SPIRIT MASTER FUNDING, LLC as Issuer, and EACH JOINING PARTY each, as Issuer, SPIRIT FINANCE CORPORATION as Property Manager and Special Servicer and MIDLAND LOAN SERVICES, INC. as Back-Up Manager AMENDED AND RESTATED PROPERTY MANAGEMENT AND SERVICING...

Exhibit 10.2

EXECUTION COPY

 

 

SPIRIT MASTER FUNDING, LLC

as Issuer,

and

EACH JOINING PARTY

each, as Issuer,

SPIRIT FINANCE CORPORATION

as Property Manager and Special Servicer

and

MIDLAND LOAN SERVICES, INC.

as Back-Up Manager

 

 

AMENDED AND RESTATED

PROPERTY MANAGEMENT AND SERVICING AGREEMENT

Dated as of ▇▇▇▇▇ ▇▇, ▇▇▇▇

 

 

▇▇▇-▇▇▇▇▇ Mortgage Notes

 

 

TABLE OF CONTENTS

 

         Page  

ARTICLE I DEFINITIONS

      1   

Section 1.01.

  

Defined Terms

      1   

Section 1.02.

  

Other Definitional Provisions

      28   

Section 1.03.

  

Certain Calculations in Respect of the Leases and the Mortgage Loans

      29   

Section 1.04.

  

Fee Calculations; Interest Calculations

      30   

ARTICLE II REPRESENTATIONS AND WARRANTIES; RECORDINGS AND FILINGS; BOOKS AND RECORDS; DEFECT, BREACH, CURE, REPURCHASE AND SUBSTITUTION; FINANCIAL COVENANTS

      31   

Section 2.01.

  

Representations and Warranties of Spirit Finance and the Back-Up Manager

      31   

Section 2.02.

  

Representations and Warranties of the Issuers

      34   

Section 2.03.

  

Recordings and Filings; Books and Records

      35   

Section 2.04.

  

Repurchase or Transfer for Collateral Defects and Breaches of Representations and Warranties

      37   

Section 2.05.

  

Non-Petition Agreement

      39   

ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGED PROPERTIES AND LEASES

      40   

Section 3.01.

  

Administration of the Mortgaged Properties, Leases and Mortgage Loans

      40   

Section 3.02.

  

Collection of Lease Payments and Loan Payments; Lockbox Accounts; Lockbox Transfer Accounts

      41   

Section 3.03.

  

Collection of Real Estate Taxes and Insurance Premiums; Servicing Accounts; Property Protection Advances; Emergency Property Expenses

      42   

Section 3.04.

  

Collection Account; Release Account

      46   

Section 3.05.

  

Withdrawals From the Collection Account and the Release Account

      48   

Section 3.06.

  

Investment of Funds in the Collection Account and the Release Account

      49   

Section 3.07.

  

Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage

      50   

Section 3.08.

  

Enforcement of Alienation Clauses; Consent to Assignment

      53   

Section 3.09.

  

Realization Upon Specially Serviced Assets

      54   

Section 3.10.

  

Issuers, Custodian and Indenture Trustee to Cooperate; Release of Lease Files and Loan Files

      57   

Section 3.11.

  

Servicing Compensation; Interest on Property Protection Advances

      58   

Section 3.12.

  

Property Inspections; Collection of Financial Statements; Delivery of Certain Reports

      61   

Section 3.13.

  

Annual Statement as to Compliance

      62   

Section 3.14.

  

Reports by Independent Public Accountants

      62   

Section 3.15.

  

Access to Certain Information; Delivery of Certain Information

      63   

Section 3.16.

  

Appraisals After a Property Protection Event; Title to REO Property

      63   

Section 3.17.

  

Management of REO Properties and Mortgaged Properties relating to Defaulted Assets

      64   

Section 3.18.

  

Sale and Exchange of Mortgage Loans, Leases and Mortgaged Properties

      65   

Section 3.19.

  

Modifications, Waivers, Amendments and Consents

      66   

Section 3.20.

  

Transfer of Servicing Between Property Manager and Special Servicer; Record Keeping

      68   

Section 3.21.

  

Sub-Management Agreements

      68   

ARTICLE IV REPORTS

      71   

Section 4.01.

  

Reports to the Issuers, the Indenture Trustee and the Insurers

      71   

Section 4.02.

  

Use of Agents

      72   

ARTICLE V THE PROPERTY MANAGER AND THE SPECIAL SERVICER

      72   

Section 5.01.

  

Liability of the Property Manager and the Special Servicer

      72   

Section 5.02.

  

Merger, Consolidation or Conversion of the Property Manager and the Special Servicer

      72   

Section 5.03.

  

Limitation on Liability of the Property Manager, the Special Servicer and the Back-Up Manager; Environmental Liabilities

      73   

Section 5.04.

  

Term of Service; Property Manager and Special Servicer Not to Resign

      74   

Section 5.05.

  

Rights of Certain Persons in Respect of the Property Manager and the Special Servicer

      75   

Section 5.06.

  

[Reserved]

      76   

Section 5.07.

  

Property Manager or Special Servicer as Owner of Notes

      76   

ARTICLE VI SERVICER REPLACEMENT EVENTS

      77   

Section 6.01.

  

Servicer Replacement Events

      77   

Section 6.02.

  

Back-Up Manager

      80   

Section 6.03.

  

Additional Remedies of the Issuers and the Indenture Trustee upon a Servicer Replacement Event

      82   

ARTICLE VII TRANSFERS AND EXCHANGES OF MORTGAGED PROPERTIES AND MORTGAGE LOANS BY THE APPLICABLE ISSUERS; RELEASE OF MORTGAGED PROPERTIES AND MORTGAGE LOANS BY THE APPLICABLE ISSUERS

      83   

Section 7.01.

  

Released Mortgage Loans and Released Mortgaged Properties

      83   

Section 7.02.

  

Third Party Purchase Options; Release of Mortgaged Properties to Affiliates under Defaulted or Delinquent Assets; Other Sales or Exchanges

      85   

Section 7.03.

  

Transfer of Lease to New Mortgaged Property

      86   

ARTICLE VIII TERMINATION

      86   

Section 8.01.

  

Termination Upon Repurchase or Liquidation of All Mortgaged Properties or Discharge of Indenture

      86   

ARTICLE IX MISCELLANEOUS PROVISIONS

      87   

Section 9.01.

  

Amendment

      87   

Section 9.02.

  

Counterparts

      87   

Section 9.03.

  

GOVERNING LAW

      87   

Section 9.04.

  

Notices

      87   

Section 9.05.

  

Severability of Provisions

      89   

Section 9.06.

  

Effect of Headings and Table of Contents

      89   

Section 9.07.

  

Notices to Insurers and Rating Agencies

      89   

Section 9.08.

  

Successors and Assigns: Beneficiaries

      90   

Section 9.09.

  

Complete Agreement

      90   

Section 9.10.

  

Certain Rights of Insurers; Insurer Default

      90   

Section 9.11.

  

Consent to Jurisdiction

      90   

Section 9.12.

  

No Proceedings

      91   

EXHIBITS

 

EXHIBIT A-l    MORTGAGED PROPERTY SCHEDULE
EXHIBIT A-2    MORTGAGE LOAN SCHEDULE
EXHIBIT B    FORM OF REQUEST FOR RELEASE — PROPERTY MANAGER
EXHIBIT C    FORM OF REQUEST FOR RELEASE — SPECIAL SERVICER
EXHIBIT D    FORM OF LIMITED POWERS OF ATTORNEY FROM ISSUER OR INDENTURE TRUSTEE
EXHIBIT E    CALCULATION OF FIXED CHARGE COVERAGE RATIOS
EXHIBIT F    FORM OF DETERMINATION DATE REPORT
EXHIBIT G    FORM OF JOINDER AGREEMENT
EXHIBIT H    SCHEDULE OF MORTGAGE LOANS AND LEASES SUBJECT TO INSURER NOTICE AND CONSENT
EXHIBIT I    INDENTURE

This AMENDED AND RESTATED PROPERTY MANAGEMENT AND SERVICING AGREEMENT, dated as of March 17, 2006 (this “Agreement”) is made among Spirit Master Funding, LLC, as an issuer (an “Issuer”), each Joining Party, each as an issuer (each, an “Issuer”), Spirit Finance Corporation (“Spirit Finance”), as property manager and special servicer (together with its successors in such capacities, the “Property Manager” and “Special Servicer,” respectively), and Midland Loan Services, Inc., as Back-Up Manager (together with its successors in such capacity, the “Back-Up Manager”).

PRELIMINARY STATEMENT

As of each Series Closing Date, the Issuers own the Mortgaged Properties and related Leases as indicated on Exhibit A-l and the Mortgage Loans as indicated on Exhibit A-2. Spirit Finance has agreed to provide property management services with respect to the Mortgaged Properties and to service the Leases and the Mortgage Loans. Upon the issuance of each Series of Notes under the Indenture, each of the Issuers will pledge its right, title and interest in and to the Mortgaged Properties, Leases and Mortgage Loans owned by it to the Indenture Trustee as security for the indebtedness evidenced by the Indenture and each Series of Notes issued under the Indenture and for payment of amounts owed to each respective Insurer under each Insurance Agreement and the Indenture.

ARTICLE I

DEFINITIONS

Section 1.01. Defined Terms.

Whenever used in this Agreement, including in the Preliminary Statement, the words and phrases set forth below, unless the context otherwise requires, shall have the meanings specified in this Section 1.01. Capitalized terms used in this Agreement, including the Preliminary Statement, and not defined herein, unless the context otherwise requires, shall have the respective meanings specified in Section 1.01 of the Indenture (as defined below).

“30/360 Basis”: The accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

“Account Control Agreement”: An agreement with respect to a deposit account or a securities account, in form and substance satisfactory to each Insurer and the Indenture Trustee, pursuant to which the institution at which such account is maintained agrees to follow the instructions or entitlement orders, as the case may be, of the Indenture Trustee with respect thereto.

“Additional Servicing Compensation”: Property Manager Additional Servicing Compensation and Special Servicer Additional Servicing Compensation.

“Advance Interest”: Interest accrued on any Property Protection Advance at the Reimbursement Rate and payable to the Property Manager or the Back-Up Manager, as the case may be. each in accordance with Section 3.11(e).

“Affiliate”: With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Agreement”: This Amended and Restated Property Management and Servicing Agreement and all amendments hereof and supplements hereto.

“Aggregate Collateral Value”: On any date of determination, the sum of the Collateral Values of the Mortgage Loans and Mortgaged Properties (that do not otherwise secure Mortgage Loans) that are included in the Collateral Pool.

“Aggregate Note Principal Balance”: For any date of determination, and any Series, the sum of the Class Principal Balances of each Class of Notes of such Series.

“Aggregate Series Principal Balance”: On any date of determination, the sum of the Aggregate Note Principal Balances of each Series, in each case after giving effect to any payments of principal on such date.

“Allocated Collateral Amount”: For any Mortgage Loan or Mortgaged Property (that does not otherwise secure a Mortgage Loan) at any time, the product of (i) the Collateral Value of such Mortgage Loan or Mortgaged Property, as applicable, multiplied by (ii) a fraction, the numerator of which is the Aggregate Series Principal Balance at such time and the denominator of which is the Aggregate Collateral Value.

“Appraised Value”: For any Mortgaged Property included in the Collateral Pool or securing a Mortgage Loan included in the Collateral Pool as of a Series Closing Date, an appraised value determined pursuant to an independent MAI appraisal in accordance with the Uniform Standards of Professional Appraisal Practice and which takes into account the leased fee value of the related buildings and land of such Mortgaged Property, consistent with industry standards, and excludes the value of equipment and other tangible personal property and business enterprise value, and (1) with respect to any Mortgage Loan included in the Collateral Pool as of such Series Closing Date, is the most recent full narrative (complete summary) or limited scope (limited restricted) MAI appraisal obtained by the Property Manager with respect to the related Mortgaged Property, (2) with respect to any Mortgaged Property included in the Collateral Pool as of such Series Closing Date, is the most recent full narrative (complete summary) or limited scope (limited restricted) MAI appraisal obtained by the Property Manager with respect to such Mortgaged Property, (3) with respect to any Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property, is either (a) a full narrative (complete summary) MAI appraisal or (b) with respect to a related Mortgaged Property operated within the Restaurant Business Sector (as defined in the Indenture), a limited scope (limited restricted) MAI appraisal obtained

 

-2-

within 12 months prior to the date such Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property is pledged as part of the Collateral Pool, or (4) at any time subsequent to such Series Closing Date, in accordance with the Servicing Standard, the Property Manager or Special Servicer determines that obtaining a new Appraised Value is necessary, a full narrative (complete summary) or, with respect to a related Mortgaged Property operated within the Restaurant Business Sector, limited scope (limited restricted) MAI appraisal obtained by the Property Manager or the Special Servicer with respect to such Mortgaged Property.

“Asset File”: A Loan File or a Lease File, as the context requires.

“Assignment of Leases”: With respect to any Mortgage Loan, any assignment of leases, rents and profits or similar document or instrument executed by the Borrower in connection with the origination or subsequent modification or amendment of the related Mortgage Loan.

“Authorized Officer”: With respect to an Issuer, any person who is authorized to act for such Issuer and who is identified on the list delivered by such Issuer to the Indenture Trustee on each Series Closing Date (as such list may be modified or supplemented from time to time thereafter). With respect to an Insurer, the president, any vice president, or any other officer customarily performing functions similar to those performed by the persons who at the time shall be such officers.

“Available Amount”: The Available Amount on any Payment Date will consist of the aggregate of all amounts received in respect of the Collateral Pool during the immediately preceding Collection Period and on deposit in the Collection Account on the immediately preceding Determination Date, including amounts earned, if any, on the investment of funds on deposit in the Collection Account and the Release Account during the immediately preceding Collection Period, Unscheduled Proceeds, amounts received on account of payments under any Guaranties, and any amounts received on account of payments under the Performance Undertakings and the Environmental Indemnity Agreements, and upon the termination of any Sweep Period, any amounts released from the Cashflow Coverage Reserve Account, but excluding (i) amounts on deposit in the Release Account and not transferred to the Collection Account for such Payment Date, (ii) the amount of any collections allocated to Companion Loans, if any, as provided in the applicable Pari Passu Co-Lender Agreements, (iii) the amount of any Additional Servicing Compensation, (iv) amounts received on account of Excess Cashflow (so long as no Early Amortization Event has occurred and is continuing), (v) amounts withdrawn from the Collection Account to reimburse the Property Manager or the Back-Up Manager, as applicable, for any unreimbursed Property Protection Advances (plus Advance Interest thereon) and to pay the Property Management Fee, the Back-Up Fee, any Special Servicing Fee, Workout Fees or Liquidation Fees and any Emergency Property Expenses, (vi) amounts required to be paid by the applicable Issuer as the lessor under the related Leases in respect of sales taxes, (vii) any amount received from a Tenant or Borrower as reimbursement for any cost paid by or on behalf of the applicable Issuer as lessor or lender under a related Lease or Mortgage Loan, as applicable, and (viii) any amounts collected by or on behalf of the Issuer and held in escrow or impound as lender or lessor to pay future obligations due under a Mortgage Loan or Lease, as applicable.

 

-3-

“Average Cashflow Coverage Ratio”: On any date of determination, the average of the Cashflow Coverage Ratios for the Determination Dates for the Collection Period most recently ended and each of the two Collection Periods immediately preceding such Collection Period; provided, however, that until the occurrence of the third Determination Date after the most recent Series Closing Date, the Average Cashflow Coverage Ratio shall be the average of the Cashflow Coverage Ratios for the Determination Dates for all Collection Periods ended since such Series Closing Date.

“Back-Up Fee”: With respect to each Mortgage Loan and each Lease, the fee payable to the Back-Up Manager pursuant to Section 3.11(h).

“Back-Up Fee Rate”: With respect to each Mortgage Loan and each Mortgaged Property, a fixed percentage rate equal to 0.005% per annum.

“Back-Up Manager”: Midland Loan Services, Inc., a Delaware corporation, or its successor in interest.

“Back-Up Servicing Transfer Date”: As defined in Section 6.02(b).

“Balloon Loan”: Mortgage Loans which have substantial payments of principal due at their stated maturities.

“Bankruptcy Code”: The federal Bankruptcy Code of 1978, Title 11 of the United States Code, as amended from time to time.

“Borrower”: The obligor or obligors on a Mortgage Note, including any Person that has acquired the related Collateral and assumed the obligations of the original Obligor under the Mortgage Note.

“Business Day”: Any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or obligated by law or executive order to remain closed in New York, New York, Scottsdale, Arizona, or any other city in which is located the principal office of an Issuer, the Primary Servicing Office of the Property Manager or the Special Servicer or the Indenture Trustee’s Office.

“Cashflow Coverage Ratio”: With respect to any Determination Date and the Collateral Pool, the ratio, expressed as a fraction, the numerator of which is the sum of the Monthly Loan Payments and the Monthly Lease Payments received during the Collection Period ending on the related Determination Date, plus any income earned from the investment of funds on deposit in the Collection Account and the Release Account in Permitted Investments during the immediately preceding Collection Period, plus any net payments due to any Issuer under the applicable hedge agreements for any Series of Notes for the related Payment Date and received during the Collection Period ending on the related Determination Date, and the denominator of which is the Total Debt Service for such Determination Date.

“Cashflow Coverage Reserve Account”: As defined in the Indenture.

 

-4-

“CERCLA”: The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

“Change of Control”: Either the acquisition of the beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of 35% or more of the common stock of Spirit Finance by a single Person or group of related Persons or the sale of all or substantially all of the assets of Spirit Finance.

“Class Principal Balance”: As defined in the Indenture.

“Code”: The Internal Revenue Code of 1986, as amended.

“Collateral”: As defined in the Indenture.

“Collateral Agent”: As defined in the Indenture.

“Collateral Defect”: As defined in Section 2.04(a).

“Collateral Pool”: As defined in the Indenture.

“Collateral Value”: As defined in the Indenture.

“Collection Account”: The segregated account or accounts created and maintained by the Property Manager in the name of the Indenture Trustee, held on behalf of the Noteholders, for the collection of payments on the Mortgage Loans and Leases.

“Collection Account Agreement”: As defined in Section 3.04(a).

“Collection Account Bank”: As defined in Section 3.04(a).

“Collection Period”: With respect to any Payment Date, the period commencing immediately after the Determination Date in the month preceding the month in which such Payment Date occurs (or, in the case of the initial Payment Date with respect to any Series of Notes, commencing on the applicable Series Closing Date) and ending with the Determination Date related to such Payment Date.

“Companion Loans”: A mortgage loan secured by a Mortgaged Property held, on a pari passu basis with the applicable Issuer, by parties other than such Issuer.

“Condemnation Proceeds”: All proceeds received in connection with the condemnation of, or granting an easement on, any Mortgaged Property other than proceeds applied to the restoration of such Mortgaged Property or released to the related Tenant or Borrower in accordance with the Servicing Standard.

“Control Person”: With respect to any Person, anyone that constitutes a “controlling person” of such Person within the meaning of the Securities Act of 1933, as amended.

 

-5-

“Controlling Party”: As defined in the Indenture.

“Corrected Lease”: Any Lease that had been a Specially Serviced Lease but with respect to which (a) as of the date of determination, no circumstance identified in clauses (a) through (e) of the definition of the term “Specially Serviced Lease” then exists and (b) one or more of the following as are applicable occur:

 

  (i) with respect to the circumstances described in clause (a) of the definition of the term “Specially Serviced Lease”, the related Tenant has made three consecutive full and timely Monthly Lease Payments under the terms of such Lease (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Tenant or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer) or such Lease has been terminated and the related Mortgaged Property has been re-leased;

 

  (ii) with respect to the circumstances described in clauses (b) or (c) of the definition of the term “Specially Serviced Lease”, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer;

 

  (iii) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Lease”, such default is cured; and

 

  (iv) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Lease”, such proceedings are terminated.

“Corrected Mortgage Loan”: Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but with respect to which (a) as of the date of determination, no circumstance identified in clauses (a) through (e) of the definition of the term “Specially Serviced Mortgage Loan” then exists and (b) one or more of the following as are applicable occur:

 

  (i) with respect to the circumstances described in clause (a) of the definition of the term “Specially Serviced Mortgage Loan”, the related Borrower has made three consecutive full and timely Monthly Loan Payments under the terms of such Mortgage Loan (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Borrower or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer) or such Mortgage Loan has been terminated and the related Mortgaged Property has been re-leased;

 

  (ii) with respect to the circumstances described in clauses (b) or (c) of the definition of the term “Specially Serviced Mortgage Loan”, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer;

 

-6-

  (iii) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Mortgage Loan”, such default is cured; and

 

  (iv) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Mortgage Loan”, such proceedings are terminated.

“Cure Party”: (i) With respect to any Mortgaged Property or Mortgage Loan acquired by the applicable Issuer pursuant to the Purchase and Sale Agreements or any Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property substituted for any such Mortgage Loan or Mortgaged Property by the applicable Originator, such Originator; (ii) with respect to any Mortgage Loan, Mortgaged Property, Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan acquired by the applicable Issuer from a third party, such Issuer; and (iii) with respect to the obligations of such Originator or such Issuer in the case of each of the foregoing clauses (i) and (ii), Spirit Finance in its capacity as Support Provider under the applicable Performance Undertaking.

“Custodian”: As defined in the Indenture.

“Custodian Inventory List”: As defined in the Custody Agreement.

“Custody Agreement”: The Amended and Restated Custody Agreement, dated as of March 17, 2006, among the Issuers, the Indenture Trustee and the Custodian, as the same may be amended from time to time.

“Default Interest”: With respect to any (i) Lease, any amounts collected thereon (other than late payments, late payment charges or amounts representing the Third Party Option Price paid by the related the Tenant) that represent penalty interest accrued at the rate specified in the related lease agreement and (ii) Mortgage Loan, any amounts collected thereon (other than late payments, late payment charges or Yield Maintenance Premiums) that represent penalty interest in excess of interest on the principal balance of such Mortgage Loan accrued at the related Interest Rate.

“Defaulted Asset”: Any Mortgage Loan or Lease included in the Collateral Pool, with respect to which a default (other than with respect to a Delinquent Asset) occurs that materially and adversely affects the interests of the applicable Issuer and that continues unremedied for the applicable grace period under the terms of such Mortgage Loan or Lease (or, if no grace period is specified, for 30 days).

“Defaulting Party”: As defined in Section 6.01(b).

“Deficiency”: As defined in Section 4.0l (c).

“Delinquent Asset”: Any Mortgage Loan or Lease included in the Collateral Pool (other than a Defaulted Asset), with respect to which any Monthly Loan Payment or Monthly Lease Payment, as applicable, becomes delinquent for 60 or more consecutive days.

 

-7-

“Determination Date”: With respect to any Payment Date, the 7th day of the month in which such Payment Date occurs or, if such 7th day is not a Business Day, the Business Day immediately succeeding such 7th day.

“Determination Date Report”: As defined in Section 4.01(a).

“Due Date”: With respect to any Mortgage Loan or Lease, the day of each calendar month on which the Monthly Loan Payment or Monthly Lease Payment, as applicable, with respect thereto is due.

“Early Amortization Event”: As defined in the Indenture.

“Eligible Account”: Any of (i) a segregated account maintained with a federal-or state-chartered depository institution or trust company, the long-term deposit or long-term unsecured debt obligations of which (or of such institution’s parent holding company) are rated “A2” or better by ▇▇▇▇▇’▇, “A” or better by each other Rating Agency other than S&P, and “AA-” or better by S&P, if the deposits are to be held in the account for more than 30 days, or the short-term deposit or short-term unsecured debt obligations of which (or of such institution’s parent holding company) are rated “P-l” by ▇▇▇▇▇’▇, “F-l” by Fitch and “A-l” by S&P, if the deposits are to be held in the account for 30 days or less, in any event at any time funds are on deposit therein, (ii) a segregated trust account maintained with a federal- or state-chartered depository institution or trust company acting in its fiduciary capacity, which, in the case of a state-chartered depository institution or trust company is subject to regulations regarding fiduciary funds on deposit therein substantially similar to 12 C.F.R. § 9.10(b), and which, in either case, has a combined capital and surplus of at least $50,000,000 and is subject to supervision or examination by federal or state authority, (iii) an account or accounts maintained with PNC Bank (A) so long as PNC Bank’s long-term unsecured debt rating shall be at least (x) “Al” by ▇▇▇▇▇’▇ and “A” by S&P (if the deposits are to be held in the account for more than 30 days) and (y) “A” by Fitch, or (B) so long as PNC’s short-term deposit or short-term unsecured debt rating shall be at least (x) “P-l” by ▇▇▇▇▇’▇ and “A-l” by S&P (if the deposits are to be held in the account for 30 days or less) and (y) “Fl” by Fitch, or (iv) any other account that is acceptable to the Rating Agencies and each Insurer (as evidenced by written confirmation from such Rating Agencies and each Insurer). Eligible Accounts may bear interest.

“Emergency Property Expenses”: As defined in Section 3.03(e).

“Environmental Indemnity Agreement”: As defined in the Indenture.

“Environmental Insurer”: Any Qualified Insurer that issues Environmental Policies relating to any of the Mortgage Loans or Mortgaged Properties.

“Environmental Policy”: Any insurance policy issued by an Environmental Insurer, together with any endorsements thereto, providing insurance coverage for losses, with respect to certain Mortgage Loans or Mortgaged Properties, caused by the presence of hazardous substances on, or the migration of hazardous substances from, the related Mortgaged Properties.

 

-8-

“Equipment Loan”: Any commercial equipment loan secured by equipment used in the operation of a Mortgaged Property and listed on the Mortgage Loan Schedule.

“Escrow Payment”: Any payment received by the Property Manager or the Special Servicer for the account of any Obligor or otherwise deposited in the Servicing Account for application toward the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items in respect of the related Mortgaged Property.

“Event of Default”: As defined in the Indenture.

“Excess Cashflow”: As defined in the Indenture.

“Exchange Act”: The Securities Exchange Act of 1934, as amended.

“Extraordinary Expense”: As defined in the Indenture.

“Fair Market Value”: With respect to any Mortgaged Property or Mortgage Loan secured by a Mortgaged Property, at any time, a price determined by the Property Manager (or by the Special Servicer with respect to a Specially Serviced Asset) in accordance with the Servicing Standard and Section 7.01(b).

“FDIC”: Federal Deposit Insurance Corporation or any successor.

“Financing Statement”: A financing statement either filed or recorded or in a form suitable for filing and recording under the Uniform Commercial Code.

“Fixed Charge Coverage Ratio” or “FCCR”: The fixed charge coverage ratio for a Tenant determined in accordance with the provisions of Exhibit E attached hereto.

“FNMA”: Federal National Mortgage Association or any successor.

“GAAP”: Generally accepted accounting principles as in effect in the United States, consistently applied, as of the date of such application.

“Grant”: As defined in the Indenture.

“Granting Clause”: The Granting Clause set forth in the Indenture.

“Ground Lease”: With respect to any Mortgaged Property, the lease agreement, if any, between the Ground Lessor thereof and the applicable Issuer with respect to the land comprising such Mortgaged Property.

“Ground Lessor”: The fee owner (or intermediate lessor) of the land with respect to any Mortgaged Property which is subject to a Ground Lease.

“Guaranty”: With respect to any Lease or Mortgage Loan, the guaranty, if any, related to such Lease or Mortgage Loan executed by an individual or an Affiliate or parent of the Tenant or Borrower, as applicable, in favor of the lessor or the lender, as applicable.

 

-9-

“Hazardous Materials”: As defined in the Indenture.

“Indenture”: The Amended and Restated Master Indenture, dated as of March 17, 2006, between the Issuers and the Indenture Trustee, relating to the issuance of the Notes, including all amendments and supplements thereto and any additional indenture between the Indenture Trustee and any Issuer.

“Indenture Trustee”: Citibank, N.A., a national banking association, in its capacity as indenture trustee under the Indenture, or its successor in interest or any successor indenture trustee appointed as provided in the Indenture.

“Indenture Trustee Fee”: As defined in the Indenture.

“Independent”: When used with respect to any specified Person, any such Person who (i) is in fact independent of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer and any and all of their respective Affiliates, (ii) does not have any direct financial interest in or any material indirect financial interest in any of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates, and (iii) is not connected with the Issuers, the Issuer Members, the Indenture-Trustee, the Property-Manager, the Special Servicer or any of their respective Affiliates as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that a Person shall not fail to be Independent of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates merely because such Person is the beneficial owner of 1% or less of any class of securities issued by any Issuer, any Issuer Member, the Indenture Trustee, the Property Manager, the Special Servicer or any of their respective Affiliates, as the case may be.

“Industry Group”: Any industry sector including, but not limited to the following: (a) the Retail Industry; (b) the Distribution Industry; and (c) the Services Industry. Additional Industry Groups may be indicated in the applicable Series Supplement.

“Initial Closing Date”: As defined in the Indenture.

“Initial Purchaser”: Any underwriter that is an initial purchaser of the Notes, as set forth in the applicable Series Supplement.

“Insurance Agreement”: With respect to any Series, as defined in the Indenture.

“Insurance Policy”: With respect to any Series of Notes, as defined in the Indenture.

“Insurer”: With respect to any Series of Notes, as defined in the Indenture.

“Insurer Default”: With respect to any Series of Notes, as defined in the Indenture.

 

-10-

“Interest Accrual Period”: With respect to each Due Date related to any Mortgage Loan, the period specified in the related Loan Documents.

“Interest Rate”: With respect to any Mortgage Loan, the annualized rate at which interest is scheduled (in the absence of a default) to accrue on such Mortgage Loan from time to time during any Interest Accrual Period in accordance with the related Mortgage Note and applicable law, as such rate may be modified in accordance with Section 3.19 or in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower.

“Interested Person”: The Issuers, the Issuer Members, the Property Manager, the Special Servicer, the Insurers, any holder of Notes or an Affiliate of any such Person.

“Issuer”: Each of Spirit Master Funding, LLC, a Delaware limited liability company, or its successor in interest, and any Joining Party or its successor in interest, as the context may require. References to a “related” or “applicable” Issuer shall refer to the Issuer that owns the Collateral being addressed.

“Issuer Member”: The holder of the LLC Interests, which with respect to Spirit Master Funding, LLC, on the date hereof, is Spirit Finance Acquisitions, LLC, a Delaware limited liability company; or its successor in interest and with respect to any Joining Party; as of the applicable Series Closing Date, shall be indicated in the applicable Joinder Agreement.

“Joinder Agreement”: With respect to any Series of Notes (other than the Series 2005-1 Notes), the Joinder Agreement, dated as of the applicable Series Closing Date, among the applicable Joining Party, the Property Manager, the Special Servicer and the Back-Up Manager, substantially in the form of Exhibit G attached hereto.

“Joining Party”: Any Spirit SPE, as indicated in the applicable Joinder Agreement.

“Land and Building Lease”: A lease pursuant to which land, buildings and other improvements are leased by a Tenant from the related land and building lessor.

“Lease”: Each lease listed on the Mortgaged Property Schedule from time to time. As used herein, the term “Lease” includes the related lease agreement and other documents contained in the related Lease File.

“Lease Documents”: Any related lease agreement, non-disturbance agreement, guaranty or other agreement or instrument, to the extent made for the benefit of the related Originator.

“Lease File”: As defined in the Custody Agreement.

“Lease Security Deposit”: As defined in Section 3.03(a).

“Lease Transfer Mortgaged Property”: As defined in Section 7.03.

 

-11-

“Liquidated Lease”: A Defaulted Asset that is a Lease with respect to which the related Mortgaged Property has been either re-leased or sold, or any Lease related to a Mortgaged Property purchased from the applicable Issuer or disposed of by such Issuer pursuant to an exchange, whether or not terminated because of a default by the Tenant.

“Liquidation Fee”: The fee payable to the Special Servicer pursuant to Section 3.11(g).

“Liquidation Fee Rate”: A percentage equal to 0.50%.

“Liquidation Proceeds”: All cash proceeds and all other amounts (other than Property Insurance Proceeds and REO Revenues) received by the applicable Issuer, the Property Manager, or the Special Servicer and retained in connection with the liquidation of any Mortgage Loan, Lease or Mortgaged Property relating to a Defaulted Asset; all cash proceeds from the purchase or substitution of any Removed Mortgaged Property as described herein other than to the extent deposited into the Release Account; and all cash proceeds from the purchase or substitution of any Removed Mortgaged Property transferred from the Release Account pursuant to Section 3.04(b).

“LLC Agreement”: With respect to the Series 2005-1, Notes, the applicable Issuer’s amended and restated limited liability company agreement dated as of May 20, 2005, as the same may be amended from time to time in accordance with the terms thereto. With respect to any Series of Notes (other than the Series 2005-1 Notes), the applicable Issuer’s limited liability company agreement as indicated in the applicable Joinder Agreement.

“LLC Interests”: The limited liability company interests issued pursuant to an LLC Agreement and held by the applicable Issuer Member.

“Loan Agreement”: The agreement pursuant to which a Mortgage Loan was made.

“Loan Documents”: With respect to each of the Mortgage Loans, the related Loan Agreement, if any, and Mortgage Note, and any related Mortgage, Ground Lease or Land and Building Lease, as applicable, Guaranty or other agreement or instrument, to the extent made for the benefit of the related lender or holder of the Mortgage Note.

“Loan File”: As defined in the Custody Agreement.

“Lockbox Account”: The account or accounts created and maintained pursuant to Section 3.02(b).

“Lockbox Account Bank”: As defined in Section 3.02(b).

“Lockbox Transfer Account”: The account or accounts created and maintained pursuant to Section 3.02(c).

“Lockbox Transfer Account Bank”: As defined in Section 3.02(c).

 

-12-

“MAI”: A designation signifying that the designee is a Member of the Appraisal Institute.

“Modified Collateral Detail and Realized Loss Report”: As defined in Section 4.01(c).

“Monthly Lease Payment”: With respect to any Lease (except as otherwise described in the Mortgaged Property Schedule), the fixed or “base” rent monthly lease payment that is actually payable by the related Tenant from time to time under the terms of such Lease (excluding any Percentage Rent), after giving effect to any provision of such Lease providing for periodic increases in such fixed or “base” rent by fixed percentages or dollar amounts or by percentages based on increases in the Consumer Price Index.

“Monthly Loan Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of principal and interest on such Mortgage Loan that is or would be, as the case may be, payable by the related Borrower on each Due Date under the terms of the related Mortgage Note as in effect on the applicable Series Closing Date or, if otherwise applicable, such date such Mortgage Loan was first included in the Collateral Pool, without regard to any subsequent change in or modification of such terms in connection with a bankruptcy or similar proceeding involving the related Borrower or a modification, waiver or amendment of such Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section 3.19, and assuming that each prior Monthly Loan Payment has been made in a timely manner.

“Moody’s”: ▇▇▇▇▇’▇ Investors Service, Inc.

“Mortgage”: With respect to any Mortgaged Property, a mortgage (or deed of trust or deed to secure debt), assignment of leases and rents, security agreement and fixture filing or similar document executed by the applicable Issuer or the related Borrower, as applicable, pursuant to which such Issuer or Borrower grants a lien on its interest in such Mortgaged Property in favor of the Collateral Agent or the initial lender of the related Mortgage Loan, as applicable.

“Mortgage Loan”: Each fixed- and adjustable-rate, monthly pay, first lien, commercial mortgage loan (including each Equipment Loan, as the context indicates), as listed on the Mortgage Loan Schedule and from time to time included in the Collateral Pool.

“Mortgage Loan Schedule”: The list of Mortgage Loans transferred to each Issuer as part of the Collateral Pool and attached hereto as Exhibit A-2 (as such list may be amended upon each Series Closing Date and each Transfer Date, and otherwise be amended from time to time in accordance with the Transaction Documents). Such list shall set forth the following information with respect to each Mortgaged Property:

 

  (i) the street address (including city, state and zip code) of the related Mortgaged Property;

 

  (ii) the related Issuer loan number and name of Borrower;

 

-13-

  (iii) the Appraised Value of the related Mortgaged Property; and

 

  (iv) the Mortgage Loan’s maturity date, if applicable.

“Mortgage Note”: The original executed note evidencing the indebtedness of a Borrower under a Mortgage Loan, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such note.

“Mortgaged Property”: Each parcel of real property listed on the Mortgaged Property Schedule and from tune to time included in the Collateral Pool and each parcel of real property securing a Mortgage Loan, including the buildings, structures, fixtures (to the extent not property of the related Tenant), additions, enlargements, extensions, modifications, repairs, replacements or improvements now or hereinafter erected or located on such parcel and appurtenant easements and other property rights relating thereto.

“Mortgaged Property Schedule”: The list of Mortgaged Properties and Leases transferred to each Issuer as part of the Collateral Pool and attached hereto as Exhibit A-l (as such list may be amended upon each Series Closing Date and each Transfer Date, and otherwise be amended from time to time in accordance with the Transaction Documents). Such list shall set forth the following information with respect to each Mortgaged Property:

 

  (i) the street address (including city, state and zip code) of the Mortgaged Property;

 

  (ii) the related Issuer lease number and name of Tenant;

 

  (iii) the Appraised Value; and

 

  (iv) the Lease’s final payment date.

“Net Default Interest”: With respect to any (i) Lease, any Default Interest collected thereon, net of any Advance Interest accrued on Property Protection Advances made in respect of such Lease and reimbursable from such Default Interest in accordance with Section 2.11 of the Indenture and (ii) Mortgage Loan, any Default Interest collected thereon, net of any Advance Interest accrued on Property Protection Advances made in respect of such Mortgage Loan and reimbursable from such Default Interest in accordance with Section 2.11 of the Indenture.

“Net Investment Earnings”: The amount by which the aggregate of all interest and other income realized during a Collection Period on funds held in the Collection Account and the Release Account, if any, exceeds the aggregate of all losses, if any, incurred during such Collection Period in connection with the investment of such funds in accordance with Section 3.06.

“Net Worth”: With respect to any Person, the excess of total assets of such Person, over total liabilities of such Person, adding back accumulated depreciation but excluding the impact of “other comprehensive income”, all as determined in accordance with GAAP.

 

-14-

“Nonrecoverable Property Protection Advance”: Any Property Protection Advance previously made or to be made in respect of a Lease or Mortgage Loan that, as determined by the Property Manager in accordance with the Servicing Standard and Section 3.03(f) (or, if applicable, the Back-Up Manager in its sole discretion in accordance with the Servicing Standard and Section 3.03(f)), will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Lease and the related Mortgaged Property or such Mortgage Loan (including any Monthly Lease Payments in respect of any Lease added to the Collateral upon any re-leasing of the related Mortgaged Property).

“Note Registrar”: As defined in the Indenture.

“Notes”: As defined in the Indenture.

“Noteholders”: As defined in the Indenture.

“Obligor”: A Tenant or a Borrower, as the context requires.

“Officer’s Certificate”: A certificate signed by a Servicing Officer of the Property Manager or-the-Special Servicer or a Responsible Officer of the Indenture Trustee or the applicable Issuer Member on behalf of an Issuer, as the case may be, and with respect to any other Person, a certificate signed by the Chairman of the Board, the President, a Vice President or Assistant Vice President, the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant Secretaries of such Person.

“Opinion of Counsel”: A written opinion of counsel (which shall be rendered by counsel that is Independent of the Issuers, the Issuer Members, the Indenture Trustee, the Property Manager and the Special Servicer) in form and substance reasonably acceptable to and delivered to the addressees thereof.

“Originators”: Collectively, each of Spirit Finance and its Affiliates which has sold one or more Mortgage Loans or Mortgaged Properties to an Issuer pursuant to a Purchase and Sale Agreement or otherwise.

“OTS”: The Office of Thrift Supervision or any successor thereto.

“Pari Passu Co-Lender Agreements”: Any co-lender agreement relating to any Issuer acquiring Pari Passu Loans secured by Mortgaged Properties that also secure Companion Loans held by parties other than such Issuer.

“Pari Passu Loans”: Mortgage Loans secured by Mortgaged Properties that also secure on a pari passu basis any Companion Loans.

“Participant”: The holder of a Participation Interest in any Participated Mortgage Loan.

 

-15-

“Participant Distribution Account”: Any separate account or accounts created and maintained by the Participant and held on behalf of the related Participant for pari passu payments due to the Participant.

“Participated Mortgage Loan”: Each Mortgage Loan that is subject to a Participation Interest.

“Participation Agreement”: A pari passu participation agreement, if any, between the applicable Issuer or the related Originator, as the initial noteholder, and the Participant creating a Participation Interest in each Participated Mortgage Loan, as amended, restated or otherwise supplemented from time to time.

“Participation Interest”: A participation interest in a Participated Mortgage Loan created pursuant to a Participation Agreement.

“Participation Interest Principal Balance”: With respect to any Participation Interest at any date of determination, (a) the principal balance of such Participation Interest minus (b) the sum of (i) the principal portion of each Monthly Loan Payment due on the related Participated Mortgage Loan prior to such date of determination, if received from the related Borrower and allocable to the related Participant, (ii) all voluntary and involuntary principal prepayments and other unscheduled collections of principal received with respect to the related Participated Mortgage Loan and allocable to the related Participant, (iii) any adjustment thereto as a result of a reduction of principal by a bankruptcy court or as a result of a modification reducing the principal amount due on the related Participated Mortgage Loan to the extent allocable to the Participant, and (iv) the principal portion of any realized loss attributable to such Participation Interest.

“Participation Interest Servicing Fee”: With respect to any Participation Interest, the portion of the servicing fees payable in respect of such Participation Interest.

“Payment Account”: The segregated trust account established by the Indenture Trustee under the Indenture and designated as the “Payment Account” thereunder.

“Payment Date”: As defined in the Indenture.

“Payoff Amount”: An amount equal to the Collateral Value of any Mortgage Loan or Mortgaged Property, as applicable, plus any due and unpaid Monthly Loan Payment(s) or Monthly Lease Payment(s), as applicable, and any unreimbursed Property Protection Advances (plus Advance Interest thereon), Emergency Property Expenses, Liquidation Fees, Special Servicing Fees and Extraordinary Expenses, in each case related to such Mortgage Loan or Mortgaged Property or the related Lease.

“Percentage Rent”: With respect to any Lease, the rent thereunder, if any, calculated as a percentage of the total sales generated by the related Tenant at the related Mortgaged Property in excess of (or in lieu of, as applicable) the Monthly Lease Payments as provided in the applicable Lease.

 

-16-

“Performance Undertaking”: As defined in the Indenture.

“Permitted Investments”: Any one or more of the following obligations or securities:

 

  (i) direct obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the United States of America or any agency or instrumentality thereof; provided, that such obligations are backed by the full faith and credit of the United States of America and have a predetermined, fixed amount of principal due at maturity (that cannot vary or change) and that each such obligation has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread;

 

  (ii) obligations of the following agencies or instrumentalities of the United States of America: the Export-Import Bank, the Farm Credit System Financial Assistance Corporation, the Rural Economic Community Development Administration, the General Services Administration, the U.S. Maritime Administration, the Small Business Administration, the Government National Mortgage Association, the U.S. Department of Housing & Urban Development, the Federal Housing Administration and the Federal Financing Bank; provided, that such obligations are backed by the full faith and credit of the United States of America, have a predetermined, fixed amount of principal due at maturity (that cannot vary or change) and do not have an “r” highlight attached to any rating and that each such obligation has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread;

 

  (iii) direct obligations of the following agencies or instrumentalities of the United States of America that are not backed by the full faith and credit of the United States: the Resolution Funding Corporation, the Federal Home Loan Bank System (senior debt obligations only), the Federal National Mortgage Association (senior debt obligations rated “Aaa” by Moody’s and “AAA” by S&P only) or the Federal Home Loan Mortgage Corporation (senior debt obligations rated “Aaa” by Moody’s and “AAA” by S&P only); provided, that such obligations have a predetermined amount of principal due at maturity (that cannot vary or change) and do not have an “r” highlight attached to any rating and that each such obligation has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread;

 

  (iv)

uncertificated certificates of deposit, time deposits and bankers’ acceptances having maturities of not more than 360 days, of any bank or trust company organized under the laws of the United States of America or any state thereof; provided, that such items are rated in the highest short-term debt rating category of each Rating Agency or such lower rating (with the prior written consent of each Insurer) as will not result in a qualification, downgrading or withdrawal of the rating then assigned to the

 

-17-

  Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency), do not have an “r” highlight affixed to its rating and have a predetermined fixed amount of principal due at maturity (that cannot vary or change);

 

  (v) commercial paper (having original maturities of not more than 270 days) of any corporation incorporated under the laws of the United States of America or any state thereof (or of any corporation not so incorporated; provided, that the commercial paper is denominated in United States dollars and amounts payable thereunder are not subject to any withholding imposed by any non-United States jurisdiction) that is rated in the highest short-term debt rating category of each Rating Agency or such lower rating (with the prior written consent of each Insurer) as will not result in a qualification, downgrading or withdrawal of the rating then assigned to the Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency), does not have an “r” highlight affixed to its rating, has a predetermined fixed amount of principal due at maturity (that cannot vary or change) and has a fixed interest rate or has its interest rate tied to a single interest rate index plus a single fixed spread, or any demand notes that constitute vehicles for commercial paper rated in the highest unsecured commercial or finance company paper rating category of each Rating Agency;

 

  (vi) units of money market funds that have as one of their investment objectives the maintenance of a constant net asset value and that are rated in the highest applicable rating category of each Rating Agency or such lower rating (with the prior written consent of each Insurer) as will not result in a qualification, downgrading or withdrawal of the rating then assigned to the Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency); and

 

  (vii) any other obligation or security acceptable to each Rating Agency and each Insurer, which will not result in a qualification, downgrading or withdrawal of the rating then assigned to the Notes by any Rating Agency without giving effect to any Insurance Policy (as evidenced in writing by each Rating Agency);

provided, that (1) no investment described hereunder shall evidence either the right to receive (x) only interest with respect to such investment or (y) a yield to maturity greater than 120% of the yield to maturity at par of the underlying obligations, (2) no investment described hereunder may be purchased at a price greater than par if such investment may be prepaid or called at a price less than its purchase price prior to stated maturity (that cannot vary or change) and (3) such Permitted Investments are either (x) at all times available or (y) mature prior to the immediately succeeding Payment Date.

 

-18-

“Person”: Any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, estate, unincorporated organization or government or any agency, instrumentality or political subdivision of any government.

“Primary Servicing Office”: The office of the Property Manager or the Special Servicer, as the context may require, that is primarily responsible for such party’s servicing obligations hereunder.

“Principal Prepayment”: Any payment of principal voluntarily made by the Borrower on a Mortgage Loan that is received in advance of its scheduled Due Date and that is not accompanied by an amount of interest (without regard to any Yield Maintenance Premium that may have been collected) representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

“Prime Rate”: The “prime rate” published in the “Money Rates” section of The Wall Street Journal, as such “prime rate” may change from time to time. If The Wall Street Journal ceases to publish the “prime rate,” then the Indenture Trustee shall select an equivalent publication that publishes such “prime rate”; and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the Indenture Trustee shall select a comparable interest rate index. In either case, such selection shall be made by the Indenture Trustee in its sole discretion and the Indenture Trustee shall notify the Property Manager and the Special Servicer in writing of its selection.

“Property Insurance Policy”: With respect to any Mortgage Loan and/or Mortgaged Property, any hazard insurance policy, flood insurance policy, title policy, Environmental Policy, residual value insurance policy or other insurance policy that is maintained from time to time in respect of such Mortgage Loan and/or Mortgaged Property (including, without limitation, any blanket insurance policy maintained by or on behalf of the applicable Issuer).

“Property Insurance Proceeds”: All proceeds received under any Property Insurance Policy that provides coverage with respect to any Mortgaged Property or the related Mortgage Loan, if applicable.

“Property Management Fee”: With respect to each Mortgage Loan and each Mortgaged Property owned by the Issuer, the fee payable to the Property Manager pursuant to Section 3.11(a).

“Property Management Fee Rate”: With respect to each Mortgage Loan and each Lease, a fixed percentage rate equal to 0.25% per annum.

“Property Manager”: Spirit Finance, in its capacity as property manager under this Agreement, or any successor property manager appointed as herein provided.

“Property Manager Additional Servicing Compensation”: As defined in Section 3.11(b).

 

-19-

“Property Protection Advances”: With respect to the Leases, the Mortgage Loans and the Mortgaged Properties:

(i) All customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager (or, if applicable, the Back-Up Manager), in connection with servicing the Leases, the Mortgaged Properties and the Mortgage Loans, in accordance with the Servicing Standard and this Agreement, for the purpose of paying real estate taxes, premiums on Property Insurance Policies (not already paid pursuant to Section 2.11 of the Indenture, as confirmed by the applicable Issuers) and other amounts necessary to preserve or maintain the security interest and lien of the Indenture Trustee in, and value of, each related Mortgaged Property (including any costs and expenses necessary to re-lease such Mortgaged Property), Lease or Mortgage Loan (including costs and expenses related to collection efforts).

(ii) All customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager, the Back-Up Manager or Special Servicer in connection with the servicing of a Mortgage Loan after a default, delinquency or other unanticipated event, or in connection with the administration of any REO Property, including, but not limited to, the cost of (a) compliance with the obligations of the Property Manager or the Special Servicer set forth in Sections 2.04(c), 3.03(c) and 3.17(b), (b) the preservation, insurance, restoration, protection and management of any Collateral, including the cost of any “force placed” insurance policy purchased by the Property Manager to the extent such cost is allocable to a particular item of Collateral that the Property Manager is required to cause to be insured pursuant to Section 3.07(a), (c) obtaining any Liquidation Proceeds (insofar as such Liquidation Proceeds are of the nature described in the definition thereof) or Property Insurance Proceeds in respect of any Collateral or REO Property, (d) any enforcement of judicial proceedings with respect to any Collateral, including foreclosures, and (e) the operation, management, maintenance and liquidation of any REO Property. Notwithstanding anything to the contrary, “Property Protection Advances” shall not include allocable overhead of the Property Manager or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses.

“Property Protection Event”: With respect to any Mortgaged Property, a “Property Protection Event” will occur upon the making of any Property Protection Advance (other than as required in connection with the sale or re-leasing of such Mortgaged Property) with respect to such Mortgaged Property by the Property Manager or the Back-Up Manager, as applicable, in an amount which, when added to the amount of all Property Protection Advances previously made with respect to such Mortgaged Property, exceeds the difference between (a) the Fair Market Value of such Mortgaged Property at the time of such proposed Property Protection Advance and (b) 30% of the Collateral Value of such Mortgaged Property.

“Purchase and Sale Agreements”: As defined in the Indenture.

“Purchase Option Deficiency”: An amount equal to the deficiency, if any, between 125% of the Allocated Collateral Amount of a Mortgaged Property released in connection with a Third Party Purchase Option and the related Third Party Option Price for such Mortgaged Property.

 

-20-

“Purchase Premium”: As defined in Section 7.0l(c).

“Qualified Insurer”: An insurance company or security or bonding company qualified to write the related Property Insurance Policy in the relevant jurisdiction.

“Qualified Substitute Mortgage Loan”: Any commercial real estate loan acquired by the applicable Issuer in substitution for a Released Mortgage Loan or with the proceeds (or a portion thereof) from the sale of a Released Mortgage Loan and which, as of the date of the acquisition thereof, (i) is secured by a Qualified Substitute Mortgaged Property, (ii) has an unpaid principal balance not less than the unpaid principal balance of the Released Mortgage Loan, (iii) has an Interest Rate not more than one percentage point less than such Released Mortgage Loan, (iv) complies with all of the representations and warranties originally made with respect to such Released Mortgage Loan under the Indenture (with each date therein referring to the date of substitution), except to the extent the applicable Insurer, in its sole discretion, otherwise consents and 20 days’ prior written notice is given to the Rating Agencies, (v) pays interest and, if applicable, principal, on a monthly basis, (vi) has been approved in writing by the Support Provider, (vii) has a maturity date that is not more than one year earlier than the related Released Mortgage Loan, (viii) if such Released Mortgage Loan is a Balloon Loan, has a balloon payment that is not more than 10% larger than such Released Mortgage Loan’s balloon payment and (ix) has been approved in writing by the Series 2005-1 Insurer. If one or more of the foregoing criteria are not met, such substitute commercial mortgage loan will be a Qualified Substitute Mortgage Loan if the Special Servicer considers the substitution of such substitute commercial mortgage loan to be in the best interest of the Noteholders and the Series 2005-1 Insurer so consents.

“Qualified Substitute Mortgaged Property”: Any commercial real estate property acquired by the applicable Issuer in substitution for a Released Mortgaged Property or with the proceeds (or a portion thereof) from the sale of a Released Mortgaged Property and which, as of the date of the acquisition thereof, (i) has a Fair Market Value that, when combined with the Fair Market Value of all other Qualified Substitute Mortgaged Properties to be acquired by such Issuer in exchange for or with the proceeds from such Released Mortgaged Property and all cash payments in addition thereto, is equal to or greater than the Fair Market Value of such Released Mortgaged Property, (ii) has a Collateral Value that, when combined with the Collateral Values of all other Qualified Substitute Mortgaged Properties to be acquired by such Issuer in exchange for or with the proceeds from such Released Mortgaged Property and all cash payments in addition thereto, is equal to or greater than the Collateral Value of such Released Mortgaged Property, (iii) complies with all of the representations and warranties originally made with respect to such Released Mortgaged Property under the Indenture (with each date therein referring to the date of substitution), except to the extent the applicable Insurer, in its sole discretion, otherwise consents and 20 days’ prior written notice is given to the Rating Agencies, (iv) is leased to a Tenant who leased such Released Mortgaged Property, or to a different Tenant whose FCCR is greater than or equal to the greater of the then-current FCCR and the FCCR at the applicable Series Closing Date of the Tenant who previously leased such Released Mortgaged Property, (v) has, together with all other Qualified Substitute Mortgaged Properties to be acquired by such Issuer in exchange for or with the proceeds from such Released Mortgaged Property, the same or greater aggregate Monthly Lease Payment as the Released Mortgaged

 

-21-

Property, (vi) is leased pursuant to a Lease the term of which equals or exceeds the remaining term of the Lease of the Released Mortgaged Property, (vii) if the tenant thereof or any third party has an option to purchase such Qualified Substitute Mortgaged Property, the contractual amount of such option price is no less than what the Allocated Collateral Amount of such Qualified Substitute Mortgaged Property would be after giving effect to the substitution of such Mortgaged Property, (viii) has been approved in writing by the Support Provider, (ix) has been approved in writing by the Series 2005-1 Insurer and (x) is leased pursuant to a “triple net” lease. If one or more of the foregoing criteria are not met, such substitute commercial real estate property will be a Qualified Substitute Mortgaged Property if the Special Servicer considers the substitution of such substitute commercial real estate property to be in the best interest of the Noteholders, the Series 2005-1 Insurer so consents and subject to at least ten (10) Business Days notification to the Rating Agencies.

“Rating Agency”: As defined in the Indenture.

“Rating Condition”: As defined in the Indenture.

“Reimbursement Rate”: The rate per annum applicable to the accrual of Advance Interest, which rate per annum is equal to the Prime Rate.

“Release”: As defined in Section 7.01(a).

“Release Account”: The segregated account established and maintained by the Indenture Trustee on behalf of the Noteholders and the Issuers.

“Release Price”: As defined in Section 7.01(b).

“Released Mortgage Loan”: As defined in Section 7.01(a).

“Released Mortgaged Property”: As defined in Section 7.01(a).

“Remittance Date”: The Business Day preceding each Payment Date.

“Removed Mortgaged Property”: Each Third Party Option Mortgaged Property and each Lease Transfer Mortgaged Property, released at any time from the lien of the Indenture.

“Rent-to-Sales Ratio”: With respect to any Lease, a ratio, expressed as a percentage, (i) the numerator of which is the total Monthly Lease Payments required to be made pursuant to such Lease during the period described in the following clause (ii), and (ii) the denominator of which is the aggregate amount of sales generated by the related Tenant at such Mortgaged Property during the last consecutive 12 month period for which such figures are available (or, if sales figures are not available for any 12 month period, annualized sales based on the most recent information provided).

“REO Acquisition”: The acquisition of any REO Property pursuant to Section 3.09.

 

-22-

“REO Disposition”: The sale or other disposition of any REO Property pursuant to Section 3.18.

“REO Property”: A Mortgaged Property acquired by or on behalf of the Indenture Trustee through foreclosure, acceptance of a deed-in-lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default of a Mortgage Loan.

“REO Revenues”: All income, rents, profits and proceeds derived from the ownership, operation or leasing of any REO Property.

“Request for Release”: A request signed by a Servicing Officer, as applicable, of the Property Manager in the form of Exhibit B attached hereto or of the Special Servicer in the form of Exhibit C attached hereto.

“Requisite Global Majority”: As defined in the Indenture.

“Responsible Officer”: When used with respect to any Issuer Member or the Indenture Trustee, any officer of such Issuer Member or the Indenture Trustee, as the case may be (and, in the case of the Indenture Trustee, assigned to its Corporate Trust Services Group and customarily performing functions with respect to corporate trust matters), and with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of this Agreement.

When used with respect to the Property Manager, the Back-Up Manager or the Special Servicer, any officer or employee involved in or responsible for the administration or servicing of the Mortgage Loans, Leases or Mortgaged Properties under this Agreement and whose name and specimen signature appear on a list prepared by each party and delivered to the other party, as such list may be amended from time to time by either party.

“Restaurant Concept”: With respect to single tenant, operationally essential properties operated within the Restaurant Business Sector, any chain of properties that share substantially the same characteristics.

“S&P”: Standard & Poor’s Rating Services, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc.

“Series”: Pursuant to the terms of the Indenture, any series of Notes, each of which is secured on a specified pro rata basis by the Collateral Pool, issuable by the applicable Issuers.

“Series 2005-1 Controlling Party”: As defined in the Indenture.

“Series 2005-1 Insurer”: Ambac Assurance Corporation, a Wisconsin-domiciled stock insurance corporation, or its successor in interest.

“Series 2005-1 Notes”: As defined in the applicable Series Supplement.

 

-23-

“Series Closing Date”: As defined in the Indenture.

“Series Supplement”: As defined in the Indenture.

“Servicer Replacement Event”: The meaning specified in Section 6.01(a).

“Servicing Account”: The segregated account or accounts created and maintained pursuant to Section 3.03(a).

“Servicing Fees”: With respect to each Mortgage Loan, Mortgaged Property and Lease, the Property Management Fee, the Back-Up Fee, the Special Servicing Fee, if any, and the Additional Servicing Compensation, if any.

“Servicing File”: Any documents (other than documents required to be part of the related Loan File or Lease File) in the possession of the Property Manager or the Special Servicer and relating to the origination and servicing of any Mortgage Loan or Lease or the administration of any Mortgaged Property (including copies of all applicable Property Insurance Policies with respect thereto).

“Servicing Officer”: Any officer or employee of the Property Manager or the Special Servicer involved in, or responsible for, the administration, management and servicing of the Mortgaged Properties and Leases, whose name and specimen signature appear on a list of servicing officers furnished by such party to the applicable Issuer Members, the applicable Issuers and the Indenture Trustee on each Series Closing Date, as such list may be amended from time to time.

“Servicing Standard”: To provide property management services for the Mortgaged Properties and to service and special service the Mortgage Loans and Leases on behalf of the applicable Issuers in accordance with applicable law, the terms of this Agreement, the terms of the respective Mortgage Loans and Leases and, to the extent consistent with the foregoing, (x) in the same manner in which, and with the same care, skill, prudence and diligence with which, the Property Manager or the Special Servicer, as the case may be, (a) services and administers similar mortgage loans, leases and mortgaged properties for other third party portfolios or (b) administers mortgage loans, leases and mortgaged properties for its own account or (y) in a manner normally associated with the servicing and administration of similar properties and in material compliance with all applicable laws, whichever standard is highest, in all cases taking into account the best interests of the Noteholders and the Insurers, but without regard to: (i) any known relationship that the Property Manager or Special Servicer, or an Affiliate of the Property Manager or Special Servicer, may have with any Issuer, any Originator, the Support Provider, any Tenant, any Borrower, any of their respective Affiliates or any other party to the Transaction Documents; (ii) the ownership of any Note or LLC Interest by the Property Manager or Special Servicer or any Affiliate of the Property Manager or Special Servicer, as applicable; (iii) the Property Manager’s obligation to make Property Protection Advances, to incur servicing expenses or to withdraw (or, in the event the Property Manager is Spirit Finance, to direct the Indenture Trustee to withdraw) funds from the Collection Account to pay Emergency Property Expenses with respect to the Mortgage Loans, the Leases or the Mortgaged Properties; (iv) the Property Manager’s or Special Servicer’s right to receive compensation for its services or reimbursements of the costs under this Agreement; (v) the ownership, or servicing or

 

-24-

management for others, by the Property Manager, the Special Servicer or any Originator or other Affiliate of any other leases or property; (vi) the repurchase and indemnification obligations of the Originators or Support Provider; or (vii) the existence of any loans made to a Tenant by the Property Manager, the Special Servicer or Spirit Finance or any Affiliate of the Property Manager, the Special Servicer or Spirit Finance.

“Servicing Transfer Agreement”: As defined in Section 5.04.

“Servicing Transfer Date”: As defined in Section 5.04.

“Servicing Transfer Event”: With respect to any Mortgaged Property, the occurrence of any of the events described in clauses (a) through (e) of the definition of “Specially Serviced Lease.” With Respect to any Mortgage Loan, the occurrence of any of the events described in clauses (a) through (e) of the definition of “Specially Serviced Mortgage Loan.”

“Special Servicer”: Spirit Finance, in its capacity as special servicer under this Agreement, or any successor special servicer appointed as herein provided.

“Special Servicer Additional Servicing Compensation”: As defined in Section 3.11(d).

“Special Servicer Report”: As defined in Section 4.01(b).

“Special Servicing Fee”: With respect to each Specially Serviced Asset, the fee designated as such and payable to the Special Servicer pursuant to the first paragraph of Section 3.11(c).

“Special Servicing Fee Rate”: With respect to each Specially Serviced Asset, a fixed percentage rate equal to 0.75% per annum.

“Specially Serviced Asset”: A Specially Serviced Lease or a Specially Serviced Mortgage Loan.

“Specially Serviced Lease”: Any Mortgaged Property as to which any of the following events has occurred:

(a) any Monthly Lease Payment becomes delinquent 60 or more consecutive days;

(b) the Property Manager determines in its good faith and reasonable judgment that a default in making a Monthly Lease Payment is likely to occur within 30 days and is not likely to be remedied for 60 days;

(c) the Property Manager receives written notice from the Tenant indicating that such Tenant cannot make future Monthly Lease Payments or requesting a reduction in the amount of its payment;

 

-25-

(d) a default (other than as described in clause (a) above) occurs that materially and adversely affects the interests of the Issuers and that continues unremedied for the applicable grace period under the terms of the Lease (or, if no grace period is specified, for 30 days); or

(e) the related Tenant becomes insolvent, readjusts its debt, is subject to marshaling of assets and liabilities, or similar proceedings in respect of the related Tenant occur, or as to which the related Tenant takes certain actions indicating its insolvency or its inability to pay its obligations or the Property Manager or the Special Servicer receives notice of commencement of foreclosure or similar proceedings with respect to the related Mortgaged Property.

“Specially Serviced Mortgage Loan”: Any Mortgage Loan as to which any of the following events has occurred:

(a) any Monthly Loan Payment becomes delinquent 60 or more consecutive days;

(b) the Property Manager determines in its good faith and reasonable judgment that a default in making a Monthly Loan Payment is likely to occur within 30 days and is not likely to be remedied for 60 days;

(c) the Properly Manager receives written notice from the Borrower indicating that such Borrower cannot make future Monthly Loan Payments or requesting a reduction in the amount of its payment;

(d) a default (other than as described in clause (a) above) occurs that materially and adversely affects the interests of the Issuers and that continues unremedied for the applicable grace period under the terms of the Mortgage Loan (or, if no grace period is specified, for 30 days); or

(e) the related Borrower becomes insolvent, readjusts its debt, is subject to marshaling of assets and liabilities, or similar proceedings in respect of the related Borrower occur, or as to which the related Borrower takes certain actions indicating its insolvency or its inability to pay its obligations or the Property Manager or the Special Servicer receives notice of commencement of foreclosure or similar proceedings with respect to the related Mortgaged Property.

“Spirit Finance”: Spirit Finance Corporation, a Maryland corporation, and its successors and assigns.

“Spirit SPE”: Any special purpose, bankruptcy remote subsidiary (direct or indirect) of Spirit Finance (other than any Originator).

“Sub-Manager”: Any Person with which the Property Manager or the Special Servicer has entered into a Sub-Management Agreement.

“Sub-Management Agreement”: The written contract between the Property Manager or the Special Servicer, on the one hand, and any Sub-Manager, on the other hand,

 

-26-

relating to servicing and administration of Mortgage Loans, Leases and Mortgaged Properties, as provided in Section 3.21.

“Successor Property Manager”: As defined in Section 6.0l(b).

“Successor Replacement Date”: As defined in Section 6.01(b).

“Successor Special Servicer”: As defined in Section 6.01(b).

“Support Provider”: Spirit Finance or any successor support provider.

“Sweep Period”: As defined in the Indenture.

“Tax Required Condition”: As defined in Section 7.01(a).

“Tenant”: With respect to each Lease, the tenant under such Lease and any successor or assign thereof.

“Third Party Option Mortgaged Property”: As defined in Section 7.02(a).

“Third Party Option Price”: A cash price equal to the amount specified in a related Lease or other Lease Document or Loan Document, as applicable, as payable by a Tenant or any other Person in connection with the exercise of a Third Party Purchase Option.

“Third Party Purchase Option”: An option of a Tenant or any other Person under or in connection with a Lease or related agreements to purchase the related Mortgaged Property before or at the expiration of the Lease term for an amount equal to the Third Party Option Price.

“Title Company”: As defined in Section 2.03(a).

“Title Insurance Policies”: As defined in Section 2.03(a).

“Total Assets”: With respect to any Person, as of any date of determination, the consolidated gross book value of all assets of such Person and its subsidiaries, calculated in accordance with GAAP.

“Total Debt Service”: As defined in the Indenture.

“Total Indebtedness”: With respect to any Person, as of any date of determination, (x) the aggregate outstanding indebtedness of such Person secured by a first priority lien on real property and (y) borrowings that are not secured by any specific asset of the Person that rank senior as to preference over other indebtedness of such Person and its subsidiaries, calculated on a consolidated basis in accordance with GAAP.

“Transfer Date”: The date on which a Mortgage Loan or Mortgaged Property is acquired by the applicable Issuer.

“Transaction Documents”: As defined in the Indenture.

 

-27-

“Unscheduled Principal Payment”: On any Payment Date, the sum of (a) the Unscheduled Proceeds deposited into the Collection Account for such Payment Date plus (b) any Purchase Option Deficiency from the related Collection Period, together with any unpaid Purchase Option Deficiency from any prior Payment Date.

“Unscheduled Proceeds”: Collectively, Liquidation Proceeds, Condemnation Proceeds, Property Insurance Proceeds, Release Prices and Purchase Premiums; provided, however, that any amounts which are on deposit in the Release Account shall not be deemed Unscheduled Proceeds until such amounts have been transferred to the Collection Account and are available therein.

“Uniform Commercial Code”: The Uniform Commercial Code as in effect in any applicable jurisdiction.

“Workout Fee”: With respect to each Corrected Mortgage Loan and each Corrected Lease, the fee payable to the Special Servicer pursuant to Section 3.11(f).

“Workout Fee Rate”: With respect to each Corrected Mortgage Loan and each Corrected Lease, a fixed percentage rate equal to 0.50%.

“Yield Maintenance Premium”: With respect to any Mortgage Loan, any premium, penalty or fee paid or payable, as the context requires, by a Borrower in connection with a Principal Prepayment on or other early collection of principal of a Mortgage Loan.

Section 1.02. Other Definitional Provisions.

(a) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

(b) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document, to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate or other document shall control.

(c) The words “hereof,” “herein,” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; a reference to a subsection or other subdivision without further reference to a Section is a reference to such subsection or other subdivision as contained in the Section in which the reference appears; and the words “include” and “including” shall mean without limitation by reason of enumeration.

 

-28-

(d) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the feminine and neuter genders of such terms.

(e) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted assignees.

Section 1.03. Certain Calculations in Respect of the Leases and the Mortgage Loans.

(a) All amounts collected in respect of any Lease in the form of payments from the related Tenants, Guaranties, Property Insurance Proceeds or otherwise shall be applied to amounts due and owing under the Lease in accordance with the express provisions of such Lease, and all amounts collected in respect of any Mortgage Loan in the form of payments from the related Borrower, Guaranties, Liquidation Proceeds or Property Insurance Proceeds shall be applied to amounts due and owing under the related Mortgage Note and Mortgage (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Mortgage Note and Mortgage; in the absence of such express provisions, all amounts collected shall be applied for purposes of this Agreement: (i) with respect to amounts collected in respect to any Lease, first, as a recovery of any related and unreimbursed Property Protection Advances, and second, in accordance with the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts then due and owing under such Lease, including, without limitation, Percentage Rent and Default Interest; and (ii) with respect to amounts collected in respect of any Mortgage Loan, first, as a recovery of any related and unreimbursed Property Protection Advances, second, as a recovery of accrued and unpaid interest at the related Interest Rate on such Mortgage Loan to but not including, as appropriate, the date of receipt or the Due Date in the Collection Period of receipt, third, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of the Mortgage Loan following a default thereunder (or, if a liquidation event has occurred in respect of such Mortgage Loan, a recovery of principal to the extent of its entire remaining unpaid principal balance), fourth, as a recovery of any Yield Maintenance Premium then due and owing under such Mortgage Loan, fifth, in accordance with the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts then due and owing under such Mortgage Loan, including Default Interest, and sixth, as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance. Any proceeds derived from an unleased Mortgaged Property (exclusive of related operating costs, including reimbursement of Property Protection Advances made by the Property Manager or the Back-Up Manager in connection with the operation and disposition of such Mortgaged Property) shall be applied by the Property Manager in the same manner as if they were Monthly Lease Payments due on the previously existing Lease for such Mortgaged Property until such Lease becomes a Liquidated Lease pursuant to the terms of such Lease and the related Lease Documents. With respect to any Companion Loan or Participated Mortgage Loan, the amounts collected in respect of such

 

-29-

Mortgage Loan shall be allocated in accordance with the applicable Pari Passu Co-Lender Agreement or Participation Agreement therefor.

(b) Collections in respect of each REO Property (exclusive of amounts to be applied to the payment of the costs of operating, managing, maintaining and disposing of such REO Property) shall be treated: first, as a recovery of any related and unreimbursed Property Protection Advances; second, as a recovery of accrued and unpaid interest on the related Mortgage Loan at the related Interest Rate to but not including the Due Date in the Collection Period of receipt; third, as a recovery of principal of the related Mortgage Loan to the extent of its entire unpaid principal balance; and fourth, in accordance with the Servicing Standard, but subject to Section 1.03(c), as a recovery of any other amounts deemed to be due and owing in respect of the related Mortgage Loan.

(c) Insofar as amounts received in respect of any Lease, Mortgage Loan or REO Property and allocable to fees and charges owing in respect of such Lease, Mortgage Loan or REO Property constituting Additional Servicing Compensation payable to the Property Manager or Special Servicer are insufficient to cover the full amount of such fees and charges, such amounts shall be allocated between such of those fees and charges as are payable to the Property Manager, on the one hand, and as are payable to the Special Servicer, on the other, pro rata in accordance with their respective entitlements.

(d) The foregoing applications of amounts received in respect of any Lease, Mortgage Loan or REO Property shall be determined by the Property Manager and reflected in the appropriate monthly Determination Date Report and any Modified Collateral Detail and Realized Loss Report.

(e) Notwithstanding the early termination of any Lease resulting from a default by the related Tenant, such Lease will be treated for purposes of determining Servicing Fees and Indenture Trustee Fees as remaining in effect until such Lease becomes a Liquidated Lease.

Section 1.04. Fee Calculations; Interest Calculations.

(a) The calculation of the Servicing Fees shall be made in accordance with Section 3.11. All dollar amounts calculated hereunder shall be rounded to the nearest ▇▇▇▇▇ with one-half of one ▇▇▇▇▇ being rounded up.

(b) The amount of interest accrued on each Mortgage Loan during any Interest Accrual Period will be calculated in arrears on the basis of the Interest Rate for such Mortgage Loan and the accrual period specified in the related Mortgage Note.

 

-30-

ARTICLE II

REPRESENTATIONS AND WARRANTIES; RECORDINGS AND FILINGS; BOOKS AND RECORDS; DEFECT, BREACH, CURE, REPURCHASE AND SUBSTITUTION;

FINANCIAL COVENANTS

Section 2.01. Representations and Warranties of Spirit Finance and the Back-Up Manager.

(a) Spirit Finance represents and warrants to the other parties hereto, and for the benefit of the Issuers, the Indenture Trustee on behalf of the Noteholders and the Insurers, as of each Series Closing Date:

(i) Spirit Finance is a corporation duly organized, validly existing, and in good standing under the laws of the State of Maryland and is in compliance with the laws of each state (within the United States of America) in which any Mortgaged Property is located to the extent necessary to its performance under this Agreement;

(ii) The execution and delivery of this Agreement by Spirit Finance, and the performance and compliance with the terms of this Agreement by Spirit Finance, do not violate its organizational documents or constitute an event that, with notice or lapse of time, or both, would constitute a default under, or result in the breach of, any material agreement or other instrument to which it is a party or by which it is bound;

(iii) Spirit Finance has the corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly executed and delivered this Agreement;

(iv) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of Spirit Finance, enforceable against Spirit Finance in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

(v) Spirit Finance is not in violation of, and its execution and delivery of this Agreement and its performance and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation is likely to affect materially and adversely either the ability of Spirit Finance to perform its obligations under this Agreement or the financial condition of Spirit Finance;

 

-31-

(vi) No litigation is pending or, to Spirit Finance’s knowledge, threatened against Spirit Finance that is reasonably likely to be determined adversely to Spirit Finance and, if determined adversely to Spirit Finance, would prohibit Spirit Finance from entering into this Agreement or that, in Spirit Finance’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability, of Spirit Finance to perform its obligations under this Agreement or the financial condition of Spirit Finance;

(vii) No consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery and performance by Spirit Finance of, or the compliance by Spirit Finance with, this Agreement or the consummation of the transactions of Spirit Finance contemplated by this Agreement, except for any consent, approval, authorization or order that has been obtained or that if not obtained would not have a material and adverse affect on the ability of Spirit Finance to perform its obligations hereunder; and

(viii) Each officer and employee of Spirit Finance that has responsibilities concerning the management, servicing and administration of Mortgaged Properties, Leases and Mortgage Loans is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.07(c).

(b) The representations and warranties of Spirit Finance set forth in Section 2.01 (a) shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Persons to whom and for whose benefit they were made until all amounts owed to the Noteholders and the Insurers under or in connection with this Agreement, the Indenture, the Notes and the Insurance Agreements have been indefeasibly paid in full. Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties.

(c) Any successor Property Manager or Special Servicer shall be deemed to have made, as of the date of its succession, each of the representations and warranties set forth in Section 2.01 (a), subject to such appropriate modifications to the representation and warranty set forth in Section 2.01(a)(i) to accurately reflect such successor’s jurisdiction of organization and whether it is a corporation, partnership, bank, association or other type of organization.

(d) The Back-Up Manager represents and warrants to the other parties hereto, and for the benefit of the Issuers, the Indenture Trustee on behalf of the Noteholders and the Insurers, as of each Series Closing Date:

(i) The Back-Up Manager is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and is in compliance with the laws of each state (within the United States of America) in which any Mortgaged Property is located to the extent necessary to its performance under this Agreement;

 

-32-

(ii) The execution and delivery of this Agreement by the Back-Up Manager, and the performance and compliance with the terms of this Agreement by the Back-Up Manager, do not violate its organizational documents or constitute an event that, with notice or lapse of time, or both, would constitute a default under, or result in the breach of, any material agreement or other instrument to which it is a party or by which it is bound;

(iii) The Back-Up Manager has the corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly executed and delivered this Agreement;

(iv) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of the Back-Up Manager, enforceable against the Back-Up Manager in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

(v) The Back-Up Manager is not in violation of, and its execution and delivery of, this Agreement and its performance and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation is likely to affect materially and adversely either the ability of the Back-Up Manager to perform its obligations under this Agreement or the financial condition of the Back-Up Manager;

(vi) No litigation is pending or, to the Back-Up Manager’s knowledge, threatened against the Back-Up Manager that is reasonably likely to be determined adversely to the Back-Up Manager and, if determined adversely to the Back-Up Manager, would prohibit the Back-Up Manager from entering into this Agreement or that, in the Back-Up Manager’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Back-Up Manager to perform its obligations under this Agreement or the financial condition of the Back-Up Manager;

(vii) No consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery and performance by the Back-Up Manager of, or the compliance by the Back-Up Manager with, this Agreement or the consummation of the transactions contemplated by the Back-Up Manager by this Agreement, except for any consent, approval, authorization or order that has been obtained or that if not obtained would not have a material and adverse affect on the ability of the Back-Up Manager to perform its obligations hereunder; and

 

-33-

(viii) Each officer and employee of the Back-Up Manager that has responsibilities concerning the management, servicing and administration of the Mortgaged Properties, Leases and Mortgage Loans is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.07(c).

Section 2.02. Representations and Warranties of the Issuers.

(a) Each Issuer hereby represents and warrants to each of the other parties hereto and for the benefit of the Indenture Trustee, on behalf of the Noteholders and the Insurers as of each Series Closing Date on or after the date on which such Issuer becomes a party to this Agreement:

(i) Such Issuer is a limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware and is in compliance with the laws of each state (within the United States of America) in which any applicable Mortgaged Property is located to the extent necessary to its performance under this Agreement;

(ii) The execution and delivery of this Agreement by such Issuer, and the performance and compliance with the terms of this Agreement by such Issuer, do not violate its organizational documents or constitute an event that, with notice or lapse of time, or both, would constitute a default under, or result in the breach of, any material agreement or other instrument to which it is a party or by which it is bound;

(iii) Such Issuer has the limited liability company power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement and any applicable Joinder Agreement, and has duly executed and delivered this Agreement and any applicable Joinder Agreement;

(iv) This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid, legal and binding obligation of such Issuer, enforceable against such Issuer in accordance with the terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

(v) Such Issuer is not in violation of, and its execution and delivery of, this Agreement or any applicable Joinder Agreement and its performance and compliance with the terms of this Agreement will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation is likely to affect materially and adversely either the ability of such

 

-34-

Issuer to perform its obligations under this Agreement or the financial condition of such Issuer;

(vi) No litigation is pending or, to such Issuer’s knowledge, threatened against such Issuer that is reasonably likely to be determined adversely to such Issuer and, if determined adversely to such Issuer, would prohibit such Issuer from entering into this Agreement or that, in such Issuer’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of such Issuer to perform its obligations under this Agreement or the financial condition of such Issuer;

(vii) No consent, approval, authorization or order under any court or governmental agency or body is required for the execution, delivery and performance by such Issuer of, or the compliance by such Issuer with, this Agreement or the consummation of the transactions of such Issuer contemplated by this Agreement, except for any consent, approval, authorization or order that has been obtained or that if not obtained would not have a material and adverse affect on the ability of such Issuer to perform its obligations hereunder;

(viii) Each officer and employee of such Issuer that has responsibilities concerning the management, servicing and administration of the applicable Mortgaged Properties, Leases and Mortgage Loans is covered by errors and omissions insurance and the fidelity bond as and to the extent required by Section 3.07(c); and

(ix) To such Issuer’s knowledge, each of the Mortgaged Properties owned by such Issuer or securing a Mortgage Loan owned by such Issuer is a commercial property and is operated for commercial purposes.

(b) The representations and warranties of each Issuer set forth in Section 2.02(a) shall survive the execution and delivery of this Agreement and shall inure to the benefit of the Persons to whom and for whose benefit they were made for so long as such Issuer remains in existence. Upon discovery by any party hereto of any breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties.

Section 2.03. Recordings and Filings; Books and Records.

(a) In connection with the Grant made by the Issuers to the Indenture Trustee pursuant to the Granting Clause of the Indenture, each Issuer shall cause the delivery of the applicable Lease Files for the Leases and the applicable Loan Files for the applicable Mortgage Loans to the Custodian in accordance with the Custody Agreement for the benefit of the Indenture Trustee in furtherance of such Grant and such Issuer shall cause: (i) with respect to the Mortgaged Properties owned by such Issuer (A) each Mortgage, Financing Statement and continuation statement referred to in the definition of “Lease File” in the Custody Agreement to be submitted to the appropriate Title Company (as defined below) on or before the applicable

 

-35-

Series Closing Date or Transfer Date for recording or filing, as the case may be, in the appropriate public office for real property records or for Financing Statements, at the expense of such Issuer and (B) each title insurance binder or commitment referred to in the definition of “Lease File” in the Custody Agreement to be issued as a final title insurance policy by the title companies (the “Title Companies”) issuing the same (the “Title Insurance Policies”); and (ii) with respect to the Mortgage Loans owned by such Issuer, promptly (and in any event within 60 days following the applicable Series Closing Date or Transfer Date) each assignment of Mortgage in favor of the Collateral Agent referred to in clauses (v) and (vi) of the definition of “Loan File” in the Custody Agreement and each Financing Statement on Form UCC-2 and UCC-3 in favor of the Collateral Agent referred to in clause (iii) of such definition to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or for Financing Statements. Each such assignment and each Mortgage shall reflect that, following recording, it should be returned by the public recording office to the Custodian, on behalf of the Indenture Trustee (or to the Property Manager (or its designee), who shall then deliver such recorded document to the Custodian), and each such Financing Statement shall reflect that the file copy thereof should be returned to the Custodian, for the benefit of the Indenture Trustee (or to the Property Manager (or its designee), who shall then deliver such filed document to the Custodian) following filing; provided, that in those instances where the public recording office retains the original Mortgage, assignment of Mortgage and assignment of Assignment of Leases, the Property Manager, on behalf of the Indenture Trustee, shall obtain there from a certified copy of the recorded original. Each of the Title Companies issuing the Title Insurance Policies shall be instructed by the applicable Issuer to deliver such policies to the Custodian, for the benefit of the Indenture Trustee. The Property Manager, on behalf of the Indenture Trustee, shall use reasonable efforts to diligently pursue with the Title Companies the return of each of the Mortgages, assignments of Mortgage and Financing Statements from the appropriate recording or filing offices and the delivery of the Title Insurance Policies by the related Title Companies. If any such document or instrument is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the applicable Issuer shall promptly prepare and cause to be executed a substitute therefor or cure such defect, as the case may be, and thereafter, such Issuer shall cause the same to be duly recorded or filed, as appropriate. The Property Manager shall file any continuation statements necessary to continue the effectiveness of the Financing Statements.

(b) Each Issuer shall deliver to and deposit with, or cause to be delivered to and deposited with, the Property Manager all documents and records in the possession of such Issuer or any related Originators that relate to the applicable Mortgaged Properties, Leases and Mortgage Loans and that are not required to be a part of a Lease File or a Loan File in accordance with the definition thereof, and the Property Manager shall hold all such documents and records in trust on behalf of the Indenture Trustee (in hard copy or electronic format). The Property Manager’s possession of such documents and records shall be at the will of the related Issuer and the Indenture Trustee for the sole purpose of facilitating the servicing of the applicable Leases, Mortgage Loans and Mortgaged Properties pursuant to this Agreement and such possession by the Property Manager shall be in a custodial capacity only on behalf of the Indenture Trustee. The ownership of such documents and records shall be vested in each Issuer, as applicable, subject to the lien of the Indenture, and the ownership of all documents and records with respect to the applicable Leases, Mortgage Loans and Mortgaged Properties

 

-36-

that are prepared by or which come into possession of the Property Manager or the Special Servicer shall immediately vest in such Issuer, subject to the lien of the Indenture, and shall be delivered to and deposited with the Property Manager, in the case of documents or records in the hands of the Special Servicer, and retained and maintained in trust by the Property Manager in such custodial capacity only on behalf of the Indenture Trustee, except as otherwise provided herein. All such documents and records shall be appropriately maintained in a manner to clearly reflect the ownership of such documents and records by the applicable Issuers, subject to the lien of the Indenture, and that such documents and records are being held on behalf of the Indenture Trustee, and the Property Manager shall release such documents and records from its custody only in accordance with this Agreement.

(c) [Reserved].

(d) The Property Manager shall monitor the delivery of the Lease Files and the Loan Files to the Custodian, for the benefit of the Indenture Trustee.

Section 2.04. Repurchase or Transfer for Collateral Defects and Breaches of Representations and Warranties.

(a) If any party hereto discovers that any document required to be included in any Loan File or Lease File is missing (after the date it is required to be delivered) or otherwise deficient or that there exists a breach of any of the representations and warranties made by any Originator set forth in the applicable Purchase and Sale Agreement or any Issuer as required under Section 2.19 of the Indenture with respect to any applicable Mortgage Loan or Mortgaged Property, and if such absence, deficiency or breach materially and adversely affects the value of any Mortgage Loan, Mortgaged Property or Lease or the interests of the applicable Issuer, the Noteholders or the Insurers therein, such party shall give prompt written notice thereof to the other parties hereto and each Insurer. If such deficiency or breach materially and adversely affects the value of any Mortgage Loan, Mortgaged Property or Lease or the interests of the applicable Issuer, the Noteholders or the Insurers therein (a “Collateral Defect”), (a) within 60 days following notice thereof, the applicable Originator or the applicable Issuer, as the case may be, shall deliver the missing document or cure the deficiency or breach, as the case may be, in all material respects or (b) the applicable Originator or the Support Provider, as required under the Performance Undertaking, shall repurchase such Mortgage Loan or Mortgaged Property and the related Lease from the applicable Issuer at an amount equal to the Payoff Amount, or exchange one or more Qualified Substitute Mortgage Loans or Qualified Substitute Mortgaged Properties for such Mortgage Loan or Mortgaged Property, as the case may be; provided, that if (i) such Collateral Defect is capable of being cured but not within such 60-day period, (ii) the applicable Cure Party has commenced and is diligently proceeding with the cure of such Collateral Defect within such 60-day period, and (iii) prior to the end of such 60-day period, the applicable Cure Party shall have delivered to the applicable Issuer, the Property Manager and the Indenture Trustee a certification executed on its behalf by an officer thereof setting forth the reason such Collateral Defect is not capable of being cured within an initial 60-day period and what actions such Cure Party is pursuing in connection with the cure thereof and stating that it anticipates that such Collateral Defect will be cured within an additional period not to exceed 60 more days, then such Cure Party shall have up to an additional 60 days commencing on the 61st day from receipt of such request to complete such

 

-37-

cure. If the affected Mortgaged Property or Mortgage Loan is to be repurchased, funds in the amount of the Payoff Amount shall be wired to the Release Account, and the Property Manager shall promptly notify the applicable Issuer, the Back-Up Manager, and the Indenture Trustee when such deposit is made. In addition, failure to deliver the documents specified in clauses (i), (ii), (iv) or (ix) of the definition of “Loan File” or clauses (i), (iv) or (v) in the definition of “Lease File” shall be deemed to constitute a Collateral Defect.

In the event that any Cure Party elects to substitute one or more Qualified Substitute Mortgaged Properties or Qualified Substitute Mortgage Loans for the affected Mortgaged Property or Mortgage Loan pursuant to this Section 2.04(a), such Cure Party shall give notice of same to the Back-Up Manager, each Issuer and each Insurer and deliver, or cause to be delivered, to the Custodian all documents as specified in the definition of “Lease File” or “Loan File” in the Custody Agreement with respect to such Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan no later than the date such Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan is acquired by the applicable Issuer. Monthly Lease Payments due with respect to Qualified Substitute Mortgaged Properties and Monthly Loan Payments due with respect to Qualified Substitute Mortgage Loans in the month of substitution shall not be part of the Collateral and will be retained by the Property Manager and remitted by the Property Manager to the applicable Cure Party. For the month of substitution, the applicable Issuer shall be entitled to receive the Monthly Lease Payment due on the Lease for any Mortgaged Property to be repurchased in such month and the Monthly Loan Payment due on any Mortgage Loan to be repurchased in such month and thereafter the applicable Person acquiring such Mortgaged Property or Mortgage Loan shall be entitled to retain all amounts received in respect of such Lease or Mortgage Loan. On or prior to the effective date of any such substitution, the Property Manager shall deliver to the Indenture Trustee, the Insurers and the Issuers an amended Mortgaged Property Schedule and Mortgage Loan Schedule reflecting the addition to the Collateral of each new Qualified Substitute Mortgaged Property and Lease, and each new Qualified Substitute Mortgage Loan and the removal from the Collateral of each repurchased Mortgaged Property and Lease and each repurchased Mortgage Loan. Upon such substitution, the Qualified Substitute Mortgaged Property and/or Qualified Substitute Mortgage Loan shall be subject to the terms of this Agreement in all respects, and the applicable Cure Party shall be deemed to have made the representations and warranties, as of the date of such substitution, with respect to the Qualified Substitute Mortgaged Property and/or Qualified Substitute Mortgage Loan, contained in the Purchase and Sale Agreement, except to the extent the Insurers, in their discretion, otherwise give their prior written consent to any modification of such representations and warranties and 20 days’ prior written notice is given to the Rating Agencies.

(b) Upon receipt of an Officer’s Certificate from the Property Manager to the effect that the full amount of the Payoff Amount for any Mortgage Loan or Mortgaged Property (or the shortfalls and expenses related to any substitution) as contemplated by Section 2.04(a) has been deposited in the Release Account or the Collection Account, as applicable, and that all requirements for such repurchase (or substitution) have been satisfied, which Officer’s Certificate shall be furnished by the Property Manager promptly after such requirements have been satisfied, the Indenture Trustee or the Custodian, as applicable, shall release or cause to be released to the Person acquiring such Mortgaged Property or Mortgage Loan, or its designee,

 

-38-

the related Lease File or Loan File, as applicable, and each of the applicable Issuer, the Indenture Trustee and the Collateral Agent shall execute and deliver such instruments of release, transfer and assignment, in each case without recourse, as shall be provided to it and are reasonably necessary to vest in such Person the ownership of such Mortgaged Property and the related Lease or Mortgage Loan, free and clear of the lien of the Indenture and the related Mortgage. The Property Manager shall, and is hereby authorized and empowered by each applicable Issuer and the Indenture Trustee to, prepare, execute and deliver in its own name, on behalf of such Issuer, the Indenture Trustee and the Collateral Agent or any of them, the endorsements, assignments and other documents contemplated by this Section 2.04(b), and such Issuer, the Indenture Trustee and the Collateral Agent shall execute and deliver any limited powers of attorney substantially in the form of Exhibit D necessary to permit the Property Manager to do so; provided, however, that none of the Issuers, the Issuer Members, the Indenture Trustee or the Collateral Agent shall be held liable for any misuse of any such power of attorney by the Property Manager and the Property Manager hereby agrees to indemnify the Issuers, the Issuer Members, the Indenture Trustee and the Collateral Agent against, and hold the Issuers, the Issuer Members, the Indenture Trustee and the Collateral Agent harmless from, any loss or liability arising from any misuse of such power of attorney. In connection with any such repurchase or substitution by any Cure Party, the Property Manager or the Special Servicer, as appropriate, shall deliver the related Lease File or Loan File, as applicable, to such Cure Party.

(c) If any Cure Party or the Support Provider defaults on its obligations to repurchase or substitute for any Mortgaged Property as contemplated by Section 2.04(a) or the applicable Performance Undertaking, as the case may be, the Property Manager shall promptly notify the Issuers, the Insurers, the Back-Up Manager and the Indenture Trustee and shall take such actions with respect to the enforcement of such obligations, including the institution and . prosecution of appropriate proceedings, as the Property Manager shall determine, in its good faith and reasonable judgment, are in the best interests of the applicable Issuer, the Noteholders and the Insurers. In the event the Property Manager fails to take such actions, the Back-Up Manager shall do so if it has notice of such default by the Property Manager. Any and all expenses incurred by the Property Manager or the Back-Up Manager with respect to the foregoing shall constitute Property Protection Advances in respect of the affected Mortgaged Property.

Section 2.05. Non-Petition Agreement.

The Issuers will cause each party to any purchase and sale agreement or loan purchase agreement between any such Issuer and seller of Mortgage Loans or Mortgaged Properties pursuant thereto to covenant and agree that such party shall not institute against, or join any other Person in instituting against, any Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or any other proceeding under any federal or state bankruptcy or similar law.

 

-39-

ARTICLE III

ADMINISTRATION AND SERVICING OF MORTGAGED PROPERTIES AND LEASES

Section 3.01. Administration of the Mortgaged Properties, Leases and Mortgage Loans.

(a) Each of the Property Manager and the Special Servicer shall service and administer the Mortgaged Properties, Leases and Mortgage Loans that it is obligated to service and administer pursuant to this Agreement on behalf of the applicable Issuers, and in the best interests and for the benefit of the holders of the Notes and the LLC Interests and the Insurers (as a collective whole) in accordance with any and all applicable laws and the terms of this Agreement, the Property Insurance Policies and the respective Leases and Mortgage Loans and, to the extent consistent with the foregoing, in accordance with the Servicing Standard. Without limiting the foregoing, and subject to Section 3.20, (i) the Property Manager shall service and administer each Lease (and each related Mortgaged Property) and each Mortgage Loan as to which no Servicing Transfer Event has occurred and each Corrected Lease and Corrected Mortgage Loan, and (ii) the Special Servicer shall service and administer each Lease (and each related Mortgaged Property) and each Mortgage Loan as to which a Servicing Transfer Event has occurred and that is not a Corrected Lease or Corrected Mortgage Loan, as applicable; provided, however, that the Property Manager shall continue to collect information and prepare and deliver all reports to the Indenture Trustee and the Issuers required hereunder with respect to any Specially Serviced Leases (and the related Mortgaged Properties) and Specially Serviced Mortgage Loans, and further to render such incidental services with respect to any Specially Serviced Assets as are specifically provided for herein. No direction, consent or approval or lack of direction, consent or approval of any Insurer, any Controlling Party or the Requisite Global Majority may (and the Special Servicer or the Property Manager will ignore and act without regard to any such advice or approval or lack of approval that the Special Servicer or the Property Manager has determined, in its reasonable, good faith judgment, would) (A) require or cause the Special Servicer or the Property Manager to violate applicable law, the Servicing Standard (unless Spirit Finance is the Property Manager or Special Servicer, as applicable) or the terms of any Mortgage Loan or any Lease or (B) expand the scope of the Property Manager’s or Special Servicer’s responsibilities under this Agreement. In addition, neither the Property Manager nor the Special Servicer, acting in its individual capacity, shall take any action or omit to take any action as lessor of any Collateral if such action or omission would materially and adversely affect the interests of the holders of the Notes or the LLC Interests, the Insurers or the Issuers. None of the Property Manager, the Special Servicer or the Back-Up Manager shall be liable to the Indenture Trustee, the Insurers, any Noteholder or any other Person for following any direction of an Insurer or Controlling Party hereunder.

(b) Subject to Section 3.01(a), the Property Manager and the Special Servicer each shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration that it may deem necessary or desirable. Without limiting the generality of the foregoing, each of the Property Manager and the Special Servicer, in its own name, with respect to each of the Mortgaged Properties, Leases and Mortgage Loans it is obligated to service hereunder, is hereby authorized and empowered

 

-40-

by the applicable Issuers and the Indenture Trustee to execute and deliver, on behalf of each such Issuer and the Indenture Trustee: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by any Mortgage or other security document in the related Asset File on the related Collateral; (ii) in accordance with the Servicing Standard and subject to Sections 3.08 and 3.19, any and all modifications, waivers, amendments or consents to or with respect to any documents contained in the related Asset File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments. Subject to Section 3.10, each applicable Issuer and the Indenture Trustee shall, at the written request of a Servicing Officer of the Property Manager or the Special Servicer, furnish, or cause to be so furnished, to the Property Manager or the Special Servicer, as the case may be, any limited powers of attorney (substantially in the form of Exhibit D attached hereto) and other documents necessary or appropriate to enable it to carry out its servicing and administrative duties hereunder; provided, however, that none of the Issuers, the Issuer Members or the Indenture Trustee shall be held liable for any misuse of any such power of attorney by the Property Manager or the Special Servicer and each of the Property Manager and the Special Servicer hereby agree to indemnify the Issuers, the Issuer Members, the Insurers, the Back-Up Manager and the Indenture Trustee against, and hold the Issuers, the Issuer Members, the Insurers, the Back-Up Manager and the Indenture Trustee harmless from, any cost, loss or liability arising from any misuse by it of such power of attorney. Notwithstanding anything contained herein to the contrary, the Property Manager shall not, without the Indenture Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Indenture Trustee’s name without indicating the Indenture Trustee’s representative capacity or (ii) take any action with the intent to cause, and which actually does cause, the Indenture Trustee to be registered to do business in any state.

(c) Promptly after any request therefor, the Property Manager shall provide to the Indenture Trustee and the Insurers: (i) the most recent inspection report prepared or obtained by the Property Manager or the Special Servicer in respect of each Mortgaged Property pursuant to Section 3.12(a); (ii) the most recent available operating statement and financial statements of the related Obligor collected by the Property Manager or the Special Servicer pursuant to Section 3.12(b), together with the accompanying written reports to be prepared by the Property Manager or the Special Servicer, as the case may be, pursuant to Section 3.12(c); and (iii) any and all notices and reports with respect to any Mortgaged Property as to which environmental testing is contemplated by Section 10.08 of the Indenture.

(d) The relationship of each of the Property Manager and the Special Servicer to the Issuers and the Indenture Trustee under this Agreement is intended by the parties to be and shall be that of an independent contractor and not that of a joint venturer, partner or agent.

Section 3.02. Collection of Lease Payments and Loan Payments; Lockbox Accounts; Lockbox Transfer Accounts.

(a) Each of the Property Manager and the Special Servicer shall undertake reasonable efforts to collect all payments called for under the terms and provisions of the Leases and the Mortgage Loans it is obligated to service hereunder and shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it

 

-41-

would follow were it the owner of such Leases and Mortgage Loans. Consistent with the foregoing, the Special Servicer or the Property Manager, as the case may be, may waive any Net Default Interest or late payment charge it is entitled to in connection with any delinquent payment on a Lease or Mortgage Loan it is obligated to service hereunder.

(b) The Property Manager shall establish and maintain one or more segregated accounts (each, a “Lockbox Account”) with one or more banks (each, a “Lockbox Account Bank”). The Obligors shall be instructed to make all payments into a Lockbox Account. Each Lockbox Account shall be an Eligible Account and may be an account to which payments relating to other assets serviced or managed by the Property Manager are paid; provided, that such account shall be in the nature of a clearing account and the Property Manager shall not have access to such account. Each of the Property Manager and the Special Servicer shall, on or prior to each Series Closing Date (or, if applicable, such other date of acquisition), as to those Leases and Mortgage Loans it is obligated to service hereunder, instruct the related Obligor to make all Monthly Lease Payments and Monthly Loan Payments to a Lockbox Account. The Property Manager shall cause all amounts deposited into the Lockbox Account with respect to the Collateral to be transferred to the Collection Account or the Lockbox Transfer Account within one Business Day after such funds have been identified, cleared and become available in accordance with the polices of the Lockbox Account Bank.

(c) The Property Manager may establish and maintain one or more segregated accounts in the name of the Property Manager on behalf of the Indenture Trustee, held for the benefit of the Noteholders (each, a “Lockbox Transfer Account”) with one or more banks (each, a “Lockbox Transfer Account Bank”). Each Lockbox Transfer Account shall be an Eligible Account. Each Lockbox Transfer Account shall be subject to an Account Control Agreement among the Property Manager, the Indenture Trustee and the applicable Lockbox Transfer Account Bank. Except as expressly permitted herein, neither the Property Manager nor the Issuers will have any right of withdrawal from the Lockbox Transfer Account, and the Property Manager hereby covenants and agrees that it shall not withdraw, or direct any Person to withdraw, any funds from the Lockbox Transfer Account.

Section 3.03. Collection of Real Estate Taxes and Insurance Premiums; Servicing Accounts; Property Protection Advances; Emergency Property Expenses.

(a) Each of the Property Manager and the Special Servicer shall, as to those Mortgaged Properties, Leases and Mortgage Loans it is obligated to service hereunder, establish and maintain one or more accounts (the “Servicing Accounts”), and shall cause to be deposited from the Lockbox Transfer Account or otherwise into such Servicing Accounts all Escrow Payments, security deposits received from Tenants pursuant to the Leases, subject to the Tenants’ rights to such amounts (“Lease Security Deposits”), and amounts required to be paid by the applicable Issuers as lessors under the Leases in respect of sales taxes (“Sales Tax Deposits”). Notwithstanding the foregoing, no Servicing Accounts shall be established and maintained with respect to those Mortgaged Properties, Leases or Mortgage Loans pursuant to which the Tenant or Borrower is not required to make Escrow Payments, Lease Security Deposit or Sales Tax Deposits. Each Servicing Account shall be an Eligible Account. Withdrawals of amounts so collected from a Servicing Account (other than Lease Security Deposits) may be made only to: (i) effect payment of real estate or personal property taxes,

 

-42-

sales taxes, assessments, insurance premiums, ground rents (if applicable) and comparable items (including taxes or other amounts that could constitute liens prior to or on parity with the lien of the related Mortgage); (ii) refund to Obligors any sums as may be determined to be overages; (iii) pay interest, if required and as described below in clause (b), to Obligors on balances in the Servicing Account; (iv) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 8.01; or (v) withdraw any amounts deposited in error; provided, however, that Lease Security Deposits may not be withdrawn for such purposes and shall be withdrawn only in accordance with the terms of the related Lease, to be repaid to the related Tenant or applied in full or partial satisfaction of the obligations of the related Tenant in accordance with the Servicing Standard (for application in the same manner as payments in respect of such obligations). Any remaining portion of such Lease Security Deposit shall be withdrawn by the Property Manager from the Servicing Account and deposited into the Collection Account and shall constitute part of the Available Amount on the next Payment Date.

(b) The Property Manager and the Special Servicer shall each pay or cause to be paid to the Obligors interest, if any, earned on the investment of funds in Servicing Accounts maintained thereby, if required by law or the terms of the related Lease or Mortgage Loan. If the Property Manager or the Special Servicer shall deposit in a Servicing Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Servicing Account, any provision herein to the contrary notwithstanding.

(c) Each of the Property Manager and the Special Servicer shall, as to those Mortgaged Properties and Mortgage Loans it is obligated to service hereunder, maintain accurate records with respect to any Mortgaged Property and Mortgage Loan reflecting the status of real estate taxes, ground rents, assessments and other similar items that are or may become a lien thereon, and the status of insurance premiums payable in respect thereof that, in each case, the related Obligor is contractually or legally obligated to pay under the terms of the applicable Lease or Mortgage Loan, and the Property Manager shall effect payment thereof, as a Property Protection Advance or otherwise as payment of an Emergency Property Expense from funds on deposit in the Collection Account, as described below, if not paid by such Obligor prior to the applicable penalty or termination date, promptly after the Property Manager receives actual notice from any source of such nonpayment by such Obligor. For purposes of effecting any such payment for which it is responsible, the Property Manager or the Special Servicer, as the case may be, shall apply Escrow Payments as allowed under the terms of the related Lease or Mortgage Loan or, if such Lease or Mortgage Loan does not require the related Obligor to escrow for the payment of real estate taxes, assessments and insurance premiums, each of the Property Manager and the Special Servicer shall, as to those Leases and Mortgage Loans it is obligated to service hereunder, enforce the requirement of the related Lease and Mortgage Loan that such Obligor make payments in respect of such items at the time they first become due.

(d) In accordance with the Servicing Standard, the Property Manager shall advance with respect to each Mortgaged Property, Lease and Mortgage Loan all such funds as are necessary for the purpose of effecting the payment of (i) real estate taxes, (ii) Ground Lease payments, (iii) premiums on Property Insurance Policies, (iv) any necessary costs and expenses

 

-43-

associated with Tenant evictions and collections from Tenants (including attorneys’ fees) and (v) other amounts necessary to preserve the security interest and lien of the Indenture Trustee in, and value of, such Mortgaged Property (including any costs and expenses necessary to release such Mortgaged Property such as repair and maintenance expenses, tenant improvements and leasing commissions) and Mortgage Loan in each instance if and to the extent Escrow Payments (if any) collected from the related Obligor or otherwise on deposit in a Servicing Account (other than the Lease Security Deposit) are insufficient to pay such item when due and such Obligor has failed to pay such item on a timely basis; provided, that the particular advance would not, if made in accordance with the Servicing Standard, constitute a Nonrecoverable Property Protection Advance. The Property Manager shall not have any obligation under this Section 3.03(d) to advance any funds in respect of delinquent payments of principal or interest in respect of the Mortgage Loans or real estate taxes or premiums on Property Insurance Policies that the related Obligor or the applicable Issuer is not contractually or legally obligated to pay, nor to monitor the timely payment of real estate taxes and insurance premiums the payment of which is the responsibility of a person other than such Obligor or Issuer, unless it has actual knowledge of the non-payment of such items and would otherwise make such advance in accordance with the Servicing Standard. Each of the Property Manager and the Back-Up Manager will be entitled to recover any Property Protection Advance (i) from general collections if such Property Protection Advance is determined to be a Nonrecoverable Property Protection Advance, (ii) from any amounts subsequently received on the related Mortgage Loan or Lease or with respect to the related Mortgaged Property or (iii) in the case of the Back-Up Manager, to the extent not recovered under clauses (i) and (ii) immediately above, from the Property Manager or any Successor Property Manager. The Property Manager shall give prompt written notice to the Indenture Trustee in the event that it has not made, and does not intend to make, any Property Protection Advance it is required to make hereunder. Promptly upon obtaining knowledge that the full amount of any Property Protection Advance required to be made by the Property Manager has not been so made, the Indenture Trustee shall provide notice of such failure to a Servicing Officer of the Property Manager and each Insurer. If the Indenture Trustee does not receive confirmation that the full amount of such Property Protection Advance has been made within four (4) Business Days following the date of such notice, then (i) the Back-Up Manager, upon written notice from the Indenture Trustee, shall make the portion of such Property Protection Advance that was required to be, but was not, made by the Property Manager in accordance with the Servicing Standard, unless the Back-Up Manager determines in accordance with the Servicing Standard that such Property Protection Advance would be a Nonrecoverable Property Protection Advance, and (ii) such failure shall constitute a Servicer Replacement Event under Section 6.01 with respect to the Property Manager. Any such Property Protection Advance made by the Back-Up Manager shall be deemed made by the Back-Up Manager in its capacity as successor to the Property Manager and shall thereafter be reimbursable to the Back-Up Manager, together with Advance Interest thereon, in accordance with Section 3.05 and Section 2.11 of the Indenture or from any Successor Property Manager.

(e) If, prior to making any Property Protection Advance, the Property Manager shall have determined, in accordance with the Servicing Standard, (i) that such Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, and (ii) that the payment of such cost, expense or other amount for which a Property

 

-44-

Protection Advance might be made is nonetheless in the best interest of the Noteholders and the Insurers, the Property Manager shall, in accordance with the Servicing Standard, withdraw (or, in the event the Property Manager is Spirit Finance, direct the Indenture Trustee to withdraw) funds from the Collection Account and use such funds in order to pay such costs, expenses and other amounts (collectively, “Emergency Property Expenses”) to the extent necessary to preserve the security interest in, and value of, any Mortgaged Property or Mortgage Loan, as applicable. Any such funds withdrawn from the Collection Account to pay Emergency Property Expenses shall not constitute part of the Available Amount on any Payment Date.

(f) The determination by the Property Manager (or the Back-Up Manager) that it has made a Nonrecoverable Property Protection Advance or that any proposed Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, shall be evidenced by an Officer’s Certificate delivered promptly to the Issuers and the Indenture Trustee setting forth the basis for such determination. In making such recoverability determination, such Person shall be entitled to (a) consider (among other things) the obligations of the Obligor under the terms of the related Lease Documents or Loan Documents as they may have been modified, (b) consider the related Mortgaged Properties or REO Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Property Manager or the Back-Up Manager) regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties or REO Properties, (c) estimate and consider (consistent with the Servicing Standard in the case of the Property Manager or the Back-Up Manager) (among other things) future expenses, (d) estimate and consider (consistent with the Servicing Standard in the case of the Property Manager, the Special Servicer or the Back-Up Manager) (among other things) the timing of recoveries, and (e) give due regard to the existence of any Nonrecoverable Property Protection Advance with respect to other Leases, Mortgage Loans, Mortgaged Properties or REO Properties in light of the fact that proceeds on the related Lease, Mortgage Loan, Mortgaged Property or REO Property are a source of recovery not only for the Property Protection Advance under consideration, but also as a potential source of recovery of other outstanding Nonrecoverable Property Protection Advances. In addition, any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination that a Property Protection Advance is a Nonrecoverable Property Protection Advance) and, consistent with the Servicing Standard, in the case of the Property Manager or the Back-Up Manager, may obtain promptly upon request, from the Special Servicer, any reasonably required analysis, appraisals or market value estimates or other information in the Special Servicer’s possession for making a recoverability determination. The determination by the Property Manager or the Back-Up Manager, as the case may be, that it has made a Nonrecoverable Property Protection Advance or that any proposed Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, or any updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate delivered by either of the Back-Up Manager or Property Manager to the other and to the Issuers, the Indenture Trustee and the Insurers. Any such determination shall be conclusive and binding on the applicable Issuer, the Property Manager or the Back-Up Manager. The Officer’s Certificate shall set forth such determination of nonrecoverability and the considerations of the Property Manager or the Back-Up Manager, as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available,

 

-45-

information such as related income and expense statements, rent rolls, occupancy status and property inspections, and shall include an appraisal of the related Lease, Mortgage Loan or Mortgaged Property or REO Property). The Special Servicer shall promptly furnish any party required to make Property Protection Advances hereunder with any information in its possession regarding the Specially Serviced Assets which are Leases, Mortgaged Properties, Mortgage Loans and REO Properties as such party required to make Property Protection Advances may reasonably request for purposes of making recoverability determinations. In the case of a cross collateralized Mortgage Loan, such recoverability determination shall take into account the cross collateralization of the related cross-collateralized Mortgage Loan.

Section 3.04. Collection Account; Release Account.

(a) The Property Manager shall establish and maintain one or more separate accounts in the name of the Indenture Trustee for the benefit of the Noteholders and the Insurers, for the collection of payments on and other amounts received in respect of the Leases, the Mortgaged Properties and the Mortgage Loans (collectively, the “Collection Account”), which shall be established in such manner and with the type of depository institution (the “Collection Account Bank”) specified in this Agreement. The Collection Account shall be an Eligible Account. If the Property Manager is Spirit Finance, the Property Manager shall establish and maintain the Collection Account at a Collection Account Bank designated by the Indenture Trustee and the Indenture Trustee shall have the sole right of withdrawal from such account. If the Property Manager is not Spirit Finance or another Affiliate of the Issuers, the Collection Account shall be subject to an Account Control Agreement among the applicable Issuers, the Property Manager, the Indenture Trustee and the Collection Account Bank.

The Property Manager shall deposit or cause to be deposited in the Collection Account, within two (2) Business Days after receipt, the following payments and collections received or made by or on behalf of the Property Manager on or after the later of the applicable Transfer Date (other than payments due before the applicable Transfer Date), or, in the case of collections and payments to the Lockbox Account, on each Business Day, the Property Manager shall instruct each Lockbox Account Bank to transfer the following payments and collections deposited in the Lockbox Account prior to the end of such Business Day (A) to the Lockbox Transfer Account and, within one Business Day thereafter from the Lockbox Transfer Account into the Collection Account or (B) directly into the Collection Account, in each case, immediately after such funds have been identified, cleared and become available in accordance with the policies of the Lockbox Account Bank:

(i) all payments on account of Monthly Lease Payments, Monthly Loan Payments and, so long as an Early Amortization Event has occurred and is continuing, Excess Cashflow;

(ii) all payments of other amounts payable by the Obligors on the Leases and the Mortgage Loans, including without limitation Yield Maintenance Premiums;

(iii) all Property Insurance Proceeds and Condemnation Proceeds (other than proceeds paid to the related Borrower or Tenant as required by Loan

 

-46-

Documents or Lease Documents, as applicable, proceeds applied to the restoration or remediation of property or otherwise in accordance with the Servicing Standard) and all Liquidation Proceeds;

(iv) all cash proceeds from the release or substitution of any Mortgage Loan or Mortgaged Property to the extent not deposited into the Release Account; and all cash proceeds from the release or substitution of any Mortgage Loan or Mortgaged Property transferred from the Release Account to the Collection Account pursuant to Section 3.05(b) and all proceeds representing earnings on investments in the Release Account (including interest on any Permitted Investments) made with such proceeds;

(v) any amounts required to be deposited into the Collection Account pursuant to Section 3.07(b) in connection with losses resulting from a deductible clause in a blanket hazard insurance policy;

(vi) any amounts received on account of payments under the Guaranties, the Purchase and Sale Agreements, the Performance Undertakings or the Environmental Indemnity Agreements; and

(vii) any other amounts required to be so deposited under this Agreement.

The Property Manager shall not make any withdrawals from the Collection Account except in accordance with this Section 3.04 and Section 3.05(a) hereof. The Collection Account shall be maintained as a segregated account, separate and apart from trust funds created for certificates, bonds or notes of other series serviced by and the other accounts of the Property Manager.

Upon receipt of any of the amounts described above with respect to any Specially Serviced Asset, the Special Servicer shall promptly but in no event later than the second Business Day after receipt, remit such amounts to the Property Manager for deposit into the Collection Account in accordance with the first paragraph of this Section 3.04(a), unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited therein because of a restrictive endorsement or other reasonably appropriate reason. The Property Manager shall not deposit into the Collection Account any collections allocated to Companion Loans, any Additional Servicing Compensation, amounts received on account of Excess Cashflow (so long as no Early Amortization Event has occurred and is continuing), Sales Tax Deposits, Escrow Payments, Lease Security Deposits, amounts received as reimbursement for any cost paid by the Issuers as lessors or lenders under the Leases or Mortgage Loans, as applicable, amounts collected by or on behalf of the Issuers and held in escrow or impound as lenders or lessors to pay future obligations or other amounts specified herein.

With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse such check to the order of the Property Manager and shall deliver promptly, but in no event later than one (1) Business Day after receipt, any such

 

-47-

check to the Property Manager by overnight courier, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item cannot be so endorsed and delivered because of a restrictive endorsement or other reasonably appropriate reason. The funds held in the Collection Account may be held as cash or invested in Permitted Investments in accordance with the provisions of Section 3.06(a). Any interest or other income earned on funds in the Collection Account will be added to the Available Amount.

(b) The Property Manager shall establish and maintain at a bank designated by the Indenture Trustee a segregated account in the name of the Indenture Trustee for the deposit of cash proceeds from the sale of any Mortgage Loan or Mortgaged Property (the “Release Account”). The Release Account shall be an Eligible Account. The funds held in the Release Account may be held as cash or invested in Permitted Investments in accordance with the provisions of Section 3.06(b). The Release Account and the amounts on deposit therein will be pledged to the Indenture Trustee under the Indenture. The Property Manager will deposit or cause to be deposited in the Release Account, on the date of receipt, any cash proceeds from the sale of any Mortgage Loan or Mortgaged Property.

Section 3.05. Withdrawals From the Collection Account and the Release Account.

(a) If the Property Manager is Spirit Finance, then the Indenture Trustee shall make withdrawals upon the written direction of the Property Manager from the Collection Account (i) on each Remittance Date, for delivery by wire transfer of immediately available funds for deposit into the Payment Account, of the Available Amount for application by the Indenture Trustee to make payments in accordance with the priorities set forth pursuant to Section 2.1l(b) of the Indenture, (ii) on any date, to pay any Emergency Property Expenses (pursuant to Section 3.03(e)) and (iii) on any date, to remove amounts deposited in the Collection Account in error. If the Property Manager is an entity other than Spirit Finance, then the Property Manager shall make withdrawals from the Collection Account (i) on each Remittance Date, for delivery by wire transfer of immediately available funds for deposit into the Payment Account, of the Available Amount for application by the Indenture Trustee to make payments in accordance with the priorities set forth pursuant to Section 2.11(b) of the Indenture, (ii) on any date, to pay the Property Management Fee, the Back-Up Fee, any Special Servicing Fees, any Liquidation Fees and any Workout Fees (each, pursuant to Section 3.11), (iii) on any date, to reimburse the Property Manager or the Back-Up Manager for any Property Protection Advances and Advance Interest thereon as provided in Section 3.03(d), (iv) on any date, to pay any Emergency Property Expenses (pursuant to Section 3.03(e)) or (v) on any date, to remove amounts deposited in the Collection Account in error. Except as provided in Section 3.04(a), no other amounts may be withdrawn from the Collection Account by the Property Manager.

(b) Amounts deposited in the Release Account (including Net Investment Earnings on funds on deposit therein) shall be applied by the Property Manager (or the Indenture Trustee based on the instructions of the Property Manager if the Property Manager is Spirit Finance), first, to reimburse the Property Manager, the Special Servicer and the Back-Up Manager any amounts owed with respect to unreimbursed Extraordinary Expenses, Property Protection Advances and Advance Interest thereon and Emergency Property Expenses related

 

-48-

to such Mortgage Loan; Lease or Mortgaged Property and to pay the expenses related to such release and, second, either to acquire Qualified Substitute Mortgage Loans or Qualified Substitute Mortgaged Properties within twelve months following the release of such Mortgage Loan or Mortgaged Property or to make Unscheduled Principal Payments in reduction of the principal of the Notes. Any amounts remaining in the Release Account following the twelve month period from the related Release shall be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the following Payment Date. During the continuance of an Early Amortization Event, all amounts in the Release Account shall be deposited as Unscheduled Proceeds into the Collection Account and will be included in the Available Amount on the following Payment Date.

Section 3.06. Investment of Funds in the Collection Account and the Release Account.

(a) The Property Manager shall direct any institution maintaining the Collection Account to invest the funds held therein in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding the next succeeding Remittance Date, which may be in the form of a standing direction.

(b) The Property Manager may direct any institution maintaining the Release Account to invest the funds held therein in one or more specific Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding the day such amounts are required to be distributed pursuant to Section 3.05(b), which may be in the form of a standing direction.

(c) The Property Manager may direct any institution maintaining the Servicing Accounts with respect to Lease Security Deposits to invest the funds held therein in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, not later than the Business Day immediately preceding the day such amounts are required to be distributed pursuant to the related Lease and this Agreement, which may be in the form of a standing direction.

(d) [Reserved]

(e) All Permitted Investments in the Collection Account, the Release Account and the Servicing Accounts shall be held to maturity, unless payable on demand. Any investment of funds in the Collection Account, the Release Account and the Servicing Accounts shall be made in the name of the Indenture Trustee (in its capacity as such). The Property Manager shall promptly deliver to the Indenture Trustee, and the Indenture Trustee shall maintain continuous possession of, any Permitted Investment that is either (i) a “certificated security,” as such term is defined in the Uniform Commercial Code, or (ii) other property in which a secured party may perfect its security interest by possession under the Uniform Commercial Code or any other applicable law. If amounts on deposit in the Collection Account, the Release Account or the Servicing Accounts are at any time invested in a Permitted Investment payable on demand, the Property Manager shall:

 

-49-

(i) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature thereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and

(ii) demand payment of all amounts due thereunder promptly upon determination by the Property Manager that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the Collection Account, the Release Account or the Servicing Accounts, as applicable.

(f) Interest and investment income realized on funds deposited in the Collection Account and, if applicable, the Release Account, to the extent of the Net Investment Earnings, if any, for each Collection Period, shall be deposited to the Collection Account and added to the Available Amount for such Collection Period. Notwithstanding the investment of funds held in the Collection Account, for purposes of the calculations hereunder, including the calculation of the Available Amount, the amounts so invested shall be deemed to remain on deposit in the Collection Account. Except as provided in Section 5.03(a), the Property Manager shall have no liability for any investment of funds in the Collection Account, the Release Account or Servicing Account.

(g) Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Property Manager may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

Section 3.07. Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage.

(a) The Property Manager (other than with respect to Specially Serviced Assets) and the Special Servicer (with respect to Specially Serviced Assets) shall use reasonable efforts in accordance with the Servicing Standard to cause the related Obligor to maintain for each Mortgaged Property all insurance coverage as is required under the terms of such Lease or Mortgage Loan, as applicable (including for the avoidance of doubt, any Environmental Policy); provided, that if and to the extent that any such Lease permits the lessor thereunder any discretion (by way of consent, approval or otherwise) as to the insurance coverage that the related Obligor is required to maintain, the Properly Manager or the Special Servicer, as the case may be, shall exercise such discretion in a manner consistent with the Servicing Standard, with a view towards requiring insurance comparable to that required under other similar Leases or Mortgage Loans with express provisions governing such matters; and provided, further, that, if and to the extent that a Lease or Mortgage Loan so permits, the related Obligor shall be required to obtain the required insurance coverage from Qualified Insurers that have a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide. If such Obligor does not maintain the required insurance or, with respect to any Environmental Policy in place as of the related Series Closing Date or Transfer Date, the Property Manager will itself

 

-50-

cause such insurance to be maintained with Qualified Insurers; provided, that the Property Manager shall not be required to maintain such insurance if the Indenture Trustee (as mortgagee of record on behalf of the Noteholders) does not have an insurable interest or the Property Manager has determined (in its reasonable judgment in accordance with the Servicing Standard) that either (i) such insurance is not available at a commercially reasonable rate and the subject hazards are at the time not commonly insured against by prudent owners of properties similar to the Mortgaged Property located in or around the region in which such Mortgaged Property is located or (ii) such insurance is not available at any rate. Subject to Section 3.17(b), the Special Servicer shall also use reasonable efforts to cause to be maintained for each REO Property no less insurance coverage than was previously required of the Obligor under the related Mortgage or Lease and at a minimum, (i) hazard insurance with a replacement cost rider and (ii) comprehensive general liability insurance, in each case, in an amount customary for the type and geographic location of such REO Property and consistent with the Servicing Standard; provided, that all such insurance shall be obtained from Qualified Insurers that, if they are providing casualty insurance, shall have a claims-paying ability rated at least “A-:VIII” by A.M. Best’s Key Rating Guide. The cost of any such insurance coverage obtained by either the Property Manager or the Special Servicer shall be a Property Protection Advance to be paid by the Property Manager. All such insurance policies shall contain (if they insure against loss to property) a “standard” mortgagee clause, with loss payable to the Property Manager, as agent of and for the account of the applicable Issuer and the Indenture Trustee; and shall be issued by an insurer authorized under applicable law to issue such insurance. Any amounts collected by the Property Manager or the Special Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or amounts to be released to the related Tenant, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 2.11 of the Indenture.

(b) The Property Manager or Special Servicer may satisfy its obligations under Section 3.07(a) by obtaining, maintaining or causing to be maintained a blanket or forced place insurance policy. If applicable, the Property Manager or the Special Servicer shall obtain and maintain, or cause to be obtained and maintained on behalf of each applicable Issuer, a master forced place insurance policy or a blanket policy (or an endorsement to an existing policy) insuring against hazard losses (not otherwise insured by a Tenant or Borrower due to a default by such Tenant or Borrower under the insurance covenants of its Lease or Mortgage Loan or because a Tenant or Borrower permitted to self-insure fails to pay for casualty losses) on the applicable Mortgaged Properties that it is required to service and administer, which policy shall (i) be obtained from a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, and (ii) provide protection equivalent to the individual policies otherwise required under Section 3.07(a). The Property Manager and the Special Servicer shall bear the cost of any premium payable in respect of any such blanket policy (other than blanket policies specifically obtained for Mortgaged Properties or REO Properties) without right of reimbursement; provided, that if the Property Manager or the Special Servicer, as the case may be, causes any Mortgaged Property or REO Property to be covered by such blanket policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property shall constitute, and be reimbursable as, a Property Protection Advance to the extent that, except with respect to an REO Property, such blanket policy provides insurance that the related Borrower or Tenant, as

 

-51-

applicable, has failed to maintain. If the Property Manager or Special Servicer, as applicable, causes any Mortgaged Property or REO Property to be covered by a force-placed insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby) shall be paid as a Property Protection Advance. Such policy may contain a deductible clause (not in excess of a customary amount) in which case the Property Manager or the Special Servicer, as appropriate, shall, if there shall not have been maintained on the related Mortgaged Property or REO Property a hazard insurance policy complying with the requirements of Section 3.07(a) and there shall have been one or more losses that would have been covered by such policy, promptly deposit into the Collection Account from its own funds the amount not otherwise payable under the blanket policy in connection with such loss or losses because of such deductible clause. The Property Manager or the Special Servicer, as appropriate, shall prepare and present, on behalf of itself, the Indenture Trustee and the applicable Issuer, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Any payments on such policy shall be made to the Property Manager as agent of and for the account of the applicable Issuer, the Noteholders and the Indenture Trustee.

(c) Each of the Property Manager, the Special Servicer and the Back-Up Manager shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Assets exist as part of the Collateral) keep in force with a Qualified Insurer having a claims paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, a fidelity bond in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency). Each of the Property Manager and the Special Servicer shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Property Manager or the Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled without ten (10) days’ prior written notice to the Issuers and each Insurer.

Each of the Property Manager, the Special Servicer and the Back-up Manager shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Assets exist as part of the Collateral) also keep in force with a Qualified Insurer having a claims-paying ability rated at least “A: VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers, employees and agents in connection with its servicing obligations hereunder, which policy or policies shall name the Indenture Trustee as an additional insured and shall be in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency). Each of the Property Manager and the Special Servicer shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Property Manager or the Special Servicer, as the

 

-52-

case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten (10) days’ prior written notice to the Issuers and each Insurer.

Each of the Property Manager and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement in which Specially Serviced Assets exist as part of the Collateral) also, on behalf of the Issuers, keep in force with a Qualified Insurer having a claims-paying ability rated at least “A:VIII” by A.M. Best’s Key Rating Guide and at least “A” by S&P, a lessor’s general liability insurance policy or policies, which policy or policies shall be in such form and amount as would not adversely affect any rating assigned by any Rating Agency to the Notes without giving effect to any Insurance Policy (as evidenced in writing from each Rating Agency). Any such general liability insurance policy shall provide that it may not be canceled without ten (10) days’ prior written notice to the Issuers, each Insurer and the Indenture Trustee. Any payments on such policy shall be made to the Property Manager as agent of and for the account of any applicable Issuer and the Indenture Trustee.

If the Property Manager (or its corporate parent), the Special Servicer (or its corporate parent) or the Back-Up Manager (or its corporate parent), as applicable, are rated not lower than “A2” by ▇▇▇▇▇’▇, “A” by S&P and “A” by Fitch (or each Insurer consents in writing), the Property Manager, the Special Servicer or the Back-Up Manager, as applicable, may self-insure with respect to any insurance coverage or fidelity bond coverage required hereunder, in which case it shall not be required to maintain an insurance policy with respect to such coverage; provided, that Spirit Finance may not self-insure with respect to any such insurance coverage or fidelity bond.

Section 3.08. Enforcement of Alienation Clauses; Consent to Assignment.

With respect to those Leases and Mortgage Loans it is obligated to service hereunder, each of the Property Manager and the Special Servicer, on behalf of the Issuers and the Indenture Trustee for the benefit of the holders of the Notes and the Insurers, shall enforce the restrictions contained in the related Lease and Mortgage Loans or in any other document in the related Lease File or Loan File on transfers or further encumbrances of the related Mortgaged Property and Mortgage Loan and on transfers of interests in the related Tenant, unless it has determined, consistent with the Servicing Standard, that waiver of such restrictions would be in accordance with the Servicing Standard. After having made any such determination, the Property Manager or the Special Servicer, as the case may be, shall deliver to the Indenture Trustee (and the Property Manager in the case of the Special Servicer) an Officer’s Certificate setting forth the basis for such determination. In connection with any assignment or sublet by a Tenant of its interest under a Lease, the applicable Issuer shall not take any action to release such Tenant from its obligations under such Lease unless a new Tenant approved by such Issuer assumes the obligations under such Lease and any applicable requirements set forth in the applicable Lease have been satisfied.

 

-53-

Section 3.09. Realization Upon Specially Serviced Assets.

(a) If the Special Servicer has determined, in its good faith and reasonable judgment, that any material default related to a Specially Serviced Asset will not be cured by the related Obligor, the Special Servicer will be required to evaluate the possible alternatives available in accordance with the Servicing Standard and this Agreement with respect to such Specially Serviced Asset. Such alternatives may include, among other things, modification or restructuring of the related Mortgage Loan or Lease, sale or exchange of the related Mortgage Loan or Mortgaged Property in accordance with Section 3.18 or the enforcement of remedies available under the related Mortgage Loan or Lease in accordance with Section 3.19, including foreclosure of the Mortgage Loan or eviction of the Tenant, as applicable, and the re-leasing of the related Mortgaged Property. Subject to all other provisions and limitations set forth herein, the Special Servicer shall take such actions with respect to each Specially Serviced Asset as it determines in accordance with the Servicing Standard, acting in the best interests of the applicable Issuer, the Noteholders and the Insurers. If the Property Manager re-leases any Mortgaged Property, the Property Manager shall deliver to the Indenture Trustee and the Issuers an amended Exhibit A-l reflecting the addition of such Lease to the Collateral Pool. If the Lease has not been assumed and the related Mortgaged Property has not been sold or re-leased within 24 months of the related Lease becoming a Specially Serviced Asset, the Series 2005-1 Insurer may, upon written notice; require the Special Servicer to sell such Mortgaged Property in accordance with Section 3.18 and the cash proceeds will be applied pursuant to Section 3.05.

(b) Upon the request of the Special Servicer, the Property Manager shall pay, as Property Protection Advances or Emergency Property Expenses, as applicable, in accordance with Section 3.17(c), all costs and expenses (other than costs or expenses that would, if incurred, constitute a Nonrecoverable Property Protection Advance) incurred in connection with each Specially Serviced Asset, and shall be entitled to reimbursement therefor as provided in Section 2.11 of the Indenture. If and when the Property Manager or the Special Servicer deems it necessary and prudent for purposes of establishing the Fair Market Value of any Mortgaged Property related to a Specially Serviced Asset, the Special Servicer or the Property Manager, as the case may be, is authorized to have an appraisal done by an Independent MAI- designated appraiser or other expert (the cost of which appraisal shall constitute a Property Protection Advance).

(c) Notwithstanding anything to the contrary contained herein, neither the Property Manager nor the Special Servicer shall, on behalf of the applicable Issuer, obtain title to a Mortgaged Property that secures a Mortgage Loan by deed in lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property that secures a Mortgage Loan, if, as a result of any such action, the applicable Issuer or the Indenture Trustee could, in the reasonable judgment of the Property Manager or the Special Servicer, as the case may be, made in accordance with the Servicing Standard and which shall be based on Opinions of Counsel, be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless:

(i) the Property Manager or the Special Servicer, as the case may be, has previously determined in accordance with the Servicing Standard, based on (x) a Phase I

 

-54-

Environmental Assessment or comparable environmental assessment (and any additional environmental testing, investigation or analysis that the Property Manager or the Special Servicer, as applicable, deems necessary and prudent) of such Mortgaged Property conducted by an Independent Person who regularly conducts such environmental testing, investigation or analysis, or (y) any environmental testing, investigation and/or analysis conducted in connection with any related Environmental Policy, and performed during the twelve-month period preceding any such acquisition of title or other action and in each case after consultation with an environmental expert, that:

(A) the Mortgaged Property is in compliance with applicable environmental laws and regulations or, if not, that it would maximize the recovery to the applicable Issuer on a present value basis (the relevant discounting of anticipated collections to be performed at the relevant interest rate for the applicable Mortgage Loan or the capitalization rate used in respect of the Lease for any Mortgaged Property) to acquire title to or possession of the Mortgaged Property and to effect such compliance, which determination shall take into account any coverage afforded under any related Environmental Policy with respect to such Mortgaged Property; and

(B) there are no circumstances or conditions present at the Mortgaged Property relating to the use, management or disposal of Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently applicable environmental laws and regulations or, if such circumstances or conditions are present for which any such action could reasonably be expected to be required, that it would maximize the recovery to the applicable Issuer on a present value basis (the relevant discounting of anticipated collections to be performed at the relevant interest rate for the applicable Mortgage Loan or the capitalization rate used in respect of the Lease for any Mortgaged Property) to acquire title to or possession of the Mortgaged Property and to take such actions, which determination shall take into account any coverage afforded under any related Environmental Policy with respect to such Mortgaged Property; and

(ii) if the Property Manager or the Special Servicer, as applicable, has determined that the Mortgaged Property is not in compliance with applicable environmental laws or regulations, or that any such circumstances or conditions described in clause (i)(B) above are present at the Mortgaged Property, it shall have notified the Indenture Trustee in writing that it has determined that the applicable Issuer or the Indenture Trustee could not reasonably be considered to be a potentially responsible party (which determination may be based on an Opinion of Counsel the cost of which shall be a Property Protection Advance).

(d) Any such determination by the Property Manager or the Special Servicer shall be evidenced by an Officer’s Certificate to such effect delivered to the Indenture Trustee, the Controlling Parties and, in the case of the Special Servicer, the Property Manager, specifying all of the bases for such determination, such Officer’s Certificate to be accompanied by all related environmental reports. The Property Manager or the Special Servicer, as

 

-55-

appropriate, shall undertake reasonable efforts to make the determination referred to in clause (ii) immediately above, and may conclusively rely on any related environmental assessments referred to above in making such determination. The cost of any such environmental assessments, additional environmental testing and remedial, corrective or other further action contemplated by clause (i)(A) and clause (i)(B) immediately above, shall be reimbursed, to the extent not paid by an Environmental Insurer or other party with liability for such amounts, to the Property Manager or the Special Servicer from the Collection Account as a Property Protection Advance pursuant to Section 3.05, subject to Section 5.03.

(e) If the environmental testing contemplated by Section 3.09(c) above establishes that any of the conditions set forth in Section 3.09(c)(i)(A) and (i)(B) immediately above have not been satisfied with respect to any Mortgaged Property, the Property Manager or Special Servicer, as applicable, shall take such action as is in accordance with the Servicing Standard and, at such time as it deems appropriate, may, on behalf of the applicable Issuer and the Indenture Trustee, release all or a portion of such Mortgaged Property from the lien of the related Mortgage; provided, that prior to the release of all or a portion of the related Mortgaged Property from the lien of the related Mortgage, (i) the Property Manager or the Special Servicer, as applicable, shall have notified the Indenture Trustee in writing of its intention to so release all or a portion of such Mortgaged Property, (ii) the Indenture Trustee shall have notified the Controlling Parties in writing of the intention to so release all or a portion of such Mortgaged Property and (iii) the Series 2005-1 Insurer has not objected to such release within 30 days of the distribution of the last of such notices.

(f) The Property Manager or the Special Servicer, as applicable, shall report to the Indenture Trustee, the Property Manager (if applicable) and the Insurers monthly in writing as to any actions taken by such party with respect to any Mortgaged Property as to which the environmental testing contemplated in Section 3.09(c) has revealed that any of the conditions set forth in the first sentence of either Section 3.09(c)(i)(A) or (i)(B) have not been satisfied, in each case until such matter has been resolved.

(g) The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of seeking to obtain a deficiency judgment if the state in which the Collateral securing a Specially Serviced Mortgage Loan is located and the terms of the Mortgage Loan permit such an action and shall, in accordance with the Servicing Standard, seek such deficiency judgment if it deems advisable.

(h) The Special Servicer shall prepare and file the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050J and 6050P of the Code and promptly deliver to the Insurers and the Indenture Trustee an Officer’s Certificate stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050J and 6050P of the Code.

(i) All sales of Mortgaged Properties pursuant to this Section 3.09 shall be conducted in accordance with the provisions of Section 3.18 and Article VII as applicable.

 

-56-

(j) Unless the Series 2005-1 Controlling Party or the Series 2005-1 Insurer provides written notice of an approval or objection with respect to any action proposed by the Property Manager, the Special Servicer or the Back-Up Manager pursuant to this Section 3.09, Section 3.18 or as otherwise provided herein within 30 days after the related request for approval or consent is given to the Series 2005-1 Controlling Party or to the Series 2005-1 Insurer, such approval or consent shall be deemed to have been denied by the Series 2005-1 Controlling Party or the Series 2005-1 Insurer, as applicable. Notwithstanding the foregoing, the Special Servicer may take action prior to the lapse of either such 30-day period or at any other time without the consent of the Series 2005-1 Controlling Party or the Series 2005-1 Insurer if it determines, in accordance with the Servicing Standard, that such action is required by the Servicing Standard in order to avoid a material adverse effect on the Noteholders and is in the nature of an emergency.

Section 3.10. Issuers, Custodian and Indenture Trustee to Cooperate; Release of Lease Files and Loan Files.

(a) If from time to time, and as appropriate for servicing of any Mortgage Loan, Lease, assumption of a Lease, modification of a Lease or the re-lease or sale of any Mortgaged Property, the Property Manager or the Special Servicer shall otherwise require the use of any Lease File or Loan File, as applicable (or any portion thereof), the Custodian, upon request of the Property Manager and receipt from the Property Manager of a Request for Release in the form of Exhibit B attached hereto signed by a Servicing Officer thereof, or upon request of the Special Servicer and receipt from the Special Servicer of a Request for Release in the form of Exhibit C attached hereto, shall release such Lease File or Loan File, as applicable (or portion thereof), to the Property Manager or the Special Servicer, as the case may be. Upon return of such Lease File or Loan File, as applicable (or portion thereof), to the Custodian, or upon the Special Servicer’s delivery to the Indenture Trustee of an Officer’s Certificate stating that (i) such Lease or Mortgage Loan has been liquidated and all amounts received or to be received in connection with such Lease or Mortgage Loan are required to be deposited into the Collection Account pursuant to Section 3.04(a) have been or will be so deposited or (ii) such Mortgaged Property has been sold, a copy of the Request for Release shall be released by the Indenture Trustee to the Property Manager or the Special Servicer, as applicable.

(b) Within seven (7) Business Days of the Special Servicer’s request therefor (or, if the Special Servicer notifies the Issuers, the Insurers and the Indenture Trustee of an exigency, within such shorter period as is reasonable under the circumstances), each of the applicable Issuer and the Indenture Trustee shall execute and deliver to the Special Servicer, in the form supplied to the applicable Issuer and the Indenture Trustee by the Special Servicer, any court pleadings, leases, sale documents or other documents reasonably necessary to the re-lease, foreclosure or sale in respect of any Mortgage Loan or Mortgaged Property or to any legal action brought to obtain judgment against any Obligor on the related Lease or Mortgage Loan or to obtain a judgment against an Obligor, or to enforce any other remedies or rights provided by the Lease or Mortgage Loan or otherwise available at law or in equity or to defend any legal action or counterclaim filed against the applicable Issuer, the Property Manager or the Special Servicer; provided, that each of the applicable Issuer and the Indenture Trustee may alternatively execute and deliver to the Special Servicer, in the form supplied to the applicable Issuer and the Indenture Trustee by the Special Servicer, a limited power of attorney

 

-57-

substantially in the form of Exhibit D issued in favor of the Special Servicer and empowering the Special Servicer to execute and deliver any or all of such pleadings or documents on behalf of the applicable Issuer or the Indenture Trustee, as the case may be; provided, however, that neither the applicable Issuer nor the Indenture Trustee shall be held liable for any misuse of such power of attorney by the Special Servicer. Together with such pleadings or documents (or such power of attorney empowering the Special Servicer to execute the same on behalf of the applicable Issuer and the Indenture Trustee), the Special Servicer shall deliver to each of the applicable Issuer and the Indenture Trustee an Officer’s Certificate requesting that such pleadings or documents (or such power of attorney empowering the Special Servicer to execute the same on behalf of the applicable Issuer or the Indenture Trustee, as the case may be) be executed by the applicable Issuer or the Indenture Trustee and certifying as to the reason such pleadings or documents are required.

(c) Upon the payment in full of any Mortgage Loan, or the receipt by the Property Manager of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Property Manager shall promptly notify the Insurers, the Custodian and the Indenture Trustee by a certification (which certification shall be in the form of a Request for Release in the form of Exhibit B attached hereto, shall be accompanied by the form of any necessary release or discharge and shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.04(a) have been or will be so deposited) of a Servicing Officer (a copy of which certification shall be delivered to the Special Servicer) and shall request delivery to it and release of the related Loan File. Upon receipt of such certification and request, the Custodian shall promptly cause the release of the related Loan File to the Property Manager and the Indenture Trustee shall deliver to the Property Manager such release or discharge, duly executed. Except customary fees and expenses, no expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account or to the Indenture Trustee.

Section 3.11. Servicing Compensation; Interest on Property Protection Advances.

(a) As compensation for its activities hereunder, the Property Manager shall be entitled to receive the Property Management Fee with respect to each Mortgaged Property and Mortgage Loan included in the Collateral Pool. As to each such Mortgaged Property and Mortgage Loan included in the Collateral Pool, the Property Management Fee shall accrue at the related Property Management Fee Rate on the basis of the Collateral Value of each such Mortgaged Property and Mortgage Loan and shall be calculated with respect to each Mortgage Loan on the same basis as interest accrues on such Mortgage Loan and with respect to each Mortgaged Property on a 30/360 Basis. The right to receive the Property Management Fee may not be transferred in whole or in part except in connection with the transfer of all of the Property Manager’s responsibilities and obligations under this Agreement. Earned but unpaid Property Management Fees shall be payable monthly out of general collections on deposit in the Collection Account pursuant to Section 3.05 and Section 2.11 of the Indenture.

(b) Subject to the last sentence of Section 3.11(d), on each Remittance Date, the Property Manager shall be entitled to receive: (i) all returned check fees, assumption,

 

-58-

modification and similar fees and late payment charges from Obligors with respect to Mortgaged Properties, Leases and Mortgage Loans that are not Specially Serviced Assets; and (ii) any default interest collected on a Mortgaged Property, Lease or Mortgage Loan, but only to the extent that (x) such default interest is allocable to the period (not to exceed 60 days) when such Mortgaged Property, Lease or Mortgage Loan did not constitute a Specially Serviced Asset and (y) such default interest is not allocable to cover interest payable to the Property Manager or the Back-Up Manager with respect to any Property Protection Advances made in respect of such Mortgage Loan, Lease or Mortgaged Property (collectively, the “Property Manager Additional Servicing Compensation”).

(c) As compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect to each Specially Serviced Asset. As to each Specially Serviced Asset, the Special Servicing Fee shall accrue from time to time at the Special Servicing Fee Rate on the basis of the Collateral Value of such Specially Serviced Asset and shall be calculated with respect to each Specially Serviced Mortgage Loan on the same basis as interest accrues on such Specially Serviced Mortgage Loan and with respect to each Mortgaged Property related to a Specially Serviced Lease on a 30/360 Basis. The Special Servicing Fee with respect to any Specially Serviced Asset shall cease to accrue if (i) the related Mortgaged Property is sold or exchanged for a Qualified Substitute Mortgaged Property or such Specially Serviced Mortgage Loan is sold or exchanged for a Qualified Substitute Mortgage Loan, as applicable, or (ii) such Specially Serviced Asset becomes a Corrected Lease or a Corrected Mortgage Loan, as applicable, or (iii) such Specially Serviced Asset becomes a Liquidated Lease or liquidated Mortgage Loan, as applicable. Earned but unpaid Special Servicing Fees shall be payable monthly out of collections on deposit in the Collection Account pursuant to Section 3.05 hereof and Section 2.11 of the Indenture.

The Special Servicer’s right to receive the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement.

(d) Subject to the last sentence of this Section 3.1 l(d), on each Payment Date, the Special Servicer shall be entitled to receive: (i) all returned check fees, assumption, modification and similar fees and late payment charges received on or with respect to the Specially Serviced Assets; and (ii) any default interest collected on a Specially Serviced Asset (to the extent that such default interest is not allocable to cover interest payable to the Property Manager or Back-Up Manager with respect to any Property Protection Advances made in respect of the related Mortgage Loan, Lease or Mortgaged Property) as additional servicing compensation out of funds available for such purpose pursuant to Section 2.11 of the Indenture (collectively, the “Special Servicer Additional Servicing Compensation”). Notwithstanding the foregoing, if the Special Servicer is terminated at a time when no Servicer Replacement Event existed with respect to the Special Servicer and such Special Servicer was servicing or administering any Specially Serviced Assets as of the date of such termination, and such servicing or administration had been continuing for at least two (2) months, then the terminated Special Servicer will be entitled to 50% of all modification fees earned by its successor with respect to such Specially Serviced Assets during the 12-month period following the date of such termination.

 

-59-

(e) As and to the extent permitted by Section 2.11 of the Indenture, the Property Manager and the Back-Up Manager shall each be entitled to receive Advance Interest on the amount of each Property Protection Advance made thereby for so long as such Property Protection Advance is outstanding. The Property Manager and the Back-Up Manager shall be reimbursed for Property Protection Advances from funds available for such purpose pursuant to Section 3.03(d), in accordance with Section 3.05(a) and (b), and Section 2.11 of the Indenture.

The Property Manager and the Special Servicer shall each be required to pay all ordinary expenses incurred by it in connection with its servicing activities under this Agreement, including fees of any subservicers retained by it. In addition, the Property Manager and the Special Servicer shall not be reimbursed for its own internal costs and expenses and overhead expenses, such as office space expenses, office equipment costs, supply costs or employee salaries or related costs and expenses.

(f) A Workout Fee shall be payable to the Special Servicer with respect to each Corrected Mortgage Loan or Corrected Lease. As to each such Corrected Mortgage Loan or Corrected Lease, the Workout Fee will be payable out of, and shall be calculated by application of the Workout Fee Rate to, each collection of rents, interest (other than Default Interest) and principal (including scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Lease, as applicable, so long as it remains a Corrected Lease or Corrected Mortgage Loan; provided, that no Workout Fee shall be payable from, or based upon the receipt of, Liquidation Proceeds collected in connection with (i) the purchase of any Specially Serviced Mortgage Loan, Mortgaged Property related to any Specially Serviced Lease or REO Property by the Property Manager or the Special Servicer or (ii) the repurchase of any Specially Serviced Mortgage Loan or Mortgaged Property related to any Specially Serviced Lease by the Originator or Support Provider due to a Collateral Defect within the period provided to the Originator and Support Provider to cure such Collateral Defect. In addition, no Workout Fee shall be payable with respect to any Corrected Mortgage Loan or Corrected Lease if and to the extent (i) such Mortgage Loan again becomes a Specially Serviced Mortgage Loan under clause (b) of the definition of “Specially Serviced Mortgage Loan” or the Lease again becomes a Specially Serviced Lease under clause (b) of the definition of “Specially Serviced Lease” and (ii) no default under the Mortgage Loan or Lease, as applicable, actually occurs, or if such default has occurred, it is cured within the 60 days provided in such clauses; provided, that a new Workout Fee will become payable if and when such Mortgage Loan or Lease again ceases to be a Specially Serviced Asset. If the Special Servicer is terminated (with or without cause) or resigns with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Corrected Mortgage Loans or Corrected Leases during the period that it had responsibility for servicing Specially Serviced Assets (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such Corrected Mortgage Loan or Corrected Lease ceases to be payable in accordance with the preceding sentence. If the Special Servicer is terminated for any reason or resigns as Special Servicer hereunder, and prior to such resignation or termination, such Specially Serviced Asset would have been a Corrected Mortgage Loan or Corrected Lease but for the related Borrower or Tenant, as applicable, having made three full and consecutive Monthly Payments as provided in the Lease Documents or Loan Documents, then such terminated or resigning Special Servicer shall be entitled to all, and the Successor

 

-60-

Special Servicer shall be entitled to none, of the Workout Fee payable in connection with such Specially Serviced Asset after it actually becomes a Corrected Mortgage Loan or Corrected Lease, as applicable.

(g) A Liquidation Fee shall be payable to the Special Servicer with respect to (i) each Mortgage Loan or Mortgaged Property repurchased by the related Originator or the Support Provider due to a Collateral Defect if purchased after the applicable cure period, (ii) any Specially Serviced Asset as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower of a Mortgage Loan or for some or all of the Collateral Value from the Mortgaged Property related to a Lease from the Tenant, or (iii) any Specially Serviced Asset or REO Property as to which the Special Servicer recovers any Liquidation Proceeds; provided, that no Liquidation Fee shall be payable from, or based upon the receipt of, Liquidation Proceeds collected in connection with the purchase of any Specially Serviced Mortgage Loan, Mortgaged Property related to any Specially Serviced Lease or REO Property by the Property Manager or the Special Servicer. As to each such Mortgage Loan or Lease repurchased by the related Originator or the Support Provider as described above or any Specially Serviced Asset and REO Property, the Liquidation Fee shall be payable out of the related payment or proceeds and shall be calculated by application of the Liquidation Fee Rate to such related payment or proceeds.

(h) As compensation for its activities hereunder, the Back-Up Manager shall be entitled to receive the Back-Up Fee with respect to each Mortgaged Property and Mortgage Loan included in the Collateral Pool. As to each such Mortgaged Property and Mortgage Loan included in the Collateral Pool, the Back-Up Fee shall accrue at the related Back-Up Fee Rate on the basis of the Collateral Value of each such Mortgaged Property and Mortgage Loan. The right to receive the Back-Up Fee may not be transferred in whole or in part except in connection with the transfer of all of the Back-Up Manager’s responsibilities and obligations under this Agreement. Earned but unpaid Back-Up Fees shall be payable monthly pursuant to Section 3.05(a) and Section 2.11 of the Indenture.

Section 3.12. Property Inspections; Collection of Financial Statements; Delivery of Certain Reports.

(a) If a Lease or Mortgage Loan becomes a Specially Serviced Asset, the Special Servicer shall perform a physical inspection of the related Mortgaged Property as soon as practicable thereafter and, if such Lease or Mortgage Loan remains a Specially Serviced Asset for more than two years, at least annually thereafter. The Special Servicer shall prepare a written report of each such inspection performed by it that sets forth in detail the condition of the related Mortgaged Property and that specifies the existence of (i) any sale or transfer of such Mortgaged Property, or (ii) any change in the condition or value of such Mortgaged Property that it, in its good faith and reasonable judgment, considers material. The Special Servicer shall deliver to the Issuers, the Indenture Trustee, the Property Manager, the Insurers and the Rating Agencies a copy of each such written report prepared by it during each calendar quarter within 15 days of the end of such quarter. The Special Servicer shall receive reimbursement for reasonable out-of-pocket expenses related to any such inspection from the applicable Issuers pursuant to Section 2.11 (b) of the Indenture.

 

-61-

(b) The Special Servicer, in the case of any Specially Serviced Asset, and the Property Manager, in the case of all other Leases and Mortgage Loans, shall make reasonable efforts to collect promptly from each related Obligor and review annual operating statements of the related Mortgaged Properties and financial statements of such Obligor.

(c) Not later than December 15 of each year, commencing December 15, 2005, the Property Manager shall deliver to the Issuers, the Indenture Trustee, the Insurers and the Special Servicer (i) from information, if any, that the Property Manager has most recently received pursuant to Section 3.12(b), a report setting forth the aggregate Fixed Charge Coverage Ratios of all Obligors from whom it has received financial information sufficient to permit it to calculate such Fixed Charge Coverage Ratio (either at the “unit” level or corporate level, as applicable) and, in each case, identifying the period covered by the related financial statements in its possession, and (ii) a schedule, in the form of the Mortgaged Property Schedule or Mortgage Loan Schedule, as applicable, prepared as of the applicable Series Closing Date or, if applicable, such other Transfer Date, and further identifying on such schedule each Lease or Mortgage Loan (x) that has become a Liquidated Lease or Liquidated Mortgage Loan since the most recent delivery of such schedule pursuant to this Section 3.12(c)(ii) (or, in the case of the first such delivery, since the Initial Closing Date), and specifying the date on which the sale or re-lease of the related Mortgaged Property or Mortgage Loan occurred or (y) that has otherwise terminated in accordance with its terms and, in each case, specifying the date of such sale, re-lease or termination, the amount collected in connection therewith and the amount of any unreimbursed Property Protection Advances, Emergency Property Expenses, Extraordinary Expenses and other amounts due under the related Mortgage Loan or Lease incurred in connection therewith.

Sections 3.13. Annual Statement as to Compliance.

Each of the Property Manager and the Special Servicer shall deliver to the Issuers, to each Insurer, to the Indenture Trustee and, in the case of the Special Servicer, to the Property Manager, as soon as available, and in any event by the 15th day after each March 31 of each year (or the next succeeding Business Day if any such day is not a Business Day) beginning in March 2006, an Officer’s Certificate stating, as to each signer thereof, that (i) a review of the activities of the Property Manager or the Special Servicer, as the case may be, during the prior calendar year, and of its performance under this Agreement, has been made under such officer’s supervision, and (ii) to the best of such officer’s knowledge, based on such review, the Property Manager or the Special Servicer, as the case may be, complied in all material respects throughout such period with the minimum servicing standards in this Agreement and fulfilled in all material respects throughout such period its obligations under this Agreement or, if there was noncompliance with such standards or a default in the fulfillment of any such obligation in any material respect, such Officer’s Certificate shall include a description of such noncompliance or specify each such default, as the case may be, known to such officer and the nature and status thereof.

Section 3.14. Reports by Independent Public Accountants.

On or before March 31 of each year, beginning in March 2006, each of the Property Manager and the Special Servicer, at its expense, shall cause an independent, registered

 

-62-

public accounting firm (which may also render other services to the Property Manager or the Special Servicer, as the case may be) to furnish to the Issuers, each Insurer and the Indenture Trustee and, in the case of the Special Servicer, to the Property Manager a report containing such firm’s opinion that, on the basis of an examination conducted by such firm substantially in accordance with standards established by the American Institute of Certified Public Accountants, the assertion made pursuant to Section 3.13 regarding compliance by the Property Manager or the Special Servicer, as the case may be, with the minimum servicing standards in the Uniform Single Attestation for Mortgage Bankers during the preceding fiscal year (or from the Initial Closing Date through December 31, 2005, in the case of the first such report) is fairly stated in all material respects, subject to such exceptions and other qualifications that, in the opinion of such firm, such institute’s standards require it to report. In rendering such statement, such firm may rely, as to matters relating to direct servicing of leases and mortgage loans by Sub-Managers, upon comparable reports for examinations conducted substantially in accordance with such institute’s standards (rendered within one year of such report) of independent public accountants with respect to the related Sub-Manager.

Section 3.15. Access to Certain Information; Delivery of Certain Information.

(a) Each of the Property Manager and the Special Servicer shall afford to the other, to the Issuers, the Insurers, the Indenture Trustee and the Rating Agencies and to the OTS, the FDIC and any other banking or insurance regulatory authority that may exercise authority over any holder of Notes or LLC Interests, reasonable access to any documentation regarding the Leases, Mortgage Loans and Mortgaged Properties and its servicing thereof within its control, except to the extent it is prohibited from doing so by applicable law or contract or to the extent such information is subject to a privilege under applicable law to be asserted on behalf of an Issuer or the holders of Notes or LLC Interests. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Property Manager or the Special Servicer, as the case may be, designated by it.

(b) The Property Manager or the Special Servicer shall notify the Rating Agencies, the Indenture Trustee and the Insurers of any Mortgaged Property whose Tenant has ceased to exercise its business activity on such Mortgaged Property within 30 days of becoming aware of such a circumstance.

Section 3.16. Appraisals After a Property Protection Event; Title to REO Property.

(a) If any Property Protection Event occurs at any time that an Insurance Policy is in effect, the Special Servicer shall obtain, as soon as reasonably practical, a new full narrative (complete summary) or, with respect to Mortgaged Properties in the Restaurant Business Sector, limited scope (limited restricted) MAI appraisal with respect to the related Mortgaged Properties securing each Mortgage Loan or Lease which first becomes a Specially Serviced Asset after the date of such Property Protection Event (i) within six months after the date the Mortgage Loan or Lease related to such Mortgaged Property first becomes a Specially Serviced Asset (unless such requirement is waived by the Series 2005-1 Insurer) and (ii) unless

 

-63-

the Property Manager furnishes a certificate to the Indenture Trustee stating that no circumstances exist that would materially affect the value of such Specially Serviced Asset since the most recent appraisal, on or about each twelve month anniversary of the date of such new appraisal for so long as the Mortgage Loan or Lease related to such Mortgaged Property remains a Specially Serviced Asset.

(b) If title to any REO Property is acquired by the Special Servicer on behalf of the Issuer, the deed or certificate of sale shall be issued to the applicable Issuer. Upon acquisition of such REO Property, the Special Servicer shall, if any amounts remain due and owing under the related Mortgage Note, cause the applicable Issuer to execute and deliver to the Indenture Trustee or the Collateral Agent a new Mortgage (along with appropriate Financing Statements), as applicable, in favor of the Indenture Trustee or the Collateral Agent to secure the lien of the Indenture.

(c) The Special Servicer shall remit to the Property Manager for deposit in the Collection Account or Release Account, as applicable, upon receipt, all REO Revenues, Property Insurance Proceeds and Liquidation Proceeds received in respect of an REO Property or Specially Serviced Asset.

Section 3.17. Management of REO Properties and Mortgaged Properties relating to Defaulted Assets.

(a) [Reserved]

(b) At any time that a Mortgaged Property is not subject to a Mortgage Loan or a Lease or is subject to a Mortgage Loan or a Lease that is a Defaulted Asset or with respect to an REO Property, the Special Servicer’s decision as to how such Mortgaged Property or REO Property shall be managed and operated shall be based on the good faith and reasonable judgment of the Special Servicer as to the best interest of the applicable Issuer, the Insurers and the Noteholders by maximizing (to the extent commercially feasible) the net after-tax revenues received by the applicable Issuer with respect to such property and, to the extent consistent with the foregoing, in the same manner as would commercial loan and lease servicers and asset managers operating property comparable to the respective Mortgaged Property or REO Property under the Servicing Standard. The applicable Issuer, the Indenture Trustee and the Special Servicer may consult with counsel at the expense of the applicable Issuer in connection with determinations required under this Section 3.17(b). Neither the Indenture Trustee nor the Special Servicer shall be liable to the Issuers, the Insurers, the holders of the Notes, the other parties hereto or each other, nor shall the applicable Issuer be liable to the Issuers, the Insurers, any such holders or to the other parties hereto, for errors in judgment made in good faith in the exercise of their discretion while performing their respective responsibilities under this Section 3.17(b). Nothing in this Section 3.17(b) is intended to prevent the sale or re-lease of a Mortgaged Property or REO Property pursuant to the terms and subject to the conditions of Section 3.18 and Article VII, as applicable.

(c) The Special Servicer shall have full power and authority to do any and all things in connection with the servicing and administration of any Mortgaged Property subject to a Defaulted Asset and any REO Property as are consistent with the Servicing Standard and,

 

-64-

consistent therewith, shall request that the Property Manager make, and the Property Manager shall make, Property Protection Advances, or pay Emergency Property Expenses from funds on deposit in the Collection Account, necessary for the proper operation, management, maintenance and disposition of such Mortgaged Property or REO Property, including:

 

  (i) all insurance premiums due and payable in respect of such Mortgaged Property or REO Property;

 

  (ii) all real estate and personal property taxes and assessments in respect of such Mortgaged Property or REO Property that may result in the imposition of a lien thereon (including taxes or other amounts that could constitute liens prior to or on parity with the lien of the related Mortgage);

 

  (iii) any ground lease rents in respect of such Mortgaged Property or REO Property; and

 

  (iv) all costs and expenses necessary to maintain, lease, sell, protect, manage, operate and restore such Mortgaged Property or REO Property.

Notwithstanding the foregoing, the Property Manager shall have no obligation to make any such Property Protection Advance if (as evidenced by an Officer’s Certificate delivered to the applicable Issuer and the Indenture Trustee) the Property Manager determines, in accordance with the Servicing Standard, that such payment would be a Nonrecoverable Property Protection Advance. The Special Servicer shall submit requests to make Property Protection Advances to the Property Manager not more than once per month unless the Special Servicer determines on an emergency basis in accordance with the Servicing Standard that earlier payment is required to protect the interests of the Issuers and the Noteholders.

Section 3.18. Sale and Exchange of Mortgage Loans, Leases and Mortgaged Properties.

(a) The Property Manager, the Special Servicer and the applicable Issuer may sell or purchase, or permit the sale or purchase of, a Mortgage Loan or Mortgaged Property only on the terms and subject to the conditions set forth in this Section 3.18 or as otherwise expressly provided in or contemplated by Section 2.04, Section 3.09, Article VII and Article VIII. Except with respect to repurchases or substitutions by a related Originator or the Support Provider due to a Collateral Defect, an Issuer may only sell or exchange a Mortgaged Property or Mortgage Loan to or with any of its Affiliates subject to the applicable conditions set forth in the Indenture (including any applicable Series Supplement). The aggregate Collateral Value of Qualified Substitute Mortgage Loans and Qualified Substitute Mortgaged Properties acquired by the Issuers from any Affiliates of the Issuers (including with proceeds from sales to third parties), among other things, may not contravene the applicable limits set forth in the Indenture (including the most recent Series Supplement).

(b) The Property Manager shall act on behalf of the applicable Issuer and the Indenture Trustee in negotiating and taking any other action necessary or appropriate in connection with the sale of any Mortgaged Property or Mortgage Loan, other than a Mortgaged

 

-65-

Property related to a Defaulted Asset or REO Property and the collection of all amounts payable in connection therewith. The Special Servicer shall take such actions in connection with the sale of any such Defaulted Asset, Mortgaged Property related to a Defaulted Asset, or REO Property as it determines in accordance with the Servicing Standard will be in the best interests of the applicable Issuer, the Noteholders and the Insurers. Any sale of a Mortgaged Property, Defaulted Asset or REO Property shall be free and clear of the lien of the Indenture and shall be final and without recourse to the applicable Issuer or the Indenture Trustee. If such sale is consummated in accordance with the terms of this Agreement, none of the Property Manager, the Special Servicer or the Indenture Trustee shall have any liability to the Issuers, the Insurers or any holder of Notes with respect to the purchase price therefor accepted by the Property Manager, the Special Servicer or the Indenture Trustee, as the case may be.

Section 3.19. Modifications, Waivers, Amendments and Consents.

(a) The Property Manager and the Special Servicer each may, consistent with the Servicing Standard, agree to any modification, waiver or amendment of any term of, forgive any payment on, and permit the release of the Obligor on or any Guarantor of, any Lease or Mortgage Loan it is required to service and administer hereunder, without the consent of the Insurers, the Issuers, the Indenture Trustee, any holder of Notes or any Controlling Party, subject to each of the following limitations, conditions and restrictions.

(i) if an Early Amortization Event has occurred and is continuing, neither the Property Manager nor the Special Servicer will agree to any modification, waiver or amendment of any term of, or take any of the other above referenced actions, with respect to any Lease or Mortgage Loan, without the prior written consent of the Series 2005-1 Insurer; and

(ii) other than as provided in Sections 3.02 and 3.08, without the prior written consent of the Series 2005-1 Insurer, the Property Manager shall not agree to any modification, waiver or amendment of any term of, or take any of the other above referenced actions, with respect to any Lease or Mortgage Loan it is required to service and administer hereunder, that would affect the amount or timing of any payment or other amount payable thereunder or, in the Property Manager’s good faith and reasonable judgment, would materially reduce the likelihood of timely payment of amounts due thereon or would materially impair the security for any Mortgage Loan or Lease; the Special Servicer may, however, agree to any modification, waiver or amendment of any term of, or take any of the other above referenced actions, with respect to any Specially Serviced Asset that would have any such effect, but only if (A) a material default on such Specially Serviced Asset has occurred or, (B) in the Special Servicer’s reasonable and good faith judgment, a default in respect of payment on such Specially Serviced Asset is reasonably foreseeable, and such modification, waiver, amendment or other action is reasonably likely to produce a greater recovery to the applicable Issuer on a present value basis than would liquidation;

provided, that (x) the limitations, conditions and restrictions set forth in subparagraphs (i) and (ii) shall not apply to any modification, waiver, amendment or other action with respect to any Lease or Mortgage Loan that is required, without the exercise of the applicable Issuer’s discretion,

 

-66-

under the terms of such Lease or Mortgage Loan or that is solely within the control of the related Obligor, (y) notwithstanding the foregoing, neither the Property Manager nor the Special Servicer shall be required to oppose the confirmation of a plan in any bankruptcy or similar proceeding involving an Obligor if in their reasonable and good faith judgment such opposition would not ultimately prevent the confirmation of such plan or one substantially similar and (z) none of the limitations, conditions and restrictions set forth above shall limit the Property Manager’s or the Special Servicer’s ability to terminate any Lease or Mortgage Loan in accordance with the terms thereof; provided, further, that, notwithstanding the foregoing, with respect to certain Mortgage Loans and/or Leases listed on Exhibit I attached hereto, the applicable Insurer shall be provided notice of all proposed modifications, waivers or amendments of the terms thereof, and the prior written consent of such Insurer (so long as no Insurer Default shall have occurred and be continuing) shall be required for any modification, waiver or amendment of any financial or material non-financial term thereof.

(b) The Property Manager and the Special Servicer shall have no liability to the Issuers, the Indenture Trustee, the Insurers, the holders of the Notes or to any other Person if its analysis and determination that the modification, waiver, amendment or other action contemplated by Section 3.19(a) would not materially reduce the likelihood of timely payment of amounts due thereon, or that such modification, waiver, amendment or other action is reasonably likely to produce a greater recovery to the applicable Issuer on a present value basis than would an alternative course of action, should prove to be wrong or incorrect, so long as the analysis and determination were made on a reasonable basis in accordance with the Servicing Standard in good faith by the Property Manager or the Special Servicer, as the case may be;

(c) The Property Manager and the Special Servicer each may, as a condition to its granting any request by an Obligor for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within the Property Manager’s or Special Servicer’s, as the case may be, discretion pursuant to the terms of the instruments evidencing or securing the related Lease or Mortgage Loan and is permitted by the terms of this Agreement, require that such Obligor pay to it, as additional servicing compensation, a reasonable or customary fee for the additional services performed in connection with such request, together with any related costs and expenses incurred by it; and

(d) All modifications, waivers, amendments and other actions entered into or taken in respect of a Lease or Mortgage Loan pursuant to this Section 3.19 shall be in writing. Each of the Property Manager and the Special Servicer shall notify the other such party and the Issuers, the Insurers and the Indenture Trustee, in writing, of any modification, waiver, amendment or other action entered into or taken in respect of any Lease or Mortgage Loan pursuant to this Section 3.19 and the date thereof, and shall deliver to the Custodian for deposit in the related Lease File or Loan File an original counterpart of the agreements relating to such modification, waiver, amendment or other action, promptly (and in any event within ten (10) Business Days) following the execution thereof. In addition, following any modification, waiver, amendment or other action agreed to by the Property Manager or the Special Servicer pursuant to Section 3.19(a) above, the Property Manager or the Special Servicer, as the case may be, shall deliver to the Issuers, to the Insurers, to the Indenture Trustee and, in the case of

 

-67-

the Special Servicer, to the Property Manager, an Officer’s Certificate setting forth in reasonable detail the basis of the determinations made by it pursuant to Section 3.19(a).

Section 3.20. Transfer of Servicing Between Property Manager and Special Servicer; Record Keeping.

(a) Upon determining that a Servicing Transfer Event has occurred with respect to any Lease or Mortgage Loan and if the Property Manager is not also the Special Servicer, the Property Manager shall immediately give notice thereof and shall deliver the related Servicing File to the Special Servicer, and shall use its best efforts to provide the Special Servicer with all information, documents (or copies thereof) and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Lease or Mortgage Loan reasonably requested by the Special Servicer to enable it to assume its functions hereunder with respect thereto without acting through a Sub-Manager. The Property Manager shall use its best efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each related Servicing Transfer Event.

Upon determining that a Specially Serviced Asset has become a Corrected Lease or Corrected Mortgage Loan, and if the Property Manager is not also the Special Servicer, the Special Servicer shall immediately give notice thereof, and shall return the related Servicing File, to the Property Manager and, upon giving such notice and returning such Servicing File, to the Property Manager, (i) the Special Servicer’s obligation to service such Lease or Mortgage Loan shall terminate, (ii) the Special Servicer’s right to receive the Special Servicing Fee with respect to such Lease or Mortgage Loan shall terminate, and (iii) the obligations of the Property Manager to service and administer such Lease or Mortgage Loan shall resume, in each case, effective as of the first day of the following calendar month.

(b) In servicing any Specially Serviced Assets, the Special Servicer shall provide to the Custodian, for the benefit of the Indenture Trustee, originals of documents included within the definition of “Lease File” for inclusion in the related Lease File and “Loan File” for inclusion in the related Loan File (with a copy of each such original to the Property Manager), and copies of any additional related Lease and Mortgage Loan information, including correspondence with the related Obligor.

(c) Notwithstanding anything in this Agreement to the contrary, in the event that the Property Manager and the Special Servicer are the same Person, all notices, certificates, information and consents required to be given by the Property Manager to the Special Servicer or vice versa shall be deemed to be given without the necessity of any action on such Person’s part.

Section 3.21. Sub-Management Agreements.

(a) The Property Manager and the Special Servicer may enter into Sub-Management Agreements to provide for the performance by third parties of any or all of their respective obligations hereunder; provided, that, in each case, the Sub-Management Agreement: (i) is consistent with this Agreement in all material respects and requires the Sub-Manager to

 

-68-

comply with all of the applicable conditions of this Agreement; (ii) provides that if the Property Manager or the Special Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder (including by reason of a Servicer Replacement Event), the Back-Up Manager, or any Successor Property Manager or Successor Special Servicer may thereupon assume all of the rights and, except to the extent they arose prior to the date of assumption, obligations of the Property Manager or the Special Servicer, as the case may be, under such agreement or, alternatively, may terminate such Sub-Management Agreement without cause and without payment of any penalty or termination fee; (iii) provides that the Issuers, the Back-Up Manager, the Indenture Trustee, the other parties hereto and, as and to the extent provided herein, the third party beneficiaries hereof shall be third party beneficiaries under such agreement, but that (except to the extent the Back-Up Manager or Successor Property Manager or Successor Special Servicer assumes the obligations of the Property Manager or the Special Servicer, as the case may be, thereunder as contemplated by the immediately preceding clause (ii) and, in such case, only from the date of such assumption) none of the Issuers, the Indenture Trustee, the Back-Up Manager, the Insurers, any other party hereto, any successor Property Manager or Special Servicer, as the case may be, any holder of Notes or LLC Interests or any other third party beneficiary hereof shall have any duties under such agreement or any liabilities arising therefrom; (iv) permits any purchaser of a Mortgaged Property or Mortgage Loan pursuant to this Agreement to terminate such agreement with respect to such purchased Mortgaged Property or Mortgage Loan-at its option and without penalty; (v)’does not permt inc Sub-Manager to enter into or consent to any modification, waiver or amendment or otherwise take any action on behalf of the Property Manager or Special Servicer, as the case may be, contemplated by Section 3.19 without the written consent of the Property Manager or Special Servicer, as the case may be; and (vi) does not permit the Sub-Manager any rights of indemnification that may be satisfied out of the Collateral. In addition, each Sub-Management Agreement entered into by the Property Manager shall provide that such agreement shall terminate with respect to any Lease and the related Mortgaged Property, and Mortgage Loan serviced thereunder at the time such Lease or Mortgage Loan becomes a Specially Serviced Asset, and each Sub-Management Agreement entered into by the Special Servicer shall relate only to Specially Serviced Assets and shall terminate with respect to any such Lease or Mortgage Loan that ceases to be a Specially Serviced Asset.

The Property Manager and the Special Servicer shall each deliver to the Issuers, each Insurer and the Indenture Trustee copies of all Sub-Management Agreements, and any amendments thereto and modifications thereof, entered into by it, promptly upon its execution and delivery of such documents. References in this Agreement to actions taken or to be taken by the Property Manager or the Special Servicer include actions taken or to be taken by a Sub-Manager on behalf of the Property Manager or the Special Servicer, as the case may be, and in connection therewith, all amounts advanced by any Sub-Manager to satisfy the obligations of the Property Manager hereunder to make Property Protection Advances shall be deemed to have been advanced by the Property Manager out of its own funds and, accordingly, such Property Protection Advances shall be recoverable by such Sub-Manager in the same manner and out of the same funds as if such Sub-Manager were the Property Manager. For so long as they are outstanding, Property Protection Advances shall accrue Advance Interest in accordance with Sections 3.ll(e) and 4.02(d), such interest to be allocable between the Property Manager and such Sub-Manager as they may agree. For purposes of this Agreement, the Property Manager

 

-69-

and the Special Servicer each shall be deemed to have received any payment, and shall be obligated to handle such payment in accordance with the terms of this Agreement, when a Sub-Manager retained by it receives such payment. The Property Manager and the Special Servicer each shall notify the other, the Issuers, each Insurer and the Indenture Trustee in writing promptly of the appointment by it of any Sub-Manager.

(b) Each Sub-Manager shall be authorized to transact business in the state or states in which the Mortgaged Properties it is to service are situated, if and to the extent required by applicable law.

(c) The Property Manager and the Special Servicer, for the benefit of the Issuers, shall (at no expense to the Issuers or the Indenture Trustee) monitor the performance and enforce the obligations of their respective Sub-Managers under the related Sub- Management Agreements. Such enforcement, including the legal prosecution of claims, termination of Sub-Management Agreements in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Property Manager or the Special Servicer, as applicable, in its good faith and reasonable judgment, would require were it the owner of the Mortgaged Properties and the Mortgage Loans. Subject to the terms of the related Sub-Management Agreement, the Property Manager and the Special Servicer shall each have the right to remove a Sub-Manager retained by it at any time it considers such removal to be in the best interests of the Issuers.

(d) If the Property Manager or the Special Servicer ceases to serve as such under this Agreement for any reason (including by reason of a Servicer Replacement Event) and no Successor Property Manager or Successor Special Servicer, as the case may be, has succeeded to its rights and assumed its obligations hereunder, then the Back-Up Manager shall succeed to the rights and assume the obligations of the Property Manager or the Special Servicer under any Sub-Management Agreement, unless (with the consent of each Insurer) the Indenture Trustee elects to terminate any such Sub-Management Agreement in accordance with its terms. In any event, if a Sub-Management Agreement is to be assumed by the Back-Up Manager, then the Property Manager or the Special Servicer, as applicable, at its expense, shall, upon request of the Back-Up Manager, deliver to the Back-Up Manager all documents and records relating to such Sub-Management Agreement and the Mortgaged Properties and the Mortgage Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use its best efforts to effect the orderly and efficient transfer of the Sub-Management Agreement to the assuming party.

(e) Notwithstanding any Sub-Management Agreement, the Property Manager and the Special Servicer shall remain obligated and liable to the Issuers, the Noteholders, the Indenture Trustee and each other for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loans, the Mortgaged Properties and Leases for which it is responsible.

(f) The Property Manager or Special Servicer, as applicable, will be solely liable for all fees owed by it to any Sub-Manager, irrespective of whether its compensation pursuant to this Agreement is sufficient to pay such fees.

 

-70-

ARTICLE IV

REPORTS

Section 4.01. Reports to the Issuers, the Indenture Trustee and the Insurers.

(a) Not later than 2:00 p.m. (New York City time), three (3) Business Days prior to each Payment Date, the Property Manager shall deliver to each of the Issuers, the Insurers and the Indenture Trustee a report containing the information specified on Exhibit F hereto, and such other information with respect to the Mortgage Loans, the Leases and Mortgaged Properties as the Indenture Trustee or the Insurers may reasonably request (such report, the “Determination Date Report”), reflecting information as of the close of business on the last day of the related Collection Period, in a mutually agreeable electronic format. The Determination Date Report and any written information supplemental thereto shall include such information with respect to the Mortgage Loans, the Leases and Mortgaged Properties as is required by the Indenture Trustee for purposes of making the payments required by Section 2.11(b) of the Indenture and the calculations and reports referred to in Section 6.01 of the Indenture and otherwise therein, in each case as set forth in written specifications or guidelines issued by any of the Issuers or the Indenture Trustee as the case may be from time to time The Property Manager shall also provide to the Indenture Trustee the wire instructions for the relevant parties to which payments under Section 2.11(b) of the Indenture will be made. The Determination Date Report shall also contain a certification by the Property Manager that the Issuers have not incurred any indebtedness except indebtedness permitted by the Transaction Documents. Such information shall be delivered by the Property Manager to each of the Issuers, the Indenture Trustee and the Insurers in agreed-upon format and such electronic or other form as may be reasonably acceptable to the Issuers, the Indenture Trustee and the Insurers. The Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Property Manager) provide the Property Manager with such information regarding the Specially Serviced Assets as may be necessary for the Property Manager to prepare each Determination Date Report and any supplemental information to be provided by the Property Manager to the Issuers, the Insurers or the Indenture Trustee.

(b) By 1:00 p.m. (New York City time), two (2) Business Days after the last day of each Collection Period, the Special Servicer shall deliver to the Property Manager, the Insurers and the Indenture Trustee a report containing such information relating to the Mortgage Loans, the Leases and Mortgaged Properties managed by it and in such form as the Indenture Trustee or the Insurers may reasonably request (such report, the “Special Servicer Report”) reflecting information as of the close of business on the last day of such Collection Period.

(c) Not later than the 30th day following the end of each calendar quarter, commencing with the quarter ended September 30, 2005, the Special Servicer shall deliver to the Indenture Trustee, the Insurers and the Property Manager a report containing such information and in such form as the Indenture Trustee or the Insurers may reasonably request (such report a “Modified Collateral Detail and Realized Loss Report”) with respect to all

 

-71-

operating statements and other financial information collected or otherwise obtained by the Special Servicer pursuant to Section 3.12(b) during such calendar quarter.

(d) Not later than 3:00 p.m. (New York City time) on the fourth Business Day prior to each Payment Date, the Property Manager shall provide to the Indenture Trustee such information as is necessary for the Indenture Trustee to determine whether a claim will be required (and if so, the amount of such claim) under any Insurance Policy on such Payment Date.

Section 4.02. Use of Agents.

The Property Manager may at its own expense utilize agents or attorneys-in-fact, including Sub-Managers, in performing any of its obligations under this Article IV, but no such utilization shall relieve the Property Manager from any of such obligations, and the Property Manager shall remain responsible for all acts and omissions of any such agent or attorney-in-fact. The Property Manager shall have all the limitations upon liability and all the indemnities for the actions and omissions of any such agent or attorney-in-fact that it has for its own actions hereunder pursuant to Article V, and any such agent or attorney-in-fact shall have the benefit of all the limitations upon liability, if any, and all the indemnities provided to the Property Manager under Section 5.03(a). Such indemnities shall be expenses, costs and liabilities of the Issuers, and any such agent or attorney-in-fact shall be entitled to be reimbursed therefor from the Collection Account as provided in Section 2.11 of the Indenture.

ARTICLE V

THE PROPERTY MANAGER AND THE SPECIAL SERVICER

Section 5.01. Liability of the Property Manager and the Special Servicer.

The Property Manager and the Special Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken by the Property Manager and the Special Servicer, respectively, herein.

Section 5.02. Merger, Consolidation or Conversion of the Property Manager and the Special Servicer.

Subject to the following paragraph, the Property Manager and the Special Servicer shall each keep in full effect its existence, rights and franchises as a partnership, corporation, bank or association under the laws of the jurisdiction of its formation, and each will obtain and preserve its qualification to do business as a foreign partnership, corporation, bank or association in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Leases and the Mortgage Loans and to perform its respective duties under this Agreement.

Each of the Property Manager and the Special Servicer may be merged or consolidated with or into any Person, or may transfer all or substantially all of its assets to any

 

-72-

Person, in which case any Person resulting from any merger or consolidation to which the Property Manager or the Special Servicer is a party, or any Person succeeding to the business of the Property Manager or the Special Servicer, will be the successor Property Manager or the successor Special Servicer, as the case may be, hereunder, and each of the Property Manager and the Special Servicer may transfer its rights and obligations under this Agreement to any Person; provided, however, that no such successor, surviving Person or transferee shall succeed to the rights of the Property Manager or the Special Servicer unless it shall have furnished to the Issuers, the Insurers and the Indenture Trustee the Series 2005-1 Insurer’s written consent and the Rating Condition is satisfied.

Section 5.03. Limitation on Liability of the Property Manager, the Special Servicer and the Back-Up Manager; Environmental Liabilities.

(a) None of the Property Manager, the Special Servicer or the Back-Up Manager or any director, officer, employee or agent of any such party or Control Person over any of them shall be under any liability to the Issuers, the Insurers, the Indenture Trustee or the holders of the Notes or the LLC Interests for any action taken, or not taken, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that none of the Property Manager, the Special Servicer or the Back-Up Manager shall be protected against any liability that would otherwise be imposed by reason of misfeasance, bad faith or negligence in the performance of obligations or duties hereunder. The Property Manager and the Special Servicer and the Back-Up Manger and any director, officer, employee, agent or Control Person of any of them shall be entitled to indemnification by the Issuers, payable, subject to Section 5.04 of the Indenture, from the Available Amount, against any loss, liability or expense incurred in connection with any legal action that relates to this Agreement, the Indenture, the Purchase and Sale Agreements or the Notes; provided, however, that such indemnification shall not extend to any loss, liability or expense incurred by reason of misfeasance, bad faith or negligence in the performance of obligations or duties under this Agreement. The Issuers, the Indenture Trustee and the Collateral Agent and any director, officer, employee, agent or Control Person of any of them shall be entitled to indemnification by the Property Manager, the Special Servicer and the Back-Up Manager, as applicable, against any loss, liability or expense incurred in the performance of obligations or duties by the Property Manager, the Back-Up Manager or the Special Servicer, as applicable, under this Agreement. None of the Property Manager, the Special Servicer or the Back-Up Manager, as applicable, shall be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its respective responsibilities under this Agreement and that in its opinion may involve it in any expense or liability; provided, however, that each of the Property Manager, the Back-Up Manager and the Special Servicer shall be permitted, in the exercise of its discretion, to undertake any such action that it may deem necessary or desirable with respect to the enforcement or protection of the rights and duties of the parties hereto or the interests of any Issuer hereunder. In such event, the legal expenses and costs of such action, and any liability resulting therefrom, shall be expenses, costs and liabilities of any such Issuer, the Property Manager, the Special Servicer and the Back-Up Manager, as the case may be, and such parties shall be entitled to be reimbursed therefore in accordance with Section 2.1l(b) of the Indenture.

 

-73-

(b) The Property Manager shall enforce or pursue in accordance with the Servicing Standard any claim for payment, indemnity or reimbursement available to any of the Issuers or the Indenture Trustee in respect of any environmental liabilities, losses, claims, costs or expenses, including, without limitation, any right to payment under an Environmental Indemnity Agreement or a Performance Undertaking. The Property Manager shall seek payment from the Support Provider for any indemnities due under an Environmental Indemnity Agreement to the extent any such amounts are not paid by the applicable Issuer on a current basis from the Available Amount remaining after payment of all other amounts owed by such Issuer on any Payment Date. Any amounts advanced by Spirit Finance, in its capacity as Property Manager, in respect of environmental matters that are payable by the applicable Issuer under an Environmental Indemnity Agreement and are not reimbursed on a current basis as described above, shall be deemed to be payment by Spirit Finance, in its capacity as Support Provider, and Spirit Finance shall not be entitled to reimbursement of any such amounts as a Property Protection Advance.

Section 5.04. Term of Service; Property Manager and Special Servicer Not to Resign.

The Issuers may, upon written consent by the Series 2005-1 Insurer and written notice (without any requirement of consent) to the Property Manager and the Special Servicer, transfer the servicing duties and obligations of the Property Manager or the Special Servicer or both to a new servicer or servicers. Any such transfer shall be contingent upon receipt by the Indenture Trustee of written confirmation from: (1) each Rating Agency that such transfer will not adversely affect its then current rating of the Notes without giving effect to any Insurance Policy; and (2) the replacement Property Manager or Special Servicer of its acceptance of its appointment. The Issuers and the replacement Property Manager or Special Servicer shall execute and deliver a transfer agreement (the “Servicing Transfer Agreement”) mutually agreed upon in advance and effective on the transfer date (the “Servicing Transfer Date”), whereby the replacement Property Manager or Special Servicer will agree to perform all of the duties and obligations of the Property Manager or the Special Servicer, as the case may be, under this Agreement. The replacement Property Manager and Special Servicer shall be entitled to payment of a prorated portion (which shall be based on actual days of service and a year of 365 or 366 days, as applicable) of the Property Management Fee and the Special Servicing Fee during its term of service. Each Servicing Transfer Agreement shall include any additional terms and provisions that the parties to this Agreement reasonably determine are necessary or appropriate and which additional terms and provisions shall be approved by all the parties to the Servicing Transfer Agreement, which approvals shall not be unreasonably withheld. The Servicing Transfer Agreement shall contain a provision stating that the former Property Manager or Special Servicer is relieved from all liability under this Agreement for acts or omissions occurring after the Servicing Transfer Date.

Neither the Property Manager nor the Special Servicer shall resign from the obligations and duties hereby imposed on it, except upon determination that its duties hereunder are no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it, such other activities causing such a conflict being of a type and nature carried on by the Property Manager or the Special Servicer, as the case may

 

-74-

be, at the date of this Agreement. Any such determination permitting the resignation of the Property Manager or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such effect that shall be delivered to the Issuers, the Insurers and the Indenture Trustee. No such resignation shall become effective until the Back-Up Manager or another successor shall have assumed the responsibilities and obligations of the resigning party hereunder. Notwithstanding the foregoing, each of the Property Manager and the Special Servicer may cause all of the obligations and duties imposed on it by this Agreement to be assumed by, and may assign its rights, benefits or privileges hereunder to, an Affiliate or, with the prior written approval of the Issuers and the Series 2005-1 Insurer (such approval not to be unreasonably withheld), a servicer that is not an Affiliate, in each case, upon its delivery to the Issuers, the Insurers and the Indenture Trustee of written confirmation from each Rating Agency that such a transfer and assignment will not adversely affect its then-current rating of the Notes without giving effect to any Insurance Policy, and the assumption by the assignee of all of the obligations and duties of the Property Manager and/or the Special Servicer, as applicable. Upon any such assignment and assumption by the assignee of all of the obligations of the Property Manager and/or the Special Servicer, the assignor, Spirit Finance (or its successor acting prior to such assignment), shall be relieved from all liability hereunder for acts or omissions of the Property Manager and/or the Special Servicer, as applicable, occurring after the date of the assignment and assumption.

If the Property Manager, Special Servicer or Back-Up Manager shall resign pursuant to this Section 5.04 or be removed pursuant to Section 6.01, then such resigning Property Manager, Special Servicer or Back-Up Manager, as applicable, must pay all reasonable costs and expenses associated with the transfer of its duties. If the Property Manager, Special Servicer or Back-Up Manager shall be removed pursuant to this Section 5.04, then the party requesting such removal of the Property Manager, Special Servicer or Back-Up Manager, as applicable, shall pay all reasonable costs and expenses associated with the transfer of its duties.

Except as expressly provided herein, neither the Property Manager nor the Special Servicer shall assign or transfer any of its rights, benefits or privileges hereunder to any other Person or delegate to or subcontract with, or authorize or appoint, any other Person to perform any of the duties, covenants or obligations to be performed by it hereunder, or cause any other Person to assume such duties, covenants or obligations. If, pursuant to any provision hereof, the duties of the Property Manager or the Special Servicer are transferred by an assignment and assumption to a successor thereto, the entire amount of compensation payable to the Property Manager or the Special Servicer, as the case may be, that accrues pursuant hereto from and after the date of such transfer shall be payable to such successor.

Section 5.05. Rights of Certain Persons in Respect of the Property Manager and the Special Servicer.

Each of the Property Manager and the Special Servicer shall afford to the other and, also to the Issuers, the Insurers and the Indenture Trustee, upon reasonable notice, during normal business hours, (a) access to all records maintained by it relating to the Mortgage Loans, Mortgaged Properties and Leases included in the Collateral Pool and in respect of its rights and obligations hereunder and (b) access to such of its officers as are responsible for such obligations. The Issuers may, but are not obligated to, enforce the obligations of the Property

 

-75-

Manager and the Special Servicer hereunder and may, but are not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Property Manager or the Special Servicer hereunder, or exercise the rights of the Property Manager or the Special Servicer hereunder, provided, however, that neither the Property Manager nor the Special Servicer shall be relieved of any of its obligations hereunder by virtue of such performance by any such Issuer or its designee. The Issuer shall not have any responsibility or liability for any action or failure to act by or with respect to the Property Manager or the Special Servicer.

Section 5.06. [Reserved].

Section 5.07. Property Manager or Special Servicer as Owner of Notes.

The Property Manager or an Affiliate of the Property Manager, or the Special Servicer or an Affiliate of the Special Servicer, may become the holder of any Notes or any LLC Interests with the same rights as it would have if it were not the Property Manager, the Special Servicer or any such Affiliate. Subject to Section 3.19, if, at any time during which the Property Manager, the Special Servicer or any of their respective Affiliates is the holder of any Note or LLC Interest, the Property Manager or the Special Servicer proposes to take or omit to take action (i) which action or omission is not expressly prohibited by the terms hereof and would not, in the Property Manager or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) which action, if taken, or omission, if made, might nonetheless, in the Property Manager’s or the Special Servicer’s good faith judgment, be considered by other Persons to violate the Servicing Standard, the Property Manager or the Special Servicer may, but need not, seek the approval of the holders of the Notes and the LLC Interests to such action or omission by delivering to the Issuers, the Insurers and the Indenture Trustee a written notice that (a) states that it is delivered pursuant to this Section 5.07, (b) identifies the portion of Notes and LLC Interests beneficially owned by the Property Manager or the Special Servicer or an Affiliate of the Property Manager or the Special Servicer, as applicable, and (c) describes in reasonable detail the action that the Property Manager or the Special Servicer, as the case may be, proposes to take. Upon receipt of such notice, the Issuers shall forward such notice to the applicable holders of the LLC Interests. If, at any time, the holders of LLC Interests representing greater than 50% of the LLC Interests and a Requisite Global Majority (calculated without regard to the Notes or LLC Interests beneficially owned by the Property Manager and .its Affiliates or the Special Servicer and its Affiliates, as applicable) separately consent in writing to the proposal described in the related notices, and if the Property Manager or the Special Servicer shall act as proposed in the written notice, and if the Property Manager or the Special Servicer, as the case may be, takes action or omits to take action as proposed in such notice, such action or omission will be deemed to comply with the Servicing Standard. It is not the intent of the foregoing provision that the Property Manager or the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder, but rather in the case of unusual circumstances.

 

-76-

ARTICLE VI

SERVICER REPLACEMENT EVENTS

Section 6.01. Servicer Replacement Events.

(a) “Servicer Replacement Event,” wherever used herein with respect to the Property Manager or Special Servicer, means any one of the following events:

 

  (i) any failure by the Property Manager or the Special Servicer to remit moneys, as required under the Indenture or this Agreement, to the Collection Account, the Release Account or the Payment Account, which failure remains unremedied for one (1) Business Day; or

 

  (ii) the Property Manager fails to make any Property Protection Advance, or fails to pay (or, in the event the Property Manager is Spirit Finance, fails to direct the Indenture Trustee to pay) any Emergency Property Expense from funds on deposit in the Collection Account, in each case as required by the Indenture or this Agreement, which failure remains unremedied for three (3) Business Days; or

 

  (iii) either the Property Manager or the Special Servicer fails to comply in any material respect with any other of the covenants or agreements on the part of the Property Manager or the Special Servicer, as the case may be, contained in this Agreement, which failure continues unremedied for a period of 30 days after the date on which notice of such failure is given to the Property Manager or the Special Servicer, as applicable (15 days in the case of a failure to pay the premium for any insurance policy required to be maintained pursuant to this Agreement or such fewer days as may be required to avoid the commencement of foreclosure proceedings for unpaid real estate taxes or the lapse of insurance, as applicable); provided, however, that if the failure is capable of being cured and the Property Manager or Special Servicer is diligently pursuing that cure, the 30 day period will be extended for another 30 days; or

 

  (iv) any breach on the part of the Property Manager or the Special Servicer of any representation or warranty contained in this Agreement that materially and adversely affects the interests of any Issuer, Noteholder or Insurer and that continues unremedied for a period of 30 days after the date on which notice of such breach is given to the Property Manager or the Special Servicer, as applicable; provided, however, that if the breach is capable of being cured and the Property Manager or the Special Servicer is diligently pursuing that cure, the 30 day period will be extended for another 30 days; or

 

  (v)

the Property Manager or the Special Servicer consents to the appointment of a receiver, liquidator, trustee or similar official relating to it or relating

 

-77-

  to all or substantially all of its assets or admits in writing its inability to pay its debts or takes other actions indicating its insolvency or inability to pay its obligations; or

 

  (vi) a decree or order of a court having jurisdiction in any involuntary case for the appointment of a receiver, liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings is entered against the Property Manager or the Special Servicer and the decree or order remains in force for a period of 60 days; provided, that if any decree or order cannot be discharged, dismissed or stayed within the 60-day period, the Property Manager or Special Servicer will have an addition 30 days to effect the discharge, so long as it commenced proceedings to have the decree or order dismissed within the initial 60-day period and it is continuing to pursue the discharge; or

 

  (vii) the Property Manager or the Special Servicer assigns any of its obligations to any third party other than as permitted under this Agreement or any other Transaction Document and does not remedy such breach within five Business Days of such assignment; or

 

  (viii) the Property Manager or the Special Servicer fails to observe any material reporting requirements, which failure remains unremedied, in the case of monthly insurance draw notices to the Insurers pursuant to Section 4.01, if such notice is not delivered by 12:00 p.m. (New York City time) on the second Business Day immediately prior to the related Payment Date, or if such notice was timely delivered but with a material defect, three (3) Business Days after notice of such defect requiring the same to be remedied, shall have been given to the Property Manager or the Special Servicer, as applicable, by any other party hereto or an Insurer, and otherwise, 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Property Manager or the Special, as applicable, by any other party hereto or by an Insurer; or

 

  (ix) the Issuers or the Indenture Trustee has received notice in writing from any applicable Rating Agency citing servicing concerns stating that the continuation of the Property Manager or the Special Servicer in such capacity would be the sole cause of or be a material reason for a downgrade, qualification or withdrawal of any of the ratings then assigned by such Rating Agencies to any Class of Notes, without giving effect to any related Insurance Policy; or

 

  (x) In addition, for so long as Spirit Finance is the Property Manager or Special Servicer, the following Servicer Replacement Events will be applicable:

 

-78-

  (A) either (i) a Change of Control of Spirit Finance has occurred without the prior written consent of the Insurers or (ii) a change of a majority of the members of Spirit Finance’s board of directors without the new directors having been approved by the board of directors that existed immediately prior to the appointment of such new directors;

 

  (B) an Early Amortization Event (if such Early Amortization Event is not waived) or Event of Default has occurred and is continuing;

 

  (C) Spirit Finance shall permit its Net Worth at the end of any fiscal quarter to be less than $400,000,000;

 

  (D) any final judgment in excess of $5,000,000 is entered against Spirit Finance that is not paid, discharged, bonded or stayed within 60 days; or

 

  (E) the ratio of Total Indebtedness to Total Assets with respect to Spirit Finance is equal to or greater than 75% as of the end of any fiscal quarter.

When a single entity acts as Property Manager and Special Servicer, a Servicer Replacement Event in one capacity shall constitute a Servicer Replacement Event in each capacity; provided, however, that, subject to Section 6.01(b), the Issuers may (with the consent of the Series 2005-1 Insurer) at their option elect to terminate the Property Manager or the Special Servicer in one or the other capacity rather than both such capacities. Each of the Property Manager and the Special Servicer will notify the Indenture Trustee and the Insurers in writing of the occurrence of a Servicer Replacement Event or an event that, with the giving of notice or the expiration of any cure period, or both, would constitute a Servicer Replacement Event promptly upon obtaining knowledge thereof.

(b) (i) If any Servicer Replacement Event with respect to the Property Manager or the Special Servicer (in either case, for purposes of this Section 6.01(b), the “Defaulting Party”) shall occur and be continuing, then, and in each and every such case, so long as the Servicer Replacement Event shall not have been remedied, the Issuers (i) may, with the consent of the Series 2005-1 Insurer (and shall at the direction of the Series 2005-1 Insurer), (x) terminate the Defaulting Party by notice in writing to the Defaulting Party (with a copy of such notice to each other party hereto) and (y) terminate all of the rights and obligations accruing from and after such notice of the Defaulting Party under this Agreement and in and to the Collateral (other than as a holder of any Note or LLC Interest). In addition, upon the occurrence of a Servicer Replacement Event, the Indenture Trustee may (with the consent of the Requisite Global Majority), and shall at the direction of the Requisite Global Majority, terminate the Property Manager and/or Special Servicer, as applicable. In addition, the Series 2005-1 Insurer shall be entitled to terminate the rights and obligations of the Property Manager and/or the Special Servicer under this Agreement, upon 30 Business Days’ written notice to the Property Manager, the Special Servicer and the Indenture Trustee. Following any such termination, the Back-up Manager shall serve as Property Manager and/or Special Servicer, as

 

-79-

applicable, subject to and in accordance with Section 6.02(b) and, the Issuers may appoint a successor property manager (the “Successor Property Manager”) and/or a successor special servicer (the “Successor Special Servicer”) in accordance with Section 6.01(b)(iii), each of which shall serve as and have all the rights and obligations of the Property Manager of the Special Servicer, as applicable.

(ii) Any such appointment of a Successor Property Manager or Successor Special Servicer will be subject to, among other things, (i) the satisfaction of the Rating Condition, (ii) the Series 2005-1 Insurer’s prior written consent and (iii) the written agreement of the Successor Property Manager or Successor Special Servicer to be bound by the terms and conditions of this Agreement, together with an Opinion of Counsel regarding the enforceability of such agreement Subject to the foregoing, any person, including any holder of Notes or LLC Interests or any Affiliate thereof, may be appointed as Successor Property Manager or Successor Special Servicer.

(iii) . In the event that a Successor Property Manager or Successor Special Servicer has failed to assume the responsibilities of the Property Manager or Special Servicer as provided in this Agreement within 30 days of written notice of termination to the Defaulting Party (the “Successor Replacement Date”), the Back-Up Manager shall be the Property Manager or the Special Servicer, as applicable under this Agreement; provided, however, that the issuers shall have the right to replace the Back-Up Manager acting as Property Manager or Special Servicer without cause upon 30 days written notice, subject to the Series 2005-1 Insurer’s written consent.

(iv) Each of the Property Manager and the Special Servicer agrees that, if it is terminated pursuant to this Section 6.0 l(b), it shall promptly (and in any event not later than ten (10) Business Days prior to the effective date of such termination) provide the Back-Up Manager or any Successor Property Manager or Successor Special Servicer, as applicable, with all documents and records in accordance with Section 6.02(b) and shall cooperate with such successor in effecting the termination of the responsibilities and rights of the Property Manager or Special Servicer hereunder, including the transfer within two (2) Business Days after receipt by the terminated Property Manager or Special Servicer to the Back-Up Manager or any Successor Property Manager for administration by it of all cash amounts that shall at the time be or should have been credited to the Collection Account, the Release Account or any Servicing Account or thereafter be received by or on behalf of it with respect to any Mortgage Loan, Lease or Mortgaged Property; provided, however, that the Property Manager and the Special Servicer each shall, if terminated pursuant to this Section 6.01(b), continue to be obligated for or entitled to pay or receive all amounts accrued or owing by or to it under this Agreement on or prior to the date of such termination, whether in respect of Property Protection Advances or otherwise, and it and its directors, officers, employees and agents shall continue to be entitled to the benefits of Section 5.03(a) notwithstanding any such termination.

Section 6.02. Back-Up Manager.

(a) Following the Successor Replacement Date with respect to the Property Manager, the Property Manager shall arrange for the delivery to the Back-Up Manager of all of the Servicing Files, which Servicing Files shall contain sufficient data to permit the Back-Up Manager to assume the duties of the Property Manager or Special Servicer hereunder without

 

-80-

delay on account of the absence of relevant servicing information. Following the Successor Replacement Date with respect to the Special Servicer, the Property Manager or the Special Servicer, as applicable, shall arrange for the delivery to the Back-Up Manager of each of the Servicing Files for any Specially Serviced Asset, which Servicing Files shall contain sufficient data to permit the Back-Up Manager to assume the duties of the Special Servicer hereunder without delay on account of the absence of relevant servicing information.

(b) Following the Successor Replacement Date, the Back-Up Manager shall use reasonable efforts to diligently complete the physical transfer of servicing from the terminated Property Manager or Special Servicer with the cooperation of such Defaulting Party. From and after the date physical transfer of servicing is completed (the “Back-Up Servicing Transfer Date”), the Back-Up Manager shall service and/or specially service the Mortgage Loans and Leases in accordance with the provisions of this Agreement with all the rights and obligations of the Property Manager and the Special Servicer and shall have no liability or responsibility with respect to any obligations of each Defaulting Party, arising prior to the Transfer Date. The Issuers, if they determine in their reasonable discretion that enforcement rights and/or remedies are available to the holders of the Notes against the terminated Property Manager or Special Servicer and it is prudent under the circumstances to enforce such rights, agree to enforce their rights under this Agreement against the terminated Property Manager or Special Servicer, including any rights they have to enforce each Defaulting Party’s obligation to fully cooperate in the orderly transfer and transition of servicing and otherwise comply with the terms of this Agreement. In the event that the Back-Up Manager discovers or becomes aware of any errors in any records or data of each Defaulting Party’s which impairs its ability to perform its duties hereunder, the Back-Up Manager shall notify the Issuers, each Insurer and the Indenture Trustee in writing of such errors and shall, at each Defaulting Party’s expense and upon the Issuers’ direction, undertake to correct or reconstruct such records or data.

(c) From and after the date of this Agreement until the Back-Up Servicing Transfer Date, the Property Manager shall provide or cause to be provided to the Back-Up Manager on the 20th day of each month, in electronic form, a complete data tape of the Mortgage Loan Schedule, the Mortgaged Property Schedule and such other information as any Issuer or any Insurer may reasonably deem necessary, including all information necessary to determine the Release Price and original purchase price paid by, Originator, and shall make available to the Back-Up Manager a copy of the Determination Date Report and any Special Servicer Report. The Back-Up Manager will perform an initial comprehensive data integrity review and a monthly review of this information to determine whether it provides adequate information to enable the Back-Up Manager to perform its obligations hereunder as the Back- Up Manager. To the extent that the Back-Up Manager determines within ten (10) calendar days of its receipt of such information that such information is adequate for the Back-Up Manager to perform its obligations as the Back-Up Manager, the Back-Up Manager will provide the Issuers and the Indenture Trustee with written notice to that effect. To the extent that the Back-Up Manager determines within ten (10) calendar days of its receipt of such information that such information is inadequate for the Back-Up Manager to perform its obligations as the Back-Up Manager, the Back-Up Manager will provide prompt written notice to the Issuers, each Insurer and the Property Manager identifying any deficiencies in such information that do not enable the Back-Up Manager to perform its obligations as the Back-Up Manager. The Property

 

-81-

Manager shall use its best efforts to provide any such deficient information to the Back-Up Manager within ten (10) calendar days of receipt of such notice from the Back-Up Manager.

(d) Within ten (10) Business Days of the date of receipt from the Property Manager, the Back-Up Manager shall, in order to understand the purpose of each data field (and the interrelationships among such data fields), review the form of Determination Date Report, the Special Servicer Report and the Modified Collateral Detail and Realized Loss Report, each in the form agreed to by the Property Manager, the Series 2005-1 Insurer and the Back-Up Manager. Provided the data in the Determination Date Report, the Special Servicer Report and the Modified Collateral Detail and Realized Loss Report are in a format readable by the Back- Up Manager, the Back-Up Manager shall create a set of conversion routines and database mapping programs, as necessary, that will enable the Back-Up Manager to (i) receive such data from the Property Manager on a monthly basis and to ensure that the data is readable, and (ii) independently generate such Determination Date Reports and Special Servicer Reports, as applicable, following the Back-Up Servicing Transfer Date.

(e) On a monthly basis, the Back-Up Manager shall (x) verify receipt of the Determination Date Report and the Special Servicer Report required to be delivered by the Property Manager, together with any other records and data supplied to the Issuers, Insurers, Indenture-Trustee, or otherwise hereunder, by Property Manager with respect to the Mortgage Loans and Leases, and (y) verify that such records and data are in a readable format.

(f) The Back-Up Manager may resign from its obligations under this Agreement (i) with the consent of the Requisite Global Majority, (ii) upon a determination that such obligations are no longer permitted under applicable law or (iii) if the Back-Up Manager identifies a successor back-up manager who agrees to undertake the obligations of the Back-Up Manager under this Agreement and receives the written consent of the Series 2005-1 Insurer and written confirmation of satisfaction of the Rating Condition.

Section 6.03. Additional Remedies of the Issuers and the Indenture Trustee upon a Servicer Replacement Event.

During the continuance of any Servicer Replacement Event, so long as such Servicer Replacement Event shall not have been remedied, in addition to the rights specified in Section 6.01, the Issuers shall have the right, and the Indenture Trustee shall have the right, in its own name and as trustee of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Insurers, the holders of the LLC Interests and the Notes (including the institution and prosecution of all judicial, administrative and other proceedings and the filings of proofs of claim and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Replacement Event.

 

-82-

ARTICLE VII

TRANSFERS AND EXCHANGES OF MORTGAGED PROPERTIES AND MORTGAGE

LOANS BY THE APPLICABLE ISSUERS; RELEASE OF MORTGAGED PROPERTIES

AND MORTGAGE LOANS BY THE APPLICABLE ISSUERS.

Section 7.01. Released Mortgage Loans and Released Mortgaged Properties.

(a) The applicable Issuers may obtain the release (the “Release”) of Mortgage Loans or Mortgaged Properties (any such Mortgage Loan or Mortgaged Property, a “Released Mortgage Loan” or “Released Mortgaged Property” as applicable) in connection with (i) the exercise of a Third Party Purchase Option, (ii) the purchase or substitution of a Delinquent Asset or Defaulted Asset by the Special Servicer or the Property Manager or any assignee thereof, (iii) the repurchase or substitution of a Mortgage Loan or Mortgaged Property by the related Originator or Support Provider due to a Collateral Defect, (iv) the sale of a Mortgage Loan or Mortgaged Property to a third party or to a Spirit SPE or (v) the exchange of a Mortgage Loan or Mortgaged Property with a third party, the Support Provider or a Spirit SPE; provided, however, that in no event shall the applicable Issuer obtain any such release unless, after giving effect to any such Release and any resulting changes to the Collateral Pool, the Indenture Trustee shall have received an Opinion of Counsel to the effect that, for U.S. federal income tax purposes, no tax gain or loss will be recognized by any Noteholder or any Issuer with respect to any outstanding Series solely as a result of such Release and the resulting changes in the Collateral Pool (the “Tax Required Condition”). In addition, without the consent of the Series 2005-1 Insurer and at least 20 days’ prior written notice to the Rating Agencies, no Mortgage Loan or Mortgaged Property shall constitute a Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property, as applicable, unless, after giving effect to the transfer of such Mortgage Loan or Mortgaged Property to the applicable Issuer in exchange for a Released Mortgage Loan or Released Mortgaged Property, as applicable, either (i) no Property Concentration shall exceed the applicable Maximum Property Concentration, or (ii) if any Property Concentration on the date of such substitution exceeds the related Maximum Property Concentration, such Property Concentration shall be reduced or remain unchanged after giving effect to such substitution.

(b) Except in connection with the release of a Mortgage Loan or a Mortgaged Property in exchange for a Qualified Substitute Mortgage Loan or a Qualified Substitute Mortgaged Property, the applicable Issuer will be required to obtain the applicable Release Price in order to obtain the Release of a Mortgage Loan or Mortgaged Property. The “Release Price” for any Mortgage Loan or Mortgaged Property will be an amount equal to (i) the Third Party Option Price if the release occurs in connection with any Third Party Purchase Option, (ii) the Fair Market Value with respect to any Delinquent Asset or Defaulted Asset purchased by the Special Servicer or the Property Manager or any assignee thereof (provided, that the Fair Market Value is equal to or greater than the Allocated Collateral Amount thereof), (iii) the Payoff Amount with respect to any Mortgage Loan or Mortgaged Property repurchased by the related Originator or the Support Provider due to a Collateral Defect, (iv) the greater of (A) the Fair Market Value and (B) the sum of 125% of the Allocated Collateral Amount plus

 

-83-

unreimbursed Property Protection Advances (plus Advance Interest thereon) and Emergency Property Expenses for any Mortgage Loan or Mortgaged Property sold to a third party or a Spirit SPE or (v) the Fair Market Value of any Mortgage Loan or Mortgaged Property, as applicable, if the Property Manager or the Special Servicer deems the release and sale of such Mortgage Loan or Mortgaged Property to be in the best interest of the Noteholders and the Series 2005-1 Insurer gives its prior written consent (such consent not to be unreasonably withheld) to the release and sale of such Mortgage Loan or Mortgaged Property. In determining the Fair Market Value, the Property Manager or the Special Servicer, as applicable, shall establish a price determined to be the most probable price which such Mortgage Loan or Mortgaged Property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. In making any such determination, the Property Manager or Special Servicer may obtain an MAI appraisal of the related Mortgaged Property and shall assume the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (i) buyer and seller are typically motivated; (ii) both parties are well informed or well advised, and acting in what they consider their best interests; (iii) a reasonable time is allowed for exposure in the open market; (iv) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (v) the price represents the normal consideration for such Mortgage Loan or Mortgaged Property unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. The Property Manager or Special Servicer shall take into account, among other factors, the period and amount of the delinquency on such Mortgage Loan or Lease, the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, and the time and expense associated with a purchaser foreclosing on the related Mortgaged Property. In addition, the Property Manager or the Special Servicer, as applicable, shall refer to all other relevant information obtained by it or otherwise contained in the Servicing File, taking into account any change in circumstances regarding the related Mortgaged Property known to the Property Manager or the Special Servicer, as applicable, that would materially affect the value of the related Mortgaged Property reflected in the most recent appraisal. Furthermore, the Property Manager or the Special Servicer, as applicable, may consider objective third party information obtained from generally available sources, as well as information obtained from vendors providing real estate services to the Property Manager or the Special Servicer, as applicable, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Property Manager or the Special Servicer, as applicable, may also conclusively rely on any opinions or reports of qualified independent experts in real estate or commercial mortgage loan matters. All reasonable out-of-pocket costs and expenses incurred by the Property Manager or the Special Servicer, as applicable, pursuant to making a determination of Fair Market Value shall constitute, and be reimbursable as, Property Protection Advances.

(c) Any Release Price (plus sales proceeds in excess thereof (any such excess amount, a “Purchase Premium”)) received by the applicable Issuer in connection with the release of a Mortgage Loan or Mortgaged Property shall first be deposited into the Release Account and, after payment of any unreimbursed Extraordinary Expenses, Property Protection Advances (plus Advance Interest thereon) and Emergency Protection Expenses related to such

 

-84-

Mortgage Loan or Mortgaged Property and the expenses related to such Release pursuant to Section 3.11(e), shall either (i) be applied by such Issuer to acquire a Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property, as applicable, within twelve months following the related Release or (ii) subsequently be deposited as Unscheduled Proceeds into the Collection Account to be paid as Unscheduled Principal Payments on the related Payment Date. Any amounts remaining in the Release Account, related to such a Release and following such twelve month period will be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the following Payment Date. Notwithstanding the foregoing, during the continuance of an Early Amortization Event, all amounts on deposit in the Release Account will be transferred as Unscheduled Proceeds into the Collection Account and applied as Unscheduled Principal Payments on the following Payment Date.

Section 7.02. Third Party Purchase Options; Release of Mortgaged Properties to Affiliates under Defaulted or Delinquent Assets; Other Sales or Exchanges.

(a) In the event any third party authorized to do so exercises a Third Party Purchase Option in accordance with the terms of the applicable Lease, the Third Party Option Price paid by such third party shall be deposited into the Release Account, at the direction of the Property Manager, and upon receipt of an Officer’s Certificate from the Property Manager to the effect that such deposit has been made (which the Property Manager shall deliver to the Indenture Trustee, each Insurer and the Issuers promptly after such deposit is made), the Indenture Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, as shall be provided to it by the Property Manager and are reasonably necessary to release the related Mortgage or any other lien on or security interest in such Mortgaged Property (each, a “Third Party Option Mortgaged Property”); provided, however, that the Tax Required Condition is met. Each of the applicable Issuers and the Property Manager hereby covenant and agree that they shall not solicit any Person to exercise any Third Party Purchase Option.

(b) A Mortgaged Property leased under any Delinquent Asset or any Defaulted Asset, or a Mortgage Loan secured by such a Mortgaged Property, may at the option of the Property Manager or Special Servicer be (a) purchased by the Special Servicer or the Property Manager or any assignee thereof for cash in an amount equal to the applicable Release Price, or (b) substituted for one or more Qualified Substitute Mortgaged Properties or Qualified Substitute Mortgage Loans owned by the Special Servicer, the Property Manager or any assignee thereof; provided, that no Early Amortization Event has occurred and is continuing or would occur as a result of such purchase or substitution; provided, further, that the Tax Required Condition is met. With respect to any Lease that is a Defaulted Asset, if such Lease has not been assumed and the related Mortgaged Property has not been sold or re-leased within 24 months of such Defaulted Asset becoming a Specially Serviced Asset, the Series 2005-1 Insurer may, upon written notice and subject to the Tax Required Condition, require the Property Manager or Special Servicer to sell such Mortgaged Property.

(c) The applicable Issuer may (i) sell any of its Mortgage Loans or Mortgaged Properties and related Leases for cash equal to any amount not less than the applicable Release

 

-85-

Price or (ii) exchange such Mortgage Loan or Mortgaged Property for one or more Qualified Substitute Mortgage Loans or Qualified Substitute Mortgaged Properties, as applicable, in each case in a transaction with a third party or a Spirit SPE; provided, however, that the Tax Required Condition is met (as evidenced by an Opinion of Counsel) and that any Spirit SPE purchasing such Mortgage Loan or Mortgaged Property may not thereafter transfer or sell such Mortgage Loan or Mortgaged Property to the Support Provider or any Affiliate thereof that was a prior owner of such Mortgage Loan or Mortgaged Property without the receipt of a favorable Opinion of Counsel.

Section 7.03. Transfer of Lease to New Mortgaged Property.

In the event a Tenant under a Lease requests that such Lease be modified to apply to a property (owned by such Tenant or an Affiliate thereof) other than the related Mortgaged Property, the substitute property will be acquired by the applicable Issuer (with the consent of the Property Manager or Special Servicer, as applicable) from such Tenant or Affiliate thereof in exchange for the original Mortgaged Property (each such original Mortgaged Property, a “Lease Transfer Mortgaged Property”) and such substitute property will be mortgaged to the Indenture Trustee; provided, however, that none of the applicable Issuer, the Property Manager or the Special Servicer shall consent to the substitution of a Lease Transfer Mortgaged Property unless (i) the substituted property is a Qualified Substitute Mortgaged Property, (ii) the Property Manager or Back-up Manager is reimbursed for all Property Protection Advances and Emergency Property Expenses related to the Lease Transfer Mortgaged Property pursuant to Section 3.11(e) and (iii) the Tax Required Condition is met. Upon the Indenture Trustee’s receipt of an Officer’s Certificate from the Property Manager to the effect that such modification or substitution has been completed in accordance with the terms hereof (which shall include a certification that the applicable Issuer has executed and delivered a Mortgage with respect thereto to the Indenture Trustee), the Indenture Trustee shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse, as shall be provided to it by such Issuer and are reasonably necessary to release any lien or security interest in the Lease Transfer Mortgaged Property, whereupon such Lease Transfer Mortgaged Property may be sold, transferred or otherwise disposed of by such Issuer, free and clear of the lien of the Indenture and any Mortgage. Any proceeds of such sale, transfer or other disposition shall not constitute part of the Collateral and shall not be deposited in the Collection Account or the Release Account.

ARTICLE VIII

TERMINATION

Section 8.01. Termination Upon Repurchase or Liquidation of All Mortgaged Properties or Discharge of Indenture.

The respective obligations and responsibilities under this Agreement of the Property Manager, the Special Servicer, the Back-Up Manager and the Issuers shall terminate upon the earlier of (i) liquidation or final payment under the last remaining Mortgage Loan or

 

-86-

Lease with respect to a Mortgaged Property included in the Collateral Pool and (ii) satisfaction of the indebtedness evidenced by the Notes and all amounts owed to the Insurers.

ARTICLE IX

MISCELLANEOUS PROVISIONS

Section 9.01. Amendment.

Subject to the provisions of Article VIII of the Indenture governing amendments, supplements and other modifications to this Agreement, this Agreement may be amended by the parties hereto from time to time but only by the mutual written agreement signed by the parties hereto with the prior written consent of the Series 2005-1 Insurer and 20 days’ prior written notice to the Rating Agencies. The Property Manager shall furnish to each party hereto and to the Issuers a fully executed counterpart of each amendment to this Agreement.

The parties hereto agree that no modifications or amendments will be made to the Indenture, any Series Supplement or other Transaction Documents without the consent of the Property Manager, the Special Servicer or the Back-up Manager, as applicable, if such person would be materially adversely affected by such modification or amendment, regardless of whether such person is a party to such agreement.

Section 9.02. Counterparts.

This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute but one and the same instrument.

Section 9.03. GOVERNING LAW.

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 9.04. Notices.

All notices, requests and other communications hereunder shall be in writing and, unless otherwise provided herein, shall be deemed to have been duly given if delivered by courier or mailed by first class mail, postage prepaid, or if transmitted by facsimile and confirmed in a writing delivered or mailed as aforesaid, to:

(a) in the case of the Property Manager and the Special Servicer, Spirit Finance Corporation, ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Chief Financial Officer, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇, with a

 

-87-

copy to ▇▇▇▇▇ ▇▇▇▇ LLP, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇ ▇. ▇▇▇▇▇▇, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇;

(b) in the case of the Back-Up Manager, Midland Loan Services, Inc., ▇.▇. ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, Attention: President, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇, with a copy to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ LLP, ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇, facsimile number ▇▇▇-▇▇▇-▇▇▇▇;

(c) in the case of the Issuers: Spirit Master Funding, LLC, 14631 ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Chief Financial Officer, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇, with a copy to ▇▇▇▇▇ ▇▇▇▇ LLP, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇ ▇. ▇▇▇▇▇▇, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇; or to the name and contact information of each Joining Party as provided in the applicable Joinder Agreement;

(d) in the case of the Indenture Trustee, Citibank, N.A., ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Structured Finance Agency and Trust-Spirit Master Funding, LLC, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇;

(e) in the case of each Insurer, at its address for notices specified in the Indenture;

(f) in the case of any Originator, at its address for notices specified in the related Purchase and Sale Agreement; provided, however, that any notice required to be given hereunder to any Originator which has ceased to exist as a legal entity for any reason may be given directly to the Support Provider;

(g) in the case of the Support Provider, at its address for notices specified in the Performance Undertakings;

(h) in the case of Moody’s, ▇▇▇▇▇’▇ Investors Service, Inc., ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Asset-Backed Monitoring, facsimile number: ▇▇▇-▇▇▇-▇▇▇▇; and

(i) in the case of S&P, Standard & Poor’s Rating Services, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: Asset-Backed Surveillance Department, facsimile number: 212-438-2435;

or, as to each such Person, to such other address and facsimile number as shall be designated by such Person in a written notice to parties hereto. Any notice required or permitted to be delivered to a holder of LLC Interests or Notes shall be deemed to have been duly given if mailed by first class mail, postage prepaid, at the address of such holder as shown in the register maintained for such purposes under the applicable LLC Agreement and the Indenture, respectively. Any notice so mailed within the time prescribed in this Agreement shall conclusively be presumed to have been duly given, whether or not such holder receives such notice.

 

-88-

Section 9.05. Severability of Provisions.

If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

Section 9.06. Effect of Headings and Table of Contents.

The article and section headings and the table of contents herein are for convenience of reference only and shall not limit or otherwise affect the construction hereof.

Section 9.07. Notices to Insurers and Rating Agencies.

(a) The Indenture Trustee shall promptly provide notice to the Insurers and the Rating Agencies with respect to each of the following of which the Indenture Trustee has actual knowledge:

 

  (i) the occurrence of any Servicer Replacement Event that has not been cured; and

 

  (ii) the resignation or termination of the Property Manager or the Special Servicer and the appointment of a successor.

(b) The Property Manager shall promptly provide notice to the Insurers and the Rating Agencies with respect to each of the following of which it has actual knowledge:

 

  (i) the resignation or removal of the Indenture Trustee and the appointment of a successor;

 

  (ii) any change in the location of the Collection Account or the Release Account;

 

  (iii) any change in the identity of an Obligor; and

 

  (iv) any addition or removal of a Mortgage Loan or Mortgaged Property from the Collateral.

(c) Each of the Property Manager and the Special Servicer, as the case may be, shall furnish each Rating Agency and the Insurers such information with respect to the Mortgage Loans, Leases and Mortgaged Properties as such Rating Agency or the Insurers shall reasonably request and that the Property Manager or the Special Servicer, as the case may be, can reasonably provide.

(d) Each of the Property Manager and the Special Servicer, as the case may be, shall promptly furnish the Insurers with copies of the following items:

 

-89-

  (i) each of its annual statements as to compliance described in Section 3.13;

 

  (ii) each of its annual independent registered public accounting firm’s servicing reports described in Section 3.14; and

 

  (iii) each report prepared by it pursuant to Section 3.12 or Section 4.01.

(e) Any Officer’s Certificate, Opinion of Counsel, report, notice, request or other material communication prepared by the Property Manager, the Special Servicer, the Issuer Members on behalf of each Issuer or the Indenture Trustee, or caused to be so prepared, for dissemination to any of the parties to this Agreement or any holder of Notes or LLC Interests shall also be concurrently forwarded by such Person to Spirit Finance, the Issuers, the Initial Purchasers and the Insurers to the extent not otherwise required to be so forwarded.

Section 9.08. Successors and Assigns: Beneficiaries.

The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Issuers, the Insurers and the holders of the Notes. No other person, including any Obligor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement. Each Insurer is an intended third party beneficiary of this Agreement and will have the right to enforce this Agreement as if it were a party hereto.

Section 9.09. Complete Agreement.

This Agreement embodies the complete agreement among the parties with respect to the subject matter hereof and may not be varied or terminated except by a written agreement conforming to the provisions of Section 8.01 or Section 9.01, as applicable. All prior negotiations or representations of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

Section 9.10. Certain Rights of Insurers; Insurer Default.

(a) If an Insurer Default has occurred and is continuing, any provision giving the related Insurer the right to direct, appoint or consent to, approve of, or take any action (or waive any right to take action) under this Agreement, shall be inoperative; provided, however, that upon the cure of any such Insurer Default, such rights shall be reinstated.

(b) So long as no Insurer Default shall have occurred and be continuing, the related Insurer shall have the right to exercise all voting and consent rights otherwise granted to the Noteholders in this Agreement and any other Transaction Document, subject to Section 8.02 of the Indenture.

Section 9.11. Consent to Jurisdiction

Any action or proceeding against any of the parties hereto relating in any way to this Agreement may be brought and enforced in the courts of the State of New York sitting in the borough of Manhattan or of the United States District Court for the Southern District of New

 

-90-

York and each of the parties hereto irrevocably submits to the jurisdiction of each such court in respect of any such action or proceeding. Each of the parties hereto hereby waives, to the fullest extent permitted by law, any right to remove any such action or proceeding by reason of improper venue or inconvenient forum.

Section 9.12. No Proceedings.

Each of the Property Manager and the Special Servicer hereby agrees that it shall not institute against, or join any other person or entity in instituting against, any of the Issuers, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceedings under any federal or state bankruptcy or similar law (including the U.S. Bankruptcy Code), for two years and 31 days after the last Note issued by the Issuers is paid in full. The agreements in this paragraph shall survive termination of this Agreement.

 

-91-

IN WITNESS WHEREOF, Spirit Master Funding, LLC, the Property Manager, the Special Servicer and the Back-Up Manager have caused this Agreement to be duly executed by their respective officers or representatives all as of the day and year first above written.

 

SPIRIT MASTER FUNDING, LLC, as an Issuer
  By:  

/s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇

    Name: ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
    Title: Chief Financial Officer

SPIRIT FINANCE CORPORATION,

as Property Manager and Special Servicer

  By:  

/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇

    Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
    Title: Senior Vice President
MIDLAND LOAN SERVICES, INC.
  as Back-Up Manager
  By:  

/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇

    Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
    Title: Senior Vice President

Signature Page to Property Management and Servicing Agreement

STATE OF ARIZONA    )     
   )    ss.:
COUNTY OF MARICOPA    )   

On the 13 day of March, 2006, before me, a notary public in and for said State, personally appeared ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, known to me to be the CFO of SPIRIT MASTER FUNDING, LLC, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

/s/  ▇▇▇▇▇▇ ▇▇▇. ▇. ▇▇▇▇▇▇▇

Notary Public

[Notarial Seal]

 

STATE OF ARIZONA    )     
   )    SS.:
COUNTY OF MARICOPA    )   

On the 13 day of March, 2006, before me, a notary public in and for said State, personally appeared ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇, known to me to be the Senior Vice President of SPIRIT FINANCE CORPORATION, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

/s/  ▇▇▇▇▇▇ ▇▇▇. ▇. ▇▇▇▇▇▇▇

Notary Public

[Notarial Seal]

 

STATE OF KANSAS    )   
   )    ss.:

COUNTY OF ▇▇▇▇▇▇▇

    )   

On the 13th day of March, 2006, before me, a notary public in and for said State, personally appeared ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, known to me to be a Senior Vice President of MIDLAND LOAN SERVICES, INC., one of the entities that executed the within instrument, and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed the within instrument.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

/s/  ▇▇▇▇▇ ▇▇▇▇▇▇

Notary Public

EXHIBIT A-l

MORTGAGED PROPERTY SCHEDULE

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Flying J. Inc.    Flying J Travel Plaza    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000892    Flying J. Inc.    Flying J Travel Plaza    ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000893    Flying J. Inc.    Flying J Travel Plaza    5300 S SR 3    Spiceland    IN    47385
P0000894    Flying J. Inc.    Flying J Travel Plaza    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000895    America’s Power Sports    KC’s Powersports    ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000896    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000897    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000898    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000899    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000900    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000901    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000902    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ [▇▇▇▇▇▇▇▇▇]    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000903    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    Bamhill’s Buffet    ▇▇▇▇ ▇▇ ▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000904    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000905    Hastings Entertainment, Inc.    Hastings    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000906    AMC Entertainment, Inc.    AMC Theatre    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000907    Pike Holding Nursery LLC    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000908    Pike Holding Nursery LLC    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000909    Pike Holding Nursery LLC    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000910    Pike Holding Nursery LLC    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000911    Pike Holding Nursery LLC    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000912    Pike Holding Nursery LLC    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000913    Grand Canyon University    Grand Canyon University    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇.    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000300    NPC International, Inc.    Pizza Hut    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000301    NPC International, Inc.    Pizza Hut    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000302    NPC International, Inc.    Pizza Hut    ▇▇▇ ▇ ▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000303    NPC International, Inc.    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000304    NPC International, Inc.    Pizza Hut    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000305    NPC International, Inc.    Pizza Hut    ▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000306    Skyline Chili, Inc.    Skyline Chili    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000309    Carrols Corporation    Burger King    ▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000310    Carrols Corporation    Burger King    ▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇    ▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000311    Carrols Corporation    Burger King    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000312    Carrols Corporation    Burger King    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000313    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000315    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000316    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000317    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000318    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000319    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000323    Mexican Restaurants    Casa Mexico    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000324    Banyan, Inc.    Grandy’s    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000326    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000327    Burger King Corporation    Burger King    ▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000328    Burger King Corporation    Burger King    ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000329    Burger King Corporation    Burger King    ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000330    R & L Foods, LLC    Wendy’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000331    Pennant Foods    Wendy’s    ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000332    Pennant Foods    Wendy’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000336    ▇▇▇▇▇▇ & ▇▇▇▇▇▇ Investme [ILLEGIBLE]    Whataburger    Loop 323 N of Highway 3I    Tyler    TX    0
P0000338    Tacala, L.L.C.    Taco ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000349    Skyline Chili, Inc.    Skyline Chili    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000350    Interfoods of America, Inc.    Popeye’s    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000351    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000354    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000355    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000356    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000357    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇ ▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000358    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000359    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000360    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000361    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000362    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000363    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000364    Fuddruckers, Inc.    Fuddruckers    ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000365    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇ ▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000366    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000367    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000368    Fuddruckers, Inc.    Fuddruckers    ▇▇▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇

Property ID

   

Obligor

   

▇▇▇▇▇▇▇

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000370    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000371    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000372    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000373    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000374    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000375    Fuddruckers, Inc.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000378    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000379    Pennant Foods    Wendy’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000380    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000381    NPC International, Inc.    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000914    ▇▇▇▇▇▇▇▇▇ Theatres, Inc.    ▇▇▇▇▇▇▇▇▇ Theaters    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000915    ▇▇▇▇▇▇▇▇▇ Theatres, Inc.    ▇▇▇▇▇▇▇▇▇ Theaters    ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000916    Hastings Entertainment, Inc.    Hastings    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000919    Ferrellgas, L.P    Blue Rhino    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000390    Famous Dave’s of America    Famous Dave’s    ▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000391    Famous Dave’s of America    Famous Dave’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000392    Famous Dave’s of America    Famous Dave’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇    ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000393    Friendly’s Ice Cream [ILLEGIBLE]    Friendly’s Ice Cream    ▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000394    Friendly’s Ice Cream [ILLEGIBLE]    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000395    Friendly’s Ice Cream [ILLEGIBLE]    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000396    Friendly’s Ice Cream [ILLEGIBLE]    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000397    Friendly’s Ice Cream [ILLEGIBLE]    Friendly’s Ice Cream    ▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000398    Friendly’s Ice Cream [ILLEGIBLE]    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000399    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000400    Interfoods of America, Inc.    Popeye’s    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000401    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000402    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000403    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000404    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000405    Interfoods of America, Inc.    Popeye’s    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000406    Interfoods of America, Inc.    Popeye’s    ▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000408    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000409    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000410    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000412    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000415    1st University Credit Union    Other    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000416    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000417    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000418    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000419    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000420    Checker’s Drive-In [ILLEGIBLE]    Rally’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000421    Checker’s Drive-In [ILLEGIBLE]    Rally’s    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000424    Checker’s Drive-In [ILLEGIBLE]    Rally’s    ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000425    Checker’s Drive-In [ILLEGIBLE]    Rally’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000426    Checker’s Drive-In [ILLEGIBLE]    Rally’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000428    Checker’s Drive-In [ILLEGIBLE]    Rally’s    ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000429    Goldco, Inc.    Burger King    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000431    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000432    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000433    Max & Erma’s Restaurants, [ILLEGIBLE]    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000434    QK, Inc.    Denny’s    ▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000436    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000437    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000438    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000439    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000440    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000442    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000443    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000446    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000449    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000450    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000451    Arby’s Restaurant Group    Arby’s    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000453    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000454    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000455    Arby’s Restaurant Group    Arby’s    ▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000456    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000457    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇
P0000459    Interfoods of America, Inc.    Popeye’s    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Gander Mountain Company    Gander Mountain    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000921    Carmike Cinemas, Inc.    Carmike Cinemas    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000922    Humperdink’s Texas, LLC    Humperdink    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000923    Humperdink’s Texas, LLC    Humperdink    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000924    Humperdink’s Texas, LLC    Humperdink    ▇▇▇▇ ▇. ▇▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000925    Humperdink’s Texas, LLC    Humperdink    ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000926    Taco Bueno Restaurants, Inc.    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000927    Taco Bueno Restaurants, Inc.    Taco Bueno    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000928    Taco Bueno Restaurants, Inc.    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000929    Taco Bueno Restaurants, Inc.    Taco Bueno    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000930    Gander Mountain Company    Gander Mountain    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇ ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000931    ▇▇▇▇ & Buster’s, Inc.    ▇▇▇▇ & Buster’s    ▇▇▇▇ ▇ & ▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000932    Hill Country Furniture [ILLEGIBLE]    Ashley Furniture    ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇    ▇▇    ▇▇▇▇▇
P0000933    RBLS, Inc. (a Texas [ILLEGIBLE]    Ashley Furniture    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇    ▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000934    Gander Mountain Company    Gander Mountain    ▇▇▇▇-▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000935    Ferrellgas, L.P    Blue Rhino    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000936    Gander Mountain Company    Gander Mountain    ▇▇▇▇ ▇▇▇▇ ▇▇., ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000937    Sonic Corp.    Sonic    ▇▇▇ ▇ ▇▇▇▇ ▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000938    Sonic Corp.    Sonic    ▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇ ▇▇.    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000939    Sonic Corp.    Sonic    ▇▇▇ ▇▇▇ ▇▇.    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000940    Sonic Corp.    Sonic    ▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇ ▇▇.    ▇▇▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000941    Sonic Corp.    Sonic    ▇▇▇ ▇. ▇▇▇▇ ▇▇.    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000942    Sonic Corp.    Sonic    ▇▇▇ ▇. ▇▇▇▇ ▇▇.    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000943    Sonic Corp.    Sonic    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇.    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000944    Sonic Corp.    Sonic    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000945    Sonic Corp.    Sonic    ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇    ▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000946    Sonic Corp.    Sonic    ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇.    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000947    Sonic Corp.    Sonic    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000948    Sonic Corp.    Sonic    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000949    Sonic Corp.    Sonic    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000950    Sonic Corp.    Sonic    1108 No. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ [ILLEGIBLE]    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000951    ▇▇▇▇▇▇▇▇▇ Theatres, Inc.    ▇▇▇▇▇▇▇▇▇ Theaters    ▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000952    Gander Mountain Company    Gander Mountain    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000953    Rite Aid Corporation    Rite Aid    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000954    Rite Aid Corporation    Rite Aid    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Rite Aid Corporation    Rite Aid    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000956    Rite Aid Corporation    Rite Aid    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000957    Rite Aid Corporation    Rite Aid    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000958    Rite Aid Corporation    Rite Aid    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000959    Rite Aid Corporation    Rite Aid    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000960    Sonic Corp.    Sonic    ▇▇▇▇ ▇ ▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000961    Flying Star Cafe    Flying Star Café    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000962    Flying Star Cafe    Flying Star Café    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000963    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇ ▇▇ ▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000964    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000965    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000966    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000967    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000968    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000969    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000970    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇-▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000971    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇ ▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000972    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000973    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000673    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000675    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000676    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000677    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000678    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000679    Arby’s Restaurant Group    Arby’s    ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000680    Mexican Restaurants    Casa Ole    ▇▇▇▇ ▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000681    Mexican Restaurants    Casa Ole    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000682    Mexican Restaurants    ▇▇▇▇ ▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000683    Mexican Restaurants    Casa Ole    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000685    Mexican Restaurants    Garibaldi’s    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000687    Mexican Restaurants    Monterey’s Tex Mex    ▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000688    Mexican Restaurants    Monterey’s Tex Mex    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000689    Mexican Restaurants    Monterey’s Tex Mex    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000691    Mexican Restaurants    Monterey’s Tex Mex    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000692    Arby’s Restaurant Group    Arby’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇-▇▇▇▇

Property ID

   

Obligor

   

▇▇▇▇▇▇▇

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Rite Aid Corporation    Rite Aid    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000975    Sportsman’s Warehouse    Sportsman’s Warehouse    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000976    Apollo College    Apollo Colleges    ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000977    Apollo College    Apollo Colleges    ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000978    Apollo College    Apollo Colleges    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000979    Apollo College    Apollo Colleges    ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000980    Pilgrim’s Pride Corporation    Pilgrim’s Pride Freezer [ILLEGIBLE]    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000706    Stonebrook Properties LLC    Golden Corral    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000707    Corral of Michigan LLC    Golden Corral    ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000708    Pizza Properties, Ltd    ▇▇▇▇▇ ▇▇▇▇▇ Pizza    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000709    Pizza Properties, Ltd    ▇▇▇▇▇ ▇▇▇▇▇ Pizza    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇    ▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000710    Pizza Properties, Ltd    ▇▇▇▇▇ ▇▇▇▇▇ Pizza    ▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000711    Pizza Properties, Ltd    ▇▇▇▇▇ ▇▇▇▇▇ Pizza    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000730    HOM Furniture, Inc.    HOM Furniture Showrooms    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000731    HOM Furniture, Inc.    HOM Furniture Showrooms    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇    ▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000732    Hastings Entertainment, Inc.    Hastings    ▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000737    Pizza Properties, Ltd    ▇▇▇▇▇ ▇▇▇▇▇ Pizza    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇    ▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000738    Rite Aid Corporation    Rite Aid    ▇▇▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000747    Anvia, Inc.    Ashley Home Center    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000748    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇ ▇ ▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000749    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇ ▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000750    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000751    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000752    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇ ▇▇ ▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000753    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000754    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000755    Sky Ventures, LLC    Pizza Hut    ▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇    ▇▇    ▇▇▇▇▇
P0000756    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000757    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇ ▇▇ ▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000758    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000759    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇ ▇▇▇    ▇▇    ▇▇▇▇▇
P0000760    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000761    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000762    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000763    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Sky Ventures, LLC    ▇▇▇▇▇ ▇▇▇    ▇ ▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000765    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇ ▇▇▇    ▇▇▇ ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000766    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000767    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇▇    ▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000768    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000769    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000770    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000771    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000772    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000773    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇ ▇▇▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000774    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000775    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000776    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000777    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000778    Sky Ventures, LLC    Pizza Hut    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000779    Sky Ventures, LLC    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000780    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇▇▇▇ ▇▇▇ ▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000781    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000782    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000783    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇. ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000784    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000785    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000786    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇    ▇▇. ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000787    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇▇▇ ▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000788    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇. ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000789    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000790    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇. ▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000791    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000792    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000793    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇    ▇▇. ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000794    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000795    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000796    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000797    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000798    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000800    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000801    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000802    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000803    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000804    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000805    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000806    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000807    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000808    Falcon Holdings, LLC    Church’s    ▇▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000809    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000810    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000811    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000812    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇ ▇▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000813    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000814    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000815    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000816    Falcon Holdings, LLC    Church’s    ▇▇▇▇-▇▇ ▇. ▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000817    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000818    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇    ▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000819    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000820    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000821    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000822    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000823    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇    ▇▇▇▇ ▇▇. ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000824    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000825    Falcon Holdings, LLC    Church’s    ▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000826    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000827    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000828    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000829    Falcon Holdings, LLC    Church’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000844    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000845    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000846    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000847    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇    ▇’▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇

Property ID

   

Obligor

   

Concept

   

▇▇▇▇▇▇▇

   

▇▇▇▇

   

▇▇

   

▇▇▇ ▇▇▇▇

▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇ ▇ ▇▇▇▇ ▇▇▇ ▇▇    ▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000849    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000850    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000851    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000852    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000853    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇    ▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇
P0000854    ▇▇▇▇▇▇ Supply, Inc.    ▇▇▇▇▇▇ Supply    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇    ▇▇▇▇▇▇▇▇▇▇    ▇▇    ▇▇▇▇▇

EXHIBIT A-2

MORTGAGE LOAN SCHEDULE

 

A-2

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

E000787    Sky Ventures, LLC    E000787    5812 - Restaurants    Retail .    Restaurants       N
P0000891    Flying J. Inc.    P0000047    5411 - Gas stations/[ILLEGIBLE]    Retail    Truck Stops       N
P0000892    Flying J. Inc.    P0000048    5411 - Gas stations/ [ILLEGIBLE]    Retail    Truck Stops       N
P0000893    Flying J. Inc.    P0000049    5411 - Gas stations/ [ILLEGIBLE]    Retail    Truck Stops       N
P0000894    Flying J. Inc.    P0000050    5411 - Gas stations/ [ILLEGIBLE]    Retail    Truck Stops       N
P0000981    Taco Bueno Restaurants, Inc.    P0000051    5812 - Restaurants    Retail    Restaurants       N
P0000982    Taco Bueno Restaurants, Inc.    P0000052    5812 - Restaurants    Retail    Restaurants       N
P0000983    Taco Bueno Restaurants, Inc.    P0000053    5812 - Restaurants    Retail    Restaurants       N
P0000984    Taco Bueno Restaurants, Inc.    P0000054    5812 - Restaurants    Retail    Restaurants       N
P0000985    Taco Bueno Restaurants, Inc.    P0000055    5812 - Restaurants    Retail    Restaurants       N
P0000986    Taco Bueno Restaurants, Inc.    P0000056    5812 - Restaurants    Retail    Restaurants       N
P0000987    Taco Bueno Restaurants, Inc.    P0000057    5812 - Restaurants    Retail    Restaurants       N
P0000988    Taco Bueno Restaurants, Inc.    P0000058    5812 - Restaurants    Retail    Restaurants       N
P0000989    Taco Bueno Restaurants, Inc.    P0000059    5812 - Restaurants    Retail    Restaurants       N
P0000990    Taco Bueno Restaurants, Inc.    P0000060    5812 - Restaurants    Retail    Restaurants       N
P0000991    Taco Bueno Restaurants, Inc.    P0000061    5812 - Restaurants    Retail    Restaurants       N
P0000992    Taco Bueno Restaurants, Inc.    P0000062    5812 - Restaurants    Retail    Restaurants       N
P0000993    Taco Bueno Restaurants, Inc.    P0000063    5812 - Restaurants    Retail    Restaurants       N
P0000994    Taco Bueno Restaurants, Inc.    P0000064    5812 - Restaurants    Retail    Restaurants       N
P0000995    Taco Bueno Restaurants, Inc.    P0000065    5812 - Restaurants    Retail    Restaurants       N
P0000996    Taco Bueno Restaurants, Inc.    P0000066    5812 - Restaurants    Retail    Restaurants       N
P0000997    Taco Bueno Restaurants, Inc.    P0000067    5812 - Restaurants    Retail    Restaurants       N
P0000998    Taco Bueno Restaurants, Inc.    P0000068    5812 - Restaurants    Retail    Restaurants       N
P0000999    Taco Bueno Restaurants, Inc.    P0000069    5812 - Restaurants    Retail    Restaurants       N
P0001000    Taco Bueno Restaurants, Inc.    P0000070    5812 - Restaurants    Retail    Restaurants       N
P0001001    Taco Bueno Restaurants, Inc.    P0000071    5812 - Restaurants    Retail    Restaurants       N
P0001002    Taco Bueno Restaurants, Inc.    P0000072    5812 - Restaurants    Retail    Restaurants       N
P0001003    Taco Bueno Restaurants, Inc.    P0000073    5812 - Restaurants    Retail    Restaurants       N
P0001004    Taco Bueno Restaurants, Inc.    P0000074    5812 - Restaurants    Retail    Restaurants       N
P0001005    Taco Bueno Restaurants, Inc.    P0000075    5812 - Restaurants    Retail    Restaurants       N
P0001006    Taco Bueno Restaurants, Inc.    P0000076    5812 - Restaurants    Retail    Restaurants       N
P0001007    Taco Bueno Restaurants, Inc.    P0000077    5812 - Restaurants    Retail    Restaurants       N
P0001008    Taco Bueno Restaurants, Inc.    P0000078    5812 - Restaurants    Retail    Restaurants       N
P0001009    Taco Bueno Restaurants, Inc.    P0000079    5812 - Restaurants    Retail    Restaurants       N
P0001010    Taco Bueno Restaurants, Inc.    P0000080    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

P0001011    Taco Bueno Restaurants, Inc.    P0000081    5812 - Restaurants    Retail    Restaurants       N
P0001012    Taco Bueno Restaurants, Inc.    P0000082    5812 - Restaurants    Retail    Restaurants       N
P0001013    Taco Bueno Restaurants, Inc.    P0000083    5812 - Restaurants    Retail    Restaurants       N
P0001014    Taco Bueno Restaurants, Inc.    P0000084    5812 - Restaurants    Retail    Restaurants       N
P0001015    Taco Bueno Restaurants, Inc.    P0000085    5812 - Restaurants    Retail    Restaurants       N
P0001016    Advance Auto Parts, Inc.    P0000086    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001017    Advance Auto Parts, Inc.    P0000087    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001018    Advance Auto Parts, Inc.    P0000088    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001019    Advance Auto Parts, Inc.    P0000089    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001020    Advance Auto Parts, Inc.    P0000090    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001021    Advance Auto Parts, Inc.    P0000091    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001022    Advance Auto Parts, Inc.    P0000092    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001023    Advance Auto Parts, Inc.    P0000093    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001024    Advance Auto Parts, Inc.    P0000094    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001025    Advance Auto Parts, Inc.    P0000095    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001026    Advance Auto Parts, Inc.    P0000096    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001027    Advance Auto Parts, Inc.    P0000097    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001028    Advance Auto Parts, Inc.    P0000098    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001029    Advance Auto Parts, Inc.    P0000099    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001030    Advance Auto Parts, Inc.    P0000100    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001031    Advance Auto Parts, Inc.    P0000101    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001032    Advance Auto Parts, Inc.    P0000102    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001033    Advance Auto Parts, Inc.    P0000103    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001034    Advance Auto Parts, Inc.    P0000104    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001035    Advance Auto Parts, Inc.    P0000105    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001036    Advance Auto Parts, Inc.    P0000106    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001037    Advance Auto Parts, Inc.    P0000107    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001038    Advance Auto Parts, Inc.    P0000108    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001039    Advance Auto Parts, Inc.    P0000109    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001040    Advance Auto Parts, Inc.    P0000110    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001041    Advance Auto Parts, Inc.    P0000111    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001042    Advance Auto Parts, Inc.    P0000112    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001043    Advance Auto Parts, Inc.    P0000113    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001044    Advance Auto Parts, Inc.    P0000114    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001045    Advance Auto Parts, Inc.    P0000115    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

P0001046    Advance Auto Parts, Inc.    P0000116    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0001047    Advance Auto Parts, Inc.    P0000117    5531 - Auto Parts Stores    Retail    Automotive    Auto Parts    N
P0000895    America’s Power Sports    P0000122    5571 - Motorcycle Dealers    Retail    Automotive    Motorcycle Dealers    N
P0000896    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000159    5812 - Restaurants    Retail    Restaurants       N
P0000897
    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000160    5812 - Restaurants    Retail    Restaurants       N
P0000898    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000161    5812 - Restaurants    Retail    Restaurants       N
P0000899    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000162    5812 - Restaurants    Retail    Restaurants       N
P0000900    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000163    5812 - Restaurants    Retail    Restaurants       N
P0000901    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000164    5812 - Restaurants    Retail    Restaurants       N
P0000902    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000165    5812 - Restaurants    Retail    Restaurants       N
P0000903    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000166    5812 - Restaurants    Retail    Restaurants       N
P0000904    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000167    5812 - Restaurants    Retail    Restaurants       N
P0000905    Hastings Entertainment, Inc.    P0000172    5812 - Retail Computer & [ILLEGIBLE]    Retail    Specialty Retail    Books, Music and [ILLEGIBLE]    N
P0000906    AMC Entertainment, Inc.    P0000177    7830 - Movie Theaters    Service    Movie Theaters       N
P0000907    Pike Holding Nursery LLC    P0000178    5261 - Nurseries, Lawn and [ILLEGIBLE]    Retail    Specialty Retail    Plant Nursery    N
P0000908    Pike Holding Nursery LLC    P0000179    5261 - Nurseries, Lawn and [ILLEGIBLE]    Retail    Specialty Retail    Plant Nursery    N
P0000909    Pike Holding Nursery LLC    P0000180    5261 - Nurseries, Lawn and [ILLEGIBLE]    Retail    Specialty Retail    Plant Nursery    N
P0000910    Pike Holding Nursery LLC    P0000181    5261 - Nurseries, Lawn and [ILLEGIBLE]    Retail    Specialty Retail    Plant Nursery    N
P0000911    Pike Holding Nursery LLC    P0000182    5261 - Nurseries, Lawn    Retail    Specialty Retail    Plant Nursery    N
P0000912    Pike Holding Nursery LLC    P0000183   

and [ILLEGIBLE]

5261 - Nurseries, Lawn and [ILLEGIBLE]

    Retail    Specialty Retail    Plant Nursery   

N

N

P0000913    Grand Canyon University    P0000188    8221 - Colleges & [ILLEGIBLE]    Service    Education    University    N
P0000300    NPC International, Inc.    P0000300    5812 - Restaurants    Retail    Restaurants       N
P0000301    NPC International, Inc.    P0000301    5812 - Restaurants    Retail    Restaurants       N
P0000302    NPC International, Inc.    P0000302    5812 - Restaurants    Retail    Restaurants       N
P0000303    NPC International, Inc.    P0000303    5812 - Restaurants    Retail    Restaurants       N
P0000304    NPC International, Inc.    P0000304    5812 - Restaurants    Retail    Restaurants       N
P0000305    NPC International, Inc.    P0000305    5812 - Restaurants    Retail    Restaurants       N
P0000306    Skyline Chili, Inc.    P0000306    5812 - Restaurants    Retail    Restaurants       N
P0000309    Carrols Corporation    P0000309    5812 - Restaurants    Retail    Restaurants       N
P0000310    Carrols Corporation    P0000310    5812 - Restaurants    Retail    Restaurants       N
P0000311    Carrols Corporation    P0000311    5812 - Restaurants    Retail    Restaurants       N
P0000312    Carrols Corporation    P0000312    5812 - Restaurants    Retail    Restaurants       N
P0000313    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000313    5812 - Restaurants    Retail    Restaurants       N
P0000314    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000314    5812 - Restaurants    Retail    Restaurants       N
P0000315    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000315    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -
Y/N

P0000316    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000316    5812 - Restaurants    Retail    Restaurants       N
P00003I7    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000317    5812 - Restaurants    Retail    Restaurants       N
P0000318    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000318    5812 - Restaurants    Retail    Restaurants       N
P0000319    Interfoods of America, Inc.    P0000319    5812 - Restaurants    Retail    Restaurants       N
P0000323    Mexican Restaurants    P0000323    5812 - Restaurants    Retail    Restaurants       Y
P0000324    Banyan, Inc.    P0000324    5812 - Restaurants    Retail    Restaurants       N
P0000326    Interfoods of America, Inc.    P0000326    5812 - Restaurants    Retail    Restaurants       N
P0000327    Burger King Corporation    P0000327    5812 - Restaurants    Retail    Restaurants       N
P0000328    Burger King Corporation    P0000328    5812 - Restaurants    Retail    Restaurants       N
P0000329    Burger King Corporation    P0000329    5812 - Restaurants    Retail    Restaurants       N
P0000330    R & L Foods, LLC    P0000330    5812 - Restaurants    Retail    Restaurants       N
P0000331    Pennant Foods    P0000331    ▇▇▇▇ - ▇▇▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇       ▇
▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇ Foods    P0000332    5812 - Restaurants    Retail    Restaurants       N
P0000336    ▇▇▇▇▇▇ & ▇▇▇▇▇▇ [ILLEGIBLE]    P0000336    5812 - Restaurants    Retail    Restaurants       N
P0000338    Tacala, L.L.C.    P0000338    ▇▇▇▇ - ▇▇▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇       ▇
▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇ Chili, Inc.    P0000349    5812 - Restaurants    Retail    Restaurants       N
P0000350    Interfoods of America, Inc.    P0000350    5812 - Restaurants    Retail    Restaurants       N
P0000351    Interfoods of America, Inc.    P0000351    5812 - Restaurants    Retail    Restaurants       N
P0000354    Fuddruckers, Inc.    P0000354    5812 - Restaurants    Retail    Restaurants       N
P0000355    Fuddruckers, Inc.    P0000355    5812 - Restaurants    Retail    Restaurants       N
P0000356    Fuddruckers, Inc.    P0000356    5812 - Restaurants    Retail    Restaurants       N
P0000357    Fuddruckers, Inc.    P0000357    5812 - Restaurants    Retail    Restaurants       N
P0000358    Fuddruckers, Inc.    P0000358    5812 - Restaurants    Retail    Restaurants       N
P0000359    Fuddruckers, Inc.    P0000359    5812 - Restaurants    Retail    Restaurants       N
P0000360    Fuddruckers, Inc.    P0000360    5812 - Restaurants    Retail    Restaurants       N
P0000361    Fuddruckers, Inc.    P0000361    5812 - Restaurants    Retail    Restaurants       N
P0000362    Fuddruckers, Inc.    P0000362    5812 - Restaurants    Retail    Restaurants       N
P0000363    Fuddruckers, Inc.    P0000363    5812 - Restaurants    Retail    Restaurants       N
P0000364    Fuddruckers, Inc.    P0000364    5812 - Restaurants    Retail    Restaurants       N
P0000365    Fuddruckers, Inc.    P0000365    5812 - Restaurants    Retail    Restaurants       N
P0000366    Fuddruckers, Inc.    P0000366    5812 - Restaurants    Retail    Restaurants       N
P0000367    Fuddruckers, Inc.    P0000367    5812 - Restaurants    Retail    Restaurants       N
P0000368    Fuddruckers, Inc.    P0000368    5812 - Restaurants    Retail    Restaurants       N
P0000369    Fuddruckers, Inc.    P0000369    5812 - Restaurants    Retail    Restaurants       N
P0000370    Fuddruckers, Inc.    P0000370    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

P0000371    Fuddruckers, Inc.    P0000371    5812 - Restaurants    Retail    Restaurants       N
P0000372    Fuddruckers, Inc.    P0000372    5812 - Restaurants    Retail    Restaurants       N
P0000373    Fuddruckers, Inc.    P0000373    5812 - Restaurants    Retail    Restaurants       N
P0000374    Fuddruckers, Inc.    P0000374    5812 - Restaurants    Retail    Restaurants       N
P0000375    Fuddruckers, Inc.    P0000375    5812 - Restaurants    Retail    Restaurants       N
P0000378    Interfoods of America, Inc.    P0000378    5812 - ▇▇▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇       ▇
▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇ Foods    P0000379    5812 - Restaurants    Retail    Restaurants       N
P0000380    Interfoods of America, Inc.    P0000380    5812 - Restaurants    Retail    Restaurants       N
P0000381    NPC International, Inc.    P0000381    5812 - Restaurants    Retail    Restaurants       N
P0000914    ▇▇▇▇▇▇▇▇▇ Theatres, Inc.    P0000382    7830 - Movie Theaters    Service    Movie Theaters       N
P0000915    ▇▇▇▇▇▇▇▇▇ Theatres, Inc.    P0000383    7830 - Movie Theaters    Service    Movie Theaters       N
P0000916    Hastings Entertainment, Inc.    P0000384    5735 - Retail Computer & [ILLEGIBLE]    Retail    Specialty Retail    Books, Music and [ILLEGIBLE]    N
P0000917    Kansas Corral    P0000385    5812 - Restaurants    Retail    Restaurants       N
P0000918    Kansas Corral    P0000386    ▇▇▇▇ - ▇▇▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇       ▇
▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇, L.P    P0000387    5900 - Miscellaneous [ILLEGIBLE]    Distribution    Gas/Propane       N
P0000390    Famous Dave’s of America    P0000390    5812 - Restaurants    Retail    Restaurants       N
P0000391    Famous Dave’s of America    P0000391    5812 - Restaurants    Retail    Restaurants       N
P0000392    Famous Dave’s of America    P0000392    5812 - Restaurants    Retail    Restaurants       N
P0000393    Friendly’s Ice Cream [ILLEGIBLE]    P0000393    5812 - Restaurants    Retail    Restaurants       N
P0000394    Friendly’s Ice Cream [ILLEGIBLE]    P0000394    5812 - Restaurants    Retail    Restaurants       N
P0000395    Friendly’s Ice Cream [ILLEGIBLE]    P0000395    5812 - Restaurants    Retail    Restaurants       N
P0000396    Friendly’s Ice Cream [ILLEGIBLE]    P0000396    5812 - Restaurants    Retail    Restaurants       N
P0000397    Friendly’s Ice Cream [ILLEGIBLE]    P0000397    5812 - Restaurants    Retail    Restaurants       N
P0000398    Friendly’s Ice Cream [ILLEGIBLE]    P0000398    5812 - Restaurants    Retail    Restaurants       N
P0000399    Interfoods of America, Inc.    P0000399    5812 - Restaurants    Retail    Restaurants       N
P0000400    Interfoods of America, Inc.    P0000400    5812 - Restaurants    Retail    Restaurants       N
P0000401    Interfoods of America, Inc.    P0000401    5812 - Restaurants    Retail    Restaurants       N
P0000402    Interfoods of America, Inc.    P0000402    5812 - Restaurants    Retail    Restaurants       N
P0000403    Interfoods of America, Inc.    P0000403    5812 - Restaurants    Retail    Restaurants       N
P0000404    Interfoods of America, Inc.    P0000404    5812 - Restaurants    Retail    Restaurants       N
P0000405    Interfoods of America, Inc.    P0000405    5812 - Restaurants    Retail    Restaurants       N
P0000406    Interfoods of America, Inc.    P0000406    5812 - Restaurants    Retail    Restaurants       N
P0000408    Interfoods of America, Inc.    P0000408    5812 - Restaurants    Retail    Restaurants       N
P0000409    Interfoods of America, Inc.    P0000409    5812 - Restaurants    Retail    Restaurants       N
P0000410    Interfoods of America, Inc.    P0000410    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased
- Y/N

P0000411    Interfoods of America, Inc.    P0000411    5812 - Restaurants    Retail    Restaurants       N
P0000412    Interfoods of America, Inc.    P0000412    5812 - Restaurants    Retail    Restaurants       N
P0000415    1st University Credit Union    P0000415    6061 - Credit Unions    Service    Banking    Credit Union    N
P0000416    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000416    5812 - Restaurants    Retail    Restaurants       N
P0000417    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000417    5812 - Restaurants    Retail    Restaurants       N
P0000418    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000418    5812 - Restaurants    Retail    Restaurants       N
P0000419    ▇▇▇▇▇▇▇▇’▇ Buffet, Inc.    P0000419    5812 - Restaurants    Retail    Restaurants       N
P0000420    Checker’s Drive-In [ILLEGIBLE]    P0000420    5812 - Restaurants    Retail    Restaurants       Y
P0000421    Checker’s Drive-In [ILLEGIBLE]    P0000421    5812 - Restaurants    Retail    Restaurants       Y
P0000424    Checker’s Drive-In [ILLEGIBLE]    P0000424    5812 - Restaurants    Retail    Restaurants       N
P0000425    Checker’s Drive-In [ILLEGIBLE]    P0000425    5812 - Restaurants    Retail    Restaurants       N
P0000426    Checker’s Drive-In [ILLEGIBLE]    P0000426    5812 - Restaurants    Retail    Restaurants       N
P0000428    Checker’s Drive-In [ILLEGIBLE]    P0000428    5812 - Restaurants    Retail    Restaurants       N
P0000429    Goldco, Inc.    P0000429    5812 - Restaurants    Retail    Restaurants       N
P0000431    Max & Erma’s Restaurants,[ILLEGIBLE]    P0000431    5812 - Restaurants    Retail    Restaurants       N
P0000432    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000432    5812 - Restaurants    Retail    Restaurants       N
P0000433    Max & Erma’s Restaurants, [ILLEGIBLE]    P0000433    ▇▇▇▇ - ▇▇▇▇▇▇▇▇▇▇▇    ▇▇▇▇▇▇    ▇▇▇▇▇▇▇▇▇▇▇       ▇
▇▇▇▇▇▇▇▇    ▇▇, Inc.    P0000434    5812 - Restaurants    Retail    Restaurants       N
P0000436    Arby’s Restaurant Group    P0000436    5812 - Restaurants    Retail    Restaurants       N
P0000437    Arby’s Restaurant Group    P0000437    5812 - Restaurants    Retail    Restaurants       N
P0000438    Arby’s Restaurant Group    P0000438    5812 - Restaurants    Retail    Restaurants       N
P0000439    Arby’s Restaurant Group    P0000439    5812 - Restaurants    Retail    Restaurants       N
P0000440    Arby’s Restaurant Group    P0000440    5812 - Restaurants    Retail    Restaurants       N
P0000442    Arby’s Restaurant Group    P0000442    5812 - Restaurants    Retail    Restaurants       N
P0000443    Arby’s Restaurant Group    P0000443    5812 - Restaurants    Retail    Restaurants       N
P0000446    Arby’s Restaurant Group    P0000446    5812 - Restaurants    Retail    Restaurants       Y
P0000449    Arby’s Restaurant Group    P0000449    5812 - Restaurants    Retail    Restaurants       Y
P0000450    Arby’s Restaurant Group    P0000450    5812 - Restaurants    Retail    Restaurants       N
P0000451    Arby’s Restaurant Group    P0000451    5812 - Restaurants    Retail    Restaurants       N
P0000453    Arby’s Restaurant Group    P0000453    5812 - Restaurants    Retail    Restaurants       N
P0000454    Arby’s Restaurant Group    P0000454    5812 - Restaurants    Retail    Restaurants       N
P0000455    Arby’s Restaurant Group    P0000455    5812 - Restaurants    Retail    Restaurants       N
P0000456    Interfoods of America, Inc.    P0000456    5812 - Restaurants    Retail    Restaurants       N
P0000457    Interfoods of America, Inc.    P0000457    5812 - Restaurants    Retail    Restaurants       N
P0000459    Interfoods of America, Inc.    P0000459    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

P0000920    Gander Mountain Company    P0000461    5941 - Sporting Goods - [ILLEGIBLE]    Retail    Specialty Retail    Sporting Goods    N
P0000921    Carmike Cinemas, Inc.    P0000462    7830 - Movie Theaters    Service    Movie Theaters       N
P0000922    Humperdink’s Texas, LLC    P0000463    5812 - Restaurants    Retail    Restaurants       N
P0000923    Humperdink’s Texas, LLC    P0000464    5812 - Restaurants    Retail    Restaurants       N
P0000924    Humperdink’s Texas, LLC    P0000465    5812 - Restaurants    Retail    Restaurants       N
P0000925    Humperdink’s Texas, LLC    P0000466    5812 - Restaurants    Retail    Restaurants       N
P0000926    Taco Bueno Restaurants, Inc.    P0000467    5812 - Restaurants    Retail    Restaurants       N
P0000927    Taco Bueno Restaurants, Inc.    P0000468    5812 - Restaurants    Retail    Restaurants       N
P0000928    Taco Bueno Restaurants, Inc.    P0000469    5812 - Restaurants    Retail    Restaurants       N
P0000929    Taco Bueno Restaurants, Inc.    P0000470    5812 - Restaurants    Retail    Restaurants       N
P0000930    Gander Mountain Company    P0000471    5941 - Sporting Goods - [ILLEGIBLE]    Retail    Specialty Retail    Sporting Goods    N
P0000931    ▇▇▇▇ & Buster’s, Inc.    P0000473    5812 - Restaurants    Retail    Restaurants       N
P0000932    Hill Country Furniture [ILLEGIBLE]    P0000476    5712 - Furniture Stores    Retail    Specialty Retail    Furniture    N
P0000933    RBLS, Inc. (a Texas [ILLEGIBLE]    P0000477    5712 - Furniture Stores    Retail    Specialty Retail    Furniture    N
P0000934    Gander Mountain Company    P0000478    5941 - Sporting Goods - [ILLEGIBLE]    Retail    Specialty Retail    Sporting Goods    N
P0000935    Ferrellgas, L.P    P0000479    5900 - Miscellaneous Retail    Distribution    Gas/Propane       N
P0000936    Gander Mountain Company    P0000481    5941 - Sporting Goods - [ILLEGIBLE]    Retail    Specialty Retail    Sporting Goods    N
P0000937    Sonic Corp.    P0000482    5812 - Restaurants    Retail    Restaurants       N
P0000938    Sonic Corp.    P0000483    5812 - Restaurants    Retail    Restaurants       N
P0000939    Sonic Corp.    P0000484    5812 - Restaurants    Retail    Restaurants       N
P0000940    Sonic Corp.    P0000533    5812 - Restaurants    Retail    Restaurants       N
P0000941    Sonic Corp.    P0000534    5812 - Restaurants    Retail    Restaurants       N
P0000942    Sonic Corp.    P0000535    5812 - Restaurants    Retail    Restaurants       N
P0000943    Sonic Corp.    P0000536    5812 - Restaurants    Retail    Restaurants       N
P0000944    Sonic Corp.    P0000537    5812 - Restaurants    Retail    Restaurants       N
P0000945    Sonic Corp.    P0000538    5812 - Restaurants    Retail    Restaurants       N
P0000946    Sonic Corp.    P0000539    5812 - Restaurants    Retail    Restaurants       N
P0000947    Sonic Corp.    P0000540    5812 - Restaurants    Retail    Restaurants       N
P0000948    Sonic Corp.    P0000541    5812 - Restaurants    Retail    Restaurants       N
P0000949    Sonic Corp.    P0000542    5812 - Restaurants    Retail    Restaurants       N
P0000950    Sonic Corp.    P0000543    5812 - Restaurants    Retail    Restaurants       N
P0000951    ▇▇▇▇▇▇▇▇▇ Theatres, Inc.    P0000545    7830 - Movie Theaters    Service    Movie Theaters       N
P0000952    Gander Mountain Company    P0000551    5941 - Sporting Goods - [ILLEGIBLE]    Retail    Specialty Retail    Sporting Goods    N
P0000953    Rite Aid Corporation    P0000552    5912 - Drug Stores    Retail    Drug Stores       N
P0000954    Rite Aid Corporation    P0000553    5912 - Drug Stores    Retail    Drug Stores       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

P0000955    Rite Aid Corporation    P0000554    5912 - Drug Stores    Retail    Drug Stores       N
P0000956    Rite Aid Corporation    P0000556    5912 - Drug Stores    Retail    Drug Stores       N
P0000957    Rite Aid Corporation    P0000559    5912 - Drug Stores    Retail    Drug Stores       N
P0000958    Rite Aid Corporation    P0000560    5912 - Drug Stores    Retail    Drug Stores       N
P0000959    Rite Aid Corporation    P0000561    5912 - Drug Stores    Retail    Drug Stores       N
P0000960    Sonic Corp.    P0000566    5812 - Restaurants    Retail    Restaurants       N
P0000961    Flying Star Cafe    P0000596    5812 - Restaurants    Retail    Restaurants       N
P0000962    Flying Star Cafe    P0000597    5812 - Restaurants    Retail    Restaurants       N
P0000963    ▇▇▇▇▇▇ Supply, Inc.    P0000634    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000964    ▇▇▇▇▇▇ Supply, Inc.    P0000637    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000965    ▇▇▇▇▇▇ Supply, Inc.    P0000640    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000966    ▇▇▇▇▇▇ Supply, Inc.    P0000642    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000967    ▇▇▇▇▇▇ Supply, Inc.    P0000644    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000968    ▇▇▇▇▇▇ Supply, Inc.    P0000646    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000969    ▇▇▇▇▇▇ Supply, Inc.    P0000647    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000970    ▇▇▇▇▇▇ Supply, Inc.    P0000648    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000971    ▇▇▇▇▇▇ Supply, Inc.    P0000650    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000972    ▇▇▇▇▇▇ Supply, Inc.    P0000655    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000973    ▇▇▇▇▇▇ Supply, Inc.    P0000658    5070 - Wholesale Hardware    Distribution    Plumbing/Electrical       N
P0000673    Arby’s Restaurant Group    P0000673    5812 - Restaurants    Retail    Restaurants       N
P0000675    Arby’s Restaurant Group    P0000675    5812 - Restaurants    Retail    Restaurants       N
P0000676    Arby’s Restaurant Group    P0000676    5812 - Restaurants    Retail    Restaurants       N
P0000677    Arby’s Restaurant Group    P0000677    5812 - Restaurants    Retail    Restaurants       Y
P0000678    Arby’s Restaurant Group    P0000678    5812 - Restaurants    Retail    Restaurants       N
P0000679    Arby’s Restaurant Group    P0000679    5812 - Restaurants    Retail    Restaurants       N
P0000680    Mexican Restaurants    P0000680    5812 - Restaurants    Retail    Restaurants       N
P0000681    Mexican Restaurants    P0000681    5812 - Restaurants    Retail    Restaurants       N
P0000682    Mexican Restaurants    P0000682    5812 - Restaurants    Retail    Restaurants       N
P0000683    Mexican Restaurants    P0000683    5812 - Restaurants    Retail    Restaurants       N
P0000685    Mexican Restaurants    P0000685    5812 - Restaurants    Retail    Restaurants       Y
P0000687    Mexican Restaurants    P0000687    5812 - Restaurants    Retail    Restaurants       N
P0000688    Mexican Restaurants    P0000688    5812 - Restaurants    Retail    Restaurants       N
P0000689    Mexican Restaurants    P0000689    5812 - Restaurants    Retail    Restaurants       N
P0000691    Mexican Restaurants    P0000691    5812 - Restaurants    Retail    Restaurants       N
P0000692    Arby’s Restaurant Group    P0000692    5812 - Restaurants    Retail    Restaurants       Y

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -
Y/N

P0000974    Rite Aid Corporation    P0000693    5912 - Drug Stores    Retail    Drug stores       N
P0000975    Sportsman’s Warehouse    P0000694    5941 - Sporting Goods - [ILLEGIBLE]    Retail    Specialty Retail    Sporting Goods    N
P0000976    Apollo College    P0000696    8249 - Schools-Medical & [ILLEGIBLE]    Service    Education    Vocational/Technical    N
P0000977    Apollo College    P0000697    8249 - Schools-Medical & [ILLEGIBLE]    Service    Education    Vocational/Technical    N
P0000978    Apollo College    P0000698    8249 - Schools-Medical & [ILLEGIBLE]    Service    Education    Vocational/Technical    N
P0000979    Apollo College    P0000699    8249 - Schools-Medical & [ILLEGIBLE]    Service    Education    Vocational/Technical    N
P0000980    Pilgrim’s Pride Corporation    P0000705    2015 - Poultry Distribution    Distribution    Poultry Distribution       N
P0000706    Stonebrook Properties LLC    P0000706    5812 - Restaurants    Retail    Restaurants       N
P0000707    Corral of Michigan LLC    P0000707    5812 - Restaurants    Retail    Restaurants       N
P0000708    Pizza Properties, Ltd    P0000708    5812 - Restaurants    Retail    Restaurants       N
P0000709    Pizza Properties, Ltd    P0000709    5812 - Restaurants    Retail    Restaurants       N
P0000710    Pizza Properties, Ltd    P0000710    5812 - Restaurants    Retail    Restaurants       N
P0000711    Pizza Properties, Ltd    P0000711    5812 - Restaurants    Retail    Restaurants       N
P0000730    HOM Furniture, Inc.    P0000730    5712 - Furniture Stores    Retail    Specialty Retail    Furniture    N
P0000731    HOM Furniture, Inc.    P0000731    5712 - Furniture Stores    Retail    Specialty Retail    Furniture    N
P0000732    Hastings Entertainment, Inc.    P0000732    5735 - Retail Computer & [ILLEGIBLE]    Retail    Specialty Retail    Books, Music and [ILLEGIBLE]    N
P0000737    Pizza Properties, Ltd    P0000737    5812 - Restaurants    Retail    Restaurants       N
P0000738    Rite Aid Corporation    P0000738    5912 - Drug Stores    Retail    Drug Stores       N
P0000747    Anvia, Inc.    P0000747    5712 - Furniture Stores    Retail    Specialty Retail    Furniture    N
P0000748    Sky Ventures, LLC    P0000748    5812 - Restaurants    Retail    Restaurants       N
P0000749    Sky Ventures, LLC    P0000749    5812 - Restaurants    Retail    Restaurants       N
P0000750    Sky Ventures, LLC    P0000750    5812 - Restaurants    Retail    Restaurants       N
P0000751    Sky Ventures, LLC    P0000751    5812 - Restaurants    Retail    Restaurants       N
P0000752    Sky Ventures, LLC    P0000752    5812 - Restaurants    Retail    Restaurants       N
P0000753    Sky Ventures, LLC    P0000753    5812 - Restaurants    Retail    Restaurants       N
P0000754    Sky Ventures, LLC    P0000754    5812 - Restaurants    Retail    Restaurants       N
P0000755    Sky Ventures, LLC    P0000755    5812 - Restaurants    Retail    Restaurants       N
P0000756    Sky Ventures, LLC    P0000756    5812 - Restaurants    Retail    Restaurants       N
P0000757    Sky Ventures, LLC    P0000757    5812 - Restaurants    Retail    Restaurants       N
P0000758    Sky Ventures, LLC    P0000758    5812 - Restaurants    Retail    Restaurants       N
P0000759    Sky Ventures, LLC    P0000759    5812 - Restaurants    Retail    Restaurants       N
P0000760    Sky Ventures, LLC    P0000760    5812 - Restaurants    Retail    Restaurants       N
P0000761    Sky Ventures, LLC    P0000761    5812 - Restaurants    Retail    Restaurants       N
P0000762    Sky Ventures, LLC    P0000762    5812 - Restaurants    Retail    Restaurants       N
P0000763    Sky Ventures, LLC    P0000763    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Obligor

    Old
Property ID		   

SIC Code

   

Industry

   

Sector

   

Sub-Sector

   

Subleased -

Y/N

P0000764    Sky Ventures, LLC    P0000764    5812 - Restaurants    Retail    Restaurants       N
P0000765    Sky Ventures, LLC    P0000765    5812 - Restaurants    Retail    Restaurants       N
P0000766    Sky Ventures, LLC    P0000766    5812 - Restaurants    Retail    Restaurants       N
P0000767    Sky Ventures, LLC    P0000767    5812 - Restaurants    Retail    Restaurants       N
P0000768    Sky Ventures, LLC    P0000768    5812 - Restaurants    Retail    Restaurants       N
P0000769    Sky Ventures, LLC    P0000769    5812 - Restaurants    Retail    Restaurants       N
P0000770    Sky Ventures, LLC    P0000770    5812 - Restaurants    Retail    Restaurants       N
P0000771    Sky Ventures, LLC    P0000771    5812 - Restaurants    Retail    Restaurants       N
P0000772    Sky Ventures, LLC    P0000772    5812 - Restaurants    Retail    Restaurants       N

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

E000787       Sky Ventures, LLC    Pizza Hut    Equipment associated with the [ILLEGIBLE]
P0000891       Flying J portfolio purchase (Washington Mutal)    Flying J Travel Plaza    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇
P0000892       Flying J portfolio purchase (Washington Mutal)    Flying J Travel Plaza    10226 Old Federal Highway
P0000893       Flying J portfolio purchase (Washington Mutal)    Flying J Travel Plaza    5300 S SR 3
P0000894       Flying J portfolio purchase (Washington Mutal)    Flying J Travel Plaza    15236 State Route 180
P0000981       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000982       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇
P0000983       Taco Bueno    Taco Bueno    5600 Camp Bowie Blvd
P0000984       Taco Bueno    Taco Bueno    1528 ▇▇▇▇▇ Trl
P0000985       Taco Bueno    Taco Bueno    7436 E Admiral PI
P0000986       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇
P0000987       Taco Bueno    Taco Bueno    205 Spur 350
P0000988       Taco Bueno    Taco Bueno    4117 Buffalo Gap Rd
P0000989       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
P0000990       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0000991       Taco Bueno    Taco Bueno    6350 Lake Worth Blvd
P0000992       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇
P0000993       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000994       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇       ▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇ Bueno    ▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇
P0000996       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇
P0000997       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇
P0000998       Taco Bueno    Taco Bueno    1210 W ▇▇▇▇ ▇▇▇▇▇▇ Blvd
P0000999       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇
P0001000       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇
P0001001       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0001002       Taco Bueno    Taco Bueno    ▇▇▇ ▇ ▇▇▇▇ ▇▇
P0001003       Taco Bueno    Taco Bueno    5010 US High way ▇▇▇ ▇
▇▇▇▇▇▇▇▇       ▇▇▇▇ ▇▇▇▇▇    ▇▇▇▇ Bueno    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇
P0001005       Taco Bueno    Taco Bueno    6834 ▇▇▇▇▇▇ St
P0001006       Taco Bueno    Taco Bueno    2951 N Belt Line Rd
P0001007       Taco Bueno    Taco Bueno    5380 N Beach St
P0001008       Taco Bueno    Taco Bueno    5341 ▇▇▇▇▇▇▇ ▇ ▇▇▇▇ Ave
P0001009       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
P0001010       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇

▇▇▇▇▇▇▇▇ ▇▇

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0001011       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
P0001012       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇
P0001013       Taco Bueno    Taco Bueno    1725 W ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ Rd
P0001014       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0001015       Taco Bueno    Taco Bueno    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0001016       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0001017       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0001018       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇
P0001019       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0001021       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0001022       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇
P0001023       Discount Auto    Discount Auto Parts    ▇▇▇▇▇ ▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇
P0001024       Discount Auto    Advance Auto Parts    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0001025       Discount Auto    Advance Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0001026       Discount Auto    Advance Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇
P0001027       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0001029       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0001030       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇ ▇▇
P0001031       Discount Auto    Discount Auto Parts    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇
P0001032       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇
P0001033       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0001034       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇
P0001035       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇
P0001036       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0001037       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇
P0001038       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇
P0001039       Discount Auto    Advance Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇
P0001040       Discount Auto    Advance Auto Parts    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇
P0001041       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇ ▇▇
P0001042       Discount Auto    Discount Auto Parts    ▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇
▇▇▇▇▇▇▇▇       Discount Auto    Discount Auto Parts    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇
P0001044       Discount Auto    Discount Auto Parts    179 Sgt ▇▇▇▇▇▇▇▇ Dr
P0001045       Discount Auto    Discount Auto Parts    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0001046       Discount Auto    Discount Auto Parts    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇
P0001047       Discount Auto    Discount Auto Parts    ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇
▇▇▇▇▇▇▇▇       ▇▇▇▇▇▇▇’s PowerSports - 1 Dealership    KC’s Powersports    ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
P0000896       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
P0000897       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
P0000898       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇
P0000899       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
P0000900       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
P0000901       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇.▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000902       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ We
P0000903       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    2611 US 27 North
P0000904       ▇▇▇▇▇▇▇▇ Sale/Leaseback    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
P0000905       Hastings Ent - 1 unit (Great Falls, MT) S/L    Hastings    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
P0000906       AMC - Esplanade    AMC Theatre    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000907       ▇▇▇▇▇ Capital - Pike Nurseries, Inc. S/L (LOI)    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
P0000908       ▇▇▇▇▇ Capital - Pike Nurseries, Inc. S/L (LOI)    Pike Plant Nursery    3431 ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Pkwy
P0000909       ▇▇▇▇▇ Capital - Pike Nurseries, Inc. S/L (LOI)    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000910       ▇▇▇▇▇ Capital - Pike Nurseries, Inc. S/L (LOI)    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000911       ▇▇▇▇▇ Capital - Pike Nurseries, Inc. S/L (LOI)    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
P0000912       ▇▇▇▇▇ Capital - Pike Nurseries, Inc. S/L (LOI)    Pike Plant Nursery    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
P0000913       Grand Canyon University - Sale/Leaseback    Grand Canyon University    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇.
P0000300       GEFF - 59 unit portfolio - 55 units Closing in June    Pizza Hut    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇
P0000301       GEFF - 59 unit portfolio - 55 units Closing in June    Pizza Hut    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0000302       GEFF - 59 unit portfolio - 55 units Closing in June    Pizza Hut    ▇▇▇ ▇ ▇▇▇ ▇▇
P0000303       GEFF - 59 unit portfolio - 55 units Closing in June    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇
P0000304       GEFF - 59 unit portfolio - 55 units Closing in June    Pizza Hut    715 Columbia Rd
P0000305       GEFF - 59 unit portfolio - 55 units Closing in June    Pizza Hut    1119 Paris Rd
P0000306       GEFF - 59 unit portfolio - 55 units Closing in June    Skyline Chili    2805 Centre Dr
P0000309       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇ ▇▇▇▇▇ ▇▇
P0000310       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇
P0000311       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇
P0000312       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇
P0000313       GEFF - 59 unit portfolio - 55 units Closing in June    Max & Erma’s    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0000314       GEFF - 59 unit portfolio - 55 units Closing in June    Max & Erma’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇
P0000315       GEFF - 59 unit portfolio - 55 units Closing in June    Max & Erma’s    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000316       GEFF - 59 unit portfolio - 55 units Closing in June    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0000317       GEFF - 59 unit portfolio - 55 units Closing in June    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇
P0000318       GEFF - 59 unit portfolio - 55 units Closing in June    Max & Erma’s    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000319       GEFF - 59 unit portfolio - 55 units Closing in June    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇    GEFF - 59 unit portfolio - 55 units Closing in June    Casa Mexico    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇
P0000324       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇’▇    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇
▇▇▇▇▇▇▇▇       GEFF - 59 unit portfolio - 55 units Closing in June    Popeye’s    ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇
P0000327       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000328       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇ ▇▇▇▇ ▇▇
P0000329       GEFF - 59 unit portfolio - 55 units Closing in ▇▇▇▇    ▇▇▇▇▇▇ ▇▇▇▇    ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇
P0000330       GEFF - 59 unit portfolio - 55 units Closing in June    Wendy’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Expy
P0000331       GEFF - 59 unit portfolio - 55 units Closing in June    Wendy’s    ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇       GEFF - 59 unit portfolio - 55 units Closing in June    Wendy’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000336       GEFF - 59 unit portfolio - 55 units Closing in June    Whataburger    Loop 323 N of Highway 31
P0000338       GEFF - 59 unit portfolio - 55 units Closing in June    Taco ▇▇▇▇    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
P0000349       GEFF - 59 unit portfolio - 55 units Closing in June    Skyline Chili    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0000350       GEFF - 59 unit portfolio - 55 units Closing in June    Popeye’s    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000351       GEFF - 59 unit portfolio - 55 units Closing in June    Popeye’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇
P0000354       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇
P0000355       GEFF - Fuddrucker’s 22 properties - master-lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇
P0000356       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000357       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    6607 N IH 35
P0000358       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇▇▇▇       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇
P0000360       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇
P0000361       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0000362       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇
P0000363       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇
P0000364       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇ ▇
P0000366       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000367       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    13010 Northwest Fwy
P0000368       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇ ▇▇▇▇▇ ▇▇▇
P0000369       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000370       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000371       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇
P0000372       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇
P0000373       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    11992 Chase Plz
P0000374       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    10500 Town and Country Way
P0000375       GEFF - Fuddrucker’s 22 properties - master lease.    Fuddruckers    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇
P0000378       GEFF - 59 unit portfolio part 2 - 4 units    Popeye’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
P0000379       GEFF - 59 unit portfolio part 2 - 4 units    Wendy’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
P0000380       GEFF - 59 unit portfolio part 2 - 4 units    Popeye’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇
P0000381       GEFF - 59 unit portfolio part 2 - 4 units    Pizza Hut    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000914       ▇▇▇▇▇▇▇▇▇ Theaters - Purchase 2 locations    ▇▇▇▇▇▇▇▇▇ Theaters    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇
P0000915       ▇▇▇▇▇▇▇▇▇ Theaters - Purchase 2 locations    ▇▇▇▇▇▇▇▇▇ Theaters    ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000916       Hastings Ent - Roswell unit acq. subject to existing lease    Hastings    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
P0000917       Allwell Golden Corral - 2 unit S/L    Golden Corral    616 So. Ridge Road Circle
P0000918       Allwell Golden Corral - 2 unit S/L    Golden Corral    ▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇
P0000919       Blue Rhino - Property in Tavarcs, FL.    Blue Rhino    300 County Road 448
P0000390       GEFF Portfolio - Sept ‘04 close on 71 properties    Famous Dave’s    ▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇
P0000391       GEFF Portfolio - Sept ‘04 close on 71 properties    Famous Dave’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇
P0000392       GEFF Portfolio - Sept ‘04 close on 71 properties    Famous Dave’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇
P0000393       GEFF Portfolio - Sept ‘04 close on 71 properties    Friendly’s Ice Cream    ▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇
P0000394       GEFF Portfolio - Sept ‘04 close on 71 properties    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇
P0000395       GEFF Portfolio - Sept ‘04 close on 71 properties    Friendly’s Ice Cream    697 ▇▇▇▇ Schenectady Rd
P0000396       GEFF Portfolio - Sept ‘04 close on 71 properties    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇
P0000397       GEFF Portfolio - Sept ‘04 close on 71 properties    Friendly’s Ice Cream    ▇▇ ▇▇▇▇ ▇▇
P0000398       GEFF Portfolio - Sept ‘04 close on 71 properties    Friendly’s Ice Cream    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇
P0000399       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇
P0000400       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000401       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000402       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    14620 Plank Rd
P0000403       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇▇▇ ▇▇
P0000404       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    5946 Airline Hwy
P0000405       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    290 ▇▇▇▇▇▇▇ Hwy
P0000406       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000408       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    9854 Halls Ferry Rd
P0000409       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    8654 Natural Bridge Rd
P0000410       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000411       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000412       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇
P0000415       GEFF Portfolio - Sept ‘04 close on 71 properties    Other    ▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇
P0000416       GEFF Portfolio - Sept ‘04 close on 71 properties    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇
P0000417       GEFF Portfolio - Sept ‘04 close on 71 properties    ▇▇▇▇▇▇▇▇’▇ Buffet    1070 S VolusiaAve
P0000418       GEFF Portfolio - Sept ‘04 close on 71 properties    ▇▇▇▇▇▇▇▇’▇ Buffet    6706 highway 63
P0000419       GEFF Portfolio - Sept ‘04 close on 71 properties    ▇▇▇▇▇▇▇▇’▇ Buffet    ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000420    Refranchised - operates as a [ILLEGIBLE]    GEFF Portfolio - Sept ‘04 close on 71 properties    Rally’s    3979 W Tennessee St
P0000421    Refranchised - operates as a [ILLEGIBLE]    GEFF Portfolio - Sept ‘04 close on 71 properties    Rally’s    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇
P0000424       GEFF Portfolio - Sept ‘04 close on 71 properties    Rally’s    ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000425       GEFF Portfolio - Sept ‘04 close on 71 properties    Rally’s    ▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇
P0000426       GEFF Portfolio - Sept ‘04 close on 71 properties    Rally’s    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇
P0000428       GEFF Portfolio - Sept ‘04 close on 71 properties    Rally’s    ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000429       GEFF Portfolio - Sept ‘04 close on 71 properties    Burger King    ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0000431       GEFF Portfolio - Sept ‘04 close on 71 properties    Max & Erma’s    1275 E Dublin Granville Rd
P0000432       GEFF Portfolio - Sept ‘04 close on 71 properties    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
P0000433       GEFF Portfolio - Sept ‘04 close on 71 properties    Max & Erma’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇
P0000434       GEFF Portfolio - Sept ‘04 close on 71 properties    Denny’s    ▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇
P0000436       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000437       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000438       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇ ▇ ▇▇▇▇▇ ▇▇
P0000439       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇ ▇ ▇▇▇▇ ▇▇
P0000440       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000442       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇
P0000443       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    403 Tri County Plz
P0000446    Operates as an Arby’s    GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000449    Operates as an Arby’s    GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000450       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0000451       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
P0000453       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000454       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    622 Fair Rd
P0000455       GEFF Portfolio - Sept ‘04 close on 71 properties    Arby’s    ▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇
P0000456       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇
P0000457       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇
P0000459       GEFF Portfolio - Sept ‘04 close on 71 properties    Popeye’s    ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000920       Gander Mountain - Acq. of Kenosha subject to existing lease    Gander Mountain    ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
P0000921       Carmike Cinemas - 1 unit S/L in Cedar Rapids, IA    Carmike Cinemas    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇
P0000922       Humperdinks (Ram Intl.) - 4 S/L locations    Humperdink    3820 Belt Line Road
P0000923       Humperdinks (Ram Intl.) - 4 S/L locations    Humperdink    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000924       Humperdinks (Ram Intl.) - 4 S/L locations    Humperdink    ▇▇▇▇ ▇. ▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇       Humperdinks (Ram Intl.) - 4 S/L locations    Humperdink    700 Six Flags Drive
P0000926       Taco Bueno - 4 unit S/L    Taco Bueno    1601 ▇▇▇▇▇ ▇▇▇▇▇▇ Blvd
P0000927       Taco Bueno - 4 unit S/L    Taco Bueno    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000928       Taco Bueno - 4 unit S/L    Taco Bueno    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇
P0000929       Taco Bueno - 4 unit S/L    Taco Bueno    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
P0000930       Gander Mountain - Utica location subject to existing lease    Gander Mountain    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000931       ▇▇▇▇ & Buster’s - 1 unit in Marietta, GA    ▇▇▇▇ & Buster’s    2215 D&B Drive
P0000932       Ashley Furniture - San Antonio unit subject to existing lease    Ashley Furniture    7903 ▇▇▇ ▇▇▇▇▇▇ Road
P0000933       Ashley Furniture (franchisee - RBLS) in El Paso    Ashley Furniture    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
P0000934       Gander Mountain - Flint, MI 1 Unit    Gander Mountain    ▇▇▇ ▇-▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇       ▇▇▇▇ ▇▇▇▇▇ - ▇▇ property    Blue Rhino    ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇
P0000936       Gander Mountain - Fargo, ND    Gander Mountain    ▇▇▇▇ ▇▇▇▇ ▇▇., ▇▇
P0000937       Sonic - 15 Store Acquisition (1 unit to close late    Sonic    ▇▇▇ ▇ ▇▇▇▇ ▇▇▇
P0000938       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    3307 No. Broadway St.
P0000939       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇ ▇▇▇ ▇▇.
P0000940       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    355 No. Franklin St.
P0000941       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇ ▇. ▇▇▇▇ ▇▇.
P0000942       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇ ▇. ▇▇▇▇ ▇▇.
P0000943       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇.
P0000944       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇
P0000945       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇.
P0000947       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇
P0000948       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇
P0000949       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
P0000950       Sonic - 15 Store Acquisition (1 unit to close later)    Sonic    1108 No. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇
P0000951       ▇▇▇▇▇▇▇▇▇ Theaters - Purchase 2 locations    ▇▇▇▇▇▇▇▇▇ Theaters    ▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
P0000952       Gander Mountain - Syracuse, (Cicero) subject to existing lease    Gander Mountain    ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
P0000953       Rite Aid - 14 Existing properties    Rite Aid    ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000954       Rite Aid - 14 Existing properties    Rite Aid    ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

▇▇▇▇▇▇▇▇ ▇▇

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000955       Rite Aid - 14 Existing properties    Rite Aid    ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000956       Rite Aid - 14 Existing properties    Rite Aid    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
P0000957       Rite Aid- 14 Existing properties    Rite Aid    ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000958       Rite Aid - 14 Existing properties    Rite Aid    ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
P0000959       Rite Aid - 14 Existing properties    Rite Aid    ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
P0000960       Sonic Corp - Final unit of 16-unit acquisition    Sonic    ▇▇▇▇ ▇ ▇▇▇ ▇▇▇▇▇▇
P0000961       Flying Star Cafe - 2 units    Flying Star Cafe    ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇
▇▇▇▇▇▇▇▇       Flying Star Cafe - 2 units    Flying Star Cafe    4501 ▇▇▇▇ Tabo Blvd NE
P0000963       Hughes Supply - existing units    Hughes Supply    8700 Hwy 27 S
P0000964       Hughes Supply - existing units    Hughes Supply    8326 Lemon Rd
P0000965       Hughes Supply - existing units    Hughes Supply    6854 Distribution Ave S
P0000966       Hughes Supply - existing units    Hughes Supply    8091 Supply Drive
P0000967       Hughes Supply - existing units    Hughes Supply    6231 Idlewild Street
P0000968       Hughes Supply - existing units    Hughes Supply    4355 Drane Field Rd
P0000969       Hughes Supply - existing units    Hughes Supply    5311 DoolittleRd
P0000970       Hughes Supply - existing units    Hughes Supply    5409-100 Broadway Ave
P0000971       Hughes Supply - existing units    Hughes Supply    3509 N Loop 336 W
P0000972       Hughes Supply - existing units    Hughes Supply    2007 NW 15th Ave
P0000973       Hughes Supply - existing units    Hughes Supply    1751 L Avenue
P0000673       GEFF - Dec 04 portfolio 19 properties - part 1    Arby’s    5660 Beach Boulevard
P0000675       GEFF - Dec 04 portfolio 19 properties - part 1    Arby’s    2600 S Orange Ave
P0000676       GEFF - Dec 04 portfolio 19 properties - part 1    Arby’s    1305 Tuskawilla Rd
P0000677    Danarb - Still an Arby’s    GEFF - Dec 04 portfolio 19 properties - part 1    Arby’s    2649 Richmond Road
P0000678       GEFF - Dec 04 portfolio 19 properties - part 1    Arby’s    4170 Shelbyville Rd
P0000679       GEFF - Dec 04 portfolio 19 properties - part 1    Arby’s    16005 US Highway 441
P0000680       GEFF - Dec 04 portfolio 19 properties - part 1    Casa Ole    5705 4th St
P0000681       GEFF - Dec 04 portfolio 19 properties - part 1    Casa Ole    1520 Southmore Ave
P0000682       GEFF - Dec 04 portfolio 19 properties - part 1    Casa Ole    2726 Spencer Hwy
P0000683       GEFF - Dec 04 portfolio 19 properties - part 1    Casa Ole    2730 East Highway 190
P0000685    Chappala    GEFF - Dec 04 portfolio 19 properties - part 1    Garibaldi’s    525 Caldwell Blvd
P0000687       GEFF - Dec 04 portfolio 19 properties - part 1    Monterey’s Tex Mex    410 S. Gordon St
P0000688       GEFF - Dec 04 portfolio 19 properties - part 1    Monterey’s Tex Mex    12520 Greenspoint Dr
P0000689       GEFF - Dec 04 portfolio 19 properties - part 1    Monterey’s Tex Mex    3201 Freedom Blvd
P0000691       GEFF - Dec 04 portfolio 19 properties - part 1    Monterey’s Tex Mex    5694 WSkellyDr
P0000692    Danarb - Still an Arby’s    GEFF - Dec 04 portfolio Part 2 - 1 property    Arby’s    1228 South Broadway Street

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000974       Rite Aid ( Philadelphia - 1 unit)    Rite Aid    5601 Chestnut Street
P0000975       Sportsman’s Warehouse - Greenbay, WI    Sportsman’s Warehouse    1551 Lawrence Drive
P0000976       Apollo College 4 units    Apollo Colleges    630 W. Southern Ave
P0000977       Apollo College 4 units    Apollo Colleges    3550 N. Oracle Road
P0000978       Apollo College 4 units    Apollo Colleges    2701 W. Bethany Home Road
P0000979       Apollo College 4 units    Apollo Colleges    8503 N. 27th Avenue
P0000980       Anika and Associates, Inc.    Pilgrim’s Pride Freezer Warehouse    3330 Woodrow Wilson Drive
P0000706       Stonebrook Properties LLC    Golden Corral    1300 South Morgan
P0000707       Corral of Michigan    Golden Corral    37101 Warren Road
P0000708       Pizza Properties, Ltd    Peter Piper Pizza    2210 West University Drive
P0000709       Pizza Properties, Ltd    Peter Piper Pizza    402 South Bibb Ave
P0000710       Pizza Properties, Ltd    Peter Piper Pizza    4526 East Hwy 83
P0000711       Pizza Properties, Ltd    Peter Piper Pizza    3101 East Expressway 83
P0000730       HOM Furniture, Inc    HOM Furniture Showrooms    4726 Mall Drive
P0000731       HOM Furniture, Inc    HOM Furniture Showrooms    2921 Mall Drive
P0000732       Hastings - Lake Jackson, TX    Hastings    200 Hwy 332 West
P0000737       Pizza Properties, Ltd    Peter Piper Pizza    9450 Dyer Street
P0000738       Rite Aid - St. Clair Shores    Rite Aid    21500-21508 Harper Avenue
P0000747       Anvia, Inc. Ashley Home Center Abilene    Ashley Home Center    4597 Southwest Drive
P0000748       Sky Ventures, LLC    Pizza Hut    545 Hwy 9 E
P0000749       Sky Ventures, LLC    Pizza Hut    419 2nd Ave SE
P0000750       Sky Ventures, LLC    Pizza Hut    260 Carson Ave
P0000751       Sky Ventures, LLC    Pizza Hut    1325 Town Centre Dr
P0000752       Sky Ventures, LLC    Pizza Hut    964 Hwy 15 S
P0000753       Sky Ventures, LLC    Pizza Hut    5501 Grand Ave
P0000754       Sky Ventures, LLC    Pizza Hut    3600 N Douglas
P0000755       Sky Ventures, LLC    Pizza Hut    32 Sheridan St
P0000756       Sky Ventures, LLC    Pizza Hut    701 Highway 33 S
P0000757       Sky Ventures, LLC    Pizza Hut    1101 Hwy 25 N
P0000758       Sky Ventures, LLC    Pizza Hut    1918 London Rd
P0000759       Sky Ventures, LLC    Pizza Hut    1725 E Main St
P0000760       Sky Ventures, LLC    Pizza Hut    623 Hammond Ave
P0000761       Sky Ventures, LLC    Pizza Hut    3854 N Central Ave
P0000762       Sky Ventures, LLC    Pizza Hut    100 N Phillips
P0000763       Sky Ventures, LLC    Pizza Hut    1653 Weir Dr

Property ID

   

Subtenant

   

Deal Name

   

Concept

   

Address 1

P0000764       Sky Ventures, LLC    Pizza Hut    W Hwy 18
P0000765       Sky Ventures, LLC    Pizza Hut    1211 7th Ave
P0000766       Sky Ventures, LLC    Pizza Hut    257 Marschall Rd
P0000767       Sky Ventures, LLC    Pizza Hut    Hwy 18
P0000768       Sky Ventures, LLC    Pizza Hut    1157 S Main
P0000769       Sky Ventures, LLC    Pizza Hut    15065 Canada Rd
P0000770       Sky Ventures, LLC    Pizza Hut    1504 13th Street S
P0000771       Sky Ventures, LLC    Pizza Hut    7500 Bass Lake Rd
P0000772       Sky Ventures, LLC    Pizza Hut    1300 W Broadway

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		     

Has been
delinquent since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&P/

Fitch Rating

E000787    Golden Valley    MN    55247    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000891    Saint Augustine    FL    32086    Spirit Finance Corporation       N    N    Flying J. Inc.    BB+ equiv
P0000892    Camesville    GA    30521    Spirit Finance Corporation       N    N    Flying J. Inc.    BB+ equiv
P0000893    Spiceland    IN    47385    Spirit Finance Corporation       N    N    Flying J. Inc.    BB+ equiv
P0000894    Catlettsburg    KY    41129-9211    Spirit Finance Corporation       N    N    Flying J. Inc.    BB+ equiv
P0000981    Hurst    TX    74145-4818    Spirit Funding Company,      362109.33       N    N    Taco Bueno Restaurants    Non-Rated
P0000982    Arlington    TX    76015-1602    Spirit Funding Company,      362109.33       N    N    Taco Bueno Restaurants    Non-Rated
P0000983    Fort Worth    TX    76107-5119    Spirit Funding Company,      434531.2       N    N    Taco Bueno Restaurants    Non-Rated
P0000984    Bedford    TX    76021-5343    Spirit Funding Company,      827678.48       N    N    Taco Bueno Restaurants    Non-Rated
P0000985    Tulsa    OK    74115-7913    Spirit Funding Company,      848370.45       N    N    Taco Bueno Restaurants    Non-Rated
P0000986    Fort Worth    TX    76116-6101    Spirit Funding Company,      703526.71       N    N    Taco Bueno Restaurants    Non-Rated
P0000987    Euless    TX    76040-4583    Spirit Funding Company,      398320.27       N    N    Taco Bueno Restaurants    Non-Rated
P0000988    Abilene    TX    79605-7233    Spirit Funding Company,      801813.53       N    N    Taco Bueno Restaurants    Non-Rated
P0000989    Arlington    TX    76017-1201    Spirit Funding Company,      900100.35       N    N    Taco Bueno Restaurants    Non-Rated
P0000990    Denton    TX    76201-1790    Spirit Funding Company,      941484.27       N    N    Taco Bueno Restaurants    Non-Rated
P0000991    Lake Worth    TX    76135-3102    Spirit Funding Company,      848370.45       N    N    Taco Bueno Restaurants    Non-Rated
P0000992    Tulsa    OK    74137-3206    Spirit Funding Company,      594893.91       N    N    Taco Bueno Restaurants    Non-Rated
P0000993    Garland    TX    75043-5818    Spirit Funding Company,      672488.77       N    N    Taco Bueno Restaurants    Non-Rated
P0000994    Grapevine    TX    76051-5034    Spirit Funding Company,      672488.77       N    N    Taco Bueno Restaurants    Non-Rated
P0000995    Muskogee    OK    74401-4152    Spirit Funding Company,      672488.77       N    N    Taco Bueno Restaurants    Non-Rated
P0000996    Oklahoma City    OK    73106-1203    Spirit Funding Company,      455223.16       N    N    Taco Bueno Restaurants    Non-Rated
P0000997    Fort Worth    TX    76116-1516    Spirit Funding Company,      387974.29       N    N    Taco Bueno Restaurants    Non-Rated
P0000998    Claremore    OK    74017-3426    Spirit Funding Company,      889754.37       N    N    Taco Bueno Restaurants    Non-Rated
P0000999    Oklahoma City    OK    73108-1707    Spirit Funding Company,      362109.33       N    N    Taco Bueno Restaurants    Non-Rated
P0001000    Broken Arrow    OK    74012-1217    Spirit Funding Company,      750083.62       N    N    Taco Bueno Restaurants    Non-Rated
P0001001    Dallas    TX    75227-6901    Spirit Funding Company,      393147.28       N    N    Taco Bueno Restaurants    Non-Rated
P0001002    Sapulpa    OK    74066-5104    Spirit Funding Company,      713872.69       N    N    Taco Bueno Restaurants    Non-Rated
P0001003    Abilene    TX    79605-4543    Spirit Funding Company,      620758.86       N    N    Taco Bueno Restaurants    Non-Rated
P0001004    Oklahoma City    OK    73119-1713    Spirit Funding Company,      465569.15       N    N    Taco Bueno Restaurants    Non-Rated
P0001005    Greenville    TX    75402-7303    Spirit Funding Company,      553509.98       N    N    Taco Bueno Restaurants    Non-Rated
P0001006    Irving    TX    75062-5248    Spirit Funding Company,      636277.83       N    N    Taco Bueno Restaurants    Non-Rated
P0001007    Haltom City    TX    76137-2730    Spirit Funding Company,      879408.38       N    N    Taco Bueno Restaurants    Non-Rated
P0001008    Grapevine    TX    76051-7357    Spirit Funding Company,      646623.82       N    N    Taco Bueno Restaurants    Non-Rated
P0001009    Fort Worth    TX    76177-5302    Spirit Funding Company,      382801.31       N    N    Taco Bueno Restaurants    Non-Rated
P0001010    Forest Hill    TX    76140-1107    Spirit Funding Company,      931138.3       N    N    Taco Bueno Restaurants    Non-Rated

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		     

Has been
delinquent since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&

Fitch Rating

P0001011    McKinney    TX    75070-4228    Spirit Funding Company,      362109.33       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0001012    Tulsa    OK    74145-5714    Spirit Funding Company,      449263.64       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0001013    Enid    OK    73703-5604    Spirit Funding Company,      211721.95       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0001014    Tulsa    OK    74104-4113    Spirit Funding Company,      350278.1       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0001015    Southlake    TX    76092-6603    Spirit Funding Company,      206558       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0001016    Atmore    AL    36502-3501    Spirit Funding Company,      347818.44       N    N    Advance Auto Parts, Inc    BB+
P0001017    Theodore    AL    36582-1665    Spirit Funding Company,      516051.1       N    N    Advance Auto Parts, Inc    BB+
P0001018    Hialeah    FL    33016-2253    Spirit Funding Company,      922699.36       N    N    Advance Auto Parts, Inc    BB+
P0001019    New Smyrna Beach    FL    32168-6409    Spirit Funding Company,      652288.59       N    N    Advance Auto Parts, Inc    BB+
P0001020    Margate    FL    33068-1362    Spirit Funding Company,      619261.32       N    N    Advance Auto Parts, Inc    BB+
P0001021    Fort Lauderdale    FL    33309-3156    Spirit Funding Company,      852516.41       N    N    Advance Auto Parts, Inc    BB+
P0001022    Tampa    FL    33614-5963    Spirit Funding Company,      645063.87       N    N    Advance Auto Parts, Inc    BB+
P0001023    Gibsonton    FL    33534-4708    Spirit Funding Company,      663641.71       N    N    Advance Auto Parts, Inc    BB+
P0001024    Dayton    OH    45420-2642    Spirit Funding Company,      564559.89       N    N    Advance Auto Parts, Inc    BB+
P0001025    Castle Shannon    PA    15234-2631    Spirit Funding Company,      858709.03       N    N    Advance Auto Parts, Inc    BB+
P0001026    Burlington    IA    52601-1959    Spirit Funding Company,      457221.27       N    N    Advance Auto Parts, Inc    BB+
P0001027    Camilla    GA    31730-1969    Spirit Funding Company,      632678.64       N    N    Advance Auto Parts, Inc    BB+
P0001028    Savannah    GA    31405-3200    Spirit Funding Company,      657449.1       N    N    Advance Auto Parts, Inc    BB+
P0001029    Columbus    GA    31904-6659    Spirit Funding Company,      660545.4       N    N    Advance Auto Parts, Inc    BB+
P0001030    Waynesboro    GA    30830-1461    Spirit Funding Company,      557335.18       N    N    Advance Auto Parts, Inc    BB+
P0001031    Blakeley    GA    31723-1703    Spirit Funding Company,      511922.69       N    N    Adyance Auto Parts, Inc    BB+
P0001032    Richmond Hill    GA    31324-3671    Spirit Funding Company,      593458.76       N    N    Advance Auto Parts, Inc    BB+
P0001033    Augusta    GA    30906-9436    Spirit Funding Company,      649192.29       N    N    Advance Auto Parts, Inc    BB+
P0001034    Kingsland    GA    31548-6317    Spirit Funding Company,      622357.62       N    N    Advance Auto Parts, Inc    BB+
P0001035    Griffin    GA    30223-3029    Spirit Funding Company,      706990       N    N    Advance Auto Parts, Inc    BB+
P0001036    College Park    GA    30349-6443    Spirit Funding Company,      484055.93       N    N    Advance Auto Parts, Inc    BB+
P0001037    Leesburg    GA    31763-4834    Spirit Funding Company,      780269.25       N    N    Advance Auto Parts, Inc    BB+
P0001038    Covington    LA    70433-3282    Spirit Funding Company,      755498.81       N    N    Advance Auto Parts, Inc    BB+
P0001039    Alton    IL    62002-5466    Spirit Funding Company,      611004.49       N    N    Advance Auto Parts, Inc    BB+
P0001040    Saint Louis    MO    63118-3504    Spirit Funding Company,      776140.85       N    N    Advance Auto Parts, Inc    BB+
P0001041    Hattiesburg    MS    39402-1307    Spirit Funding Company,      910314.14       N    N    Advance Auto Parts, Inc    BB+
P0001042    Clinton    MS    39056    Spirit Funding Company,      672930.63       N    N    Advance Auto Parts, Inc    BB+
P0001043    Jackson    MS    39209-7328    Spirit Funding Company,      680155.35       N    N    Advance Auto Parts, Inc    BB+
P0001044    Natchez    MS    39120-4733    Spirit Funding Company,      710086.3       N    N    Advance Auto Parts, Inc    BB+
P0001045    Newton    MS    39345-9747    Spirit Funding Company,      543917.86       N    N    Advance Auto Parts, Inc    BB+

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

   

If acquired, o/s
Loan balance
prior to
acquisition

   

Has been

delinquent since

origination date

   

Has been

modified since
origination
date?

    Obligor   Moody’s/S&P/
Fitch Rating
P0001046    Wiggins    MS    39577-2531    Spirit Funding Company,    670866.43    N    N    Advance Auto
Parts, Inc		   BB+
P0001047    Denmark    SC    29042-1307    Spirit Funding Company,    355043.15    N    N    Advance Auto
Parts, Inc		   BB+
P0000895    Huntsville    AL    35803    Spirit Finance Corporation       N    N    America’s
Power Sports		   Non-Rated
P0000896    Gulf Breeze    FL    32561    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000897    Mary Esther    FL    32569    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000898    Troy    AL    36081    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000899    Bryan    TX    77801    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000900    Columbus    MS    39701    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000901    Ocala    FL    34470    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000902    Jacksonville    FL    32217    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000903    Sebring    FL    33872    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000904    Casselberry    FL    32707    Spirit Finance Acquisitions, LLC       N    N    Barnhill’s
Buffet, Inc.		   Non-Rated
P0000905    Great Falls    MT    59401    Spirit Finance Acquisitions, LLC       N    N    Hastings
Entertainment,		   Non-Rated
P0000906    Phoenix    AZ    85016    Spirit Finance Acquisitions, LLC       N    N    AMC
Entertainment,
Inc		   B
P0000907    Alpharetta    GA    30022    Spirit Finance Acquisitions, LLC       N    Y    Pike Holding
Nursery
[ILLEGIBLE]		   Non-Rated
P0000908    Marietta    GA    30064    Spirit Finance Acquisitions, LLC       N    Y    Pike Holding
Nursery
[ILLEGIBLE]		   Non-Rated
P0000909    Canton    GA    30115    Spirit Finance Acquisitions, LLC       N    Y    Pike Holding
Nursery
[ILLEGIBLE]		   Non-Rated
P0000910    Atlanta    GA    30342    Spirit Finance Acquisitions, LLC       N    Y    Pike Holding
Nursery
[ILLEGIBLE]		   Non-Rated
P0000911    Alpharetta    GA    30022    Spirit Finance Acquisitions, LLC       N    Y    Pike Holding
Nursery
[ILLEGIBLE]		   Non-Rated
P0000912    Marietta    GA    30062    Spirit Finance Acquisitions, LLC       N    Y    Pike Holding
Nursery
[ILLEGIBLE]		   Non-Rated
P0000913    Phoenix    AZ    85017    Spirit Finance Acquisitions, LLC       N    N    Grand Canyon
University		   Non-Rated
P0000300    Evansville    IN    47715-2418    Spirit SPE Portfolio 2004-6       N    N    NPC
International,
Inc.		   Non-Rated
P0000301    Owensboro    KY    42301-7455    Spirit SPE Portfolio 2004-6       N    N    NPC
International,
Inc.		   Non-Rated
P0000302    Madill    OK    73446-1410    Spirit SPE Portfolio 2004-6       N    N    NPC
International,
Inc.		   Non-Rated
P0000303    Geneva    AL    36340-1638    Spirit SPE Portfolio 2004-6       N    N    NPC
International,
Inc.		   Non-Rated
P0000304    Blakely    GA    31723-1423    Spirit SPE Portfolio 2004-6       N    N    NPC
International,
Inc.		   Non-Rated
P0000305    Mayfield    KY    42066-4988    Spirit SPE Portfolio 2004-6       N    N    NPC
International,
Inc.		   Non-Rated
P0000306    Fairborn    OH    45324-2670    Spirit SPE Portfolio 2004-6       N    N    Skyline Chili,
Inc.		   Non-Rated
P0000309    Raleigh    NC    27603-3529    Spirit SPE Portfolio 2004-6       N    N    Carrols
Corporation		   B+
P0000310    New Bern    NC    28560-6535    Spirit SPE Portfolio 2004-6       N    N    Carrols
Corporation		   B+
P0000311    Akron    OH    44312-3951    Spirit SPE Portfolio 2004-6       N    N    Carrols
Corporation		   B+
P0000312    Edon    OH    43518-9714    Spirit SPE Portfolio 2004-6       N    N    Carrols
Corporation		   B+
P0000313    Burr Ridge    IL    60521-0834    Spirit SPE Portfolio 2004-6       N    N    Max &
Erma’s
[ILLEGIBLE]		   Non-Rated
P0000314    Canton    MI    48187-2906    Spirit SPE Portfolio 2004-6       N    N    Max &
Erma’s
[ILLEGIBLE]		   Non-Rated
P0000315    Mars    PA    16046-9414    Spirit SPE Portfolio 2004-6       N    N    Max &
Erma’s
[ILLEGIBLE]		   Non-Rated

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		   

Has been
delinquent since
origination date

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&P/

Fitch Rating

P0000316    Dayton    OH    45458-1621   

Spirit SPE Portfolio

2004-6

       N    N    Max & Erma’s [ILLEGIBLE]    Non-Rated
P0000317    Gurnee    IL    60031-1620   

Spirit SPE Portfolio

2004-6

       N    N    Max & Erma’s [ILLEGIBLE]    Non-Rated
P0000318    Pittsburgh    PA    15275-1200   

Spirit SPE Portfolio

2004-6

       N    N    Max & Erma’s [ILLEGIBLE]    Non-Rated
P0000319    Birmingham    AL    35204-1736   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000323    Boise    ID    83709-1659   

Spirit SPE Portfolio

2004-6

       N    N    Mexican Restaurants    Non-Rated
P0000324    Albuquerque    NM    87112-4406   

Spirit SPE Portfolio

2004-6

       N    N    Banyan, Inc.    Non-Rated
P0000326    Baton Rouge    LA    70816-8525   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000327    Apopka    FL    32703-5374   

Spirit SPE Portfolio

2004-6

       N    N    Burger King [ILLEGIBLE]    Non-Rated
P0000328    Saint Cloud    FL    34769-4136   

Spirit SPE Portfolio

2004-6

       N    N    Burger King Corporation [ILLEGIBLE]    Non-Rated
P0000329    Orlando    FL    32826-4701   

Spirit SPE Portfolio

2004-6

       N    N    Burger King Corporation [ILLEGIBLE]    Non-Rated
P0000330    Pineville    LA    71360-4389   

Spirit SPE Portfolio

2004-6

       N    N    R & L Foods, LLC    Non-Rated
P0000331    Oak Ridge    TN    37830-6404   

Spirit SPE Portfolio

2004-6

       N    N    Pennant Foods    Non-Rated
P0000332    Athens    TN    37303-4929   

Spirit SPE Portfolio

2004-6

       N    N    Pennant Foods    Non-Rated
P0000336    Tyler    TX    0   

Spirit SPE Portfolio

2004-6

       N    N    Thomas & Thomas [ILLEGIBLE]    Non-Rated
P0000338    Red Bank    TN    37415-6224   

Spirit SPE Portfolio

2004-6

       N    N    Tacala, L.L.C.    Non-Rated
P0000349    Lewis Center    OH    43035-9149   

Spirit SPE Portfolio

2004-6

       N    N    Skyline Chili, Inc.    Non-Rated
P0000350    Birmingham    AL    35209-5149   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000351    Baton Rouge    LA    70816-3319   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000354    Sandy    UT    84070   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000355    Snellville    GA    30078   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000356    Columbus    OH    43213   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000357    Austin    TX    78752   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000358    Columbus    OH    43235   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000359    Aurora    CO    80014   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000360    Houston    TX    77027   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000361    Eden Prairie    MN    55344   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000362    Mesa    AZ    85206   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000363    Maple Grove    MN    55311   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000364    Columbus    OH    43235   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000365    Houston    TX    77095   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000366    Hilliard    OH    43026   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000367    Houston    TX    77040   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000368    Newport News    VA    23602   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000369    Glendale    AZ    85308   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000370    Mason    OH    45040   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		   

Has been
delinquent since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&P/

Fitch Rating

P0000371    Coon Rapids    MN    55433   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000372    Chesapeake    VA    23320   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000373    Cincinnati    OH    45240   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000374    Houston    TX    77024   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000375    Kingwood    TX    77339   

Spirit SPE Portfolio

2004-6

       N    N    Fuddruckers, Inc.    Non-Rated
P0000378    Baton Rouge    LA    70811   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000379    La Mesa    CA    91941   

Spirit SPE Portfolio

2004-6

       N    N    Pennant Foods    Non-Rated
P0000380    Pensacola    FL    32505-5127   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000381    Salem    IL    62881-3805   

Spirit SPE Portfolio

2004-6

       N    N    NPC International, Inc.    Non-Rated
P0000914    Kansas City    MO    64119    Spirit Finance Acquisitions, LLC       N    Y    Dickinson Theatres, Inc.    Non-Rated
P0000915    Lees Summit    MO    64086    Spirit Finance Acquisitions, LLC       N    Y    Dickinson Theatres, Inc.    Non-Rated
P0000916    Roswell    NM    88201    Spirit Finance Acquisitions, LLC       N    N    Hastings Entertainment,    Non-Rated
P0000917    Wichita    KS    67209    Spirit Finance Acquisitions, LLC       N    N    Kansas Corral    Non-Rated
P0000918    Emporia    KS    66801    Spirit Finance Acquisitions, LLC       N    N    Kansas Corral    Non-Rated
P0000919    Tavares    FL    32778    Spirit Finance Acquisitions, LLC       N    N    Ferrellgas, L.P    BB-
P0000390    Stillwater    MN    55082-6309   

Spirit SPE Portfolio

2004-6

       N    N    Famous Dave’s of [ILLEGIBLE]    Non-Rated
P0000391    Maple Grove    MN    55369-7013   

Spirit SPE Portfolio

2004-6

       N    N    Famous Dave’s of [ILLEGIBLE]    Non-Rated
P0000392    Apple Valley    MN    55124-6998   

Spirit SPE Portfolio

2004-6

       N    N    Famous Dave’s of [ILLEGIBLE]    Non-Rated
P0000393    Utica    NY    13502-2527   

Spirit SPE Portfolio

2004-6

       N    N    Friendly’s Ice Cream [ILLEGIBLE]    B
P0000394    Colchester    VT    05446-1901   

Spirit SPE Portfolio

2004-6

       N    N    Friendly’s Ice Cream [ILLEGIBLE]    B
P0000395    Colonie    NY    12110-2501   

Spirit SPE Portfolio

2004-6

       N    N    Friendly’s Ice Cream [ILLEGIBLE]    B
P0000396    West Caldwell    NJ    07006-7518   

Spirit SPE Portfolio

2004-6

       N    N    Friendly’s Ice Cream [ILLEGIBLE]    B
P0000397    West Harwich    MA    02671-1041   

Spirit SPE Portfolio

2004-6

       N    N    Friendly’s Ice Cream [ILLEGIBLE]    B
P0000398    Carlisle    PA    17013-9177   

Spirit SPE Portfolio

2004-6

       N    N    Friendly’s Ice Cream [ILLEGIBLE]    B
P0000399    Miami    FL    33127-1402   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000400    Deerfield Beach    FL    33441-3311   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000401    Fort Lauderdale    FL    33312-1112   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000402    Baker    LA    70714-5445   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000403    Baker    LA    70714-2843   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000404    Baton Rouge    LA    70805-3201   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000405    Port Allen    LA    70767-198   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000406    Fort Pierce    FL    34947-3602   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000408    Saint Louis    MO    63136-4017   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000409    Saint Louis    MO    63121-4110   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000410    Saint Louis    MO    63136-4639   

Spirit SPE Portfolio

2004-6

       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		   

Has been
modified since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s /S&P/

Fitch Rating

P0000411    Baton Rouge    LA    70814-2909    Spirit SPE Portfolio 2004 -6       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000412    Denham Springs    LA    70726-5214    Spirit SPE Portfolio 2004 -6       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000415    Waco    TX    76706-1053    Spirit SPE Portfolio 2004 -6       N    N    1st University Credit [ILLEGIBLE]    Non-Rated
P0000416    Apopka    FL    32703-4479    Spirit SPE Portfolio 2004 -6       N    Y - Rolled into [ILLEGIBLE]    Barnhill’s Buffet, Inc.    Non-Rated
P0000417    Orange City    FL    32763-7039    Spirit SPE Portfolio 2004 -6       N    Y - Rolled into [ILLEGIBLE]    Barnhill’s Buffet, Inc.    Non-Rated
P0000418    Moss Point    MS    39563-9539    Spirit SPE Portfolio 2004 -6       N    Y - Rolled into [ILLEGIBLE]    Barnhill’s Buffet, Inc.    Non-Rated
P0000419    Gulfport    MS    39503-2785    Spirit SPE Portfolio 2004 -6       N    Y - Rolled into [ILLEGIBLE]    Barnhill’s Buffet, Inc.    Non-Rated
P0000420    Tallahassee    FL    32304-1015    Spirit SPE Portfolio 2004 -6       N    N    Checker’s Drive-In [ILLEGIBLE]    Non-Rated
P0000421    New Albany    IN    47150-3053    Spirit SPE Portfolio 2004 -6       N    N    Checker’s Drive-In [ILLEGIBLE]    Non-Rated
P0000424    Florence    KY    41042-1803    Spirit SPE Portfolio 2004 -6       N    N    Checker’s Drive-In [ILLEGIBLE]    Non-Rated
P0000425    New Orleans    LA    70119-1602    Spirit SPE Portfolio 2004 -6       N    N    Checker’s Drive-In [ILLEGIBLE]    Non-Rated
P0000426    New Orleans    LA    70117-8352    Spirit SPE Portfolio 2004 -6       N    N    Checker’s Drive-In [ILLEGIBLE]    Non-Rated
P0000428    Marion    IN    46952-3462    Spirit SPE Portfolio 2004 -6       N    N    Checker’s Drive-In [ILLEGIBLE]    Non-Rated
P0000429    Quincy    FL    32351-2130    Spirit SPE Portfolio 2004 -6       N    N    Goldco, Inc.    Non-Rated
P0000431    Columbus    OH    43229-3359    Spirit SPE Portfolio 2004 -6       N    N    Max & Erma’s [ILLEGIBLE]    Non-Rated
P0000432    Maumee    OH    43537-1729    Spirit SPE Portfolio 2004 -6       N    N    Max & Erma’s [ILLEGIBLE]    Non-Rated
P0000433    Milliard    OH    43026-1203    Spirit SPE Portfolio 2004 -6       N    N    Max & Erma’s [ILLEGIBLE]    Non-Rated
P0000434    Fountain Hills    AZ    85268-6635    Spirit SPE Portfolio 2004 -6       N    N    QK, Inc.    Non-Rated
P0000436    Madisonville    KY    42431-1283    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000437    Brunswick    GA    31525-1881    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000438    American Fork    UT    84003-2559    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000439    Tooele    UT    84074-2743    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000440    Jacksonville    FL    32233-2801    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000442    McDonough    GA    30253-6423    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000443    Cumming    GA    30040-2777    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000446    Daphne    AL    36526-9588    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000449    Mobile    AL    36608-5025    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000450    Indianapolis    IN    46268-4445    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000451    Jacksonville    FL    32246-4804    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000453    Jacksonville    FL    32225-8218    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000454    Statesboro    GA    30458-4927    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000455    Moncks Corner    SC    29461-3131    Spirit SPE Portfolio 2004 -6       N    N    Arby’s Restaurant Group    B+
P0000456    Baton Rouge    LA    70806-6027    Spirit SPE Portfolio 2004 -6       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000457    Baton Rouge    LA    70810-1038    Spirit SPE Portfolio 2004 -6       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated
P0000459    Miami    FL    33147-4930    Spirit SPE Portfolio 2004 -6       N    N    Interfoods of America, [ILLEGIBLE]    Non-Rated

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		   

Has been
delinquent since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&P/

Fitch Rating

P0000920    Kenosha    WI    53140    Spirit Finance Acquisitions, LLC       N    N    Gander Mountain [ILLEGIBLE]    Non-Rated
P0000921    Cedar Rapids    IA    52404    Spirit Finance Acquisitions, LLC       N    N    Carmike Cinemas, Inc.    B
P0000922    Addison    TX    75001    Spirit Finance Acquisitions, LLC       N    N    Humperdink’s Texas, [ILLEGIBLE]    Non-Rated
P0000923    Dallas    TX    75206    Spirit Finance Acquisitions, LLC       N    N    Humperdink’s Texas, [ILLEGIBLE]    Non-Rated
P0000924    Dallas    TX    75220    Spirit Finance Acquisitions, LLC       N    N    Humperdink’s Texas, [ILLEGIBLE]    Non-Rated
P0000925    Arlington    TX    76011    Spirit Finance Acquisitions, LLC       N    N    Humperdink’s Texas, [ILLEGIBLE]    Non-Rated
P0000926    Yukon    OK    73099    Spirit Finance Acquisitions, LLC       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0000927    Amarillo    TX    79109    Spirit Finance Acquisitions, LLC       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0000928    Denison    TX    75020    Spirit Finance Acquisitions, LLC       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0000929    Lubbock    TX    79423    Spirit Finance Acquisitions, LLC       N    N    Taco Bueno Restaurants [ILLEGIBLE]    Non-Rated
P0000930    New Hartford    NY    13413    Spirit Finance Acquisitions, LLC       N    N    Gander Mountain [ILLEGIBLE]    Non-Rated
P0000931    Marietta    GA    30067    Spirit Finance Acquisitions, LLC       N    N    Dave & Buster’s, Inc.    Non-Rated
P0000932    Live Oak    TX    78223    Spirit Finance Acquisitions, LLC       N    N    Hill Country Furniture [ILLEGIBLE]    Non-Rated
P0000933    El Paso    TX    79925    Spirit Finance Acquisitions, LLC       N    N    RBLS, Inc. (a Texas [Illegible]    Non-Rated
P0000934    Flint    MI    48507    Spirit Finance Acquisitions, LLC       N    N    Gander Mountain [ILLEGIBLE]    Non-Rated
P0000935    Riverside    CA    92509    Spirit Finance Acquisitions, LLC       N    N    Ferrellgas, L.P    BB-
P0000936    Fargo    ND    58103    Spirit Finance Acquisitions, LLC       N    N    Gander Mountain [ILLEGIBLE]    Non-Rated
P0000937    Erwin    TN    37650    Spirit Property Holdings, LLC       N    N    Sonic Corp.    Non-Rated
P0000938    Knoxville    TN    37918    Spirit Property Holdings, LLC       N    N    Sonic Corp.    Non-Rated
P0000939    Radford    VA    24141    Spirit Property Holdings, LLC       N    N    Sonic Corp.    Non-Rated
P0000940    Christiansburg    VA    24073    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000941    Pulaski    VA    24301    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000942    Wytheville    VA    24382    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000943    Maryville    TN    37804    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000944    Maryville    TN    37801    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000945    Oak Ridge    TN    37830    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000946    Kingsport    TN    37660    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000947    Knoxville    TN    37912    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000948    Knoxville    TN    39912    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000949    Bristol    TN    37625    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000950    Clinton    TN    37716    Spirit Finance Acquisitions, LLC       N    N    Sonic Corp.    Non-Rated
P0000951    Bixby    OK    74133    Spirit Finance Acquisitions, LLC       N    Y    Dickinson Theatres, Inc.    Non-Rated
P0000952    Cicero    NY    13039    Spirit Finance Acquisitions, LLC       N    N    Gander Mountain [ILLEGIBLE]    Non-Rated
P0000953    Philadelphia    PA    19129    Spirit Finance Acquisitions, LLC       N    N    Rite Aid Corporation    B+
P0000954    Moundsville    WV    26041    Spirit Finance Acquisitions, LLC       N    N    Rite Aid Corporation    B+

Property ID

  

City

  

ST

  

Zip Code

  

Origination Entity

   If acquired, o/s
loan balance
prior to
acquisition		  

Has been
delinquent since
origination date?

  

Has been
modified since
origination
date?

  

Obligor

  

Moody’s/S&P/

Fitch Rating

P0000955   Oneida   NY   13421   Spirit Finance Acquisitions, LLC     N   N   Rite Aid Corporation   B+
P0000956   Uhrichsville   OH   44683   Spirit Finance Acquisitions, LLC     N   N   Rite Aid Corporation   B+
P0000957   Buffalo   NY   14209   Spirit Finance Acquisitions, LLC     N   N   Rite Aid Corporation   B+
P0000958   Millen   GA   30442   Spirit Finance Acquisitions, LLC     N   N   Rite Aid Corporation   B+
P0000959   Thomasville   GA   31792   Spirit Finance Acquisitions, LLC     N   N   Rite Aid Corporation   B+
P0000960   Elizabethton   TN   37643   Spirit Finance Acquisitions, LLC     N   N   Sonic Corp.   Non-Rated
P0000961   Albuquerque   NM   87110   Spirit Master Holdings SPE, LLC     N   N   Flying Star Cafe   Non-Rated
P0000962   Albuquerque   NM   87111   Spirit Master Holdings SPE, LLC     N   N   Flying Star Cafe   Non-Rated
P0000963   Sebring   FL   33876   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000964   Port Richey   FL   34668   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000965   Jacksonville   FL   32256   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000966   Fort Myers   FL   33912   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000967   Fort Myers   FL   33912   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000968   Lakeland   FL   33811   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000969   Jacksonville   FL   32254   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000970   Jacksonville   FL   32254   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000971   Conroe   TX   77304   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000972   Pompano Beach   FL   33069   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000973   Riviera Beach   FL   33401   Spirit Master Holdings SPE, LLC     N   N   Hughes Supply, Inc.   BBB-
P0000673   Jacksonville   FL   32207   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+
P0000675   Orlando   FL   32806   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+
P0000676   Winter Springs   FL   32708   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+
P0000677   Lexington   KY   40509   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+
P0000678   Louisville   KY   40207   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+
P0000679   Eustis   FL   32726   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+
P0000680   Lubbock   TX   79416   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000681   Pasadena   TX   77502   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000682   Pasadena   TX   77504   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000683   Copperas Cove   TX   76522   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000685   Nampa   ID   83651   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000687   Alvin   TX   77511   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000688   Houston   TX   77060   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000689   Bryan   TX   77802   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000691   Tulsa   OK   74107   Spirit SPE Portfolio 2004-6     N   N   Mexican Restaurants   Non-Rated
P0000692   Lexington   KY   40504-2738   Spirit SPE Portfolio 2004-6     N   N   Arby’s Restaurant Group   B+

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		   

Has been
delinquent since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&P/

Fitch Rating

P0000974    Philadelphia    PA    19139    Spirit Master Holdings SPE, LLC       N    N    Rite Aid Corporation    B+
P0000975    DePere    WI    54115    Spirit Master Holdings SPE, LLC       N    N    Sportsman’s Warehouse    Non-Rated
P0000976    Mesa    AZ    85210    Spirit Master Holdings SPE, LLC       N    N    Apollo College    Non-Rated
P0000977    Tucson    AZ    85704    Spirit Master Holdings SPE, LLC       N    N    Apollo College    Non-Rated
P0000978    Phoenix    AZ    85017    Spirit Master Holdings SPE, LLC       N    N    Apollo College    Non-Rated
P0000979    Phoenix    AZ    85051    Spirit Master Holdings SPE, LLC       N    N    Apollo College    Non-Rated
P0000980    Jackson    MS    39209    Spirit Finance [ILLEGIBLE]       N    N    Pilgrim’s Pride [ILLEGIBLE]    BB
P0000706    Granbury    TX    76048    Spirit SPE Portfolio [ILLEGIBLE]       N    N    Stonebrook Properties [ILLEGIBLE]    Non-Rated
P0000707    Westland    MI    48185    Spirit SPE Portfolio [ILLEGIBLE]       N    N    Corral of Michigan LLC    Non-Rated
P0000708    Edinburg    TX    78539    Spirit SPE Portfolio [ILLEGIBLE]       N    Y    Pizza Properties, Ltd    Non-Rated
P0000709    Eagle Pass    TX    78852    Spirit SPE Portfolio [ILLEGIBLE]       N    Y    Pizza Properties, Ltd    Non-Rated
P0000710    Rio Grande City    TX    78582    Spirit SPE Portfolio [ILLEGIBLE]       N    Y    Pizza Properties, Ltd    Non-Rated
P0000711    Weslaco    TX    78596    Spirit SPE Portfolio [ILLEGIBLE]       N    Y    Pizza Properties, Ltd    Non-Rated
P0000730    Hermantown    MN    55811    Spirit SPE Portfolio [ILLEGIBLE]       N    N    HOM Furniture, Inc.    Non-Rated
P0000731    Eau Claire    WI    54701    Spirit SPE Portfolio [ILLEGIBLE]       N    N    HOM Furniture, Inc.    Non-Rated
P0000732    Lake Jackson    TX    77566    Spirit SPE Portfolio [ILLEGIBLE]       N    N    Hastings Entertainment, [ILLEGIBLE]    Non-Rated
P0000737    El Paso    TX    79924    Spirit SPE Portfolio [ILLEGIBLE]       N    Y    Pizza Properties, Ltd    Non-Rated
P0000738    St. Clair Shores    MI    48081    Spirit Master Funding, [ILLEGIBLE]       N    N    Rite Aid Corporation    B+
P0000747    Abilene    TX    79605    Spirit Master Funding, [ILLEGIBLE]       N    N    Anvia, Inc.    Non-Rated
P0000748    Forest City    IA    50436    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000749    Cresco    IA    52136    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000750    Elk River    MN    55330    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000751    Eagan    MN    55123    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000752    Hutchinson    MN    55350    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000753    Duluth    MN    55808    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000754    Crystal    MN    55422    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000755    Ely    MN    55731    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000756    Cloquet    MN    55720    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000757    Buffalo    MN    55313    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000758    Duluth    MN    55812    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000759    Albert Lea    MN    56007    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000760    Superior    WI    54880    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000761    Columbia Heights    MN    55421    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000762    Algona    IA    50511    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated
P0000763    Woodbury    MN    55125    Spirit Master Funding, [ILLEGIBLE]       N    N    Sky Ventures, LLC    Non-Rated

Property ID

   

City

   

ST

   

Zip Code

   

Origination Entity

    If acquired, o/s
loan balance
prior to
acquisition		   

Has been
delinquent since
origination date?

   

Has been
modified since
origination
date?

   

Obligor

   

Moody’s/S&P/

Fitch Rating

P0000764    Mason City    IA    50401    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000765    Two Harbors    MN    55616    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000766    Shakopee    MN    55379    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000767    Clear Lake    IA    50428    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000768    Sauk Centre    MN    56378    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000769    Rosemount    MN    55068    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000770    Virginia    MN    55792    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000771    New Hope    MN    55428    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated
P0000772    Minneapolis    MN    55411    Spirit Master Funding, LI N       N    N    Sky Ventures, LLC    Non-Rated

Property ID

   

Franchisee/
Licensee

(Y/N)

   

Concept

   

Concept Type

   

Investment

Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

E000787    Y    Pizza Hut    n/a    Equipment [ILLEGIBLE]    n/a    n/a    N      2,000,000         2,000,000       5/24/05
P0000891    N    Flying J Travel Plaza    n/a    Lease    Y    n/a    Y      9,508,189         9,508,189       12/23/03
P0000892    N    Flying J Travel Plaza    n/a    Lease    Y    n/a    Y      7,509,610         7,509,610       12/23/03
P0000893    N    Flying J Travel Plaza    n/a    Lease    Y    n/a    Y      10,008,620         10,008,620       12/23/03
P0000894    N    Flying J Travel Plaza    n/a    Lease    Y    n/a    Y      10,509,051         10,509,051       12/23/03
P0000981    N    Taco Bueno    n/a    Mortgage    N    Y    Y      339,845         339,845       12/23/03
P0000982    N    Taco Bueno    n/a    Mortgage    N    Y    Y      339,845         339,845       12/23/03
P0000983    N    Taco Bueno    n/a    Mortgage    N    Y    Y      407,814         407,814       12/23/03
P0000984    N    Taco Bueno    n/a    Mortgage    N    Y    Y      776,789         776,789       12/23/03
P0000985    N    Taco Bueno    n/a    Mortgage    N    Y    Y      796,209         796,209       12/23/03
P0000986    N    Taco Bueno    n/a    Mortgage    N    Y    Y      660,271         660,271       12/23/03
P0000987    N    Taco Bueno    n/a    Mortgage    N    Y    Y      373,830         373,830       12/23/03
P0000988    N    Taco Bueno    n/a    Mortgage    N    Y    Y      752,515         752,515       12/23/03
P0000989    N    Taco Bueno    n/a    Mortgage    N    Y    Y      844,758         844,758       12/23/03
P0000990    N    Taco Bueno    n/a    Mortgage    N    Y    Y      883,597         883,597       12/23/03
P0000991    N    Taco Bueno    n/a    Mortgage    N    Y    Y      796,209         796,209       12/23/03
P0000992    N    Taco Bueno    n/a    Mortgage    N    Y    Y      558,317         558,317       12/23/03
P0000993    N    Taco Bueno    n/a    Mortgage    N    Y    Y      631,141         631,141       12/23/03
P0000994    N    Taco Bueno    n/a    Mortgage    N    Y    Y      631,141         631,141       12/23/03
P0000995    N    Taco Bueno    n/a    Mortgage    N    Y    Y      631,141         631,141       12/23/03
P0000996    N    Taco Bueno    n/a    Mortgage    N    Y    Y      427,234         427,234       12/23/03
P0000997    N    Taco Bueno    n/a    Mortgage    N    Y    Y      364,120         364,120       12/23/03
P0000998    N    Taco Bueno    n/a    Mortgage    N    Y    Y      835,048         835,048       12/23/03
P0000999    N    Taco Bueno    n/a    Mortgage    N    Y    Y      339,845         339,845       12/23/03
P0001000    N    Taco Bueno    n/a    Mortgage    N    Y    Y      703,965         703,965       12/23/03
P0001001    N    Taco Bueno    n/a    Mortgage    N    Y    Y      368,975         368,975       12/23/03
P0001002    N    Taco Bueno    n/a    Mortgage    N    Y    Y      669,981         669,981       12/23/03
P0001003    N    Taco Bueno    n/a    Mortgage    N    Y    Y      582,592         582,592       12/23/03
P0001004    N    Taco Bueno    n/a    Mortgage    N    Y    Y      436,944         436,944       12/23/03
P0001005    N    Taco Bueno    n/a    Mortgage    N    Y    Y      519,477         519,477       12/23/03
P0001006    N    Taco Bueno    n/a    Mortgage    N    Y    Y      597,156         597,156       12/23/03
P0001007    N    Taco Bueno    n/a    Mortgage    N    Y    Y      825,338         825,338       12/23/03
P0001008    N    Taco Bueno    n/a    Mortgage    N    Y    Y      606,866         606,866       12/23/03
P0001009    N    Taco Bueno    n/a    Mortgage    N    Y    Y      359,265         359,265       12/23/03
P0001010    N    Taco Bueno    n/a    Mortgage    N    Y    Y      873,888         873,888       12/23/03

Property ID

   

Franchisee/
Licensee
(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0001011    N    Taco Bueno    n/a    Mortgage    N    Y    Y      339,845         339,845       12/23/03
P0001012    N    Taco Bueno    n/a    Mortgage    N    Y    Y      375,250         375,250       12/23/03
P0001013    N    Taco Bueno    n/a    Mortgage    N    Y    Y      176,842         176,842       12/23/03
P0001014    N    Taco Bueno    n/a    Mortgage    N    Y    Y      241,138         241,138       12/23/03
P0001015    N    Taco Bueno    n/a    Mortgage    N    Y    Y      172,528         172,528       12/23/03
P0001016    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      329,015         329,015       12/23/03
P0001017    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      488,153         488,153       12/23/03
P0001018    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      872,817         872,817       12/23/03
P0001019    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      617,025         617,025       12/23/03
P0001020    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      585,783         585,783       12/23/03
P0001021    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      806,428         806,428       12/23/03
P0001022    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      610,191         610,191       12/23/03
P0001023    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      627,764         627,764       12/23/03
P0001024    N    Advance Auto Parts    n/a    Mortgage    N    Y    Y      534,038         534,038       12/23/03
P0001025    N    Advance Auto Parts    n/a    Mortgage    N    Y    Y      812,286         812,286       12/23/03
P0001026    N    Advance Auto Parts    n/a    Mortgage    N    Y    Y      432,503         432,503       12/23/03
P0001027    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      598,475         598,475       12/23/03
P0001028    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      621,906         621,906       12/23/03
P0001029    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      624,835         624,835       12/23/03
P0001030    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      527,204         527,204       12/23/03
P0001031    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      484,247         484,247       12/23/03
P0001032    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      561,375         561,375       12/23/03
P0001033    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      614,096         614,096       12/23/03
P0001034    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      588,712         588,712       12/23/03
P0001035    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      668,769         668,769       12/23/03
P0001036    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      457,887         457,887       12/23/03
P0001037    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      738,086         738,086       12/23/03
P0001038    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      714,655         714,655       12/23/03
P0001039    N    Advance Auto Parts    n/a    Mortgage    N    Y    Y      577,972         577,972       12/23/03
P0001040    N    Advance Auto Parts    n/a    Mortgage    N    Y    Y      734,182         734,182       12/23/03
P0001041    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      861,101         861,101       12/23/03
P0001042    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      636,551         636,551       12/23/03
P0001043    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      643,385         643,385       12/23/03
P0001044    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      671,697         671,697       12/23/03
P0001045    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      514,513         514,513       12/23/03
                             

Property ID

   

Franchisee/
Licensee

(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0001046    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      634,598         634,598       12/23/03
P0001047    N    Discount Auto Parts    n/a    Mortgage    N    Y    Y      335,849         335,849       12/23/03
P0000895    N    KC’s Powersports    n/a    Lease    N    n/a    n/a      2,000,000         2,006,032       2/23/04
P0000896    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      792,693         792,693       3/31/04
P0000897    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      918,517         918,517       3/31/04
P0000898    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      796,887         796,887       3/31/04
P0000899    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      769,205         769,205       3/31/04
P0000900    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      503,297         503,297       3/31/04
P0000901    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,090,476         1,090,476       3/31/04
P0000902    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,258,242         1,258,242       3/31/04
P0000903    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,395,810         1,395,810       3/31/04
P0000904    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,426,008         1,426,008       3/31/04
P0000905    N    Hastings    n/a    Lease    N    n/a    n/a      4,744,333         4,744,333       5/6/04
P0000906    N    AMC Theatre    n/a    Lease    N    n/a    n/a      12,900,000         12,943,236       5/17/04
P0000907    N    Pike Plant Nursery    n/a    Lease    Y    n/a    Y      3,492,065         3,492,065       6/15/04
P0000908    N    Pike Plant Nursery    n/a    Lease    Y    n/a    Y      3,983,922         3,983,922       6/15/04
P0000909    N    Pike Plant Nursery    n/a    Lease    Y    n/a    Y      2,754,304         2,754,304       6/15/04
P0000910    N    Pike Plant Nursery    n/a    Lease    Y    n/a    Y      4,131,478         4,131,478       6/15/04
P0000911    N    Pike Plant Nursery    n/a    Lease    Y    n/a    Y      4,475,755         4,475,755       6/15/04
P0000912    N    Pike Plant Nursery    n/a    Lease    Y    n/a    Y      2,606,770         2,606,770       6/15/04
P0000913    N    Grand Canyon University    n/a    Lease    N    n/a    n/a      29,300,000         33,034,586       6/28/04
P0000300    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      560,000         585,051       6/25/04
P0000301    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      550,000         630,446       6/25/04
P0000302    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      394,456         394,456       6/25/04
P0000303    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      432,031         432,031       6/25/04
P0000304    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      458,880         458,880       6/25/04
P0000305    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      400,000         416,322       6/25/04
P0000306    N    Skyline Chili    n/a    Lease    N    n/a    n/a      1,000,000         1,211,086       6/25/04
P0000309    Y    Burger King    n/a    Lease    N    n/a    n/a      900,000         909,100       6/25/04
P0000310    Y    Burger King    n/a    Lease    N    n/a    n/a      950,000         1,046,634       6/25/04
P0000311    Y    Burger King    n/a    Lease    N    n/a    n/a      1,050,000         1,094,526       6/25/04
P0000312    Y    Burger King    n/a    Lease    N    n/a    n/a      950,000         974,873       6/25/04
P0000313    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      1,550,000         1,668,413       6/25/04
P0000314    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      2,850,000         3,077,413       6/25/04
P0000315    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      3,000,000         3,004,361       6/25/04

Property ID

   

Franchisee/
Licensee
(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000316    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      2,300,000         2,726,817       6/25/04
P0000317    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      1,100,000         1,136,096       6/25/04
P0000318    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      3,100,000         3,281,184       6/25/04
P0000319    Y    Popeye’s    n/a    Lease    N    n/a    n/a      700,000         762,904       6/25/04
P0000323    N    Casa Mexico    n/a    Lease    N    n/a    n/a      1,150,000         1,407,996       6/25/04
P0000324    Y    Grandy’s    n/a    Lease    N    n/a    n/a      570,000         666,525       6/25/04
P0000326    Y    Popeye’s    n/a    Lease    N    n/a    n/a      840,000         939,368       6/25/04
P0000327    N    Burger King    n/a    Lease    N    n/a    n/a      1,144,030         1,144,030       6/25/04
P0000328    N    Burger King    n/a    Lease    N    n/a    n/a      1,200,000         1,373,395       6/25/04
P0000329    N    Burger King    n/a    Lease    N    n/a    n/a      1,449,884         1,449,884       6/25/04
P0000330    Y    Wendy’s    n/a    Lease    N    n/a    n/a      1,300,000         1,425,412       6/25/04
P0000331    Y    Wendy’s    n/a    Lease    N    n/a    n/a      950,000         1,015,135       6/25/04
P0000332    Y    Wendy’s    n/a    Lease    N    n/a    n/a      950,000         969,166       6/25/04
P0000336    Y    Whataburger    n/a    Lease    N    n/a    Y      1,300,000         1,494,267       6/25/04
P0000338    Y    Taco Bell    n/a    Lease    N    n/a    n/a      1,000,000         1,055,102       6/25/04
P0000349    N    Skyline Chili    n/a    Lease    N    n/a    n/a      900,000         1,086,838       6/25/04
P0000350    Y    Popeye’s    n/a    Lease    N    n/a    n/a      700,000         736,458       6/25/04
P0000351    Y    Popeye’s    n/a    Lease    N    n/a    n/a      700,000         769,803       6/25/04
P0000354    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,615,840         1,615,840       6/25/04
P0000355    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,490,985         1,490,985       6/25/04
P0000356    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,193,650         1,193,650       6/25/04
P0000357    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,639,049         1,639,049       6/25/04
P0000358    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,100,000         1,100,600       6/25/04
P0000359    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,700,000         1,711,495       6/25/04
P0000360    N    Fuddruckers    n/a    Lease    Y    n/a    Y      2,464,468         2,464,468       6/25/04
P0000361    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,545,117         1,545,117       6/25/04
P0000362    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,929,967         1,929,967       6/25/04
P0000363    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,545,112         1,545,112       6/25/04
P0000364    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,243,232         1,243,232       6/25/04
P0000365    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,597,031         1,597,031       6/25/04
P0000366    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,292,744         1,292,744       6/25/04
P0000367    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,861,670         1,861,670       6/25/04
P0000368    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,442,823         1,442,823       6/25/04
P0000369    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,856,577         1,856,577       6/25/04
P0000370    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,290,578         1,290,578       6/25/04

Property ID

   

Franchisee/
Licensee

(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease

(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000371    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,700,000         1,736,149       6/25/04
P0000372    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,297,934         1,297,934       6/25/04
P0000373    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,350,000         1,383,745       6/25/04
P0000374    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,688,415         1,688,415       6/25/04
P0000375    N    Fuddruckers    n/a    Lease    Y    n/a    Y      1,660,386         1,660,386       6/25/04
P0000378    Y    Popeye’s    n/a    Lease    N    n/a    n/a      673,647         673,647       7/28/04
P0000379    Y    Wendy’s    n/a    Lease    N    n/a    n/a      1,386,053         1,386,053       7/28/04
P0000380    Y    Popeye’s    n/a    Lease    N    n/a    n/a      1,018,004         1,018,004       7/28/04
P0000381    Y    Pizza Hut    n/a    Lease    N    n/a    n/a      433,448         433,448       7/28/04
P0000914    N    Dickinson Theaters    n/a    Lease    Y    n/a    Y      8,000,000         8,000,000       7/29/04
P0000915    N    Dickinson Theaters    n/a    Lease    Y    n/a    Y      10,100,000         10,100,000       7/29/04
P0000916    N    Hastings    n/a    Lease    N    n/a    n/a      3,700,000         3,712,374       7/29/04
P0000917    Y    Golden Corral    n/a    Lease with a    Y    n/a    Y      3,062,436         3,062,436       8/18/04
P0000918    Y    Golden Corral    n/a    Lease with a    Y    n/a    Y      1,194,582         1,194,582       8/18/04
P0000919    N    Blue Rhino    n/a    Lease    N    n/a    n/a      5,580,000         5,591,663       9/7/04
P0000390    N    Famous Dave’s    n/a    Lease    Y    n/a    Y      1,940,000         2,084,755       9/24/04
P0000391    N    Famous Dave’s    n/a    Lease    Y    n/a    Y      2,680,360         2,680,360       9/24/04
P0000392    N    Famous Dave’s    n/a    Lease    Y    n/a    Y      1,935,715         1,935,715       9/24/04
P0000393    N    Friendly’s Ice Cream    n/a    Lease    Y    n/a    Y      1,079,631         1,079,631       9/24/04
P0000394    N    Friendly’s Ice Cream    n/a    Lease    Y    n/a    Y      1,697,533         1,697,533       9/24/04
P0000395    N    Friendly’s Ice Cream    n/a    Lease    Y    n/a    Y      1,350,889         1,350,889       9/24/04
P0000396    N    Friendly’s Ice Cream    n/a    Lease    Y    n/a    Y      730,686         730,686       9/24/04
P0000397    N    Friendly’s Ice Cream    n/a    Lease    Y    n/a    Y      802,698         802,698       9/24/04
P0000398    N    Friendly’s Ice Cream    n/a    Lease    Y    n/a    Y      1,704,422         1,704,422       9/24/04
P0000399    Y    Popeye’s    n/a    Lease    N    n/a    n/a      500,000         513,610       9/24/04
P0000400    Y    Popeye’s    n/a    Lease    N    n/a    n/a      780,000         804,726       9/24/04
P0000401    Y    Popeye’s    n/a    Lease    N    n/a    n/a      590,000         606,370       9/24/04
P0000402    Y    Popeye’s    n/a    Lease    N    n/a    n/a      720,000         737,952       9/24/04
P0000403    Y    Popeye’s    n/a    Lease    N    n/a    n/a      600,000         630,214       9/24/04
P0000404    Y    Popeye’s    n/a    Lease    N    n/a    n/a      1,196,504         1,196,504       9/24/04
P0000405    Y    Popeye’s    n/a    Lease    N    n/a    n/a      990,000         1,019,701       9/24/04
P0000406    Y    Popeye’s    n/a    Lease    N    n/a    n/a      700,000         722,782       9/24/04
P0000408    Y    Popeye’s    n/a    Lease    N    n/a    n/a      1,200,000         1,211,893       9/24/04
P0000409    Y    Popeye’s    n/a    Lease    N    n/a    n/a      1,000,000         1,081,749       9/24/04
P0000410    Y    Popeye’s    n/a    Lease    N    n/a    n/a      990,000         1,013,308       9/24/04

Property ID

   

Franchisee/
Licensee

(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000411    Y    Popeye’s    n/a    Lease    N    n/a    n/a      980,000         1,008,423       9/24/04
P0000412    Y    Popeye’s    n/a    Lease    N    n/a    n/a      910,000         940,735       9/24/04
P0000415    N    Other    n/a    Lease    N    n/a    n/a      640,000         724,716       9/24/04
P0000416    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,000,000         1,050,420       9/24/04
P0000417    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,010,000         1,050,426       9/24/04
P0000418    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      600,000         637,700       9/24/04
P0000419    N    Barnhill’s Buffet    n/a    Lease    Y    n/a    Y      1,010,000         1,050,426       9/24/04
P0000420    N    Rally’s    n/a    Lease    N    n/a    n/a      340,000         369,057       9/24/04
P0000421    N    Rally’s    n/a    Lease    N    n/a    n/a      740,000         809,067       9/24/04
P0000424    N    Rally’s    n/a    Lease    N    n/a    n/a      600,000         659,881       9/24/04
P0000425    N    Rally’s    n/a    Lease    N    n/a    n/a      610,000         668,924       9/24/04
P0000426    N    Rally’s    n/a    Lease    N    n/a    n/a      480,000         528,783       9/24/04
P0000428    N    Rally’s    n/a    Lease    N    n/a    n/a      640,000         666,745       9/24/04
P0000429    Y    Burger King    n/a    Lease    N    n/a    n/a      850,000         910,757       9/24/04
P0000431    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      1,555,174         1,555,174       9/24/04
P0000432    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      3,172,688         3,172,688       9/24/04
P0000433    N    Max & Erma’s    n/a    Lease    N    n/a    n/a      2,332,834         2,332,834       9/24/04
P0000434    Y    Denny’s    n/a    Lease    N    n/a    n/a      1,266,425         1,266,425       9/24/04
P0000436    N    Arby’s    n/a    Lease    N    n/a    n/a      1,680,000         1,701,231       9/24/04
P0000437    N    Arby’s    n/a    Lease    N    n/a    n/a      1,165,605         1,165,605       9/24/04
P0000438    N    Arby’s    n/a    Lease    N    n/a    n/a      1,350,595         1,350,595       9/24/04
P0000439    N    Arby’s    n/a    Lease    N    n/a    n/a      980,000         993,597       9/24/04
P0000440    N    Arby’s    n/a    Lease    N    n/a    n/a      929,926         929,926       9/24/04
P0000442    N    Arby’s    n/a    Lease    N    n/a    n/a      1,350,000         1,361,519       9/24/04
P0000443    N    Arby’s    n/a    Lease    N    n/a    n/a      1,430,000         1,504,995       9/24/04
P0000446    N    Arby’s    n/a    Lease    N    n/a    n/a      870,000         876,947       9/24/04
P0000449    N    Arby’s    n/a    Lease    N    n/a    n/a      960,000         970,060       9/24/04
P0000450    N    Arby’s    n/a    Lease    N    n/a    n/a      870,000         884,126       9/24/04
P0000451    N    Arby’s    n/a    Lease    N    n/a    n/a      1,539,797         1,539,797       9/24/04
P0000453    N    Arby’s    n/a    Lease    N    n/a    n/a      1,058,730         1,058,730       9/24/04
P0000454    N    Arby’s    n/a    Lease    N    n/a    n/a      1,340,000         1,354,244       9/24/04
P0000455    N    Arby’s    n/a    Lease    N    n/a    n/a      860,000         876,043       9/24/04
P0000456    Y    Popeye’s    n/a    Lease    N    n/a    n/a      960,000         988,118       9/24/04
P0000457    Y    Popeye’s    n/a    Lease    N    n/a    n/a      920,000         954,270       9/24/04
P0000459    Y    Popeye’s    n/a    Lease    N    n/a    n/a      570,000         587,817       9/24/04

Property ID

   

Franchisee/
Licensee
(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000920    N    Gander Mountain    n/a    Lease    N    n/a    n/a      11,072,806         11,072,806       9/30/04
P0000921    N    Carmike Cinemas    n/a    Lease    N    n/a    n/a      7,600,000         7,632,695       9/30/04
P0000922    N    Humperdink    n/a    Lease    Y    n/a    Y      4,000,000         4,014,584       9/30/04
P0000923    N    Humperdink    n/a    Lease    Y    n/a    Y      1,440,000         1,446,457       9/30/04
P0000924    N    Humperdink    n/a    Lease    Y    n/a    Y      2,900,000         2,913,362       9/30/04
P0000925    N    Humperdink    n/a    Lease    Y    n/a    Y      3,990,000         4,004,554       9/30/04
P0000926    N    Taco Bueno    n/a    Lease    Y    n/a    Y      850,000         850,000       9/30/04
P0000927    N    Taco Bueno    n/a    Lease    Y    n/a    Y      850,000         850,000       9/30/04
P0000928    N    Taco Bueno    n/a    Lease    Y    n/a    Y      850,000         850,000       9/30/04
P0000929    N    Taco Bueno    n/a    Lease    Y    n/a    Y      850,000         850,000       9/30/04
P0000930    N    Gander Mountain    n/a    Lease    N    n/a    n/a      7,201,849         7,201,849       10/8/04
P0000931    N    Dave & Buster’s    n/a    Lease    N    n/a    n/a      11,800,000         11,948,995       10/15/04
P0000932    Y    Ashley Furniture    n/a    Lease    N    n/a    n/a      6,367,110         6,367,110       10/29/04
P0000933    Y    Ashley Furniture    n/a    Lease    N    n/a    n/a      4,916,850         4,916,850       10/29/04
P0000934    N    Gander Mountain    n/a    Lease    N    n/a    n/a      6,630,367         6,630,367       11/5/04
P0000935    N    Blue Rhino    n/a    Lease    N    n/a    n/a      6,950,000         6,971,090       11/12/04
P0000936    N    Gander Mountain    n/a    Lease    N    n/a    n/a      8,536,575         8,536,575       11/17/04
P0000937    N    Sonic    n/a    Lease    N    n/a    n/a      498,896         498,896       11/23/04
P0000938    N    Sonic    n/a    Lease    N    n/a    n/a      752,396         752,396       11/23/04
P0000939    N    Sonic    n/a    Lease    N    n/a    n/a      617,226         617,226       11/23/04
P0000940    N    Sonic    n/a    Lease    N    n/a    n/a      670,000         677,826       11/23/04
P0000941    N    Sonic    n/a    Lease    N    n/a    n/a      580,000         588,513       11/23/04
P0000942    N    Sonic    n/a    Lease    N    n/a    n/a      510,000         518,958       11/23/04
P0000943    N    Sonic    n/a    Lease    N    n/a    n/a      530,000         535,922       11/23/04
P0000944    N    Sonic    n/a    Lease    N    n/a    n/a      750,000         754,381       11/23/04
P0000945    N    Sonic    n/a    Lease    N    n/a    n/a      650,000         655,091       11/23/04
P0000946    N    Sonic    n/a    Lease    N    n/a    n/a      640,000         645,470       11/23/04
P0000947    N    Sonic    n/a    Lease    N    n/a    n/a      810,000         814,306       11/23/04
P0000948    N    Sonic    n/a    Lease    N    n/a    n/a      600,000         606,000       11/23/04
P0000949    N    Sonic    n/a    Lease    N    n/a    n/a      520,000         526,307       11/23/04
P0000950    N    Sonic    n/a    Lease    N    n/a    n/a      520,000         526,319       11/23/04
P0000951    N    Dickinson Theaters    n/a    Lease    Y    n/a    Y      12,500,000         12,500,000       7/29/04
P0000952    N    Gander Mountain    n/a    Lease    N    n/a    n/a      8,874,367         8,874,367       12/10/04
P0000953    N    Rite Aid    n/a    Lease    N    n/a    N      1,538,212         1,538,212       12/15/04
P0000954    N    Rite Aid    n/a    Lease    N    n/a    N      1,448,129         1,448,129       12/15/04

Property ID

   

Franchisee/
Licensee

(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease
(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000955    N    Rite Aid    n/a    Lease    N    n/a    N      2,353,961         2,353,961       12/15/04
P0000956    N    Rite Aid    n/a    Lease    N    n/a    N      2,440,040         2,440,040       12/15/04
P0000957    N    Rite Aid    n/a    Lease    N    n/a    N      1,348,037         1,348,037       12/15/04
P0000958    N    Rite Aid    n/a    Lease    N    n/a    N      1,809,461         1,809,461       12/15/04
P0000959    N    Rite Aid    n/a    Lease    N    n/a    N      2,349,957         2,349,957       12/15/04
P0000960    N    Sonic    n/a    Lease    N    n/a    n/a      565,044         565,044       12/15/04
P0000961    N    Flying Star Café    n/a    Lease    Y    n/a    Y      1,500,870         1,500,870       12/30/04
P0000962    N    Flying Star Café    n/a    Lease    Y    n/a    Y      2,600,000         2,701,565       12/30/04
P0000963    N    Hughes Supply    n/a    Lease    N    n/a    N      590,000         604,336       12/30/04
P0000964    N    Hughes Supply    n/a    Lease    N    n/a    N      1,380,000         1,399,028       12/30/04
P0000965    N    Hughes Supply    n/a    Lease    N    n/a    N      540,000         553,994       12/30/04
P0000966    N    Hughes Supply    n/a    Lease    N    n/a    N      1,591,872         1,591,872       12/30/04
P0000967    N    Hughes Supply    n/a    Lease    N    n/a    N      1,700,000         1,754,653       12/30/04
P0000968    N    Hughes Supply    n/a    Lease    N    n/a    N      2,400,000         2,462,015       12/30/04
P0000969    N    Hughes Supply    n/a    Lease    N    n/a    N      2,555,863         2,555,863       12/30/04
P0000970    N    Hughes Supply    n/a    Lease    N    n/a    N      2,100,000         2,122,747       12/30/04
P0000971    N    Hughes Supply    n/a    Lease    N    n/a    N      1,195,262         1,195,262       12/30/04
P0000972    N    Hughes Supply    n/a    Lease    N    n/a    N      1,370,000         1,381,422       12/30/04
P0000973    N    Hughes Supply    n/a    Lease    N    n/a    N      630,000         639,307       12/30/04
P0000673    N    Arby’s    n/a    Lease    N    n/a    n/a      900,000         900,668       12/30/04
P0000675    N    Arby’s    n/a    Lease    N    n/a    n/a      530,000         550,028       12/30/04
P0000676    N    Arby’s    n/a    Lease    N    n/a    n/a      650,000         667,960       12/30/04
P0000677    N    Arby’s    n/a    Lease    N    n/a    n/a      710,000         733,173       12/30/04
P0000678    N    Arby’s    n/a    Lease    N    n/a    n/a      710,000         749,707       12/30/04
P0000679    N    Arby’s    n/a    Lease    N    n/a    n/a      600,000         617,744       12/30/04
P0000680    N    Casa Ole    n/a    Lease    N    n/a    n/a      1,056,311         1,056,311       12/30/04
P0000681    N    Casa Ole    n/a    Lease    N    n/a    n/a      1,450,000         1,491,261       12/30/04
P0000682    N    Casa Ole    n/a    Lease    N    n/a    n/a      1,460,000         1,491,261       12/30/04
P0000683    N    Casa Ole    n/a    Lease    N    n/a    n/a      980,000         1,006,600       12/30/04
P0000685    N    Garibaldi’s    n/a    Lease    N    n/a    n/a      1,190,000         1,215,378       12/30/04
P0000687    N    Monterey’s Tex Mex    n/a    Lease    N    n/a    n/a      830,000         847,530       12/30/04
P0000688    N    Monterey’s Tex Mex    n/a    Lease    N    n/a    n/a      1,043,884         1,043,884       12/30/04
P0000689    N    Monterey’s Tex Mex    n/a    Lease    N    n/a    n/a      1,441,554         1,441,554       12/30/04
P0000691    N    Monterey’s Tex Mex    n/a    Lease    N    n/a    n/a      671,067         671,067       12/30/04
P0000692    N    Arby’s    n/a    Lease    N    n/a    n/a      840,000         877,412       1/26/05

Property ID

   

Franchisee/
Licensee
(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease

(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000974    N    Rite Aid    n/a    Lease    N    n/a    N      3,306,519         3,306,519       2/2/05
P0000975    N    Sportsman’s Warehouse    n/a    Lease    N    n/a    n/a      5,716,575         5,716,575       2/2/05
P0000976    N    Apollo Colleges    n/a    Lease    N    n/a    N      1,650,000         1,650,582       2/10/05
P0000977    N    Apollo Colleges    n/a    Lease    N    n/a    N      6,492,077         6,492,077       2/10/05
P0000978    N    Apollo Colleges    n/a    Lease    N    n/a    N      3,396,147         3,396,147       2/10/05
P0000979    N    Apollo Colleges    n/a    Lease    N    n/a    N      5,100,000         5,158,552       2/10/05
P0000980    N    Pilgrim’s Pride Freezer [ILLEGIBLE]    n/a    Lease    N    n/a    n/a      3,100,000         3,138,243       3/3/05
P0000706    Y    Golden Corral    n/a    Lease    N    n/a    n/a      3,110,000         3,110,000       3/21/05
P0000707    Y    Golden Corral    n/a    Lease    Y    n/a    N      3,800,000         3,899,564       3/31/05
P0000708    Y    Peter Piper Pizza    n/a    Lease    Y    n/a    Y      3,020,533         3,020,533       4/1/05
P0000709    Y    Peter Piper Pizza    n/a    Lease    Y    n/a    Y      3,085,533         3,085,533       4/1/05
P0000710    Y    Peter Piper Pizza    n/a    Lease    Y    n/a    Y      1,875,000         1,887,533       4/1/05
P0000711    Y    Peter Piper Pizza    n/a    Lease    Y    n/a    Y      2,955,533         2,955,533       4/1/05
P0000730    N    Horn Furniture    n/a    Lease    N    n/a    N      9,500,000         9,603,738       4/8/05
P0000731    N    Horn Furniture    n/a    Lease    N    n/a    N      8,500,000         8,590,284       4/8/05
P0000732    N    Hastings    n/a    Lease    N    n/a    N      3,340,000         3,365,262       4/27/05
P0000737    Y    Peter Piper Pizza    n/a    Lease    Y    n/a    Y      2,270,000         2,272,094       4/29/05
P0000738    N    Rite Aid    n/a    Lease    N    n/a    N      1,715,950         1,715,950       5/2/05
P0000747    Y    Ashley Home Center    n/a    Lease    N    n/a    N      4,025,000         4,056,813       5/19/05
P0000748    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      557,735         557,735       5/24/05
P0000749    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      557,735         557,735       5/24/05
P0000750    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      623,740         623,740       5/24/05
P0000751    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      1,010,341         1,010,341       5/24/05
P0000752    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      642,599         642,599       5/24/05
P0000753    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      557,735         557,735       5/24/05
P0000754    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      435,154         435,154       5/24/05
P0000755    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      397,437         397,437       5/24/05
P0000756    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      604,882         604,882       5/24/05
P0000757    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      472,872         472,872       5/24/05
P0000758    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      567,164         567,164       5/24/05
P0000759    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      736,891         736,891       5/24/05
P0000760    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      868,901         868,901       5/24/05
P0000761    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      444,584         444,584       5/24/05
P0000762    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      312,574         312,574       5/24/05
P0000763    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      979,456         979,456       5/24/05

Property ID

   

Franchisee/
Licensee

(Y/N)

   

Concept

   

Concept Type

   

Investment
Type

   

Master Lease

(Y/N)

   

Cross-
collateralized?

   

Cross-
defaulted?

    CV      Investment
Amount
(includes closing
costs) as of Jan
06		     

Investment
Date

P0000764    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      633,169         633,169       5/24/05
P0000765    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      435,154         435,154       5/24/05
P0000766    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      708,604         708,604       5/24/05
P0000767    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      661,457         661,457       5/24/05
P0000768    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      378,579         378,579       5/24/05
P0000769    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      793,467         793,467       5/24/05
P0000770    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      708,604         708,604       5/24/05
P0000771    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      444,584         444,584       5/24/05
P0000772    Y    Pizza Hut    n/a    Lease    Y    n/a    Y      425,725         425,725       5/24/05

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

E000787      2,000,000         n/a         n/a         n/a         n/a       n/a    n/a    n/a
P0000891      9,700,000         5,100,000         9,700,000         —           9,700,000       Cushman & Wakefield    Limited    Y
P0000892      7,700,000         1,450,000         6,900,000         —           7,700,000       Cushman & Wakefield    Limited    Y
P0000893      10,150,000         4,450,000         10,250,000         —           10,150,000       Cushman & Wakefield    Limited    Y
P0000894      10,650,000         3,400,000         9,600,000         —           10,650,000       Cushman & Wakefield    Limited    Y
P0000981      600,000         230,000         460,000         —           600,000       Cushman & Wakefield    Limited    Y
P0000982      650,000         410,000         680,000         —           650,000       Cushman & Wakefield    Limited    Y
P0000983      600,000         190,000         440,000         —           600,000       Cushman & Wakefield    Limited    Y
P0000984      1,075,000         250,000         580,000         —           1,075,000       Cushman & Wakefield    Limited    Y
P0000985      1,100,000         360,000         570,000         —           1,100,000       Cushman & Wakefield    Limited    Y
P0000986      850,000         280,000         510,000         —           800,000       Cushman & Wakefield    Limited    Y
P0000987      650,000         390,000         610,000         —           650,000       Cushman & Wakefield    Limited    Y
P0000988      1,125,000         290,000         520,000         —           1,125,000       Cushman & Wakefield    Limited    Y
P0000989      1,175,000         210,000         410,000         —           1,175,000       Cushman & Wakefield    Limited    Y
P0000990      1,225,000         290,000         580,000         —           1,225,000       Cushman & Wakefield    Limited    Y
P0000991      1,000,000         300,000         520,000         —           1,000,000       Cushman & Wakefield    Limited    Y
P0000992      800,000         270,000         490,000         —           800,000       Cushman & Wakefield    Limited    Y
P0000993      825,000         130,000         310,000         —           825,000       Cushman & Wakefield    Limited    Y
P0000994      825,000         250,000         460,000         —           825,000       Cushman & Wakefield    Limited    Y
P0000995      800,000         100,000         280,000         —           800,000       Cushman & Wakefield    Limited    Y
P0000996      550,000         220,000         420,000         —           550,000       Cushman & Wakefield    Limited    Y
P0000997      560,000         170,000         350,000         —           560,000       Cushman & Wakefield    Limited    Y
P0000998      1,250,000         310,000         500,000         —           1,250,000       Cushman & Wakefield    Limited    Y
P0000999      550,000         180,000         420,000         —           550,000       Cushman & Wakefield    Limited    Y
P0001000      975,000         180,000         360,000         —           975,000       Cushman & Wakefield    Limited    Y
P0001001      525,000         110,000         330,000         —           525,000       Cushman & Wakefield    Limited    Y
P0001002      925,000         270,000         470,000         —           925,000       Cushman & Wakefield    Limited    Y
P0001003      750,000         110,000         270,000         —           750,000       Cushman & Wakefield    Limited    Y
P0001004      600,000         210,000         390,000         —           600,000       Cushman & Wakefield    Limited    Y
P0001005      675,000         90,000         250,000         —           675,000       Cushman & Wakefield    Limited    Y
P0001006      825,000         320,000         520,000         —           825,000       Cushman & Wakefield    Limited    Y
P0001007      1,225,000         560,000         850,000         —           1,225,000       Cushman & Wakefield    Limited    Y
P0001008      900,000         500,000         830,000         —           900,000       Cushman & Wakefield    Limited    Y
P0001009      750,000         460,000         820,000         —           750,000       Cushman & Wakefield    Limited    Y
P0001010      1,050,000         440,000         810,000         —           1,050,000       Cushman & Wakefield    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0001011      700,000         570,000         960,000         —           700,000       Cushman & Wakefield    Limited    Y
P0001012      775,000         120,000         340,000         —           775,000       Cushman & Wakefield    Limited    Y
P0001013      385,000         150,000         410,000         —           385,000       Cushman & Wakefield    Limited    Y
P0001014      700,000         220,000         410,000         —           700,000       Cushman & Wakefield    Limited    Y
P0001015      940,000         560,000         900,000         —           940,000       Cushman & Wakefield    Limited    Y
P0001016      370,000         145,000         400,000         —           370,000       Cushman & Wakefield    Limited    Y
P0001017      575,000         200,000         650,000         —           575,000       Cushman & Wakefield    Limited    Y
P0001018      1,000,000         500,000         1,000,000         —           1,100,000       Cushman & Wakefield    Limited    Y
P0001019      800,000         250,000         725,000         —           800,000       Cushman & Wakefield    Limited    Y
P0001020      700,000         300,000         700,000         —           700,000       Cushman & Wakefield    Limited    Y
P0001021      1,100,000         500,000         1,100,000         —           1,100,000       Cushman & Wakefield    Limited    Y
P0001022      775,000         250,000         750,000         —           775,000       Cushman & Wakefield    Limited    Y
P0001023      800,000         275,000         775,000         —           800,000       Cushman & Wakefield    Limited    Y
P0001024      600,000         150,000         650,000         —           600,000       Cushman & Wakefield    Limited    Y
P0001025      1,025,000         400,000         1,050,000         —           1,025,000       Cushman & Wakefield    Limited    Y
P0001026      550,000         275,000         570,000         —           550,000       Cushman & Wakefield    Limited    Y
P0001027      640,000         120,000         620,000         —           640,000       Cushman & Wakefield    Limited    Y
P0001028      725,000         350,000         750,000         —           725,000       Cushman & Wakefield    Limited    Y
P0001029      750,000         390,000         760,000         —           750,000       Cushman & Wakefield    Limited    Y
P0001030      600,000         100,000         550,000         —           600,000       Cushman & Wakefield    Limited    Y
P0001031      550,000         60,000         530,000         —           550,000       Cushman & Wakefield    Limited    Y
P0001032      700,000         150,000         650,000         —           700,000       Cushman & Wakefield    Limited    Y
P0001033      750,000         175,000         700,000         —           750,000       Cushman & Wakefield    Limited    Y
P0001034      675,000         150,000         650,000         —           700,000       Cushman & Wakefield    Limited    Y
P0001035      770,000         330,000         790,000         —           770,000       Cushman & Wakefield    Limited    Y
P0001036      560,000         260,000         570,000         —           560,000       Cushman & Wakefield    Limited    Y
P0001037      870,000         360,000         870,000         —           870,000       Cushman & Wakefield    Limited    Y
P0001038      800,000         325,000         800,000         —           800,000       Cushman & Wakefield    Limited    Y
P0001039      750,000         250,000         790,000         —           750,000       Cushman & Wakefield    Limited    Y
P0001040      950,000         180,000         925,000         —           950,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Limited    Y
P0001041      980,000         250,000         740,000         —           980,000       ▇▇▇▇▇▇▇ & Wakefield    Limited    Y
P0001042      720,000         340,000         840,000         —           720,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Limited    Y
P0001043      730,000         70,000         510,000         —           730,000       ▇▇▇▇▇▇▇ & Wakefield    Limited    Y
P0001044      760,000         140,000         610,000         —           760,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Limited    Y
P0001045      580,000         120,000         600,000         —           580,000       ▇▇▇▇▇▇▇ & Wakefield    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0001046      720,000         60,000         420,000         —           720,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Limited    Y
P0001047      375,000         80,000         400,000         —           380,000       ▇▇▇▇▇▇▇ & Wakefield    Limited    Y
P0000895      2,000,000         450,000         1,830,000         1,990,000         2,100,000       ▇▇▇▇▇▇▇ ▇▇▇▇▇ & Associates    Full    Y
P0000896      945,000         361,000         937,000         994,000         909,000       E. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & [ILLEGIBLE]    Full    Y
P0000897      1,095,000         586,000         1,117,000         1,134,000         1,032,000       E. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & [ILLEGIBLE]    Full    Y
P0000898      950,000         425,000         964,000         933,000         814,000       Appraisal Now    Full    Y
P0000899      880,000         240,000         800,000         880,000         —         Paramount Property Analysts    Full    Y
P0000900      600,000         210,000         680,000         600,000         575,000       Appraisal Services    Full    Y
P0000901      1,300,000         387,000         1,368,000         1,300,000         1,286,000       ▇▇▇▇▇▇▇▇ & Associates of [ILLEGIBLE]    Full    Y
P0000902      1,325,000         360,000         1,375,655         1,334,500         —         ▇▇▇▇▇▇ Appraisals, Inc.    Full    Y
P0000903      1,664,000         390,296         1,880,000         —           1,664,000       ▇▇▇▇▇▇▇ ▇. ▇▇▇▇, Inc.    Full    Y
P0000904      1,550,000         306,030         —           1,550,000         1,550,000       ▇▇▇▇▇▇▇, Best & Associates    Full    Y
P0000905      4,850,000         950,000         4,150,000         5,000,000         4,800,000       Standard & Poor’s Corporate    Full    Y
P0000906      12,900,000         2,500,000         13,400,000         13,000,000         12,800,000       Standard & Poor’s Corporate    Full    Y
P0000907      3,550,000         1,900,000         3,550,000         —           3,600,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Full    Y
P0000908      4,050,000         3,100,000         4,000,000         —           4,100,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Full    Y
P0000909      2,800,000         2,200,000         2,750,000         —           2,900,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Full    Y
P0000910      4,200,000         3,600,000         4,300,000         —           4,100,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Full    Y
P0000911      4,550,000         3,000,000         4,500,000         —           4,600,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Full    Y
P0000912      2,650,000         2,050,000         2,650,000         —           2,700,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Full    Y
P0000913      29,300,000         7,950,000         29,300,000         —           —         ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Full    Y
P0000300      560,000         304,920         —           —           560,000       Standard & Poor’s    Limited    Y
P0000301      550,000         223,083         —           —           550,000       Standard & Poor’s    Limited    Y
P0000302      400,000         60,000         400,000         —           370,000       Standard & Poor’s    Limited    Y
P0000303      450,000         220,000         450,000         —           550,000       Standard & Poor’s    Limited    Y
P0000304      500,000         110,000         500,000         —           450,000       Standard & Poor’s    Limited    Y
P0000305      400,000         30,000         400,000         —           410,000       Standard & Poor’s    Limited    Y
P0000306      1,000,000         560,000         1,000,000         —           1,000,000       Standard & Poor’s    Limited    Y
P0000309      900,000         410,000         900,000         —           840,000       Standard & Poor’s    Limited    Y
P0000310      950,000         450,000         950,000         —           910,000       Standard & Poor’s    Limited    Y
P0000311      1,050,000         620,000         1,050,000         —           1,010,000       Standard & Poor’s    Limited    Y
P0000312      950,000         380,000         950,000         —           900,000       Standard & Poor’s    Limited    Y
P0000313      1,550,000         450,000         1,550,000         —           1,520,000       Standard & Poor’s    Limited    Y
P0000314      2,850,000         1,440,000         2,850,000         —           2,830,000       Standard & Poor’s    Limited    Y
P0000315      3,000,000         490,000         2,100,000         —           3,100,000       Standard & Poor’s    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000316      2,300,000         1,580,000         2,300,000         —           2,400,000       Standard & Poor’s    Limited    Y
P0000317      1,100,000         440,000         1,100,000         —           1,100,000       Standard & Poor’s    Limited    Y
P0000318      3,100,000         800,000         2,100,000         —           3,120,000       Standard & Poor’s    Limited    Y
P0000319      700,000         96,000         700,000         —           660,000       Standard & Poor’s    Limited    Y
P0000323      1,150,000         580,000         1,150,000         —           1,100,000       Standard & Poor’s    Limited    Y
P0000324      570,000         409,500         —           —           570,000       Standard & Poor’s    Limited    Y
P0000326      840,000         360,000         840,000         —           810,000       Standard & Poor’s    Limited    Y
P0000327      1,150,000         790,000         1,150,000         —           1,130,000       Standard & Poor’s    Limited    Y
P0000328      1,200,000         520,000         1,000,000         —           1,280,000       Standard & Poor’s    Limited    Y
P0000329      1,450,000         820,000         1,450,000         —           1,440,000       Standard & Poor’s    Limited    Y
P0000330      1,300,000         330,000         1,140,000         —           1,400,000       Standard & Poor’s    Limited    Y
P0000331      950,000         220,000         820,000         —           1,000,000       Standard & Poor’s    Limited    Y
P0000332      950,000         170,000         950,000         —           930,000       Standard & Poor’s    Limited    Y
P0000336      1,300,000         250,000         1,100,000         —           1,350,000       Standard & Poor’s    Limited    Y
P0000338      1,000,000         280,000         1,000,000         —           1,000,000       Standard & Poor’s    Limited    Y
P0000349      900,000         360,000         900,000         —           880,000       Standard & Poor’s    Limited    Y
P0000350      700,000         150,000         700,000         —           650,000       Standard & Poor’s    Limited    Y
P0000351      700,000         350,000         700,000         —           700,000       Standard & Poor’s    Limited    Y
P0000354      1,650,000         700,000         1,600,000         —           1,700,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [Illegible]    Limited    Y
P0000355      1,800,000         800,000         1,700,000         —           1,800,000       ▇▇▇▇▇▇▇ & Wakefield of [LLEGIBLE]    Limited    Y
P0000356      1,200,000         450,000         1,200,000         —           1,150,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Inc.    Limited    Y
P0000357      1,650,000         600,000         1,650,000         —           1,650,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000358      1,100,000         500,000         1,100,000         —           1,100,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Inc.    Limited    Y
P0000359      1,700,000         600,000         1,700,000         —           1,750,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000360      2,500,000         1,600,000         2,500,000         —           2,500,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Limited    Y
P0000361      1,600,000         900,000         1,650,000         —           1,600,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000362      2,000,000         1,200,000         1,950,000         —           2,130,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Limited    Y
P0000363      1,600,000         900,000         1,650,000         —           1,600,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000364      1,275,000         550,000         1,250,000         —           1,300,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Inc.    Limited    Y
P0000365      1,600,000         600,000         1,600,000         —           1,600,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000366      1,300,000         600,000         1,300,000         —           1,300,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Inc.    Limited    Y
P0000367      1,900,000         900,000         1,875,000         —           1,950,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000368      1,475,000         750,000         1,475,000         —           1,475,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Limited    Y
P0000369      1,950,000         1,125,000         1,875,000         —           2,040,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000370      1,300,000         600,000         1,300,000         —           1,250,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Inc.    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000371      1,700,000         900,000         1,750,000         —           1,700,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000372      1,300,000         575,000         1,300,000         —           1,300,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Limited    Y
P0000373      1,350,000         700,000         1,400,000         —           1,300,000       ▇▇▇▇▇▇▇ & Wakefield, Inc.    Limited    Y
P0000374      1,750,000         700,000         1,700,000         —           1,760,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Limited    Y
P0000375      1,700,000         650,000         1,675,000         —           1,750,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Limited    Y
P0000378      680,000         200,000         570,000         —           620,000       Standard & Poor’s    Limited    Y
P0000379      1,410,000         1,180,000         1,680,000         —           1,690,000       Standard & Poor’s    Limited    Y
P0000380      1,030,000         520,000         900,000         —           940,000       Standard & Poor’s    Limited    Y
P0000381      440,000         137,368         —           —           440,000       Standard & Poor’s    Limited    Y
P0000914      8,000,000         1,500,000         7,725,000         7,600,000         8,000,000       Bliss Associates, Inc.    Full    Y
P0000915      10,100,000         2,000,000         9,900,000         9,600,000         10,100,000       Bliss Associates, Inc.    Full    Y
P0000916      3,700,000         700,000         3,540,000         3,830,000         3,700,000       Standard & Poor’s    Full    Y
P0000917      3,130,000         800,000         2,400,000         —           2,900,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ of [ILLEGIBLE]    Full    Y
P0000918      1,220,000         200,000         1,050,000         —           1,200,000       ▇▇▇▇▇▇▇ & Wakefield of [ILLEGIBLE]    Full    Y
P0000919      5,580,000         370,000         5,500,000         5,500,000         5,580,000       Integra Realty Resources - [ILLEGIBLE]    Full    Y
P0000390      1,940,000         560,000         1,820,000         —           1,940,000       Standard & Poor’s    Limited    Y
P0000391      2,700,000         1,310,000         2,600,000         —           2,700,000       Standard & Poor’s    Limited    Y
P0000392      2,090,000         690,000         1,540,000         —           2,090,000       Standard & Poor’s    Limited    Y
P0000393      1,100,000         260,000         1,010,000         —           1,100,000       Standard & Poor’s    Limited    Y
P0000394      1,740,000         640,000         1,740,000         —           1,740,000       Standard & Poor’s    Limited    Y
P0000395      1,400,000         520,000         1,300,000         —           1,400,000       Standard & Poor’s    Limited    Y
P0000396      750,000         280,000         750,000         —           750,000       Standard & Poor’s    Limited    Y
P0000397      830,000         370,000         750,000         —           830,000       Standard & Poor’s    Limited    Y
P0000398      1,740,000         290,000         1,420,000         —           1,740,000       Standard & Poor’s    Limited    Y
P0000399      500,000         350,000         500,000         —           500,000       Standard & Poor’s    Limited    Y
P0000400      780,000         450,000         760,000         —           780,000       Standard & Poor’s    Limited    Y
P0000401      590,000         360,000         580,000         —           590,000       Standard & Poor’s    Limited    Y
P0000402      720,000         100,000         450,000         —           720,000       Standard & Poor’s    Limited    Y
P0000403      600,000         130,000         560,000         —           600,000       Standard & Poor’s    Limited    Y
P0000404      1,200,000         450,000         1,030,000         —           1,200,000       Standard & Poor’s    Limited    Y
P0000405      990,000         260,000         860,000         —           990,000       Standard & Poor’s    Limited    Y
P0000406      700,000         170,000         680,000         —           700,000       Standard & Poor’s    Limited    Y
P0000408      1,200,000         610,000         1,200,000         —           1,200,000       Standard & Poor’s    Limited    Y
P0000409      1,000,000         290,000         1,000,000         —           1,000,000       Standard & Poor’s    Limited    Y
P0000410      990,000         310,000         820,000         —           990,000       Standard & Poor’s    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000411      980,000         440,000         910,000         —           980,000       Standard & Poor’s    Limited    Y
P0000412      910,000         250,000         820,000         —           910,000       Standard & Poor’s    Limited    Y
P0000415      640,000         210,000         640,000         —           640,000       Standard & Poor’s    Limited    Y
P0000416      1,000,000         520,000         1,000,000         —           1,000,000       Standard & Poor’s    Limited    Y
P0000417      1,010,000         260,000         1,010,000         —           1,010,000       Standard & Poor’s    Limited    Y
P0000418      600,000         260,000         600,000         —           600,000       Standard & Poor’s    Limited    Y
P0000419      1,010,000         480,000         1,010,000         —           1,010,000       Standard & Poor’s    Limited    Y
P0000420      340,000         230,000         340,000         —           340,000       Standard & Poor’s    Limited    Y
P0000421      740,000         180,000         440,000         —           740,000       Standard & Poor’s    Limited    Y
P0000424      600,000         290,000         570,000         —           600,000       Standard & Poor’s    Limited    Y
P0000425      610,000         190,000         430,000         —           610,000       Standard & Poor’s    Limited    Y
P0000426      480,000         160,000         400,000         —           480,000       Standard & Poor’s    Limited    Y
P0000428      640,000         260,000         420,000         —           640,000       Standard & Poor’s    Limited    Y
P0000429      850,000         200,000         830,000         —           850,000       Standard & Poor’s    Limited    Y
P0000431      1,560,000         610,000         1,450,000         —           1,560,000       Standard & Poor’s    Limited    Y
P0000432      3,180,000         800,000         2,460,000         —           3,180,000       Standard & Poor’s    Limited    Y
P0000433      2,340,000         580,000         1,760,000         —           2,340,000       Standard & Poor’s    Limited    Y
P0000434      1,300,000         550,000         1,300,000         —           1,300,000       Standard & Poor’s    Limited    Y
P0000436      1,680,000         250,000         1,000,000         —           1,680,000       Standard & Poor’s    Limited    Y
P0000437      1,190,000         330,000         870,000         —           1,190,000       Standard & Poor’s    Limited    Y
P0000438      1,380,000         750,000         1,380,000         —           1,380,000       Standard & Poor’s    Limited    Y
P0000439      980,000         280,000         820,000         —           980,000       Standard & Poor’s    Limited    Y
P0000440      950,000         270,000         920,000         —           950,000       Standard & Poor’s    Limited    Y
P0000442      1,350,000         570,000         1,290,000         —           1,350,000       Standard & Poor’s    Limited    Y
P0000443      1,430,000         580,000         1,360,000         —           1,430,000       Standard & Poor’s    Limited    Y
P0000446      870,000         510,000         870,000         —           870,000       Standard & Poor’s    Limited    Y
P0000449      960,000         450,000         960,000         —           960,000       Standard & Poor’s    Limited    Y
P0000450      870,000         270,000         810,000         —           870,000       Standard & Poor’s    Limited    Y
P0000451      1,570,000         570,000         1,430,000         —           1,570,000       Standard & Poor’s    Limited    Y
P0000453      1,080,000         580,000         1,030,000         —           1,080,000       Standard & Poor’s    Limited    Y
P0000454      1,340,000         310,000         880,000         —           1,340,000       Standard & Poor’s    Limited    Y
P0000455      860,000         320,000         860,000         —           860,000       Standard & Poor’s    Limited    Y
P0000456      960,000         200,000         770,000         —           960,000       Standard & Poor’s    Limited    Y
P0000457      920,000         260,000         820,000         —           920,000       Standard & Poor’s    Limited    Y
P0000459      570,000         400,000         570,000         —           570,000       Standard & Poor’s    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000920      11,600,000         2,880,000         11,900,000         11,400,000         11,600,000       ▇.▇. ▇▇▇▇▇▇ & Associates, [ILLEGIBLE]    Full    Y
P0000921      7,600,000         1,900,000         7,700,000         7,300,000         7,600,000       ▇▇▇▇▇▇▇ & Wakefield    Full    Y
P0000922      4,000,000         1,050,000         32,000,000         —           4,000,000       Standard & Poor’s    Limited    Y
P0000923      1,440,000         980,000         1,434,564         —           1,440,000       Standard & Poor’s    Limited    Y
P0000924      2,900,000         1,330,000         3,290,000         —           2,900,000       Standard & Poor’s    Limited    Y
P0000925      3,990,000         1,780,000         3,990,000         —           3,990,000       Standard & Poor’s    Limited    Y
P0000926      860,000         370,000         935,000         830,000         860,000       Standard & Poors    Full    Y
P0000927      860,000         290,000         840,000         870,000         860,000       Standard & Poors    Full    Y
P0000928      860,000         140,000         620,000         820,000         860,000       Standard & Poors    Full    Y
P0000929      860,000         260,000         770,000         770,000         860,000       Standard & Poors    Full    Y
P0000930      7,540,000         1,050,000         7,590,000         7,320,000         7,540,000       ▇.▇. ▇▇▇▇▇▇ & Associates, [ILLEGIBLE]    Full    Y
P0000931      11,800,000         2,100,000         7,600,000         11,750,000         11,800,000       Standard & Poor’s    Full    Y
P0000932      6,400,000         1,000,000         5,800,000         6,300,000         6,500,000       ▇▇▇▇▇▇▇ & Wakefield    Full    Y
P0000933      5,000,000         1,295,000         5,080,000         5,000,000         4,940,000       ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇    Full    Y
P0000934      6,650,000         326,000         6,670,000         6,530,000         6,650,000       ▇.▇. ▇▇▇▇▇▇ & Associates, [ILLEGIBLE]    Full    Y
P0000935      6,950,000         825,000         7,050,000         6,950,000         6,850,000       ▇▇▇▇-Shelger Associates    Full    Y
P0000936      8,950,000         1,620,000         8,990,000         8,620,000         8,950,000       ▇.▇. ▇▇▇▇▇▇ & Associates, [ILLEGIBLE]    Full    Y
P0000937      500,000         100,000         440,000         —           500,000       Standard & Poor’s    Limited    Y
P0000938      760,000         300,000         680,000         —           760,000       Standard & Poor’s    Limited    Y
P0000939      620,000         110,000         610,000         —           620,000       Standard & Poor’s    Limited    Y
P0000940      670,000         280,000         660,000         —           670,000       Standard & Poor’s    Limited    Y
P0000941      580,000         130,000         580,000         —           580,000       Standard & Poor’s    Limited    Y
P0000942      510,000         200,000         510,000         —           510,000       Standard & Poor’s    Limited    Y
P0000943      530,000         180,000         530,000         —           530,000       Standard & Poor’s    Limited    Y
P0000944      750,000         470,000         750,000         —           750,000       Standard & Poor’s    Limited    Y
P0000945      650,000         200,000         600,000         —           650,000       Standard & Poor’s    Limited    Y
P0000946      640,000         180,000         620,000         —           640,000       Standard & Poor’s    Limited    Y
P0000947      810,000         380,000         800,000         —           810,000       Standard & Poor’s    Limited    Y
P0000948      600,000         280,000         570,000         —           600,000       Standard & Poor’s    Limited    Y
P0000949      520,000         190,000         510,000         —           520,000       Standard & Poor’s    Limited    Y
P0000950      520,000         200,000         520,000         —           520,000       Standard & Poor’s    Limited    Y
P0000951      12,500,000         3,350,000         11,710,000         12,300,000         12,630,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Full    Y
P0000952      9,290,000         2,150,000         9,730,000         9,180,000         9,290,000       ▇.▇. ▇▇▇▇▇▇ & Associates, [ILLEGIBLE]    Full    Y
P0000953      1,700,000         590,000         2,000,000         1,700,000         1,700,000       Birch/REA Partners, Inc.    Full    Y
P0000954      1,600,000         260,000         1,480,000         1,600,000         1,580,000       Birch/REA Partners, Inc.    Full    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000955      2,500,000         1,060,000         2,740,000         2,500,000         2,500,000       Birch/REA Partners, Inc.    Full    Y
P0000956      2,700,000         240,000         1,940,000         2,800,000         2,700,000       Birch/REA Partners, Inc.    Full    Y
P0000957      1,500,000         390,000         1,490,000         1,500,000         1,480,000       Birch/REA Partners, Inc.    Full    Y
P0000958      2,000,000         130,000         1,610,000         2,000,000         1,980,000       Birch/REA Partners, Inc.    Full    Y
P0000959      2,600,000         430,000         2,010,000         2,600,000         2,580,000       Birch/REA Partners, Inc.    Full    Y
P0000960      730,000         370,000         730,000         —           730,000       Standard & Poor’s    Full    Y
P0000961      1,515,000         250,000         1,360,000         1,515,000         1,515,000       American Property [ILLEGIBLE]    Full    Y
P0000962      2,600,000         650,000         2,560,000         2,600,000         2,600,000       American Property [ILLEGIBLE]    Full    Y
P0000963      590,000         220,000         660,000         —           590,000       S&P    Limited    Y
P0000964      1,380,000         520,000         1,380,000         —           1,380,000       S&P    Limited    Y
P0000965      540,000         210,000         610,000         —           540,000       S&P    Limited    Y
P0000966      1,700,000         650,000         1,600,000         1,600,000         —         ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Full    Y
P0000967      1,700,000         340,000         1,880,000         —           1,700,000       S&P    Limited    Y
P0000968      2,400,000         650,000         2,440,000         —           2,360,000       S&P    Limited    Y
P0000969      2,590,000         350,000         2,280,000         —           2,590,000       S&P    Limited    Y
P0000970      2,100,000         350,000         2,300,000         2,100,000         —         S&P    Limited    Y
P0000971      1,220,000         360,000         1,290,000         —           1,220,000       S&P    Limited    Y
P0000972      1,370,000         870,000         1,410,000         —           1,370,000       S&P    Limited    Y
P0000973      630,000         420,000         730,000         —           630,000       S&P    Limited    Y
P0000673      900,000         200,000         720,000         —           900,000       S&P    Limited    Y
P0000675      530,000         270,000         500,000         270,000         530,000       S&P    Limited    Y
P0000676      650,000         340,000         660,000         —           650,000       S&P    Limited    Y
P0000677      710,000         450,000         710,000         450,000         710,000       S&P    Limited    Y
P0000678      710,000         340,000         710,000         340,000         710,000       S&P    Limited    Y
P0000679      600,000         220,000         490,000         220,000         600,000       S&P    Limited    Y
P0000680      1,100,000         320,000         900,000         —           1,100,000       S&P    Limited    Y
P0000681      1,450,000         350,000         1,080,000         —           1,450,000       S&P    Limited    Y
P0000682      1,460,000         310,000         610,000         —           1,460,000       S&P    Limited    Y
P0000683      980,000         230,000         832,000         —           980,000       S&P    Limited    Y
P0000685      1,190,000         310,000         1,100,000         —           1,190,000       S&P    Limited    Y
P0000687      830,000         40,000         177,000         —           830,000       S&P    Limited    Y
P0000688      1,050,000         400,000         640,000         —           1,050,000       S&P    Limited    Y
P0000689      1,460,000         290,000         712,000         —           1,460,000       S&P    Limited    Y
P0000691      680,000         110,000         540,000         —           680,000       S&P    Limited    Y
P0000692      840,000         480,000         800,000         —           840,000       S&P    Limited    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000974      3,400,000         1,330,000         3,700,000         3,400,000         3,300,000       Birch/REA Partners, Inc.    Full    Y
P0000975      5,800,000         1,270,000         6,000,000         5,400,000         5,800,000       ▇▇▇▇▇▇▇▇▇▇ Research, Inc.    Full    Y
P0000976      1,650,000         510,000         1,670,000         1,640,000         1,660,000       ▇▇▇▇▇▇▇ & Wakefield    Full    Y
P0000977      6,500,000         740,000         5,040,000         4,800,000         6,510,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Full    Y
P0000978      3,400,000         1,470,000         3,650,000         3,400,000         3,420,000       ▇▇▇▇▇▇▇ & Wakefield    Full    Y
P0000979      5,100,000         1,070,000         4,900,000         5,000,000         5,200,000       ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇    Full    Y
P0000980      3,100,000         195,700         3,350,000         3,080,000         3,100,000       ▇▇▇▇▇ ▇. Mask, MAI    Full    Y
P0000706      3,110,000         765,000         3,100,000         3,110,000         3,210,000       J. ▇▇▇▇▇▇ ▇▇▇▇    Full    Y
P0000707      3,800,000         1,060,000         3,300,000         3,600,000         3,800,000       Standard & Poor’s    Full    Y
P0000708      3,050,000         775,000         3,050,000         3,050,000         3,050,000       Advanced Appraisals Group    Full    Y
P0000709      3,100,000         660,000         3,080,000         3,060,000         3,110,000       Advanced Appraisals Group    Full    Y
P0000710      1,875,000         400,000         1,875,000         1,875,000         1,875,000       Advanced Appraisals Group    Full    Y
P0000711      2,975,000         600,000         2,975,000         2,975,000         2,975,000       Advanced Appraisals Group    Full    Y
P0000730      9,500,000         1,320,000         9,680,000         9,530,000         9,440,000       Diversified Real Estate [ILLEGIBLE]    Full    Y
P0000731      8,500,000         1,190,000         9,000,000         8,500,000         8,500,000       Diversified Real Estate [ILLEGIBLE]    Full    Y
P0000732      3,340,000         625,000         3,340,000         3,340,000         3,340,000       Advanced Appraisal Group    Full    Y
P0000737      2,270,000         395,000         2,270,000         2,275,000         2,270,000       Advanced Appraisals Group    Full    Y
P0000738      2,230,000         1,170,000         2,230,000         1,900,000         1,840,000       Standard & Poors    Full    Y
P0000747      4,025,000         925,000         3,985,000         4,050,000         3,970,000       Regional Real Estate [ILLEGIBLE]    Full    Y
P0000748      590,000         120,000         480,000         490,000         590,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000749      590,000         100,000         450,000         520,000         590,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000750      660,000         280,000         650,000         690,000         660,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000751      1,070,000         440,000         940,000         970,000         1,070,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000752      680,000         320,000         560,000         650,000         680,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000753      590,000         60,000         430,000         550,000         590,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000754      460,000         150,000         250,000         430,000         460,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000755      420,000         50,000         300,000         460,000         420,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000756      640,000         290,000         600,000         580,000         640,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000757      500,000         120,000         290,000         460,000         500,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000758      600,000         250,000         470,000         500,000         610,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000759      780,000         280,000         660,000         730,000         780,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000760      920,000         230,000         570,000         1,090,000         920,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000761      470,000         210,000         340,000         450,000         470,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000762      330,000         30,000         140,000         270,000         330,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000763      1,070,000         420,000         820,000         1,020,000         1,070,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y

Property ID

    Appraised Value      Land Value      Replacement
Cost Approach		      Sales
Comparison
Approach		      Income Cost
Approach		     

Appraisal Firm

   

Full / Limited /

None

   

MAI

(Y/N)

P0000764      670,000         120,000         420,000         620,000         670,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000765      460,000         120,000         380,000         420,000         460,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000766      750,000         240,000         560,000         700,000         750,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000767      700,000         210,000         510,000         660,000         700,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000768      400,000         130,000         270,000         380,000         400,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000769      840,000         390,000         760,000         790,000         840,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000770      750,000         240,000         660,000         680,000         750,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000771      470,000         220,000         360,000         450,000         470,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y
P0000772      450,000         150,000         280,000         440,000         450,000       ▇▇▇▇▇▇▇ Appraisal Services    Full    Y

Property ID

   

Appraisal Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
E000787    n/a      n/a      n/a    n/a    n/a    n/a    n/a    n/a      n/a         n/a   
P0000891    Feb/Mar 05      98.0 %    Y    Y    9/15/1999    Y    9/15/1999    No further [Illegible]      929,135         15,326   
P0000892    Feb/Mar 05      97.5 %    Y    Y    4/30/1999    Y    4/30/1999    No further [Illegible]      1,596,038         17,652   
P0000893    Feb/Mar 05      98.6 %    Y    Y    3/31/2000    N    N    n/a      1,047,879         17,692   
P0000894    Feb/Mar 05      98.7 %    Y    Y    11/8/2000    N    N    n/a      790,962         15,141   
P0000981    Feb/Mar 05      56.6 %    Y    N/A    N/A    N/A    N/A    n/a      32,392         2,788   
P0000982    Feb/Mar 05      52.3 %    Y    N/A    N/A    N/A    N/A    n/a      48,492         3,825   
P0000983    Feb/Mar 05      68.0 %    Y    N/A    N/A    N/A    N/A    n/a      22,653         3,807   
P0000984    Feb/Mar 05      72.3 %    Y    N/A    N/A    N/A    N/A    n/a      42,210         3,949   
P0000985    Feb/Mar 05      72.4 %    Y    N/A    N/A    N/A    N/A    n/a      27,500         2,843   
P0000986    Feb/Mar 05      77.7 %    Y    N/A    N/A    N/A    N/A    n/a      29,917         2,944   
P0000987    Feb/Mar 05      57.5 %    Y    N/A    N/A    N/A    N/A    n/a      37,454         2,439   
P0000988    Feb/Mar 05      66.9 %    Y    N/A    N/A    N/A    N/A    n/a      28,514         3,140   
P0000989    Feb/Mar 05      71.9 %    Y    N/A    N/A    N/A    N/A    n/a      19,572         3,116   
P0000990    Feb/Mar 05      72.1 %    Y    N/A    N/A    N/A    N/A    n/a      30,424         2,681   
P0000991    Feb/Mar 05      79.6 %    Y    N/A    N/A    N/A    N/A    n/a      25,202         3,102   
P0000992    Feb/Mar 05      69.8 %    Y    N/A    N/A    N/A    N/A    n/a      26,953         3,023   
P0000993    Feb/Mar 05      76.5 %    Y    N/A    N/A    N/A    N/A    n/a      17,143         2,595   
P0000994    Feb/Mar 05      76.5 %    Y    N/A    N/A    N/A    N/A    n/a      31,269         2,501   
P0000995    Feb/Mar 05      78.9 %    Y    N/A    N/A    N/A    N/A    n/a      26,183         2,094   
P0000996    Feb/Mar 05      77.7 %    Y    N/A    N/A    N/A    N/A    n/a      21,525         2,360   
P0000997    Feb/Mar 05      65.0 %    Y    N/A    N/A    N/A    N/A    n/a      22,123         2,395   
P0000998    Feb/Mar 05      66.8 %    Y    N/A    N/A    N/A    N/A    n/a      27,000         2,366   
P0000999    Feb/Mar 05      61.8 %    Y    N/A    N/A    N/A    N/A    n/a      27,500         3,128   
P0001000    Feb/Mar 05      72.2 %    Y    N/A    N/A    N/A    N/A    n/a      23,960         2,410   
P0001001    Feb/Mar 05      70.3 %    Y    N/A    N/A    N/A    N/A    n/a      27,109         2,630   
P0001002    Feb/Mar 05      72.4 %    Y    N/A    N/A    N/A    N/A    n/a      28,034         2,433   
P0001003    Feb/Mar 05      77.7 %    Y    N/A    N/A    N/A    N/A    n/a      21,545         2,102   
P0001004    Feb/Mar 05      72.8 %    Y    N/A    N/A    N/A    N/A    n/a      20,100         2,324   
P0001005    Feb/Mar 05      77.0 %    Y    N/A    N/A    N/A    N/A    n/a      14,168         2,400   
P0001006    Feb/Mar 05      72.4 %    Y    N/A    N/A    N/A    N/A    n/a      25,618         2,520   
P0001007    Feb/Mar 05      67.4 %    Y    N/A    N/A    N/A    N/A    n/a      30,298         2,681   
P0001008    Feb/Mar 05      67.4 %    Y    N/A    N/A    N/A    N/A    n/a      33,323         2,915   
P0001009    Feb/Mar 05      47.9 %    Y    N/A    N/A    N/A    N/A    n/a      35,240         2,880   
P0001010    Feb/Mar 05      83.2 %    Y    N/A    N/A    N/A    N/A    n/a      41,521         2,769   

Property ID

   

Appraisal Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0001011    Feb/Mar 05      48.5 %    Y    N/A    N/A    N/A    N/A    n/a      43,289         2,800   
P0001012    Feb/Mar 05      48.4 %    Y    N/A    N/A    N/A    N/A    n/a      15,000         3,635   
P0001013    Feb/Mar 05      45.9 %    Y    N/A    N/A    N/A    N/A    n/a      34,107         2,695   
P0001014    Feb/Mar 05      34.4 %    Y    N/A    N/A    N/A    N/A    n/a      28,177         2,357   
P0001015    Feb/Mar 05      18.4 %    Y    N/A    N/A    N/A    N/A    n/a      34,848         2,917   
P0001016    Feb/Mar 05      88.9 %    Y    Y    6/20/2000    N    N    n/a      82,328         6,743   
P0001017    Feb/Mar 05      84.9 %    Y    Y    6/20/2000    Y    2/27/2001    No further [ILLEGIBLE]      52,272         6,734   
P0001018    Feb/Mar 05      87.3 %    Y    Y    2/12/1998    Y    N/A    No further [ILLEGIBLE]      33,018         6,700   
P0001019    Feb/Mar 05      77.1 %    Y    Y    4/2/1998    N    N    n/a      32,400         6,729   
P0001020    Feb/Mar 05      83.7 %    Y    N/A    N/A    Y    N/A    No further [ILLEGIBLE]      34,848         5,793   
P0001021    Feb/Mar 05      73.3 %    Y    Y    2/16/1996    Y    N/A    No further [ILLEGIBLE]      54,450         6,700   
P0001022    Feb/Mar 05      78.7 %    Y    N/A    N/A    Y    1/20/1997    No further [ILLEGIBLE]      36,397         6,729   
P0001023    Feb/Mar 05      78.5 %    Y    Y    N/A    Y    N/A    No further [ILLEGIBLE]      54,000         6,729   
P0001024    Feb/Mar 05      89.0 %    Y    N/A    N/A    N/A    N/A    n/a      27,910         7,985   
P0001025    Feb/Mar 05      79.2 %    Y    N/A    N/A    N/A    N/A    n/a      44,030         7,956   
P0001026    Feb/Mar 05      78.6 %    Y    N/A    N/A    N/A    N/A    n/a      37,440         8,926   
P0001027    Feb/Mar 05      93.5 %    Y    Y    6/19/2000    N    N    n/a      36,155         6,715   
P0001028    Feb/Mar 05      85.8 %    Y    Y    N/A    Y    5/6/1994    No further [ILLEGIBLE]      27,840         6,506   
P0001029    Feb/Mar 05      83.3 %    Y    Y    6/21/2000    N    N    n/a      55,321         9,993   
P0001030    Feb/Mar 05      87.9 %    Y    Y    6/15/2000    N    N    n/a      35,283         6,728   
P0001031    Feb/Mar 05      88.0 %    Y    Y    6/14/2000    N    N    n/a      30,000         6,710   
P0001032    Feb/Mar 05      80.2 %    Y    Y    6/15/2000    N    N    n/a      31,270         6,613   
P0001033    Feb/Mar 05      81.9 %    Y    Y    6/20/2000    N    N    n/a      56,628         6,746   
P0001034    Feb/Mar 05      87.2 %    Y    Y    6/13/2000    N    N    n/a      39,204         6,703   
P0001035    Feb/Mar 05      86.9 %    Y    Y    6/14/2000    N    N    n/a      40,946         6,713   
P0001036    Feb/Mar 05      81.8 %    Y    Y    6/13/2000    N    N    n/a      40,200         6,707   
P0001037    Feb/Mar 05      84.8 %    Y    Y    6/12/2005    N    N    n/a      84,071         8,351   
P0001038    Feb/Mar 05      89.3 %    Y    Y    6/8/2000    N    N    n/a      41,948         6,721   
P0001039    Feb/Mar 05      77.1 %    Y    N/A    N/A    N/A    N/A    n/a      36,209         8,194   
P0001040    Feb/Mar 05      77.3 %    Y    N/A    N/A    N/A    N/A    n/a      22,927         8,766   
P0001041    Feb/Mar 05      87.9 %    Y    Y    6/20/2000    N    N    n/a      31,673         6,730   
P0001042    Feb/Mar 05      88.4 %    Y    Y    6/9/2000    N    N    n/a      38,250         6,750   
P0001043    Feb/Mar 05      88.1 %    Y    Y    6/7/2000    N    N    n/a      22,502         6,732   
P0001044    Feb/Mar 05      88.4 %    Y    Y    6/16/2000    N    N    n/a      31,920         6,730   
P0001045    Feb/Mar 05      88.7 %    Y    Y    6/6/2000    N    N    n/a      30,812         6,838   

Property ID

   

Appraisal Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0001046    Feb/Mar 05      88.1 %    Y    Y    6/14/2000    N    N    n/a      30,000         8,083   
P0001047    Feb/Mar 05      89.6 %    Y    Y    6/13/2000    N    N    n/a      54,014         6,738   
P0000895    1/27/04      100.3 %    N    Y    2/13/2004    N    N    n/a      112,559         30,550   
P0000896    3/5/04      83.9 %    N    Y    2/25/2004    N    N    n/a      56,410         8,145   
P0000897    3/5/04      83.9 %    N    Y    2/26/2004    N    N    n/a      59,808         9,374   
P0000898    3/8/04      83.9 %    N    Y    2/25/2004    N    N    n/a      73,965         9,330   
P0000899    11/3/03      87.4 %    N    Y    2/25/2004    N    N    n/a      64,207         5,380   
P0000900    2/23/04      83.9 %    N    Y    2/25/2004    N    N    n/a      83,635         8,184   
P0000901    2/19/04      83.9 %    N    Y    2/25/2004    N    N    n/a      67,518         10,402   
P0000902    2/14/04      95.0 %    N    Y    2/25/2004    N    N    n/a      56,192         10,676   
P0000903    3/15/04      83.9 %    N    Y    2/25/2004    N    N    n/a      107,158         10,540   
P0000904    3/3/04      92.0 %    N    Y    2/25/2004    N    N    n/a      61,202         10,622   
P0000905    4/1/04      97.8 %    N    Y    4/1/2004    Y    4/1/2004    The Phase I [ILLEGIBLE]      59,677         25,000   
P0000906    4/2/04      100.3 %    N    Y    5/6/2004    N    N    n/a      69,914         52,360   
P0000907    6/11/04      98.4 %    N    Y    4/26/2004    N    N    n/a      151,327         70,316   
P0000908    6/11/04      98.4 %    N    Y    4/27/2004    N    N    n/a      206,039         25,408   
P0000909    6/11/04      98.4 %    N    Y    4/27/2004    N    N    n/a      622,560         31,704   
P0000910    6/11/04      98.4 %    N    Y    4/26/2004    N    N    n/a      161,172         25,489   
P0000911    6/11/04      98.4 %    N    Y    4/26/2004    N    N    n/a      230,868         73,570   
P0000912    6/11/04      98.4 %    N    Y    4/26/2004    N    N    n/a      135,036         51,190   
P0000913    6/11/04      112.7 %    N    Y    6/17/2004    N    N    n/a      3,916,915         430,442   
P0000300    6/30/04      104.5 %    N    Y    5/13/2004    N    N    n/a      30,492         3,354   
P0000301    6/30/04      114.6 %    N    Y    5/13/2004    N    N    n/a      26,245         2,600   
P0000302    6/30/04      98.6 %    N    Y    5/12/2004    N    N    n/a      21,070         2,415   
P0000303    6/30/04      96.0 %    N    Y    5/12/2004    N    N    n/a      75,850         2,740   
P0000304    6/30/04      91.8 %    N    Y    5/14/2004    N    N    n/a      30,572         2,553   
P0000305    6/30/04      104.1 %    N    Y    5/14/2004    N    N    n/a      31,476         2,836   
P0000306    6/30/04      121.1 %    N    Y    4/15/2004    N    N    n/a      47,001         2,700   
P0000309    6/30/04      101.0 %    N    Y    5/10/2004    N    N    n/a      33,071         2,860   
P0000310    6/30/04      110.2 %    N    Y    5/10/2004    Y    6/16/2004    No further [ILLEGIBLE]      38,594         3,027   
P0000311    6/30/04      104.2 %    N    Y    4/23/2004    N    N    n/a      77,972         3,497   
P0000312    6/30/04      102.6 %    N    Y    5/3/2004    N    N    n/a      40,162         2,916   
P0000313    6/30/04      107.6 %    N    Y    5/11/2004    N    N    n/a      78,564         7,299   
P0000314    6/30/04      108.0 %    N    Y    4/15/2004    N    N    n/a      92,696         6,953   
P0000315    6/30/04      100.1 %    N    Y    5/11/2004    Y    6/16/2004    No further [ILLEGIBLE]      71,856         7,299   

Property ID

   

Appraisal Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0000316    6/30/04      118.6 %    N    Y    5/12/2004    N    N    n/a      65,776         6,100   
P0000317    6/30/04      103.3 %    N    Y    5/7/2004    N    N    n/a      67,566         6,972   
P0000318    6/30/04      105.8 %    N    Y    5/7/2004    N    N    n/a      57,543         6,852   
P0000319    6/30/04      109.0 %    N    Y    9/15/2003    N    N    n/a      17,384         2,290   
P0000323    6/30/04      122.4 %    N    Y    9/11/2003    N    N    n/a      49,400         4,038   
P0000324    6/30/04      116.9 %    N    Y    5/12/2004    N    N    n/a      36,400         4,000   
P0000326    6/30/04      111.8 %    N    Y    5/25/2004    N    N    n/a      25,566         2,695   
P0000327    6/30/04      99.5 %    N    Y    4/28/2004    N    N    n/a      64,468         3,851   
P0000328    6/30/04      114.4 %    N    Y    3/26/2004    N    N    n/a      45,000         3,325   
P0000329    6/30/04      100.0 %    N    Y    4/28/2004    N    N    n/a      68,389         4,350   
P0000330    6/30/04      109.6 %    N    Y    9/15/2003    N    N    n/a      36,150         4,005   
P0000331    6/30/04      106.9 %    N    Y    5/5/2004    N    N    n/a      31,166         2,452   
P0000332    6/30/04      102.0 %    N    Y    5/6/2004    N    N    n/a      43,596         3,295   
P0000336    6/30/04      114.9 %    N    Y    5/12/2004    N    N    n/a      39,509         3,000   
P0000338    6/30/04      105.5 %    N    Y    9/15/2003    N    N    n/a      75,989         2,436   
P0000349    6/30/04      120.8 %    N    Y    4/25/2004    N    N    n/a      46,261         2,751   
P0000350    6/30/04      105.2 %    N    Y    5/21/2004    N    N    n/a      27,593         2,022   
P0000351    6/30/04      110.0 %    N    Y    5/25/2004    N    N    n/a      30,000         2,334   
P0000354    7/7/04      97.9 %    N    Y    44/6/2003    N    N    n/a      43,560         5,497   
P0000355    7/5/04      82.8 %    N    Y    11/6/2003    N    N    n/a      42,515         4,882   
P0000356    7/6/04      99.5 %    N    Y    10/24/2003    N    N    n/a      49,303         5,958   
P0000357    7/8/04      99.3 %    N    Y    10/30/2003    N    N    n/a      46,000         5,706   
P0000358    6/29/04      100.1 %    N    Y    10/24/2003    N    N    n/a      43,473         4,979   
P0000359    7/6/04      100.7 %    N    Y    10/29/2003    N    N    n/a      68,756         5,802   
P0000360    7/3/04      98.6 %    N    Y    11/6/2003    N    N    n/a      44,650         5,785   
P0000361    6/30/04      96.6 %    N    Y    11/6/2003    N    N    n/a      74,264         4,972   
P0000362    7/6/04      96.5 %    N    Y    10/30/2003    N    N    n/a      50,500         5,780   
P0000363    6/30/04      96.6 %    N    Y    11/6/2003    N    N    n/a      71,925         4,936   
P0000364    6/29/04      97.5 %    N    Y    10/24/2003    N    N    n/a      51,400         5,840   
P0000365    7/5/04      99.8 %    N    Y    11/6/2003    N    N    n/a      76,023         5,703   
P0000366    6/28/04      99.4 %    N    Y    10/24/2003    N    N    n/a      57,455         5,785   
P0000367    7/3/04      98.0 %    N    Y    11/6/2003    N    N    n/a      67,500         5,775   
P0000368    7/7/04      97.8 %    N    Y    11/6/2003    N    N    n/a      74,051         5,796   
P0000369    7/6/04      95.2 %    N    Y    10/29/2003    N    N    n/a      46,386         6,062   
P0000370    7/1/04      99.3 %    N    Y    10/24/2003    N    N    n/a      48,834         5,734   

Property ID

   

Appraisal Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0000371    6/30/04      102.1 %    N    Y    11/6/2003    N    N    n/a      102,562         5,805   
P0000372    7/7/04      99.8 %    N    Y    11/6/2003    N    N    n/a      155,461         5,787   
P0000373    7/1/04      102.5 %    N    Y    10/24/2003    N    N    n/a      50,000         5,850   
P0000374    7/5/04      96.5 %    N    Y    11/6/2003    N    N    n/a      64,938         5,794   
P0000375    7/3/04      97.7 %    N    Y    11/6/2003    N    N    n/a      66,490         6,208   
P0000378    6/30/04      99.1 %    N    Y    6/23/2004    N    N    n/a      30,000         2,336   
P0000379    6/30/04      98.3 %    N    Y    5/10/2004    N    N    n/a      34,687         2,824   
P0000380    6/30/04      98.8 %    N    Y    6/22/2004    N    N    n/a      48,330         2,654   
P0000381    6/30/04      98.5 %    N    Y    7/20/2004    N    N    n/a      24,313         3,183   
P0000914    7/13/04      100.0 %    N    Y    7/13/2004    N    N    n/a      315,980         52,500   
P0000915    7/13/04      100.0 %    N    Y    7/13/2004    N    N    n/a      452,150         66,600   
P0000916    7/8/04      100.3 %    N    Y    8/1/2003    N    N    n/a      82,764         22,500   
P0000917    7/9/04      97.8 %    N    Y    7/27/2004    N    N    n/a      87,714         10,353   
P0000918    7/9/04      97.9 %    N    Y    7/27/2004    N    N    n/a      69,696         6,752   
P0000919    8/9/04      100.2 %    N    Y    7/30/2004    N    N    n/a      422,529         17,356   
P0000390    9/30/04      107.5 %    N    Y    3/22/2004    N    N    n/a      101,250         5,200   
P0000391    9/30/04      99.3 %    N    Y    3/22/2004    N    N    n/a      80,633         5,225   
P0000392    9/30/04      92.6 %    N    Y    3/22/2004    N    N    n/a      41,560         3,712   
P0000393    9/30/04      98.1 %    N    Y    3/22/2004    N    N    n/a      46,850         3,400   
P0000394    9/30/04      97.6 %    N    Y    3/22/2004    N    N    n/a      159,865         5,790   
P0000395    9/30/04      96.5 %    N    Y    3/22/2004    N    N    n/a      43,229         4,607   
P0000396    9/30/04      97.4 %    N    Y    3/22/2004    N    N    n/a      29,936         2,480   
P0000397    9/30/04      96.7 %    N    Y    3/22/2004    N    N    n/a      57,064         2,528   
P0000398    9/30/04      98.0 %    N    Y    3/22/2004    N    N    n/a      57,499         5,135   
P0000399    9/30/04      102.7 %    N    Y    8/27/2004    N    N    n/a      11,180         1,787   
P0000400    9/30/04      103.2 %    N    Y    8/13/2004    N    N    n/a      24,975         2,250   
P0000401    9/30/04      102.8 %    N    Y    8/27/2004    N    N    n/a      34,848         2,191   
P0000402    9/30/04      102.5 %    N    Y    8/27/2004    N    N    n/a      12,800         1,737   
P0000403    9/30/04      105.0 %    N    Y    8/27/2004    N    N    n/a      19,032         2,278   
P0000404    9/30/04      99.7 %    N    Y    8/27/2004    N    N    n/a      42,438         2,959   
P0000405    9/30/04      103.0 %    N    Y    8/27/2004    N    N    n/a      34,020         2,438   
P0000406    9/30/04      103.3 %    N    Y    8/27/2004    N    N    n/a      25,270         2,238   
P0000408    9/30/04      101.0 %    N    Y    8/27/2004    N    N    n/a      75,794         1,959   
P0000409    9/30/04      108.2 %    N    Y    8/27/2004    N    N    n/a      30,056         3,004   
P0000410    9/30/04      102.4 %    N    Y    8/27/2004    N    N    n/a      27,878         2,046   

Property ID

   

Appraisal Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0000411    9/30/04      102.9 %    N    Y    8/27/2004    N    N    n/a      40,300         2,589   
P0000412    9/30/04      103.4 %    N    Y    8/27/2004    N    N    n/a      26,141         3,251   
P0000415    9/30/04      113.2 %    N    Y    9/10/2004    N    N    n/a      41,085         4,046   
P0000416    9/30/04      105.0 %    N    Y    9/22/2003    N    N    n/a      52,097         6,803   
P0000417    9/30/04      104.0 %    N    Y    9/10/2004    N    N    n/a      60,060         7,411   
P0000418    9/30/04      106.3 %    N    Y    3/26/2004    N    N    n/a      54,223         7,396   
P0000419    9/30/04      104.0 %    N    Y    9/10/2004    N    N    n/a      80,261         8,341   
P0000420    9/30/04      108.5 %    N    Y    3/22/2004    N    N    n/a      25,700         586   
P0000421    9/30/04      109.3 %    N    Y    3/22/2004    N    N    n/a      17,325         736   
P0000424    9/30/04      110.0 %    N    Y    3/22/2004    N    N    n/a      24,915         672   
P0000425    9/30/04      109.7 %    N    Y    3/22/2004    N    N    n/a      18,275         656   
P0000426    9/30/04      110.2 %    N    Y    3/22/2004    N    N    n/a      14,140         768   
P0000428    9/30/04      104.2 %    N    Y    3/22/2004    N    N    n/a      17,729         785   
P0000429    9/30/04      107.1 %    N    Y    5/25/2004    N    N    n/a      44,866         2,787   
P0000431    9/30/04      99.7 %    N    Y    5/10/2004    N    N    n/a      29,055         4,099   
P0000432    9/30/04      99.8 %    N    Y    5/3/2004    N    N    n/a      109,771         7,011   
P0000433    9/30/04      99.7 %    N    Y    4/26/2004    N    N    n/a      72,658         5,316   
P0000434    9/30/04      97.4 %    N    Y    9/11/2003    N    N    n/a      47,132         3,500   
P0000436    9/30/04      101.3 %    N    Y    10/8/2003    N    N    n/a      41,400         3,180   
P0000437    9/30/04      98.0 %    N    Y    9/24/2003    N    N    n/a      41,663         3,370   
P0000438    9/30/04      97.9 %    N    Y    9/8/2003    N    N    n/a      48,196         3,700   
P0000439    9/30/04      101.4 %    N    Y    10/8/2003    N    N    n/a      55,102         2,864   
P0000440    9/30/04      97.9 %    N    Y    9/24/2003    N    N    n/a      40,000         3,136   
P0000442    9/30/04      100.9 %    N    Y    9/19/2003    N    N    n/a      43,581         3,291   
P0000443    9/30/04      105.2 %    N    Y    10/8/2003    N    N    n/a      45,302         3,415   
P0000446    9/30/04      100.8 %    N    Y    9/17/2003    N    N    n/a      38,997         2,750   
P0000449    9/30/04      101.0 %    N    Y    9/19/2003    N    N    n/a      27,230         3,400   
P0000450    9/30/04      101.6 %    N    Y    10/1/2003    N    N    n/a      27,351         3,221   
P0000451    9/30/04      98.1 %    N    Y    9/30/2003    N    N    n/a      40,000         3,718   
P0000453    9/30/04      98.0 %    N    Y    10/8/2003    N    N    n/a      44,400         3,447   
P0000454    9/30/04      101.1 %    N    Y    9/19/2003    N    N    n/a      36,590         4,099   
P0000455    9/30/04      101.9 %    N    Y    10/1/2003    N    N    n/a      47,916         3,316   
P0000456    9/30/04      102.9 %    N    Y    8/27/2004    N    N    n/a      27,998         2,643   
P0000457    9/30/04      103.7 %    N    Y    8/27/2004    N    N    n/a      27,559         2,681   
P0000459    9/30/04      103.1 %    N    Y    8/27/2004    N    N    n/a      20,928         1,845   

Property ID

   

Appraisal

Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II

Result

    Land SF      Building SF  
P0000920    9/14/04      95.5 %    N    Y    9/1/2004    N    N    n/a      360,280         87,663   
P0000921    9/21/04      100.4 %    N    Y    10/4/2004    N    N    n/a      416,434         46,000   
P0000922    9/30/04      100.4 %    N    Y    9/23/2004    Not Required    n/a    n/a      87,307         10,800   
P0000923    9/30/04      100.4 %    N    Y    9/27/2004    Not Required    n/a    n/a      79,828         6,785   
P0000924    9/30/04      100.5 %    N    Y    9/27/2004    N    N    n/a      106,125         11,290   
P0000925    9/30/04      100.4 %    N    Y    9/24/2004    N    N    n/a      117,019         13,453   
P0000926    9/30/04      98.8 %    N    Y    9/24/2004    N    N    n/a      33,454         2,304   
P0000927    9/30/04      98.8 %    N    Y    9/24/2004    N    N    n/a      32,111         2,557   
P0000928    9/30/04      98.8 %    N    Y    9/24/2004    N    N    n/a      25,911         2,273   
P0000929    9/30/04      98.8 %    N    Y    9/24/2004    N    N    n/a      37,026         2,273   
P0000930    11/4/04      95.5 %    N    Y    4/30/2004    N    N    n/a      181,579         50,496   
P0000931    9/30/04      101.3 %    N    Y    9/21/2004    N    N    n/a      275,735         52,201   
P0000932    10/17/04      99.5 %    N    Y    9/30/2004    N    N    n/a      135,820         46,375   
P0000933    10/13/04      98.3 %    N    Y    10/22/2004    N    N    n/a      231,335         90,804   
P0000934    10/27/04      99.7 %    N    Y    11/3/2004    N    N    n/a      65,293         65,293   
P0000935    10/19/04      100.3 %    N    Y    11/1/2004    N    N    n/a      336,719         26,731   
P0000936    12/1/04      95.4 %    N    Y    3/30/2004    N    N    n/a      308,832         66,330   
P0000937    9/30/04      99.8 %    N    Y    12/7/2004    N    Not Required    n/a      17,219         1,254   
P0000938    9/30/04      99.0 %    N    Y    9/28/2004    N    N    n/a      23,610         1,254   
P0000939    9/30/04      99.6 %    N    Y    9/30/2004    N    N    n/a      22,499         1,276   
P0000940    9/30/04      101.2 %    N    Y    9/30/2004    N    N    n/a      36,860         1,254   
P0000941    9/30/04      101.5 %    N    Y    9/30/2004    N    N    n/a      31,498         1,254   
P0000942    9/30/04      101.8 %    N    Y    9/30/2004    N    N    n/a      39,962         1,254   
P0000943    9/30/04      101.1 %    N    Y    9/28/2004    N    N    n/a      23,566         1,100   
P0000944    9/30/04      100.6 %    N    Y    9/28/2004    N    N    n/a      41,604         1,254   
P0000945    9/30/04      100.8 %    N    Y    9/28/2004    N    N    n/a      23,305         1,144   
P0000946    9/30/04      100.9 %    N    Y    9/30/2004    N    N    n/a      26,284         1,254   
P0000947    9/30/04      100.5 %    N    Y    9/22/2004    N    N    n/a      27,007         1,254   
P0000948    9/30/04      101.0 %    N    Y    9/22/2004    N    N    n/a      24,394         1,144   
P0000949    9/30/04      101.2 %    N    Y    9/30/2004    N    N    n/a      30,274         1,276   
P0000950    9/30/04      101.2 %    N    Y    9/28/2004    N    N    n/a      22,782         1,144   
P0000951    11/17/04      100.0 %    N    Y    11/23/2004    N    N    n/a      478,289         86,200   
P0000952    11/4/04      95.5 %    N    Y    3/16/2004    N    N    n/a      390,035         65,556   
P0000953    10/27/04      90.5 %    N    Y    11/17/2004    N    N    n/a      39,380         7,952   
P0000954    11/9/04      90.5 %    N    Y    11/15/2004    N    N    n/a      29,033         8,178   

Property ID

   

Appraisal

Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0000955    10/19/04      94.2 %    N    Y    11/17/2004    N    N    n/a      106,356         11,138   
P0000956    11/9/04      90.4 %    N    Y    11/22/2004    N    N    n/a      40,634         11,260   
P0000957    10/20/04      89.9 %    N    Y    11/17/2004    N    N    n/a      17,930         6,800   
P0000958    11/10/04      90.5 %    N    Y    11/16/2004    N    N    n/a      40,587         11,034   
P0000959    10/26/04      90.4 %    N    Y    11/18/2004    N    N    n/a      85,785         11,215   
P0000960    9/30/04      77.4 %    N    Y    12/2/2004    N    N    n/a      52,668         1,254   
P0000961    12/3/04      99.1 %    N    Y    12/29/2004    N    N    n/a      16,500         3,504   
P0000962    11/17/04      103.9 %    N    Y    12/29/2004    N    N    n/a      100,062         6,000   
P0000963    1/31/05      102.4 %    N    Y    10/6/2004    N    N    n/a      146,362         15,072   
P0000964    1/31/05      101.4 %    N    Y    10/6/2004    N    N    n/a      86,249         27,623   
P0000965    1/31/05      102.6 %    N    Y    10/1/2004    Y    12/6/2004    No further [ILLEGIBLE]      140,699         12,082   
P0000966    11/30/04      93.6 %    N    Y    10/6/2004    N    N    n/a      185,242         10,037   
P0000967    1/31/05      103.2 %    N    Y    10/6/2004    N    N    n/a      135,036         25,219   
P0000968    1/31/05      102.6 %    N    Y    10/6/2004    N    N    n/a      432,986         36,044   
P0000969    1/31/05      98.7 %    N    Y    10/1/2004    Y    12/6/2004    No further [ILLEGIBLE]      345,431         66,266   
P0000970    1/31/05      101.1 %    N    Y    10/1/2004    Y    12/6/2004    No further [ILLEGIBLE]      278,695         41,805   
P0000971    1/31/05      98.0 %    N    Y    9/16/2004    N    N    n/a      178,160         23,500   
P0000972    1/31/05      100.8 %    N    Y    10/6/2004    N    N    n/a      165,528         12,015   
P0000973    1/31/05      101.5 %    N    Y    10/6/2004    Y    12/8/2004    No further [ILLEGIBLE]      138,521         10,051   
P0000673    1/31/05      100.1 %    N    Y    8/27/2004    N    N    n/a      15,601         3,742   
P0000675    1/31/05      103.8 %    N    Y    8/27/2004    N    N    n/a      22,645         1,993   
P0000676    1/31/05      102.8 %    N    Y    9/2/2004    N    N    n/a      33,923         2,441   
P0000677    1/31/05      103.3 %    N    Y    8/27/2004    N    N    n/a      35,987         2,920   
P0000678    1/31/05      105.6 %    N    Y    9/2/2004    N    N    n/a      26,223         5,880   
P0000679    1/31/05      103.0 %    N    Y    9/2/2004    N    N    n/a      18,358         1,779   
P0000680    1/31/05      96.0 %    N    Y    11/9/2004    N .    N    n/a      64,904         4,285   
P0000681    1/31/05      102.8 %    N    Y    11/11/2004    N    N    n/a      69,373         7,344   
P0000682    1/31/05      102.1 %    N    Y    11/11/2004    N    N    n/a      61,707         5,010   
P0000683    1/31/05      102.7 %    N    Y    12/6/2004    N    N    n/a      45,302         4,420   
P0000685    1/31/05      102.1 %    N    Y    12/5/2003    N    N    n/a      54,450         4,038   
P0000687    1/31/05      102.1 %    N    Y    11/12/2004    N    N    n/a      18,750         2,542   
P0000688    1/31/05      99.4 %    N    Y    11/12/2004    N    N    n/a      40,024         4,492   
P0000689    1/31/05      98.7 %    N    Y    11/8/2004    N    N    n/a      47,960         4,177   
P0000691    1/31/05      98.7 %    N    Y    11/12/2004    N    N    n/a      10,018         2,152   
P0000692    1/31/05      104.5 %    N    Y    9/2/2004    N    N    n/a      31,743         2,694   

Property ID

   

Appraisal

Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance
Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0000974    10/27/04      97.3 %    N    Y    11/18/2004    N    N    n/a      66,300         12,720   
P0000975    10/1/04      98.6 %    N    Y    1/24/2005    N    N    n/a      186,467         48,702   
P0000976    1/19/05      100.0 %    N    Y    1/28/2005    N    N    n/a      78,408         9,418   
P0000977    1/22/05      99.9 %    N    Y    1/19/2005    Y    Not Required    No further [ILLEGIBLE]      141,503         38,611   
P0000978    1/19/05      99.9 %    N    Y    1/28/2005    N    N    n/a      183,330         19,378   
P0000979    1/13/05      101.1 %    N    Y    1/28/2005    N    N    n/a      125,480         29,434   
P0000980    1/12/05      101.2 %    N    Y    2/24/2005    N    Not Required    n/a      154,986         71,325   
P0000706    3/2/05      100.0 %    N    Y    3/3/2005    N    Not Required    n/a      69,696         8,880   
P0000707    3/10/05      102.6 %    N    Y    3/21/2005    N    Not Required    n/a      146,797         10,480   
P0000708    3/18/05      99.0 %    N    Y    3/24/2005    N    Not Required    n/a      77,817         12,000   
P0000709    3/17/05      99.5 %    N    Y    3/24/2005    N    Not Required    n/a      69,652         12,000   
P0000710    3/18/05      100.7 %    N    Y    3/24/2005    N    Not Required    n/a      10,000         66,876   
P0000711    3/18/05      99.3 %    N    Y    3/24/2005    N    Not Required    n/a      86,249         13,000   
P0000730    4/8/05      101.1 %    N    Y    4/1/2005    N    n/a    n/a      394,043         103,631   
P0000731    4/8/05      101.1 %    N    Y    4/1/2005    N    n/a    n/a      216,867         98,824   
P0000732    4/25/05      100.8 %    N    Y    4/22/2005    N    Not Required    n/a      104,094         23,500   
P0000737    4/25/05      100.1 %    N    Y    4/27/2005    N    Not Required    n/a      98,692         1,999   
P0000738    4/11/05      76.9 %    N    Y    4/26/2005    N    Not Required    N/A      33,400         9,375   
P0000747    5/17/05      100.8 %    N    Y    1/17/2005    N    Not Required    N/A      132,161         33,734   
P0000748    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      46,384         3,258   
P0000749    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      24,281         2,964   
P0000750    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      43,702         2,761   
P0000751    4/11/05      94.4 %    N    Y    4/2005    N    Not Required    N/A      35,411         3,231   
P0000752    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      32,261         2,700   
P0000753    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      3,125         2,000   
P0000754    4/11/05      94.6 %    N    Y    4/2005    N    Not Required    N/A      17,340         1,434   
P0000755    4/11/05      94.6 %    N    Y    4/2005    N    Not Required    N/A      12,500         2,040   
P0000756    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      33,541         2,275   
P0000757    4/11/05      94.6 %    N    Y    4/2005    N    Not Required    N/A      22,266         2,065   
P0000758    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      14,000         1,830   
P0000759    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      41,160         3,254   
P0000760    4/11/05      94.4 %    N    Y    4/2005    N    Not Required    N/A      45,000         4,176   
P0000761    4/11/05      94.6 %    N    Y    4/2005    Y    5/6/2005    No further [ILLEGIBLE]      12,616         1,377   
P0000762    4/11/05      94.7 %    N    Y    4/2005    N    Not Required    N/A      11,500         1,830   
P0000763    4/11/05      91.5 %    N    Y    4/2005    N    Not Required    N/A      30,052         2,789   

Property ID

   

Appraisal

Date

    Investment
Amt as % of
MAI		    

Environmental
Insurance

Policy

   

Phase I (Y/N)

   

Phase I Date

   

Phase II

(Y/N)

   

Phase II Date

   

Phase II
Result

    Land SF      Building SF  
P0000764    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      28,910         2,757   
P0000765    4/11/05      94.6 %    N    Y    4/2005    N    Not Required    N/A      13,050         2,108   
P0000766    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      29,603         2,815   
P0000767    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      29,621         2,918   
P0000768    4/11/05      94.6 %    N    Y    4/2005    N    Not Required    N/A      36,300         1,676   
P0000769    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      40,608         3,153   
P0000770    4/11/05      94.5 %    N    Y    4/2005    N    Not Required    N/A      36,372         2,457   
P0000771    4/11/05      94.6 %    N    Y    4/2005    Y    5/6/2005    No further [ILLEGIBLE]      22,485         1,363   
P0000772    4/11/05      94.6 %    N    Y    4/2005    N    Not Required    N/A      10,399         1,346   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type
(Land/Bldg/Bus
Val)

  

Balloon if any

  

Lease Term
Start Date

  

Lease

Expiration

Date

  

Rent
Commencement
Date

   Lease Term
(Months)		     Current Lease  Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease Term
(As of 1-2006)		  
E000787   n/a   n/a   Equipment     2,000,000.00   5/24/2005   7/1/2015   5/24/2005     120        7        113   
P0000891   2001   n/a   Land & Building   n/a     12/23/2003   12/22/2018   12/23/2003     179        25        154   
P0000892   2001   n/a   Land & Building   n/a     12/23/2003   12/22/2018   12/23/2003     179        25        154   
P0000893   2001   n/a   Land & Building   n/a     12/23/2003   12/22/2018   12/23/2003     179        25        154   
P0000894   2001   n/a   Land & Building   n/a     12/23/2003   12/22/2018   12/23/2003     179        25        154   
P0000981   1978   n/a   Land & Building     121,031.59   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000982   1978   n/a   Land & Building     121,031.59   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000983   1977   n/a   Land & Building     145,236.96   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000984   1977   n/a   Land & Building     276,635.76   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000985   1978   n/a   Land & Building     283,554.42   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000986   1978   n/a   Land & Building     235,142.81   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000987   1979   n/a   Land & Building     133,136.20   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000988   1979   n/a   Land & Building     267,992.86   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000989   1981   n/a   Land & Building     300,844.55   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000990   1995   n/a   Land & Building     314,674.75   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000991   1983   n/a   Land & Building     283,554.42   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000992   1984   n/a   Land & Building     198,833.84   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000993   1979   n/a   Land & Building     224,776.63   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000994   1979   n/a   Land & Building     224,776.63   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000995   1985   n/a   Land & Building     224,776.63   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000996   1984   n/a   Land & Building     152,152.49   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000997   1985   n/a   Land & Building     129,673.62   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000998   1985   n/a   Land & Building     297,380.64   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0000999   1986   n/a   Land & Building     121,031.59   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001000   1986   n/a   Land & Building     250,705.54   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001001   1987   n/a   Land & Building     131,404.59   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001002   1987   n/a   Land & Building     238,603.82   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001003   1977   n/a   Land & Building     207,473.87   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001004   1986   n/a   Land & Building     155,608.20   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001005   1985   n/a   Land & Building     184,999.39   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001006   1978   n/a   Land & Building     212,668.53   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001007   1998   n/a   Land & Building     293,924.26   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001008   1999   n/a   Land & Building     216,127.38   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001009   1999   n/a   Land & Building     127,942.08   6/12/2001   7/1/2021   6/12/2001     240        55        185   
P0001010   1999   n/a   Land & Building     311,226.63   6/12/2001   7/1/2021   6/12/2001     240        55        185   

Property ID

   

Year Built

    Year
Renovated if
any		   

Collateral Type
(Land/Bldg/Bus
Val)

   

Balloon if any

   

Lease Term
Start Date

   

Lease
Expiration
Date

   

Rent
Commencement
Date

   

Lease Term
(Months)

    Current Lease Age
(Months-Based on
Rent Comm. Date
to 1-06)		      Remaining
Lease Term
(As of 1-2006)		  
P0001011    2000    n/a    Land & Building    121,031.59    6/12/2001    7/1/2021    6/12/2001    240      55         185   
P0001012    1982    n/a    Building    n/a    6/12/2001    7/1/2016    6/12/2001    180      55         125   
P0001013    1985    n/a    Building    n/a    6/12/2001    7/1/2016    6/12/2001    180      55         125   
P0001014    1986    n/a    Building    n/a    6/12/2001    12/1/2011    6/12/2001    125      55         70   
P0001015    1999    n/a    Building    n/a    6/12/2001    7/1/2016    6/12/2001    180      55         125   
P0001016    1995    n/a    Land & Building    117,779.50    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001017    1996    n/a    Land & Building    174,753.31    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001018    1998    n/a    Land & Building    312,455.50    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001019    1999    n/a    Land & Building    220,884.79    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001020    1991    n/a    Land & Building    209,702.52    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001021    1996    n/a    Land & Building    288,686.70    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001022    1997    n/a    Land & Building    218,437.68    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001023    1999    n/a    Land & Building    224,731.94    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001024    1998    n/a    Land & Building    191,173.62    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001025    1998    n/a    Land & Building    290,785.94    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001026    1989    n/a    Land & Building    154,828.63    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001027    1995    n/a    Land & Building    214,242.03    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001028    1995    n/a    Land & Building    222,631.05    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001029    1998    n/a    Land & Building    223,677.17    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001030    1995    n/a    Land & Building    188,729.33    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001031    1995    n/a    Land & Building    173,354.61    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001032    1996    n/a    Land & Building    200,963.76    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001033    1998    n/a    Land & Building    219,838.29    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001034    1998    n/a    Land & Building    210,749.29    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001035    1998    n/a    Land & Building    239,407.06    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001036    1998    n/a    Land & Building    163,915.63    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001037    1999    n/a    Land & Building    264,218.32    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001038    1998    n/a    Land & Building    255,838.76    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001039    1997    n/a    Land & Building    206,903.35    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001040    1997    n/a    Land & Building    262,826.87    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001041    1997    n/a    Land & Building    308,262.45    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001042    1998    n/a    Land & Building    227,877.36    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001043    1998    n/a    Land & Building    230,324.25    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001044    1998    n/a    Land & Building    240,452.65    2/27/2001    3/1/2021    2/27/2001    240      59         181   
P0001045    1998    n/a    Land & Building    184,189.04    2/27/2001    3/1/2021    2/27/2001    240      59         181   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type
(Land/Bldg/Bus
Val)

  

Balloon if any

  

Lease Term
Start Date

  

Lease
Expiration
Date

  

Rent
Commencement
Date

  

Lease Term
(Months)

   Current Lease Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease Term
(As of 1-2006)		  
P0001046   1965   n/a   Land & Building   227,177.25   2/27/2001   3/1/2021   2/27/2001   240     59        181   
P0001047   1996   n/a   Land & Building   120,226.73   2/27/2001   3/1/2021   2/27/2001   240     59        181   
P0000895   1997   n/a   Land & Building   n/a   2/23/2004   2/22/2024   2/23/2004   239     23        216   
P0000896   1986   2002   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000897   1978   2002   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000898   1984   n/a   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000899   1975   1998   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000900   1977   n/a   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000901   1979   n/a   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000902   1979   2001   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000903   1987   2001   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000904   1981   2001   Land & Building   n/a   3/31/2004   3/31/2019   3/31/2004   180     22        158   
P0000905   2004   n/a   Land & Building   n/a   4/23/2004   4/30/2019   4/23/2004   180     21        159   
P0000906   1997   n/a   Land & Building   n/a   12/19/1997   12/18/2017   12/19/1997   239     97        142   
P0000907   1994   n/a   Land & Building   n/a   6/15/2004   6/30/2021   6/15/2004   204     19        185   
P0000908   1996   n/a   Land & Building   n/a   6/15/2004   6/30/2021   6/15/2004   204     19        185   
P0000909   2000   n/a   Land & Building   n/a   6/15/2004   6/30/2021   6/15/2004   204     19        185   
P0000910   1970   n/a   Land & Building   n/a   6/15/2004   6/30/2021   6/15/2004   204     19        185   
P0000911   1983   n/a   Land & Building   n/a   6/15/2004   6/30/2021   6/15/2004   204     19        185   
P0000912   1977   n/a   Land & Building   n/a   6/15/2004   6/30/2021   6/15/2004   204     19        185   
P0000913   1950   1995   Land & Building   n/a   6/28/2004   6/30/2024   6/28/2004   240     19        221   
P0000300   1999   n/a   Land   n/a   4/1/2000   3/31/2015   4/1/2000   179     69        110   
P0000301   2000   n/a   Land   n/a   5/15/2000   5/14/2015   5/15/2000   179     68        111   
P0000302   1972   n/a   Land & Building   n/a   4/18/1995   4/18/2015   4/18/1995   240     130        110   
P0000303   1990   n/a   Land & Building   n/a   4/18/1995   4/18/2015   4/18/1995   240     130        110   
P0000304   1987   n/a   Land & Building   n/a   4/18/1995   4/18/2015   4/18/1995   240     130        110   
P0000305   1997   n/a   Land & Building   n/a   4/18/1995   4/18/2015   4/18/1995   240     130        110   
P0000306   1998   n/a   Land & Building   n/a   2/11/1998   2/10/2018   2/11/1998   239     95        144   
P0000309   1971   n/a   Land & Building   n/a   12/23/1997   12/31/2017   12/23/1997   240     97        143   
P0000310   1991   n/a   Land & Building   n/a   12/23/1997   12/31/2017   12/23/1997   240     97        143   
P0000311   1988   n/a   Land & Building   n/a   12/23/1997   12/31/2017   12/23/1997   240     97        143   
P0000312   1996   n/a   Land & Building   n/a   12/23/1997   12/31/2017   12/23/1997   240     97        143   
P0000313   1997   n/a   Land & Building   n/a   4/1/2003   3/31/2023   4/1/2003   239     33        206   
P0000314   1996   n/a   Land & Building   n/a   4/1/2003   3/31/2023   4/1/2003   239     33        206   
P0000315   1990   n/a   Land & Building   n/a   4/1/2003   3/31/2023   4/1/2003   239     33        206   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type
(Land/BIdg/Bus
Val)

  

Balloon if any

  

Lease Term
Start Date

  

Lease
Expiration
Date

  

Rent
Commencement
Date

  

Lease Term
(Months)

   Current Lease Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease Term
(As of 1-2006)		  
P0000316   1975   n/a   Land & Building   n/a   4/1/2003   3/31/2023   4/1/2003   239     33        206   
P0000317   1995   n/a   Land & Building   n/a   4/1/2003   3/31/2023   4/1/2003   239     33        206   
P0000318   1992   n/a   Land & Building   n/a   4/1/2003   3/31/2023   4/1/2003   239     33        206   
P0000319   1999   n/a   Land & Building   n/a   7/20/1999   7/20/2019   7/20/1999   240     79        161   
P0000323   1998   n/a   Land & Building   n/a   10/14/1998   10/1/2013   10/14/1998   179     87        92   
P0000324   1973   n/a   Land   n/a   1/20/1986   1/31/2016   1/20/1986   360     240        120   
P0000326   1979   n/a   Land & Building   n/a   3/8/1999   3/8/2019   3/8/1999   240     83        157   
P0000327   1977   n/a   Land & Building   n/a   8/16/1994   8/31/2014   8/16/1994   240     137        103   
P0000328   1983   n/a   Land & Building   n/a   8/16/1994   8/31/2014   8/16/1994   240     137        103   
P0000329   1985   n/a   Land & Building   n/a   8/16/1994   8/31/2014   8/16/1994   240     137        103   
P0000330   1996   n/a   Land & Building   n/a   4/1/1996   6/30/2015   4/1/1996   230     117        113   
P0000331   1995   n/a   Land & Building   n/a   4/28/1995   3/28/2015   4/28/1995   239     129        110   
P0000332   1994   n/a   Land & Building   n/a   4/28/1995   3/28/2015   4/28/1995   239     129        110   
P0000336   1996   n/a   Land & Building   n/a   9/24/1996   6/30/2016   9/24/1996   237     112        125   
P0000338   1997   n/a   Land & Building   n/a   10/14/1996   10/14/2016   10/14/1996   240     112        128   
P0000349   1998   n/a   Land & Building   n/a   10/23/1998   10/22/2018   10/23/1998   239     87        152   
P0000350   1989   n/a   Land & Building   n/a   1/28/1999   6/8/2019   1/28/1999   244     84        160   
P0000351   1991   n/a   Land & Building   n/a   3/8/1999   3/7/2019   3/8/1999   239     82        157   
P0000354   1997   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000355   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000356   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000357   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000358   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000359   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000360   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000361   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000362   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000363   1996   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000364   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000365   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000366   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000367   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000368   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000369   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000370   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type
(Land/Bldg/Bus
Val)

  

Balloon if any

  

Lease Term
Start Date

  

Lease
Expiration
Date

  

Rent
Commencement
Date

  

Lease Term
(Months)

   Current Lease Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease Term
(As of 1-2006)		  
P0000371   1990   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000372   1995   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000373   1994   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000374   1994   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000375   1994   n/a   Land & Building   n/a   11/24/1998   5/31/2017   11/24/1998   222     86        136   
P0000378   1978   n/a   Land & Building   n/a   12/19/1997   12/31/2017   12/19/1997   240     97        143   
P0000379   1984   n/a   Land & Building   n/a   8/3/1995   8/31/2015   8/3/1995   240     125        115   
P0000380   1977   n/a   Land & Building   n/a   7/7/1998   7/31/2018   7/7/1998   240     90        150   
P0000381   2000   n/a   Land   n/a   6/15/2000   6/15/2015   6/15/2000   180     68        112   
P0000914   2003   n/a   Land & Building   n/a   7/29/2004   12/31/2019   7/29/2004   185     18        167   
P0000915   1999   n/a   Land & Building   n/a   7/29/2004   12/31/2019   7/29/2004   185     18        167   
P0000916   2004   n/a   Land & Building   n/a   7/29/2004   7/31/2019   7/29/2004   180     18        162   
P0000917   2000   n/a   Land & Building   n/a   8/18/2004   8/31/2019   8/18/2004   180     17        163   
P0000918   1998   n/a   Land & Building   n/a   8/18/2004   8/31/2019   8/18/2004   180     17        163   
P0000919   2004   n/a   Land & Building   n/a   8/12/2004   8/31/2019   8/12/2004   180     17        163   
P0000390   n/a   n/a   Land & Building   n/a   3/31/1999   3/1/2019   3/31/1999   239     82        157   
P0000391   1997   n/a   Land & Building   n/a   3/31/1999   3/1/2019   3/31/1999   239     82        157   
P0000392   n/a   n/a   Land & Building   n/a   3/31/1999   3/1/2019   3/31/1999   239     82        157   
P0000393   n/a   n/a   Land & Building   n/a   12/19/2001   12/27/2016   12/19/2001   180     49        131   
P0000394   1996   n/a   Land & Building   n/a   12/19/2001   12/27/2016   12/19/2001   180     49        131   
P0000395   1995   n/a   Land & Building   n/a   12/19/2001   12/27/2016   12/19/2001   180     49        131   
P0000396   n/a   n/a   Land & Building   n/a   12/19/2001   12/27/2016   12/19/2001   180     49        131   
P0000397   1975   n/a   Land & Building   n/a   12/19/2001   12/27/2016   12/19/2001   180     49        131   
P0000398   1990   n/a   Land & Building   n/a   12/19/2001   12/27/2016   12/19/2001   180     49        131   
P0000399   1978   n/a   Land & Building   n/a   9/30/1996   9/1/2016   9/30/1996   239     112        127   
P0000400   1970   n/a   Land & Building   n/a   9/30/1996   9/1/2016   9/30/1996   239     112        127   
P0000401   1984   n/a   Land & Building   n/a   12/3/1996   12/3/2016   12/3/1996   240     110        130   
P0000402   1988   n/a   Land & Building   n/a   12/12/1997   12/1/2017   12/12/1997   239     97        142   
P0000403   1984   n/a   Land & Building   n/a   5/19/1998   5/1/2018   5/19/1998   239     92        147   
P0000404   1984   n/a   Land & Building   n/a   12/12/1997   12/1/2017   12/12/1997   239     97        142   
P0000405   1997   n/a   Land & Building   n/a   12/12/1997   12/1/2017   12/12/1997   239     97        142   
P0000406   1999   n/a   Land & Building   n/a   7/13/1999   7/1/2019   7/13/1999   239     78        161   
P0000408   1986   n/a   Land & Building   n/a   3/23/1999   3/22/2019   3/23/1999   239     82        157   
P0000409   1960   n/a   Land & Building   n/a   3/23/1999   3/22/2019   3/23/1999   239     82        157   
P0000410   1976   n/a   Land & Building   n/a   3/23/1999   3/22/2019   3/23/1999   239     82        157   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type
(Land/Bldg/Bus
Val)

  

Balloon if any

  

Lease Term
Start Date

  

Lease
Expiration
Date

  

Rent
Commencement
Date

  

Lease Term
(Months)

   Current Lease Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease Term
(As of 1-2006)		  
P0000411   1983   n/a   Land & Building   n/a   3/8/1999   3/7/2019   3/8/1999   239     82        157   
P0000412   1983   n/a   Land & Building   n/a   3/8/1999   3/7/2019   3/8/1999   239     82        157   
P0000415   1986   n/a   Land & Building   n/a   9/1/2004   8/31/2014   9/1/2004   119     16        103   
P0000416   1980   n/a   Land & Building   n/a   2/11/2005   3/31/2019   2/11/2005   169     11        158   
P0000417   1984   n/a   Land & Building   n/a   2/11/2005   3/31/2019   2/11/2005   169     11        158   
P0000418   1984   n/a   Land & Building   n/a   2/11/2005   3/31/2019   2/11/2005   169     11        158   
P0000419   1985   n/a   Land & Building   n/a   2/11/2005   3/31/2019   2/11/2005   169     11        158   
P0000420   1990   n/a   Land & Building   n/a   12/23/1999   12/31/2019   12/23/1999   240     73        167   
P0000421   1992   n/a   Land & Building   n/a   12/23/1999   12/31/2019   12/23/1999   240     73        167   
P0000424   1992   n/a   Land & Building   n/a   12/23/1999   12/31/2019   12/23/1999   240     73        167   
P0000425   1990   n/a   Land & Building   n/a   12/23/1999   12/31/2019   12/23/1999   240     73        167   
P0000426   1991   n/a   Land & Building   n/a   12/23/1999   12/31/2019   12/23/1999   240     73        167   
P0000428   1990   n/a   Land & Building   n/a   12/23/1999   12/31/2019   12/23/1999   240     73        167   
P0000429   1989   n/a   Land & Building   n/a   8/16/1994   8/31/2014   8/16/1994   240     137        103   
P0000431   1997   n/a   Land & Building   n/a   4/1/2003   3/1/2023   4/1/2003   239     34        205   
P0000432   1997   n/a   Land & Building   n/a   4/1/2003   3/1/2023   4/1/2003   239     34        205   
P0000433   1997   n/a   Land & Building   n/a   4/1/2003   3/1/2023   4/1/2003   239     34        205   
P0000434   1995   n/a   Land & Building   n/a   12/4/1995   2/1/2016   12/4/1995   241     121        120   
P0000436   1990   n/a   Land & Building   n/a   2/5/2001   2/28/2021   2/5/2001   240     59        181   
P0000437   n/a   n/a   Land & Building   n/a   7/13/2000   7/31/2020   7/13/2000   240     66        174   
P0000438   1985   n/a   Land & Building   n/a   6/23/1997   6/30/2017   6/23/1997   240     103        137   
P0000439   1988   n/a   Land & Building   n/a   6/23/1997   6/30/2017   6/23/1997   240     103        137   
P0000440   1998   n/a   Land & Building   n/a   9/3/1998   9/30/2018   9/3/1998   240     88        152   
P0000442   1985   n/a   Land & Building   n/a   7/13/2000   7/31/2020   7/13/2000   240     66        174   
P0000443   1986   n/a   Land & Building   n/a   12/12/2000   12/31/2020   12/12/2000   240     61        179   
P0000446   1982   n/a   Land & Building   n/a   3/3/1997   2/1/2017   3/3/1997   238     106        132   
P0000449   1985   n/a   Land & Building   n/a   3/3/1997   2/1/2017   3/3/1997   238     106        132   
P0000450   1998   n/a   Land & Building   n/a   10/16/1998   10/16/2018   10/16/1998   240     88        152   
P0000451   1986   n/a   Land & Building   n/a   4/30/2002   4/30/2022   4/30/2002   240     45        195   
P0000453   1984   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000454   1985   n/a   Land & Building   n/a   3/20/2000   3/31/2020   3/20/2000   240     70        170   
P0000455   1998   n/a   Land & Building   n/a   12/30/1998   1/1/2019   12/30/1998   240     85        155   
P0000456   1987   n/a   Land & Building   n/a   3/8/1999   3/7/2019   3/8/1999   239     82        157   
P0000457   1985   n/a   Land & Building   n/a   3/8/1999   3/7/2019   3/8/1999   239     82        157   
P0000459   1978   n/a   Land & Building   n/a   9/30/1996   9/1/2016   9/30/1996   239     112        127   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type

(Land/Bldg/Bus

Val)

  

Balloon if any

  

Lease Term

Start Date

  

Lease

Expiration

Date

  

Rent

Commencement

Date

  

Lease Term
(Months)

   Current Lease  Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease  Term
(As of 1-2006)		  
P0000920   2004   n/a   Land & Building   n/a   8/13/2004   8/31/2019   8/13/2004   180     17        163   
P0000921   1998   n/a   Land & Building   n/a   6/30/2000   2/29/2024   6/30/2000   283     66        217   
P0000922   1998   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000923   1976   1997   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000924   1997   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000925   1995   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000926   2003   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000927   2004   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000928   2003   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000929   2004   n/a   Land & Building   n/a   9/30/2004   9/30/2024   9/30/2004   240     16        224   
P0000930   2004   n/a   Land & Building   n/a   10/1/2004   9/30/2019   10/1/2004   179     15        164   
P0000931   1992   n/a   Land & Building   n/a   12/17/2001   12/31/2021   12/17/2001   240     49        191   
P0000932   2004   n/a   Land & Building   n/a   6/1/2004   5/31/2019   6/1/2004   179     19        160   
P0000933   1973   2004   Land & Building   n/a   8/3/2004   8/2/2019   8/3/2004   179     17        162   
P0000934   1993   2004   Land & Building   n/a   8/13/2004   8/31/2019   8/13/2004   180     17        163   
P0000935   2004   n/a   Land & Building   n/a   11/1/2004   10/31/2019   11/1/2004   179     14        165   
P0000936   2004   n/a   Land & Building   n/a   9/17/2004   9/30/2019   9/17/2004   180     16        164   
P0000937   1995   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000938   1995   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000939   1995   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000940   1994   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000941   1994   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000942   1995   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000943   1977   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000944   1993   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000945   1990   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000946   1992   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000947   1995   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000948   1987   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000949   1991   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000950   1989   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000951   1998   n/a   Land & Building   n/a   7/29/2004   12/31/2019   7/29/2004   185     18        167   
P0000952   2004   n/a   Land & Building   n/a   9/23/2004   9/30/2019   9/23/2004   180     16        164   
P0000953   1993   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   
P0000954   1993   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type

(Land/Bldg/Bus

Val)

  

Balloon if any

  

Lease Term

Start Date

  

Lease

Expiration

Date

  

Rent
Commencement
Date

  

Lease Term

(Months)

   Current Lease  Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease  Term
(As of l-2006)		  
P0000955   1999   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   
P0000956   2000   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   
P0000957   1993   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   
P0000958   1999   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   
P0000959   1999   n/a   Land & Building   n/a   12/15/2004   12/31/2024   12/15/2004   240     13        227   
P0000960   1993   n/a   Land & Building   n/a   3/15/1996   3/14/2011   3/15/1996   179     118        61   
P0000961   1999   n/a   Land & Building   n/a   12/30/2004   12/31/2024   12/30/2004   240     13        227   
P0000962   1994   2003   Land & Building   n/a   12/30/2004   12/31/2024   12/30/2004   240     13        227   
P0000963   1982   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000964   1975   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000965   1987   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000966   1999   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000967   1999   n/a   Land & Building   n/a   12/30/2004   12/31/2019   12/30/2004   180     13        167   
P0000968   1984   1989   Land & Building   n/a   12/30/2004   12/31/2019   12/30/2004   180     13        167   
P0000969   1960   1979   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000970   2001   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000971   1999   n/a   Land & Building   n/a   12/30/2004   12/31/2019   12/30/2004   180     13        167   
P0000972   1990   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000973   1987   n/a   Land & Building   n/a   12/30/2004   12/31/2014   12/30/2004   120     13        107   
P0000673   1985   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000675   1967   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000676   1988   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000677   1978   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000678   1950   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000679   1969   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   
P0000680   1997   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000681   1973   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000682   1977   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000683   1996   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000685   1998   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000687   1977   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000688   1979   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000689   1988   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000691   1995   n/a   Land & Building   n/a   6/26/1998   6/26/2013   6/26/1998   180     91        89   
P0000692   1976   n/a   Land & Building   n/a   8/4/1994   7/31/2014   8/4/1994   239     137        102   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type

(Land/Bldg/Bus

Val)

  

Balloon if any

  

Lease Term
Start Date

  

Lease
Expiration
Date

  

Rent

Commencement

Date

  

Lease Term

(Months)

   Current Lease Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease  Term
(As of 1-2006)		  
P0000974   1999   n/a   Land & Building   n/a   2/2/2005   1/31/2025   2/2/2005   239     11        228   
P0000975   2004   n/a   Land & Building   n/a   10/29/2004   10/31/2019   10/29/2004   180     15        165   
P0000976   1980   n/a   Land & Building   n/a   11/1/2003   11/30/2018   11/1/2003   180     26        154   
P0000977   1978   n/a   Land & Building   n/a   11/1/2003   11/30/2018   11/1/2003   180     26        154   
P0000978   1978   n/a   Land & Building   n/a   11/1/2003   11/30/2018   11/1/2003   180     26        154   
P0000979   1975   n/a   Land & Building   n/a   11/1/2003   11/30/2018   11/1/2003   180     26        154   
P0000980   1963   1989   Land & Building   n/a   3/1/2005   2/28/2015   3/1/2005   120     11        109   
P0000706   2005   n/a   Land & Building   n/a   3/21/2005   3/31/2025   3/21/2005   240     10        230   
P0000707   2003   n/a   Land & Building   n/a   3/31/2005   9/28/2018   3/31/2005   161     9        152   
P0000708   2000   n/a   Land & Building   n/a   4/1/2005   3/31/2020   4/1/2005   180     10        170   
P0000709   2001   n/a   Land & Building   n/a   4/1/2005   3/31/2020   4/1/2005   180     10        170   
P0000710   1999   n/a   Land & Building   n/a   4/1/2005   3/31/2020   4/1/2005   180     10        170   
P0000711   2001   n/a   Land & Building   n/a   4/1/2005   3/31/2020   4/1/2005   180     10        170   
P0000730   2003   n/a   Land & Building   n/a   4/8/2005   4/30/2020   4/8/2005   180     9        171   
P0000731   2004   n/a   Land & Building   n/a   4/8/2005   4/30/2020   4/8/2005   180     9        171   
P0000732   2005   n/a   Land & Building   n/a   4/22/2005   4/30/2020   4/22/2005   180     9        171   
P0000737   1999   n/a   Land & Building   n/a   4/1/2005   3/31/2020   4/1/2005   179     9        170   
P0000738   1991     Land and Building   n/a   12/3/1993   12/31/2013   12/3/1993   240     145        95   
P0000747   2000     Land and Building   n/a   5/19/2005   5/31/2021   5/19/2005   192     8        184   
P0000748   1985     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000749   1988     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000750   1988     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000751   1988     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000752   1975     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000753   1915   2001   Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000754   1957     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000755   1985     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000756   1977     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000757   1978     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000758   1968   1982   Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000759   1985     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000760   1976     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000761   1977     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000762   1972     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000763   1987     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   

Property ID

  

Year Built

   Year
Renovated if
any		  

Collateral Type

(Land/Bldg/Bus

Val)

  

Balloon if any

  

Lease Term

Start Date

  

Lease

Expiration

Date

  

Rent

Commencement

Date

  

Lease Term
(Months)

   Current Lease  Age
(Months-Based on
Rent Comm. Date
to 1-06)		     Remaining
Lease  Term
(As of 1-2006)		  
P0000764   1973   1984   Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000765   1984     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000766   1977   1985   Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000767   1980     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000768   1979     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000769   1983     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000770   1986     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000771   1978     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   
P0000772   1978     Land and Building   n/a   5/24/2005   5/31/2020   5/24/2005   180     8        172   

Property ID

    Initial Lease
Rate		     Initial Lease
Payment
(Monthly)		     

Current Lease

Payment as of

January

   

Additional CF

   

Percentage

Rent Clause -

Y/N

   

Percentage

Rent Only

   

Lease Rate Increase - Description

   

Date of Next

Bump in Rent

    Lease Renewal
Options
E000787      8.000 %      13,333.33       13,333.33       N       n/a    n/a    n/a
P0000891      9.500 %      master lease       master lease       N       Annually, 1% of prior year base [Illegible]    1/1/2007    3 Options of 88
P0000892      9.500 %      master lease       master lease       N       Annually, 1% of prior year base [Illegible]    1/1/2007    3 Options of 88
P0000893      9.500 %      master lease       master lease       N       Annually, 1% of prior year base [Illegible]    1/1/2007    3 Options of 88
P0000894      9.500 %      296,875.00       299,843.75       N       Annually, 1% of prior year base [Illegible]    1/1/2007    3 Options of 88
P0000981      9.850 %      3,076.22       3,138.05       N       None - mortgage    7/1/2006    n/a
P0000982      9.850 %      3,076.22       3,138.05       N       None - mortgage    7/1/2006    n/a
P0000983      9.850 %      3,691.46       3,765.65       N       None - mortgage    7/1/2006    n/a
P0000984      9.850 %      7,031.35       7,172.68       N       None - mortgage    7/1/2006    n/a
P0000985      9.850 %      7,207.13       7,351.99       N       None - mortgage    7/1/2006    n/a
P0000986      9.850 %      5,976.64       6,096.77       N       None - mortgage    7/1/2006    n/a
P0000987      9.850 %      3,383.83       3,451.85       N       None - mortgage    7/1/2006    n/a
P0000988      9.850 %      6,811.61       6,948.53       N       None - mortgage    7/1/2006    n/a
P0000989      9.850 %      7,646.59       7,800.29       N       None -mortgage    7/1/2006    n/a
P0000990      9.850 %      7,998.16       8,158.92       N       None - mortgage    7/1/2006    n/a
P0000991      9.850 %      7,207.13       7,351.99       N       None - mortgage    7/1/2006    n/a
P0000992      9.850 %      5,053.78       5,155.36       N       None - mortgage    7/1/2006    n/a
P0000993      9.850 %      5,712.96       5,827.79       N       None - mortgage    7/1/2006    n/a
P0000994      9.850 %      5,712.96       5,827.79       N       None - mortgage    7/1/2006    n/a
P0000995      9.850 %      5,712.96       5,827.79       N       None - mortgage    7/1/2006    n/a
P0000996      9.850 %      3,867.24       3,944.97       N       None - mortgage    7/1/2006    n/a
P0000997      9.850 %      3,295.94       3,362.19       N       None - mortgage    7/1/2006    n/a
P0000998      9.850 %      7,558.70       7,710.63       N       None - mortgage    7/1/2006    n/a
P0000999      9.850 %      3,076.22       3,138.05       N       None - mortgage    7/1/2006    n/a
P0001000      9.850 %      6,372.16       6,500.24       N       None - mortgage    7/1/2006    n/a
P0001001      9.850 %      3,339.89       3,407.02       N       None - mortgage    7/1/2006    n/a
P0001002      9.850 %      6,064.53       6,186.43       N       None - mortgage    7/1/2006    n/a
P0001003      9.850 %      5,273.51       5,379.51       N       None - mortgage    7/1/2006    n/a
P0001004      9.850 %      3,955.13       4,034.63       N       None - mortgage    7/1/2006    n/a
P0001005      9.850 %      4,702.22       4,796.73       N       None - mortgage    7/1/2006    n/a
P0001006      9.850 %      5,405.35       5,513.99       N       None - mortgage    7/1/2006    n/a
P0001007      9.850 %      7,470.81       7,620.98       N       None - mortgage    7/1/2006    n/a
P0001008      9.850 %      5,493.24       5,603.65       N       None - mortgage    7/1/2006    n/a
P0001009      9.850 %      3,252.00       3,317.37       N       None - mortgage    7/1/2006    n/a
P0001010      9.850 %      7,910.26       8,069.25       N       None - mortgage    7/1/2006    n/a

Property ID

  

Initial Lease

Rate

   Initial Lease
Payment
(Monthly)		    

Current Lease
Payment as of
January

  

Additional CF

  

Percentage
Rent Clause -

Y/N

  

Percentage
Rent Only

  

Lease Rate Increase - Description

  

Date of Next
Bump in Rent

   Lease Renewal
Options
P0001011   9.850%     3,076.22      3,138.05     N     None - mortgage   7/1/2006   n/a
P0001012   9.850%     4,520.01      4,610.86     N     None - mortgage   7/1/2006   n/a
P0001013   9.850%     2,130.12      2,172.93     N     None - mortgage   7/1/2006   n/a
P0001014   9.850%     4,303.97      4,390.48     N     None - mortgage   7/1/2006   n/a
P0001015   9.850%     2,078.17      2,119.94     N     None - mortgage   7/1/2006   n/a
P0001016   9.230%     2,741.70      2,741.70     N     None - mortgage   3/1/2006   n/a
P0001017   9.230%     4,067.80      4,067.80     N     None - mortgage   3/1/2006   n/a
P0001018   9.230%     7,273.23      7,273.23     N     None - mortgage   3/1/2006   n/a
P0001019   9.230%     5,141.70      5,141.70     N     None - mortgage   3/1/2006   n/a
P0001020   9.230%     4,881.36      4,881.36     N     None - mortgage   3/1/2006   n/a
P0001021   9.230%     6,720.01      6,720.01     N     None - mortgage   3/1/2006   n/a
P0001022   9.230%     5,084.75      5,084.75     N     None - mortgage   3/1/2006   n/a
P0001023   9.230%     5,231.19      5,231.19     N     None - mortgage   3/1/2006   n/a
P0001024   9.230%     4,450.18      4,450.18     N     None - mortgage   3/1/2006   n/a
P0001025   9.230%     6,768.82      6,768.82     N     None - mortgage   3/1/2006   n/a
P0001026   9.230%     3,604.07      3,604.07     N     None - mortgage   3/1/2006   n/a
P0001027   9.230%     4,987.13      4,987.13     N     None - mortgage   3/1/2006   n/a
P0001028   9.230%     5,182.38      5,182.38     N     None - mortgage   3/1/2006   n/a
P0001029   9.230%     5,206.79      5,206.79     N     None - mortgage   3/1/2006   n/a
P0001030   9.230%     4,393.23      4,393.23     N     None - mortgage   3/1/2006   n/a
P0001031   9.230%     4,035.26      4,035.26     N     None - mortgage   3/1/2006   n/a
P0001032   9.230%     4,677.97      4,677.97     N     None - mortgage   3/1/2006   n/a
P0001033   9.230%     5,117.29      5,117.29     N     None - mortgage   3/1/2006   n/a
P0001034   9 230%     4,905.77      4,905.77     N     None - mortgage   3/1/2006   n/a
P0001035   9.230%     5,572.89      5,572.89     N     None - mortgage   3/1/2006   n/a
P0001036   9.230%     3,815.60      3,815.60     N     None - mortgage   3/1/2006   n/a
P0001037   9.230%     6,150.52      6,150.52     N     None - mortgage   3/1/2006   n/a
P0001038   9.230%     5,955.26      5,955.26     N     None - mortgage   3/1/2006   n/a
P0001039   9.230%     4,816.28      4,816.28     N     None - mortgage   3/1/2006   n/a
P0001040   9.230%     6,117.97      6,117.97     N     None - mortgage   3/1/2006   n/a
P0001041   9.230%     7,175.60      7,175.60     N     None - mortgage   3/1/2006   n/a
P0001042   9.230%     5,304.41      5,304.41     N     None - mortgage   3/1/2006   n/a
P0001043   9.230%     5,361.36      5,361.36     N     None - mortgage   3/1/2006   n/a
P0001044   9.230%     5,597.30      5,597.30     N     None - mortgage   3/1/2006   n/a
P0001045   9.230%     4,287.46      4,287.46     N     None -mortgage   3/1/2006   n/a

Property ID

   

Initial Lease

Rate

    Initial Lease
Payment
(Monthly)		     

Current Lease
Payment as of
January

   

Additional CF

   

Percentage

Rent Clause -

Y/N

   

Percentage

Rent Only

   

Lease Rate Increase - Description

    Date of Next
Bump in  Rent		     

Lease Renewal

Options

P0001046    9.230%      5,288.14       5,288.14       N       None - mortgage      3/1/2006      

n/a

P0001047    9.230%      2,798.65       2,798.65       N       None - mortgage      3/1/2006      

n/a

P0000895    9.500%      15,833.33       15,991.66       N       the lesser of 1% or index rate      3/1/2006       2 Options of 5 [Illegible]
P0000896    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000897    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000898    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000899    9.000%      67,088.00       67,088.00       N       lesser of 6% or 1. 25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000900    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000901    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000902    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000903    9.000%      master lease       master lease       N       lesser of 6% or 1.25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000904    9.000%      master lease       master lease       N       lesser of 6% or 1. 25 X CPI every 5 [Illegible]      4/1/2009       3 Options of 5 [Illegible]
P0000905    9.000%      35,416.67       35,416.67       N       Fixed rent schedule defined in lease [Illegible]      5/1/2009       3 Options of 5 [Illegible]
P0000906    9.000%      96,750.00       96,750.00       Y       Fixed rent schedule defined in lease [Illegible]      1/1/2008       4 Options of 5 [Illegible]
P0000907    9.000%      master lease       master lease       N       5% every 5 years      7/1/2009       3 Options of 5 [Illegible]
P0000908    9.000%      158,925.00       205,335.82       N       5% every 5 years      7/1/2009       3 Options of 5 [Illegible]
P0000909    9.000%      master lease       master lease       N       5% every 5 years      7/1/2009       3 Options of 5 [Illegible]
P0000910    9.000%      master lease       master lease       N       5% every 5 years      7/1/2009       3 Options of 5 [Illegible]
P0000911    9.000%      master lease       master lease       N       5% every 5 years      7/1/2009       3 Options of 5 [Illegible]
P0000912    9.000%      master lease       master lease       N       5% every 5 years      7/1/2009       3 Options of 5 [Illegible]
P0000913    10.500%      234,062.50       288,750.00       N       every 2 years, lesser of 5% or 1.25 x      7/1/2006       4 Options of 5 [Illegible]
P0000300    8.000%      3,736.20       3,849.81       N       4% every 2 years      4/1/2007       3 Options of 5 [Illegible]
P0000301    8.000%      4,026.26       4,188.92       N       4% every 2 years      6/1/2007       3 Options of 5 [Illegible]
P0000302    8.000%      2,519.40       2,955.52       Y    Y    n/a      n/a       2 Options of 5 [Illegible]
P0000303    8.000%      2,758.99       2,948.68       Y    Y    n/a      n/a       2 Options of 5 [Illegible]
P0000304    8.000%      2,930.46       3,191.95       Y    Y    n/a      n/a       2 Options of 5 [Illegible]
P0000305    8.000%      2,659.16       3,059.84       Y    Y    n/a      n/a       2 Options of 5 [Illegible]
P0000306    8.000%      7,733.44       7,733.44       N       4% every 2 years      3/1/2006       2 Options of 5 [Illegible]
P0000309    8.000%      5,804.81       6,037.00       N       Every 2 years, lesser of 4% or 3 times      1/1/2008       4 Options of 5 [Illegible]
P0000310    8.000%      6,683.16       6,950.49       N       Every 2 years, lesser of 4% or 3 times      1/1/2008       4 Options of 5 [Illegible]
P0000311    8.000%      6,988.68       7,268.23       N       Every 2 years, lesser of 4% or 3 times      1/1/2008       4 Options of 5 [Illegible]
P0000312    8.000%      6,224.89       6,473.89       N       Every 2 years, lesser of 4% or 3 times      1/1/2008       4 Options of 5 [Illegible]
P0000313    8.000%      10,653.23       10,759.76       N       Lesser of 1% or 3 times CPI      4/1/2006       3 Options of 5 [Illegible]
P0000314    8.000%      19,648.29       19,844.77       N       Lesser of 1% or 3 times CPI      4/1/2006       3 Options of 5 [Illegible]
P0000315    8.000%      21,024.49       21,234.73       N       Lesser of 1% or 3 times CPI      4/1/2006       3 Options of 5 [Illegible]

Property ID

  

Initial Lease

Rate

   Initial Lease
Payment
(Monthly)		    

Current Lease
Payment as of
January

  

Additional CF

  

Percentage

Rent Clause -

Y/N

  

Percentage
Rent Only

  

Lease Rate Increase - Description

  

Date of Next
Bump in Rent

  

Lease Renewal
Options

P0000316   8.000%     17,409.87      17,583.97     N     Lesser of 1% or 3 times CPI   4/1/2006   3 Options of 5 [Illegible]
P0000317   8.000%     7,254.15      7,326.69     N     Lesser of 1 % or 3 times CPI   4/1/2006   3 Options of 5 [Illegible]
P0000318   8.000%     20,949.93      21,159.43     N     Annually, lesser of 4.5% or 3 times [Illegible]   4/1/2006   3 Options of 5 [Illegible]
P0000319   8.000%     4,816.84      4,938.01     N     1.25% annually   8/1/2006   2 Options of 5 [Illegible]
P0000323   8.000%     8,990.80      9,350.43     N     Every 2 years, lesser of 4% or 3 times   11/1/2006   4 Options of 5 [Illegible]
P0000324   8.000%     4,256.11      4,256.11     N     n/a   n/a   2 Options of 5 [Illegible]
P0000326   8.000%     5,998.48      5,998.48     N     n/a   n/a   2 Options of 5 [Illegible]
P0000327   8.000%     7,144.59      7,144.59     Y     n/a   n/a   4 Options of 5 [Illegible]
P0000328   8.000%     6,170.73      6,170.73     Y     n/a   n/a   4 Options of 5 [Illegible]
P0000329   8.000%     8,285.48      8,285.48     Y     n/a   n/a   4 Options of 5 [Illegible]
P0000330   8.000%     8,024.03      8,024.03     Y     n/a   n/a   2 Options of 5 [Illegible]
P0000331   8.000%     6,566.98      6,712.84     N     n/a   n/a   2 Options of 5 [Illegible]
P0000332   8.000%     6,269.61      6,359.27     N     n/a   n/a   2 Options of 5 [Illegible]
P0000336   8.000%     6,541.26      6,541.26     Y     n/a   n/a   2 Options of 5 [Illegible]
P0000338   8.000%     6,737.50      6,737.50     Y     n/a   n/a   2 Options of 5 [Illegible]
P0000349   8.000%     6,760.00      7,030.40     N     4% every 2 years   11/1/2006   2 Options of 5 [Illegible]
P0000350   8.000%     4,644.91      4,761.77     N     1.25% annually   7/1/2006   2 Options of 5 [Illegible]
P0000351   8.000%     4,915.75      4,915.75     N     n/a   n/a   2 Options of 5 [Illegible]
P0000354   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000355   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000356   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000357   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000358   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000359   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000360   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000361   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000362   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000363   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000364   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000365   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000366   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000367   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000368   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000369   8.800%     250,192.87      260,200.58     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]
P0000370   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5 [Illegible]

Property ID

  

Initial Lease
Rate

   Initial Lease
Payment
(Monthly)		    

Current Lease
Payment as of

January

  

Additional CF

  

Percentage

Rent Clause -

Y/N

  

Percentage

Rent Only

  

Lease Rate Increase - Description

  

Date of Next

Bump in Rent

   Lease Renewal
Options
P0000371   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5
[illegible]
P0000372   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5
[illegible]
P0000373   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5
[illegible]
P0000374   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5
[illegible]
P0000375   8.800%     master lease      master lease     N     lesser of 4% or 4 times the CPI, every   12/1/2007   2 Options of 5
[illegible]
P0000378   8.000%     4,384.17      4,494.46     N     lesser of 1.25% or 3 times CPI   1/1/2007   2 Options of 5
[illegible]
P0000379   8.000%     9,076.18      9,521.91     N     Annually, previous year base annual [illegible]   9/1/2006   2 Options of 5
[illegible]
P0000380   8.500%     7,077.79      6,749.63     N     lesser of 1 .25% or 3 times CPI   8/1/2007   2 Options of 5
[illegible]
P0000381   8.000%     2,838.81      2,953.50     N     4% every 2 years   7/1/2007   3 Options of 5
[illegible]
P0000914   10.000%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   8/1/2007   3 Options of 5
[illegible]
P0000915   10.000%     150,833.33      250,833.33     N     Fixed rent schedule defined in lease [illegible]   8/1/2007   3 Options of 5
[illegible]
P0000916   9.000%     27,656.25      27,656.25     N     Fixed rent schedule defined in lease [illegible]   8/1/2009   3 Options of 5
[illegible]
P0000917   9.500%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   9/1/2009   3 Options of 5
[illegible]
P0000918   9.500%     30,479.17      37,248.76   6,770   N     Fixed rent schedule defined in lease [illegible]   9/1/2009   3 Options of 5
[illegible]
P0000919   8.100%     37,214.00      38,976.00     N     per fixed rent schedule in lease   9/1/2006   3 Options of 5
[illegible]
P0000390   8.200%     master lease      master lease     N     4.04% every 2 years   4/1/2007   2 Options of 5
[illegible]
P0000391   8.200%     44,650.32      46,454.19     N     4.04% every 2 years   4/1/2007   2 Options of 5
[illegible]
P0000392   8.200%     master lease      master lease     N     4.04% every 2 years   4/1/2007   2 Options of 5
[illegible]
P0000393   8.200%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   1/1/2007   3 Options of 5
[illegible]
P0000394   8.200%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   1/1/2007   3 Options of 5
[illegible]
P0000395   8.200%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   1/1/2007   3 Options of 5
[illegible]
P0000396   8.200%     50,477.00      52,496.00     N     Fixed rent schedule defined in lease [illegible]   1/1/2007   3 Options of 5
[illegible]
P0000397   8.200%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   1/1/2007   3 Options of 5
[illegible]
P0000398   8.200%     master lease      master lease     N     Fixed rent schedule defined in lease [illegible]   1/1/2007   3 Options of 5
[illegible]
P0000399   8.200%     3,423.08      3,509.19     N     the lesser of 1.25% or CPI   10/1/2006   2 Options of 5
[illegible]
P0000400   8.200%     5,362.84      5,497.75     N     the lesser of 1.25% or CPI   10/1/2006   2 Options of 5
[illegible]
P0000401   8.200%     4,041.15      4,142.81     N     the lesser of 1.25% or CPI   1/1/2007   2 Options of 5
[illegible]
P0000402   8.200%     4,917.89      4,979.36     N     the lesser of 1.25% or CPI   1/1/2007   2 Options of 5
[illegible]
P0000403   8.200%     4,200.09      4,252.59     N     the lesser of 1.25% or CPI   6/1/2006   2 Options of 5
[illegible]
P0000404   8.200%     7,973.17      8,072.83     N     the lesser of 1.25% or CPI   1/1/2007   2 Options of 5
[illegible]
P0000405   8.200%     6,795.24      6,880.18     N     the lesser of 1.25% or CPI   1/1/2007   2 Options of 5
[illegible]
P0000406   8.200%     4,816.83      4,877.04     N     1.25% annually   8/1/2006   2 Options of 5
[illegible]
P0000408   8.200%     8,075.76      8,237.28     N     the lesser of 2% or CPI   4/1/2006   2 Options of 5
[illegible]
P0000409   8.200%     7,208.87      7,353.05     N     the lesser of 2% or CPI   4/1/2006   2 Options of 5
[illegible]
P0000410   8.200%     6,752.62      6,887.67     N     the lesser of 2% or CPI   4/1/2006   2 Options of 5
[illegible]

Property ID

  

Initial Lease

Rate

   Initial  Lease
Payment
(Monthly)		    

Document Metadata

Filed: November 10th, 2011