the environmental consulting firm to address
the REC is held by the Seller for purposes of effecting same (and the
borrower has covenanted in the Mortgage Loan documents to perform such
work), (ii) the related borrower or other responsible party having
financial resources reasonably estimated to be adequate to address the REC
is required to take such actions or is liable for the failure to take such
actions, if any, with respect to such circumstances or conditions as have
been required by the applicable governmental regulatory authority or any
environmental law or regulation, (iii) the borrower has provided an
environmental insurance policy, (iv) an operations and maintenance plan
has been or will be implemented or (v) such conditions or circumstances
were investigated further and based upon such additional investigation, a
qualified environmental consultant recommended no further investigation or
remediation. All environmental assessments or updates that were in the
possession of the Seller and that relate to a Mortgaged Property insured
by an environmental insurance policy have been delivered to or disclosed
to the environmental insurance carrier issuing such policy prior to the
issuance of such policy.
20. Each related Mortgage and Assignment of Leases, together with applicable
state law, contains customary and enforceable provisions for comparable
mortgaged properties similarly situated such as to render the rights and
remedies of the holder thereof adequate for the practical realization
against the Mortgaged Property of the benefits of the security, including
realization by judicial or, if applicable, non-judicial foreclosure,
subject to the effects of bankruptcy, insolvency, reorganization,
receivership, moratorium, redemption, liquidation or similar law affecting
the right of creditors and the application of principles of equity.
21. At the time of origination and, to the actual knowledge of Seller as of
the Cut-Off Date, no Mortgagor is a debtor in, and no Mortgaged Property
is the subject of, any state or federal bankruptcy or insolvency
proceeding.
22. Each Mortgage Loan is a whole loan (except with respect to the Co-Lender
Loans) and contains no equity participation by the lender or shared
appreciation feature and does not provide for any contingent or additional
interest in the form of participation in the cash flow of the related
Mortgaged Property or, other than the ARD Loans, provide for negative
amortization. The Seller holds no preferred equity interest.
23. Subject to certain exceptions, which are customarily acceptable to prudent
commercial and multifamily mortgage lending institutions lending on the
security of property comparable to the related Mortgaged Property, each
related Mortgage or loan agreement contains provisions for the
acceleration of the payment of the unpaid principal balance of such
Mortgage Loan if, without complying with the requirements of the Mortgage
or loan agreement, (a) the related Mortgaged Property, or any controlling
interest in the related Mortgagor, is directly transferred or sold (other
than by reason of family and estate planning transfers, transfers by
devise, descent or operation of law upon the death of a member, general
partner or shareholder of the related Borrower and transfers of less than
a controlling interest in a mortgagor, issuance of non-controlling new
equity interests, transfers among existing members, partners or
shareholders in the Mortgagor or an affiliate thereof, transfers among
affiliated Mortgagors with respect to Crossed Loans or multi-property
Mortgage Loans or transfers of a similar nature to the foregoing meeting
the requirements of the Mortgage Loan (such as pledges of ownership
interest that do not result in a change of control) or a substitution or
release of collateral within the parameters of paragraph (26) below), or
(b) the related Mortgaged Property is encumbered in connection with
subordinate financing by a lien or security interest against the related
Mortgaged Property, other than any existing permitted additional debt.
24. Except as set forth in the related Mortgage File, the terms of the related
Mortgage Note and Mortgage(s) have not been waived, modified, altered,
satisfied, impaired, canceled, subordinated or rescinded in any manner
which materially interferes with the security intended to be provided by
such Mortgage.
25. Except as provided below, each related Mortgaged Property was inspected by
or on behalf of the related originator or an affiliate during the 12 month
period prior to the related origination date.
26. Since origination, no material portion of the related Mortgaged Property
has been released from the lien of the related Mortgage in any manner
which materially and adversely affects the value of the Mortgage Loan or
materially interferes with the security intended to be provided by such
Mortgage, and, except with respect to Mortgage Loans (a) which permit
defeasance by means of substituting for the Mortgaged Property (or, in the
case of a Mortgage Loan secured by multiple Mortgaged Properties, one or
more of such Mortgaged Properties) U.S. Treasury obligations sufficient to
pay the Mortgage Loans (or portions thereof) in accordance with their
terms, (b) where a release of the portion of the Mortgaged Property was
contemplated at origination and such portion was not considered material
for purposes of underwriting the Mortgage Loan, (c) where release is
conditional upon the satisfaction of certain underwriting and legal
requirements and the payment of a release price that represents adequate
consideration for such Mortgaged Property or the portion thereof that is
being released, or (d) which permit the related Mortgagor to substitute a
replacement property in compliance with REMIC Provisions or (e) which
permit the release(s) of unimproved out-parcels or other portions of the
Mortgaged Property that will not have a material adverse affect on the
underwritten value of the security for the Mortgage Loan or that were not
allocated to any value in the underwriting during the origination of the
Mortgage Loan, the terms of the related Mortgage do not provide for
release of any portion of the Mortgaged Property from the lien of the
Mortgage except in consideration of payment in full therefor.
27. Except as provided below, to the Seller's actual knowledge, based upon a
letter from governmental authorities, a legal opinion, an endorsement to
the related title policy, or based upon other due diligence considered
reasonable by prudent commercial conduit mortgage lenders in the area
where the applicable Mortgaged Property is located, as of the date of
origination of such Mortgage Loan and as of the Cut-Off Date, there are no
material violations of any applicable zoning ordinances, building codes
and land laws applicable to the Mortgaged Property or the use and
occupancy thereof which (a) are not insured by an ALTA lender's title
insurance policy (or a binding commitment therefor), or its equivalent as
adopted in the applicable jurisdiction, or a law and ordinance insurance
policy or (b) would have a material adverse effect on the value, operation
or net operating income of the Mortgaged Property.
28. To the Seller's actual knowledge based on surveys and/or the title policy
referred to herein obtained in connection with the origination of each
Mortgage Loan, none of the material improvements which were included for
the purposes of determining the appraised value of the related Mortgaged
Property at the time of the origination of the Mortgage Loan lies outside
of the boundaries and building restriction lines of such property (except
Mortgaged Properties which are legal non-conforming uses), to an extent
which would have a material adverse affect on the value of the Mortgaged
Property or related Mortgagor's use and operation of such Mortgaged
Property (unless affirmatively covered by title insurance) and no
improvements on adjoining properties encroached upon such Mortgaged
Property to any material and adverse extent (unless affirmatively covered
by title insurance).
29. With respect to at least 95% of such Seller's Mortgage Loans (by balance)
having a Cut-Off Date Balance in excess of 1% of the Initial Pool Balance,
the related Mortgagor has covenanted in its organizational documents
and/or the Mortgage Loan documents to own no significant asset other than
the related Mortgaged Property or Mortgaged Properties, as applicable, and
assets incidental to its ownership and operation of such Mortgaged
Property, and to hold itself out as being a legal entity, separate and
apart from any other Person.
30. No advance of funds has been made other than pursuant to the loan
documents, directly or indirectly, by the Seller to the Mortgagor and, to
the Seller's actual knowledge, no funds have been received from any Person
other than the Mortgagor, for or on account of payments due on the
Mortgage Note or the Mortgage.
31. As of the date of origination and, to the Seller's actual knowledge, as of
the Cut-Off Date, there was no pending action, suit or proceeding, or
governmental investigation of which it has received notice, against the
Mortgagor or the related Mortgaged Property the adverse outcome of which
could reasonably be expected to materially and adversely affect such
Mortgagor's ability to pay principal, interest or any other amounts due
under such Mortgage Loan or the security intended to be provided by the
Mortgage Loan documents or the current use of the Mortgaged Property.
32. As of the date of origination, and, to the Seller's actual knowledge, as
of the Cut-Off Date, if the related Mortgage is a deed of trust, a
trustee, duly qualified under applicable law to serve as such, has either
been properly designated and serving under such Mortgage or may be
substituted in accordance with the Mortgage and applicable law.
33. The Mortgage Loan and the interest (exclusive of any default interest,
late charges or prepayment premiums) contracted for complied as of the
date of origination with, or was exempt from, applicable state or federal
laws, regulations and other requirements pertaining to usury.
34. The related Mortgage Note is not secured by any collateral that secures a
Mortgage Loan that is not in the Trust Fund and each Mortgage Loan that is
cross-collateralized is cross-collateralized only with other Mortgage
Loans sold pursuant to this Agreement.
35. The improvements located on the Mortgaged Property are either not located
in a federally designated special flood hazard area or the Mortgagor is
required to maintain or the mortgagee maintains, flood insurance with
respect to such improvements and such policy is in full force and effect.
36. All escrow deposits and payments required pursuant to the Mortgage Loan as
of the Closing Date required to be deposited with the Seller in accordance
with the Mortgage Loan documents have been so deposited, are in the
possession, or under the control, of the Seller or its agent and there are
no deficiencies in connection therewith.
37. To the Seller's actual knowledge, based on the due diligence customarily
performed in the origination of comparable mortgage loans by prudent
commercial and multifamily mortgage lending institutions with respect to
the related geographic area and properties comparable to the related
Mortgaged Property, as of the date of origination of the Mortgage Loan,
the related Mortgagor, the related lessee, franchisor or operator was in
possession of all material licenses, permits and authorizations then
required for use of the related Mortgaged Property, and, as of the Cut-Off
Date, the Seller has no actual knowledge that the related Mortgagor, the
related lessee, franchisor or operator was not in possession of such
licenses, permits and authorizations.
38. The origination (or acquisition, as the case may be), servicing and
collection practices used by the Seller with respect to the Mortgage Loan
have been in all respects legal and have met customary industry standards
for servicing of commercial mortgage loans for conduit loan programs.
39. Except for Mortgagors under Mortgage Loans the Mortgaged Property with
respect to which includes a Ground Lease, the related Mortgagor (or its
affiliate) has title in the fee simple interest in each related Mortgaged
Property.
40. Except as provided below, the Mortgage Loan documents for each Mortgage
Loan provide that each Mortgage Loan is non-recourse to the related
Mortgagor except that the related Mortgagor accepts responsibility for
fraud and/or other intentional material misrepresentation. Furthermore,
except as provided below, the Mortgage Loan documents for each Mortgage
Loan provide that the related Mortgagor shall be liable to the lender for
losses incurred due to the misapplication or misappropriation of rents
collected in advance or received by the related Mortgagor after the
occurrence of an event of default and not paid to the Mortgagee or applied
to the Mortgaged Property in the ordinary course of business,
misapplication or conversion by the Mortgagor of insurance proceeds or
condemnation awards or breach of the environmental covenants in the
related Mortgage Loan documents.
41. Subject to the exceptions set forth in paragraph (5), the Assignment of
Leases set forth in the Mortgage or separate from the related Mortgage and
related to and delivered in connection with each Mortgage Loan establishes
and creates a valid, subsisting and enforceable lien and security interest
in the related Mortgagor's interest in all leases, subleases, licenses or
other agreements pursuant to which any Person is entitled to occupy, use
or possess all or any portion of the real property.
42. With respect to such Mortgage Loan, any prepayment premium constitutes a
"customary prepayment penalty" within the meaning of Treasury Regulations
Section 1.860G-1(b)(2).
43. If such Mortgage Loan contains a provision for any defeasance of mortgage
collateral, such Mortgage Loan permits defeasance (a) no earlier than two
years after the Closing Date, and (b) only with substitute collateral
constituting "government securities" within the meaning of Treasury
Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to make all
scheduled payments under the Mortgage Note. In addition, if such Mortgage
contains such a defeasance provision, it provides (or otherwise contains
provisions pursuant to which the holder can require) that an opinion be
provided to the effect that such holder has a first priority perfected
security interest in the defeasance collateral. The related Mortgage Loan
documents permit the lender to charge all of its expenses associated with
a defeasance to the Mortgagor (including rating agencies' fees, accounting
fees and attorneys' fees), and provide that the related Mortgagor must
deliver (or otherwise, the Mortgage Loan documents contain certain
provisions pursuant to which the lender can require) (i) an accountant's
certification as to the adequacy of the defeasance collateral to make
payments under the related Mortgage Loan for the remainder of its term,
(ii) an Opinion of Counsel that the defeasance complies with all
applicable REMIC Provisions, and (iii) assurances from the Rating Agencies
that the defeasance will not result in the withdrawal, downgrade or
qualification of the ratings assigned to the Certificates. Notwithstanding
the foregoing, some of the Mortgage Loan documents may not affirmatively
contain all such requirements, but such requirements are effectively
present in such documents due to the general obligation to comply with the
REMIC Provisions and/or deliver a REMIC Opinion of Counsel.
44. To the extent required under applicable law as of the date of origination,
and necessary for the enforceability or collectability of the Mortgage
Loan, the originator of such Mortgage Loan was authorized to do business
in the jurisdiction in which the related Mortgaged Property is located at
all times when it originated and held the Mortgage Loan.
45. Neither the Seller nor any affiliate thereof has any obligation to make
any capital contributions to the Mortgagor under the Mortgage Loan.
46. Except with respect to the Companion Loan of any Co-Lender Loan, none of
the Mortgaged Properties are encumbered, and none of the Mortgage Loan
documents permit the related Mortgaged Property to be encumbered
subsequent to the Closing Date without the prior written consent of the
holder thereof, by any lien securing the payment of money junior to or of
equal priority with, or superior to, the lien of the related Mortgage
(other than Title Exceptions, taxes, assessments and contested mechanics
and materialmens liens that become payable after the after the Cut-Off
Date of the related Mortgage Loan).
SCHEDULE II
GROUND LEASE REPRESENTATIONS AND WARRANTIES
With respect to each Mortgage Loan secured by a leasehold interest
(except with respect to any Mortgage Loan also secured by a fee interest in the
related Mortgaged Property), the Seller represents and warrants the following
with respect to the related Ground Lease:
1. Such Ground Lease or a memorandum thereof has been or will be duly
recorded no later than 30 days after the Closing Date and such Ground
Lease permits the interest of the lessee thereunder to be encumbered by
the related Mortgage or, if consent of the lessor thereunder is required,
it has been obtained prior to the Closing Date.
2. Upon the foreclosure of the Mortgage Loan (or acceptance of a deed in lieu
thereof), the Mortgagor's interest in such ground lease is assignable to
the mortgagee under the leasehold estate and its assigns without the
consent of the lessor thereunder (or, if any such consent is required, it
has been obtained prior to the Closing Date).
3. Such Ground Lease may not be amended, modified, canceled or terminated
without the prior written consent of the mortgagee and any such action
without such consent is not binding on the mortgagee, its successors or
assigns, except termination or cancellation if (a) an event of default
occurs under the Ground Lease, (b) notice thereof is provided to the
mortgagee and (c) such default is curable by the mortgagee as provided in
the Ground Lease but remains uncured beyond the applicable cure period.
4. To the actual knowledge of the Seller, at the Closing Date, such Ground
Lease is in full force and effect and other than payments due but not yet
30 days or more delinquent, (a) there is no material default, and (b)
there is no event which, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute a material
default under such Ground Lease.
5. The ground lease or ancillary agreement between the lessor and the lessee
requires the lessor to give notice of any default by the lessee to the
mortgagee. The ground lease or ancillary agreement further provides that
no notice given is effective against the mortgagee unless a copy has been
given to the mortgagee in a manner described in the ground lease or
ancillary agreement.
6. The ground lease (a) is not subject to any liens or encumbrances superior
to, or of equal priority with, the Mortgage, subject, however, to only the
Title Exceptions or (b) is subject to a subordination, non-disturbance and
attornment agreement to which the mortgagee on the lessor's fee interest
in the Mortgaged Property is subject.
7. A mortgagee is permitted a reasonable opportunity (including, where
necessary, sufficient time to gain possession of the interest of the
lessee under the ground lease) to cure any curable default under such
Ground Lease before the lessor thereunder may terminate such Ground Lease.
8. Such Ground Lease has an original term (together with any extension
options, whether or not currently exercised, set forth therein all of
which can be exercised by the mortgagee if the mortgagee acquires the
lessee's rights under the Ground Lease) that extends not less than 20
years beyond the Stated Maturity Date.
9. Under the terms of such Ground Lease, any estoppel or consent letter
received by the mortgagee from the lessor, and the related Mortgage, taken
together, any related insurance proceeds or condemnation award (other than
in respect of a total or substantially total loss or taking) will be
applied either to the repair or restoration of all or part of the related
Mortgaged Property, with the mortgagee or a trustee appointed by it having
the right to hold and disburse such proceeds as repair or restoration
progresses, or to the payment or defeasance of the outstanding principal
balance of the Mortgage Loan, together with any accrued interest (except
in cases where a different allocation would not be viewed as commercially
unreasonable by any commercial mortgage lender, taking into account the
relative duration of the ground lease and the related Mortgage and the
ratio of the market value of the related Mortgaged Property to the
outstanding principal balance of such Mortgage Loan).
10. The ground lease does not impose any restrictions on subletting that would
be viewed as commercially unreasonable by a prudent commercial lender.
11. The ground lessor under such Ground Lease is required to enter into a new
lease upon termination of the Ground Lease for any reason, including the
rejection of the Ground Lease in bankruptcy.
SCHEDULE III
EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES
Exceptions to Representation 8:
Loans: Description of Exception:
------ -------------------------
1 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ The related Mortgage Loan is
3 Starrett-Lehigh Building cross-collateralized and cross-defaulted
30 Cedarbrook Apartments with its related Companion
Loan(s), which is(are) not included in
the Mortgage Pool (other than the
Starrett-Lehigh Building Subordinate
Loan). In addition, each Companion Loan
is secured by the same Mortgaged
Property and the same Mortgage Loan
securing its related Mortgage Loan.
N/A Starrett-Lehigh Building The related Mortgage Loan is
Subordinate Loan cross-collateralized and cross-defaulted
with the Starrett-Lehigh Loan, which is
included in the Mortgage Pool. In
addition, it is secured by the same
Mortgaged Property and the same Mortgage
Loan securing the Starrett-Lehigh Loan.
The Starrett-Lehigh Building Loan is the
subordinate companion loan to the
Starrett-Lehigh Building Loan.
Exceptions to Representation 13:
Loans: Description of Exception:
------ -------------------------
4 IBM Center There is no property or business
interruption insurance on the
related Mortgaged Property. The
IBM Center Mortgagor self-insures
as permitted by the loan documents.
▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇. ▇▇▇▇, MN There is no property or business
▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇▇▇▇▇▇, ▇▇ interruption insurance on the
▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇▇ ▇▇▇▇▇▇▇, ▇▇ related these Mortgaged Property.
▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇▇▇▇▇▇, ▇▇ Walgreens self-insures as
▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ permitted by the loan documents.
84 Walgreens - Saginaw, MI
▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇ ▇▇▇▇▇▇, ▇▇
96 Walgreens - Tulsa, OK
97 Walgreens - Broken Arrow, OK
Exceptions to Representation 22:
Loans: Description of Exception:
------ -------------------------
N/A Starrett-Lehigh Building The Starrett-Lehigh Building Loan
Subordinate Loan is the subordinate companion loan
to the Starrett-Lehigh Building
Loan.
Exceptions to Representation 28:
Loans: Description of Exception:
------
9 Pacific Center Certain improvements on the
property encroach upon neighboring
properties and rights of way.
Exceptions to Representation 34:
Loans: Description of Exception:
------ -------------------------
1 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ The related Mortgage Loan is
3 Starrett-Lehigh Building cross-collateralized and cross-defaulted
30 Cedarbrook Apartments with its related Companion
Loan(s), which is(are) not included in
the Mortgage Pool (other than the
Starrett-Lehigh Building Subordinate
Loan). In addition, each Companion Loan
is secured by the same Mortgaged
Property securing its related Mortgage
Note.
23 Forest Park Apartments A Mezzanine Loan is secured by the
membership interests in SCI Forest
Fund, LLC, SCI Forest Fund 1, LLC
and SCI Forest Fund 3, LLC, as
well as by a second lien on the
Mortgaged Property.
N/A Starrett-Lehigh Building The related Mortgage Loan is
Subordinate Loan cross-collateralized and cross-defaulted
with the Starrett-Lehigh Loan, which is
included in the Mortgage Pool. In
addition, it is secured by the same
Mortgaged Property and the same Mortgage
Loan securing the Starrett-Lehigh Loan.
The Starrett-Lehigh Building Loan is the
subordinate companion loan to the
Starrett-Lehigh Building Loan.
Exceptions to Representation 46:
Loans: Description of Exception:
------ -------------------------
23 Forest Park Apartments A Mezzanine Loan is secured by the
membership interests in SCI Forest Fund,
LLC, SCI Forest Fund 1, LLC and SCI
Forest Fund 3, LLC, as well as by a
second lien on the Mortgaged Property.
Exceptions to Ground Lease Representation 1:
Loans: Description of Exception:
------ -------------------------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease does
not acknowledge the right of the
Lessee to encumber its leasehold
interest.
Exceptions to Ground Lease Representation 2:
Loans: Description of Exception:
------ -------------------------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease and
ground lessor estoppel are silent.
Exceptions to Ground Lease Representation 3:
Loans: Description of Exception:
------ -------------------------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease and
ground lessor estoppel are silent.
24 Little Palm Island Resort Submerged lands lease is silent.
Florida DEP will not sign further
covenants or mortgagee protections.
Exceptions to Ground Lease Representation 5:
Loans: Description of Exception:
------ -------------------------
24 Little Palm Island Resort Submerged lands lease is silent.
Florida DEP will not sign further
covenants or mortgagee protections.
Exceptions to Ground Lease Representation 7:
Loans: Description of Exception:
------ -------------------------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease and
ground lessor estoppel are silent.
24 Little Palm Island Resort Submerged lands lease is silent.
Florida DEP will not sign further
covenants or mortgagee protections.
Exceptions to Ground Lease Representation 8:
Loans: Description of Exception:
------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease is
silent on leasehold mortgagee
rights.
24 Little Palm Island Resort The ground lease currently has an
expiration of January 26, 2018,
and the related Mortgage Loan has
a maturity date of January 11,
2012.
Exceptions to Ground Lease Representation 9:
Loans: Description of Exception:
------ -------------------------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease and
ground lessor estoppel are silent.
24 Little Palm Island Resort Submerged lands lease is silent.
Florida DEP will not sign further
covenants or mortgagee protections.
40 Advocate Medical Office The ground lease requires casualty
Building proceeds to be used for
restoration, but is silent on the
participation of mortgagee in the
distribution of casualty insurance
proceeds. The mortgagee can participate
and control in distribution of
condemnation proceeds only if there is a
default under the leasehold mortgage;
otherwise there is no requirement that
proceeds go to the repair or restoration
or payment of leasehold mortgage.
Exceptions to Ground Lease Representation 11:
Loans: Description of Exception:
------ -------------------------
▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ The Pathfinders ground lease and
ground lessor estoppel are silent.
24 Little Palm Island Resort Submerged lands lease is silent.
The Florida DEP will not sign
further covenants or mortgagee
protections.
EXHIBIT A
MORTGAGE LOAN SCHEDULE
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
Loan
Mortgage Group
Loan Number Number Property Name Address City State Zip Code County
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
1 1 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ New York
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
2 1 ▇▇▇▇▇▇▇▇ Point ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Palm Beach
Office Building Beach
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
3 1 Starrett-Lehigh ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ New York
Building
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
N/A N/A Starrett-Lehigh ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ New York
Building
Subordinate Loan
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
4 1 IBM Center ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
5 1 North Riverside ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇
Park Mall
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
6 1 ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ New York
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
7 2 Villa Del Sol ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇ Orange
Apartments Street
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
8 ▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ of Okeechobee ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Palm Beach
Boulevard and North
Military Trail
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
9 1 Pacific Center ▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Los Angeles
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
10 1 Bal Harbour Square 1630-1860 North ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Broward
Federal Highway
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
13 2 Sunrise Bay ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Atlantic
Apartments Terrace
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
14 2 Caribbean Isle ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Osceola
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
15 ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ & ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
Shopping Center ▇▇▇▇▇▇▇ Creek Road
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
16 ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Hunterdon
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
17 2 Summit San Raphael ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Dallas
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
21 ▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Utah
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
22 2 La Ventana ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Apartment Homes Boulevard
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
23 2 Forest Park ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Broward
Apartments Forest Drive
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
24 1 Little Palm Island ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Monroe
Resort Key
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
25 2 Westwood Pines ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
26 2 Silver Shadow ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Apartments Boulevard
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
27 1 Aliso Viejo Plaza 26852-27072 ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Orange
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
28 1 Shops of San Marco 13800-13900 ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Palm Beach
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
29 2 Cypress Point ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
30 2 Cedarbrook ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Jefferson
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
31 1 Studio Village 10900-11140 Jefferson ▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Los Angeles
Shopping Center Boulevard
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
32 1 The Meurice ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ New York
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
34 1 Hampton Inn - Cocoa ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Brevard
Beach, FL Avenue
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
35 2 Americana Mobile ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Los Angeles
Home Park
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
36 1 Sunrise Springs ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Apartment Homes
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
37 1 ▇▇▇▇▇▇▇ Station ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇
Shopping Center
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
40 1 Advocate Medical ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇
Office Building Road
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
41 1 ▇▇▇▇▇▇▇ Pointe ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Greenville
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
43 1 ▇▇▇▇▇▇▇ Plaza II ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Rockdale
Shopping Center
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
46 2 Gleneagle Apartments ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Greenville
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
47 ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Miami-Dade
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
49 1 Shoppes at Lake Dow ▇▇▇-▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
52 1 ▇▇▇▇▇▇▇ Collections 4721-4761 Bayou ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Escambia
Shopping Center Boulevard
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
53 1 ▇▇▇▇-▇▇▇▇▇/Movie ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
Gallery Shopping
Center
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
55 2 Greyeagle Apartments ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Greenville
Road
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
56 1 Northcrest I & II 7505-7577 & 7351-7379 ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Hennepin
Washington Avenue South
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
61 2 Carolina Crossing ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Greenville
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
62 1 Borders Books & ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇
Music - ▇▇▇▇▇▇▇, IL
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
▇▇ ▇ ▇▇▇▇▇▇▇▇▇ - ▇▇. ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇, MN & Larpentuer Avenue
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
67 1 Walgreens - ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Hampton City
Hampton, VA Boulevard
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
69 ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇-▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Hartford
Shopping Center
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
70 1 One Michigan Place ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
71 1 Walgreens - Hot ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Garland
Springs, AR
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
72 1 Walgreens - ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇.▇. ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ King
Seattle, WA
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
77 2 Carisbrooke 2401, 2403, 2405 ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Champaign
Apartments Phase I Carisbrooke Drive & ▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
79 1 Meadowlark ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Apartments
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
80 1 Creekwood Village ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Montgomery
at Skippack Mobile Road Township
Home Park
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
82 1 Walgreens - ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Jacksonville, FL
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
84 1 Walgreens - ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Saginaw
Saginaw, MI Avenue
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
85 1 Walgreens - La ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Galveston
Marque, TX
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
86 2 Hickory Ridge ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Greenville
Apartments Boulevard
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
88 1 CVS - Hamilton, OH ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
91 1 Office Depot - ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Laurel
London, KY
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
94 1 CVS - ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Saratoga
Mechanicville, NY
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
95 1 Office Depot - ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Laurel, MS
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
96 1 Walgreens - Tulsa, ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Tulsa
OK
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
97 1 Walgreens - Broken ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Tulsa
Arrow, OK
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
99 1 Payless Shoes ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Richland
Retail Building
-------------- ---------- --------------------- ------------------------ ---------------- -------- --------- --------------
------------------ --------------- ---------------
Cut-Off Date Monthly P&I
Loan Balance ($) Payments ($) Grace Days
------------------ --------------- ---------------
143,333,333.00 796,319.45 0
------------------ --------------- ---------------
105,000,000.00 646,503.06 0
------------------ --------------- ---------------
100,000,000.00 618,930.85 0
------------------ --------------- ---------------
24,000,000.00 148,543.40 0
------------------ --------------- ---------------
80,000,000.00 460,301.99 0
------------------ --------------- ---------------
80,000,000.00 IO 0
------------------ --------------- ---------------
49,000,000.00 IO 0
------------------ --------------- ---------------
45,000,000.00 262,036.33 0
------------------ --------------- ---------------
30,350,000.00 177,307.21 5 days for
1st time late
------------------ --------------- ---------------
27,500,000.00 156,832.83 0
------------------ --------------- ---------------
27,475,431.54 159,784.43 0 to default,
5 to late
charge
------------------ --------------- ---------------
21,500,000.00 119,257.02 0
------------------ --------------- ---------------
19,500,000.00 111,945.40 0
------------------ --------------- ---------------
18,384,628.67 109,962.66 0
------------------ --------------- ---------------
16,500,000.00 96,289.52 0
------------------ --------------- ---------------
15,000,000.00 84,136.01 0
------------------ --------------- ---------------
13,075,815.02 75,121.76 0
------------------ --------------- ---------------
12,947,489.61 72,774.39 0
------------------ --------------- ---------------
12,600,000.00 71,541.41 0
------------------ --------------- ---------------
11,988,566.81 87,899.86 0
------------------ --------------- ---------------
11,840,000.00 66,559.17 0
------------------ --------------- ---------------
11,748,647.98 66,036.02 0
------------------ --------------- ---------------
11,500,000.00 66,527.58 0
------------------ --------------- ---------------
11,000,000.00 62,112.15 0 for monthly
pmts, 2 for
balloon pmt
on maturity
date
------------------ --------------- ---------------
10,589,817.89 59,654.67 0
------------------ --------------- ---------------
10,140,250.15 57,122.16 0
------------------ --------------- ---------------
10,000,000.00 57,534.08 0
------------------ --------------- ---------------
10,000,000.00 IO 0
------------------ --------------- ---------------
9,503,946.06 74,668.05 0
------------------ --------------- ---------------
9,250,000.00 53,452.80 0
------------------ --------------- ---------------
8,621,669.39 48,460.11 0
------------------ --------------- ---------------
8,592,414.09 50,241.91 0
------------------ --------------- ---------------
7,800,000.00 46,164.87 0
------------------ --------------- ---------------
7,500,000.00 41,368.84 0
------------------ --------------- ---------------
7,393,030.83 42,016.39 0
------------------ --------------- ---------------
6,650,000.00 36,680.37 0
------------------ --------------- ---------------
6,594,615.71 39,825.29 0
------------------ --------------- ---------------
6,100,000.00 25,264.17 0
------------------ --------------- ---------------
4,988,953.96 30,825.74 0
------------------ --------------- ---------------
4,960,000.00 29,039.81 0
------------------ --------------- ---------------
4,750,000.00 26,200.26 0
------------------ --------------- ---------------
4,738,589.87 31,540.14 0
------------------ --------------- ---------------
4,050,000.00 22,339.17 0
------------------ --------------- ---------------
3,996,344.15 23,013.63 0
------------------ --------------- ---------------
3,897,082.49 24,343.68 0
------------------ --------------- ---------------
3,629,130.53 22,197.76 0
------------------ --------------- ---------------
3,447,072.34 20,485.29 0
------------------ --------------- ---------------
3,445,622.42 22,291.71 0
------------------ --------------- ---------------
3,374,000.00 20,293.96 0
------------------ --------------- ---------------
3,349,500.00 IO 0
------------------ --------------- ---------------
2,994,489.14 17,241.29 0
------------------ --------------- ---------------
2,557,878.18 15,348.49 0
------------------ --------------- ---------------
2,557,666.13 14,744.89 0
------------------ --------------- ---------------
2,510,750.00 IO 0
------------------ --------------- ---------------
2,282,500.00 IO 0
------------------ --------------- ---------------
2,277,000.00 IO 0
------------------ --------------- ---------------
2,150,000.00 11,859.07 0
------------------ --------------- ---------------
1,787,500.00 IO 0
------------------ --------------- ---------------
1,680,000.00 IO 0
------------------ --------------- ---------------
1,290,000.00 IO 0
------------------ --------------- ---------------
1,270,000.00 IO 0
------------------ --------------- ---------------
1,215,500.00 IO 0
------------------ --------------- ---------------
1,127,500.00 IO 0
------------------ --------------- ---------------
860,000.00 IO 0
------------------ --------------- ---------------
(1) In addition to any such escrows funded at loan closing for potential
TI/LC, these Mortgage Loans require funds to be escrowed during some or
all of the loan term for TI/LC expenses, which may be incurred during the
loan term. In certain instances, escrowed funds may be released to the
borrower upon satisfaction of certain leasing conditions.
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
Original
Term to Remaining
Loan Maturity Term to
Mortgage Group Mortgage Number of Unit of or ARD Maturity or Maturity
Loan Number Number Property Name Rate (%) Units Measure (Mos.) ARD (Mos.) Date or ARD
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
1 1 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 5.3043% 2,256,552 Sq. Ft. 120 119 11-Jan-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
2 1 ▇▇▇▇▇▇▇▇ Point 6.2500% 421,650 Sq. Ft. 120 118 11-Dec-2013
Office Building
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
3 1 Starrett-Lehigh 5.7600% 2,319,634 Sq. Ft. 121 120 11-Feb-2014
Building
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
N/A N/A Starrett-Lehigh 5.7600% 2,319,634 Sq. Ft. 121 120 11-Feb-2014
Building
Subordinate Loan
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
4 1 IBM Center 5.3600% 784,700 Sq. Ft. 129 127 11-Sep-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
5 1 North Riverside 5.3200% 440,421 Sq. Ft. 120 120 11-Feb-2014
Park Mall
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
6 1 ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 4.8000% 739,718 Sq. Ft. 120 120 11-Feb-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
7 2 Villa Del Sol 5.7300% 562 Units 120 118 11-Dec-2013
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
8 ▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 5.7600% 269,576 Sq. Ft. 120 120 11-Feb-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
9 1 Pacific Center 5.5400% 403,312 Sq. Ft. 60 58 11-Dec-2008
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
10 ▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 5.7100% 138,594 Sq. Ft. 120 119 11-Jan-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
13 2 Sunrise Bay 5.2900% 313 Units 120 120 11-Feb-2014
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
14 2 Caribbean Isle 5.6000% 448 Units 84 84 11-Feb-2011
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
15 ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 5.9700% 256,953 Sq. Ft. 120 119 11-Jan-2014
Shopping Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
16 ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 5.7500% 234,129 Sq. Ft. 120 120 11-Feb-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
17 2 Summit San Raphael 5.3900% 222 Units 84 83 11-Jan-2011
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
21 2 Village Park 5.5900% 192 Units 120 118 11-Dec-2013
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
22 2 La Ventana 5.4000% 256 Units 60 59 11-Jan-2009
Apartment Homes
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
23 2 Forest Park 5.5000% 188 Units 60 58 11-Dec-2008
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
24 1 Little Palm Island 7.4000% 30 Rooms 96 95 11-Jan-2012
Resort
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
25 2 Westwood Pines 5.4100% 202 Units 84 84 11-Feb-2011
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
26 2 Silver Shadow 5.4000% 200 Units 60 59 11-Jan-2009
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
27 1 Aliso Viejo Plaza 5.6700% 38,600 Sq. Ft. 120 120 11-Feb-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
28 1 Shops of San Marco 5.4500% 91,536 Sq. Ft. 120 119 11-Jan-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
29 2 Cypress Point 5.4200% 212 Units 120 119 11-Jan-2014
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
30 2 Cedarbrook 5.4200% 320 Units 84 83 11-Jan-2011
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
31 1 Studio Village 5.6200% 203,345 Sq. Ft. 84 84 11-Feb-2011
Shopping Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
32 1 The Meurice 5.4500% 108 Units 120 120 11-Feb-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
34 1 Hampton Inn - Cocoa 7.1500% 150 Rooms 120 119 11-Jan-2014
Beach, FL
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
35 2 Americana Mobile 5.6600% 172 Pads 120 120 11-Feb-2014
Home Park
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
36 1 Sunrise Springs 5.4000% 192 Units 60 59 11-Jan-2009
Apartment Homes
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
37 1 ▇▇▇▇▇▇▇ Station 5.7600% 77,336 Sq. Ft. 120 119 11-Jan-2014
Shopping Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
40 1 Advocate Medical 5.8800% 52,950 Sq. Ft. 120 120 11-Feb-2014
Office Building
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
41 1 ▇▇▇▇▇▇▇ Pointe 5.2400% 216 Units 84 82 11-Dec-2010
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
43 1 ▇▇▇▇▇▇▇ Plaza II 5.5000% 51,783 Sq. Ft. 64 63 11-May-2009
Shopping Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
46 2 Gleneagle Apartments 5.2400% 192 Units 84 82 11-Dec-2010
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
47 ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 6.0600% 50,748 Sq. Ft. 120 119 11-Jan-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
49 1 Shoppes at Lake Dow 4.9700% 73,271 Sq. Ft. 84 82 11-Dec-2010
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
52 1 ▇▇▇▇▇▇▇ Collections 5.8800% 92,012 Sq. Ft. 120 118 11-Dec-2013
Shopping Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
53 1 ▇▇▇▇-▇▇▇▇▇/Movie 5.7800% 50,002 Sq. Ft. 120 120 11-Feb-2014
Gallery Shopping
Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
55 2 Greyeagle Apartments 5.2400% 156 Units 84 82 11-Dec-2010
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
56 1 Northcrest I & II 6.3200% 151,369 Sq. Ft. 120 118 11-Dec-2013
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
61 2 Carolina Crossing 5.2400% 156 Units 84 82 11-Dec-2010
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
62 1 Borders Books & 5.6200% 23,800 Sq. Ft. 120 119 11-Jan-2014
Music - McHenry, IL
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
63 ▇ ▇▇▇▇▇▇▇▇▇ - ▇▇. 6.3800% 14,490 Sq. Ft. 120 119 11-Jan-2014
▇▇▇▇, MN
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
67 1 Walgreens - 6.1800% 13,650 Sq. Ft. 120 119 11-Jan-2014
Hampton, VA
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
69 1 Bloomfield Plaza 5.9100% 20,300 Sq. Ft. 120 119 11-Jan-2014
Shopping Center
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
70 1 One Michigan Place 6.0300% 43,860 Sq. Ft. 120 119 11-Jan-2014
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
71 1 Walgreens - Hot 6.0300% 14,259 Sq. Ft. 120 120 11-Feb-2014
Springs, AR
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
72 1 Walgreens - 4.2900% 14,410 Sq. Ft. 60 58 11-Dec-2008
Seattle, WA
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
77 2 Carisbrooke 5.6100% 64 ▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇-▇▇▇-▇▇▇▇
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
79 1 Meadowlark 6.0000% 72 Units 120 119 11-Jan-2014
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
80 1 Creekwood Village 5.6300% 80 Pads 120 119 11-Jan-2014
at Skippack Mobile
Home Park
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
82 1 Walgreens - 4.2900% 15,120 Sq. Ft. 60 58 11-Dec-2008
Jacksonville, FL
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
84 1 Walgreens - 4.2900% 15,120 Sq. Ft. 60 58 11-Dec-2008
Saginaw, MI
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
85 1 Walgreens - La 4.2900% 15,120 Sq. Ft. 60 58 11-Dec-2008
Marque, TX
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
86 2 Hickory Ridge 5.2400% 90 Units 84 82 11-Dec-2010
Apartments
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
88 1 CVS - Hamilton, OH 4.2900% 11,180 Sq. Ft. 60 58 11-Dec-2008
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
91 1 Office Depot - 4.2900% 20,468 Sq. Ft. 60 58 11-Dec-2008
London, KY
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
94 1 CVS - 4.2900% 10,125 Sq. Ft. 60 58 11-Dec-2008
Mechanicville, NY
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
95 1 Office Depot - 4.2900% 20,515 Sq. Ft. 60 58 11-Dec-2008
Laurel, MS
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
96 1 Walgreens - Tulsa, 4.2900% 13,000 Sq. Ft. 60 58 11-Dec-2008
OK
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
97 1 Walgreens - Broken 4.2900% 13,000 Sq. Ft. 60 58 11-Dec-2008
Arrow, OK
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
99 1 Payless Shoes 4.2900% 5,534 Sq. Ft. 60 58 11-Dec-2008
Retail Building
-------------- ---------- --------------------- ------------ ------------ ---------- ------------ --------------- --------------
---------- -------------- ---------- ---------------
Original
Amort Remaining Master
Term Amort Term Ground Servicing Fee
(Mos.) (Mos.) Lease Rate
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
312 312 N 0.04000%
---------- -------------- ---------- ---------------
312 312 N 0.00000%
---------- -------------- ---------- ---------------
336 336 N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 360 Y 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 358 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
300 299 Y 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
240 239 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 Y 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
324 322 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
300 298 N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
300 299 Y 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
360 358 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
360 359 N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
360 360 N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
IO IO N 0.04000%
---------- -------------- ---------- ---------------
(1) In addition to any such escrows funded at loan closing for potential
TI/LC, these Mortgage Loans require funds to be escrowed during some or
all of the loan term for TI/LC expenses, which may be incurred during the
loan term. In certain instances, escrowed funds may be released to the
borrower upon satisfaction of certain leasing conditions.
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
Loan
Mortgage Group ARD Anticipated
Loan Number Number Property Name Loans Repayment Date Additional Interest Rate
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
1 1 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Y 11-Jan-2014 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
2 ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
3 1 Starrett-Lehigh Building Y 11-Feb-2014 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
N/A N/A Starrett-Lehigh Building Y 11-Feb-2014 Greater of initial interest rate
Subordinate Loan + 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
4 1 IBM Center N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
5 ▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
6 1 ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
7 2 Villa Del Sol Apartments Y 11-Dec-2013 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
8 ▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Y 11-Feb-2014 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
9 1 Pacific Center Y 11-Dec-2008 Greater of initial rate plus 2.5%
or TCMYI plus 2.5%, subject to
annual increase of .25% and a
maximum rate of initial rate +
3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
10 ▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Y 11-Jan-2014 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
13 2 Sunrise Bay Apartments Y 11-Feb-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
14 2 Caribbean Isle Apartments Y 11-Feb-2011 Greater of initial interest rate
+ 2.5% or TCMYI + 2.5%, in each
case increasing annually by 0.25%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
15 ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ Shopping Center Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
16 1 Flemington Mall N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
17 2 Summit San Raphael Apartments Y 11-Jan-2011 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
21 2 Village Park Apartments Y 11-Dec-2013 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
22 2 La Ventana Apartment Homes Y 11-Jan-2009 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
23 2 Forest Park Apartments Y 11-Dec-2008 Greater of initial interest rate
+ 2.5% or TCMYI + 2.5%, in each
case increasing annually by 0.25%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
24 1 Little Palm Island Resort Y 11-Jan-2012 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
25 2 Westwood Pines Apartments Y 11-Feb-2011 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
26 2 Silver Shadow Apartments Y 11-Jan-2009 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
27 1 Aliso Viejo Plaza Y 11-Feb-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
28 1 Shops of San Marco N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
29 2 Cypress Point Apartments Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
30 2 Cedarbrook Apartments N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
31 1 Studio Village Shopping Center Y 11-Feb-2011 Greater of initial interest rate
+ 2.5% or TCMYI + 2.5%, in each
case increasing annually by 0.25%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
32 1 The Meurice N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
34 ▇ ▇▇▇▇▇▇▇ ▇▇▇ - ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
35 2 Americana Mobile Home Park Y 11-Feb-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
36 1 Sunrise Springs Apartment Homes Y 11-Jan-2009 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
37 1 ▇▇▇▇▇▇▇ Station Shopping Center Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
40 1 Advocate Medical Office Building N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
41 1 ▇▇▇▇▇▇▇ Pointe Apartments Y 11-Dec-2010 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
43 1 ▇▇▇▇▇▇▇ Plaza II Shopping Center Y 11-May-2009 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
46 2 Gleneagle Apartments Y 11-Dec-2010 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
47 ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
49 1 Shoppes at Lake Dow N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
52 1 ▇▇▇▇▇▇▇ Collections Shopping N
Center
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
53 1 ▇▇▇▇-▇▇▇▇▇/Movie Gallery Shopping Y 11-Feb-2014 Greater of initial interest rate
Center + 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
55 2 Greyeagle Apartments Y 11-Dec-2010 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
56 1 Northcrest I & II Y 11-Dec-2013 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
61 2 Carolina Crossing Apartments Y 11-Dec-2010 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
62 1 Borders Books & Music - McHenry, Y 11-Jan-2014 Greater of initial interest rate
IL + 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
63 1 Walgreens - St. ▇▇▇▇, MN Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
67 1 Walgreens - Hampton, VA Y 11-Jan-2014 Greater of initial interest rate
+ 2.5% or TCMYI + 2.5%, in each
case increasing annually by 0.25%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
69 ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
70 1 One Michigan Place N
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
71 1 Walgreens - Hot Springs, AR Y 11-Feb-2014 Greater of initial interest rate
+ 2.5% or TCMYI + 2.5%, in each
case increasing annually by 0.25%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
72 1 Walgreens - Seattle, WA Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
77 2 Carisbrooke Apartments Phase I Y 11-Dec-2013 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
79 1 Meadowlark Apartments Y 11-Jan-2014 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
80 1 Creekwood Village at Skippack Y 11-Jan-2014 Greater of initial interest rate
Mobile Home Park + 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
82 1 Walgreens - Jacksonville, FL Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
84 1 Walgreens - Saginaw, MI Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
85 ▇ ▇▇▇▇▇▇▇▇▇ - ▇▇ ▇▇▇▇▇▇, ▇▇ Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
86 2 Hickory Ridge Apartments Y 11-Dec-2010 Greater of initial interest rate
+ 3.0% or TCMYI + 3.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
88 1 CVS - Hamilton, OH Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
91 1 Office Depot - London, KY Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
94 1 CVS - Mechanicville, NY Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
95 1 Office Depot - Laurel, MS Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
96 1 Walgreens - Tulsa, OK Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
97 1 Walgreens - Broken Arrow, OK Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
99 1 Payless Shoes Retail Building Y 11-Dec-2008 Greater of initial interest rate
+ 2.0% or TCMYI + 2.0%
-------------- ---------- ----------------------------------- ------- ------------------ -----------------------------------
------------ ---------------- -------------------------
Cross Collateralized
Loan Environmental and Cross Defaulted
Originator Insurance Loan Flag
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
Wachovia N ▇▇▇▇ Companies Portfolio
------------ ---------------- -------------------------
(1) In addition to any such escrows funded at loan closing for potential
TI/LC, these Mortgage Loans require funds to be escrowed during some or
all of the loan term for TI/LC expenses, which may be incurred during the
loan term. In certain instances, escrowed funds may be released to the
borrower upon satisfaction of certain leasing conditions.
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
Loan Interest
Mortgage Group Defeasance Early Secured Accrual
Loan Number Number Property Name Loan Defeasance by LC Method Lockbox
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
1 1 11 Madison Avenue Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
2 1 ▇▇▇▇▇▇▇▇ Point Office Y N N Actual/360 Day 1
Building
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
3 1 Starrett-Lehigh Building Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
N/A N/A Starrett-Lehigh Building Y N N Actual/360 Day 1
Subordinate Loan
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
4 1 IBM Center Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
5 ▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
6 1 ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
7 2 Villa Del Sol Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
8 ▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
9 1 Pacific Center Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
10 1 Bal Harbour Square Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
13 2 Sunrise Bay Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
14 2 Caribbean Isle Apartments Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
15 ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ Shopping Y N N Actual/360 Springing
Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
16 1 Flemington Mall Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
17 2 Summit San Raphael Y N N Actual/360 Springing
Apartments
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
21 2 Village Park Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
22 2 La Ventana Apartment Homes Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
23 2 Forest Park Apartments Y N N Actual/360 Day 1
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
24 1 Little Palm Island Resort Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
25 2 Westwood Pines Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
26 2 Silver Shadow Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
27 1 Aliso Viejo Plaza Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
28 1 Shops of San Marco N N N 30/360
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
29 2 Cypress Point Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
30 2 Cedarbrook Apartments Y N N Actual/360
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
31 1 Studio Village Shopping Y N N Actual/360 Springing
Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
32 1 The Meurice Y N N Actual/360
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
34 1 Hampton Inn - Cocoa Beach, Y N N Actual/360 Springing
FL
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
35 2 Americana Mobile Home Park Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
36 1 Sunrise Springs Apartment Y N N Actual/360 Springing
Homes
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
37 1 ▇▇▇▇▇▇▇ Station Shopping Y N N Actual/360 Springing
Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
40 1 Advocate Medical Office Y N N Actual/360
Building
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
41 1 ▇▇▇▇▇▇▇ Pointe Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
43 ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ II Shopping Y N N Actual/360 Springing
Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
46 2 Gleneagle Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
47 ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
49 1 Shoppes at Lake Dow N N N 30/360
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
52 1 ▇▇▇▇▇▇▇ Collections Y N N Actual/360
Shopping Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
53 1 ▇▇▇▇-▇▇▇▇▇/Movie Gallery Y N N Actual/360 Springing
Shopping Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
55 2 Greyeagle Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
56 1 Northcrest I & II Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
61 2 Carolina Crossing Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
62 1 Borders Books & Music - Y N N Actual/360 Springing
McHenry, IL
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
63 1 Walgreens - St. ▇▇▇▇, MN Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
67 1 Walgreens - Hampton, VA Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
69 1 Bloomfield Plaza Shopping Y N N Actual/360 Springing
Center
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
70 1 One Michigan Place Y N N Actual/360
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
71 1 Walgreens - Hot Springs, AR Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
72 1 Walgreens - Seattle, WA Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
77 2 Carisbrooke Apartments Y N N Actual/360 Springing
Phase I
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
79 1 Meadowlark Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
80 1 Creekwood Village at Y N N Actual/360 Springing
Skippack Mobile Home Park
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
82 1 Walgreens - Jacksonville, FL Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
84 1 Walgreens - Saginaw, MI Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
85 ▇ ▇▇▇▇▇▇▇▇▇ - ▇▇ ▇▇▇▇▇▇, ▇▇ Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
86 2 Hickory Ridge Apartments Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
88 1 CVS - Hamilton, OH Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
91 1 Office Depot - London, KY Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
94 1 CVS - Mechanicville, NY Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
95 1 Office Depot - Laurel, MS Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
96 1 Walgreens - Tulsa, OK Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
97 1 Walgreens - Broken Arrow, OK Y N N Actual/360 Springing
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
99 1 Payless Shoes Retail Y N N Actual/360 Springing
Building
-------------- ---------- ----------------------------- ------------- ------------ ---------- ------------ -------------
-------------- ---------------- -------------- ------------
Initial
Annual Deposit to
Deposit to Capital Ongoing
Replacement Improvements Initial TI/LC
Reserve Reserve TI/LC Escrow Footnote
-------------- ---------------- -------------- ------------
225,655 (1)
-------------- ---------------- -------------- ------------
42,336 (1)
-------------- ---------------- -------------- ------------
347,945 161,975 7,000,000 (1)
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
(1)
-------------- ---------------- -------------- ------------
88,084 500,000 2,750,000 (1)
-------------- ---------------- -------------- ------------
143,705
-------------- ---------------- -------------- ------------
152,940 25,000
-------------- ---------------- -------------- ------------
8,853
-------------- ---------------- -------------- ------------
108,036 108,188 2,000,000
-------------- ---------------- -------------- ------------
20,561 6,500
-------------- ---------------- -------------- ------------
78,500 24,719
-------------- ---------------- -------------- ------------
130,812 11,050
-------------- ---------------- -------------- ------------
25,969
-------------- ---------------- -------------- ------------
29,172 (1)
-------------- ---------------- -------------- ------------
44,400 25,063
-------------- ---------------- -------------- ------------
33,984
-------------- ---------------- -------------- ------------
70,596 26,250
-------------- ---------------- -------------- ------------
47,004 15,938
-------------- ---------------- -------------- ------------
600,000 76,625
-------------- ---------------- -------------- ------------
50,500 43,963
-------------- ---------------- -------------- ------------
52,344 3,750
-------------- ---------------- -------------- ------------
14,375
-------------- ---------------- -------------- ------------
3,438
-------------- ---------------- -------------- ------------
53,000 38,786
-------------- ---------------- -------------- ------------
80,000 82,000
-------------- ---------------- -------------- ------------
28,896
-------------- ---------------- -------------- ------------
33,264 89,931
-------------- ---------------- -------------- ------------
108,000 61,750
-------------- ---------------- -------------- ------------
12,900 35,750
-------------- ---------------- -------------- ------------
50,820 1,875
-------------- ---------------- -------------- ------------
7,734 14,500
-------------- ---------------- -------------- ------------
10,590 (1)
-------------- ---------------- -------------- ------------
54,000 160,000
-------------- ---------------- -------------- ------------
5,178 1,250 (1)
-------------- ---------------- -------------- ------------
48,000 216,000
-------------- ---------------- -------------- ------------
225,000 (1)
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
22,083 (1)
-------------- ---------------- -------------- ------------
5,000
-------------- ---------------- -------------- ------------
39,000 132,000
-------------- ---------------- -------------- ------------
12,000 3,033 (1)
-------------- ---------------- -------------- ------------
51,792 402,000
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
4,060
-------------- ---------------- -------------- ------------
4,386 23,125 100,000 (1)
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
16,000 1,875
-------------- ---------------- -------------- ------------
2,500
-------------- ---------------- -------------- ------------
1,280 6,125
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
22,860 230,000
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
-------------- ---------------- -------------- ------------
(1) In addition to any such escrows funded at loan closing for potential
TI/LC, these Mortgage Loans require funds to be escrowed during some or
all of the loan term for TI/LC expenses, which may be incurred during the
loan term. In certain instances, escrowed funds may be released to the
borrower upon satisfaction of certain leasing conditions.