EXECUTION COPY
MORTGAGE LOAN PURCHASE AGREEMENT
THIS MORTGAGE LOAN PURCHASE AGREEMENT (this "Agreement") is dated as
of October 27, 2005, between GERMAN AMERICAN CAPITAL CORPORATION (the "Seller")
and CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC. (the "Purchaser").
The Seller intends to sell, and the Purchaser intends to purchase,
certain multifamily and commercial mortgage loans (the "Mortgage Loans")
identified on the schedule (the "Mortgage Loan Schedule") annexed hereto as
Annex A. The Purchaser intends to deposit the Mortgage Loans, along with certain
other mortgage loans (the "Other Mortgage Loans"), into a trust fund (the "Trust
Fund"), the beneficial ownership of which will be evidenced by multiple classes
(each, a "Class") of mortgage pass-through certificates (the "Certificates").
One or more "real estate mortgage investment conduit" ("REMIC") elections will
be made with respect to most of the Trust Fund. The Trust Fund will be created
and the Certificates will be issued pursuant to a Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of November 1, 2005,
among the Purchaser, as depositor, Midland Loan Services, Inc., as master
servicer (the "Master Servicer"), LNR Partners, Inc., as special servicer (the
"Special Servicer"), LaSalle Bank National Association, as trustee (the
"Trustee"), and ABN AMRO Bank N.V., as fiscal agent. Capitalized terms used
herein (including the schedules attached hereto) but not defined herein (or in
such schedules) have the respective meanings set forth in the Pooling and
Servicing Agreement.
Now, therefore, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:
SECTION 1. Agreement to Purchase.
The Seller agrees to sell, and the Purchaser agrees to purchase, the
Mortgage Loans identified on the Mortgage Loan Schedule. The Mortgage Loan
Schedule may be amended to reflect the actual Mortgage Loans delivered to the
Purchaser pursuant to the terms hereof. The Mortgage Loans are expected to have
an aggregate principal balance of $1,607,475,670 (the "GACC Mortgage Loan
Balance") (subject to a variance of plus or minus 5.0%) as of the close of
business on the Cut-off Date, after giving effect to any payments due on or
before such date, whether or not such payments are received. The GACC Mortgage
Loan Balance, together with the aggregate principal balance of the Other
Mortgage Loans as of the Cut-off Date (after giving effect to any payments due
on or before such date whether or not such payments are received), is expected
to equal an aggregate principal balance (the "Cut-off Date Pool Balance") of
$3,878,244,727 (subject to a variance of plus or minus 5.0%). The purchase and
sale of the Mortgage Loans shall take place on November 15, 2005 or such other
date as shall be mutually acceptable to the parties to this Agreement (the
"Closing Date"). The consideration (the "Aggregate Purchase Price") for the
Mortgage Loans shall consist of an amount equal to (i) 98.6289% of the GACC
Mortgage Loan Balance as of the Cut-off Date, plus (ii) $3,097,606, which amount
represents the amount of interest accrued on the GACC Mortgage Loan Balance, as
agreed to by the Seller and the Purchaser.
The Aggregate Purchase Price shall be paid to the Seller or its
designee by wire transfer in immediately available funds on the Closing Date.
SECTION 2. Conveyance of Mortgage Loans.
(a) Effective as of the Closing Date, subject only to receipt by the
Seller of the Aggregate Purchase Price and satisfaction or waiver of the other
conditions to closing that are for the benefit of the Seller (which conditions
shall be deemed to have been satisfied or waived upon the Seller's receipt of
the Aggregate Purchase Price), the Seller does hereby sell, transfer, assign,
set over and otherwise convey to the Purchaser, without recourse (except as set
forth in this Agreement), all the right, title and interest of the Seller in and
to the Mortgage Loans identified on the Mortgage Loan Schedule as of such date,
on a servicing-released basis (except with respect to the Outside Serviced
Mortgage Loan), together with all of the Seller's right, title and interest in
and to the proceeds of any related title, hazard, primary mortgage or other
insurance proceeds and any escrow, reserve or comparable accounts related to the
Mortgage Loans, subject, in the case of any Mortgage Loan that is part of a Loan
Combination, to the rights of the holder(s) of any other mortgage loan(s) in the
related Loan Combination in such proceeds and reserve or comparable accounts,
and further subject to that certain Servicing Rights Purchase Agreement, dated
as of November 15, 2005, between the Master Servicer and the Seller, and further
subject to the continuing rights of the Seller (which rights the Seller does not
sell, transfer, assign, set over or otherwise convey to the Purchaser
hereunder), pursuant to the related loan documents, to (i) establish or
designate a successor borrower in connection with a defeasance of the subject
Mortgage Loan, and (ii) to purchase or cause to be purchased the related
defeasance collateral.
(b) The Purchaser or its assignee shall be entitled to receive all
scheduled payments of principal and interest due after the Cut-off Date, and all
other recoveries of principal and interest collected after the Cut-off Date
(other than in respect of principal and interest on the Mortgage Loans due on or
before the Cut-off Date). All scheduled payments of principal and interest due
on or before the Cut-off Date but collected after the Cut-off Date, and
recoveries of principal and interest collected on or before the Cut-off Date
(only in respect of principal and interest on the Mortgage Loans due on or
before the Cut-off Date and principal prepayments thereon), shall belong to, and
shall be promptly remitted to, the Seller.
(c) No later than the Closing Date, the Seller shall, on behalf of the
Purchaser, deliver to the Trustee (with a copy to the Master Servicer and the
Special Servicer within ten Business Days of the Closing Date) the documents and
instruments specified below under clauses (i), (ii), (vii), (ix)(A) and (xi)(D)
and shall, not later than the date that is 30 days after the Closing Date,
deliver to the Trustee the remaining documents and instruments specified below
with respect to each Mortgage Loan that is a Serviced Mortgage Loan (the
documents and instruments specified below, collectively, the "Mortgage File").
All Mortgage Files so delivered will be held by the Trustee in escrow for the
benefit of the Seller at all times prior to the Closing Date. The Mortgage File
for each Mortgage Loan that is a Serviced Mortgage Loan shall contain the
following documents:
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(i) the original executed Mortgage Note including any power of
attorney related to the execution thereof, together with any and all
intervening endorsements thereon, endorsed on its face or by allonge
attached thereto (without recourse, representation or warranty, express or
implied) to the order of "LaSalle Bank National Association, as trustee for
the registered holders of CD 2005-CD1 Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2005-CD1" or in blank (or a lost
note affidavit and indemnity with a copy of such Mortgage Note attached
thereto);
(ii) an original or a copy of the Mortgage, together with any and
all intervening assignments thereof, in each case (unless not yet returned
by the applicable recording office) with evidence of recording indicated
thereon or certified by the applicable recording office;
(iii) an original or a copy of any related Assignment of Leases
(if such item is a document separate from the Mortgage), together with any
and all intervening assignments thereof, in each case (unless not yet
returned by the applicable recording office) with evidence of recording
indicated thereon or certified by the applicable recording office;
(iv) an original executed assignment, in recordable form (except
for any missing recording information and, if delivered in blank, the name
of the assignee), of (A) the Mortgage, (B) any related Assignment of Leases
(if such item is a document separate from the Mortgage) and (C) any other
recorded document relating to the Mortgage Loan otherwise included in the
Mortgage File, in favor of "LaSalle Bank National Association, as trustee
for the registered holders of CD 2005-CD1 Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2005-CD1" (and, in
the case of a Serviced Loan Combination, also on behalf of the related
Non-Trust Loan Noteholder(s)), or in blank;
(v) an original assignment of all unrecorded documents relating
to the Mortgage Loan (to the extent not already assigned pursuant to clause
(iv) above), in favor of "LaSalle Bank National Association, as trustee for
the registered holders of CD 2005-CD1 Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2005-CD1" (and, in the case of a
Serviced Loan Combination, also on behalf of the related Non-Trust Loan
Noteholder(s)), or in blank;
(vi) originals or copies of any consolidation, assumption,
substitution and modification agreements in those instances where the terms
or provisions of the Mortgage or Mortgage Note have been consolidated or
modified or the Mortgage Loan has been assumed or consolidated;
(vii) the original or a copy of the policy or certificate of
lender's title insurance or, if such policy has not been issued or located,
an original or copy of an irrevocable, binding commitment (which may be a
pro forma policy or marked version of the policy that has been executed by
an authorized representative of the title company or
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an agreement to provide the same pursuant to binding escrow instructions
executed by an authorized representative of the title company) to issue
such title insurance policy;
(viii) any filed copies (bearing evidence of filing) or other
evidence of filing reasonably satisfactory to the Purchaser of any prior
UCC Financing Statements in favor of the originator of the Mortgage Loan or
in favor of any assignee prior to the Trustee (but only to the extent the
Seller had possession of such UCC Financing Statements when it was to
deliver the subject Mortgage File on or prior to the Closing Date) and, if
there is an effective UCC Financing Statement and continuation statement in
favor of the Seller on record with the applicable public office for UCC
Financing Statements, an original UCC Financing Statement assignment, in
form suitable for filing in favor of "LaSalle Bank National Association, as
trustee for the registered holders of CD Commercial Mortgage Trust,
Commercial Mortgage Pass-Through Certificates, Series 2005-CD1" (and, in
the case of any Serviced Loan Combination, also on behalf of the related
Non-Trust Loan Noteholder(s)), as assignee, or in blank;
(ix) an original or a copy of any (A) Ground Lease and ground
lessor estoppel, (B) loan guaranty or indemnity, (C) secured creditor
environmental insurance policy or (D) lease enhancement policy;
(x) any intercreditor, co-lender or similar agreement relating to
permitted debt of the Mortgagor;
(xi) copies of any (A) loan agreement, (B) escrow agreement, (C)
security agreement or (D) letter of credit relating to the Mortgage Loan;
and
(xii) with respect to each Non-Trust Loan that is part of a
Serviced Loan Combination, all of the above documents with respect to such
Non-Trust Loan and the related Loan Combination Intercreditor Agreement;
provided that a copy of the Mortgage Note relating to each such Non-Trust
Loan, rather than the original, shall be provided, and no endorsements to
such note shall be provided.
Not later than the Closing Date, the Seller shall, on behalf of the
Purchaser, deliver to the Trustee (with a copy to the Master Servicer and the
Special Servicer within ten Business Days of the Closing date) the documents
specified below under clauses (i) through (iii). The Mortgage File with respect
to the Outside Serviced Mortgage Loan shall contain the following documents:
(i) the original executed Mortgage Note including any power of
attorney related to the execution thereof, together with any and all
intervening endorsements thereon, endorsed on its face or by allonge
attached thereto (without recourse, representation or warranty, express or
implied) to the order of "LaSalle Bank National Association, as trustee for
the registered holders of CD 2005-CD1 Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2005-CD1" or in blank (or a lost
note affidavit and indemnity with a copy of such Mortgage Note attached
thereto);
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(ii) an executed copy of the Loews Universal Hotel Portfolio
Co-Lender Agreement; and
(iii) an executed copy of the Outside Servicing Agreement.
The Seller hereby further represents and warrants that with respect to the
Outside Serviced Mortgage Loan, it has delivered to the Outside Trustee the
documents constituting the "Mortgage File" within the meaning of the Outside
Servicing Agreement in connection with its sale of the related Non-Trust Loan to
the depositor in connection with the Outside Servicing Agreement.
(d) The Seller, at its own cost and expense, shall retain an
independent third party (the "Recording/Filing Agent") that shall, as to each
Mortgage Loan, promptly (and in any event, as to any Mortgage Loan, within 90
days following the latest of (i) the Closing Date and (ii) the delivery of the
related Mortgage(s), Assignment(s) of Leases, recordable documents, and UCC
Financing Statements to the Trustee complete (if and to the extent necessary)
and cause to be submitted for recording or filing, as the case may be, in the
appropriate public office for real property records or UCC Financing Statements,
as appropriate, each assignment of Mortgage, assignment of Assignment of Leases
and assignment of any other recordable documents relating to each such Mortgage
Loan, in favor of the Trustee referred to in Sections 2(c)(iv)(A), (B) and (C)
and each assignment of a UCC Financing Statement in favor of the Trustee and so
delivered to the Trustee and referred to in Section 2(c)(viii). The Seller shall
cause the recorded original of each such assignment of recordable documents to
be delivered to the Trustee or its designee following recording, and shall cause
the file copy of each such UCC Financing Statement to be delivered to the
Trustee or its designee following filing; provided that in those instances where
the public recording office retains the original assignment of Mortgage or
assignment of Assignment of Leases, the Seller or the Recording/Filing Agent
shall obtain therefrom a certified copy of the recorded original, which shall be
delivered to the Trustee or its designee. 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 promptly prepare or cause to be prepared a substitute
therefor or cure such defect, as the case may be, and thereafter cause the same
to be duly recorded or filed, as appropriate. The Seller shall be responsible
for the out-of-pocket costs and expenses of the Recording/Filing Agent in
connection with its performance of the recording, filing and delivery
obligations contemplated above.
(e) All documents and records (except draft documents, attorney-client
privileged communications and internal correspondence, credit underwriting or
due diligence analyses, credit committee briefs or memoranda or other internal
approval documents or data or internal worksheets, memoranda, communications or
evaluations and other underwriting analysis of the Seller) relating to, and
necessary for the servicing and administration of, each Mortgage Loan (other
than the Outside Serviced Mortgage Loan) and in the Seller's possession that are
not required to be delivered to the Trustee shall promptly be delivered or
caused to be delivered by the Seller to the Master Servicer or at the direction
of the Master Servicer to the appropriate sub-servicer, together with any
related escrow amounts and reserve amounts.
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(f) The Seller shall take such actions as are reasonably necessary to
assign or otherwise grant to the Trust Fund the benefit of any letters of credit
in the name of the Seller which secure any Mortgage Loan. Without limiting the
generality of the foregoing, if a draw upon a letter of credit is required
before its transfer to the Trust Fund can be completed, the Seller shall draw
upon such letter of credit for the benefit of the Trust pursuant to written
instructions from the Master Servicer.
SECTION 3. Representations, Warranties and Covenants of Seller.
(a) The Seller hereby represents and warrants to and covenants with
the Purchaser, as of the date hereof, that:
(i) The Seller is a corporation organized and validly existing
and in good standing under the laws of the State of Maryland and possesses
all requisite authority, power, licenses, permits and franchises to carry
on its business as currently conducted by it and to execute, deliver and
comply with its obligations under the terms of this Agreement;
(ii) This Agreement has been duly and validly authorized,
executed and delivered by the Seller and, assuming due authorization,
execution and delivery hereof by the Purchaser, constitutes a legal, valid
and binding obligation of the Seller, enforceable against the Seller in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, receivership, moratorium and other
laws affecting the enforcement of creditors' rights in general and by
general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law), and by public policy
considerations underlying the securities laws, to the extent that such
public policy considerations limit the enforceability of the provisions of
this Agreement which purport to provide indemnification from liabilities
under applicable securities laws;
(iii) The execution and delivery of this Agreement by the Seller
and the Seller's performance and compliance with the terms of this
Agreement will not (A) violate the Seller's certificate of incorporation or
bylaws, (B) violate any law or regulation or any administrative decree or
order to which it is subject or (C) constitute a material default (or an
event which, with notice or lapse of time, or both, would constitute a
material default) under, or result in the breach of, any material contract,
agreement or other instrument to which the Seller is a party or by which
the Seller is bound, which default might have consequences that would, in
the Seller's reasonable and good faith judgment, materially and adversely
affect the condition (financial or other) or operations of the Seller or
its properties or have consequences that would materially and adversely
affect its performance hereunder;
(iv) The Seller is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal,
state, municipal or other governmental agency or body, which default might
have consequences that would, in the Seller's reasonable and good faith
judgment, materially and adversely affect the condition
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(financial or other) or operations of the Seller or its properties or have
consequences that would materially and adversely affect its performance
hereunder;
(v) The Seller is not a party to or bound by any agreement or
instrument or subject to any certificate of incorporation, bylaws or any
other corporate restriction or any judgment, order, writ, injunction,
decree, law or regulation that would, in the Seller's reasonable and good
faith judgment, materially and adversely affect the ability of the Seller
to perform its obligations under this Agreement or that requires the
consent of any third person to the execution of this Agreement or the
performance by the Seller of its obligations under this Agreement (except
to the extent such consent has been obtained);
(vi) No consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by the Seller of, or compliance by the Seller with, this
Agreement or the consummation of the transactions contemplated by this
Agreement except as have previously been obtained, and no bulk sale law
applies to such transactions;
(vii) No litigation is pending or, to the Seller's knowledge,
threatened against the Seller that would, in the Seller's good faith and
reasonable judgment, prohibit its entering into this Agreement or
materially and adversely affect the performance by the Seller of its
obligations under this Agreement; and
(viii) Under generally accepted accounting principles ("GAAP")
and for federal income tax purposes, the Seller will report the transfer of
the Mortgage Loans to the Purchaser as a sale of the Mortgage Loans to the
Purchaser in exchange for consideration consisting of the Aggregate
Purchase Price. The consideration received by the Seller upon the sale of
the Mortgage Loans to the Purchaser will constitute at least reasonably
equivalent value and fair consideration for the Mortgage Loans. The Seller
will be solvent at all relevant times prior to, and will not be rendered
insolvent by, the sale of the Mortgage Loans to the Purchaser. The Seller
is not selling the Mortgage Loans to the Purchaser with any intent to
hinder, delay or defraud any of the creditors of the Seller.
(b) The Seller hereby makes, on the date hereof and on the Closing
Date, the representations and warranties contained in Schedule I and Schedule II
hereto with respect to each Mortgage Loan, for the benefit of the Purchaser,
which representations and warranties are subject to the exceptions set forth on
Schedule III.
(c) If the Seller receives written notice of a Document Defect or a
Breach pursuant to Section 2.03(a) of the Pooling and Servicing Agreement
relating to a Mortgage Loan, then the Seller shall, not later than 90 days from
receipt of such notice (or, in the case of a Document Defect or Breach relating
to a Mortgage Loan not being a "qualified mortgage" within the meaning of the
REMIC Provisions (a "Qualified Mortgage"), not later than 90 days from any party
to the Pooling and Servicing Agreement discovering such Document Defect or
Breach, provided the Seller receives such notice in a timely manner), if such
Document Defect or Breach
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shall materially and adversely affect the value of the applicable Mortgage Loan
or the interests of the Certificateholders therein, cure such Document Defect or
Breach, as the case may be, in all material respects, which shall include
payment of actual losses and any Additional Trust Fund Expenses directly
resulting therefrom or, if such Document Defect or Breach (other than omissions
solely due to a document not having been returned by the related recording
office) cannot be cured within such 90-day period, (i) repurchase the affected
Mortgage Loan at the applicable Purchase Price not later than the end of such
90-day period, or (ii) substitute a Qualified Substitute Mortgage Loan (other
than with respect to the One Court Square-Citibank Mortgage Loan, for which no
substitution shall be permitted) for such affected Mortgage Loan not later than
the end of such 90-day period (and in no event later than the second anniversary
of the Closing Date) and pay the Master Servicer for deposit into the
Certificate Account, any Substitution Shortfall Amount in connection therewith;
provided, however, that, if a Document Defect or Breach is capable of being
cured but not within such 90-day period and the Seller has commenced and is
diligently proceeding with the cure of such Document Defect or Breach within
such 90-day period, then unless such Document Defect or Breach would cause the
Mortgage Loan not to be a Qualified Mortgage, such Seller shall have an
additional 90 days to complete such cure (or, failing such cure, to repurchase
or substitute for the related Mortgage Loan); and provided, further, that with
respect to such additional 90-day period the Seller shall have delivered an
officer's certificate to the Trustee setting forth what actions the Seller is
pursuing in connection with the cure thereof and stating that the Seller
anticipates that such Document Defect or Breach will be cured within the
additional 90-day period. For a period of two years from the Closing Date, so
long as there remains any Mortgage File relating to a Mortgage Loan as to which
there is an uncured Document Defect, the Seller shall provide the officer's
certificate to the Trustee described above as to the reasons such Document
Defect remains uncured and as to the actions being taken to pursue cure.
No substitution of a Qualified Substitute Mortgage Loan or Qualified
Substitute Mortgage Loans may be made in any calendar month after the
Determination Date for such month. Periodic Payments due with respect to any
Qualified Substitute Mortgage Loan after the related date of substitution shall
be part of the Trust Fund. Periodic Payments due with respect to any Qualified
Substitute Mortgage Loan on or prior to the related date of substitution shall
not be part of the Trust Fund and shall be remitted to the Seller promptly
following receipt.
(d) If (i) any Mortgage Loan is required to be repurchased or
substituted for in the manner described above, (ii) such Mortgage Loan is a
Crossed Loan, and (iii) the applicable Document Defect or Breach does not
constitute a Document Defect or Breach, as the case may be, as to any other
Crossed Loan in such Crossed Group (without regard to this paragraph), then the
applicable Document Defect or Breach, as the case may be, will be deemed to
constitute a Document Defect or Breach, as the case may be, as to each other
Crossed Loan in the Crossed Group for purposes of this paragraph, and the Seller
will be required to repurchase or substitute for the remaining Crossed Loan(s)
in the related Crossed Group as provided in the immediately preceding paragraph
unless such other Crossed Loans in such Crossed Group satisfy the Crossed Loan
Repurchase Criteria and satisfy all other criteria for substitution or
repurchase, as applicable, of Mortgage Loans set forth herein or in the Pooling
and Servicing Agreement. In the event that the remaining Crossed Loans satisfy
the aforementioned criteria, the Seller may elect either to repurchase or
substitute for only the affected Crossed Loan as to which the related
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Document Defect or Breach exists or to repurchase or substitute for all of the
Crossed Loans in the related Crossed Group. The Seller shall be responsible for
the cost of any Appraisal required to be obtained by the Master Servicer to
determine if the Crossed Loan Repurchase Criteria have been satisfied, so long
as the scope and cost of such Appraisal has been approved by the Seller (such
approval not to be unreasonably withheld). To the extent that the Seller is
required to purchase or substitute for a Crossed Loan hereunder in the manner
prescribed above while the Purchaser continues to hold any other Crossed Loans
in such Crossed Group, neither the Seller nor the Purchaser shall enforce any
remedies against the other's Primary Collateral, but each is permitted to
exercise remedies against the Primary Collateral securing its respective Crossed
Loans, including, with respect to the Purchaser, the Primary Collateral securing
the Crossed Loans still held by the Purchaser, so long as such exercise does not
materially impair the ability of the other party to exercise its remedies
against its Primary Collateral.
If the exercise of remedies by one party would materially impair the
ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Loans held by such party, then the Seller and
the Purchaser shall forbear from exercising such remedies until the Mortgage
Loan documents evidencing and securing the relevant Crossed Loans can be
modified in a manner that complies with this Agreement to remove the threat of
material impairment as a result of the exercise of remedies or some other
accommodation can be reached. Any reserve or other cash collateral or letters of
credit securing the Crossed Loans shall be allocated between such Crossed Loans
in accordance with the Mortgage Loan documents or, if not specified in the
related Mortgage Loan documents, on a pro rata basis based upon their
outstanding Stated Principal Balances. Notwithstanding the foregoing, if a
Crossed Loan included in the Trust Fund is modified to terminate the related
cross-collateralization and/or cross-default provisions, as a condition to such
modification, the Seller shall furnish to the Trustee an Opinion of Counsel that
such modification shall not cause an Adverse REMIC Event. Any expenses incurred
by the Purchaser in connection with such modification or accommodation
(including but not limited to recoverable attorney fees) shall be paid by the
Seller.
Notwithstanding any of the foregoing provisions of this Section 3(d),
if there is a Document Defect or Breach (which Document Defect or Breach shall
materially and adversely affect the value of the related Mortgage Loan or the
interests of the Certificateholders therein) with respect to one or more
Mortgaged Properties with respect to a Mortgage Loan, the Seller shall not be
obligated to repurchase or substitute the Mortgage Loan if (i) the affected
Mortgaged Property(ies) may be released or substituted pursuant to the terms of
any partial release or substitution provisions in the related Mortgage Loan
documents (and such Mortgaged Property(ies) are, in fact, released or
substituted) and, to the extent not covered by the applicable release price (if
any) required under the related Mortgage Loan documents, the Seller pays (or
causes to be paid) any additional amounts necessary to cover all reasonable
out-of-pocket expenses reasonably incurred by the Master Servicer, the Special
Servicer, the Trustee or the Trust Fund in connection with such release or
substitution, (ii) the remaining Mortgaged Property(ies) satisfy the
requirements, if any, set forth in the related Mortgage Loan documents and the
Seller provides an opinion of counsel to the effect that such release would not
cause either of REMIC I or REMIC II to fail to qualify as a REMIC under the Code
or result in the imposition of any tax on "prohibited transactions" or
"contributions" after the Startup Day under the REMIC Provisions and (iii) each
Rating Agency then rating the Certificates shall have
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provided written confirmation that such release would not cause the then-current
ratings of the Certificates rated by it to be qualified, downgraded or
withdrawn.
(e) In connection with any permitted repurchase or substitution of one
or more Mortgage Loans contemplated hereby, upon receipt of a certificate from a
Servicing Officer certifying as to the receipt of the Purchase Price or
Substitution Shortfall Amount(s), as applicable, in the Certificate Account, and
the delivery of the Mortgage File(s) and the Servicing File(s) for the related
Qualified Substitute Mortgage Loan(s) to the Custodian and the Master Servicer,
respectively, if applicable, (i) the Trustee shall execute and deliver such
endorsements and assignments as are provided to it by the Master Servicer, in
each case without recourse, representation or warranty, as shall be necessary to
vest in the Seller, the legal and beneficial ownership of each repurchased
Mortgage Loan or substituted Mortgage Loan, as applicable, (ii) the Trustee, the
Custodian, the Master Servicer and the Special Servicer shall each tender to the
Seller, upon delivery to each of them of a receipt executed by the Seller, all
portions of the Mortgage File and other documents pertaining to such Mortgage
Loan possessed by it, and (iii) the Master Servicer and the Special Servicer
shall release to the Seller any Escrow Payments and Reserve Funds held by it in
respect of such repurchased or deleted Mortgage Loans.
(f) Without limiting the remedies of the Purchaser, the
Certificateholders or the Trustee on behalf of the Certificateholders pursuant
to this Agreement, it is acknowledged that the representations and warranties
are being made for risk allocation purposes. This Section 3 provides the sole
remedy available to the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Document Defect in a Mortgage File or any
Breach of any representation or warranty set forth in or required to be made
pursuant to this Section 3.
SECTION 4. Representations and Warranties of the Purchaser. In order
to induce the Seller to enter into this Agreement, the Purchaser hereby
represents and warrants for the benefit of the Seller as of the date hereof
that:
(a) The Purchaser is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Purchaser has
the full corporate power and authority and legal right to acquire the Mortgage
Loans from the Seller and to transfer the Mortgage Loans to the Trustee.
(b) This Agreement has been duly and validly authorized, executed and
delivered by the Purchaser, all requisite action by the Purchaser's directors
and officers has been taken in connection therewith, and (assuming the due
authorization, execution and delivery hereof by the Seller) this Agreement
constitutes the valid, legal and binding agreement of the Purchaser, enforceable
against the Purchaser in accordance with its terms, except as such enforcement
may be limited by (i) laws relating to bankruptcy, insolvency, reorganization,
receivership or moratorium, (ii) other laws relating to or affecting the rights
of creditors generally, or (iii) general equity principles (regardless of
whether such enforcement is considered in a proceeding in equity or at law).
(c) Except as may be required under federal or state securities laws
(and which will be obtained on a timely basis), no consent, approval,
authorization or order of,
10
registration or filing with, or notice to, any governmental authority or court,
is required, under federal or state law, for the execution, delivery and
performance by the Purchaser of or compliance by the Purchaser with this
Agreement, or the consummation by the Purchaser of any transaction described in
this Agreement.
(d) None of the acquisition of the Mortgage Loans by the Purchaser,
the transfer of the Mortgage Loans to the Trustee, and the execution, delivery
or performance of this Agreement by the Purchaser, results or will result in the
creation or imposition of any lien on any of the Purchaser's assets or property,
or conflicts or will conflict with, results or will result in a breach of, or
constitutes or will constitute a default under (i) any term or provision of the
Purchaser's articles of association or bylaws, (ii) any term or provision of any
material agreement, contract, instrument or indenture, to which the Purchaser is
a party or by which the Purchaser is bound, or (iii) any law, rule, regulation,
order, judgment, writ, injunction or decree of any court or governmental
authority having jurisdiction over the Purchaser or its assets, which default
might have consequences that would, in the Purchaser's reasonable and good faith
judgment, materially and adversely affect the condition (financial or other) or
operations of the Purchaser or its properties or have consequences that would
materially and adversely affect its performance hereunder.
(e) Under GAAP and for federal income tax purposes, the Purchaser will
report the transfer of the Mortgage Loans by the Seller to the Purchaser as a
sale of the Mortgage Loans to the Purchaser in exchange for consideration
consisting of the Aggregate Purchase Price.
(f) There is no action, suit, proceeding or investigation pending or
to the knowledge of the Purchaser, threatened against the Purchaser in any court
or by or before any other governmental agency or instrumentality which would, in
the Purchaser's reasonable and good faith judgment, materially and adversely
affect the validity of this Agreement or any action taken in connection with the
obligations of the Purchaser contemplated herein, or which would be likely to
impair materially the ability of the Purchaser to enter into and/or perform
under the terms of this Agreement.
(g) The Purchaser is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have consequences that
would materially and adversely affect the condition (financial or other) or
operations of the Purchaser or its properties or might have consequences that
would materially and adversely affect its performance hereunder.
SECTION 5. Closing. The closing of the sale of the Mortgage Loans (the
"Closing") shall be held at the offices of Sidley Xxxxxx Xxxxx & Xxxx LLP, New
York, New York on the Closing Date.
The Closing shall be subject to each of the following conditions:
(a) All of the representations and warranties of the Seller set forth
in or made pursuant to Section 3(a) and Section 3(b) of this Agreement and all
of the representations and
11
warranties of the Purchaser set forth in Section 4 of this Agreement shall be
true and correct in all material respects as of the Closing Date;
(b) The Pooling and Servicing Agreement (to the extent it affects the
obligations of the Seller hereunder) and all documents specified in Section 6 of
this Agreement (the "Closing Documents"), in such forms as are agreed upon and
acceptable to the Purchaser, the Seller, the Underwriters, the Initial
Purchasers and their respective counsel in their reasonable discretion, shall be
duly executed and delivered by all signatories as required pursuant to the
respective terms thereof;
(c) The Seller shall have delivered and released to the Trustee (or a
Custodian on its behalf) and the Master Servicer, respectively, all documents
represented to have been or required to be delivered to the Trustee and the
Master Servicer pursuant to Section 2 of this Agreement;
(d) All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with in all
material respects and the Seller and the Purchaser shall each have the ability
to comply with all terms and conditions and perform all duties and obligations
required to be complied with or performed after the Closing Date;
(e) The Seller shall have paid all fees and expenses payable by it to
the Purchaser or otherwise pursuant to this Agreement as of the Closing Date;
and
(f) Letters from the independent accounting firms of Ernst & Young LLP
and PricewaterhouseCoopers LLP in form satisfactory to the Purchaser, relating
to certain information regarding the Mortgage Loans and Certificates as set
forth in the Prospectus and Prospectus Supplement, respectively.
Both parties agree to use their best efforts to perform their
respective obligations hereunder in a manner that will enable the Purchaser to
purchase the Mortgage Loans on the Closing Date.
SECTION 6. Closing Documents. The Closing Documents shall consist of
the following:
(a) This Agreement duly executed by the Purchaser and the Seller;
(b) A certificate of the Seller, executed by a duly authorized officer
of the Seller and dated the Closing Date, and upon which the Purchaser, the
Underwriters and the Initial Purchasers may rely, to the effect that: (i) the
representations and warranties of the Seller in this Agreement are true and
correct in all material respects at and as of the Closing Date with the same
effect as if made on such date; and (ii) the Seller has, in all material
respects, complied with all the agreements and satisfied all the conditions on
its part that are required under this Agreement to be performed or satisfied at
or prior to the Closing Date;
12
(c) An officer's certificate from 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;
(d) An officer's certificate from an officer of the Seller (signed in
his/her capacity as an officer), dated the Closing Date, and upon which the
Purchaser, the Underwriters and the Initial Purchasers may rely, to the effect
that (i) such officer has carefully examined the Specified Portions (as defined
below) of the Prospectus Supplement and nothing has come to his attention that
would lead him to believe that the Specified Portions of the Prospectus
Supplement, as of the date of the Prospectus Supplement or as of the Closing
Date, included or include any untrue statement of a material fact relating to
the Mortgage Loans or the Seller or omitted or omit to state therein a material
fact necessary in order to make the statements therein relating to the Mortgage
Loans or the Seller, in light of the circumstances under which they were made,
not misleading, and (ii) such officer has examined the Specified Portions of the
Memorandum and nothing has come to his attention that would lead him to believe
that the Specified Portions of the Memorandum, as of the date thereof or as of
the Closing Date, included or include any untrue statement of a material fact
relating to the Mortgage Loans or omitted or omit to state therein a material
fact necessary in order to make the statements therein related to the Mortgage
Loans or the Seller, in the light of the circumstances under which they were
made, not misleading. The "Specified Portions" of the Prospectus Supplement
shall consist of Annexes X-0, X-0, X-0, X-0, X-0 and B thereto (insofar as the
information contained in such annexes relates to the Mortgage Loans), the
diskette which accompanies the Prospectus Supplement (insofar as such diskette
is consistent with such Annexes X-0, X-0, X-0, X-0, X-0 and B) and the following
sections of the Prospectus Supplement (to the extent they relate to the Seller
or the Mortgage Loans and exclusive of any statements in such sections that
purport to summarize the servicing and administration provisions of the Pooling
and Servicing Agreement): "Summary of Prospectus Supplement--Relevant
Parties--Mortgage Loan Sellers," "Summary of Prospectus Supplement--The
Underlying Mortgage Loans and the Mortgaged Real Properties," "Risk
Factors--Risks Related to the Underlying Mortgage Loans," and "Description of
the Mortgage Pool." The "Specified Portions" of the Memorandum shall consist of
the Specified Portions of the Prospectus Supplement and "Summary of the Offering
Memorandum--Relevant Parties--Mortgage Loan Sellers".
(e) The certificate of incorporation and by-laws of the Seller, and a
certificate of good standing of the Seller issued by the State of Maryland not
earlier than sixty (60) days prior to the Closing Date;
(f) A written opinion of counsel for the Seller (which opinion may be
from in-house counsel, outside counsel or a combination thereof), relating to
certain corporate and enforceability matters and reasonably satisfactory to the
Purchaser, its counsel and the Rating Agencies, dated the Closing Date and
addressed to the Purchaser, the Trustee, the Underwriters,
13
the Initial Purchasers and each of the Rating Agencies, together with such other
written opinions as may be required by the Rating Agencies; and
(g) Such further certificates, opinions and documents as the Purchaser
may reasonably request prior to the sale of the Mortgage Loans by the Seller to
the Purchaser.
SECTION 7. Costs. The Seller shall pay (or shall reimburse the
Purchaser to the extent that the Purchaser has paid) the Seller's pro rata
portion of the aggregate of the following amounts (the Seller's pro rata portion
to be determined according to the percentage that the GACC Mortgage Loan Balance
represents as of the Cut-off Date Pool Balance, the exact amount of which shall
be as set forth in or determined pursuant to the memorandum of understanding, to
which the Seller and the Purchaser (or affiliates thereof) are parties, with
respect to the transactions contemplated by this Agreement): (i) the costs and
expenses of delivering the Pooling and Servicing Agreement and the Certificates;
(ii) the costs and expenses of printing (or otherwise reproducing) and
delivering a preliminary and final Prospectus and Memorandum relating to the
Certificates; (iii) the initial fees, costs, and expenses of the Trustee
(including reasonable attorneys' fees); (iv) the filing fee charged by the
Securities and Exchange Commission for registration of the Certificates so
registered; (v) the fees charged by the Rating Agencies to rate the Certificates
so rated; (vi) the fees and disbursements of a firm of certified public
accountants selected by the Purchaser and the Seller with respect to numerical
information in respect of the Mortgage Loans and the Certificates included in
the Prospectus, the Memorandum and any related Computational Materials or ABS
Term Sheets, including in respect of the cost of obtaining any "comfort letters"
with respect to such items; (vii) the reasonable out-of-pocket costs and
expenses in connection with the qualification or exemption of the Certificates
under state securities or "Blue Sky" laws, including filing fees and reasonable
fees and disbursements of counsel in connection therewith, in connection with
the preparation of any "Blue Sky" survey and in connection with any
determination of the eligibility of the Certificates for investment by
institutional investors and the preparation of any legal investment survey;
(viii) the expenses of printing any such "Blue Sky" survey and legal investment
survey; and (ix) the reasonable fees and disbursements of counsel to the
Underwriters and the Initial Purchasers. All other costs and expenses in
connection with the transactions contemplated hereunder shall be borne by the
party incurring such expense.
SECTION 8. Grant of a Security Interest. It is the express intent of
the parties hereto that the conveyance of the Mortgage Loans by the Seller to
the Purchaser as provided in Section 2 hereof be, and be construed as, a sale of
the Mortgage Loans by the Seller to the Purchaser and not as a pledge of the
Mortgage Loans by the Seller to the Purchaser to secure a debt or other
obligation of the Seller. However, if, notwithstanding the aforementioned intent
of the parties, the Mortgage Loans are held to be property of the Seller, then,
(a) it is the express intent of the parties that such conveyance be deemed a
pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or
other obligation of the Seller, and (b) (i) this Agreement shall also be deemed
to be a security agreement within the meaning of Article 9 of the Uniform
Commercial Code of the applicable jurisdiction; (ii) the conveyance provided for
in Section 2 hereof shall be deemed to be a grant by the Seller to the Purchaser
of a security interest in all of the Seller's right, title and interest in and
to the Mortgage Loans, and all amounts payable to the holder of the Mortgage
Loans in accordance with the terms thereof, and all
14
proceeds of the conversion, voluntary or involuntary, of the foregoing into
cash, instruments, securities or other property, including, without limitation,
all amounts, other than investment earnings, from time to time held or invested
in the Certificate Account, the Distribution Account or, if established, the REO
Account (each as defined in the Pooling and Servicing Agreement) whether in the
form of cash, instruments, securities or other property; (iii) the assignment to
the Trustee of the interest of the Purchaser as contemplated by Section 1 hereof
shall be deemed to be an assignment of any security interest created hereunder;
(iv) the possession by the Trustee or any of its agents, including, without
limitation, the Custodian, of the Mortgage Notes, and such other items of
property as constitute instruments, money, negotiable documents or chattel paper
shall be deemed to be possession by the secured party for purposes of perfecting
the security interest pursuant to Section 9-313 of the Uniform Commercial Code
of the applicable jurisdiction; and (v) notifications to persons (other than the
Trustee) holding such property, and acknowledgments, receipts or confirmations
from persons (other than the Trustee) holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the secured party for the
purpose of perfecting such security interest under applicable law. The Seller
and the Purchaser shall, to the extent consistent with this Agreement, take such
actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans, such security interest would
be deemed to be a perfected security interest of first priority under applicable
law and will be maintained as such throughout the term of this Agreement and the
Pooling and Servicing Agreement, and in connection therewith the Seller
authorizes the Purchaser to file any and all appropriate Uniform Commercial Code
financing statements.
SECTION 9. Covenants of Purchaser. The Purchaser shall provide the
Seller with all forms of Disclosure Materials (including the final form of the
Memorandum and the preliminary and final forms of the Prospectus Supplement)
promptly upon any such document becoming available.
SECTION 10. Notices. All notices, copies, requests, consents, demands
and other communications required hereunder shall be in writing and telecopied
or delivered to the intended recipient at the "Address for Notices" specified
beneath its name on the signature pages hereof or, as to either party, at such
other address as shall be designated by such party in a notice hereunder to the
other party. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when transmitted by
telecopier or personally delivered or, in the case of a mailed notice, upon
receipt, in each case given or addressed as aforesaid.
SECTION 11. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, incorporated herein by reference or contained in the certificates of
officers of the Seller submitted pursuant hereto, shall remain operative and in
full force and effect and shall survive delivery of the Mortgage Loans by the
Seller to the Purchaser (and by the Purchaser to the Trustee).
SECTION 12. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or
which is held to be void or
15
unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof. Any part,
provision, representation, warranty or covenant of this Agreement that is
prohibited or unenforceable or is held to be void or unenforceable in any
particular jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. To the extent permitted by applicable law,
the parties hereto waive any provision of law which prohibits or renders void or
unenforceable any provision hereof.
SECTION 13. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but which together shall
constitute one and the same agreement.
SECTION 14. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES,
OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF NEW YORK. THE PARTIES HERETO
INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS AGREEMENT.
SECTION 15. Attorneys' Fees. If any legal action, suit or proceeding
is commenced between the Seller and the Purchaser regarding their respective
rights and obligations under this Agreement, the prevailing party shall be
entitled to recover, in addition to damages or other relief, costs and expenses,
attorneys' fees and court costs (including, without limitation, expert witness
fees). As used herein, the term "prevailing party" shall mean the party which
obtains the principal relief it has sought, whether by compromise settlement or
judgment. If the party which commenced or instituted the action, suit or
proceeding shall dismiss or discontinue it without the concurrence of the other
party, such other party shall be deemed the prevailing party.
SECTION 16. Further Assurances. The Seller and the Purchaser agree to
execute and deliver such instruments and take such further actions as the other
party may, from time to time, reasonably request in order to effectuate the
purposes and to carry out the terms of this Agreement.
SECTION 17. Successors and Assigns. The rights and obligations of the
Seller under this Agreement shall not be assigned by the Seller without the
prior written consent of the Purchaser, except that any person into which the
Seller may be merged or consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Seller is a party, or any
person succeeding to all or substantially all of the business of the Seller,
shall be the successor to the Seller hereunder. The Purchaser has the right to
assign its interest under this Agreement, in whole or in part, as may be
required to effect the purposes of the Pooling and Servicing Agreement, and the
assignee shall, to the extent of such assignment, succeed to the rights and
obligations hereunder of the Purchaser. Subject to the foregoing, this Agreement
shall bind and inure to the benefit of and be enforceable by the Seller, the
Purchaser, the Underwriters
16
and the Initial Purchasers (as intended third party beneficiaries hereof) and
their permitted successors and assigns. This Agreement is enforceable by the
Underwriters, the Initial Purchasers and the other third party beneficiaries
hereto in all respects to the same extent as if they had been signatories
hereof.
SECTION 18. Amendments. No term or provision of this Agreement may be
waived or modified unless such waiver or modification is in writing and signed
by a duly authorized officer of the party, or third party beneficiary, against
whom such waiver or modification is sought to be enforced. No amendment to the
Pooling and Servicing Agreement which relates to defined terms contained
therein, Section 2.01(d) thereof or the repurchase obligations or any other
obligations of the Seller shall be effective against the Seller (in such
capacity) unless the Seller shall have agreed to such amendment in writing.
SECTION 19. Accountants' Letters. The parties hereto shall cooperate
with Ernst & Young LLP and PricewaterhouseCoopers LLP in making available all
information and taking all steps reasonably necessary to permit such accountants
to deliver the letters required by the Underwriting Agreement.
SECTION 20. Knowledge. Whenever a representation or warranty or other
statement in this Agreement is made with respect to a Person's "knowledge," such
statement refers to such Person's employees or agents who were or are
responsible for or involved with the indicated matter and have actual knowledge
of the matter in question.
[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]
17
IN WITNESS WHEREOF, the Seller and the Purchaser have caused their
names to be signed hereto by their respective duly authorized officers as of the
date first above written.
SELLER
GERMAN AMERICAN CAPITAL
CORPORATION
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
By: /s/ Xxxxxx Xxxxxxxx
-------------------------
Name: Xxxxxx Xxxxxxxx
Title: Authorized Signatory
Address for Notices:
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.:
Telephone No.:
PURCHASER
CITIGROUP COMMERCIAL MORTGAGE
SECURITIES INC.
By: /s/ Xxxxxx Xxxxx
---------------------------
Name: Xxxxxx Xxxxx
Title: Vice President
Address for Notices:
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: 000-000-0000
Telephone No.: 000-000-0000
MORTGAGE LOAN PURCHASE AGREEMENT
SCHEDULE I
GENERAL MORTGAGE REPRESENTATIONS AND WARRANTIES
1. The information pertaining to each Mortgage Loan set forth in the
Mortgage Loan Schedule was true and correct in all material respects as of
the Cut-off Date.
2. As of the date of its origination, such Mortgage Loan and, the
interest (exclusive of any default interest, late charges or prepayment
premiums) contracted for thereunder, complied in all material respects
with, or was exempt from, all requirements of federal, state or local law
relating to the origination of such Mortgage Loan, including those
pertaining to usury.
3. Immediately prior to the sale, transfer and assignment to the
Purchaser, the Seller had good and marketable title to, and was the sole
owner of, each Mortgage Loan, and the Seller is transferring such Mortgage
Loan free and clear of any and all liens, pledges, charges or security
interests of any nature encumbering such Mortgage Loan. Upon consummation
of the transactions contemplated by the Mortgage Loan Purchase Agreement,
the Seller will have validly and effectively conveyed to the Purchaser all
legal and beneficial interest in and to such Mortgage Loan free and clear
of any pledge, lien or security interest.
4. The proceeds of such Mortgage Loan have been fully disbursed
(except if such Mortgage Loan is a Mortgage Loan as to which a portion of
the funds disbursed are being held in escrow or reserve accounts) and there
is no requirement for future advances thereunder by the Mortgagee.
5. Each related Mortgage Note, Mortgage, Assignment of Leases (if any)
and other agreement executed by the Mortgagor in connection with such
Mortgage Loan is a legal, valid and binding obligation of the related
Mortgagor (subject to any non-recourse provisions therein and any state
anti-deficiency or market value limit deficiency legislation), enforceable
in accordance with its terms, except (a) that certain provisions contained
in such Mortgage Loan documents are or may be unenforceable in whole or in
part under applicable state or federal laws, but neither the application of
any such laws to any such provision nor the inclusion of any such
provisions renders any of the Mortgage Loan documents invalid as a whole
and such Mortgage Loan documents taken as a whole are enforceable to the
extent necessary and customary for the practical realization of the rights
and benefits afforded thereby and (b) as such enforcement may be limited by
bankruptcy, insolvency, receivership, reorganization, moratorium,
redemption, liquidation or other laws affecting the enforcement of
creditors' rights generally, or by general principles of equity (regardless
of whether such enforcement is considered in a proceeding in equity or at
law). The related Mortgage Note and Mortgage contain no
I-1
provision limiting the right or ability of the Seller to assign, transfer
and convey the related Mortgage Loan to any other Person.
6. As of the date of its origination, there was no valid offset,
defense, counterclaim, abatement or right to rescission with respect to any
of the related Mortgage Notes, Mortgage(s) or other agreements executed in
connection therewith, and, as of the Cut-off Date, there is no valid
offset, defense, counterclaim or right to rescission with respect to such
Mortgage Note, Mortgage(s) or other agreements, except in each case, with
respect to the enforceability of any provisions requiring the payment of
default interest, late fees, additional interest, prepayment premiums or
yield maintenance charges.
7. Each related assignment of Mortgage and assignment of Assignment of
Leases from the Seller to the Trustee constitutes the legal, valid and
binding assignment from the Seller, except as such enforcement may be
limited by bankruptcy, insolvency, redemption, reorganization, liquidation,
receivership, moratorium or other laws relating to or affecting creditors'
rights generally or by general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law). Each
Mortgage and Assignment of Leases is freely assignable.
8. Each related Mortgage is a valid and enforceable first lien on the
related Mortgaged Property subject only to the exceptions set forth in
representation (5) above and the following title exceptions (each such
title exception, a "Title Exception", and collectively, the "Title
Exceptions"): (a) the lien of current real property taxes, ground rents,
water charges, sewer rents and assessments not yet due and payable, (b)
covenants, conditions and restrictions, rights of way, easements and other
matters of public record, none of which, individually or in the aggregate,
materially and adversely interferes with the current use of the Mortgaged
Property or the security intended to be provided by such Mortgage or with
the Mortgagor's ability to pay its obligations under the Mortgage Loan when
they become due or materially and adversely affects the value of the
Mortgaged Property, (c) the exceptions (general and specific) and
exclusions set forth in the applicable policy described in representation
(12) below or appearing of record, none of which, individually or in the
aggregate, materially interferes with the current use of the Mortgaged
Property or the security intended to be provided by such Mortgage or with
the Mortgagor's ability to pay its obligations under the Mortgage Loan when
they become due or materially and adversely affects the value of the
Mortgaged Property, (d) other matters to which like properties are commonly
subject, none of which, individually or in the aggregate, materially and
adversely interferes with the current use of the Mortgaged Property or the
security intended to be provided by such Mortgage or with the Mortgagor's
ability to pay its obligations under the Mortgage Loan when they become due
or materially and adversely affects the value of the Mortgaged Property,
(e) the right of tenants (whether under ground leases, space leases or
operating leases) at the Mortgaged Property to remain following a
foreclosure or similar proceeding (provided that such tenants are
performing under such leases) and (f) if such Mortgage Loan is
cross-collateralized with any other Mortgage Loan, the lien of the Mortgage
for such other Mortgage Loan, none of which, individually or in the
aggregate, materially and adversely interferes with the current use of the
Mortgaged Property or the security
I-2
intended to be provided by such Mortgage or with the Mortgagor's ability to
pay its obligations under the Mortgage Loan when they become due or
materially and adversely affects the value of the Mortgaged Property.
Except with respect to cross-collateralized and cross-defaulted Mortgage
Loans and Mortgage Loans that are part of a Loan Combination, there are no
mortgage loans that are senior or pari passu with respect to the related
Mortgaged Property or such Mortgage Loan.
9. UCC Financing Statements have been filed and/or recorded (or, if
not filed and/or recorded, have been submitted in proper form for filing
and recording) in all public places necessary at the time of the
origination of each Mortgage Loan to perfect a valid security interest in
all items of personal property reasonably necessary to operate the
Mortgaged Property owned by a Mortgagor and located on the related
Mortgaged Property (other than any personal property subject to a purchase
money security interest or a sale and leaseback financing arrangement
permitted under the terms of such Mortgage Loan or any other personal
property leases applicable to such personal property), to the extent
perfection may be effected pursuant to applicable law by recording or
filing, and the Mortgages, security agreements, chattel Mortgages or
equivalent documents related to and delivered in connection with the
related Mortgage Loan establish and create a valid and enforceable lien and
priority security interest on such items of personalty except as such
enforcement may be limited by bankruptcy, insolvency, receivership,
reorganization, moratorium, redemption, liquidation or other laws affecting
the enforcement of creditor's rights generally, or by general principles of
equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law). Notwithstanding any of the foregoing, no
representation is made as to the perfection of any security interest in
rents or other personal property to the extent that possession or control
of such items or actions other than the filing of UCC Financing Statements
are required in order to effect such perfection.
10. All real estate taxes and governmental assessments, or
installments thereof, which would be a lien on the Mortgaged Property and
that prior to the Cut-off Date have become delinquent in respect of each
related Mortgaged Property have been paid, or an escrow of funds in an
amount sufficient to cover such payments has been established. For purposes
of this representation and warranty, real estate taxes and governmental
assessments and installments thereof shall not be considered delinquent
until the earlier of (a) the date on which interest and/or penalties would
first be payable thereon and (b) the date on which enforcement action is
entitled to be taken by the related taxing authority.
11. To the Seller's actual knowledge as of the Cut-off Date, and to
the Seller's actual knowledge based solely upon due diligence customarily
performed with the origination of comparable mortgage loans by the Seller,
each related Mortgaged Property was free and clear of any material damage
(other than deferred maintenance for which escrows were established at
origination) that would materially and adversely affect the value of such
Mortgaged Property as security for the Mortgage Loan and to the Seller's
actual knowledge as of the Cut-off Date there was no proceeding pending for
the total or partial condemnation of such Mortgaged Property.
I-3
12. The lien of each related Mortgage as a first priority lien in the
original principal amount of such Mortgage Loan (and, in the case of a
Mortgage Loan that is part of a Loan Combination, in the original
(aggregate, if applicable) principal amount of the other mortgage loan(s)
constituting the related Loan Combination) after all advances of principal
(as set forth on the Mortgage Loan Schedule) is insured by an ALTA lender's
title insurance policy (or a binding commitment therefor), or its
equivalent as adopted in the applicable jurisdiction, insuring the Seller,
its successors and assigns, subject only to the Title Exceptions; the
Seller or its successors or assigns is the named insured of such policy;
such policy is assignable without consent of the insurer and will inure to
the benefit of the Trustee as mortgagee of record; such policy is in full
force and effect upon the consummation of the transactions contemplated by
this Agreement; all premiums thereon have been paid; no material claims
have been made under such policy and the Seller has not done anything, by
act or omission, and the Seller has no actual knowledge of any matter,
which would impair or diminish the coverage of such policy. The insurer
issuing such policy is either (x) a nationally recognized title insurance
company or (y) qualified to do business in the jurisdiction in which the
related Mortgaged Property is located to the extent required; such policy
contains no material exclusions for, or affirmatively insures (except for
any Mortgaged Property located in a jurisdiction where such insurance is
not available) (a) access to a public road or (b) against any loss due to
encroachments of any material portion of the improvements thereon.
13. As of the date of its origination, all insurance coverage required
under each related Mortgage was in full force and effect with respect to
each related Mortgaged Property, which insurance covered such risks as were
customarily acceptable to prudent commercial and multifamily mortgage
lending institutions lending on the security of property comparable to the
related Mortgaged Property in the jurisdiction in which such Mortgaged
Property is located, and with respect to a fire and extended perils
insurance policy, was in an amount (subject to a customary deductible) at
least equal to the lesser of (i) the replacement cost of improvements
located on such Mortgaged Property, or (ii) the original principal balance
of the Mortgage Loan (and, in the case of a Mortgage Loan that is part of a
Loan Combination, in the original (aggregate, if applicable) principal
amount of the other mortgage loan(s) constituting the related Loan
Combination), and in any event, in an amount necessary to prevent operation
of any co-insurance provisions, and, except if such Mortgaged Property is
operated as a mobile home park, such Mortgaged Property is also covered by
business interruption or rental loss insurance, in an amount at least equal
to 12 months of operations of the related Mortgaged Property (or in the
case of a Mortgaged Property without any elevator, 6 months); and as of the
Cut-off Date, to the actual knowledge of the Seller, all insurance coverage
required under each Mortgage, which insurance covers such risks and is in
such amounts as are customarily acceptable to prudent commercial and
multifamily mortgage lending institutions lending on the security of
property comparable to the related Mortgaged Property in the jurisdiction
in which such Mortgaged Property is located, is in full force and effect
with respect to each related Mortgaged Property; and all premiums due and
payable through the Closing Date have been paid; and no notice of
termination or cancellation with respect to any such insurance policy has
been received by the Seller. Except for certain amounts not greater than
amounts which would be considered prudent by a commercial and multifamily
mortgage lending institution with respect to a similar mortgage loan and
which are set
I-4
forth in the related Mortgage, any insurance proceeds in respect of a
casualty loss are required to be applied either (i) to the repair or
restoration of all or part of the related Mortgaged Property or (ii) to the
reduction of the outstanding principal balance of the Mortgage Loan,
subject in either case to requirements with respect to leases at the
related Mortgaged Property and to other exceptions customarily provided for
by prudent commercial and multifamily mortgage lending institutions for
similar loans. The Mortgaged Property is also covered by comprehensive
general liability insurance against claims for personal and bodily injury,
death or property damage occurring on, in or about the related Mortgaged
Property, in an amount customarily required by prudent commercial and
multifamily mortgage lending institutions.
The insurance policies contain a standard mortgagee clause naming the
holder of the related Mortgage, its successors and assigns as loss payee,
in the case of a property insurance policy, and additional insured in the
case of a liability insurance policy, and provide that they are not
terminable without 30 days prior written notice to the Mortgagee (or, with
respect to non-payment, 10 days prior written notice to the Mortgagee) or
such lesser period as prescribed by applicable law. Each Mortgage requires
that the Mortgagor maintain insurance as described above or permits the
Mortgagee to require insurance as described above, and permits the
Mortgagee to purchase such insurance at the Mortgagor's expense if
Mortgagor fails to do so.
14. Other than payments due but not yet 30 days or more delinquent, to
the Seller's actual knowledge, based upon due diligence customarily
performed with the servicing of comparable mortgage loans by prudent
commercial and multifamily mortgage lending institutions, there is no
material default, breach, violation or event of acceleration existing under
the related Mortgage or the related Mortgage Note, and to the Seller's
actual knowledge no event (other than payments due but not yet delinquent)
which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a material default, breach,
violation or event of acceleration; provided, however, that this
representation and warranty does not address or otherwise cover any
default, breach, violation or event of acceleration that specifically
pertains to any matter otherwise covered by any other representation and
warranty made by the Seller in any paragraph of this Schedule I or in any
paragraph of Schedule II; and the Seller has not waived any material
default, breach, violation or event of acceleration under such Mortgage or
Mortgage Note, except for a written waiver contained in the related
Mortgage File being delivered to the Purchaser, and pursuant to the terms
of the related Mortgage or the related Mortgage Note and other documents in
the related Mortgage File no Person or party other than the holder of such
Mortgage Note may declare any event of default or accelerate the related
indebtedness under either of such Mortgage or Mortgage Note.
15. As of the Closing Date, each Mortgage Loan is not, and in the
prior 12 months (or since the date of origination if such Mortgage Loan has
been originated within the past 12 months), has not been, 30 days or more
past due in respect of any Scheduled Payment.
I-5
16. Except with respect to ARD Loans, which provide that the rate at
which interest accrues thereon increases after the Anticipated Repayment
Date, the Mortgage Rate (exclusive of any default interest, late charges or
prepayment premiums) of such Mortgage Loan is a fixed rate.
17. Each related Mortgage does not provide for or permit, without the
prior written consent of the holder of the Mortgage Note, each related
Mortgaged Property to secure any other promissory note or obligation except
as expressly described in such Mortgage or other Mortgage Loan document.
18. Each Mortgage Loan is directly secured by a Mortgage on a
commercial property or a multifamily residential property, and either (a)
substantially all of the proceeds of such Mortgage Loan were used to
acquire, improve or protect the portion of such commercial or multifamily
residential property that consists of an interest in real property (within
the meaning of Treasury Regulations Sections 1.856-3(c) and 1.856-3(d)) and
such interest in real property was the only security for such Mortgage Loan
as of the Testing Date (as defined below), or (b) the fair market value of
the interest in real property which secures such Mortgage Loan was at least
equal to 80% of the principal amount of such Mortgage Loan (i) as of the
Testing Date, or (ii) as of the Closing Date. For purposes of the previous
sentence, (A) the fair market value of the referenced interest in real
property shall first be reduced by (1) the amount of any lien on such
interest in real property that is senior to such Mortgage Loan, and (2) a
proportionate amount of any lien on such interest in real property that is
on a parity with the Mortgage Loan, and (B) the "Testing Date" shall be the
date on which the referenced Mortgage Loan was originated unless (1) such
Mortgage Loan was modified after the date of its origination in a manner
that would cause a "significant modification" of such Mortgage Loan within
the meaning of Treasury Regulations Section 1.1001-3(b), and (2) such
"significant modification" did not occur at a time when such Mortgage Loan
was in default or when default with respect to such Mortgage Loan was
reasonably foreseeable. However, if the referenced Mortgage Loan has been
subjected to a "significant modification" after the date of its origination
and at a time when such Mortgage Loan was not in default or when default
with respect to such Mortgage Loan was not reasonably foreseeable, the
Testing Date shall be the date upon which the latest such "significant
modification" occurred.
19. One or more environmental site assessments, updates or transaction
screens thereof were performed by an environmental consulting firm
independent of the Seller and the Seller's affiliates with respect to each
related Mortgaged Property during the 18-months preceding the origination
of the related Mortgage Loan, and the Seller, having made no independent
inquiry other than to review the report(s) prepared in connection with the
assessment(s), updates or transaction screens referenced herein, has no
actual knowledge and has received no notice of any material and adverse
environmental condition or circumstance affecting such Mortgaged Property
that was not disclosed in such report(s). If any such environmental report
identified any Recognized Environmental Condition (REC), as that term is
defined in the Standard Practice for Environmental Site Assessments: Phase
I Environmental Site Assessment Process Designation: E 1527-00, as
recommended by the American Society for Testing and Materials (ASTM), with
respect to the related Mortgaged Property and the same have not
I-6
been subsequently addressed in all material respects, then either (i) an
escrow greater than 100% of the amount identified as necessary by the
environmental consulting firm to address the REC is held by the Seller for
purposes of effecting same (and the related Mortgagor has covenanted in the
Mortgage Loan documents to perform such work), (ii) the related Mortgagor
or other responsible party having financial resources reasonably estimated
to be adequate to address the REC is required to take such actions or is
liable for the failure to take such actions, if any, with respect to such
circumstances or conditions as have been required by the applicable
governmental regulatory authority or any environmental law or regulation,
(iii) the related Mortgagor has provided a secured creditor environmental
insurance policy (in which case such Mortgage Loan is identified on Annex A
to this Schedule I), (iv) an operations and maintenance plan has been or
will be implemented or (v) such conditions or circumstances were
investigated further and based upon such additional investigation, a
qualified environmental consultant recommended no further investigation or
remediation. All environmental assessments or updates that were in the
possession of the Seller and that relate to a Mortgaged Property insured by
an environmental insurance policy have been delivered to or disclosed to
the environmental insurance carrier issuing such policy prior to the
issuance of such policy.
20. Each related Mortgage and Assignment of Leases, together with
applicable state law, contains customary and enforceable provisions for
comparable mortgaged properties similarly situated such as to render the
rights and remedies of the holder thereof adequate for the practical
realization against the Mortgaged Property of the benefits of the security,
including realization by judicial or, if applicable, non-judicial
foreclosure, subject to the effects of bankruptcy, insolvency,
reorganization, receivership, moratorium, redemption, liquidation or
similar laws affecting the rights of creditors and the application of
principles of equity.
21. At the time of origination and, to the actual knowledge of Seller
as of the Cut-off Date, no Mortgagor is a debtor in, and no Mortgaged
Property is the subject of, any state or federal bankruptcy or insolvency
proceeding.
22. Except with respect to any Mortgage Loan that is part of a Loan
Combination, each Mortgage Loan is a whole loan and contains no equity
participation by the Seller or shared appreciation feature and does not
provide for any contingent or additional interest in the form of
participation in the cash flow of the related Mortgaged Property or, other
than the ARD Loans, provide for negative amortization. The Seller holds no
preferred equity interest in the related Mortgagor.
23. Subject to certain exceptions, which are customarily acceptable to
prudent commercial and multifamily mortgage lending institutions lending on
the security of property comparable to the related Mortgaged Property, each
related Mortgage or loan agreement contains provisions for the acceleration
of the payment of the unpaid principal balance of such Mortgage Loan if,
without complying with the requirements of the Mortgage or loan agreement,
(a) the related Mortgaged Property, or any controlling interest in the
related Mortgagor, is directly transferred or sold (other than by reason of
family and estate planning transfers, transfers by devise, descent or
operation of law upon the death or incapacity of a member, general partner
or shareholder of the related
I-7
Mortgagor, transfers of less than a controlling interest in a mortgagor,
issuance of non-controlling new equity interests, transfers among existing
members, partners or shareholders in the Mortgagor or an affiliate thereof,
transfers among affiliated Mortgagors with respect to cross-collateralized
and cross-defaulted Mortgage Loans or multi-property Mortgage Loans or
transfers of a similar nature to the foregoing meeting the requirements of
the Mortgage Loan, such as pledges of ownership interest that do not result
in a change of control) or a substitution or release of collateral is
effected other than in the circumstances specified in representation (26)
below, or (b) the related Mortgaged Property is encumbered in connection
with subordinate financing by a lien or security interest against the
related Mortgaged Property, other than any existing permitted additional
debt.
24. Except as set forth in the related Mortgage File, the terms of the
related Mortgage Note and Mortgage(s) have not been waived, modified,
altered, satisfied, impaired, canceled, subordinated or rescinded in any
manner which materially interferes with the security intended to be
provided by such Mortgage.
25. Each related Mortgaged Property was inspected by or on behalf of
the related originator or an affiliate during the 12-month period prior to
the related origination date.
26. Since origination, no material portion of the related Mortgaged
Property has been released from the lien of the related Mortgage in any
manner which materially and adversely affects the value of the Mortgage
Loan or materially interferes with the security intended to be provided by
such Mortgage, and, except with respect to Mortgage Loans (a) which permit
defeasance by means of substituting for the Mortgaged Property (or, in the
case of a Mortgage Loan secured by multiple Mortgaged Properties, one or
more of such Mortgaged Properties) "government securities" within the
meaning of Treasury Regulation Section 1.860G-2(a)(8)(i) sufficient to pay
the Mortgage Loans (or portions thereof) in accordance with their terms,
(b) where a release of the portion of the Mortgaged Property was
contemplated at origination and such portion was not considered material
for purposes of underwriting the Mortgage Loan, (c) where release is
conditional upon the satisfaction of certain underwriting and legal
requirements and the payment of a release price that represents adequate
consideration for such Mortgaged Property or the portion thereof that is
being released, (d) which permit the related Mortgagor to substitute a
replacement property in compliance with REMIC Provisions or (e) which
permit the release(s) of unimproved out-parcels or other portions of the
Mortgaged Property that will not have a material adverse affect on the
underwritten value of the security for the Mortgage Loan or that were not
allocated any value in the underwriting during the origination of the
Mortgage Loan, the terms of the related Mortgage do not provide for release
of any portion of the Mortgaged Property from the lien of the Mortgage
except in consideration of payment in full therefor.
27. To the Seller's actual knowledge, based upon a letter from
governmental authorities, a legal opinion, an endorsement to the related
title policy, an architect's letter or zoning consultant's report or based
upon other due diligence considered reasonable by prudent commercial and
multifamily mortgage lending institutions in the area where the
I-8
applicable Mortgaged Property is located, as of the date of origination of
such Mortgage Loan and as of the Cut-off Date, there are no material
violations of any applicable zoning ordinances, building codes and land
laws applicable to the Mortgaged Property or the use and occupancy thereof
which (a) are not insured by an ALTA lender's title insurance policy (or a
binding commitment therefor), or its equivalent as adopted in the
applicable jurisdiction, or a law and ordinance insurance policy or (b)
would have a material adverse effect on the value, operation or net
operating income of the Mortgaged Property.
28. To the Seller's actual knowledge based on surveys and/or the title
policy referred to herein obtained in connection with the origination of
each Mortgage Loan, none of the material improvements which were included
for the purposes of determining the appraised value of the related
Mortgaged Property at the time of the origination of the Mortgage Loan lies
outside of the boundaries and building restriction lines of such property
(except Mortgaged Properties which are legal non-conforming uses), to an
extent which would have a material adverse affect on the value of the
Mortgaged Property or related Mortgagor's use and operation of such
Mortgaged Property (unless affirmatively covered by title insurance) and no
improvements on adjoining properties encroached upon such Mortgaged
Property to any material and adverse extent (unless affirmatively covered
by title insurance).
29. With respect to at least 95% of the Seller's Mortgage Loans (by
principal balance) having a Cut-off Date Balance in excess of 1% of the
Initial Pool Balance, the related Mortgagor has covenanted in its
organizational documents and/or the Mortgage Loan documents to own no
significant asset other than the related Mortgaged Property or Mortgaged
Properties, as applicable, and assets incidental to its ownership and
operation of such Mortgaged Property, and to hold itself out as being a
legal entity, separate and apart from any other Person.
30. No advance of funds has been made other than pursuant to the loan
documents, directly or indirectly, by the Seller to the Mortgagor and, to
the Seller's actual knowledge, no funds have been received from any Person
other than the Mortgagor, for or on account of payments due on the Mortgage
Note or the Mortgage.
31. As of the date of origination and, to the Seller's actual
knowledge, as of the Cut-off Date, there was no pending action, suit or
proceeding, or governmental investigation of which it has received notice,
against the Mortgagor or the related Mortgaged Property the adverse outcome
of which could reasonably be expected to materially and adversely affect
such Mortgagor's ability to pay principal, interest or any other amounts
due under such Mortgage Loan or the security intended to be provided by the
Mortgage Loan documents or the current use of the Mortgaged Property.
32. As of the date of origination, and, to the Seller's actual
knowledge, as of the Cut-off Date, if the related Mortgage is a deed of
trust, a trustee, duly qualified under applicable law to serve as such, has
either been properly designated and serving under such Mortgage or may be
substituted in accordance with the Mortgage and applicable law.
I-9
33. Except with respect to any Mortgage Loan that is part of a Loan
Combination, the related Mortgage Note is not secured by any collateral
that secures a mortgage loan that is not in the Trust Fund and each
Mortgage Loan that is cross-collateralized is cross-collateralized only
with other Mortgage Loans sold pursuant to this Agreement.
34. The improvements located on the Mortgaged Property are either not
located in a federally designated special flood hazard area or the
Mortgagor is required to maintain or the mortgagee maintains, flood
insurance with respect to such improvements and such insurance policy is in
full force and effect.
35. All escrow deposits and payments required pursuant to the Mortgage
Loan as of the Closing Date required to be deposited with the Seller in
accordance with the Mortgage Loan documents have been so deposited, and to
the extent not disbursed or otherwise released in accordance with the
related Mortgage Loan documents, are in the possession, or under the
control, of the Seller or its agent and there are no deficiencies in
connection therewith.
36. To the Seller's actual knowledge, based on the due diligence
customarily performed in the origination of comparable mortgage loans by
prudent commercial and multifamily mortgage lending institutions with
respect to the related geographic area and properties comparable to the
related Mortgaged Property, as of the date of origination of the Mortgage
Loan, the related Mortgagor was in possession of all material licenses,
permits and authorizations then required for use of the related Mortgaged
Property, and, as of the Cut-off Date, the Seller has no actual knowledge
that the related Mortgagor was not in possession of such licenses, permits
and authorizations.
37. The origination (or acquisition, as the case may be) practices
used by the Seller or its affiliates with respect to the Mortgage Loan have
been in all material respects legal and the servicing and collection
practices used by the Seller or its affiliates with respect to the Mortgage
Loan have met customary industry standards for servicing of commercial
mortgage loans for conduit loan programs.
38. Except for any Mortgage Loan secured by a Mortgagor's leasehold
interest in the related Mortgaged Property, the related Mortgagor (or its
affiliate) has title in the fee simple interest in each related Mortgaged
Property.
39. The Mortgage Loan documents for each Mortgage Loan provide that
each Mortgage Loan is non-recourse to the related Mortgagor except that the
related Mortgagor accepts responsibility for fraud and/or other intentional
material misrepresentation. The Mortgage Loan documents for each Mortgage
Loan provide that the related Mortgagor shall be liable to the lender for
losses incurred due to the misapplication or misappropriation of rents
collected in advance or received by the related Mortgagor after the
occurrence of an event of default and not paid to the Mortgagee or applied
to the Mortgaged Property in the ordinary course of business,
misapplication or conversion by the Mortgagor of insurance proceeds or
condemnation
I-10
awards or breach of the environmental covenants in the related Mortgage
Loan documents.
40. Subject to the exceptions set forth in representation (5), the
Assignment of Leases set forth in the Mortgage or separate from the related
Mortgage and related to and delivered in connection with each Mortgage Loan
establishes and creates a valid, subsisting and enforceable lien and
security interest in the related Mortgagor's interest in all leases,
subleases, licenses or other agreements pursuant to which any Person is
entitled to occupy, use or possess all or any portion of the real property.
41. With respect to such Mortgage Loan, any prepayment premium
constitutes a "customary prepayment penalty" within the meaning of Treasury
Regulations Section 1.860G-1(b)(2).
42. If such Mortgage Loan contains a provision for any defeasance of
mortgage collateral, such Mortgage Loan permits defeasance (a) no earlier
than two years after the Closing Date, and (b) only with substitute
collateral constituting "government securities" within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to
make all scheduled payments under the Mortgage Note. In addition, if such
Mortgage contains such a defeasance provision, it provides (or otherwise
contains provisions pursuant to which the holder can require) that an
opinion be provided to the effect that such holder has a first priority
perfected security interest in the defeasance collateral. The related
Mortgage Loan documents permit the lender to charge all of its expenses
associated with a defeasance to the Mortgagor (including rating agencies'
fees, accounting fees and attorneys' fees), and provide that the related
Mortgagor must deliver (or otherwise, the Mortgage Loan documents contain
certain provisions pursuant to which the lender can require) (i) an
accountant's certification as to the adequacy of the defeasance collateral
to make payments under the related Mortgage Loan for the remainder of its
term, (ii) an Opinion of Counsel that the defeasance complies with all
applicable REMIC Provisions, and (iii) assurances from the Rating Agencies
that the defeasance will not result in the withdrawal, downgrade or
qualification of the ratings assigned to the Certificates. Notwithstanding
the foregoing, some of the Mortgage Loan documents may not affirmatively
contain all such requirements, but such requirements are effectively
present in such documents due to the general obligation to comply with the
REMIC Provisions and/or deliver a REMIC Opinion of Counsel.
43. 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. Neither the Seller nor any affiliate thereof has any obligation to
make any capital contributions to the Mortgagor under the Mortgage Loan.
45. Except with respect to any Mortgage Loan that is part of a Loan
Combination, none of the Mortgaged Properties are encumbered, and none of
the
I-11
Mortgage Loan documents permit the related Mortgaged Property to be
encumbered subsequent to the Closing Date without the prior written consent
of the holder thereof, by any lien securing the payment of money junior to
or of equal priority with, or superior to, the lien of the related Mortgage
(other than Title Exceptions, taxes, assessments and contested mechanics
and materialmen's liens that become payable after the after the Cut-off
Date of the related Mortgage Loan).
I-12
ANNEX A (TO SCHEDULE I)
Mortgage Loans as to Which the Related Mortgagor Obtained a Secured Creditor
Environmental Insurance Policy.
[None]
I-13
SCHEDULE II
GROUND LEASE REPRESENTATIONS AND WARRANTIES
With respect to each Mortgage Loan secured by a leasehold interest
(except with respect to any Mortgage Loan also secured by a fee interest in the
related Mortgaged Property), the Seller represents and warrants the following
with respect to the related Ground Lease:
1. Such Ground Lease or a memorandum thereof has been or will be duly
recorded no later than 30 days after the Closing Date and such Ground Lease
permits the interest of the lessee thereunder to be encumbered by the
related Mortgage or, if consent of the lessor thereunder is required, it
has been obtained prior to the Closing Date.
2. Upon the foreclosure of the Mortgage Loan (or acceptance of a deed
in lieu thereof), the Mortgagor's interest in such ground lease is
assignable to the mortgagee under the leasehold estate and its assigns
without the consent of the lessor thereunder (or, if any such consent is
required, it has been obtained prior to the Closing Date).
3. Such Ground Lease may not be amended, modified, canceled or
terminated without the prior written consent of the mortgagee and any such
action without such consent is not binding on the mortgagee, its successors
or assigns, except termination or cancellation if (a) an event of default
occurs under the Ground Lease, (b) notice thereof is provided to the
mortgagee and (c) such default is curable by the mortgagee as provided in
the Ground Lease but remains uncured beyond the applicable cure period.
4. To the actual knowledge of the Seller, at the Closing Date, such
Ground Lease is in full force and effect and other than payments due but
not yet 30 days or more delinquent, (a) there is no material default, and
(b) there is no event which, with the passage of time or with notice and
the expiration of any grace or cure period, would constitute a material
default under such Ground Lease.
5. The ground lease or ancillary agreement between the lessor and the
lessee requires the lessor to give notice of any default by the lessee to
the mortgagee. The ground lease or ancillary agreement further provides
that no notice of default given is effective against the mortgagee unless a
copy has been given to the mortgagee in a manner described in the ground
lease or ancillary agreement.
6. The ground lease (a) is not subject to any liens or encumbrances
superior to, or of equal priority with, the Mortgage, subject, however, to
only the Title Exceptions or (b) is subject to a subordination,
non-disturbance and attornment agreement to which the mortgagee on the
lessor's fee interest in the Mortgaged Property is subject.
7. A mortgagee is permitted a reasonable opportunity (including, where
necessary, sufficient time to gain possession of the interest of the lessee
under the ground
II-1
lease) to cure any curable default under such Ground Lease before the
lessor thereunder may terminate such Ground Lease.
8. Such Ground Lease has an original term (together with any extension
options, whether or not currently exercised, set forth therein all of which
can be exercised by the mortgagee if the mortgagee acquires the lessee's
rights under the Ground Lease) that extends not less than 20 years beyond
the Stated Maturity Date.
9. Under the terms of such Ground Lease, any estoppel or consent
letter received by the mortgagee from the lessor, and the related Mortgage,
taken together, any related insurance proceeds or condemnation award (other
than in respect of a total or substantially total loss or taking) will be
applied either to the repair or restoration of all or part of the related
Mortgaged Property, with the mortgagee or a trustee appointed or approved
by it having the right to hold and disburse such proceeds as repair or
restoration progresses, or to the payment or defeasance of the outstanding
principal balance of the Mortgage Loan, together with any accrued interest
(except in cases where a different allocation would not be viewed as
commercially unreasonable by any commercial mortgage lender, taking into
account the relative duration of the ground lease and the related Mortgage
and the ratio of the market value of the related Mortgaged Property to the
outstanding principal balance of such Mortgage Loan).
10. The ground lease does not impose any restrictions on subletting
that would be viewed as commercially unreasonable by a prudent commercial
and multifamily mortgage lending institution.
11. The ground lessor under such Ground Lease is required to enter
into a new lease upon termination of the Ground Lease for any reason,
including the rejection of the Ground Lease in bankruptcy.
II-2
SCHEDULE III
EXCEPTIONS TO GENERAL MORTGAGE REPRESENTATIONS AND
WARRANTIES (SET FORTH IN SCHEDULE I)
Representation numbers referred to below relate to the corresponding
Mortgage Loan representations and warranties set forth in Schedule I or II, as
applicable to the Mortgage Loan Purchase Agreement.
Note: The Mortgage Loan known as MacPhail Crossing, identified on
Annex A-1 by ID # 107, is structured with the related promissory note secured by
a guaranty agreement (rather than a deed of trust), which guaranty agreement
from the related property owner, in favor of the lender covers all of the
obligations under the related promissory note. All of the obligations under the
related guaranty agreement are secured by an indemnity deed of trust ("IDOT").
With respect to certain of the representations and warranties, with respect to
these Mortgage Loans, statements regarding the borrower relate to the guarantor,
as the owner of the respective Mortgaged Property.
SCHEDULE I
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 7:
12 Loews Universal Hotel With respect to the Mortgage Loan, the
Portfolio Mortgage and other security documents have
been transferred to LaSalle Bank National
Association, as Trustee for the registered
holders of X.X. Xxxxxx Xxxxx Commercial
Mortgage Securities Corp. Series
2005-CIBC12.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 9:
12 Loews Universal Hotel With respect to the Mortgage Loan, the
Portfolio Mortgage and other security documents have
been transferred to LaSalle Bank National
Association, as Trustee for the registered
holders of X.X. Xxxxxx Chase Commercial
Mortgage Securities Corp. Series
2005-CIBC12.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 11:
7 Private Mini Self Wycliffe, TX property is subject to a
Storage Portfolio pending condemnation proceeding affecting a
portion of the property.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 13:
Various Various Certain of the loan documents may limit
terrorism insurance coverage to the extent
such coverage is available for similarly
situated properties and/or on
D-3
SCHEDULE I
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
commercially reasonable terms. Certain of
the loan documents do not require terrorism
insurance be maintained.
7 Private Mini Self U-Haul International, Inc. and/or AMERCO is
Storage Portfolio permitted to self insure up to $5,000,000
with respect to liability insurance,
provided such entities maintain sufficient
reserves with respect to its self insurance
obligation.
--------------------------------------------------------------------------------
92 Lawrenceville The sole tenant (Circuit City) is permitted
Shopping Center to self insure, provided the related lease
is in full force and effect, no default is
continuing and the tenant maintains a net
worth of not less than $300,000,000.
--------------------------------------------------------------------------------
107 MacPhail Crossing The two tenants at the mortgaged property
are obligated to maintain insurance under
their respective leases; one of the tenants
did not obtain terrorism insurance
coverage. The borrower is not required
under the related loan documents to
maintain terrorism insurance.
--------------------------------------------------------------------------------
EXCEPTION TO REPRESENTATION 19:
7 Private Mini Self 0000 Xxxxxxxxxx Xxxxx, Xxxxxxxxxx, XX - the
Storage Portfolio environmental report noted that the
property is located within the area of
Redstone Arsenal, which was identified on
several environmental databases. The report
recommended a review to determine what
impact this proximity may have.
00000 Xxxxxxxxxx Xxxx, Xxxxx, XX - the
environmental report noted the existence of
a leaking hydraulic piston in the elevator
pit of building D. The leaking hydraulic
piston needs to be inspected and repaired,
and any fluid contained in the sump needs
to be disposed of in accordance with
applicable regulations. The report also
recommended that the integrity of the sump
be inspected to assess potential impacts of
hydraulic fluid to the subsurface.
--------------------------------------------------------------------------------
EXCEPTION TO REPRESENTATION 21:
All All The Seller makes no representation
regarding the bankruptcy or insolvency of
any tenant at the Mortgaged Property.
--------------------------------------------------------------------------------
D-4
SCHEDULE I
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 23:
1 One Court Holders of the direct or indirect interests
Square--Citibank in the borrower are permitted to incur
future mezzanine debt, subject to certain
conditions in the loan documents that
include, but are not limited to, the
execution of an acceptable intercreditor
agreement and rating agency confirmation.
--------------------------------------------------------------------------------
7 Private Mini Self One or more of the principals of the
Storage Portfolio related borrower obtained a mezzanine loan
in the amount of $33,000,000, secured by
the ownership interests in the borrower
under the related mortgage loan and the
ownership interests of an affiliate of the
borrower, which affiliate is itself a
borrower under a $144,000,000 first
mortgage loan that will not be an asset of
this trust fund and is not
cross-collateralized with the related
mortgage loan in the trust fund.
Additionally, one or more principals of the
borrower are permitted to incur mezzanine
debt, in an amount not to exceed
$10,000,000, subject to certain conditions,
including (i) that the debt service
coverage ratio ("DSCR") of the subject
mortgage loan is not less than the DSCR at
the origination date of the mortgage loan,
(ii) the combined DSCR of (a) the mortgage
loan, (b) the existing mezzanine loan
(described above), (c) the $144,000,000
first mortgage loan that was made to an
affiliate of the borrower and that is not
an asset of this trust fund, and (d) the
future mezzanine loan, is not less than
1.0x and (iii) the loan-to-value ("LTV")
ratio of the mortgage loan and the future
mezzanine loan does not exceed the LTV
ratio as of the origination date of the
mortgage loan.
--------------------------------------------------------------------------------
00 Xxxxx Xxxxxx The borrower assumed a purchase money note
Apartments (made in 1986 by the previous property
owner) in connection with its purchase of
the property in 1993. Subsequently, the
borrower failed to make certain payments
under the note and was sued. Although the
outstanding obligation is in dispute, the
face amount of the purchase money note
(after amendment and partial repayment) was
$3,433,949.29.
--------------------------------------------------------------------------------
11 000 0xx Xxxxxx One or more of the principals of the
borrower are permitted to obtain mezzanine
debt provided, among other things, the
combined DSCR for the underlying
--------------------------------------------------------------------------------
D-5
SCHEDULE I
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
mortgage loan and the related mezzanine
loan is not less than 1.20x, the combined
LTV ratio of the underlying mortgage loan
and the related mezzanine loan does not
exceed 80%, and an acceptable subordination
and standstill agreement has been
delivered.
--------------------------------------------------------------------------------
12 Loews Universal Hotel The loan documents permit an affiliate of
Portfolio the borrower to incur mezzanine debt up to
$50,000,000, secured by a pledge of the
direct or indirect equity interest in Loews
Orlando Hotel Partner, Inc, Universal Rank
Hotel Partners, Universal Studios Hotel LLC
and/or Rank Hotels Orlando, subject to the
satisfaction of certain conditions
including (i) that the DSCR of the total
combined debt is at least 110% of the DSCR
as of the Mortgage Loan closing date and
(ii) the LTV ratio (as determined by a new
appraisal) of the total combined debt is
not greater than 55%.
--------------------------------------------------------------------------------
31 Northcoast Hotel The loan documents permit the borrower's
Portfolio sole member to incur mezzanine debt,
subject to conditions including that the
borrower is still the borrower under the
loan (i.e. prior to any assumption) and
that the combined DSCR and LTV ratio is
acceptable to lender.
--------------------------------------------------------------------------------
34 Central Park East The loan documents permit the principals of
Apartments the borrower to incur mezzanine debt,
subject to conditions, including, that it
is obtained in connection with a sale of
the property and assumption of the mortgage
loan, that the DSCR on the combined
mortgage loan and the mezzanine debt is at
least 1.20x and that the LTV ratio on the
combined debt is not greater than 80%.
--------------------------------------------------------------------------------
92 Lawrenceville One or more principals of the related
Shopping Center borrower are permitted to incur mezzanine
debt, subject to certain conditions,
including that the combined DSCR is not
less than the DSCR of the related mortgage
loan on the loan origination date and the
combined LTV ratio is not greater than the
LTV ratio of the related mortgage loan on
the loan origination date.
--------------------------------------------------------------------------------
144 Independence Village The borrower incurred subordinate debt
of Xxxxxxxxx evidenced by four notes in the amounts of
$590,000, $390,000, $35,219.20 and 200,000,
each of which note is fully subordinate to
the mortgage loan, unsecured, allows for
payments to be made only from excess cash
flow from the Mortgaged Property after
payment of amounts
--------------------------------------------------------------------------------
D-6
SCHEDULE I
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
required under the mortgage loan documents
and provides that no enforcement action may
be taken by the related payee of such note
until at least 91 days following
satisfaction of the mortgage loan.
--------------------------------------------------------------------------------
000 Xxxxx Xxxxxx The loan documents permit the principals of
Promenade the borrower to incur mezzanine debt,
provided it is expressly approved in
writing by the lender in its sole and
absolute discretion.
--------------------------------------------------------------------------------
189 000 Xxxx Xxxxx Xxxxxx The loan documents permit the principals of
the borrower to incur mezzanine debt,
provided it is expressly approved in
writing by the lender in its sole and
absolute discretion.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 26:
--------------------------------------------------------------------------------
7 Private Mini Self The borrower is permitted to obtain the
Storage Portfolio release of an individual property
constituting part of the mortgaged property
by substituting a property of like
character and quality, subject conditions
including but not limited to: (i) if a
voluntary substitution, up to a maximum of
20% of the loan collateral may be
substituted, (ii) following the
substitution, (1) the DSCR must be at least
equal to the greater of the DSCR as of the
loan origination date and DSCR immediately
prior to the substitution and (2) the LTV
ratio must be not greater than the lesser
of the LTV as of the loan origination date
and the LTV immediately prior to the
substitution, and (iii) the DSCR and LTV
ratio for the substitute property on the
date of substitution is not worse than such
ratios were for the release property on the
loan origination date.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 27:
135 Colts Neck Shopping The mortgaged property is non-conforming
Center with respect to parking. This occurred over
time, as certain of the tenants increased
the intensity of the use of their space
(i.e. the restaurant added additional
seating, the doctors' offices added
additional examining rooms). The borrower
has assured the municipality that it will
seek to bring the shopping center into
compliance with the parking requirements
over time, by decreasing the intensity of
use at the center as leases are renewed and
by enforcing the provisions of existing
leases. The municipality has agreed in
writing that, so long as the borrower shows
diligent efforts in seeking to bring the
shopping center back into compliance with
parking
--------------------------------------------------------------------------------
D-7
SCHEDULE I
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
requirements, the municipality will take no
further action against the borrower at this
time. The guarantor has guaranteed any loss
incurred by lender as a result of the
failure of the shopping center to comply
with all zoning requirements as they relate
to parking. In addition, the Mortgage
requires that (i) in deciding whether to
enter into a proposed new lease the
borrower must take into consideration the
impact the proposed use would have on the
parking, (ii) the borrower must seek to
decrease the intensity of use under new
leases such that any parking nonconformity
is eliminated over time as new leases are
entered into and (iii) in no event may the
borrower enter into any lease which would
increase any parking nonconformity at the
shopping center.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 29:
7 Private Mini Self Melbourne Property: An adjacent property
Storage Portfolio has a building that encroaches onto the
mortgaged property by 0.52' for the length
of the building (approximately 50') along
the southerly boundary of the property
along Circle Avenue North.
Palm Harbor Property: There are two sheds
encroaching across onto the mortgaged
property at the southerly property line.
One shed is encroaching by 0.86', the other
by 0.5'.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION 37:
00 Xxxxxxx Xxxx Center The borrower is not yet in possession of
minor administrative approvals and other
consents required for the operation of a
restaurant by tenants at the mortgaged
property. The municipality considers this
use to be legal non-conforming. The
borrower is obligated to obtain these
approvals under the mortgage loan
documents.
--------------------------------------------------------------------------------
D-8
EXCEPTIONS TO GROUND LEASE REPRESENTATIONS AND WARRANTIES
(SET FORTH IN SCHEDULE II)
SCHEDULE II
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION (3):
00 Xxxxxxxxxxxxx Xxxxx The ground lease is silent with respect to
Shopping Center whether consent of the mortgagee is
required for amendment.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION (5):
00 Xxxxxxxxxxxxx Xxxxx The ground lease is silent with respect to
Shopping Center notice and cure periods.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION (8):
7 Private Mini Self 0000 Xxxxx Xxxxxx Xx., Xxxxxxxxxxx, XX: The
Storage Portfolio lease is ambiguous as to the term of the
lease (it appears to run until 2029). The
originator did not receive an affirmative
confirmation in the estoppel.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION (9):
7 Private Mini Self 0000 Xxxxx Xxxxxx Xx., Xxxxxxxxxxx, XX: The
Storage Portfolio ground leases do not provide for lender
participation or control of insurance or
condemnation proceeds; however, an estoppel
allows for insurance proceeds payable to
the borrower to be paid to the lender.
156 The Metrocenter The ground lease does not provide a lender
with the right to hold and disburse
proceeds.
--------------------------------------------------------------------------------
EXCEPTIONS TO REPRESENTATION (10):
12 Loews Universal Hotel Each of the ground leases contain
Portfolio restrictions against an assignment or
transfer of the lease (other than an
assignment to a Permitted Leasehold
Mortgagee (as defined in the related loan
documents), including that the assignment
may not occur if the tenant is in default
under the lease, and that the proposed
assignee must (a) possess management
ability and experience and a
well-established reputation for financial
quality, (b) have adequate financial
resources, (c) have a reputation for
integrity, honesty and veracity, (d) for so
long as the theme park owner is an
affiliate of the
--------------------------------------------------------------------------------
III-1
SCHEDULE II
--------------------------------------------------------------------------------
ANNEX A-1
ID # MORTGAGE LOAN EXCEPTION
--------------------------------------------------------------------------------
landlord, not be a competitor of the
landlord, (e) agree to be bound by the
terms of the lease and (f) if the proposed
assignee results in a change of record
owner of the hotel, assume all obligations
of the tenant.
--------------------------------------------------------------------------------
III-2
ANNEX A
MORTGAGE LOAN SCHEDULE
A-1
MORTGAGE LOAN
LOAN LOAN GROUP
NUMBER SELLER NUMBER LOAN / PROPERTY NAME PROPERTY ADDRESS
------------------------------------------------------------------------------------------------------------------------------------
0 XXXX 0 Xxx Xxxxx Xxxxxx - Xxxxxxxx One Court Square
2 GACC 1 Yahoo! Center 0000-0000 Xxxxxxxx Xxxxxx & 0000-0000 Xxxxxxxx
------------------------------------------------------------------------------------------------------------------------------------
7 GACC 1 Private Mini Self Storage Portfolio Various
7a Private Mini-League City 0000 Xxxx Xxxx Xxxxxx
7b Private Mini-West Park 0000 Xxxxxxxx Xxxxx
0x Xxxxxxx Mini-Eastlake 0000 Xxxxxx Xxxx
7d Private Mini-Westbelt 00000 Xxxxxxxxx Xxxxxxx
7e Private Mini-Lancaster 00000 Xxxxxxxxx Xxxxxxx
0x Xxxxxxx Xxxx-Xxxx Xxxxxx 0000 Xxxxxxxxxxxx Xxxx
0x Xxxxxxx Xxxx-Xxxxxxx 620 11320 Xxxxx Xxxx 000 Xxxxx
0x Xxxxxxx Xxxx-XxXxxxxx 0000 Xxxx Xxxxxxx
0x Xxxxxxx Xxxx-000xx 0000 000xx Xxxxxx
0x Xxxxxxx Xxxx-Xxxxxxxxxx 00000 Xxxxxxxxxx Xxxx
7k Private Mini-Melbourne 000 Xxxxx Xxxxxx Xxxx Xxxxxxxxx
0x Xxxxxxx Mini-Cutten 0000 XX 0000 Xxxx Xxxx
0x Xxxxxxx Xxxx-Xxxx Xxxxxx 00000 XX Highway 19 North
7n Private Mini-Xxxxxx Ferry 2840 Xxxxxxx Bridge Road
7o Private Mini-Central Expressway 13637 Xxxxx Xxxxxxx Xxxxxxxxxx
0x Xxxxxxx Xxxx-Xxxxxxxxxxxxx 0000 Xxxxxxx 000 Xxxx
0x Xxxxxxx Xxxx-Xxxxxx Hills 0000 Xxxxxxxxx Xxxx 000
0x Xxxxxxx Xxxx-Xxxxxx 0000 Xxxxx Xxxxxx Xxxxxx
0x Xxxxxxx Xxxx-Xxxxxxx Avenue 0000 Xxxxx Xxxxxxx Xxxxxx
7t Private Mini-Wycliffe 00000 Xxx Xxxx Xxxx
0x Xxxxxxx Xxxx-Xxxxxxx 0000 Xxxxxxx Xxxxxx
7v Private Mini-Huntsville 0000 Xxxxxxxxxx Xxxxx Xxxxxxxxx
------------------------------------------------------------------------------------------------------------------------------------
8 GACC 1 Cedarbrook Corporate Center Portfolio 3, 6, 8 Cedar Brook Drive & 0 Xxxxxx Xxxxx
00 XXXX 0 Xxxxx Xxxxxx Apartments 0000 Xxxxx Xxxxxx Xxxxxxxxx
11 GACC 1 000 0xx Xxxxxx 000 0xx Xxxxxx
------------------------------------------------------------------------------------------------------------------------------------
12 GACC 1 Loews Universal Hotel Portfolio Various
12a Loews Portofino Bay 5601 Universal Boulevard
12b Loews Royal Pacific 0000 Xxxxxxxxx Xxx
12c Hard Rock Hotel 0000 Xxxxxxxxx Xxxxxxxxx
------------------------------------------------------------------------------------------------------------------------------------
00 XXXX 0 Xxxxxxxxxxxxx Xxxxx Shopping Center 0000-0000 Xxxx Xxxxxx Xxxxxx
16 GACC 1 Fountains at Waterford 00000 Xxxxxxxxxxxxx Xxxxxxxxx
00 XXXX 0 Xxxxxxxx Xxxxx Xxxxx 0000 Xxxxxx Xxxxxx
19 GACC 2 The Sanctuary at Highland Oaks (Note 2) 00000 Xxxxxxx Xxxx Xxxxxx
20 GACC 0 Xxxxxxx Xxxxxx 000 Xxxxxx Xxxxxx
21 GACC 1 Brooklyn Retail Portfolio II Various
29 GACC 1 Tenby Chase 000 Xxxxx Xxxxx Xxxxx
30 GACC 1 0000 Xxxxxxxxxxxxx Xxxxxx 0000 Xxxxxxxxxxxxx Xxxxxx, XX
------------------------------------------------------------------------------------------------------------------------------------
31 GACC 1 Northcoast Hotel Portfolio Various
31a Roosevelt Hotel 0000 0xx Xxxxxx
31b Coast Wenatchee Center 000 Xxxxx Xxxxxxxxx Xxxxxx
00x Xxxxx Xxxxxxx Hotel 00000 Xxxxxxxxxxxxx Xxxxxxxxx
------------------------------------------------------------------------------------------------------------------------------------
00 XXXX 0 Xxxx Xxxxxx Xxxxxxxxxx 0000 Xxxxxxxxxxxx Road
00 XXXX 0 Xxxxxxx Xxxx Xxxx Xxxxxxxxxx 00000 Xxxxxxxxx 00xx Xxxxx
00 XXXX 0 Breakpointe Apartments 6672-6690 Xxxxxx Xxxx
00 XXXX 0 000 Xxxxxxxx Xxxxxx 000 Xxxxxxxx Xxxxxx
00 XXXX 0 Xxxxxxx Financial Center 000 Xxxxx Xxxxxxx Xxxxxxx
------------------------------------------------------------------------------------------------------------------------------------
55 GACC 1 000 Xxxx 00xx Xxxxxx / 000-00 Xxxx 00xx Xxxxxx Various
55a 000-00 Xxxx 00xx Xxxxxx 000-00 Xxxx 00xx Xxxxxx
55b 000 Xxxx 00xx Xxxxxx 000 Xxxx 00xx Xxxxxx
------------------------------------------------------------------------------------------------------------------------------------
00 XXXX 0 Xxxxxx Xxxxxx Xxxxxx 0000 Xx Xxxxxxx Xxxxx
00 XXXX 0 Xxxxxxxxx Xxxx 0000 Xxxxxxxxx 0xx Xxxxxx
------------------------------------------------------------------------------------------------------------------------------------
60 GACC 1 000-000 Xxxx 00xx Xxxxxx / 000-00 Xxxx 00xx XxxxxxXxxxxxx
60a 000-00 Xxxx 00xx Xxxxxx 000-00 Xxxx 00xx Xxxxxx
60b 000-000 Xxxx 00xx Xxxxxx 000-000 Xxxx 00xx Xxxxxx
------------------------------------------------------------------------------------------------------------------------------------
63 GACC 1 000 Xxxx 00xx Xxxxxx / 0000-0000 0xx Xxxxxx Various
63a 0000-0000 0xx Xxxxxx 0000-0000 0xx Xxxxxx
63b 000 Xxxx 00xx Xxxxxx 000 Xxxx 00xx Xxxxxx
------------------------------------------------------------------------------------------------------------------------------------
76 GACC 1 The Atrium at Manalapan 195 Xxxxx 0 Xxxxx
00 XXXX 0 Xxxxxxx Xxxx Center 000-000 Xxxxx Xxxxxx Xxxxx Xxxxxxxxx
00 XXXX 0 Groton Shopping Center 000-000 Xxxx Xxxx Xxxx
00 XXXX 0 0000 Xxxxxxx Xxxxxxxxx 0000 Xxxxxxx Xxxxxxxxx
00 XXXX 0 Xxxxxxx Xxxxx MHP 0000 Xxxxx Xxxxxx Xxxx
92 GACC 1 Lawrenceville Shopping Center 3350-3360 Brunswick Pike
95 GACC 2 Quail Run MHP 00000 Xxxxxx Xxxx
107 GACC 1 MacPhail Crossing 000-000 Xxxx Xxxxxxxx Xxxx
110 GACC 0 Xxxxx Xxxxxx Xxxxxxxxx 000-000 Xxxx Xxxxx Street
111 GACC 1 Lowes at Sunrise 0000 Xxxxx Xxxx Xxxx
114 GACC 1 Xxxxxxxx Xxxxxx Xxxxxx 000 Xxxxxxxx Xxxx
117 GACC 1 Sunset Galleria 7101-7123 Xxxxxx Xxxxxxxxx
000 XXXX 0 Xxxxxxxx Xxxx 1981 & 0000 Xxxxxxxx Xxxx
000 XXXX 1 Office Xxxxx Xxxxx 000 Xxxx 0xx Xxxxxx
135 GACC 1 Colts Neck Shopping Center 00 Xxxxx 00
000 XXXX 2 Westbury Apartments 0000 Xxxxxxx Xxxxx
000 XXXX 0 Xxxxxxxxxxxx Xxxxxxx xx Xxxxxxxx 000 Xxxxx Xxxxx
145 GACC 1 Fairmount Seattle Apartments 0000 0xx Xxxxxx
155 GACC 1 Uptown Self-Storage 950 & 0000 Xxxxxx Xxxxxx Xxxxxxxxx
156 GACC 1 The Metrocenter 00 Xxxxx Xxxxxx
000 XXXX 1 000 0/0 Xxxxxxx Xxxxxx 000 0/0 Xxxxxxx Xxxxxx
170 GACC 0 Xxxxx Xxxxx Apartments 16 & 00 Xxxxx Xxxxx
000 XXXX 0 0000 Xxxxxx Office Building 0000 Xxxxxx Xxxxxxxxx XX
177 GACC 2 Xxxxx Xxxx Apartments 0000 Xxx Xxxxxxxxx Xxxxxx
188 GACC 1 Crown Xxxxxxxx Plaza 0000 Xxxxx Xxxxxxxx Xxxxxxxxx
189 GACC 1 000 Xxxx Xxxxx Xxxxxx 000 Xxxx Xxxxx Xxxxxx
000 XXXX 1 000 Xxxx 00xx Xxxxxx 000 Xxxx 00xx Xxxxxx
195 GACC 1 The Entrance at Lakeway 0000 Xxxxx Xxxx 620 South
198 GACC 0 Xxxx Xxxxxx Office 41865 Xxxxxxxxx
000 XXXX 0 Xxx Xxxxxxx at Russellville 0000 Xxxxx Xxxxxx Xxxxxx
000 XXXX 0 Xxxxxxxxx Xxxxxxxxxxxx Apartments 000-000 Xxxx Xxxxxxx Xxxxxx
000 XXXX 0 000 Xxxx 00xx Xxxxxx 000 Xxxx 00xx Xxxxxx
CUT-OFF CROSS
DATE COLLATERALIZED
LOAN PRINCIPAL (MORTGAGE MORTGAGE
NUMBER CITY STATE ZIP CODE COUNTY BALANCE LOAN GROUP) RATE
--------------------------------------------------------------------------------------------------------------------------
0 Xxxx Xxxxxx Xxxx XX 00000 Queens 290,000,000 (Note 1) No 4.9050%
2 Xxxxx Xxxxxx XX 00000 Los Angeles 250,000,000.00 No 5.2740%
--------------------------------------------------------------------------------------------------------------------------
7 Various Various Various Various 86,265,101.00 No 5.8400%
7a League City TX 77573 Xxxxxxxxx
0x Xxxxxxx TX 77057 Xxxxxx
7c Xxxxxxx XX 00000 Pinellas
7d Houston TX 00000 Xxxxxx
0x Xxxxxxxxx XX 00000 Mecklenburg
7f Cornelius NC 00000 Xxxxxxxxxxx
0x Xxxxxx XX 00000 Xxxxxx
7h La Marque TX 77568 Xxxxxxxxx
0x Xxxxxxxxxxxx XX 00000 Xxxxx
7j Xxxxx XX 00000 Pinellas
7k Xxxxxxxxx XX 00000 Brevard
7l Xxxxxxx XX 00000 Xxxxxx
7m Xxxx Xxxxxx XX 00000 Pinellas
7n Xxxxxxxxxx XX 00000 Xxxxxx
7o Dallas TX 75243 Dallas
7p Birmingham AL 00000 Xxxxxxxxx
0x Xxx Xxxxxxx XX 00000 Bexar
7r Tallahassee FL 32303 Xxxx
7s Xxxxx XX 00000 Hillsborough
7t Houston TX 77043 Xxxxxx
7u Xxxxxxxx XX 00000 Richland
7v Xxxxxxxxxx XX 00000 Madison
--------------------------------------------------------------------------------------------------------------------------
8 Xxxxxxxx XX 00000 Middlesex 65,000,000.00 No 5.1620%
00 Xxxx Xxxxx Xxxxxxx XX 00000 Xxxx Xxxxx 58,000,000.00 No 5.9800%
11 Xxx Xxxx XX 00000 New York 57,000,000.00 No 5.2370%
--------------------------------------------------------------------------------------------------------------------------
12 Xxxxxxx XX 00000 Orange 55,000,000.00 No 4.7250%
12a Xxxxxxx XX 00000 Orange
12b Xxxxxxx XX 00000 Orange
12c Xxxxxxx XX 00000 Orange
--------------------------------------------------------------------------------------------------------------------------
13 Xxxxxxxxxxxx XX 00000 Philadelphia 43,600,000.00 No 5.2900%
16 Xxxxxxx XX 00000 Orange 39,500,000.00 No 5.4400%
18 Xxxxx Xxxxx XX 00000 East Baton Rouge 36,500,000.00 No 5.7350%
19 Xxxxx XX 00000 Hillsborough 35,300,000.00 No 5.0250%
20 Xxxxxxxx XX 00000 Hartford 33,000,000.00 No 5.4250%
21 Brooklyn NY Various Kings 32,468,396.06 No 5.3700%
29 Xxxxxx XX 00000 Burlington 28,500,000.00 No 5.5050%
00 Xxxxxxxxxx XX 00000 Xxxxxxxx xx Xxxxxxxx 28,000,000.00 No 5.3500%
--------------------------------------------------------------------------------------------------------------------------
31 Various WA Various Various 27,500,000.00 No 5.7410%
31a Xxxxxxx XX 00000 King
31b Xxxxxxxxx XX 00000 Chelan
31c Xxxxxx XX 00000 King
--------------------------------------------------------------------------------------------------------------------------
32 Xxxxxxx XX 00000 Bucks 26,320,000.00 No 5.3550%
34 Xxxxxxxx XX 00000 King 25,500,000.00 No 5.3240%
40 Xxxxxx XX 00000 Santa Xxxxxxx 21,000,000.00 No 5.2900%
44 Xx Xxxxx XX 00000 San Diego 20,000,000.00 No 5.3870%
49 Xxxx Xxxxx XX 00000 Palm Beach 18,750,000.00 No 5.2800%
--------------------------------------------------------------------------------------------------------------------------
55 Xxx Xxxx XX 00000 New York 17,540,000.00 No 5.3110%
55a Xxx Xxxx XX 00000 Xxx Xxxx
00x Xxx Xxxx XX 00000 New York
--------------------------------------------------------------------------------------------------------------------------
00 Xxxxxx Xxxxxx XX 00000 Xxxxx Xxxx 16,966,694.91 No 5.6900%
57 Xxxxxx XX 00000 King 16,200,000.00 No 5.1950%
--------------------------------------------------------------------------------------------------------------------------
60 Xxx Xxxx XX 00000 New York 15,770,000.00 No 5.3110%
60a Xxx Xxxx XX 00000 Xxx Xxxx
00x Xxx Xxxx XX 00000 New York
--------------------------------------------------------------------------------------------------------------------------
63 Xxx Xxxx XX 00000 New York 15,050,000.00 No 5.3110%
63a Xxx Xxxx XX 00000 Xxx Xxxx
00x Xxx Xxxx XX 00000 New York
--------------------------------------------------------------------------------------------------------------------------
76 Xxxxxxxxx XX 00000 Monmouth 13,000,000.00 No 5.1250%
79 Xxxxxxx XX 00000 Stanislaus 12,925,000.00 No 5.3700%
00 Xxxxxx XX 0000 Xxx Xxxxxx 12,200,000.00 No 5.3450%
00 Xxxxx Xxxxxx XX 00000 Xxx Xxxxxxx 12,000,000.00 No 5.2720%
85 Xxx Xxxxx XX 00000 Washtenaw 12,000,000.00 No 5.5050%
92 Xxxxxxxxxxxxx XX 00000 Xxxxxx 11,269,111.33 No 5.4000%
95 Xxxxx XX 00000 Macomb 11,200,000.00 No 5.4400%
107 Xxx Xxx XX 00000 Harford 9,858,542.16 No 5.2400%
110 Brea CA 92821 Orange 9,500,000.00 No 5.0460%
111 Xxxxxx XX 00000 Pima 9,500,000.00 No 5.1800%
114 Xxxx Xxxxxxxxxx XX 00000 Xxxxxxxxxx 9,350,000.00 No 5.3300%
000 Xxx Xxxxxxx XX 00000 Xxx Xxxxxxx 9,200,000.00 No 5.0840%
119 Xxxxxxxxxx XX 00000 New Hanover 9,161,386.85 No 5.2300%
000 Xxx Xxxxxxx XX 00000 Xxx Xxxxxxx 8,950,000.00 No 5.1900%
000 Xxxxx Xxxx XX 00000 Monmouth 8,000,000.00 No 5.3450%
000 Xxxxxxxx XX 00000 Henrico 7,584,000.00 No 5.4450%
144 Xxxxxxxx XX 00000 Emmet 7,350,000.00 No 6.0720%
145 Xxxxxxx XX 00000 King 7,300,000.00 No 5.0650%
000 Xxxxxxxxxx XX 00000 Xxxxxxxx xx Xxxxxxxx 6,800,000.00 No 5.3120%
156 Xxxxxxxxxx XX 00000 Xxxxxx 6,743,044.49 No 5.1300%
168 Xxxxxxxxx XX 00000 Placer 6,000,000.00 No 5.4100%
170 Xxxxxx XX 00000 Suffolk 5,900,000.00 No 5.0400%
000 Xxxxxxxxxxx XX 00000 Bernalillo 5,888,000.00 No 5.4110%
177 Xxxxxxxxxxxx XX 00000 Philadelphia 5,520,000.00 No 5.0500%
188 Xxx Xxxxxxx XX 00000 Los Angeles 4,900,000.00 No 5.0800%
189 Brea CA 92821 Orange 4,880,000.00 No 5.0320%
000 Xxx Xxxx XX 00000 Xxx Xxxx 4,640,000.00 No 5.3110%
000 Xxxxxxx XX 00000 Xxxxxx 4,400,000.00 No 5.6450%
198 Xxxx Xxxxxx XX 00000 Riverside 3,900,000.00 No 4.9800%
000 Xxxxxxxxxxxx XX 00000 Xxxx 3,315,000.00 No 5.0800%
212 Xxxxxxxxxxxx XX 00000 Philadelphia 2,916,962.32 No 5.0900%
216 Xxx Xxxx XX 00000 New York 2,594,430.66 No 5.2750%
INTEREST
RESERVE
MASTER MORTGAGE
LOAN SERVICING ARD LOAN LOAN GRACE PERIOD
NUMBER FEE RATE (YES/NO)? ARD ADDITIONAL INTEREST RATE AFTER ARD (YES/NO)? LOAN TYPE (DAYS) (NOTE 5)
------------------------------------------------------------------------------------------------------------------------------------
1 0.0300% Yes 09/01/15 Greater of 2% plus Rate or Treasury Rate Yes Interest Only/ARD 5
2 0.0300% No Yes Interest Only 0
------------------------------------------------------------------------------------------------------------------------------------
7 0.0350% No Yes Partial IO/Balloon 5
7a
7b
7c
7d
7e
7f
7g
7h
7i
7j
7k
7l
7m
7n
7o
7p
7q
7r
7s
7t
7u
7v
------------------------------------------------------------------------------------------------------------------------------------
8 0.0300% No Yes Partial IO/Balloon 5
10 0.0300% No Yes Interest Only 5
11 0.0300% No Yes Partial IO/Balloon 5
------------------------------------------------------------------------------------------------------------------------------------
12 0.0200% No Yes Interest Only 5
12a
12b
12c
------------------------------------------------------------------------------------------------------------------------------------
13 0.0300% No Yes Partial IO/Balloon 5
16 0.0300% No Yes Interest Only 5
18 0.0300% No Yes Balloon 5
19 0.0300% No Yes Partial IO/Balloon 5
20 0.0300% No Yes Interest Only 5
21 0.0300% No Yes Balloon 5
29 0.0300% No Yes Partial IO/Balloon 5
30 0.0300% No Yes Partial IO/Balloon 5
------------------------------------------------------------------------------------------------------------------------------------
31 0.0300% No Yes Balloon 5
31a
31b
31c
------------------------------------------------------------------------------------------------------------------------------------
32 0.0300% No Yes Partial IO/Balloon 5
34 0.0300% No Yes Partial IO/Balloon 5
40 0.0300% No Yes Partial IO/Balloon 5
44 0.0300% No Yes Interest Only 5
49 0.0300% No Yes Partial IO/Balloon 5
------------------------------------------------------------------------------------------------------------------------------------
55 0.0300% No Yes Partial IO/Balloon 5
55a
55b
------------------------------------------------------------------------------------------------------------------------------------
56 0.0300% No Yes Balloon 5
57 0.0300% No Yes Partial IO/Balloon 5
------------------------------------------------------------------------------------------------------------------------------------
60 0.0300% No Yes Partial IO/Balloon 5
60a
60b
------------------------------------------------------------------------------------------------------------------------------------
63 0.0300% No Yes Partial IO/Balloon 5
63a
63b
------------------------------------------------------------------------------------------------------------------------------------
76 0.0300% No Yes Partial IO/Balloon 5
79 0.0300% No Yes Partial IO/Balloon 5
82 0.0300% No Yes Partial IO/Balloon 5
84 0.0600% No Yes Partial IO/Balloon 5
85 0.0300% No Yes Partial IO/Balloon 5
92 0.0300% No Yes Balloon 5
95 0.0300% No Yes Partial IO/Balloon 5
107 0.0300% No Yes Balloon 5
110 0.0300% No Yes Partial IO/Balloon 5
111 0.0600% No Yes Partial IO/Balloon 5
114 0.0300% No Yes Partial IO/Balloon 5
117 0.0300% No Yes Partial IO/Balloon 5
119 0.0300% No Yes Balloon 5
125 0.0300% No Yes Partial IO/Balloon 5
135 0.0300% No Yes Balloon 5
140 0.0300% No Yes Partial IO/Balloon 5
144 0.0300% No Yes Balloon 5
145 0.0300% No Yes Interest Only 5
155 0.0300% No Yes Partial IO/Balloon 5
156 0.0300% No Yes Balloon 5
168 0.0300% No Yes Partial IO/Balloon 5
170 0.0300% No Yes Partial IO/Balloon 5
171 0.0300% No Yes Partial IO/Balloon 5
177 0.0300% No Yes Partial IO/Balloon 5
188 0.0300% No Yes Partial IO/Balloon 5
189 0.0300% No Yes Partial IO/Balloon 5
192 0.0300% No Yes Partial IO/Balloon 5
195 0.0300% No Yes Balloon 5
198 0.0300% No Yes Partial IO/Balloon 5
204 0.0300% No Yes Partial IO/Balloon 5
212 0.0300% No Yes Balloon 5
216 0.0300% No Yes Balloon 5
PERIODIC ORIGINAL REMAINING STATED
PAYMENT ON TERM TO TERM TO ORIGINAL STATED
SCHEDULED FIRST DUE MATURITY / MATURITY / AMORTIZATION REMAINING DEFEASANCE
LOAN MATURITY DATE AFTER ARD ARD TERM AMORTIZATION LOAN
NUMBER DATE/ARD CLOSING (MONTHS) (MONTHS) (MONTHS) TERM (MONTHS) (YES/NO)?
--------------------------------------------------------------------------------------------------------------------------
1 05/01/20 1,185,375.00 (Note 1) 120 118 Interest Only Interest Only Yes
2 10/01/15 1,098,750.00 120 119 Interest Only Interest Only Yes
--------------------------------------------------------------------------------------------------------------------------
7 08/01/15 419,823.49 120 117 360 360 Yes
7a
7b
7c
7d
7e
7f
7g
7h
7i
7j
7k
7l
7m
7n
7o
7p
7q
7r
7s
7t
7u
7v
--------------------------------------------------------------------------------------------------------------------------
8 10/01/15 279,608.33 120 119 360 360 Yes
10 11/01/10 289,033.33 60 60 Interest Only Interest Only No
11 09/01/15 248,757.50 120 118 360 360 Yes
--------------------------------------------------------------------------------------------------------------------------
12 07/01/15 216,562.50 120 116 Interest Only Interest Only Yes
12a
12b
12c
--------------------------------------------------------------------------------------------------------------------------
13 10/01/15 192,203.33 120 119 360 360 Yes
16 10/01/10 179,066.67 60 59 Interest Only Interest Only Yes
18 11/01/15 212,656.41 120 120 360 360 Yes
19 08/01/15 147,818.75 120 117 360 360 Yes
20 10/01/10 149,187.50 60 59 Interest Only Interest Only Yes
21 10/01/15 181,889.36 120 119 360 359 Yes
29 09/01/10 130,743.75 60 58 360 360 No
30 08/01/15 124,833.33 120 117 360 360 Yes
--------------------------------------------------------------------------------------------------------------------------
31 11/01/15 160,325.34 120 120 360 360 Yes
31a
31b
31c
--------------------------------------------------------------------------------------------------------------------------
32 11/01/15 117,453.00 120 120 360 360 Yes
34 10/01/15 113,135.00 120 119 360 360 Yes
40 09/01/10 92,575.00 60 58 360 360 Yes
44 11/01/15 89,783.33 120 120 Interest Only Interest Only Yes
49 11/01/15 82,500.00 120 120 360 360 Yes
--------------------------------------------------------------------------------------------------------------------------
55 10/01/15 77,629.12 120 119 360 360 Yes
55a
55b
--------------------------------------------------------------------------------------------------------------------------
56 09/01/15 98,560.37 120 118 360 358 Yes
57 08/01/15 70,132.50 120 117 360 360 Yes
--------------------------------------------------------------------------------------------------------------------------
60 10/01/15 69,795.39 120 119 360 360 Yes
60a
60b
--------------------------------------------------------------------------------------------------------------------------
63 10/01/15 66,608.79 120 119 360 360 Yes
63a
63b
--------------------------------------------------------------------------------------------------------------------------
76 07/01/15 55,520.83 120 116 360 360 Yes
79 11/01/15 57,839.38 120 120 360 360 Yes
82 10/01/15 54,340.83 120 119 360 360 Yes
84 10/01/15 52,720.00 120 119 360 360 Yes
85 09/01/15 55,050.00 120 118 360 360 Yes
92 03/01/15 63,340.67 113 112 360 359 Yes
95 10/01/15 50,773.33 120 119 360 360 Yes
107 07/01/15 54,606.86 120 116 360 356 Yes
110 10/01/15 39,947.50 120 119 360 360 Yes
111 10/01/15 41,008.33 120 119 360 360 Yes
114 10/01/15 41,529.58 120 119 360 360 Yes
117 10/01/15 38,977.33 120 119 360 360 Yes
119 07/01/15 50,688.83 120 116 360 356 Yes
125 10/01/15 38,708.75 120 119 360 360 Yes
135 11/01/15 44,648.19 120 120 360 360 Yes
140 08/01/15 34,412.40 120 117 360 360 Yes
144 11/01/15 47,680.17 120 120 300 300 Yes
145 09/01/15 30,812.08 120 118 Interest Only Interest Only Yes
155 10/01/15 30,101.33 120 119 360 360 Yes
156 10/01/15 36,773.64 120 119 360 359 Yes
168 09/01/15 27,050.00 120 118 360 360 Yes
170 09/01/15 24,780.00 120 118 360 360 Yes
171 08/01/15 26,549.97 120 117 360 360 Yes
177 08/01/15 23,230.00 120 117 360 360 Yes
188 08/01/15 20,743.33 120 117 360 360 Yes
189 10/01/15 20,463.47 120 119 360 360 Yes
192 11/01/15 20,535.87 120 120 360 360 Yes
195 11/01/15 25,384.46 120 120 360 360 Yes
198 09/01/15 16,185.00 120 118 360 360 Yes
204 08/01/15 14,033.50 120 117 360 360 Yes
212 10/01/15 15,836.20 120 119 360 359 Yes
216 09/01/20 14,397.58 180 178 360 358 Yes
ESCROWED
PROPERTY ANNUAL ESCROWED
LOAN PROPERTY SIZE TYPE REAL ESTATE ANNUAL
NUMBER BORROWER'S INTEREST SIZE LOCKBOX (YES/NO)? TAXES INSURANCE
------------------------------------------------------------------------------------------------------------------------------------
1 Fee Simple 1,401,609 SF In-Place Hard, Springing Cash Management 0 0
2 Fee Simple 1,076,070 SF In-Place Hard, Springing Cash Management 0 0
------------------------------------------------------------------------------------------------------------------------------------
7 Fee Simple and Leasehold 1,755,352 SF In Place Soft, Springing Hard 1,552,000 112,800
7a Fee Simple 241,533 SF
7b Fee Simple 98,326 SF
7c Fee Simple 60,985 SF
7d Fee Simple 156,593 SF
7e Fee Simple 66,558 SF
7f Fee Simple 61,245 SF
7g Fee Simple 76,393 SF
7h Fee Simple 122,145 SF
7i Fee Simple 64,770 SF
7j Fee Simple 61,120 SF
7k Fee Simple 57,410 SF
7l Fee Simple 66,953 SF
7m Fee Simple 63,032 SF
7n Fee Simple 55,942 SF
7o Fee Simple 74,606 SF
7p Fee Simple 64,610 SF
7q Fee Simple 62,366 SF
7r Leasehold 53,555 SF
7s Fee Simple 61,322 SF
7t Fee Simple 62,586 SF
7u Fee Simple 61,335 SF
7v Fee Simple 61,967 SF
------------------------------------------------------------------------------------------------------------------------------------
8 Fee Simple 339,428 SF Springing Hard 446,104 0
10 Fee Simple 542 Units In Place Soft, Springing Hard 820,200 313,488
11 Fee Simple 239,047 SF Springing Hard 1,206,564 67,776
------------------------------------------------------------------------------------------------------------------------------------
12 Leasehold 2,400 Rooms Springing Hard 0 0
12a Leasehold 750 Rooms
12b Leasehold 1,000 Rooms
12c Leasehold 650 Rooms
------------------------------------------------------------------------------------------------------------------------------------
13 Fee in Part, Leasehold in Part 191,096 SF In Place Soft, Springing Hard 426,185 0
16 Fee Simple 400 Units In-Place Hard 489,924 118,380
18 Fee Simple 300 Rooms In Place Soft, Springing Hard 248,054 49,551
19 Fee Simple 456 Units In Place Soft, Springing Hard 847,273 70,731
20 Fee Simple 330,901 SF None 2,217,576 65,004
21 Fee Simple 132,131 SF None 0 0
29 Fee Simple 327 Units None 450,000 131,772
30 Fee Simple 88,200 SF In Place Soft, Springing Hard 399,368 43,838
------------------------------------------------------------------------------------------------------------------------------------
31 Fee Simple 443 Rooms Springing Hard 279,017 105,145
31a Fee Simple 151 Rooms
31b Fee Simple 147 Rooms
31c Fee Simple 145 Rooms
------------------------------------------------------------------------------------------------------------------------------------
32 Fee Simple 615 Units None 635,772 106,800
34 Fee Simple 384 Units None 209,592 75,156
40 Fee Simple 96 Units None 0 0
44 Fee Simple 60,921 SF None 0 0
49 Fee Simple 92,943 SF None 247,024 175,639
------------------------------------------------------------------------------------------------------------------------------------
55 Fee Simple 126 Units In Place Soft, Springing Hard 432,887 53,646
55a Fee Simple 98 Units
55b Fee Simple 28 Units
------------------------------------------------------------------------------------------------------------------------------------
56 Fee Simple 177 Rooms Springing Hard 135,192 65,136
57 Fee Simple 399 Units None 200,112 60,588
------------------------------------------------------------------------------------------------------------------------------------
60 Fee Simple 118 Units In Place Soft, Springing Hard 352,874 50,212
60a Fee Simple 90 Units
60b Fee Simple 28 Units
------------------------------------------------------------------------------------------------------------------------------------
63 Fee Simple 80 Units In Place Soft, Springing Hard 405,144 35,770
63a Fee Simple 54 Units
63b Fee Simple 26 Units
------------------------------------------------------------------------------------------------------------------------------------
76 Fee Simple 82,750 SF None 62,267 31,000
79 Fee Simple 102,361 SF None 118,152 30,000
82 Fee Simple 118,843 SF In Place Soft, Springing Hard 173,172 21,900
84 Fee Simple 50,000 SF In-Place Hard 112,284 2,796
85 Fee Simple 290 Pads None 99,936 23,844
92 Fee Simple 73,027 SF In-Place Hard 0 0
95 Fee Simple 340 Pads None 87,216 35,664
107 Fee Simple 102,992 SF Springing Hard 61,722 8,399
110 Fee Simple 17,310 SF None 127,908 40,812
111 Fee Simple 167,200 SF In-Place Hard 20,676 1,716
114 Fee Simple 91,748 SF None 184,402 14,731
117 Fee Simple 38,193 SF None 108,180 17,113
119 Fee Simple 53,532 SF None 70,648 15,062
125 Fee Simple 35,876 SF In-Place Hard 82,648 8,280
135 Fee Simple 39,514 SF None 115,728 36,900
140 Fee Simple 158 Units None 77,006 21,825
144 Fee Simple 119 Units None 44,856 79,980
145 Fee Xxxxxx 00 Xxxxx Xxxx 43,711 9,397
155 Fee Simple 62,970 SF None 73,879 16,023
156 Leasehold 89,835 SF Springing Hard 48,588 19,536
168 Fee Simple 45,122 SF Springing Hard 32,856 18,672
170 Fee Xxxxxx 00 Xxxxx Xxxx 48,960 22,872
171 Fee Simple 65,792 SF None 92,808 10,391
177 Fee Simple 110 Units None 63,420 27,504
188 Fee Simple 30,414 SF Springing Hard 63,660 5,352
189 Fee Simple 13,560 SF None 46,908 15,756
192 Fee Simple 31 Units In Place Soft, Springing Hard 100,930 13,699
195 Fee Simple 28,627 SF None 82,833 4,540
198 Fee Simple 41,009 SF None 54,852 6,312
204 Fee Xxxxxx 00 Xxxxx Xxxx 19,194 7,491
212 Fee Xxxxxx 00 Xxxxx Xxxx 31,893 28,802
216 Fee Simple 114 Units None 0 0
ESCROWED
EPLACEMENT
RESERVES ESCROWED TI/LC
LOAN INITIAL RESERVES INITIAL
NUMBER DEPOSIT ESCROWED REPLACEMENT RESERVES CURRENT ANNUAL DEPOSIT DEPOSIT
----------------------------------------------------------------------------------------------------------------------------------
1 0 0 0
2 0 0 0
----------------------------------------------------------------------------------------------------------------------------------
7 187,000 0 NAP
7a
7b
7c
7d
7e
7f
7g
7h
7i
7j
7k
7l
7m
7n
7o
7p
7q
7r
7s
7t
7u
7v
----------------------------------------------------------------------------------------------------------------------------------
8 0 67,886 0
10 0 135,504 NAP
11 48,000 0 180,000
----------------------------------------------------------------------------------------------------------------------------------
12 0 0 NAP
12a
12b
12c
----------------------------------------------------------------------------------------------------------------------------------
13 0 19,116 0
16 0 80,004 (1-36); 100,008 (thereafter) NAP
18 0 5% of Gross Revenues (years 1-3), 4% of Gross Revenues (thereafter) NAP
19 0 79,800.00 (Yrs. 1-5); 106,200.00 (Yrs. 6-10) NAP
20 0 49,632 0
21 39,648 0 62,112
29 620,000 0 NAP
30 0 18,180 100,000
----------------------------------------------------------------------------------------------------------------------------------
31 0 501,023 NAP
31a
31b
31c
----------------------------------------------------------------------------------------------------------------------------------
32 0 169,128 NAP
34 0 96,000 NAP
40 24,000 0 NAP
44 0 0 0
49 0 17,992 0
----------------------------------------------------------------------------------------------------------------------------------
55 0 33,000 NAP
55a
55b
----------------------------------------------------------------------------------------------------------------------------------
56 0 226,884 NAP
57 0 99,756 NAP
----------------------------------------------------------------------------------------------------------------------------------
60 0 30,000 NAP
60a
60b
----------------------------------------------------------------------------------------------------------------------------------
63 0 21,756 NAP
63a
63b
----------------------------------------------------------------------------------------------------------------------------------
76 0 16,560 766,000
79 0 20,544 0
82 0 23,772 0
84 0 0 0
85 0 14,508 NAP
92 0 0 0
95 0 17,004 NAP
107 0 0 0
110 0 10,104 0
111 0 0 0
114 0 18,612 90,363
117 0 7,644 130,000
119 0 10,716 0
125 0 7,200 200,000
135 0 7,836 0
140 395,000 0 NAP
144 0 29,750 NAP
145 0 0 0
155 0 13,466 NAP
156 0 17,967 0
168 0 9,036 0
170 0 18,000 NAP
171 0 13,164 100,000
177 0 27,504 NAP
188 0 2,160 0
189 0 2,040 0
192 0 7,750 NAP
195 0 5,725 0
198 25,000 0 75,000
204 0 19,200 (1st 3 years), 24,000 (thereafter) NAP
212 0 16,752 NAP
216 0 0 NAP
ESCROWED TI/LC INITIAL DEFERRED INITIAL
LOAN RESERVES CURRENT MAINTENANCE ENVIRONMENTAL
NUMBER ANNUAL DEPOSIT DEPOSIT DEPOSIT HOLDBACK RESERVE
------------------------------------------------------------------------------------------------------------------------------
1 0 0 0
2 0 0 0
------------------------------------------------------------------------------------------------------------------------------
7 NAP 0 0
7a
7b
7c
7d
7e
7f
7g
7h
7i
7j
7k
7l
7m
7n
7o
7p
7q
7r
7s
7t
7u
7v
------------------------------------------------------------------------------------------------------------------------------
8 254,571 21,625 0
10 NAP 0 0
11 0 44,315 0
------------------------------------------------------------------------------------------------------------------------------
12 NAP 0 0
12a
12b
12c
------------------------------------------------------------------------------------------------------------------------------
13 0 0 0 600,000
16 NAP 0 0
18 NAP 296,375 0
19 NAP 0 0
20 250,008 12,750 0
21 0 48,750 0
29 NAP 0 0
30 104,532 4,375 0
------------------------------------------------------------------------------------------------------------------------------
31 NAP 0 0
31a
31b
31c
------------------------------------------------------------------------------------------------------------------------------
32 NAP 0 0
34 NAP 45,000 0
40 NAP 0 0 550,000
44 0 0 0
49 96,544 0 3,125
------------------------------------------------------------------------------------------------------------------------------
55 NAP 22,688 0
55a
55b
------------------------------------------------------------------------------------------------------------------------------
56 NAP 0 0
57 NAP 6,250 0
------------------------------------------------------------------------------------------------------------------------------
60 NAP 32,500 0
60a
60b
------------------------------------------------------------------------------------------------------------------------------
63 NAP 19,000 0
63a
63b
------------------------------------------------------------------------------------------------------------------------------
76 62,064 0 0
79 82,140 8,750 0
82 63,192 0 1,875 1,400,000
84 0 0 0
85 NAP 0 0
92 0 6,250 0
95 NAP 0 0
107 0 0 0
110 16,800 0 0
111 0 0 0
114 91,750 150,000 0
117 0 0 0
119 56,592 0 0
125 30,864 0 0
135 22,704 18,531 0
140 NAP 0 0
144 NAP 0 0
145 10,380 12,750 0
155 NAP 0 0 800,000
156 89,835 9,000 0
168 46,032 0 0 550,000
170 NAP 5,688 0
171 65,796 0 0
177 NAP 0 0 480,000
188 21,300 0 0
189 13,212 0 0 300,000
192 NAP 18,750 0
195 20,325 0 0
198 0 0 0
204 NAP 0 0
212 NAP 4,219 0
216 NAP 0 0
LOAN ENVIRONMENTAL
NUMBER LOC INSURANCE POLICY
-----------------------------------------------------------------------------------------------------------------------------------
1 Future LOC up to $30,000,000 if tenant exercises the right to surrender space in September 2013.
2
-----------------------------------------------------------------------------------------------------------------------------------
7
7a
7b
7c
7d
7e
7f
7g
7h
7i
7j
7k
7l
7m
7n
7o
7p
7q
7r
7s
7t
7u
7v
-----------------------------------------------------------------------------------------------------------------------------------
8
10
11
-----------------------------------------------------------------------------------------------------------------------------------
12
12a
12b
12c
-----------------------------------------------------------------------------------------------------------------------------------
13
16
18
19
20
21
29
30
-----------------------------------------------------------------------------------------------------------------------------------
31
31a
31b
31c
-----------------------------------------------------------------------------------------------------------------------------------
32
34
40
44
49
-----------------------------------------------------------------------------------------------------------------------------------
55
55a
55b
-----------------------------------------------------------------------------------------------------------------------------------
56
57
-----------------------------------------------------------------------------------------------------------------------------------
60
60a
60b
-----------------------------------------------------------------------------------------------------------------------------------
63
63a
63b
-----------------------------------------------------------------------------------------------------------------------------------
76
79
82
84
85
92
95
107
110
111
114
117
119
125
135
140
144
145
155
156
168
170
171
177
188
189
192
195
198
204
212
216
PRESENTED BELOW, SEPARATE FROM THE REST OF THE POOLED MORTGAGED LOANS, IS THE
ANNEX A-1 INFORMATION FOR THE ONE COURT SQUARE - CITIBANK NON-POOLED PORTION,
WHICH IS ASSOCIATED WITH THE CLASS OCS CERTIFICATES. THE ONE COURT SQUARE -
CITIBANK NON-POOLED PORTION IS NOT INCLUDED IN THE INITIAL NET MORTGAGE POOL
BALANCE.
MORTGAGE LOAN
LOAN LOAN GROUP PROPERTY
NUMBER SELLER NUMBER LOAN / PROPERTY NAME ADDRESS CITY STATE ZIP CODE COUNTY
----------------------------------------------------------------------------------------------------------------------------------
0x XXXX XXX Xxx Xxxxx Xxxxxx - Xxxxxxxx (non-pooled portion)
ADDITIONAL
CUT-OFF DATE MASTER INTEREST
LOAN PRINCIPAL CROSS COLLATERALIZED MORTGAGE SERVICING ARD LOAN RATE AFTER
NUMBER BALANCE (MORTGAGE LOAN GROUP) RATE FEE RATE (YES/NO)? ARD ARD
------------------------------------------------------------------------------------------------------------------------------------
1b 25,000,000.00 (Note 3) No 4.9050% 0.0300% Yes 09/01/15 Greater of 2% plus Rate or Treasury Rate
INTEREST PERIODIC ORIGINAL REMAINING STATED STATED
RESERVE GRACE PAYMENT TERM TO TERM TO ORIGINAL REMAINING
MORTGAGE PERIOD SCHEDULED ON FIRST MATURITY / MATURITY / AMORTIZATI AMORTIZATION
LOAN LOAN LOAN (DAYS) MATURITY DUE DATE ARD ARD ON TERM TERM
NUMBER (YES/NO)? TYPE (NOTE 5) DATE/ARD AFTER CLOSING (MONTHS) (MONTHS) (MONTHS) (MONTHS)
------------------------------------------------------------------------------------------------------------------------------------
1b Yes Interest Only/ARD 5 05/01/20 1,287,562.50 (Note 3) 120 118 Interest Only Interest Only
ESCROWED
ANNUAL ESCROWED
DEFEASANCE REAL ESCROWED REPLACEMENT
LOAN LOAN BORROWER'S PROPERTY PROPERTY LOCKBOX ESTATE ANNUAL RESERVES INITIAL
NUMBER (YES/NO)? INTEREST SIZE SIZE TYPE (YES/NO)? TAXES INSURANCE DEPOSIT
----------------------------------------------------------------------------------------------------------------------------
1b Yes Fee Simple
ESCROWED ESCROWED ESCROWED TI/LC
REPLACEMENT TI/LC RESERVES INITIAL
RESERVES RESERVES CURRENT DEFERRED INITIAL ENVIRONMENTAL
LOAN CURRENT ANNUAL INITIAL ANNUAL MAINTENANCE ENVIRONMENTAL HOLDBACK INSURANCE
NUMBER DEPOSIT DEPOSIT DEPOSIT DEPOSIT DEPOSIT RESERVE LOC POLICY
------------------------------------------------------------------------------------------------------------------------------------
1b
