Exhibit 99.5
Prudential Mortgage Loan Purchase Agreement
EXECUTION COPY
MORTGAGE LOAN PURCHASE AGREEMENT
PRUDENTIAL LOANS
Mortgage Loan Purchase Agreement (this "Agreement"), dated as of May
1, 2007, between Prudential Mortgage Capital Funding, LLC (the "Seller"), and
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc. (the "Purchaser").
The Seller agrees to sell, and the Purchaser agrees to purchase,
certain mortgage loans listed on Exhibit 1 hereto (the "Mortgage Loans") as
described herein. The Purchaser will convey the Mortgage Loans to a trust (the
"Trust") created pursuant to a Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of May 1, 2007, between the Purchaser, as
depositor, Capmark Finance Inc., as Capmark Master Servicer, Prudential Asset
Resources, Inc., as Prudential Master Servicer, ▇▇▇▇▇ Fargo Bank, National
Association, as ▇▇▇▇▇ Fargo Master Servicer, Centerline Servicing, Inc.
(formerly ARCap Servicing, Inc.), as Special Servicer, The Bank of New York
Trust Company, National Association, as Trustee, and LaSalle Bank National
Association, as Paying Agent, Certificate Registrar, Authenticating Agent and
Custodian. In exchange for the Mortgage Loans and certain other mortgage loans
(the "Other Mortgage Loans") to be purchased by the Purchaser, the Trust will
issue to the Depositor pass-through certificates to be known as ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Capital I Inc., Commercial Mortgage Pass-Through Certificates, Series 2007-IQ14
(the "Certificates"). The Certificates will be issued pursuant to the Pooling
and Servicing Agreement.
Capitalized terms used herein but not defined herein shall have the
meanings assigned to them in the Pooling and Servicing Agreement.
The Class A-1, Class A-1A, Class A-2, Class A-2FL, Class A-3, Class
A-AB, Class A-4, Class A-5FL, Class A-M, Class A-MFL, Class A-J, Class A-JFL and
Class B Certificates (the "Public Certificates") will be sold by the Purchaser
to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated, LaSalle Financial Services, Inc., ▇▇▇▇▇▇▇
Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated, RBC Capital Markets Corporation,
▇▇▇▇▇▇▇, Sachs & Co. and Greenwich Capital Markets, Inc. (collectively, the
"Underwriters"), pursuant to an Underwriting Agreement, between the Purchaser
and the Underwriters, dated May 18, 2007 (the "Underwriting Agreement"), and the
Class X, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K,
Class L, Class M, Class N, Class O, Class P, Class Q, Class S, Class EI, Class
R-I, Class R-II and Class R-III Certificates (collectively, the "Private
Certificates") will be sold by the Purchaser to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co.
Incorporated (in such capacity, the "Initial Purchaser") pursuant to a
Certificate Purchase Agreement, between the Purchaser and the Initial Purchaser,
dated May 18, 2007 (the "Certificate Purchase Agreement"). The Underwriters will
offer the Public Certificates for sale publicly pursuant to a Prospectus dated
February 6, 2007, as supplemented by a Prospectus Supplement dated May 18, 2007
(together, the "Prospectus Supplement"), and the Initial Purchaser will offer
the Private Certificates (other than the Class EI, Class R-I, Class R-II and
Class R-III Certificates) for sale in transactions exempt from the registration
requirements of the Securities Act of 1933 pursuant to a Private Placement
Memorandum, dated as of May 18, 2007 (the "Memorandum").
In consideration of the mutual agreements contained herein, the
Seller and the Purchaser hereby agree as follows:
Section 1. Agreement to Purchase. The Seller agrees to sell, and the
Purchaser agrees to purchase, on a servicing released basis, the Mortgage Loans
identified on the schedule (the "Mortgage Loan Schedule") annexed hereto as
Exhibit 1, as such schedule may be amended to reflect the actual Mortgage Loans
accepted by the Purchaser pursuant to the terms hereof. The Cut-Off Date with
respect to each Mortgage Loan is such Mortgage Loan's Due Date in the month of
May 2007. The Mortgage Loans will have an aggregate principal balance as of the
close of business on the Cut-Off Date, after giving effect to any payments due
on or before such date, whether or not received, of $361,597,849. The sale of
the Mortgage Loans shall take place on May 30, 2007 or such other date as shall
be mutually acceptable to the parties hereto (the "Closing Date"). The purchase
price to be paid by the Purchaser for the Mortgage Loans shall equal the amount
set forth as such purchase price in the ▇▇▇▇ of Sale. The purchase price shall
be paid to the Seller by wire transfer in immediately available funds on the
Closing Date.
On the Closing Date, the Purchaser will assign to the Trustee
pursuant to the Pooling and Servicing Agreement all of its right, title and
interest in and to the Mortgage Loans and its rights under this Agreement (to
the extent set forth in Section 15), and the Trustee shall succeed to such
right, title and interest in and to the Mortgage Loans and the Purchaser's
rights under this Agreement (to the extent set forth in Section 15).
Section 2. Conveyance of Mortgage Loans. Effective as of the Closing
Date, subject only to receipt of the consideration referred to in Section 1
hereof and the satisfaction of the conditions specified in Sections 6 and 7
hereof, the Seller does hereby transfer, assign, set over and otherwise convey
to the Purchaser, without recourse, all the right, title and interest of the
Seller. The Mortgage Loan Schedule, as it may be amended from time to time on or
prior to the Closing Date, shall conform to the requirements of this Agreement
and the Pooling and Servicing Agreement. In connection with such transfer and
assignment, the Seller shall deliver to the Custodian on behalf of the Trustee,
on behalf of the Purchaser, on or prior to the Closing Date, the Mortgage Note
(as described in clause (a) below) for each Mortgage Loan and on or prior to the
fifth Business Day after the Closing Date, five limited powers of attorney
substantially in the form attached hereto as Exhibit 4 in favor of the Trustee,
the applicable Master Servicer and the Special Servicer to empower the Trustee,
the applicable Master Servicer and, in the event of the failure or incapacity of
the Trustee and the applicable Master Servicer, the Special Servicer, to submit
for recording, at the expense of the Seller, any mortgage loan documents
required to be recorded as described in the Pooling and Servicing Agreement and
any intervening assignments with evidence of recording thereon that are required
to be included in the Mortgage Files (so long as original counterparts have
previously been delivered to the Trustee). The Seller agrees to reasonably
cooperate with the Trustee, the applicable Master Servicer and the Special
Servicer in connection with any additional powers of attorney or revisions
thereto that are requested by such parties for purposes of such recordation. The
parties hereto agree that no such power of attorney shall be used with respect
to any Mortgage Loan by or under authorization by any party hereto except to the
extent that the absence of a document described in the second preceding sentence
with respect to such Mortgage Loan remains unremedied as of the earlier of (i)
the date that is 180 days following the delivery of notice of such absence to
the Seller, but in no event earlier than 18 months from the Closing Date, and
(ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced
Mortgage Loan. The Trustee shall submit such documents for recording, at the
Seller's expense, after the periods set forth above; provided, however, the
Trustee shall not submit such assignments for recording if the Seller produces
evidence that it has sent any such assignment for recording and certifies that
the Seller is awaiting its return from the applicable recording office. In
addition, not later than the 30th day following the Closing Date, the Seller
shall deliver to the Custodian on behalf of the Trustee each of the remaining
documents or instruments specified below (with such exceptions and additional
time periods as are permitted by this Section) with respect to each Mortgage
Loan (each, a "Mortgage File"). (The Seller acknowledges that the term "without
recourse" does not modify the duties of the Seller under Section 5 hereof.)
All Mortgage Files, or portions thereof, delivered prior to the
Closing Date are to be held by the Custodian on behalf of the Trustee in escrow
on behalf of the Seller at all times prior to the Closing Date. The Mortgage
Files shall be released from escrow upon closing of the sale of the Mortgage
Loans and payments of the purchase price therefor as contemplated hereby. The
Mortgage File for each Mortgage Loan shall contain the following documents:
(a) The original Mortgage Note bearing all intervening endorsements,
endorsed in blank or endorsed "Pay to the order of The Bank of New York Trust
Company, National Association, as Trustee for ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2007-IQ14, without
recourse, representation or warranty" or if the original Mortgage Note is not
included therein, then a lost note affidavit and indemnity, with a copy of the
Mortgage Note attached thereto;
(b) The original Mortgage, with evidence of recording thereon, and,
if the Mortgage was executed pursuant to a power of attorney, a certified true
copy of the power of attorney certified by the public recorder's office, with
evidence of recording thereon (if recording is customary in the jurisdiction in
which such power of attorney was executed), or certified by a title insurance
company or escrow company to be a true copy thereof; provided that if such
original Mortgage cannot be delivered with evidence of recording thereon on or
prior to the 90th day following the Closing Date because of a delay caused by
the public recording office where such original Mortgage has been delivered for
recordation or because such original Mortgage has been lost, the Seller shall
deliver or cause to be delivered to the Trustee a true and correct copy of such
Mortgage, together with (i) in the case of a delay caused by the public
recording office, an Officer's Certificate (as defined below) of the Seller
stating that such original Mortgage has been sent to the appropriate public
recording official for recordation or (ii) in the case of an original Mortgage
that has been lost after recordation, a certification by the appropriate county
recording office where such Mortgage is recorded that such copy is a true and
complete copy of the original recorded Mortgage;
(c) The originals of all agreements modifying a Money Term or other
material modification, consolidation and extension agreements, if any, with
evidence of recording thereon (if applicable) or if any such original
modification, consolidation or extension agreement has been delivered to the
appropriate recording office for recordation and either has not yet been
returned on or prior to the 90th day following the Closing Date with evidence of
recordation thereon or has been lost after recordation, a true copy of such
modification, consolidation or extension certified by the Seller together with
(i) in the case of a delay caused by the public recording office, an Officer's
Certificate of the Seller stating that such original modification, consolidation
or extension agreement has been dispatched or sent to the appropriate public
recording official for recordation or (ii) in the case of an original
modification, consolidation or extension agreement that has been lost after
recordation, a certification by the appropriate county recording office where
such document is recorded that such copy is a true and complete copy of the
original recorded modification, consolidation or extension agreement, and the
originals of all assumption agreements, if any;
(d) An original Assignment of Mortgage for each Mortgage Loan, in
form and substance acceptable for recording (except for recording information
not yet available if the instrument being recorded has not been returned from
the applicable recording office), signed by the holder of record in blank or in
favor of "The Bank of New York Trust Company, National Association, as Trustee
for ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc., Commercial Mortgage Pass-Through
Certificates, Series 2007-IQ14";
(e) Originals of all intervening assignments of Mortgage, if any,
with evidence of recording thereon or, if such original assignments of Mortgage
have been delivered to the appropriate recorder's office for recordation,
certified true copies of such assignments of Mortgage certified by the Seller,
or in the case of an original blanket intervening assignment of Mortgage
retained by the Seller, a copy thereof certified by the Seller or, if any
original intervening assignment of Mortgage has not yet been returned on or
prior to the 90th day following the Closing Date from the applicable recording
office or has been lost, a true and correct copy thereof, together with (i) in
the case of a delay caused by the public recording office, an Officer's
Certificate of the Seller stating that such original intervening assignment of
Mortgage has been sent to the appropriate public recording official for
recordation or (ii) in the case of an original intervening assignment of
Mortgage that has been lost after recordation, a certification by the
appropriate county recording office where such assignment is recorded that such
copy is a true and complete copy of the original recorded intervening assignment
of Mortgage;
(f) If the related Assignment of Leases is separate from the
Mortgage, the original of such Assignment of Leases with evidence of recording
thereon or certified by a title insurance company or escrow company to be a true
copy thereof; provided that if such Assignment of Leases has not been returned
on or prior to the 90th day following the Closing Date because of a delay caused
by the applicable public recording office where such Assignment of Leases has
been delivered for recordation or because such original Assignment of Leases has
been lost, the Seller shall deliver or cause to be delivered to the Trustee a
true and correct copy of such Assignment of Leases submitted for recording,
together with, (i) in the case of a delay caused by the public recording office,
an Officer's Certificate (as defined below) of the Seller stating that such
Assignment of Leases has been sent to the appropriate public recording official
for recordation or (ii) in the case of an original Assignment of Leases that has
been lost after recordation, a certification by the appropriate county recording
office where such Assignment of Leases is recorded that such copy is a true and
complete copy of the original recorded Assignment of Leases, in each case
together with an original assignment of such Assignment of Leases, in recordable
form (except for recording information not yet available if the instrument being
recorded has not been returned from the applicable recording office), signed by
the holder of record in favor of "The Bank of New York Trust Company, National
Association, as Trustee for ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc., Commercial Mortgage
Pass-Through Certificates, Series 2007-IQ14," which assignment may be effected
in the related Assignment of Mortgage;
(g) The original or a copy of each guaranty, if any, constituting
additional security for the repayment of such Mortgage Loan;
(h) The original Title Insurance Policy, or in the event such
original Title Insurance Policy has not been issued, a binder, actual
"marked-up" title commitment, pro forma policy, or an agreement to provide any
of the foregoing pursuant to binding escrow instructions executed by the title
company or its authorized agent with the original Title Insurance Policy to
follow within 180 days of the Closing Date, or a copy of any of the foregoing
certified by the title company with the original Title Insurance Policy to
follow within 180 days of the Closing Date, or a preliminary title report with
the original Title Insurance Policy to follow within 180 days of the Closing
Date;
(i) (A) Copies of UCC financing statements (together with all
assignments thereof) filed in connection with a Mortgage Loan and (B) UCC-2 or
UCC-3 financing statements assigning such UCC financing statements to the
Trustee delivered in connection with the Mortgage Loan;
(j) Copies of the related ground lease(s), if any, to any Mortgage
Loan where the Mortgagor is the lessee under such ground lease and there is a
lien in favor of the mortgagee in such lease.
(k) Copies of any loan agreements, lock-box agreements and
intercreditor agreements, if any, related to any Mortgage Loan;
(l) Either (A) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan (other than letters of
credit representing tenant security deposits which have been collaterally
assigned to the lender), which shall be assigned to the Trustee (and delivered
to the Custodian on the Trustee's behalf) on behalf of the Trust with a copy to
be held by the Primary Servicer (or the Master Servicer), and applied, drawn,
reduced or released in accordance with documents evidencing or securing the
applicable Mortgage Loan, the Pooling and Servicing Agreement and the Primary
Servicing Agreement or (B) the original of each letter of credit, if any,
constituting additional collateral for such Mortgage Loan (other than letters of
credit representing tenant security deposits which have been collaterally
assigned to the lender), which shall be held by the applicable Primary Servicer
(or the Master Servicer) on behalf of the Trustee, with a copy to be held by the
Custodian on behalf of the Trustee, and applied, drawn, reduced or released in
accordance with documents evidencing or securing the applicable Mortgage Loan,
the Pooling and Servicing Agreement and the Primary Servicing Agreement (it
being understood that the Seller has agreed (a) that the proceeds of such letter
of credit belong to the Trust, (b) to notify, on or before the Closing Date, the
bank issuing the letter of credit that the letter of credit and the proceeds
thereof belong to the Trust, and to use reasonable efforts to obtain within 30
days (but in any event to obtain within 90 days) following the Closing Date, an
acknowledgement thereof by the bank (with a copy of such acknowledgement to be
sent to the Custodian on behalf of the Trustee) and (c) to indemnify the Trust
for any liabilities, charges, costs, fees or other expenses accruing from the
failure of the Seller to assign the letter of credit hereunder). In the case of
clause (B) above, any letter of credit held by the applicable Primary Servicer
(or Master Servicer) shall be held in its capacity as agent of the Trust, and if
the applicable Primary Servicer (or Master Servicer) sells its rights to service
the applicable Mortgage Loan, the applicable Primary Servicer (or Master
Servicer) has agreed to assign the applicable letter of credit to the Trust or
at the direction of the Special Servicer to such party as the Special Servicer
may instruct, in each case, at the expense of the applicable Primary Servicer
(or Master Servicer). The applicable Primary Servicer (or Master Servicer) has
agreed to indemnify the Trust for any loss caused by the ineffectiveness of such
assignment;
(m) The original or a copy of the environmental indemnity agreement,
if any, related to any Mortgage Loan;
(n) Copies of third-party management agreements, if any, for all
hotels and for such other Mortgaged Properties securing Mortgage Loans with a
Cut-Off Date principal balance equal to or greater than $20,000,000.
(o) The original of any Environmental Insurance Policy or, if the
original is held by the related Mortgagor, a copy thereof;
(p) A copy of any affidavit and indemnification agreement in favor
of the lender;
(q) With respect to hospitality properties, a copy of any franchise
agreement, franchise comfort letter and applicable assignment or transfer
documents;
"Officer's Certificate" shall mean a certificate signed by one or
more of the Chairman of the Board, any Vice Chairman, the President, any Senior
Vice President, any Vice President, any Assistant Vice President, any Treasurer
or any Assistant Treasurer.
The Assignment of Mortgage, intervening assignments of Mortgage and
assignment of Assignment of Leases referred to in clauses (d), (e) and (f) may
be in the form of a single instrument assigning the Mortgage and the Assignment
of Leases to the extent permitted by applicable law. To avoid the unnecessary
expense and administrative inconvenience associated with the execution and
recording or filing of multiple assignments of mortgages, assignments of leases
(to the extent separate from the mortgages) and assignments of UCC financing
statements, the Seller shall execute, in accordance with the third succeeding
paragraph, the assignments of mortgages, the assignments of leases (to the
extent separate from the mortgages) and the assignments of UCC financing
statements relating to the Mortgage Loans naming the Trustee on behalf of the
Certificateholders as assignee. Notwithstanding the fact that such assignments
of mortgages, assignments of leases (to the extent separate from the assignments
of mortgages) and assignments of UCC financing statements shall name the Trustee
on behalf of the Certificateholders as the assignee, the parties hereto
acknowledge and agree that the Mortgage Loans shall for all purposes be deemed
to have been transferred from the Seller to the Purchaser and from the Purchaser
to the Trustee on behalf of the Certificateholders.
If the Seller cannot deliver, or cause to be delivered, as to any
Mortgage Loan, any of the documents and/or instruments referred to in clauses
(b), (c), (e) or (f), with evidence of recording thereon, because of a delay
caused by the public recording office where such document or instrument has been
delivered for recordation within such 90-day period, but the Seller delivers a
photocopy thereof (to the extent available, certified by the appropriate county
recorder's office to be a true and complete copy of the original thereof
submitted for recording or, if such certification is not available, together
with an Officer's Certificate of the Seller stating that such document has been
sent to the appropriate public recording official for recordation), to the
Custodian on behalf of the Trustee within such 90-day period, the Seller shall
then deliver within 180 days after the Closing Date the recorded document (or
within such longer period after the Closing Date as the Custodian on behalf of
the Trustee may consent to, which consent shall not be withheld so long as the
Seller is, as certified in writing to the Trustee no less often than monthly, in
good faith attempting to obtain from the appropriate county recorder's office
such original or photocopy).
The Trustee, as assignee or transferee of the Purchaser, shall be
entitled to all scheduled payments of principal due thereon after the Cut-Off
Date, all other payments of principal collected after the Cut-Off Date (other
than scheduled payments of principal due on or before the Cut-Off Date), and all
payments of interest on the Mortgage Loans allocable to the period commencing on
the Cut-Off Date. All scheduled payments of principal and interest due on or
before the Cut-Off Date and collected after the Cut-Off Date shall belong to the
Seller.
Within 45 days following the Closing Date, the Seller shall deliver
and the Purchaser, the Custodian on behalf of the Trustee or the agents of
either may submit or cause to be submitted for recordation at the expense of the
Seller, in the appropriate public office for real property records, each
assignment referred to in clauses (d) and (f)(ii) above (with recording
information in blank if such information is not yet available). Within 15 days
following the Closing Date, the Seller shall deliver and the Purchaser, the
Custodian on behalf of the Trustee or the agents of either may submit or cause
to be submitted for filing, at the expense of the Seller, in the appropriate
public office for Uniform Commercial Code financing statements, the assignment
referred to in clause (i) above. If any such document or instrument is lost or
returned unrecorded or unfiled, as the case may be, because of a defect therein,
the Seller shall prepare a substitute therefor or cure such defect, and the
Seller shall, at its own expense (except in the case of a document or instrument
that is lost by the Trustee), record or file, as the case may be, and deliver
such document or instrument in accordance with this Section 2.
As to each Mortgage Loan secured by a Mortgaged Property with
respect to which the related Mortgagor has entered into a franchise agreement
and each Mortgage Loan secured by a Mortgaged Property with respect to which a
letter of credit is in place, the Seller shall provide a notice on or prior to
the date that is thirty (30) days after the Closing Date to the franchisor or
the issuing financial institution, as applicable, of the transfer of such
Mortgage Loan to the Trust pursuant to the Pooling and Servicing Agreement, and
inform such parties that any notices to the Mortgagor's lender pursuant to such
franchise agreement or letter of credit should thereafter be forwarded to the
Master Servicer and, with respect to each franchise agreement, provide a
franchise comfort letter to the franchisor on or prior to the date that is
thirty (30) days after the Closing Date. After the Closing Date, with respect to
any letter of credit that has not yet been assigned to the Trust, upon the
written request of the Master Servicer or the applicable Primary Servicer, the
Seller will draw on such letter of credit as directed by the Master Servicer or
such Primary Servicer in such notice to the extent the Seller has the right to
do so.
Documents that are in the possession of the Seller, its agents or
its subcontractors that relate to the servicing of any Mortgage Loans and that
are not required to be a part of the Mortgage File and are reasonably necessary
for the ongoing administration and/or servicing of the applicable Mortgage Loan
(the "Servicing File") shall be delivered by the Seller to or at the direction
of the Master Servicer, on behalf of the Purchaser, on or prior to the 75th day
after the Closing Date, in accordance with the Primary Servicing Agreement, if
applicable.
The Servicing File shall include, to the extent required to be (and
actually) delivered to the Seller pursuant to the applicable Mortgage Loan
documents, copies of the following items: the Mortgage Note, any Mortgage, the
Assignment of Leases and the Assignment of Mortgage, any guaranty/indemnity
agreement, any loan agreement, the insurance policies or certificates, as
applicable, the property inspection reports, any financial statements on the
property, any escrow analysis, the tax bills, the Appraisal, the environmental
report, the engineering report, the asset summary, financial information on the
Mortgagor/sponsor and any guarantors, any letters of credit, any intercreditor
agreements and any Environmental Insurance Policies; provided, however, the
Seller shall not be required to deliver any draft documents, attorney-client
privileged communications, internal correspondence or credit analysis. Delivery
of any of the foregoing documents to the Primary Servicer shall be deemed a
delivery to the Master Servicer and satisfy Seller's obligations under this
sub-paragraph.
Upon the sale of the Mortgage Loans by the Seller to the Purchaser
pursuant to this Agreement, the ownership of each Mortgage Note, Mortgage and
the other contents of the related Mortgage File shall be vested in the Purchaser
and its assigns, and the ownership of all records and documents with respect to
the related Mortgage Loan prepared by or that come into the possession of the
Seller shall immediately vest in the Purchaser and its assigns, and shall be
delivered promptly by the Seller to or on behalf of either the Custodian (on
behalf of the Trustee) or the Master Servicer as set forth herein, subject to
the requirements of the Primary Servicing Agreement. The Seller's and
Purchaser's records shall reflect the transfer of each Mortgage Loan from the
Seller to the Purchaser and its assigns as a sale.
It is the express intent of the parties hereto that the conveyance
of the Mortgage Loans and related property to the Purchaser by the Seller as
provided in this Section 2 be, and be construed as, an absolute sale of the
Mortgage Loans and related property. It is, further, not the intention of the
parties that such conveyance be deemed a pledge of the Mortgage Loans and
related property by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, in the event that, notwithstanding the intent
of the parties, the Mortgage Loans or any related property are held to be the
property of the Seller, or if for any other reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans or any related
property, then:
(i) this Agreement shall be deemed to be a security agreement; and
(ii) the conveyance provided for in this Section 2 shall be deemed
to be a grant by the Seller to the Purchaser of a security interest in all
of the Seller's right, title, and interest, whether now owned or hereafter
acquired, in and to:
(A) All accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of
deposit, goods, letters of credit, advices of credit and investment
property consisting of, arising from or relating to any of the
following property: the Mortgage Loans identified on the Mortgage
Loan Schedule, including the related Mortgage Notes, Mortgages,
security agreements, and title, hazard and other insurance policies,
all distributions with respect thereto payable after the Cut-Off
Date, all substitute or replacement Mortgage Loans and all
distributions with respect thereto, and the Mortgage Files;
(B) All accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of
deposit, goods, letters of credit, advices of credit, investment
property and other rights arising from or by virtue of the
disposition of, or collections with respect to, or insurance
proceeds payable with respect to, or claims against other Persons
with respect to, all or any part of the collateral described in
clause (A) above (including any accrued discount realized on
liquidation of any investment purchased at a discount); and
(C) All cash and non-cash proceeds of the collateral described
in clauses (A) and (B) above.
The possession by the Purchaser or its designee of the Mortgage
Notes, the Mortgages, and such other goods, letters of credit, advices of
credit, instruments, money, documents, chattel paper or certificated securities
shall be deemed to be possession by the secured party or possession by a
purchaser for purposes of perfecting the security interest pursuant to the
Uniform Commercial Code (including, without limitation, Sections 9-305 and 9-313
thereof) as in force in the relevant jurisdiction. Notwithstanding the
foregoing, the Seller makes no representation or warranty as to the perfection
of any such security interest.
Notifications to Persons holding such property, and acknowledgments,
receipts, or confirmations from persons holding such property, shall be deemed
to be notifications to, or acknowledgments, receipts or confirmations from,
securities intermediaries, bailees or agents of, or Persons holding for, the
Purchaser or its designee, as applicable, for the purpose of perfecting such
security interest under applicable law.
The Seller shall, to the extent consistent with this Agreement, take
such reasonable actions as may be necessary to ensure that, if this Agreement
were deemed to create a security interest in the property described above, such
security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term
of the Agreement. In such case, the Seller shall file all filings necessary to
maintain the effectiveness of any original filings necessary under the Uniform
Commercial Code as in effect in any jurisdiction to perfect such security
interest in such property. In connection herewith, the Purchaser shall have all
of the rights and remedies of a secured party and creditor under the Uniform
Commercial Code as in force in the relevant jurisdiction.
Notwithstanding anything to the contrary contained herein, and
subject to Section 2(a), the Purchaser shall not be required to purchase any
Mortgage Loan as to which any Mortgage Note (endorsed as described in clause (a)
above) or lost note affidavit and indemnity required to be delivered to or on
behalf of the Trustee or the Master Servicer pursuant to this Section 2 on or
before the Closing Date is not so delivered, or is not properly executed or is
defective on its face, and the Purchaser's acceptance of the related Mortgage
Loan on the Closing Date shall in no way constitute a waiver of such omission or
defect or of the Purchaser's or its successors' and assigns' rights in respect
thereof pursuant to Section 5.
Section 3. Examination of Mortgage Files and Due Diligence Review.
The Seller shall (i) deliver to the Purchaser on or before the Closing Date a
diskette acceptable to the Purchaser that contains such information about the
Mortgage Loans as may be reasonably requested by the Purchaser, (ii) deliver to
the Purchaser investor files (collectively the "Collateral Information") with
respect to the assets proposed to be included in the Mortgage Pool and made
available at the Purchaser's headquarters in New York, and (iii) otherwise
cooperate fully with the Purchaser in its examination of the credit files,
underwriting documentation and Mortgage Files for the Mortgage Loans and its due
diligence review of the Mortgage Loans. The fact that the Purchaser has
conducted or has failed to conduct any partial or complete examination of the
credit files, underwriting documentation or Mortgage Files for the Mortgage
Loans shall not affect the right of the Purchaser or the Trustee to cause the
Seller to cure any Material Document Defect or Material Breach (each as defined
below), or to repurchase or replace the defective Mortgage Loans pursuant to
Section 5 of this Agreement.
On or prior to the Closing Date, the Seller shall allow
representatives of any of the Purchaser, each Underwriter, the Initial
Purchaser, the Trustee, the Custodian, the Special Servicer and each Rating
Agency to examine and audit all books, records and files pertaining to the
Mortgage Loans, the Seller's underwriting procedures and the Seller's ability to
perform or observe all of the terms, covenants and conditions of this Agreement.
Such examinations and audits shall take place at one or more offices of the
Seller during normal business hours and shall not be conducted in a manner that
is disruptive to the Seller's normal business operations upon reasonable prior
advance notice. In the course of such examinations and audits, the Seller will
make available to such representatives of any of the Purchaser, each
Underwriter, the Initial Purchaser, the Trustee, the Custodian, the Special
Servicer and each Rating Agency reasonably adequate facilities, as well as the
assistance of a sufficient number of knowledgeable and responsible individuals
who are familiar with the Mortgage Loans and the terms of this Agreement, and
the Seller shall cooperate fully with any such examination and audit in all
material respects. On or prior to the Closing Date, the Seller shall provide the
Purchaser with all material information regarding the Seller's financial
condition and access to knowledgeable financial or accounting officers for the
purpose of answering questions with respect to the Seller's financial condition,
financial statements as provided to the Purchaser or other developments
affecting the Seller's ability to consummate the transactions contemplated
hereby or otherwise affecting the Seller in any material respect. Within 45 days
after the Closing Date, the Seller shall provide the Master Servicer or Primary
Servicer, if applicable, with any additional information identified by the
Master Servicer or Primary Servicer, if applicable, as necessary to complete the
CMSA Property File, to the extent that such information is available.
The Purchaser may exercise any of its rights hereunder through one
or more designees or agents; provided the Purchaser has provided the Seller with
prior notice of the identity of such designee or agent.
The Purchaser shall keep confidential any information regarding the
Seller and the Mortgage Loans that has been delivered into the Purchaser's
possession and that is not otherwise publicly available; provided, however, that
such information shall not be kept confidential (and the right to require
confidentiality under any confidentiality agreement is hereby waived) to the
extent such information is required to be included in the Memorandum or the
Prospectus Supplement or the Purchaser is required by law or court order to
disclose such information. If the Purchaser is required to disclose in the
Memorandum or the Prospectus Supplement confidential information regarding the
Seller as described in the preceding sentence, the Purchaser shall provide to
the Seller a copy of the proposed form of such disclosure prior to making such
disclosure and the Seller shall promptly, and in any event within two Business
Days, notify the Purchaser of any inaccuracies therein, in which case the
Purchaser shall modify such form in a manner that corrects such inaccuracies. If
the Purchaser is required by law or court order to disclose confidential
information regarding the Seller as described in the second preceding sentence,
the Purchaser shall notify the Seller and cooperate in the Seller's efforts to
obtain a protective order or other reasonable assurance that confidential
treatment will be accorded such information and, if in the absence of a
protective order or such assurance, the Purchaser is compelled as a matter of
law to disclose such information, the Purchaser shall, prior to making such
disclosure, advise and consult with the Seller and its counsel as to such
disclosure and the nature and wording of such disclosure and the Purchaser shall
use reasonable efforts to obtain confidential treatment therefor.
Notwithstanding the foregoing, if reasonably advised by counsel that the
Purchaser is required by a regulatory agency or court order to make such
disclosure immediately, then the Purchaser shall be permitted to make such
disclosure without prior review by the Seller.
Section 4. Representations and Warranties of the Seller and the
Purchaser.
(a) To induce the Purchaser to enter into this Agreement, the Seller
hereby makes for the benefit of the Purchaser and its assigns with respect to
each Mortgage Loan as of the date hereof (or as of such other date specifically
set forth in the particular representation and warranty) each of the
representations and warranties set forth on Exhibit 2 hereto, except as
otherwise set forth on Schedule A attached hereto, and hereby further represents
and warrants to the Purchaser as of the date hereof that:
(i) The Seller is duly organized and is validly existing as a
limited liability company in good standing under the laws of Delaware. The
Seller has the requisite power and authority and legal right to own the
Mortgage Loans and to transfer and convey the Mortgage Loans to the
Purchaser and has the requisite power and authority to execute and
deliver, engage in the transactions contemplated by, and perform and
observe the terms and conditions of, this Agreement.
(ii) This Agreement has been duly and validly authorized, executed
and delivered by the Seller, and assuming the due authorization, execution
and delivery hereof by the Purchaser, this Agreement constitutes the
valid, legal and binding agreement of the Seller, enforceable in
accordance with its terms, except as such enforcement may be limited by
(A) laws relating to bankruptcy, insolvency, reorganization, receivership
or moratorium, (B) other laws relating to or affecting the rights of
creditors generally, (C) general equity principles (regardless of whether
such enforcement is considered in a proceeding in equity or at law) or (D)
public policy considerations underlying the securities laws, to the extent
that such public policy considerations limit the enforceability of the
provisions of this Agreement that purport to provide indemnification from
liabilities under applicable securities laws.
(iii) No consent, approval, authorization or order of, registration
or filing with, or notice to, any governmental authority or court is
required, under federal or state law, for the execution, delivery and
performance of or compliance by the Seller with this Agreement, or the
consummation by the Seller of any transaction contemplated hereby, other
than (1) such qualifications as may be required under state securities or
blue sky laws, (2) the filing or recording of financing statements,
instruments of assignment and other similar documents necessary in
connection with the Seller's sale of the Mortgage Loans to the Purchaser,
(3) such consents, approvals, authorizations, qualifications,
registrations, filings or notices as have been obtained and (4) where the
lack of such consent, approval, authorization, qualification,
registration, filing or notice would not have a material adverse effect on
the performance by the Seller under this Agreement.
(iv) Neither the transfer of the Mortgage Loans to the Purchaser,
nor the execution, delivery or performance of this Agreement by the
Seller, conflicts or will conflict with, results or will result in a
breach of, or constitutes or will constitute a default under (A) any term
or provision of the Seller's articles of organization, limited liability
company operating agreement or by-laws, (B) any term or provision of any
material agreement, contract, instrument or indenture to which the Seller
is a party or by which it or any of its assets is bound or results in the
creation or imposition of any lien, charge or encumbrance upon any of its
property pursuant to the terms of any such indenture, mortgage, contract
or other instrument, other than pursuant to this Agreement, or (C) after
giving effect to the consents or taking of the actions contemplated in
subsection (iii), any law, rule, regulation, order, judgment, writ,
injunction or decree of any court or governmental authority having
jurisdiction over the Seller or its assets, except where in any of the
instances contemplated by clauses (B) or (C) above, any conflict, breach
or default, or creation or imposition of any lien, charge or encumbrance,
will not have a material adverse effect on the consummation of the
transactions contemplated hereby by the Seller or materially and adversely
affect its ability to perform its obligations and duties hereunder or
result in any material adverse change in the business, operations,
financial condition, properties or assets of the Seller, or in any
material impairment of the right or ability of the Seller to carry on its
business substantially as now conducted.
(v) There are no actions or proceedings against, or investigations
of, the Seller pending or, to the Seller's knowledge, threatened in
writing against the Seller before any court, administrative agency or
other tribunal, the outcome of which could reasonably be expected to
materially and adversely affect the transfer of the Mortgage Loans to the
Purchaser or the execution or delivery by, or enforceability against, the
Seller of this Agreement or have an effect on the financial condition of
the Seller that would materially and adversely affect the ability of the
Seller to perform its obligations under this Agreement.
(vi) On the Closing Date, the sale of the Mortgage Loans pursuant to
this Agreement will effect a transfer by the Seller of all of its right,
title and interest in and to the Mortgage Loans to the Purchaser.
To induce the Purchaser to enter into this Agreement, the Seller
hereby covenants that the foregoing representations and warranties and those set
forth on Exhibit 2 hereto will be true and correct in all material respects on
and as of the Closing Date with the same effect as if made on the Closing Date,
provided that any representations and warranties made as of a specified date
shall be true and correct in all material respects as of such specified date.
Each of the representations, warranties and covenants made by the
Seller pursuant to this Section 4(a) shall survive the sale of the Mortgage
Loans and shall continue in full force and effect notwithstanding any
restrictive or qualified endorsement on the Mortgage Notes.
(b) To induce the Seller to enter into this Agreement, the Purchaser
hereby represents and warrants to the Seller as of the date hereof:
(i) The Purchaser is a corporation duly organized, validly existing,
and in good standing under the laws of the State of Delaware with full
power and authority to carry on its business as presently conducted by it.
(ii) The Purchaser has full power and authority to acquire the
Mortgage Loans, to execute and deliver this Agreement and to enter into
and consummate all transactions contemplated by this Agreement. The
Purchaser has duly and validly authorized the execution, delivery and
performance of this Agreement and has duly and validly executed and
delivered this Agreement. This Agreement, assuming due authorization,
execution and delivery by the Seller, constitutes the valid and binding
obligation of the Purchaser, enforceable against it in accordance with its
terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting
the enforcement of creditors' rights generally and by general principles
of equity, regardless of whether such enforcement is considered in a
proceeding in equity or at law.
(iii) No consent, approval, authorization or order of, registration
or filing with, or notice to, any governmental authority or court is
required, under federal or state law, for the execution, delivery and
performance of or compliance by the Purchaser with this Agreement, or the
consummation by the Purchaser of any transaction contemplated hereby that
has not been obtained or made by the Purchaser.
(iv) Neither the purchase of the Mortgage Loans nor the execution,
delivery and performance of this Agreement by the Purchaser will violate
the Purchaser's certificate of incorporation or by-laws or constitute a
default (or an event that, with notice or lapse of time or both, would
constitute a default) under, or result in a breach of, any material
agreement, contract, instrument or indenture to which the Purchaser is a
party or that may be applicable to the Purchaser or its assets.
(v) The Purchaser's 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, rule, writ, injunction, order or
decree of any court, or order or regulation of any federal, state or
municipal government agency having jurisdiction over the Purchaser or its
assets, which violation could materially and adversely affect the
condition (financial or otherwise) or the operation of the Purchaser or
its assets or could materially and adversely affect its ability to perform
its obligations and duties hereunder.
(vi) There are no actions or proceedings against, or investigations
of, the Purchaser pending or, to the Purchaser's knowledge, threatened
against the Purchaser before any court, administrative agency or other
tribunal, the outcome of which could reasonably be expected to adversely
affect the transfer of the Mortgage Loans, the issuance of the
Certificates, the execution, delivery or enforceability of this Agreement
or have an effect on the financial condition of the Purchaser that would
materially and adversely affect the ability of the Purchaser to perform
its obligation under this Agreement.
(vii) The Purchaser has not dealt with any broker, investment
banker, agent or other person, other than the Seller, the Underwriters,
the Initial Purchaser and their respective affiliates, that may be
entitled to any commission or compensation in connection with the sale of
the Mortgage Loans or consummation of any of the transactions contemplated
hereby.
To induce the Seller to enter into this Agreement, the Purchaser
hereby covenants that the foregoing representations and warranties will be true
and correct in all material respects on and as of the Closing Date with the same
effect as if made on the Closing Date.
Each of the representations and warranties made by the Purchaser
pursuant to this Section 4(b) shall survive the purchase of the Mortgage Loans.
Section 5. Remedies Upon Breach of Representations and Warranties
Made by the Seller.
(a) It is hereby acknowledged that the Seller shall make for the
benefit of the Trustee on behalf of the holders of the Certificates, whether
directly or by way of the Purchaser's assignment of its rights hereunder to the
Trustee, the representations and warranties set forth on Exhibit 2 hereto (each
as of the date hereof unless otherwise specified).
(b) It is hereby further acknowledged that if any document required
to be delivered to the Custodian on behalf of the Trustee pursuant to Section 2
is not delivered as and when required (and including the expiration of any grace
or cure period), is not properly executed or is defective on its face, or if
there is a breach of any of the representations and warranties required to be
made by the Seller regarding the characteristics of the Mortgage Loans and/or
the related Mortgaged Properties as set forth in Exhibit 2 hereto, and in either
case such defect or breach, either (i) materially and adversely affects the
interests of the holders of the Certificates in the related Mortgage Loan, or
(ii) both (A) the document defect or breach materially and adversely affects the
value of the Mortgage Loan and (B) the Mortgage Loan is a Specially Serviced
Mortgage Loan or Rehabilitated Mortgage Loan (such a document defect described
in the preceding clause (i) or (ii), a "Material Document Defect" and such a
breach described in the preceding clause (i) or (ii) a "Material Breach"), the
party discovering such Material Document Defect or Material Breach shall
promptly notify, in writing, the other party; provided that any breach of the
representation and warranty contained in paragraph (38) of such Exhibit 2 shall
constitute a Material Breach only if such prepayment premium or yield
maintenance charge is not deemed "customary" for commercial mortgage loans as
evidenced by (i) an opinion of tax counsel to such effect or (ii) a
determination by the Internal Revenue Service that such provision is not
customary. Promptly (but in any event within three Business Days) upon becoming
aware of any such Material Document Defect or Material Breach, the Master
Servicer shall, and the Special Servicer may, request that the Seller, not later
than 90 days from the Seller's receipt of the notice of such Material Document
Defect or Material Breach, cure such Material Document Defect or Material
Breach, as the case may be, in all material respects; provided, however, that if
such Material Document Defect or Material Breach, as the case may be, cannot be
corrected or cured in all material respects within such 90-day period, and such
Material Document Defect or Material Breach would not cause the Mortgage Loan to
be other than a "qualified mortgage" (as defined in the Code), but the Seller is
diligently attempting to effect such correction or cure, as certified by the
Seller in an Officer's Certificate delivered to the Trustee, then the cure
period will be extended for an additional 90 days unless, solely in the case of
a Material Document Defect, (x) the Mortgage Loan is, at the end of the initial
90-day period, a Specially Serviced Mortgage Loan and a Servicing Transfer Event
has occurred as a result of a monetary default or as described in clause (ii) or
clause (v) of the definition of "Servicing Transfer Event" in the Pooling and
Servicing Agreement and (y) the Material Document Defect was identified in a
certification delivered to the Seller by the Trustee pursuant to Section 2.2 of
the Pooling and Servicing Agreement not less than 90 days prior to the delivery
of the notice of such Material Document Defect. The parties acknowledge that
neither delivery of a certification or schedule of exceptions to the Seller
pursuant to Section 2.2 of the Pooling and Servicing Agreement or otherwise nor
possession of such certification or schedule by the Seller shall, in and of
itself, constitute delivery of notice of any Material Document Defect or
knowledge or awareness by the Seller of any Material Document Defect listed
therein.
The Seller hereby covenants and agrees that, if any such Material
Document Defect or Material Breach cannot be corrected or cured in all material
aspects within the above cure periods, the Seller shall, on or before the
termination of such cure periods, either (i) repurchase the affected Mortgage
Loan or REO Mortgage Loan from the Purchaser or its assignee at the Purchase
Price as defined in the Pooling and Servicing Agreement, or (ii) if within the
two-year period commencing on the Closing Date, at its option replace, without
recourse, any Mortgage Loan or REO Mortgage Loan to which such defect relates
with a Qualifying Substitute Mortgage Loan. If such Material Document Defect or
Material Breach would cause the Mortgage Loan to be other than a "qualified
mortgage" (as defined in the Code), then notwithstanding the previous sentence,
such repurchase or substitution must occur within 90 days from the earlier of
the date the Seller discovered or was notified of the breach or defect. The
Seller agrees that any substitution shall be completed in accordance with the
terms and conditions of the Pooling and Servicing Agreement.
If (i) a Mortgage Loan is to be repurchased or replaced in
connection with a Material Document Defect or Material Breach as contemplated
above, (ii) such Mortgage Loan is cross-collateralized and cross-defaulted with
one or more other Mortgage Loans (each, a "Cross-Collateralized Loan" and
collectively, the "Crossed Group") in the Trust and (iii) the applicable
document defect or breach does not constitute a Material Document Defect or
Material Breach, as the case may be, as to such other Mortgage Loans included in
the Crossed Group (without regard to this paragraph), then the applicable
document defect or breach (as the case may be) shall be deemed to constitute a
Material Document Defect or Material Breach, as the case may be, as to each such
other Mortgage Loan included in the Crossed Group for purposes of the above
provisions, and the Seller shall be obligated to repurchase or replace each such
other Mortgage Loan included in the Crossed Group in accordance with the
provisions above, unless, in the case of such breach or document defect, both of
the following conditions would be satisfied if the Seller were to repurchase or
replace only those Mortgage Loans as to which a Material Breach had occurred
without regard to this paragraph (the "Affected Loan(s)"): (1) the debt service
coverage ratio for all such other Mortgage Loans included in the Crossed Group
(excluding the Affected Loan(s)) for the four calendar quarters immediately
preceding the repurchase or replacement (determined as provided in the
definition of Debt Service Coverage Ratio in the Pooling and Servicing
Agreement, except that net cash flow for such four calendar quarters, rather
than year-end, shall be used) is at least equal to the greater of (x) the
weighted average debt service coverage ratio for all such Mortgage Loans in the
Crossed Group (including the Affected Loan(s)) set forth under the heading "NCF
DSCR" in Appendix II to the Final Prospectus Supplement and (y) 1.25x, and (2)
the Loan-to-Value Ratio for all such other Mortgage Loans in the Crossed Group
(excluding the Affected Loan(s)) is not greater than the lesser of (x) the
current loan-to-value ratio for all such Mortgage Loans in the Crossed Group
(including the Affected Loan(s)) set forth under the heading "Cut-Off Date LTV"
in Appendix II to the Final Prospectus Supplement and (y) 75%. The determination
of the Master Servicer as to whether either of the conditions set forth above
has been satisfied shall be conclusive and binding in the absence of manifest
error. The Master Servicer will be entitled to cause, or direct the Seller to
cause, to be delivered to the Master Servicer at the Seller's expense (i) an
Appraisal of any or all of the related Mortgaged Properties for purposes of
determining whether the condition set forth in clause (2) above has been
satisfied, in each case at the expense of the Seller if the scope and cost of
the Appraisal is approved by the Seller (such approval not to be unreasonably
withheld) and (ii) an Opinion of Counsel that not requiring the repurchase of
each such Cross-Collateralized Loan in the Crossed Group will not result in an
Adverse REMIC Event.
With respect to any Cross-Collateralized Loan, to the extent that
the Seller is required to repurchase or substitute for such Mortgage Loan (each,
a "Repurchased Loan") in the manner prescribed above while the Trustee (as
assignee of the Purchaser) continues to hold any other Cross-Collateralized Loan
in the Crossed Group, the Seller and the Purchaser hereby agree to modify, prior
to such repurchase or substitution, the related Mortgage Loan documents in a
manner such that such affected Repurchased Loan, on the one hand, and any other
Crossed-Collateralized Loans in the Crossed Group held by the Trustee, on the
other, would no longer be cross-defaulted or cross-collateralized with one
another; provided that the Seller shall have furnished the Trustee, at the
expense of the Seller, a nondisqualification opinion that such modification
shall not cause an Adverse REMIC Event; provided, further, that if such
nondisqualification opinion cannot be furnished, the Seller and the Purchaser
agree that such repurchase or substitution of only the Repurchased Loan,
notwithstanding anything to the contrary herein, shall not be permitted and the
Seller shall repurchase or substitute for the Repurchased Loan and all other
Crossed-Collateralized Loans in the Crossed Group. Any reserve or other cash
collateral or letters of credit securing the Cross-Collateralized Loans shall be
allocated between such Mortgage Loans in accordance with the Mortgage Loan
documents. All other terms of the Mortgage Loans shall remain in full force and
effect, without any modification thereof. The Mortgagors set forth on Schedule B
hereto are intended third-party beneficiaries of the provisions set forth in
this paragraph and the preceding paragraph. The provisions of this paragraph and
the preceding paragraph may not be modified with respect to any Mortgage Loan
without the related Mortgagor's consent.
Upon occurrence (and after any applicable cure or grace period), any
of the following document defects shall be conclusively presumed materially and
adversely to affect the interests of Certificateholders in a Mortgage Loan and
be a Material Document Defect: (i) the absence from the Mortgage File of the
original signed Mortgage Note, unless the Mortgage File contains a signed lost
note affidavit and indemnity and a copy of the Mortgage Note; (ii) the absence
from the Mortgage File of the item called for by paragraph (b) of the definition
of Mortgage File; or (iii) the absence from the Mortgage File of the item called
for by paragraph (h) of the definition of Mortgage File. If any of the foregoing
Material Document Defects is discovered by the Custodian (or the Trustee if
there is no Custodian), the Trustee (or as set forth in Section 2.3(a) of the
Pooling and Servicing Agreement, the Master Servicer) will take the steps
described elsewhere in this Section, including the giving of notices to the
Rating Agencies and the parties hereto and making demand upon the Seller for the
cure of the Material Document Defect or repurchase or replacement of the related
Mortgage Loan.
If the Seller disputes that a Material Document Defect or Material
Breach exists with respect to a Mortgage Loan or otherwise refuses (i) to effect
a correction or cure of such Material Document Defect or Material Breach, (ii)
to repurchase the Affected Loan from the Trust or (iii) to replace such Mortgage
Loan with a Qualifying Substitute Mortgage Loan, then provided that (x) the
period of time provided for the Seller to correct, repurchase or cure has
expired and (y) the Mortgage Loan is then in default and is then a Specially
Serviced Mortgage Loan, the Special Servicer may, subject to the Servicing
Standard, modify, work-out or foreclose, sell or otherwise liquidate (or permit
the liquidation of) the Mortgage Loan pursuant to Section 9.5, Section 9.12,
Section 9.15 and Section 9.36, as applicable, of the Pooling and Servicing
Agreement, while pursuing the repurchase claim. The Seller acknowledges and
agrees that any modification of the Mortgage Loan pursuant to such a work-out
shall not constitute a defense to any repurchase claim nor shall such
modification or work-out change the Purchase Price due from the Seller for any
repurchase claim. Any sale of the Mortgage Loan, or foreclosure upon such
Mortgage Loan and sale of the REO Property, to a Person other than the Seller
shall be without (i) recourse of any kind (either express or implied) by such
Person against the Seller and (ii) representation or warranty of any kind
(either express or implied) by the Seller to or for the benefit of such Person.
The fact that a Material Document Defect or Material Breach is not
discovered until after foreclosure (but in all instances prior to the sale of
the related REO Property or Mortgage Loan) shall not prejudice any claim against
the Seller for repurchase of the REO Mortgage Loan or REO Property. In such an
event, the Master Servicer or Special Servicer, as applicable, shall be required
to notify the Seller of the discovery of the Material Document Defect or
Material Breach and the Seller shall be required to follow the procedures set
forth in this Agreement to correct or cure such Material Document Defect or
Material Breach or purchase the REO Property at the Purchase Price. If the
Seller fails to correct or cure the Material Document Defect or Material Breach
or purchase the REO Property, then the provisions above regarding notice of
offers related to such REO Property and the Seller's right to purchase such REO
Property shall apply. If a court of competent jurisdiction issues a final order
that the Seller is or was obligated to repurchase the related Mortgage Loan or
REO Mortgage Loan or the Seller otherwise accepts liability, then, after the
expiration of any applicable appeal period, but in no event later than the
termination of the Trust pursuant to Section 9.30 of the Pooling and Servicing
Agreement, the Seller will be obligated to pay to the Trust the difference
between any Liquidation Proceeds received upon such liquidation (including those
arising from any sale to the Seller) and the Purchase Price; provided that the
prevailing party in such action shall be entitled to recover all costs, fees and
expenses (including reasonable attorneys' fees) related thereto.
In connection with any liquidation or sale of a Mortgage Loan or REO
Property as described above, the Special Servicer will not receive a Liquidation
Fee in connection with such liquidation or sale or any portion of the Work-Out
Fee that accrues after the Seller receives notice of a Material Document Defect
or Material Breach until a final determination has been made, as set forth in
the prior paragraph, as to whether the Seller is or was obligated to repurchase
such related Mortgage Loan or REO Property. Upon such determination, the Special
Servicer will be entitled: (i) with respect to a determination that the Seller
is or was obligated to repurchase, to collect a Liquidation Fee, if due in
accordance with the definition thereof, based upon the full Purchase Price of
the related Mortgage Loan or REO property, with such Liquidation Fee payable by
the Seller or (ii) with respect to a determination that Seller is not or was not
obligated to repurchase (or the Trust decides that it will no longer pursue a
claim against the Seller for repurchase), (A) to collect a Liquidation Fee based
upon the Liquidation Proceeds as received upon the actual sale or liquidation of
such Mortgage Loan or REO Property, and (B) to collect any accrued and unpaid
Work-Out Fee, based on amounts that were collected for as long as the related
Mortgage Loan was a Rehabilitated Mortgage Loan, in each case with such amount
to be paid from amounts in the Certificate Account.
The obligations of the Seller set forth in this Section 5(b) to cure
a Material Document Defect or a Material Breach or repurchase or replace a
defective Mortgage Loan constitute the sole remedies of the Purchaser or its
assignees with respect to a Material Document Defect or Material Breach in
respect of an outstanding Mortgage Loan; provided, that this limitation shall
not in any way limit the Purchaser's rights or remedies upon breach of any other
representation or warranty or covenant by the Seller set forth in this Agreement
(other than those set forth in Exhibit 2).
Notwithstanding the foregoing, in the event that there is a breach
of the representation and warranty set forth in paragraph 41 of Exhibit 2
attached hereto because the underlying loan documents do not provide for the
payment by the Mortgagor of reasonable costs and expenses associated with the
defeasance or assumption of a Mortgage Loan by the Mortgagor, the Seller hereby
covenants and agrees to pay such reasonable costs and expenses, to the extent an
amount is due and not paid by the related Mortgagor. The parties hereto
acknowledge that the payment of such reasonable costs and expenses shall be the
Seller's sole obligation with respect to the breaches discussed in the previous
sentence. The Seller shall have no obligation to pay for any of the foregoing
costs if the applicable Mortgagor has an obligation to pay for such costs.
The Seller hereby agrees that it will pay for any expense incurred
by the applicable Master Servicer or the Special Servicer, as applicable, in
connection with modifying a Mortgage Loan pursuant to Section 2.3 of the Pooling
and Servicing Agreement in order for such Mortgage Loan to be a "qualified
substitute mortgage loan" within the meaning of the Treasury Regulations
promulgated under the Code. Upon a breach of the representation and warranty set
forth in paragraph 37 of Exhibit 2 attached hereto, if such Mortgage Loan is
modified so that it becomes a "qualified substitute mortgage loan", such breach
will be cured and the Seller will not be obligated to repurchase or otherwise
remedy such breach.
(c) The Pooling and Servicing Agreement shall provide that the
Trustee (or the applicable Master Servicer or the Special Servicer on its
behalf) shall give written notice within three Business Days to the Seller of
its discovery of any Material Document Defect or Material Breach and prompt
written notice to the Seller in the event that any Mortgage Loan becomes a
Specially Serviced Mortgage Loan (as defined in the Pooling and Servicing
Agreement).
(d) If the Seller repurchases any Mortgage Loan pursuant to this
Section 5, the Purchaser or its assignee, following receipt by the Trustee of
the Purchase Price therefor, promptly shall deliver or cause to be delivered to
the Seller all Mortgage Loan documents with respect to such Mortgage Loan, and
each document that constitutes a part of the Mortgage File that was endorsed or
assigned to the Trustee shall be endorsed and assigned to the Seller in the same
manner such that the Seller shall be vested with legal and beneficial title to
such Mortgage Loan, in each case without recourse, including any property
acquired in respect of such Mortgage Loan or proceeds of any insurance policies
with respect thereto.
Section 6. Closing. The closing of the sale of the Mortgage Loans
shall be held at the offices of Cadwalader, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇ LLP, ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ at 9:00 a.m., New York time, on the Closing
Date.
The obligation of the Seller and the Purchaser to close shall be
subject to the satisfaction of each of the following conditions on or prior to
the Closing Date:
(a) All of the representations and warranties of the Seller and the
Purchaser specified in Section 4 of this Agreement (including, without
limitation, the representations and warranties set forth on Exhibit 2 to this
Agreement) shall be true and correct as of the Closing Date, provided that any
representations and warranties made as of a specified date shall be true and
correct as of such specified date.
(b) All Closing Documents specified in Section 7 of this Agreement,
in such forms as are agreed upon and reasonably acceptable to the Seller or the
Purchaser, as applicable, shall be duly executed and delivered by all
signatories as required pursuant to the respective terms thereof.
(c) The Seller shall have delivered and released to the Purchaser or
its designee all documents required to be delivered to the Purchaser as of the
Closing Date pursuant to Section 2 of this Agreement.
(d) The result of the examination and audit performed by the
Purchaser and its affiliates pursuant to Section 3 hereof shall be satisfactory
to the Purchaser and its affiliates in their sole determination and the parties
shall have agreed to the form and contents of the Seller Information (as defined
in the Indemnification Agreement) to be disclosed in the Memorandum and the
Prospectus Supplement.
(e) All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with, and
the Seller and the Purchaser shall have the ability to comply with all terms and
conditions and perform all duties and obligations required to be complied with
or performed after the Closing Date.
(f) The Seller shall have paid all fees and expenses payable by it
to the Purchaser pursuant to Section 8 hereof.
(g) The Certificates to be so rated shall have been assigned ratings
by each Rating Agency no lower than the ratings specified for each such Class in
the Memorandum and the Prospectus Supplement.
(h) No Underwriter shall have terminated the Underwriting Agreement
and the Initial Purchaser shall not have terminated the Certificate Purchase
Agreement, and neither the Underwriters nor the Initial Purchaser shall have
suspended, delayed or otherwise cancelled the Closing Date.
(i) The Seller shall have received the purchase price for the
Mortgage Loans pursuant to Section 1 hereof.
Each party agrees to use its best efforts to perform its respective
obligations hereunder in a manner that will enable the Purchaser to purchase the
Mortgage Loans on the Closing Date.
Section 7. Closing Documents. The Closing Documents shall consist of
the following:
(a) This Agreement duly executed by the Purchaser and the Seller.
(b) A certificate of the Seller, executed by a duly authorized
officer of the Seller and dated the Closing Date, and upon which the Purchaser
and its successors and assigns may rely, to the effect that: (i) the
representations and warranties of the Seller in this Agreement are true and
correct in all material respects on and as of the Closing Date with the same
force and effect as if made on the Closing Date, provided that any
representations and warranties made as of a specified date shall be true and
correct as of such specified date; and (ii) the Seller has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied
on or prior to the Closing Date.
(c) True, complete and correct copies of the Seller's limited
liability company operating agreement and by-laws.
(d) A certificate of existence for the Seller from the Secretary of
State of Delaware dated not earlier than 30 days prior to the Closing Date.
(e) A certificate of the Secretary or Assistant Secretary of the
Seller, dated the Closing Date, and upon which the Purchaser may rely, to the
effect that each individual who, as an officer or representative of the Seller,
signed this Agreement or any other document or certificate delivered on or
before the Closing Date in connection with the transactions contemplated herein,
was at the respective times of such signing and delivery, and is as of the
Closing Date, duly elected or appointed, qualified and acting as such officer or
representative, and the signatures of such persons appearing on such documents
and certificates are their genuine signatures.
(f) An opinion of counsel (which, other than as to the opinion
described in paragraph (vi) below, may be in-house counsel) to the Seller, dated
the Closing Date, substantially to the effect of the following (with such
changes and modifications as the Purchaser may approve and subject to such
counsel's reasonable qualifications):
(i) The Seller is validly existing under Delaware law and has full
corporate power and authority to enter into and perform its obligations
under this Agreement.
(ii) This Agreement has been duly authorized, executed and delivered
by the Seller.
(iii) No consent, approval, authorization or order of any federal
court or governmental agency or body is required for the consummation by
the Seller of the transactions contemplated by the terms of this Agreement
except any approvals as have been obtained.
(iv) Neither the execution, delivery or performance of this
Agreement by the Seller, nor the consummation by the Seller of any of the
transactions contemplated by the terms of this Agreement (A) conflicts
with or results in a breach or violation of, or constitutes a default
under, the organizational documents of the Seller, (B) to the knowledge of
such counsel, constitutes a default under any term or provision of any
material agreement, contract, instrument or indenture, to which the Seller
is a party or by which it or any of its assets is bound or results in the
creation or imposition of any lien, charge or encumbrance upon any of its
property pursuant to the terms of any such indenture, mortgage, contract
or other instrument, other than pursuant to this Agreement, or (C)
conflicts with or results in a breach or violation of any law, rule,
regulation, order, judgment, writ, injunction or decree of any court or
governmental authority having jurisdiction over the Seller or its assets,
except where in any of the instances contemplated by clauses (B) or (C)
above, any conflict, breach or default, or creation or imposition of any
lien, charge or encumbrance, will not have a material adverse effect on
the consummation of the transactions contemplated hereby by the Seller or
materially and adversely affect its ability to perform its obligations and
duties hereunder or result in any material adverse change in the business,
operations, financial condition, properties or assets of the Seller, or in
any material impairment of the right or ability of the Seller to carry on
its business substantially as now conducted.
(v) To his or her knowledge, there are no legal or governmental
actions, investigations or proceedings pending to which the Seller is a
party, or threatened against the Seller, (a) asserting the invalidity of
this Agreement or (b) which materially and adversely affect the
performance by the Seller of its obligations under, or the validity or
enforceability of, this Agreement.
(vi) This Agreement is a valid, legal and binding agreement of the
Seller, enforceable against the Seller in accordance with its terms,
except as such enforcement may be limited by (1) laws relating to
bankruptcy, insolvency, reorganization, receivership or moratorium, (2)
other laws relating to or affecting the rights of creditors generally, (3)
general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law) or (4) public policy
considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of
this Agreement that purport to provide indemnification from liabilities
under applicable securities laws.
Such opinion may express its reliance as to factual matters on,
among other things specified in such opinion, the representations and warranties
made by, and on certificates or other documents furnished by officers of, the
parties to this Agreement.
In rendering the opinions expressed above, such counsel may limit
such opinions to matters governed by the federal laws of the United States and
the corporate laws of the State of Delaware and the State of New York, as
applicable.
(g) Such other opinions of counsel as any Rating Agency may request
in connection with the sale of the Mortgage Loans by the Seller to the Purchaser
or the Seller's execution and delivery of, or performance under, this Agreement.
(h) A letter from Deloitte & Touche LLP, certified public
accountants, dated the date hereof, to the effect that they have performed
certain specified procedures as a result of which they determined that certain
information of an accounting, financial or statistical nature set forth in the
Memorandum and the Prospectus Supplement agrees with the records of the Seller.
(i) Such further certificates, opinions and documents as the
Purchaser may reasonably request.
(j) An officer's certificate of the Purchaser, dated as of the
Closing Date, with the resolutions of the Purchaser authorizing the transactions
described herein attached thereto, together with certified copies of the
charter, by-laws and certificate of good standing of the Purchaser dated not
earlier than 30 days prior to the Closing Date.
(k) Such other certificates of the Purchaser's officers or others
and such other documents to evidence fulfillment of the conditions set forth in
this Agreement as the Seller or its counsel may reasonably request.
(l) An executed ▇▇▇▇ of Sale in the form attached hereto as Exhibit
3.
Section 8. Costs. The Seller shall pay the Purchaser the costs and
expenses as agreed upon by the Seller and the Purchaser in a separate Letter of
Understanding dated May 18, 2007.
Section 9. Exchange Act Reporting Information. The Seller hereby
agrees to deliver to the Purchaser and the Trustee any disclosure information
relating to any event specifically related to the Seller reasonably determined
in good faith by the Purchaser as required to be reported on Form 8-K, Form 10-D
or Form 10-K by the Trust (in formatting reasonably appropriate for inclusion in
such form), including, without limitation, the disclosure required under Items
1117 and 1119 of Regulation AB and Item 1.03 to Form 8-K. The Seller shall use
its best efforts to deliver proposed disclosure language relating to any event
described under Items 1117 and 1119 of Regulation AB and Item 1.03 to Form 8-K
to the Trustee and the Purchaser within one Business Day and in any event no
later than two Business Days of the Seller becoming aware of such event and
shall provide disclosure relating to any other event reasonably determined by
the Purchaser as required to be disclosed on Form 8-K, Form 10-D or Form 10-K
within two Business Days following the Purchaser's request for such disclosure
language. The obligation of the Seller to provide the above-referenced
disclosure materials will terminate upon notice or other written confirmation
from the Purchaser or the Trustee that the Trustee has filed a Form 15 with
respect to the Trust as to that fiscal year in accordance with Section 13.8 of
the Pooling and Servicing Agreement or the reporting requirements with respect
to the Trust under the Securities Exchange Act of 1934, as amended, have
otherwise been automatically suspended. The Seller hereby acknowledges that the
information to be provided by it pursuant to this Section will be used in the
preparation of reports meeting the reporting requirements of the Trust under
Section 13(a) and/or Section 15(d) of the Securities Exchange Act of 1934, as
amended.
Section 10. Notices. All communications provided for or permitted
hereunder shall be in writing and shall be deemed to have been duly given if (a)
personally delivered, (b) mailed by registered or certified mail, postage
prepaid and received by the addressee, (c) sent by express courier delivery
service and received by the addressee, or (d) transmitted by telex or facsimile
transmission (or any other type of electronic transmission agreed upon by the
parties) and confirmed by a writing delivered by any of the means described in
(a), (b) or (c), if (i) to the Purchaser, addressed to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I
Inc., ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ (or
such other address as may hereafter be furnished in writing by the Purchaser),
or (ii) if to the Seller, addressed to the Seller at Prudential Mortgage Capital
Funding, LLC, ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Center ▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇ ▇▇▇▇▇▇.
Section 11. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or
that is held to be void or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof. Any part, provision, representation, warranty or covenant of
this Agreement that is prohibited or unenforceable or is held to be void or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. To the extent permitted by applicable law, the parties
hereto waive any provision of law which prohibits or renders void or
unenforceable any provision hereof.
Section 12. Further Assurances. The Seller and the Purchaser each
agree to execute and deliver such instruments and take such actions as the other
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement and the Pooling and Servicing
Agreement.
Section 13. Survival. Each party hereto agrees that the
representations, warranties and agreements made by it herein and in any
certificate or other instrument delivered pursuant hereto shall be deemed to be
relied upon by the other party, notwithstanding any investigation heretofore or
hereafter made by the other party or on its behalf, and that the
representations, warranties and agreements made by such other party herein or in
any such certificate or other instrument shall survive the delivery of and
payment for the Mortgage Loans and shall continue in full force and effect,
notwithstanding any restrictive or qualified endorsement on the Mortgage Notes
and notwithstanding subsequent termination of this Agreement.
Section 14. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES,
OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW
YORK. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.
Section 15. Benefits of Mortgage Loan Purchase Agreement. This
Agreement shall inure to the benefit of and shall be binding upon the Seller,
the Purchaser and their respective successors, legal representatives, and
permitted assigns, and nothing expressed or mentioned in this Agreement is
intended or shall be construed to give any other person any legal or equitable
right, remedy or claim under or in respect of this Agreement, or any provisions
herein contained, this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and
for the benefit of no other person except that the rights and obligations of the
Purchaser pursuant to Sections 2, 4(a), 5, 11 and 12 hereof may be assigned to
the Trustee as may be required to effect the purposes of the Pooling and
Servicing Agreement and, upon such assignment, the Trustee shall succeed to the
rights and obligations hereunder of the Purchaser. No owner of a Certificate
issued pursuant to the Pooling and Servicing Agreement shall be deemed a
successor or permitted assigns because of such ownership.
Section 16. Miscellaneous. This Agreement may be executed in two or
more counterparts, each of which when so executed and delivered shall be an
original, but all of which together shall constitute one and the same
instrument. Neither this Agreement nor any term hereof may be changed, waived,
discharged or terminated orally, but only by an instrument in writing signed by
the party against whom enforcement of the change, waiver, discharge or
termination is sought. The headings in this Agreement are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof. The
rights and obligations of the Seller under this Agreement shall not be assigned
by the Seller without the prior written consent of the Purchaser, except that
any person into which the Seller may be merged or consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Seller is a party, or any person succeeding to the entire business of the Seller
shall be the successor to the Seller hereunder.
Section 17. Entire Agreement. This Agreement contains the entire
agreement and understanding between the parties hereto with respect to the
subject matter hereof (other than the Letter of Understanding, the
Indemnification Agreement and the Pooling and Servicing Agreement), and
supersedes all prior and contemporaneous agreements, understandings, inducements
and conditions, express or implied, oral or written, of any nature whatsoever
with respect to the subject matter hereof. The express terms hereof control and
supersede any course of performance or usage of the trade inconsistent with any
of the terms hereof.
IN WITNESS WHEREOF, the Purchaser and the Seller have caused this
Agreement to be executed by their respective duly authorized officers as of the
date first above written.
PRUDENTIAL MORTGAGE CAPITAL FUNDING, LLC
By: //s// ▇▇▇▇ ▇▇▇▇▇▇
-----------------
Name: ▇▇▇▇ ▇▇▇▇▇▇
Title: Vice President/Managing Director
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL I INC.
By: //s// ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
-----------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Executive Director
EXHIBIT 1
MORTGAGE LOAN SCHEDULE
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
Prudential Mortgage Capital Funding, LLC
Mortgage
Mortgage CMSA CMSA Loan
Loan No. Loan No. Property No. Seller(1) Property Name
------------------------------------------------------------------------------------------------------------------------------------
6 PMCF NewCrow Industrial Portfolio Roll-Up
6 6-001 PMCF NewCrow Industrial Portfolio - Building 11 (V)
6 6-002 PMCF NewCrow Industrial Portfolio - Building 10 (V)
6 6-003 PMCF NewCrow Industrial Portfolio - Building 15 (V)
6 6-004 PMCF NewCrow Industrial Portfolio - Building 19 (V)
6 6-005 PMCF NewCrow Industrial Portfolio - Building 12 (V)
6 6-006 PMCF NewCrow Industrial Portfolio - Building 14 (V)
6 6-007 PMCF NewCrow Industrial Portfolio - Building 18 (V)
6 6-008 PMCF NewCrow Industrial Portfolio - Building 20 (V)
6 6-009 PMCF NewCrow Industrial Portfolio - Building 21 (V)
18 18 18-001 PMCF Sheraton Imperial Hotel
31 31 31-001 PMCF Santa Fe Ridge Apartments
39 39 39-001 PMCF English Creek Shopping Center
44 44 44-001 PMCF ▇▇▇▇▇ ▇▇▇▇▇ Apartments
58 58 58-001 PMCF Campus Courtyard
59 59 59-001 PMCF ▇▇▇▇▇▇▇▇▇▇ Square
104 104 104-001 PMCF Premier Medical Office
107 107 107-001 PMCF Corporate Pointe Building
PMCF Texas Retail Portfolio Roll-Up
109 109 109-001 PMCF Creme de la Creme Plaza (B)
110 110 110-001 PMCF The Ranch at Cedar Hill (B)
111 111 111-001 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Commons (B)
114 114 114-001 PMCF Colorado Cinema
119 119 119-001 PMCF Lakewood City Center
122 122 122-001 PMCF Valley River Plaza
125 125 125-001 PMCF Metro 555
139 139 139-001 PMCF 2 & 17 Self Storage
140 140 140-001 PMCF Landmark Station
156 156 156-001 PMCF Cedarwood Valley Office Park
161 161 161-001 PMCF ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
166 PMCF CVS Portfolio Roll-Up
166 166-001 PMCF CVS Portfolio - Edinburgh (XVII)
166 166-002 PMCF CVS Portfolio - ▇▇▇▇▇▇ (XVII)
166 166-003 PMCF CVS Portfolio - Brazil (XVII)
176 176 176-001 PMCF Water's Edge Plaza
198 198 198-001 PMCF Country Club Center/Plaza
208 208 208-001 PMCF Ice ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇ The Store All Family Storage Portfolio Roll-Up
241 241-001 PMCF The Store All Family Storage Portfolio - Autauga Station Store All (XXI)
241 241-002 PMCF The Store All Family Storage Portfolio - Airport Store All (XXI)
241 241-003 PMCF The Store All Family Storage Portfolio - Millbrook Store All (XXI)
241 241-004 PMCF The Store All Family Storage Portfolio - Deatsville Store All (XXI)
248 248 248-001 PMCF Mountain View Village
250 250 250-001 PMCF Best Western - Reliant Park
263 263 263-001 PMCF ▇▇▇▇▇▇▇ Garden Apartments
266 266 266-001 PMCF ▇▇▇▇▇▇ Plaza II
271 271 271-001 PMCF Midtown Center Mobile Home Park
▇▇▇ ▇▇▇ ▇▇▇-001 PMCF ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
301 301 301-001 PMCF DHL Distribution Facility
303 303 303-001 PMCF ▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇
Post IO
Cut-Off Period Cut-Off
Mortgage Loan Cross- Original Date NOI NCF NCF Date Balloon
Loan No. Group Collateralization(2) Balance Balance(3) DSCR(4) DSCR(4) DSCR(4) LTV (4) LTV(4)
------------------------------------------------------------------------------------------------------------------------------------
$100,000,000 $100,000,000 1.49 1.32 1.08 65.2% 60.6%
6 1 No $19,687,094 $19,687,094 1.49 1.32 1.08 65.2% 60.6%
6 1 No $15,449,804 $15,449,804 1.49 1.32 1.08 65.2% 60.6%
6 1 No $14,015,645 $14,015,645 1.49 1.32 1.08 65.2% 60.6%
6 1 No $13,950,456 $13,950,456 1.49 1.32 1.08 65.2% 60.6%
6 1 No $13,428,944 $13,428,944 1.49 1.32 1.08 65.2% 60.6%
6 1 No $9,778,357 $9,778,357 1.49 1.32 1.08 65.2% 60.6%
6 1 No $5,606,258 $5,606,258 1.49 1.32 1.08 65.2% 60.6%
6 1 No $4,889,179 $4,889,179 1.49 1.32 1.08 65.2% 60.6%
6 1 No $3,194,263 $3,194,263 1.49 1.32 1.08 65.2% 60.6%
18 1 No $35,000,000 $35,000,000 2.22 1.87 NAP 63.6% 63.6%
31 2 No $23,000,000 $23,000,000 1.43 1.38 NAP 81.2% 81.2%
39 1 No $20,000,000 $20,000,000 1.67 1.53 NAP 67.6% 67.6%
44 2 No $19,000,000 $19,000,000 1.33 1.24 1.03 79.8% 76.8%
58 2 No $15,000,000 $15,000,000 1.51 1.45 NAP 79.6% 79.6%
59 1 No $15,000,000 $15,000,000 1.48 1.32 NAP 80.4% 80.4%
104 1 No $8,900,000 $8,866,216 1.27 1.21 NAP 78.1% 67.2%
107 1 No $8,760,000 $8,760,000 1.79 1.53 1.29 74.2% 65.8%
$8,620,000 $8,591,715 1.30 1.20 NAP 74.1% 62.8%
109 1 Yes $4,710,000 $4,694,545 1.30 1.20 NAP 74.1% 62.8%
110 1 Yes $2,170,000 $2,162,880 1.30 1.20 NAP 74.1% 62.8%
111 1 Yes $1,740,000 $1,734,291 1.30 1.20 NAP 74.1% 62.8%
114 1 No $8,500,000 $8,487,197 1.31 1.28 NAP 61.7% 47.6%
119 1 No $8,100,000 $8,100,000 1.57 1.44 1.20 74.3% 68.2%
122 1 No $8,000,000 $8,000,000 2.38 2.23 NAP 44.5% 44.5%
125 1 No $8,000,000 $8,000,000 1.66 1.46 1.20 80.0% 70.4%
139 1 No $7,200,000 $7,200,000 1.76 1.70 1.40 79.1% 73.7%
140 1 No $7,045,000 $7,045,000 1.59 1.37 1.13 77.0% 71.8%
156 1 No $6,400,000 $6,393,381 1.37 1.20 NAP 79.9% 67.6%
161 1 No $6,000,000 $6,000,000 1.35 1.31 NAP 70.6% 59.8%
$5,863,000 $5,852,038 1.18 1.15 NAP 77.7% 66.0%
166 1 No $2,124,751 $2,120,778 1.18 1.15 NAP 77.7% 66.0%
166 1 No $1,907,820 $1,904,253 1.18 1.15 NAP 77.7% 66.0%
166 1 No $1,830,429 $1,827,007 1.18 1.15 NAP 77.7% 66.0%
176 1 No $5,650,000 $5,650,000 1.55 1.43 1.19 79.6% 74.3%
198 1 No $5,000,000 $4,990,080 1.38 1.25 NAP 79.2% 66.7%
208 1 No $4,600,000 $4,600,000 1.63 1.48 1.23 75.4% 66.5%
$3,750,000 $3,750,000 1.35 1.29 NAP 75.0% 63.9%
241 1 No $2,175,000 $2,175,000 1.35 1.29 NAP 75.0% 63.9%
241 1 No $675,000 $675,000 1.35 1.29 NAP 75.0% 63.9%
241 1 No $450,000 $450,000 1.35 1.29 NAP 75.0% 63.9%
241 1 No $450,000 $450,000 1.35 1.29 NAP 75.0% 63.9%
248 1 No $3,530,000 $3,530,000 2.35 2.18 NAP 54.1% 54.1%
250 1 No $3,500,000 $3,494,910 1.75 1.47 NAP 69.9% 54.3%
263 2 No $3,200,000 $3,200,000 1.56 1.41 1.18 75.3% 70.4%
266 1 No $3,155,000 $3,155,000 1.53 1.44 1.21 78.9% 71.2%
271 2 No $3,000,000 $3,000,000 1.33 1.22 NAP 75.5% 68.6%
298 1 No $2,700,000 $2,697,312 1.35 1.23 NAP 77.1% 65.6%
301 1 No $2,635,000 $2,635,000 1.52 1.49 1.27 79.8% 74.9%
303 1 No $2,600,000 $2,600,000 1.27 1.20 NAP 72.2% 61.6%
Mortgage
Loan No. Street Address City State Zip Code Property Type
------------------------------------------------------------------------------------------------------------------------------------
6 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
6 ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
18 ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇. ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Hospitality
31 ▇▇▇▇ ▇.▇. ▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Multifamily
39 ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
44 ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Multifamily
58 ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Multifamily
59 6301-6303 ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Mixed Use
104 ▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Office
107 ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Office
109 1201 & ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
110 ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
111 ▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
114 ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Land
119 ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
122 ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
125 ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Office
139 ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Self Storage
140 ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
156 ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Office
161 ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ Mixed Use
166 ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
166 ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
166 ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
176 ▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Office
198 4614, 4618, 4700, and ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Mixed Use
208 ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Self Storage
241 ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Self Storage
241 ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Self Storage
241 ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Self Storage
248 ▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
250 ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Hospitality
263 ▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Multifamily
266 ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Retail
271 ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Manufactured Housing Community
298 ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
301 ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Industrial
303 ▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇ Office
Percent
Mortgage Year Percent Leased as
Loan No. Property Sub-Type Units/SF(5) Year Built Renovated Leased(6) of Date(6)
------------------------------------------------------------------------------------------------------------------------------------
6 Flex 757,566 1942 NAP 100.0% 01/31/2007
6 Flex 275,184 1976 NAP 99.8% 01/31/2007
6 Flex 254,000 1976 NAP 100.0% 01/31/2007
6 Flex 249,630 1976 NAP 100.0% 01/31/2007
6 Flex 207,915 1976 NAP 100.0% 01/31/2007
6 Flex 183,207 1976 NAP 100.0% 01/31/2007
6 Flex 108,424 1976 NAP 100.0% 01/31/2007
6 Flex 69,662 1976 NAP 80.7% 01/31/2007
6 Flex 42,992 1976 NAP 100.0% 01/31/2007
18 Full Service 331 1986 NAP 70.0% 12/31/2006
31 Garden 240 1991 NAP 93.3% 01/28/2007
39 Shadow Anchored 196,325 1997 NAP 100.0% 03/12/2007
44 Garden 360 1985 NAP 93.6% 03/23/2007
58 Student Housing 232 1974 NAP 93.5% 02/01/2007
59 Office/Retail 70,926 1985 NAP 98.9% 12/31/2006
104 Medical 44,834 2006 NAP 92.6% 01/23/2007
107 Suburban 86,840 1987 2004 98.6% 01/09/2007
109 Unanchored 20,260 2006 NAP 78.0% 01/10/2007
110 Unanchored 13,876 2003 NAP 100.0% 01/10/2007
111 Unanchored 9,731 2005 NAP 100.0% 01/10/2007
114 Land 435,281 NAP NAP 100.0% 02/15/2007
119 Anchored 66,874 1993 NAP 100.0% 03/25/2007
122 Anchored 68,113 1980 2005 91.3% 03/09/2007
125 Suburban 100,602 1979 2007 88.7% 03/13/2007
139 Self Storage 150,370 2003 NAP 91.0% 01/30/2007
140 Shadow Anchored 103,494 1995 NAP 95.7% 02/14/2007
156 Suburban 83,713 1985 NAP 98.4% 02/23/2007
161 Office/Retail 17,630 1935 2004 100.0% 12/31/2006
166 Free Standing 10,722 1997 NAP 100.0% 12/30/2006
166 Free Standing 10,722 1997 NAP 100.0% 12/30/2006
166 Free Standing 10,722 1997 NAP 100.0% 12/30/2006
176 Medical 46,927 1989 2006 100.0% 03/14/2007
198 Office/Retail 47,009 1997 2004 97.0% 02/19/2007
208 Urban 33,915 1900 2000 87.3% 03/28/2007
241 Self Storage 34,000 2001, 2003 NAP 89.0% 04/02/2007
241 Self Storage 31,300 1999, 2005 NAP 84.0% 04/02/2007
241 Self Storage 20,050 1997 NAP 95.0% 04/02/2007
241 Self Storage 22,050 1998, 2005 NAP 76.0% 04/02/2007
248 Unanchored 36,030 1987 NAP 100.0% 02/27/2007
250 Limited Service 106 1965 2005 46.3% 12/31/2006
263 Student Housing 129 1966 NAP 93.0% 02/28/2007
266 Shadow Anchored 18,519 2004 NAP 100.0% 01/05/2007
271 Manufactured Housing Community 80 1960 NAP 91.3% 02/26/2007
298 Warehouse 42,808 1968 NAP 100.0% 02/01/2007
301 Warehouse 24,982 1991 NAP 100.0% 02/09/2007
303 Suburban 10,195 2004 NAP 100.0% 04/01/2007
Cut-Off Date
Mortgage Security Lien Related Balance per First Payment First Payment Maturity
Loan No. Type(7) Position Borrower List Unit or SF Note Date Date (P&I)(8) Date (IO)(8) Date
------------------------------------------------------------------------------------------------------------------------------------
03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
6 Fee First NAP $47 03/14/2007 05/05/2012 05/05/2007 04/05/2017
18 Fee First NAP $105,740 03/27/2007 NAP 05/05/2007 04/05/2017
31 Fee First NAP $95,833 02/21/2007 NAP 04/05/2007 03/05/2017
39 Fee First NAP $102 04/25/2007 NAP 06/05/2007 05/05/2017
44 Fee First NAP $52,778 03/29/2007 05/05/2014 05/05/2007 04/05/2017
58 Fee First NAP $64,655 04/04/2007 NAP 05/05/2007 04/05/2017
59 Fee First NAP $211 03/13/2007 NAP 05/05/2007 04/05/2017
104 Fee First NAP $198 12/15/2006 02/05/2007 NAP 01/05/2017
107 Fee First NAP $101 02/22/2007 04/05/2009 04/05/2007 03/05/2017
01/11/2007 03/05/2007 NAP 02/05/2017
109 Fee First 109, 110, 111 $196 01/11/2007 03/05/2007 NAP 02/05/2017
110 Fee First 109, 110, 111 $196 01/11/2007 03/05/2007 NAP 02/05/2017
111 Fee First 109, 110, 111 $196 01/11/2007 03/05/2007 NAP 02/05/2017
114 Fee/Leasehold First NAP $20 03/22/2007 05/05/2007 NAP 04/05/2017
119 Fee First NAP $121 04/17/2007 06/05/2011 06/05/2007 05/05/2017
122 Fee First NAP $117 04/19/2007 NAP 06/05/2007 05/05/2017
125 Fee First NAP $80 02/06/2007 04/05/2009 04/05/2007 03/05/2017
139 Fee First NAP $48 02/28/2007 04/05/2012 04/05/2007 03/05/2017
140 Fee First NAP $68 03/01/2007 04/05/2012 04/05/2007 03/05/2017
156 Fee First NAP $76 03/08/2007 05/05/2007 NAP 04/05/2017
161 Fee First NAP $340 04/25/2007 06/05/2007 NAP 05/05/2017
02/28/2007 04/05/2007 NAP 03/05/2017
166 Fee First NAP $182 02/28/2007 04/05/2007 NAP 03/05/2017
166 Fee First NAP $182 02/28/2007 04/05/2007 NAP 03/05/2017
166 Fee First NAP $182 02/28/2007 04/05/2007 NAP 03/05/2017
176 Fee First NAP $120 03/14/2007 05/05/2012 05/05/2007 04/05/2017
198 Fee First NAP $106 03/05/2007 04/05/2007 NAP 03/05/2017
208 Fee First NAP $136 03/30/2007 05/05/2009 05/05/2007 04/05/2017
04/10/2007 06/05/2007 NAP 05/05/2017
241 Fee First NAP $35 04/10/2007 06/05/2007 NAP 05/05/2017
241 Fee First NAP $35 04/10/2007 06/05/2007 NAP 05/05/2017
241 Fee First NAP $35 04/10/2007 06/05/2007 NAP 05/05/2017
241 Fee First NAP $35 04/10/2007 06/05/2007 NAP 05/05/2017
248 Fee First NAP $98 03/28/2007 NAP 05/05/2007 04/05/2017
250 Fee First NAP $32,971 03/29/2007 05/05/2007 NAP 04/05/2017
263 Fee First 151, 263, 338 $24,806 03/29/2007 05/05/2012 05/05/2007 04/05/2017
266 Fee First NAP $170 02/01/2007 03/05/2010 03/05/2007 02/05/2017
271 Fee First NAP $37,500 04/19/2007 06/05/2007 NAP 05/05/2012
298 Fee First NAP $63 03/23/2007 05/01/2007 NAP 04/01/2017
301 Fee First NAP $105 02/23/2007 04/05/2012 04/05/2007 03/05/2017
303 Fee First NAP $255 04/18/2007 06/05/2007 NAP 05/05/2017
Original Remaining Original Remaining
Mortgage Due ▇▇▇▇▇ ▇▇▇ Lockbox Term to Term to Amort. Amort.
Loan No. Date Period(9) Loan Status Lockbox Type Maturity Maturity Term(10) Term
------------------------------------------------------------------------------------------------------------------------------------
In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
6 5 0 No In-Place Hard 120 119 360 360
18 5 0 No Springing Hard 120 119 IO IO
31 5 0 No None NAP 120 118 IO IO
39 5 0 No In-Place Hard 120 120 IO IO
44 5 15 No None NAP 120 119 360 360
58 5 0 No Springing Hard 120 119 IO IO
59 5 0 No In-Place Soft, Springing to Hard 120 119 IO IO
104 5 0 No None NAP 120 116 360 356
107 5 0 No None NAP 120 118 360 360
None NAP 120 117 360 357
109 5 0 No None NAP 120 117 360 357
110 5 0 No None NAP 120 117 360 357
111 5 0 No None NAP 120 117 360 357
114 5 0 No None NAP 120 119 300 299
119 5 0 No None NAP 120 120 360 360
122 5 0 No None NAP 120 120 IO IO
125 5 0 No None NAP 120 118 360 360
139 5 0 No None NAP 120 118 360 360
140 5 0 No None NAP 120 118 360 360
156 5 0 No None NAP 120 119 360 359
161 5 0 No None NAP 120 120 360 360
None NAP 120 118 360 358
166 5 0 No None NAP 120 118 360 358
166 5 0 No None NAP 120 118 360 358
166 5 0 No None NAP 120 118 360 358
176 5 0 No In-Place Hard 120 119 360 360
198 5 0 No None NAP 120 118 360 358
208 5 0 No None NAP 120 119 360 360
None NAP 120 120 360 360
241 5 0 No None NAP 120 120 360 360
241 5 0 No None NAP 120 120 360 360
241 5 0 No None NAP 120 120 360 360
241 5 0 No None NAP 120 120 360 360
248 5 0 No None NAP 120 119 IO IO
250 5 0 No None NAP 120 119 300 299
263 5 0 No None NAP 120 119 360 360
266 5 0 No None NAP 120 117 360 360
271 5 0 No None NAP 60 60 300 300
298 1 5 No None NAP 120 119 360 359
301 5 0 No Springing Hard 120 118 360 360
303 5 0 No None NAP 120 120 360 360
Monthly Monthly Third Most Second Second Most
Mortgage Mortgage Payment Payment Third Most Recent NOI Most Most Recent Recent
Loan No. Rate (P&I) (IO) Recent NOI End Date Recent NOI NOI End Date NOI
------------------------------------------------------------------------------------------------------------------------------------
5.465% $565,595 $461,742
6 5.465% $111,349 $90,904 $1,825,631 12/31/2004 $2,042,724 12/31/2005 $1,881,767
6 5.465% $87,383 $71,338 $1,425,017 12/31/2004 $1,448,682 12/31/2005 $1,449,715
6 5.465% $79,272 $64,716 $924,322 12/31/2004 $1,102,853 12/31/2005 $1,188,755
6 5.465% $78,903 $64,415 $766,868 12/31/2004 $1,118,905 12/31/2005 $1,129,627
6 5.465% $75,953 $62,007 $882,699 12/31/2004 $912,322 12/31/2005 $865,146
6 5.465% $55,306 $45,151 $365,600 12/31/2004 $704,132 12/31/2005 $832,632
6 5.465% $31,709 $25,886 $471,901 12/31/2004 $448,459 12/31/2005 $507,489
6 5.465% $27,653 $22,575 $333,890 12/31/2004 $439,733 12/31/2005 $390,692
6 5.465% $18,067 $14,749 $258,680 12/31/2004 $251,519 12/31/2005 $264,954
18 5.650% NAP $167,080 $3,698,559 12/31/2004 $3,919,995 12/31/2005 $4,971,256
31 5.730% NAP $111,350 $1,626,628 12/31/2004 $1,717,218 12/31/2005 $1,847,825
39 5.530% NAP $93,447 $1,120,950 12/31/2004 $1,482,660 12/31/2005 $1,432,056
44 5.690% $110,156 $91,343 $1,244,199 12/31/2004 $1,251,442 12/31/2005 $1,394,798
58 5.593% NAP $70,877 NAP NAP $977,412 12/31/2005 $995,645
59 5.570% NAP $70,592 NAP NAP $1,148,393 12/31/2005 $1,273,460
104 6.290% $55,031 NAP NAP NAP NAP NAP NAP
107 5.910% $52,015 $43,742 $621,189 12/31/2004 $875,197 12/31/2005 $961,171
5.800% $50,578 NAP
109 5.800% $27,636 NAP NAP NAP NAP NAP NAP
110 5.800% $12,733 NAP NAP NAP NAP NAP $113,084
111 5.800% $10,210 NAP NAP NAP NAP NAP $51,559
114 5.720% $53,320 NAP $765,738 12/31/2004 $764,024 12/31/2005 $783,337
119 5.730% $47,167 $39,215 $877,147 12/31/2004 $687,720 12/31/2005 $767,212
122 5.590% NAP $37,784 $1,077,158 12/31/2004 $1,112,505 12/31/2005 $1,092,337
125 5.600% $45,926 $37,852 NAP NAP $546,831 12/31/2005 $590,789
139 5.580% $41,243 $33,945 NAP NAP $415,897 12/31/2005 $733,470
140 5.640% $40,622 $33,571 $138,870 12/31/2004 $659,496 12/31/2005 $673,103
156 5.800% $37,552 NAP $505,607 12/31/2004 $539,283 12/31/2005 $675,662
161 5.890% $35,550 NAP NAP NAP NAP NAP NAP
5.900% $34,776 NAP
166 5.900% $12,603 NAP $149,080 12/31/2004 $151,230 12/31/2005 $156,241
166 5.900% $11,316 NAP $158,811 12/31/2004 $155,310 12/31/2005 $164,258
166 5.900% $10,857 NAP $172,774 12/31/2004 $175,372 12/31/2005 $183,591
176 5.740% $32,936 $27,401 $323,122 12/31/2004 $451,986 12/31/2005 $422,974
198 5.630% $28,799 NAP $487,846 12/31/2004 $497,106 12/31/2005 $493,731
208 5.700% $26,698 $22,153 $303,302 12/31/2004 $312,043 12/31/2005 $363,678
6.050% $22,604 NAP
241 6.050% $13,110 NAP $180,834 12/31/2004 $178,821 12/31/2005 $177,596
241 6.050% $4,069 NAP $56,121 12/31/2004 $55,496 12/31/2005 $55,116
241 6.050% $2,712 NAP $37,414 12/31/2004 $36,998 12/31/2005 $36,744
241 6.050% $2,712 NAP $37,414 12/31/2004 $36,998 12/31/2005 $36,744
248 5.580% NAP $16,642 $452,842 12/31/2004 $441,407 12/25/2005 $493,774
250 5.950% $22,444 NAP NAP NAP $642,540 12/31/2005 $580,056
263 5.850% $18,878 $15,817 $373,132 12/31/2005 $307,574 12/31/2006 $286,634
266 5.900% $18,713 $15,728 NAP NAP NAP NAP $293,279
271 6.180% $19,660 NAP $69,029 12/31/2004 $280,502 12/31/2005 $348,654
298 6.000% $16,188 NAP $256,370 12/31/2004 $263,210 12/31/2005 $172,097
301 6.080% $15,934 $13,536 NAP NAP NAP NAP NAP
303 6.120% $15,789 NAP $256,115 12/31/2004 $247,201 12/31/2005 $241,330
Most Recent
Mortgage NOI End Underwritten Underwritten Underwritable Underwritten Underwritable Balloon
Loan No. Date EGI Expenses NOI Reserves Cash Flow Balance
------------------------------------------------------------------------------------------------------------------------------------
$10,622,729 $2,371,975 $8,250,753 $939,611 $7,311,142 $92,984,919
6 T-12 (12/31/2006) $3,013,532 $722,881 $2,290,651 $317,002 $1,973,649 $18,306,028
6 T-12 (12/31/2006) $1,796,878 $336,288 $1,460,590 $139,292 $1,321,298 $14,365,988
6 T-12 (12/31/2006) $1,591,360 $285,005 $1,306,355 $53,449 $1,252,906 $13,032,436
6 T-12 (12/31/2006) $750,972 $249,581 $501,391 $101,328 $400,063 $12,971,820
6 T-12 (12/31/2006) $1,161,676 $251,835 $909,841 $122,869 $786,972 $12,486,892
6 T-12 (12/31/2006) $1,084,880 $200,799 $884,082 $108,127 $775,955 $9,092,397
6 T-12 (12/31/2006) $649,422 $137,313 $512,108 $60,162 $451,946 $5,212,975
6 T-12 (12/31/2006) $277,448 $109,202 $168,246 $16,539 $151,707 $4,546,199
6 T-12 (12/31/2006) $296,561 $79,071 $217,489 $20,843 $196,646 $2,970,183
18 T-12 (12/31/2006) $17,622,401 $13,165,313 $4,457,089 $704,896 $3,752,193 $35,000,000
31 T-12 (11/30/2006) $3,050,881 $1,142,937 $1,907,944 $61,650 $1,846,293 $23,000,000
39 T-12 (12/31/2006) $2,990,228 $1,118,642 $1,871,587 $157,796 $1,713,791 $20,000,000
44 T-12 (12/31/2006) $2,658,588 $1,199,638 $1,458,950 $99,766 $1,359,184 $18,286,513
58 T-12 (12/31/2006) $2,291,858 $1,009,395 $1,282,463 $46,400 $1,236,063 $15,000,000
59 T-12 (12/13/2006) $1,753,629 $499,964 $1,253,665 $136,020 $1,117,645 $15,000,000
104 NAP $1,264,825 $424,263 $840,562 $38,432 $802,130 $7,625,179
107 T-12 (12/31/2006) $1,662,698 $722,869 $939,829 $136,911 $802,918 $7,764,872
$1,152,552 $365,732 $786,820 $58,195 $728,626 $7,280,386
109 NAP $547,034 $124,576 $422,458 $24,588 $397,871 $3,978,030
110 T-9 (09/30/2006) Annualized $340,263 $138,204 $202,059 $18,591 $183,468 $1,832,765
111 T-6 (06/26/2006) Annualized $265,255 $102,952 $162,303 $15,016 $147,287 $1,469,591
114 T-12 (12/31/2006) $1,019,549 $178,964 $840,585 $20,056 $820,529 $6,542,442
119 T-12 (12/31/2006) $1,110,035 $372,025 $738,010 $59,364 $678,646 $7,432,208
122 T-12 (12/31/2006) $1,409,832 $330,877 $1,078,955 $66,781 $1,012,174 $8,000,000
125 T-12 (12/31/2006) $1,421,706 $667,774 $753,931 $91,576 $662,355 $7,040,622
139 T-12 (12/31/2006) $964,766 $249,338 $715,428 $22,552 $692,876 $6,708,976
140 T-12 (12/31/2006) $807,778 $169,211 $638,567 $87,518 $551,049 $6,570,000
156 T-12 (12/31/2006) $1,123,577 $507,208 $616,369 $75,249 $541,120 $5,407,237
161 NAP $720,647 $145,481 $575,166 $14,914 $560,252 $5,084,089
$578,578 $84,718 $493,860 $15,410 $478,450 $4,971,196
166 T-12 (12/31/2006) $181,216 $27,193 $154,023 $5,141 $148,882 $1,801,562
166 T-12 (12/31/2006) $187,943 $27,067 $160,876 $5,177 $155,699 $1,617,626
166 T-12 (12/31/2006) $209,419 $30,458 $178,961 $5,092 $173,869 $1,552,008
176 T-12 (12/31/2006) $796,022 $286,863 $509,159 $37,516 $471,643 $5,273,564
198 T-12 (11/30/2006) $685,533 $207,834 $477,699 $45,836 $431,863 $4,205,218
208 T-12 (12/31/2006) $649,284 $214,734 $434,550 $40,858 $393,692 $4,055,625
$574,700 $207,574 $367,126 $16,095 $351,031 $3,192,511
241 T-12 (12/31/2006) $333,326 $120,393 $212,933 $9,336 $203,597 $1,851,656
241 T-12 (12/31/2006) $103,446 $37,363 $66,083 $2,897 $63,186 $574,652
241 T-12 (12/31/2006) $68,964 $24,909 $44,055 $1,931 $42,124 $383,101
241 T-12 (12/31/2006) $68,964 $24,909 $44,055 $1,931 $42,124 $383,101
248 T-12 (12/25/2006) $642,636 $172,551 $470,085 $33,905 $436,181 $3,530,000
250 T-12 (12/31/2006) $1,332,317 $862,198 $470,118 $73,277 $396,841 $2,715,022
263 T-12 (2/28/2007) $738,300 $442,343 $295,957 $28,268 $267,689 $2,991,212
266 T-11 (11/29/2006) Annualized $377,319 $89,412 $287,907 $16,187 $271,721 $2,849,421
271 T-12 (12/31/2006) $605,538 $292,792 $312,746 $26,058 $286,688 $2,726,254
298 T-12 (12/31/2006) $346,307 $84,298 $262,009 $22,130 $239,879 $2,294,680
301 NAP $283,886 $36,227 $247,660 $4,974 $242,686 $2,471,881
303 T-12 (12/31/2006) $316,961 $76,948 $240,013 $12,266 $227,747 $2,217,970
Mortgage Current Source of Valuation Lease
Loan No. Value(11) Value(11) Date Largest Tenant(12) Expiration Dat % NSF
------------------------------------------------------------------------------------------------------------------------------------
$153,400,000
6 $30,200,000 Appraisal 02/01/2007 Azteca Production Int'l, Inc 12/31/2008 35.7%
6 $23,700,000 Appraisal 02/01/2007 Springs Global, US, Inc 02/29/2012 39.5%
6 $21,500,000 Appraisal 02/01/2007 Sugar Foods Corporation 01/31/2015 100.0%
6 $21,400,000 Appraisal 02/01/2007 Arden-MayFair, Inc. 01/31/2011 51.0%
6 $20,600,000 Appraisal 02/01/2007 York Casket Company 08/31/2008 14.5%
6 $15,000,000 Appraisal 02/01/2007 Mojave Foods Corporation 09/30/2015 57.3%
6 $8,600,000 Appraisal 02/01/2007 Mojave Foods Corporation 09/30/2015 100.0%
6 $7,500,000 Appraisal 02/01/2007 Ingredients International, Inc. 01/31/2007 33.8%
6 $4,900,000 Appraisal 02/01/2007 Interphase Environmental 11/30/2009 29.9%
18 $55,000,000 Appraisal 02/15/2007 NAP NAP NAP
31 $28,331,000 Appraisal 12/15/2006 NAP NAP NAP
39 $29,600,000 Appraisal 01/23/2007 B Fabulous (J.A.B. Ventures) 03/31/2017 17.0%
44 $23,800,000 Appraisal 03/07/2007 NAP NAP NAP
58 $18,850,000 Appraisal 01/30/2007 NAP NAP NAP
59 $18,650,000 Appraisal 01/23/2007 General Services Division 06/30/2011 28.7%
104 $11,350,000 Appraisal 08/11/2006 West Oakland Internists 11/30/2021 13.0%
107 $11,800,000 Appraisal 12/20/2006 MECS 12/31/2010 73.3%
$11,600,000
109 $6,260,000 Appraisal 11/20/2006 Six Day Dental 05/31/2016 39.5%
110 $2,950,000 Appraisal 11/20/2006 Veracruz Cafe 08/31/2009 20.1%
111 $2,390,000 Appraisal 11/20/2006 To the Max Footwear 11/01/2008 21.0%
114 $13,750,000 Appraisal 02/11/2007 Colorado Cinema Group LLC 11/30/2016 100.0%
119 $10,900,000 Appraisal 01/08/2007 ▇▇▇▇ ▇▇▇▇▇▇▇▇, Inc. 12/31/2013 49.8%
122 $17,990,000 Appraisal 01/24/2007 World Market 01/31/2012 26.5%
125 $10,000,000 Appraisal 01/03/2007 ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ LTD 12/31/2011 11.7%
139 $9,100,000 Appraisal 01/15/2007 NAP NAP NAP
140 $9,150,000 Appraisal 12/28/2006 Hobby Lobby 02/28/2014 58.2%
156 $8,000,000 Appraisal 01/04/2007 ▇▇▇▇▇▇▇▇ Coats ▇▇▇▇▇▇▇▇ 11/30/2011 30.4%
161 $8,500,000 Appraisal 11/25/2006 Karaoke and Restaurant (Retail) 11/30/2019 36.9%
$7,530,000
166 $2,350,000 Appraisal 01/17/2007 CVS (Edinburgh) 11/30/2017 100.0%
166 $2,450,000 Appraisal 01/17/2007 CVS (▇▇▇▇▇▇) 11/30/2017 100.0%
166 $2,730,000 Appraisal 01/17/2007 CVS (Brazil) 12/31/2017 100.0%
176 $7,100,000 Appraisal 01/12/2007 Orlando Regional Health 06/30/2008 27.8%
198 $6,300,000 Appraisal 01/18/2007 BNSF Logistics, LLC 01/14/2008 33.4%
208 $6,100,000 Appraisal 12/28/2006 Chute ▇▇▇▇▇▇▇▇ 06/30/2014 56.7%
$5,000,000
241 $2,900,000 Appraisal 01/24/2007 NAP NAP NAP
241 $900,000 Appraisal 01/24/2007 NAP NAP NAP
241 $600,000 Appraisal 01/24/2007 NAP NAP NAP
241 $600,000 Appraisal 01/24/2007 NAP NAP NAP
248 $6,525,000 Appraisal 01/12/2007 Oregon Hotspring Spas 07/20/2012 16.3%
250 $5,000,000 Appraisal 01/04/2007 NAP NAP NAP
263 $4,250,000 Appraisal 01/24/2007 NAP NAP NAP
266 $4,000,000 Appraisal 12/20/2006 Crystal City ASC 09/30/2016 26.1%
271 $3,975,000 Appraisal 12/21/2006 NAP NAP NAP
298 $3,500,000 Appraisal 01/24/2007 Western United Fish Company 08/31/2008 69.6%
301 $3,300,000 Appraisal 01/03/2007 DHL Express (USA) 07/30/2011 100.0%
303 $3,600,000 Appraisal 01/31/2007 Main ▇▇▇▇▇▇▇▇, CPAs 02/28/2019 78.9%
Mortgage Lease Lease
Loan No. Second Largest Tenant(12) Expiration Dat % NSF Third Largest Tenant(12) Expiration Date % NSF
------------------------------------------------------------------------------------------------------------------------------------
6 C2C Corporation 06/30/2011 33.1% ▇▇▇▇▇ ▇▇▇▇▇▇ Clothing Co 08/31/2007 13.3%
6 Progressive Produce Corp 06/30/2010 38.7% Iron Mountain Records Mgmt Inc 07/31/2016 21.7%
6 NAP NAP NAP NAP NAP NAP
6 SAP Trading, Inc. 11/30/2007 49.0% NAP NAP NAP
6 Rodeo Carpet ▇▇▇▇▇, Corp. 01/31/2012 14.1% World Wide Technology, Inc. 04/30/2007 12.9%
6 Springs Global, US, Inc 02/29/2012 42.7% NAP NAP NAP
6 NAP NAP NAP NAP NAP NAP
6 ITW Ramset 06/30/2009 19.3% Rossini Wheels and Accessories 04/30/2009 9.6%
6 MH Metals, Inc 03/14/2008 22.3% 2 Global Imports 06/30/2007 11.2%
18 NAP NAP NAP NAP NAP NAP
31 NAP NAP NAP NAP NAP NAP
39 ▇.▇. ▇▇▇▇▇ Incorporated 06/30/2009 14.3% Yoke L. Hong 08/31/2009 7.5%
44 NAP NAP NAP NAP NAP NAP
58 NAP NAP NAP NAP NAP NAP
59 Enterprise Rent-A-Car 10/31/2010 16.6% Children's Medical Associates 10/31/2012 8.9%
104 Health First Imaging Center 11/30/2016 11.8% ▇▇▇▇▇▇ ▇▇▇▇▇ 12/31/2021 8.4%
107 Suburban Journals 12/31/2011 25.3% NAP NAP NAP
109 NAP NAP 13.3% Voila Bakery 02/28/2011 11.4%
110 The Ranch Steakhouse 12/31/2011 16.9% Visual Expressions 12/31/2011 14.7%
111 HSBC Financial 07/31/2011 20.9% Check N Go 10/31/2011 16.2%
114 NAP NAP NAP NAP NAP NAP
119 ▇▇-▇▇▇ Stores, Inc. 12/31/2008 16.7% Pet Supplies Plus 01/31/2012 7.2%
122 David's Bridal 10/31/2013 17.8% El Torito Restaurant 08/31/2010 11.0%
125 Lane Executive Center 07/31/2009 8.3% ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ 03/31/2012 7.8%
139 NAP NAP NAP NAP NAP NAP
140 K&G Men's Co. 02/28/2015 20.1% Dollar Tree 02/29/2012 13.0%
156 ▇▇▇▇▇ Communications 02/28/2009 22.0% Cedarwood Development 06/30/2009 21.8%
161 ▇▇▇▇▇ ▇▇▇▇▇ Podiatrist (Office 10/31/2015 8.5% Hanmi Medical Associates (Offi 11/04/2019 8.5%
166 NAP NAP NAP NAP NAP NAP
166 NAP NAP NAP NAP NAP NAP
166 NAP NAP NAP NAP NAP NAP
176 Physician Associates 10/31/2011 13.5% ▇▇▇▇▇▇'▇ School Supplies 10/31/2009 9.4%
198 USDA 02/15/2008 17.1% Fabric Gallery 09/30/2008 7.2%
208 ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ 12/31/2016 30.6% NAP NAP NAP
241 NAP NAP NAP NAP NAP NAP
241 NAP NAP NAP NAP NAP NAP
241 NAP NAP NAP NAP NAP NAP
241 NAP NAP NAP NAP NAP NAP
248 Vizmart Inc. 10/31/2009 9.4% Village Vendor 06/30/2010 9.4%
250 NAP NAP NAP NAP NAP NAP
263 NAP NAP NAP NAP NAP NAP
266 Dental Group, Inc. 01/31/2008 24.4% Armed Forces Career Center 01/31/2010 13.0%
271 NAP NAP NAP NAP NAP NAP
298 Pacific Strapping 02/28/2019 30.4% NAP NAP NAP
301 NAP NAP NAP NAP NAP NAP
303 Carina Homes 12/31/2008 21.1% NAP NAP NAP
Capital TI/LC
Insurance Tax Expenditure Escrow
Mortgage Escrow Escrow Escrow in Place in Place
Loan No. in Place in Place(13) (14) (15) Other Escrow Description(16)
------------------------------------------------------------------------------------------------------------------------------------
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
6 No No No No NAP
18 Yes Yes No No NAP
31 Yes Yes Yes No Roof Replacement Reserve, Extra Monthly Payment Reserve
39 Yes Yes Yes Yes NAP
44 No Yes Yes No NAP
58 Yes Yes No No Debt Service Reserve, Sweep Reserve
59 No Yes No No NAP
104 Yes Yes Yes Yes NAP
107 No No No Yes Suburban Journals TI Reserve
109 Yes Yes Yes Yes Peek a Boutique Reserve, Texas Best Martial Arts Academy Reserve
110 Yes Yes Yes Yes NAP
111 Yes Yes Yes Yes Check N Go Reserve
114 No No No No NAP
119 Yes Yes Yes Yes NAP
122 Yes Yes No No NAP
125 Yes Yes Yes Yes ▇▇▇▇▇▇ ▇▇▇▇▇▇ Reserve
139 Yes Yes Yes No NAP
140 Yes Yes Yes Yes NAP
156 Yes Yes Yes Yes NAP
161 Yes Yes Yes No NAP
166 No No Yes Yes NAP
166 No No Yes Yes NAP
166 No No Yes Yes NAP
176 Yes Yes Yes Yes NAP
198 Yes Yes Yes Yes NAP
208 No Yes No Yes TI Reserve, Occupancy Reserve, Rent Reserve
241 Yes Yes Yes No NAP
241 Yes Yes Yes No NAP
241 Yes Yes Yes No NAP
241 Yes Yes Yes No NAP
248 Yes Yes No No NAP
250 Yes Yes Yes No NAP
263 Yes Yes Yes No Seasonality Reserve
266 No No No Yes NAP
271 Yes Yes No No NAP
298 Yes Yes No No NAP
301 No No No No DHL Re-Leasing Reserve
303 Yes Yes No No NAP
Initial Capital Monthly Capital Current Capital Initial TI/LC
Mortgage Springing Escrow Expenditure Expenditure Escrow Expenditure Escrow
Loan No. Description(17) Escrow Requirement(18) Requirement(19) Escrow Balance(20) Requirement(21)
------------------------------------------------------------------------------------------------------------------------------------
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
6 Tax, Insurance, CapEx, TI/LC $0 $0 $0 $0
18 CapEx $0 $0 $0 $0
31 NAP $0 $6,356 $218,979 $0
39 Other $0 $2,454 $0 $0
44 Insurance $0 $8,313 $8,315 $0
58 CapEx, Other $0 $0 $0 $0
59 Insurance, CapEx, TI/LC, Other $0 $0 $0 $0
104 NAP $0 $749 $2,249 $0
107 Tax, Insurance, CapEx $0 $0 $0 $0
109 NAP $0 $253 $506 $0
110 NAP $0 $173 $346 $27,000
111 NAP $0 $122 $244 $14,000
114 NAP $0 $0 $0 $0
119 NAP $0 $1,337 $0 $100,000
122 CapEx, TI/LC $0 $0 $0 $0
125 NAP $600,000 $0 $600,778 $250,000
139 NAP $22,500 $0 $22,500 $0
140 Other $0 $2,539 $2,359 $0
156 NAP $0 $1,395 $1,395 $200,000
161 NAP $0 $441 $0 $0
166 Tax, Insurance $25,096 $51 $25,704 $0
166 Tax, Insurance $26,164 $53 $26,798 $0
166 Tax, Insurance $29,154 $59 $29,861 $0
176 TI/LC $0 $587 $587 $142,000 (LOC)
198 NAP $0 $746 $746 $200,000
208 Insurance, CapEx $0 $0 $0 $0
241 NAP $17,400 $778 $17,400 $0
241 NAP $5,400 $241 $5,400 $0
241 NAP $3,600 $161 $3,600 $0
241 NAP $3,600 $161 $3,600 $0
248 CapEx $0 $0 $0 $0
250 NAP $0 $5,551 $5,552 $0
263 CapEx $104,320 $0 $104,369 $0
266 Tax, Insurance, CapEx $0 $0 $0 $85,000
271 CapEx $0 $0 $0 $0
298 CapEx, TI/LC $0 $0 $0 $0
301 Tax, Insurance, CapEx $0 $0 $0 $0
303 CapEx $0 $0 $0 $0
---------------------------------------
Prepayment Code(25)
---------------------------------------
Monthly TI/LC Current TI/LC Interest
Mortgage Escrow Escrow Environmental Accrual
Loan No. Requirement(22) Balance(23) Insurance Method Seasoning(24) LO DEF DEF/YM1 DEF/YM
------------------------------------------------------------------------------------------------------------------------------------
Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
6 $0 $0 No Actual/360 1 26 10 77
18 $0 $0 No Actual/360 1 26 88
31 $0 $0 No Actual/360 2 27 91
39 $6,250 $0 No Actual/360 0 25 92
44 $0 $0 No Actual/360 1 26 58
58 $0 $0 No Actual/360 1 26 91
59 $0 $0 No Actual/360 1 26 92
104 $1,667 $5,006 No Actual/360 4 29
107 $20,796 $41,603 No Actual/360 2 27 90
Actual/360 3 28
109 $1,796 $3,595 No Actual/360 3 28
110 $1,298 $29,644 No Actual/360 3 28
111 $1,130 $16,286 No Actual/360 3 28
114 $0 $0 No Actual/360 1 26 92
119 $0 $100,019 No Actual/360 0 25
122 $0 $0 No Actual/360 0 25 92
125 $10,514 $250,324 No Actual/360 2 23
139 $0 $0 No Actual/360 2 27 91
140 $5,000 $5,183 No Actual/360 2 27 91
156 $0 $200,166 No Actual/360 1 23
161 $0 $0 No Actual/360 0 25 93
Actual/360 2 47
166 $352 $352 No Actual/360 2 47
166 $367 $367 No Actual/360 2 47
166 $409 $409 No Actual/360 2 47
176 $3,565 $0 No Actual/360 1 26 91
198 $6,667 $200,175 No Actual/360 2 27 90
208 $2,778 $2,779 No Actual/360 1 26 92
Actual/360 0 25 93
241 $0 $0 No Actual/360 0 25 93
241 $0 $0 No Actual/360 0 25 93
241 $0 $0 No Actual/360 0 25 93
241 $0 $0 No Actual/360 0 25 93
248 $0 $0 No Actual/360 1 26 91
250 $0 $0 No Actual/360 1 23
263 $0 $0 No Actual/360 1 26 90
266 $1,826 $85,000 No Actual/360 3 28 90
271 $0 $0 No Actual/360 0 25 32
298 $0 $2,000 No Actual/360 1 26 91
301 $0 $0 No Actual/360 2 27 89
303 $0 $0 No Actual/360 0 25 93
----------------------------------------------------------
Prepayment Code(25)
----------------------------------------------------------
Mortgage YM Administrative Mortgage
Loan No. YM2 YM1 YM 5% 4% 3% 2% 1% Open Formula(26) Cost Rate (27) Loan No.
------------------------------------------------------------------------------------------------------------------------------------
7 D 2.026
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
6 7 D 2.026 6
18 6 2.026 18
31 2 2.026 31
39 3 2.026 39
44 36 2.026 44
58 3 2.026 58
59 2 2.026 59
104 89 2 L 2.026 104
107 3 2.026 107
90 2 L 7.026
109 90 2 L 7.026 109
110 90 2 L 7.026 110
111 90 2 L 7.026 111
114 2 7.026 114
119 93 2 L 7.026 119
122 3 2.026 122
125 95 2 L 7.026 125
139 2 2.026 139
140 2 5.026 140
156 95 2 L 2.026 156
161 2 2.026 161
71 2 L 7.026
166 71 2 L 7.026 166
166 71 2 L 7.026 166
166 71 2 L 7.026 166
176 3 2.026 176
198 3 7.026 198
208 2 7.026 208
2 2.026
241 2 2.026 241
241 2 2.026 241
241 2 2.026 241
241 2 2.026 241
248 3 2.026 248
250 95 2 L 2.026 250
263 4 7.026 263
266 2 2.026 266
271 3 2.026 271
298 3 7.026 298
301 4 2.026 301
303 2 2.026 303
EXHIBIT 2
REPRESENTATIONS AND WARRANTIES REGARDING
INDIVIDUAL MORTGAGE LOANS
(1) Mortgage Loan Schedule. The information set forth in the Mortgage Loan
Schedule is true and correct in all material respects as of the date of this
Agreement and as of the Cut-Off Date.
(2) Whole Loan; Ownership of Mortgage Loans. Each Mortgage Loan is a whole
loan and not a participation interest in a mortgage loan. Immediately prior to
the transfer to the Purchaser of the Mortgage Loans, the Seller had good title
to, and was the sole owner of, each Mortgage Loan. The Seller has full right,
power and authority to transfer and assign each of the Mortgage Loans to or at
the direction of the Purchaser and has validly and effectively conveyed (or
caused to be conveyed) to the Purchaser or its designee all of the Seller's
legal and beneficial interest in and to the Mortgage Loans free and clear of any
and all pledges, liens, charges, security interests and/or other encumbrances.
Upon the consummation of the transactions contemplated by this Agreement, the
Seller will have validly and effectively conveyed to the Purchaser all legal and
beneficial interest in and to each Mortgage Loan free and clear of any pledge,
lien, charge, security interest or other encumbrance. The sale of the Mortgage
Loans to the Purchaser or its designee does not require the Seller to obtain any
governmental or regulatory approval or consent that has not been obtained. None
of the Mortgage Loan documents restricts the Seller's right to transfer the
Mortgage Loan to the Purchaser or to the Trustee.
(3) Payment Record. No scheduled payment of principal and interest under
any Mortgage Loan was 30 days or more past due as of the Cut-Off Date, and no
Mortgage Loan was 30 days or more delinquent in the twelve-month period
immediately preceding the Cut-Off Date.
(4) Lien; Valid Assignment. The Mortgage related to and delivered in
connection with each Mortgage Loan constitutes a valid and, subject to the
exceptions set forth in paragraph 13 below, enforceable first priority lien upon
the related Mortgaged Property, prior to all other liens and encumbrances,
except for (a) the lien for current real estate taxes and assessments not yet
due and payable, (b) covenants, conditions and restrictions, rights of way,
easements and other matters that are of public record and/or are referred to in
the related lender's title insurance policy, (c) exceptions and exclusions
specifically referred to in such lender's title insurance policy, (d) other
matters to which like properties are commonly subject, none of which matters
referred to in clauses (b), (c) or (d), individually or in the aggregate,
materially interferes with the security intended to be provided by such
Mortgage, the marketability or current use or operation of the Mortgaged
Property or the current ability of the Mortgaged Property to generate operating
income sufficient to service the Mortgage Loan debt and (e) if such Mortgage
Loan is cross-collateralized with any other Mortgage Loan, the lien of the
Mortgage for such other Mortgage Loan (the foregoing items (a) through (e) being
herein referred to as the "Permitted Encumbrances"). The related assignment of
such Mortgage executed and delivered in favor of the Trustee is in recordable
form and constitutes a legal, valid and binding assignment, sufficient to convey
to the assignee named therein all of the assignor's right, title and interest
in, to and under such Mortgage. Such Mortgage, together with any separate
security agreements, chattel mortgages or equivalent instruments, establishes
and creates a valid and, subject to the exceptions set forth in paragraph 13
below, enforceable security interest in favor of the holder thereof in all of
the related Mortgagor's personal property used in, and reasonably necessary to
operate, the related Mortgaged Property. In the case of a Mortgaged Property
operated as a hotel or an assisted living facility, the Mortgagor's personal
property includes all personal property that a prudent mortgage lender making a
similar Mortgage Loan would deem reasonably necessary to operate the related
Mortgaged Property as it is currently being operated. A Uniform Commercial Code
financing statement has been filed and/or recorded in all places necessary to
perfect a valid security interest in such personal property, to the extent a
security interest may be so created therein, and such security interest is a
first priority security interest, subject to any prior purchase money security
interest in such personal property and any personal property leases applicable
to such personal property. Notwithstanding the foregoing, no representation is
made as to the perfection of any security interest in rents or other personal
property to the extent that possession or control of such items or actions other
than the filing of Uniform Commercial Code financing statements are required in
order to effect such perfection.
(5) Assignment of Leases and Rents. The Assignment of Leases related to
and delivered in connection with each Mortgage Loan establishes and creates a
valid, subsisting and, subject to the exceptions set forth in paragraph 13
below, enforceable first priority lien and first priority security interest in
the related Mortgagor's interest in all leases, sub-leases, licenses or other
agreements pursuant to which any person is entitled to occupy, use or possess
all or any portion of the real property subject to the related Mortgage, and
each assignor thereunder has the full right to assign the same. The related
assignment of any Assignment of Leases not included in a Mortgage has been
executed and delivered in favor of the Trustee and is in recordable form and
constitutes a legal, valid and binding assignment, sufficient to convey to the
assignee named therein all of the assignor's right, title and interest in, to
and under such Assignment of Leases. If an Assignment of Leases exists with
respect to any Mortgage Loan (whether as a part of the related Mortgage or
separately), then the related Mortgage or related Assignment of Leases, subject
to applicable law, provides for, upon an event of default under the Mortgage
Loan, the appointment of a receiver for the collection of rents or for the
related mortgagee to enter into possession to collect the rents or for rents to
be paid directly to the mortgagee.
(6) Mortgage Status; Waivers and Modifications. No Mortgage has been
satisfied, cancelled, rescinded or subordinated in whole or in part, and the
related Mortgaged Property has not been released from the lien of such Mortgage,
in whole or in part (except for partial reconveyances of real property that are
set forth on Schedule A to Exhibit 2), nor has any instrument been executed that
would effect any such satisfaction, cancellation, subordination, rescission or
release, in any manner that, in each case, materially adversely affects the
value of the related Mortgaged Property. None of the terms of any Mortgage Note,
Mortgage or Assignment of Leases has been impaired, waived, altered or modified
in any respect, except by written instruments, all of which are included in the
related Mortgage File and none of the Mortgage Loans has been materially
modified since May 3, 2007.
(7) Condition of Property; Condemnation. With respect to (i) the Mortgaged
Properties securing the Mortgage Loans that were the subject of an engineering
report issued after the first day of the month that is 18 months prior to the
Closing Date, each Mortgaged Property is, to the Seller's knowledge, free and
clear of any damage (or adequate reserves therefor have been established based
on the engineering report) that would materially and adversely affect its value
as security for the related Mortgage Loan and (ii) the Mortgaged Properties
securing the Mortgage Loans that were not the subject of an engineering report
18 months prior to the Closing Date as set forth on Schedule A to this Exhibit
2, each Mortgaged Property is in good repair and condition and all building
systems contained therein are in good working order (or adequate reserves
therefor have been established) and each Mortgaged Property is free of
structural defects, in each case, that would materially and adversely affect its
value as security for the related Mortgage Loan as of the date hereof. The
Seller has received no notice of the commencement of any proceeding for the
condemnation of all or any material portion of any Mortgaged Property. To the
Seller's knowledge (based on surveys and/or title insurance obtained in
connection with the origination of the Mortgage Loans), as of the date of the
origination of each Mortgage Loan, all of the material improvements on the
related Mortgaged Property that were considered in determining the appraised
value of the Mortgaged Property lay wholly within the boundaries and building
restriction lines of such property, except for encroachments that are insured
against by the lender's Title Policy referred to herein or that do not
materially and adversely affect the value or marketability of such Mortgaged
Property, and no improvements on adjoining properties materially encroached upon
such Mortgaged Property so as to materially and adversely affect the value or
marketability of such Mortgaged Property, except those encroachments that are
insured against by the Title Policy referred to herein.
(8) Title Insurance. Each Mortgaged Property is covered by an American
Land Title Association (or a comparable form as adopted in the applicable
jurisdiction) lender's title insurance policy, a pro forma policy or a marked-up
title insurance commitment (on which the required premium has been paid) which
evidences such title insurance policy (the "Title Policy") in the original
principal amount of the related Mortgage Loan after all advances of principal.
Each Title Policy insures that the related Mortgage is a valid first priority
lien on such Mortgaged Property, subject only to Permitted Encumbrances. Each
Title Policy (or, if it has yet to be issued, the coverage to be provided
thereby) is in full force and effect, all premiums thereon have been paid and no
material claims have been made thereunder and no claims have been paid
thereunder. No holder of the related Mortgage has done, by act or omission,
anything that would materially impair the coverage under such Title Policy.
Immediately following the transfer and assignment of the related Mortgage Loan
to the Trustee, such Title Policy (or, if it has yet to be issued, the coverage
to be provided thereby) will inure to the benefit of the Trustee without the
consent of or notice to the insurer. To the Seller's knowledge, the insurer
issuing such Title Policy is qualified to do business in the jurisdiction in
which the related Mortgaged Property is located. Such Title Policy contains no
exclusion for, or it affirmatively insures access to a public road.
(9) No Holdbacks. The proceeds of each Mortgage Loan have been fully
disbursed and there is no obligation for future advances with respect thereto.
With respect to each Mortgage Loan, any and all requirements as to completion of
any on-site or off-site improvement that must be satisfied as a condition to
disbursements of any funds escrowed for such purpose have been complied with on
or before the Closing Date, or any such funds so escrowed have not been
released.
(10) Mortgage Provisions. The Mortgage Note or Mortgage for each Mortgage
Loan, together with applicable state law, contains customary and enforceable
provisions (subject to the exceptions set forth in paragraph 13) such as to
render the rights and remedies of the holder thereof adequate for the practical
realization against the related Mortgaged Property of the principal benefits of
the security intended to be provided thereby.
(11) Trustee under Deed of Trust. If any Mortgage is a deed of trust, (1)
a trustee, duly qualified under applicable law to serve as such, is properly
designated and serving under such Mortgage, and (2) no fees or expenses are
payable to such trustee by the Seller, the Purchaser or any transferee thereof
except in connection with a trustee's sale after default by the related
Mortgagor or in connection with any full or partial release of the related
Mortgaged Property or related security for the related Mortgage Loan.
(12) Environmental Conditions.
(i) With respect to the Mortgaged Properties securing the Mortgage
Loans that were the subject of an environmental site assessment after the first
day of the month that is 18 months prior to the Closing Date, an environmental
site assessment, or an update of a previous such report, was performed with
respect to each Mortgaged Property in connection with the origination or the
acquisition of the related Mortgage Loan, a report of each such assessment (or
the most recent assessment with respect to each Mortgaged Property) (an
"Environmental Report") has been delivered to the Purchaser, and the Seller has
no knowledge of any material and adverse environmental condition or circumstance
affecting any Mortgaged Property that was not disclosed in such report. Each
Mortgage requires the related Mortgagor to comply with all applicable federal,
state and local environmental laws and regulations. Where such assessment
disclosed the existence of a material and adverse environmental condition or
circumstance affecting any Mortgaged Property, (i) a party not related to the
Mortgagor was identified as the responsible party for such condition or
circumstance or (ii) environmental insurance covering such condition was
obtained or must be maintained until the condition is remediated or (iii) the
related Mortgagor was required either to provide additional security that was
deemed to be sufficient by the originator in light of the circumstances and/or
to establish an operations and maintenance plan. In connection with the
origination of each Mortgage Loan, each environmental consultant has represented
in such Environmental Report or in a supplement letter that the environmental
assessment of the applicable Mortgaged Property was conducted utilizing
generally accepted Phase I industry standards using the American Society for
Testing and Materials (ASTM) Standard Practice E 1527-00.
(ii) With respect to the Mortgaged Properties securing the Mortgage
Loans that were not the subject of an environmental site assessment meeting ASTM
Standards after the first day of the month that is 18 months prior to the
Closing Date as set forth on Schedule A to this Exhibit 2, (i) no Hazardous
Material is present on such Mortgaged Property such that (1) the value, use or
operation of such Mortgaged Property is materially and adversely affected or (2)
under applicable federal, state or local law, (a) such Hazardous Material could
be required to be eliminated at a cost materially and adversely affecting the
value of the Mortgaged Property before such Mortgaged Property could be altered,
renovated, demolished or transferred or (b) the presence of such Hazardous
Material could (upon action by the appropriate governmental authorities) subject
the owner of such Mortgaged Property, or the holders of a security interest
therein, to liability for the cost of eliminating such Hazardous Material or the
hazard created thereby at a cost materially and adversely affecting the value of
the Mortgaged Property, and (ii) such Mortgaged Property is in material
compliance with all applicable federal, state and local laws pertaining to
Hazardous Materials or environmental hazards, any noncompliance with such laws
does not have a material adverse effect on the value of such Mortgaged Property
and neither Seller nor, to Seller's knowledge, the related Mortgagor or any
current tenant thereon, has received any notice of violation or potential
violation of any such law.
"Hazardous Materials" means gasoline, petroleum products,
explosives, radioactive materials, polychlorinated biphenyls or
related or similar materials, and any other substance, material or
waste as may be defined as a hazardous or toxic substance by any
federal, state or local environmental law, ordinance, rule,
regulation or order, including without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as
amended (42 U.S.C. ▇▇.▇▇. 9601 et seq.), the Hazardous Materials
Transportation Act as amended (42 U.S.C. ▇▇.▇▇. 6901 et seq.), the
Resource Conservation and Recovery Act, as amended (42 U.S.C. ▇▇.▇▇.
6901 et seq.), the Federal Water Pollution Control Act as amended
(33 U.S.C. ▇▇.▇▇. 1251 et seq.), the Clean Air Act as amended (42
U.S.C. ▇▇.▇▇. 1251 et seq.) and any regulations promulgated pursuant
thereto.
(13) Loan Document Status. Each Mortgage Note, Mortgage, Assignment of
Leases and other agreement that evidences or secures such Mortgage Loan and was
executed by or on behalf of the related Mortgagor is the legal, valid and
binding obligation of the maker thereof (subject to any non-recourse provisions
contained in any of the foregoing agreements and any applicable state
anti-deficiency or market value limit deficiency legislation), enforceable in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally, and by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity
or at law) and there is no valid defense, counterclaim or right of offset or
rescission available to the related Mortgagor with respect to such Mortgage
Note, Mortgage or other agreement.
(14) Insurance. Each Mortgaged Property is, and is required pursuant to
the related Mortgage to be, insured by (a) a fire and extended perils insurance
policy providing coverage against loss or damage sustained by reason of fire,
lightning, windstorm, hail, explosion, riot, riot attending a strike, civil
commotion, aircraft, vehicles and smoke, and, to the extent required as of the
date of origination by the originator of such Mortgage Loan consistent with its
normal commercial mortgage lending practices, against other risks insured
against with respect to similarly situated properties in the locality of the
Mortgaged Property (so-called "All Risk" coverage) in an amount not less than
the lesser of the principal balance of the related Mortgage Loan and the
replacement cost of the improvements located at the Mortgaged Property, and
contains no provisions for a deduction for depreciation, and not less than the
amount necessary to avoid the operation of any co-insurance provisions with
respect to the Mortgaged Property; (b) a business interruption or rental loss
insurance policy, in an amount at least equal to six months of operations of the
Mortgaged Property; (c) a flood insurance policy (if any portion of buildings or
other structures on the Mortgaged Property are located in an area identified by
the Federal Emergency Management Agency as having special flood hazards and the
Federal Emergency Management Agency requires flood insurance to be maintained);
and (d) a comprehensive general liability insurance policy in amounts as are
generally required by commercial mortgage lenders, for properties of similar
types and in any event not less than $1 million per occurrence. Such insurance
policy contains a standard mortgagee clause that names the mortgagee as an
additional insured in the case of liability insurance policies and as a loss
payee in the case of property insurance policies and requires prior notice to
the holder of the Mortgage of termination or cancellation. No such notice has
been received, including any notice of nonpayment of premiums, that has not been
cured. Each Mortgage obligates the related Mortgagor to maintain all such
insurance and, upon such Mortgagor's failure to do so, authorizes the holder of
the Mortgage to maintain such insurance at the Mortgagor's cost and expense and
to seek reimbursement therefor from such Mortgagor. Each Mortgage provides that
casualty insurance proceeds will be applied (a) to the restoration or repair of
the related Mortgaged Property, (b) to the restoration or repair of the related
Mortgaged Property, with any excess insurance proceeds after restoration or
repair being paid to the Mortgagor, or (c) to the reduction of the principal
amount of the Mortgage Loan. For each Mortgaged Property located in a Zone 3 or
Zone 4 seismic zone, either: (i) a seismic report which indicated a PML of less
than 20% was prepared, based on a 450- or 475-year lookback with a 10%
probability of exceedance in a 50-year period, in connection with the
origination of the Mortgage Loan secured by such Mortgaged Property or (ii) the
improvements for the Mortgaged Property are insured against earthquake damage.
(15) Taxes and Assessments. As of the Closing Date, there are no
delinquent or unpaid taxes, assessments (including assessments payable in future
installments) or other outstanding charges affecting any Mortgaged Property that
are or may become a lien of priority equal to or higher than the lien of the
related Mortgage. For purposes of this representation and warranty, real
property taxes and assessments shall not be considered delinquent or unpaid
until the date on which interest or penalties would be first payable thereon.
(16) Mortgagor Bankruptcy. No Mortgagor is, to the Seller's knowledge, a
debtor in any state or federal bankruptcy or insolvency proceeding.
(17) Leasehold Estate. Each Mortgaged Property consists of a fee simple
estate in real estate or, if the related Mortgage Loan is secured in whole or in
part by the interest of a Mortgagor as a lessee under a ground lease of a
Mortgaged Property (a "Ground Lease"), by the related Mortgagor's interest in
the Ground Lease but not by the related fee interest in such Mortgaged Property
(the "Fee Interest"), and as to such Ground Leases:
(a) Such Ground Lease or a memorandum thereof has been or will be
duly recorded; such Ground Lease (or the related estoppel letter or lender
protection agreement between the Seller and related lessor) does not
prohibit the current use of the Mortgaged Property and does not prohibit
the interest of the lessee thereunder to be encumbered by the related
Mortgage; and there has been no material change in the payment terms of
such Ground Lease since the origination of the related Mortgage Loan, with
the exception of material changes reflected in written instruments that
are a part of the related Mortgage File;
(b) The lessee's interest in such Ground Lease is not subject to any
liens or encumbrances superior to, or of equal priority with, the related
Mortgage, other than Permitted Encumbrances;
(c) The Mortgagor's interest in such Ground Lease is assignable to
the Purchaser and the Trustee as its assignee upon notice to, but without
the consent of, the lessor thereunder (or, if such consent is required, it
has been obtained prior to the Closing Date) and, in the event that it is
so assigned, is further assignable by the Purchaser and its successors and
assigns upon notice to, but without the need to obtain the consent of,
such lessor or if such lessor's consent is required it cannot be
unreasonably withheld;
(d) Such Ground Lease is in full force and effect, and the Ground
Lease provides that no material amendment to such Ground Lease is binding
on a mortgagee unless the mortgagee has consented thereto, and the Seller
has received no notice that an event of default has occurred thereunder,
and, to the Seller's knowledge, there exists no condition that, but for
the passage of time or the giving of notice, or both, would result in an
event of default under the terms of such Ground Lease;
(e) Such Ground Lease, or an estoppel letter or other agreement, (A)
requires the lessor under such Ground Lease to give notice of any default
by the lessee to the holder of the Mortgage; and (B) provides that no
notice of termination given under such Ground Lease is effective against
the holder of the Mortgage unless a copy of such notice has been delivered
to such holder and the lessor has offered or is required to enter into a
new lease with such holder on terms that do not materially vary from the
economic terms of the Ground Lease.
(f) A mortgagee is permitted a reasonable opportunity (including,
where necessary, sufficient time to gain possession of the interest of the
lessee under such Ground Lease) to cure any default under such Ground
Lease, which is curable after the receipt of notice of any such default,
before the lessor thereunder may terminate such Ground Lease;
(g) Such Ground Lease has an original term (including any extension
options set forth therein) which extends not less than twenty years beyond
the Stated Maturity Date of the related Mortgage Loan;
(h) Under the terms of such Ground Lease and the related Mortgage,
taken together, any related insurance proceeds or condemnation award
awarded to the holder of the ground lease interest will be applied either
(A) to the repair or restoration of all or part of the related Mortgaged
Property, with the mortgagee or a trustee appointed by the related
Mortgage having the right to hold and disburse such proceeds as the repair
or restoration progresses (except in such cases where a provision
entitling a third party to hold and disburse such proceeds would not be
viewed as commercially unreasonable by a prudent commercial mortgage
lender), or (B) to the payment of the outstanding principal balance of the
Mortgage Loan together with any accrued interest thereon;
(i) Such Ground Lease does not impose any restrictions on subletting
which would be viewed as commercially unreasonable by prudent commercial
mortgage lenders lending on a similar Mortgaged Property in the lending
area where the Mortgaged Property is located; and such Ground Lease
contains a covenant that the lessor thereunder is not permitted, in the
absence of an uncured default, to disturb the possession, interest or
quiet enjoyment of the lessee thereunder for any reason, or in any manner,
which would materially adversely affect the security provided by the
related Mortgage;
(j) Such Ground Lease requires the Lessor to enter into a new lease
upon termination of such Ground Lease if the Ground Lease is rejected in a
bankruptcy proceeding; and
(k) Such Ground Lease may not be amended or modified or any such
amendment or modification will not be effective against the mortgagee
without the prior written consent of the mortgagee under such Mortgage
Loan, and any such action without such consent is not binding on such
mortgagee, its successors or assigns; provided, however, that termination
or cancellation without such consent may be binding on the mortgagee if
(i) an event of default occurs under the Ground Lease, (ii) notice is
provided to the mortgagee and (iii) such default is curable by the
mortgagee as provided in the Ground Lease but remains uncured beyond the
applicable cure period.
(18) Escrow Deposits. All escrow deposits and payments relating to each
Mortgage Loan that are, as of the Closing Date, required to be deposited or paid
have been so deposited or paid.
(19) LTV Ratio. The gross proceeds of each Mortgage Loan to the related
Mortgagor at origination did not exceed the non-contingent principal amount of
the Mortgage Loan and either: (a) such Mortgage Loan is secured by an interest
in real property having a fair market value (i) at the date the Mortgage Loan
was originated, at least equal to 80 percent of the original principal balance
of the Mortgage Loan or (ii) at the Closing Date, at least equal to 80 percent
of the principal balance of the Mortgage Loan on such date; provided that for
purposes hereof, the fair market value of the real property interest must first
be reduced by (x) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in clauses (a)(i) and (a)(ii) of this paragraph 19 shall
be made on a pro rata basis in accordance with the fair market values of the
Mortgaged Properties securing such cross-collateralized Mortgage Loans); or (b)
substantially all the proceeds of such Mortgage Loan were used to acquire,
improve or protect the real property that served as the only security for such
Mortgage Loan (other than a recourse feature or other third party credit
enhancement within the meaning of Treasury Regulations Section
1.860G-2(a)(1)(ii)).
(20) Mortgage Loan Modifications. Any Mortgage Loan that was
"significantly modified" prior to the Closing Date so as to result in a taxable
exchange under Section 1001 of the Code either (a) was modified as a result of
the default under such Mortgage Loan or under circumstances that made a default
reasonably foreseeable or (b) satisfies the provisions of either clause (a)(i)
of paragraph 19 (substituting the date of the last such modification for the
date the Mortgage Loan was originated) or clause (a)(ii) of paragraph 19,
including the proviso thereto.
(21) Advancement of Funds by the Seller. No holder of a Mortgage Loan has
advanced funds or induced, solicited or knowingly received any advance of funds
from a party other than the owner of the related Mortgaged Property, directly or
indirectly, for the payment of any amount required by such Mortgage Loan.
(22) No Mechanics' Liens. Each Mortgaged Property is free and clear of any
and all mechanics' and materialmen's liens that are prior or equal to the lien
of the related Mortgage, except, in each case, for liens insured against by the
Title Policy referred to herein, and no rights are outstanding that under law
could give rise to any such lien that would be prior or equal to the lien of the
related Mortgage except, in each case, for liens insured against by the Title
Policy referred to herein.
(23) Compliance with Laws. Except as otherwise specifically disclosed in
an exception on Schedule A attached hereto to another representation and
warranty made by the seller in this Exhibit 2, at origination, each Mortgage
Loan complied with all applicable federal, state and local statutes and
regulations. Each Mortgage Loan complied with (or is exempt from) all applicable
usury laws in effect at its date of origination.
(24) Cross-collateralization. No Mortgage Loan is cross-collateralized or
cross-defaulted with any loan other than one or more other Mortgage Loans.
(25) Releases of Mortgaged Property. Except as described in the next
sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or
any material portion of the related Mortgaged Property that was included in the
appraisal for such Mortgaged Property, and/or generates income from the lien of
the related Mortgage except upon payment in full of all amounts due under the
related Mortgage Loan or in connection with the defeasance provisions of the
related Note and Mortgage. The Mortgages relating to those Mortgage Loans
identified on Schedule A hereto require the mortgagee to grant releases of
portions of the related Mortgaged Properties upon (a) the satisfaction of
certain legal and underwriting requirements and/or (b) the payment of a release
price and prepayment consideration in connection therewith. Except as described
in the first sentence hereof and for those Mortgage Loans identified on Schedule
A, no Mortgage Loan permits the full or partial release or substitution of
collateral unless the mortgagee or servicer can require the Mortgagor to provide
an opinion of tax counsel to the effect that such release or substitution of
collateral (a) would not constitute a "significant modification" of such
Mortgage Loan within the meaning of Treas. Reg. ss.1.860G-2(b)(2) and (b) would
not cause such Mortgage Loan to fail to be a "qualified mortgage" within the
meaning of Section 860G(a)(3)(A) of the Code. The loan documents require the
related Mortgagor to bear the cost of such opinion.
(26) No Equity Participation or Contingent Interest. No Mortgage Loan
contains any equity participation by the lender or provides for negative
amortization (except that the ARD Loan may provide for the accrual of interest
at an increased rate after the Anticipated Repayment Date) or for any contingent
or additional interest in the form of participation in the cash flow of the
related Mortgaged Property.
(27) No Material Default. To the Seller's knowledge, there exists no
material default, breach, violation or event of acceleration (and no event
which, with the passage of time or the giving of notice, or both, would
constitute any of the foregoing) under the documents evidencing or securing the
Mortgage Loan, in any such case to the extent the same materially and adversely
affects the value of the Mortgage Loan and the related Mortgaged Property;
provided, however, that this representation and warranty does not address or
otherwise cover any default, breach, violation or event of acceleration that
specifically pertains to any matter otherwise covered by any other
representation and warranty made by the Seller elsewhere in this Exhibit 2 or
the exceptions listed in Schedule A attached hereto.
(28) Inspections. The Seller (or if the Seller is not the originator, the
originator of the Mortgage Loan) has inspected or caused to be inspected each
Mortgaged Property in connection with the origination of the related Mortgage
Loan.
(29) Local Law Compliance. Based on due diligence considered reasonable by
prudent commercial mortgage lenders in the lending area where the Mortgaged
Property is located, the improvements located on or forming part of each
Mortgaged Property comply with applicable zoning laws and ordinances, or
constitute a legal non-conforming use or structure or, if any such improvement
does not so comply, such non-compliance does not materially and adversely affect
the value of the related Mortgaged Property, such value as determined by the
appraisal performed at origination or in connection with the sale of the related
Mortgage Loan by the Seller hereunder.
(30) Junior Liens. None of the Mortgage Loans permits the related
Mortgaged Property to be encumbered by any lien (other than a Permitted
Encumbrance) junior to or of equal priority with the lien of the related
Mortgage without the prior written consent of the holder thereof or the
satisfaction of debt service coverage or similar criteria specified therein. The
Seller has no knowledge that any of the Mortgaged Properties is encumbered by
any lien (other than a Permitted Encumbrance) junior to the lien of the related
Mortgage.
(31) Actions Concerning Mortgage Loans. To the knowledge of the Seller,
there are no actions, suits or proceedings before any court, administrative
agency or arbitrator concerning any Mortgage Loan, Mortgagor or related
Mortgaged Property that might adversely affect title to the Mortgaged Property
or the validity or enforceability of the related Mortgage or that might
materially and adversely affect the value of the Mortgaged Property as security
for the Mortgage Loan or the use for which the premises were intended.
(32) Servicing. The servicing and collection practices used by the Seller
or any prior holder or servicer of each Mortgage Loan have been in all material
respects legal, proper and prudent and have met customary industry standards.
(33) Licenses and Permits. To the Seller's knowledge, based on due
diligence that it customarily performs in the origination of comparable mortgage
loans, as of the date of origination of each Mortgage Loan or as of the date of
the sale of the related Mortgage Loan by the Seller hereunder, the related
Mortgagor was in possession of all material licenses, permits and franchises
required by applicable law for the ownership and operation of the related
Mortgaged Property as it was then operated.
(34) Collateral in Trust. The Mortgage Note for each Mortgage Loan is not
secured by a pledge of any collateral that has not been assigned to the
Purchaser.
(35) Due on Sale. Each Mortgage Loan contains a "due on sale" clause,
which provides for the acceleration of the payment of the unpaid principal
balance of the Mortgage Loan if, without prior written consent of the holder of
the Mortgage, the property subject to the Mortgage or any material portion
thereof, or a controlling interest in the related Mortgagor, is transferred,
sold or encumbered by a junior mortgage or deed of trust; provided, however,
that certain Mortgage Loans provide a mechanism for the assumption of the loan
by a third party upon the Mortgagor's satisfaction of certain conditions
precedent, and upon payment of a transfer fee, if any, or transfer of interests
in the Mortgagor or constituent entities of the Mortgagor to a third party or
parties related to the Mortgagor upon the Mortgagor's satisfaction of certain
conditions precedent.
(36) Non-Recourse Exceptions. The Mortgage Loan documents for each
Mortgage Loan provide that such Mortgage Loan constitutes either (a) the
recourse obligations of at least one natural person or (b) the non-recourse
obligations of the related Mortgagor, provided that at least one natural person
(and the Mortgagor if the Mortgagor is not a natural person) is liable to the
holder of the Mortgage Loan for damages arising in the case of fraud or willful
misrepresentation by the Mortgagor, misappropriation of rents, insurance
proceeds or condemnation awards and breaches of the environmental covenants in
the Mortgage Loan documents.
(37) REMIC Eligibility. Each Mortgage Loan is a "qualified mortgage" as
such term is defined in Section 860G(a)(3) of the Code (without regard to
Treasury Regulations Section 1.860G-2(f)(2), which treats certain defective
mortgage loans as qualified mortgages).
(38) Prepayment Premiums. As of the applicable date of origination of each
such Mortgage Loan, any prepayment premiums and yield maintenance charges
payable under the terms of the Mortgage Loans, in respect of voluntary
prepayments, constituted customary prepayment premiums and yield maintenance
charges for commercial mortgage loans of the Seller.
(39) [Reserved].
(40) Single Purpose Entity. The Mortgagor on each Mortgage Loan with a
Cut-Off Date Principal Balance in excess of $10 million, was, as of the
origination of the Mortgage Loan, a Single Purpose Entity. For this purpose, a
"Single Purpose Entity" shall mean an entity, other than an individual, whose
organizational documents provide substantially to the effect that it was formed
or organized solely for the purpose of owning and operating one or more of the
Mortgaged Properties securing the Mortgage Loans and prohibit it from engaging
in any business unrelated to such Mortgaged Property or Properties, and whose
organizational documents further provide, or which entity represented in the
related Mortgage Loan documents, substantially to the effect that it does not
have any assets other than those related to its interest in, and operation of,
such Mortgaged Property or Properties, or any indebtedness other than as
permitted by the related Mortgage(s) or the other related Mortgage Loan
documents, that it has its own books and records and accounts separate and apart
from any other person (other than a Mortgagor for a Mortgage Loan that is
cross-collateralized and cross-defaulted with the related Mortgage Loan), and
that it holds itself out as a legal entity, separate and apart from any other
person.
(41) Defeasance and Assumption Costs. The related Mortgage Loan Documents
provide that the related borrower is responsible for the payment of all
reasonable costs and expenses of the Lender incurred in connection with (i) the
defeasance of such Mortgage Loan and the release of the related Mortgaged
Property, and (ii) the approval of an assumption of such Mortgage Loan.
(42) Defeasance. No Mortgage Loan provides that it can be defeased until a
date that is more than two years after the Closing Date or provides that it can
be defeased with any property other than government securities (as defined in
Section 2(a)(16) of the Investment Company Act of 1940, as amended) or any
direct non-callable security issued or guaranteed as to principal or interest by
the United States.
(43) Authorized to do Business. To the extent required under applicable
law as of the date of origination, and necessary for the enforceability or
collectability of the Mortgage Loan, the originator of such Mortgage Loan was
authorized to do business in the jurisdiction in which the related Mortgaged
Property is located at all times when it originated and held the Mortgage Loan.
(44) Terrorism Insurance. With respect to each Mortgage Loan that has a
Stated Principal Balance as of the Cut-Off Date that is greater than or equal to
$20,000,000, the related all risk insurance policy and business interruption
policy do not specifically exclude acts of terrorism from coverage. With respect
to each other Mortgage Loan, the related all risk insurance policy and business
interruption policy did not, as of the date of origination of the Mortgage Loan,
and, to the Mortgage Loan Seller's knowledge, does not as of the date hereof,
specifically exclude acts of terrorism from coverage. With respect to each of
the Mortgage Loans, the related Mortgage Loan Documents do not expressly waive
or prohibit the mortgagee from requiring coverage for acts of terrorism or
damages related thereto, except to the extent that any right to require such
coverage may be limited by commercially reasonable availability, or as otherwise
indicated on Schedule A.
(45) Operating Statements and Rent Rolls. In the case of each Mortgage
Loan, the related Mortgage Loan Documents require the related Mortgagor, in some
cases at the request of the lender, to provide to the holder of such Mortgage
Loan operating statements and rent rolls not less frequently than annually
(except if the Mortgage Loan has an outstanding principal balance of less than
or equal to $3,500,000 as of the Cut-Off Date or the related Mortgaged Property
has only one tenant, in either of which cases, the Mortgage Loan Documents
require the Mortgagor, in some cases at the request of the lender, to provide to
the holder of such Mortgage Loan operating statements and (if there is more than
one tenant) rent rolls and/or financial statements of the Mortgagor annually),
and such other information as may be required therein.
(46) An appraisal of the related Mortgaged Property was conducted in
connection with the origination of such Mortgage Loan, and such appraisal
satisfied the guidelines in Title XI of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as in effect on the date such Mortgage
Loan was originated.
SCHEDULE A
EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
Exceptions to Representation 4 (Lien; Valid Assignment)
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Mortgage Loan Exception
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Loan No. 39 (English Creek Shopping Center) There is a title exception in the title policy for a common wall
located on the southeastern boundary of the Mortgaged Property for
which no party wall agreement is of record. No affirmative title
insurance could be obtained for the exception. The Mortgagor has
agreed in the loan documents to endeavor to negotiate, post
closing, a party wall agreement with the owner of the adjacent
property. At origination, the Mortgagor executed a guaranty in
favor of the mortgagee, indemnifying the mortgagee for any loss,
costs or damages incurred by the mortgagee as a result of the
absence of any party wall agreement; this guaranty can only be
released if either (i) a satisfactory party wall agreement is
placed of record or (ii) in the event of a casualty, the building
is rebuilt entirely within the property line. In the event that an
agreement regarding the party wall is placed of record, the title
company has confirmed in a signed letter (included in the loan
file) that it will issue an endorsement to the existing title
policy modifying the title exception for the common wall and
affirmatively insuring the Mortgagor's right to rebuild the wall
in its existing location.
----------------------------------------------------------------- ------------------------------------------------------------------
Loan No. 271 (Midtown Center Mobile Home Park) The improvements consist of 58 mobile homes owned by the Mortgagor
and rented out as dwellings. Perfection of liens on mobile homes
requires delivering 58 original vehicle certificates of title, a
completed Mobile Home Lien Application for each, and fees to the
Alaska Department of Motor Vehicles (the "DMV"). The mortgagee
will receive evidence of the perfected lien when the DMV re-issues
each certificate of title showing the mortgagee as lien holder and
mailing the certificates of title to the mortgagee. The title,
applications and fees are being submitted to the DMV by escrow,
but the DMV processing and mailing will be effected post-closing.
The loan documents require the Mortgagor to cooperate and do all
things necessary to ensure that the title applications are
processed and the liens are perfected.
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Exception to Representation 7 (Condition of Property; Condemnation)
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Mortgage Loan Exception
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Loan No. 271 (Midtown Center Mobile Home Park) Approximately 20 of the 58 mobile homes that comprise the
collateral are located in a portion of a public dedicated street,
Indiana Street, that dead ends on the Mortgaged Property. The
Mortgagor is expected to apply to the City of Anchorage to vacate
this portion of Indian Street.
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Loan No. 114 (Colorado Cinema) No engineering report relating to the Mortgaged Property was
obtained as the collateral securing the Mortgage Loan is land and
does not include the related improvements.
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Exception to Representation 13 (Loan Document Status)
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Mortgage Loan Exception
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All Mortgage Loans With respect to all of the Mortgage Loans, certain provisions
contained in the Mortgage Loan documents may be further limited or
rendered unenforceable by applicable law, but (subject to the
limitations set forth in the representation) such limitations or
unenforceability will not render such Mortgage Loan documents
invalid as a whole or substantially interfere with the mortgagee's
realization of the principal benefits and/or security provided
thereby.
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Exceptions to Representation 14 (Insurance)
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Mortgage Loan Exception
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All Mortgage Loans With respect to all of the Mortgage Loans, notwithstanding the
requirements and standards set forth in paragraph 14(a) of the
representation, the Mortgage Loan documents for each of the
Mortgage Loans provides for a fire and extended perils insurance
policy in amount not less than the lesser of the principal balance
of the related Mortgage Loan and the replacement cost of the
improvements located at the Mortgaged Property, and contains no
provisions for a deduction for depreciation, and not less than the
amount necessary to avoid the operation of any co-insurance
provisions with respect to the Mortgaged Property. Additionally,
with respect to all the Mortgage Loans, notwithstanding the
requirements and standards set forth in paragraph 14(d) of the
representation, the Mortgage Loan documents for each of the
Mortgage Loans provides for a comprehensive general liability
insurance policy in an amount of not less than $1 million per
occurrence.
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Loan No. 114 (Colorado Cinema) The tenant at the Mortgaged Property provides the insurance
coverages rather than the Mortgagor. However, the business income
policy does not name the mortgagee as a loss payee.
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Loan No. 271 (Midtown Center Mobile Home Park) The Mortgagor does not carry any rent loss insurance. The
mortgagee waived this requirement for so long as guarantors ▇▇▇▇▇▇
▇. ▇▇▇▇▇▇▇, J. ▇▇▇ ▇▇▇▇▇▇, and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ maintain a minimum
net worth of $3,000,000. In addition, the non-recourse carveout
guarantor has provided an indemnity to the mortgagee for any
losses associated with the reduced coverage.
The Mortgagor's property insurance contains an 80% co-insurance
clause. The non-recourse carveout guarantor has provided an
indemnity to the mortgagee for any losses associated with the
reduced coverage (i.e. diminished insurance proceeds).
----------------------------------------------------------------- ------------------------------------------------------------------
Loan No. 298 (9411 8th Avenue) The seismic assessment reported a 22% probable loss. At
origination, the sponsor provided a guaranty for $1,460,000 of the
principal amount of the Mortgage Loan, together with accrued
interest and related costs and expenses, which will be released in
the event that either (i) a seismic assessment obtained after the
improvements at the Mortgaged Property are retrofitted reflects a
probable loss of below 20% or (ii) after a seismic event, (a) the
improvements on the Mortgaged Property are rebuilt and, as
rebuilt, such improvements meet the lender's then applicable
seismic testing requirements or the borrower secures seismic
insurance in all respects acceptable to lender, and (b) the lender
receives satisfactory evidence that the occupancy at the Mortgaged
Property is at least equal to the occupancy at the Mortgaged
Property immediately preceding the seismic event.
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Exceptions to Representation 17 (Leasehold Estate)
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Mortgage Loan Exception
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Loan No. 114 (Colorado Cinema) The related Mortgage Loan is secured by a fee and leasehold
interest in the subject property; however, the portion of the
subject property which is subject to a leasehold mortgage consists
solely of the borrower's reversionary interest in a parking lot
parcel adjacent to the main (fee mortgage) collateral parcel,
which parking lot parcel was previously assigned by the borrower
to the cinema tenant on the main (fee mortgage) parcel. The
parking lot parcel is referred to as the Tiller Parcel in the
borrower's ground lease of the main parcel to the cinema tenant,
and the ground lease does not expressly require the parking
provided by the Tiller Parcel. Although the leasehold mortgage on
borrower's reversionary interest in the Tiller Parcel is not
secured by a financeable ground lease, an estoppel obtained from
the fee owner of the Tiller Parcel contains notice and cure rights
in favor of lender, and the leasehold mortgage was not given value
for underwriting purposes, but was taken by lender as additional
collateral.
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Exceptions to Representation 21 (Advancement of Funds by the Seller)
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Mortgage Loan Exception
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All Mortgage Loans With respect to all of the Mortgage Loans, the representation is
true, except for (i) interest accruing from the date of
origination of each of the Mortgage Loans or the date of
disbursement of Mortgage Loan proceeds, whichever is later, to the
date which preceded by 30 days the first due date under the
related Mortgage Note, and (ii) any amounts paid by a tenant as
specifically provided under a related lease.
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Exceptions to Representation 25 (Releases of Mortgaged Property)
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Mortgage Loan Exception
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Loan No. 6 (NewCrow Industrial Portfolio) The Mortgage Loan permits the release of up to four properties (in
the aggregate) on up to four separate occasions from the
origination date through April 4, 2016 through partial prepayment
or partial defeasance, subject to the satisfaction of certain
conditions, including but not limited to: (i) no event of default
has occurred, (ii) the principal balance of the mortgage loan
amount after the release must be at least $50,000,000, (iii) if
the release is prior to April 5, 2010, no more that $25,000,000 of
the original principal balance of the mortgage loan may be prepaid
or defeased, (iv) a partial prepayment in the amount of 100% of
the Allocated Loan Amount attributable to the release property
must be paid for the first release, 105% for the second release,
and 110% for the third and fourth releases and for any individual
release in the event that the Mortgage Loan has been assumed, (v)
if the mortgage loan is to be partially prepaid, a yield
maintenance premium equal to the greater of 1.00% (1.50% if
prepayment occurs on or before April 5, 2010) or yield maintenance
(based on the yield on the U.S. Treasury issues set forth in the
loan documents, flat through April 5, 2010 and plus 0.50%
thereafter) must be paid, (vi) the DSCR after the release
(excluding the release property) may not be less than the greater
of the DSCR (including the release property) prior to the release,
1.32x during the interest only period or 1.08x during the
amortization period, provided, that the related Mortgagor is
permitted to partially prepay the mortgage loan in such amount as
is necessary to satisfy this condition (together with the
applicable yield maintenance premium) subject to clause (iii) of
this paragraph; (vii) the LTV after the release (excluding the
release property) may not exceed the LTV prior to the release
(including the release property), provided, that the Mortgagor is
permitted to partially prepay the mortgage loan in such amount as
is necessary to satisfy this condition (together with the
applicable yield maintenance premium) subject to clause (iii) of
this paragraph, and (viii) the mortgagee must have received
confirmation each of the applicable rating agencies to the effect
that such substitution will not result in a downgrade, withdrawal
or qualification of the rating then assigned to the Certificates.
In addition, this Mortgage Loan permits the Mortgagor to
substitute up to four properties (in the aggregate, and only once
per property) on up to four separate occasions from the
origination date through April 4, 2016, subject to the
satisfaction of certain conditions, including but not limited to:
(i) no event of default has occurred, (ii) the total allocated
loan amounts of substituted properties may not exceed $50,000,000,
(iii) the substitute property must be an industrial property, (iv)
the DSCR after the substitution (excluding the release property)
may not be less than the DSCR prior to the substitution (including
the release property), provided, that the Mortgagor is permitted
to partially prepay the mortgage loan in such amount as is
necessary to satisfy this condition (together with the applicable
yield maintenance premium), (v) the LTV after the substitution
(excluding the property to be substituted) may not exceed the
lesser of 70% or the LTV prior to the substitution (including the
property to be substitute), provided, that the Mortgagor is
permitted to partially prepay the mortgage loan in such amount as
is necessary to satisfy this condition (together with the
applicable yield maintenance premium), (vi) the mortgagee must
have received confirmation each of the applicable rating agencies
to the effect that such substitution will not result in a
downgrade, withdrawal or qualification of the rating then assigned
to the Certificates, and (vii) the Mortgage Loan has not been
assumed in accordance with the loan documents.
----------------------------------------------------------------- ------------------------------------------------------------------
Loan No. 166 (CVS Portfolio) The Mortgage Loan permits the release of one property in
connection with its sale to an unrelated third party in an
arms-length transaction, at any time after expiration of the
prepayment lock-out period upon prepayment of the applicable
allocated loan amount, together with any yield maintenance
premium, subject to the satisfaction of certain conditions,
including but not limited to: (i) Hook Super Rx, Inc., doing
business as CVS, must remain the tenant at each of the properties,
and must not be in default under its lease with respect to any
property; (ii) at least 10% of the allocated loan amount from the
sale of the property to be released must be deposited into a
reserve account, or if the sales proceeds are insufficient, the
Mortgagor must either deposit sufficient funds into the reserve
account in an amount sufficient to bring the balance to 10% of the
allocated loan amount or deliver to the mortgagee an acceptable
letter of credit in such amount; (iii) the combined DSCR for the
properties that continue to secure the mortgage loan must not less
than 1.25x, provided that the related Mortgagor is permitted to
partially prepay the mortgage loan in such amount as is necessary
to satisfy this condition (together with the applicable yield
maintenance premium); and (iv) the combined LTV of the remaining
properties must be no greater than 75%, provided that the related
Mortgagor is permitted to partially prepay the mortgage loan in
such amount as is necessary to satisfy this condition (together
with the applicable yield maintenance premium).
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Loan Nos. 109, 110 and 111 (Creme de la Creme, The Ranch at These three Mortgage Loans are cross-collateralized and
Cedar Hill and ▇▇▇▇ ▇▇▇▇▇▇ Common) cross-defaulted and permit the release of a portion of the
collateral in connection with the sale of one or two of the
Mortgaged Properties to an unrelated third party subject to the
satisfaction of certain conditions including, but not limited to:
(i) the Mortgagor must prepay an amount equal to 100% of the
amount allocated to the released property, together with yield
maintenance if prior to the expiration of the prepayment lockout
period, (ii) the DSCR of the remaining Mortgaged Properties is at
least 1.30x and (iii) the LTV of the remaining properties is not
greater than 70%. In addition, the cross-collateralization and
cross-default provisions may also be terminated in connection with
the assumption of one of the mortgage loans by a new Mortgagor,
provided that (i) the DSCR of the property to be assumed and the
remaining Mortgaged Properties is at least 1.30x and (ii) the LTV
of the remaining properties is not greater than 70%, the LTV of
the property is not greater than 70% and the ratio of the loan
amount of the Mortgaged Property to be assumed to the acquisition
cost is not greater than 70%.
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Exceptions to Representation 35 (Due-on-Sale)
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Mortgage Loan Exception
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All Mortgage Loans With respect to all of the Mortgage Loans, in addition to the
exceptions set forth in representation itself, the Mortgage Loan
documents provide for transfers for reasons of family and estate
planning.
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Loan Nos. 18, 58 and 44 (Sheraton Imperial Hotel, Campus The loan documents permit the equity owners of the Mortgagor to
Courtyard, ▇▇▇▇▇ ▇▇▇▇▇ Apartments) incur mezzanine debt subject to satisfaction of various conditions
specified in such documents, generally including the satisfaction
of LTV and DSCR tests.
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Exceptions to Representation 36 (Non-Recourse Exceptions)
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Mortgage Loan Exception
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All Mortgage Loans With respect to the non-recourse carveout guaranty, certain of the
guarantors have agreed to be liable with respect to "material
misrepresentation" as opposed to "willful misrepresentation."
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Loan No. 6 (NewCrow Industrial Portfolio) There is no natural person that is liable for the non-recourse
carveouts.
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Loan No. 44 (▇▇▇▇▇ ▇▇▇▇▇ Apartments) There is no natural person that is liable for the non-recourse
carveouts.
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Loan No. 58 (Campus Courtyard) There is no natural person that is liable for the non-recourse
carveouts.
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Exceptions to Representation 44 (Terrorism Insurance)
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Mortgage Loan Exception
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Loan No. 6 (NewCrow Industrial Portfolio) The loan documents provide that if the Terrorism Risk Insurance
Act of 2002, as amended, is no longer in effect, the Mortgagor is
only required to purchase as much terrorism insurance as may be
obtained for a premium equal to $593,984 per annum.
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Loan No. 59 (▇▇▇▇▇▇▇▇▇▇ Square) The loan documents provide that if the Terrorism Risk Insurance
Act of 2002, as amended, is no longer in effect, the Mortgagor is
only required to purchase as much terrorism insurance as may be
obtained for an amount equal to one and one-half times the premium
in effect on the origination date for all insurance policies.
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Loan No. 114 (Colorado Cinema) The lender waived the requirement that the borrower obtain
terrorism insurance as the collateral securing the Mortgage Loan
is land, and does not include the related improvements.
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SCHEDULE B
LIST OF MORTGAGORS THAT ARE
THIRD-PARTY BENEFICIARIES UNDER SECTION 5(b)
None.
EXHIBIT 3
▇▇▇▇ OF SALE
1. Parties. The parties to this ▇▇▇▇ of Sale are the following:
Seller: Prudential Mortgage Capital Funding, LLC
Purchaser: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc.
2. Sale. For value received, the Seller hereby conveys to the
Purchaser, without recourse, all right, title and interest in and to the
Mortgage Loans identified on Exhibit 1 (the "Mortgage Loan Schedule") to the
Mortgage Loan Purchase Agreement, dated as of May 1, 2007 (the "Mortgage Loan
Purchase Agreement"), between the Seller and the Purchaser and all of the
following property:
(a) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit and investment property consisting
of, arising from or relating to any of the following property: the
Mortgage Loans identified on the Mortgage Loan Schedule including the
related Mortgage Notes, Mortgages, security agreements, and title, hazard
and other insurance policies, all distributions with respect thereto
payable after the Cut-Off Date, all substitute or replacement Mortgage
Loans and all distributions with respect thereto, and the Mortgage Files;
(b) All accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit, investment property, and other
rights arising from or by virtue of the disposition of, or collections
with respect to, or insurance proceeds payable with respect to, or claims
against other Persons with respect to, all or any part of the collateral
described in clause (a) above (including any accrued discount realized on
liquidation of any investment purchased at a discount); and
(c) All cash and non-cash proceeds of the collateral described in
clauses (a) and (b) above.
3. Purchase Price. $_____ (including accrued interest).
4. Definitions. Terms used but not defined herein shall have the
meanings assigned to them in the Mortgage Loan Purchase Agreement.
IN WITNESS WHEREOF, each of the parties hereto has caused this ▇▇▇▇
of Sale to be duly executed and delivered on this 30th day of May, 2007.
SELLER: PRUDENTIAL MORTGAGE CAPITAL FUNDING, LLC
By:
------------------------------------
Name:
Title:
PURCHASER: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL I INC.
By:
------------------------------------
Name:
Title:
EXHIBIT 4
FORM OF LIMITED POWER OF ATTORNEY
THIS DOCUMENT PREPARED BY,
AND AFTER RECORDING RETURN TO:
Prudential Asset Resources, Inc.
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Centerline Servicing, Inc.
▇▇▇▇ ▇▇▇▇▇ ▇'▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
The Bank of New York Trust Company, National Association
▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
LIMITED POWER OF ATTORNEY
Know all persons by these presents; that the undersigned in its
capacity as Seller, having an address of ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇ Center ▇,
▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇ ▇▇▇▇▇▇ (the "Seller"),
being duly empowered and authorized to do so, does hereby make, constitute and
appoint Prudential Asset Resources, Inc., having an address of ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (the "Master Servicer"), Centerline Servicing,
Inc. (formerly ARCap Servicing, Inc.), having an address of ▇▇▇▇ ▇▇▇▇▇ ▇'▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇ ▇. ▇▇▇▇▇ (the "Special
Servicer"), and The Bank of New York Trust Company, National Association, having
an address of Corporate Trust Office, ▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇,
▇▇▇▇▇, Attention: Corporate Trust Services (CMBS) -- ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I
Inc., Series 2007-IQ14 (the "Trustee") as the true and lawful attorneys-in-fact
for the undersigned, in its name, place and stead, and for its use and benefit:
1. To empower the Trustee, the Master Servicer and, in the event of
the failure or incapacity of the Trustee and the Master Servicer, the Special
Servicer, to submit for recording, at the expense of the Seller, any mortgage
loan documents required to be recorded as described in the Pooling and Servicing
Agreement, dated as of May 1, 2007 (the "Pooling and Servicing Agreement"),
among ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital I Inc., as Depositor, the Capmark Master Servicer,
the Prudential Master Servicer, the ▇▇▇▇▇ Fargo Master Servicer, the Special
Servicer, the Trustee and the Paying Agent with respect to the Trust and any
intervening assignments with evidence of recording thereon that are required to
be included in the Mortgage File (so long as original counterparts have
previously been delivered to the Trustee).
2. This power of attorney shall be limited to the above-mentioned
exercise of power.
3. This instrument is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers
herein is not intended to, nor does it give rise to, and it is not intended to
be construed as, a general power of attorney.
4. The rights, power of authority of said attorney herein granted
shall commence and be in full force and effect on the date hereof and such
rights, powers and authority shall remain in full force and effect until the
termination of the Pooling and Servicing Agreement.
Capitalized terms used herein but not defined herein shall have the
meanings assigned to them in the Pooling and Servicing Agreement.
IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of May 2007.
Witnessed by: PRUDENTIAL MORTGAGE CAPITAL
FUNDING, LLC
By:
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Print Name: Name:
Title:
STATE OF )
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COUNTY OF )
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On __________________________, before me, a Notary Public in and for said
county, personally appeared ________________________________, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity, and that by his/her
signature on the instrument the person acted and executed the instrument.
Witness my hand and official seal.
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Commission Expires: