EXHIBIT 10.2
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CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Depositor)
and
KEYBANK NATIONAL ASSOCIATION
(Seller)
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MORTGAGE LOAN PURCHASE AGREEMENT
Dated as of June 1, 2007
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TABLE OF CONTENTS
Section 1. Transactions on or Prior to the Closing Date.................
Section 2. Closing Date Actions.........................................
Section 3. Conveyance of Mortgage Loans.................................
Section 4. Depositor's Conditions to Closing............................
Section 5. Seller's Conditions to Closing...............................
Section 6. Representations and Warranties of Seller.....................
Section 7. Obligations of Seller........................................
Section 8. Crossed Mortgage Loans.......................................
Section 9. Rating Agency Fees; Costs and Expenses Associated
with a Defeasance...........................................
Section 10. Representations and Warranties of Depositor..................
Section 11. Survival of Certain Representations, Warranties and
Covenants...................................................
Section 12. Transaction Expenses.........................................
Section 13. Recording Costs..............................................
Section 14. Notices......................................................
Section 15. Notice of Exchange Act Reportable Events.....................
Section 16. Examination of Mortgage Files................................
Section 17. Successors...................................................
Section 18. Governing Law................................................
Section 19. Severability.................................................
Section 20. Further Assurances...........................................
Section 21. Counterparts.................................................
Section 22. Treatment as Security Agreement..............................
Section 23. Recordation of Agreement.....................................
Schedule I Schedule of Transaction Terms
Schedule II Mortgage Loan Schedule for KeyBank Trust Mortgage Loans
Schedule III Mortgage Loans Constituting Mortgage Groups
Schedule IV Mortgage Loans with Lost Notes
Schedule V Exceptions with Respect to Seller's Representations and Warranties
Exhibit A Representations and Warranties of Seller Regarding the Mortgage
Loans
Exhibit B Form of Lost Note Affidavit
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of June 1, 2007, is made by and between KEYBANK NATIONAL ASSOCIATION, a national
banking association ("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP., a Delaware corporation ("Depositor").
RECITALS
I. Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms attached hereto
as Schedule I, which is incorporated herein by this reference, or, if not
defined therein or elsewhere in this Agreement, in the Pooling and Servicing
Agreement.
II. On the Closing Date, and on the terms set forth herein, Seller
has agreed to sell to Depositor and Depositor has agreed to purchase from Seller
the mortgage loans identified on the schedule (the "Mortgage Loan Schedule")
annexed hereto as Schedule II (each such mortgage loan, a "Mortgage Loan" and,
collectively, the "Mortgage Loans"). Depositor intends to deposit the Mortgage
Loans and other assets into a trust fund (the "Trust Fund") created pursuant to
the Pooling and Servicing Agreement and to cause the issuance of the
Certificates.
AGREEMENT
NOW, THEREFORE, on the terms and conditions set forth below and for
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:
Section 1. Transactions on or Prior to the Closing Date. On or prior
to the Closing Date, Seller shall have delivered the Mortgage Files with respect
to each Mortgage Loan to Xxxxx Fargo Bank, N.A., as trustee (the "Trustee"),
against receipt by Seller of a trust receipt, pursuant to an arrangement between
Seller and the Trustee; provided, however, that item (p) in the definition of
Mortgage File (defined below) shall be delivered to the applicable Master
Servicer for inclusion in the Servicer File (defined below) with a copy
delivered to the Trustee for inclusion in the Mortgage File.
Section 2. Closing Date Actions. The sale of the Mortgage Loans
shall take place on the Closing Date, subject to and simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance of the
Certificates and the sale of (a) the Publicly Offered Certificates by Depositor
to the Underwriters pursuant to the Underwriting Agreement and (b) the Private
Certificates by Depositor to the Initial Purchaser pursuant to the Certificate
Purchase Agreement. The closing (the "Closing") shall take place at the offices
of Cadwalader, Xxxxxxxxxx & Xxxx LLP, Xxx Xxxxx Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx
Xxxx 00000, or such other location as agreed upon between the parties hereto. On
the Closing Date, the following actions shall take place in sequential order on
the terms set forth herein:
(i) Seller shall sell to Depositor, and Depositor shall purchase
from Seller, the Mortgage Loans pursuant to this Agreement for the
Mortgage Loan Purchase Price (as defined herein). The Mortgage Loan
Purchase Price shall be paid by Depositor to Seller by wire transfer in
immediately available funds to an account designated by Seller on or prior
to the Closing Date (or, by such other method as shall be mutually
acceptable to Depositor and Seller). The "Mortgage Loan Purchase Price"
paid by Depositor shall be equal to the amount that the Depositor and the
Seller have mutually agreed upon as the Seller's share of the net
securitization proceeds from the sale of the Publicly Offered Certificates
and the Private Certificates as set forth in the Closing Statement (which
amount includes, without limitation, accrued interest).
(ii) Pursuant to the terms of the Pooling and Servicing Agreement,
Depositor shall sell all of its right, title and interest in and to the
Mortgage Loans to the Trustee for the benefit of the Holders of the
Certificates.
(iii) Depositor shall sell to the Underwriters, and the Underwriters
shall purchase from Depositor, the Publicly Offered Certificates pursuant
to the Underwriting Agreement, and Depositor shall sell to the Initial
Purchaser, and the Initial Purchaser shall purchase from Depositor, the
Private Certificates pursuant to the Certificate Purchase Agreement.
(iv) The Underwriters will offer the Publicly Offered Certificates
for sale to the public pursuant to the Prospectus and the Prospectus
Supplement and the Initial Purchaser will privately place certain classes
of the Private Certificates pursuant to the Offering Circular.
Section 3. Conveyance of Mortgage Loans. On the Closing Date, Seller
shall sell, convey, assign and transfer, without recourse except as provided
herein, to Depositor, free and clear of any liens, claims or other encumbrances,
all of Seller's right, title and interest in, to and under: (i) each of the
Mortgage Loans identified on the Mortgage Loan Schedule; and (ii) all property
of Seller described in Section 22(b) of this Agreement, including, without
limitation, (A) all scheduled payments of interest and principal due on or with
respect to the Mortgage Loans after the Cut-off Date and (B) all other payments
of interest, principal or yield maintenance charges received on or with respect
to the Mortgage Loans after the Cut-off Date, other than any such payments of
interest or principal or yield maintenance charges that were due on or prior to
the Cut-off Date. The parties acknowledge that such assignment, conveyance and
transfer of the Mortgage Loans shall not be construed to limit any obligation of
Seller, any servicing rights of Wachovia Bank, National Association under that
certain Servicing Rights Purchase Agreement, dated June 1, 2007, between Seller
and Wachovia Bank, National Association, any servicing rights of KeyCorp Real
Estate Capital Markets, Inc. under that certain Servicing Rights Purchase
Agreement, dated as of June 1, 2007, between Seller and KeyCorp Real Estate
Capital Markets, Inc., or any related servicing rights of any Primary Servicer
contemplated by the Pooling and Servicing Agreement. The Mortgage File for each
Mortgage Loan shall consist of the following documents:
(a) each original Note (or with respect to those Mortgage Loans
listed in Schedule IV hereto, a "lost note affidavit" substantially in the form
of Exhibit B hereto and a true and complete copy of the Note), bearing, or
accompanied by, all prior and intervening endorsements, assignments or allonges
showing a complete chain of endorsement or assignment from the Mortgage Loan
Originator either in blank or to the Seller, and further endorsed (at the
direction of the Depositor given pursuant to this Agreement) by the Seller, on
its face or by allonge attached thereto, without recourse, either in blank or to
the order of the Trustee in the following form: "Pay to the order of Xxxxx Fargo
Bank, N.A., as trustee for the registered Holders of Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2007-C3, without recourse, representation or warranty, express or implied";
(b) a duplicate original Mortgage or a counterpart thereof or, if
such Mortgage has been returned by the related recording office, (A) an
original, (B) a certified copy or (C) a copy thereof from the applicable
recording office, and originals or counterparts (or originals or copies of
certified copies from the applicable recording office) of any intervening
assignments thereof from the Mortgage Loan Originator to the Seller, in each
case in the form submitted for recording or, if recorded, with evidence of
recording indicated thereon;
(c) an original assignment of Mortgage, in recordable form (except
for any missing recording information and, if applicable, completion of the name
of the assignee), from the Seller (or the Mortgage Loan Originator), either in
blank or to "Xxxxx Fargo Bank, N.A., as trustee for the registered Holders of
Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage
Pass-Through Certificates, Series 2007-C3";
(d) an original, counterpart or copy of any related Assignment of
Leases (if such item is a document separate from the Mortgage), and the
originals, counterparts or copies of any intervening assignments thereof from
the Mortgage Loan Originator of the Loan to the Seller, in each case in the form
submitted for recording or, if recorded, with evidence of recording thereon;
(e) an original assignment of any related Assignment of Leases (if
such item is a document separate from the Mortgage and to the extent not already
assigned pursuant to clause (c) above), in recordable form (except for any
missing recording information and, if applicable, completion of the name of the
assignee), from the Seller (or the Mortgage Loan Originator), either in blank or
to "Xxxxx Fargo Bank, N.A., as trustee for the registered Holders of Credit
Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2007-C3";
(f) an original or true and complete copy of any related Security
Agreement (if such item is a document separate from the Mortgage), and the
originals or copies of any intervening assignments thereof from the Mortgage
Loan Originator to the Seller;
(g) an original assignment of any related Security Agreement (if
such item is a document separate from the Mortgage and to the extent not already
assigned pursuant to clause (c) above), from the Seller (or the Mortgage Loan
Originator), either in blank or to "Xxxxx Fargo Bank, N.A., as trustee for the
registered Holders of Credit Suisse First Boston Mortgage Securities Corp.,
Commercial Mortgage Pass-Through Certificates, Series 2007-C3," which assignment
may be included as part of an omnibus assignment covering other documents
relating to the Mortgage Loan (provided that such omnibus assignment is
effective under applicable law);
(h) originals or copies of all (A) assumption agreements, (B)
modifications, (C) written assurance agreements and (D) substitution agreements,
together with any evidence, when appropriate, of recording thereon or in the
form submitted for recording, in those instances where the terms or provisions
of the Mortgage, Note or any related security document have been modified or the
Mortgage Loan has been assumed;
(i) the original lender's title insurance policy or a copy thereof
(together with all endorsements or riders that were issued with or subsequent to
the issuance of such policy), or if the policy has not yet been issued, the
original or a copy of a binding written commitment (which may be a pro forma or
specimen title insurance policy which has been accepted or approved in writing
by the related title insurance company or escrow instructions binding on the
title insurer irrevocably obligating the title insurer to issue such title
insurance policy) or interim binder that is marked as binding and countersigned
by the title company, insuring the priority of the Mortgage as a first lien on
the related Mortgaged Property, relating to such Mortgage Loan;
(j) the original or a counterpart of any guaranty of the obligations
of the Borrower under the Mortgage Loan;
(k) certified or other copies of all UCC Financing Statements and
continuation statements which show the filing or recording thereof or copies
thereof in the form submitted for filing or recording sufficient to perfect (and
maintain the perfection of) the security interest held by the Mortgage Loan
Originator (and each assignee of record prior to the Trustee) in and to the
personalty of the Borrower at the Mortgaged Property that is described in the
related Mortgage or a separate security agreement, and original UCC Financing
Statement assignments in a form suitable for filing or recording, sufficient to
assign such UCC Financing Statements to the Trustee;
(l) the original or copy of the power of attorney (with evidence of
recording thereon) granted by the Borrower if the Mortgage, Note or other
document or instrument referred to above was not signed by the Borrower;
(m) with respect to any debt of a Borrower or mezzanine borrower
permitted under the related Mortgage Loan, an original or copy of a
subordination agreement, standstill agreement or other intercreditor, co-lender
or similar agreement relating to such other debt, if any (including, as
applicable, any Intercreditor Agreements, mezzanine loan documents or preferred
equity documents), together with, if such Mortgage Loan is an A Loan, a copy of
the related Note for each related B Loan;
(n) with respect to any Cash Collateral Accounts and Lock-Box
Accounts, an original or copy of any related cash collateral control agreement
or lock-box control agreement, as applicable, and a copy of the UCC Financing
Statements, if any, submitted for filing with respect to the Seller's security
interest in the Cash Collateral Accounts and Lock-Box Accounts and all funds
contained therein (together with UCC Financing Statement assignments in a form
suitable for filing or recording, sufficient to transfer such UCC Financing
Statements to the Trustee on behalf of the Certificateholders);
(o) an original or copy of any related Loan Agreement (if separate
from the related Mortgage);
(p) the originals of letters of credit, if any, relating to the
Mortgage Loan, provided that in connection with deliveries of the Mortgage File
to the Trust, such originals shall be delivered to the applicable Master
Servicer and copies thereof shall be delivered to the Trustee;
(q) any related environmental insurance policies and any
environmental guaranty or indemnity agreements or copies thereof;
(r) the original or a copy of any ground lease, ground lease
estoppels, and any amendments thereto;
(s) copies of franchise agreements, franchisor comfort letters and
all notices received from the related franchisor, if any, for hospitality
properties;
(t) the original or a copy of any property management agreement;
(u) a checklist of the related Mortgage Loan Documents included in
the Mortgage File for the subject Mortgage Loan; and
(v) if applicable (and not for purposes of the Seller's delivery
obligations), the original or a counterpart of any post-closing agreement
relating to any modification, waiver or amendment of any term of any Mortgage
Loan (including fees charged the Borrower) required to be added to the Mortgage
File pursuant to Section 3.20(j) of the Pooling and Servicing Agreement.
Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, the Seller cannot deliver, or cause to be delivered, an
original, counterpart or certified copy, as applicable, of any of the documents
and/or instruments required to be delivered pursuant to clauses (b), (d), (h),
(k) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement), (l) and (n)
(other than assignments of UCC Financing Statements to be recorded or filed in
accordance with the transfer contemplated by this Agreement) above with evidence
of recording or filing thereon on the Closing Date, solely because of a delay
caused by the public recording or filing office where such document or
instrument has been delivered for recordation or filing, then the Seller: (i)
shall deliver, or cause to be delivered, to the Trustee a duplicate original or
true copy of such document or instrument certified by the applicable public
recording or filing office, the applicable title insurance company or the Seller
to be a true and complete duplicate original or copy of the original thereof
submitted for recording or filing; and (ii) shall deliver, or cause to be
delivered, to the Trustee either the original of such non-delivered document or
instrument, or a photocopy thereof (certified by the appropriate public
recording or filing office to be a true and complete copy of the original
thereof submitted for recording or filing), with evidence of recording or filing
thereon (with a copy to the applicable Master Servicer), within 365 days of the
Closing Date, which period may be extended up to two times, in each case for an
additional period of 90 days (provided that the Seller, as certified in writing
to the Trustee prior to each such 90-day extension, is in good faith attempting
to obtain from the appropriate county recorder's office such original or
photocopy). Compliance with this paragraph will satisfy the Seller's delivery
requirements under this Section 3 with respect to the subject document(s) and
instrument(s).
Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, the Seller cannot deliver, or cause to be delivered, an
original, counterpart or certified copy, as applicable, of any of the documents
and/or instruments required to be delivered pursuant to clauses (b), (d), (h),
(k) (other than assignments of UCC Financing Statements to be recorded or filed
in accordance with the transfer contemplated by this Agreement), (l) and (n)
(other than assignments of UCC Financing Statements to be recorded or filed in
accordance with the transfer contemplated by this Agreement) above with evidence
of recording or filing thereon, for any other reason, including without
limitation, that such non-delivered document or instrument has been lost, the
delivery requirements of this Agreement shall be deemed to have been satisfied
and such non-delivered document or instrument shall be deemed to have been
included in the related Mortgage File if a photocopy of such non-delivered
document or instrument (with evidence of recording or filing thereon and
certified by the appropriate recording or filing office to be a true and
complete copy of the original thereof as filed or recorded) is delivered to the
Trustee (with a copy to the applicable Master Servicer) on or before the Closing
Date.
Notwithstanding the foregoing, in the event that the Seller cannot
deliver any UCC Financing Statement assignment with the filing or recording
information of the related UCC Financing Statement with respect to any Mortgage
Loan, solely because such UCC Financing Statement has not been returned by the
public filing or recording office where such UCC Financing Statement has been
delivered for filing or recording, the Seller shall so notify the Trustee and
shall not be in breach of its obligations with respect to such delivery,
provided that the Seller promptly forwards such UCC Financing Statement to the
Trustee (with a copy to the applicable Master Servicer) upon its return,
together with the related original UCC Financing Statement assignment in a form
appropriate for filing or recording.
The Seller may, at its sole cost and expense, but is not obligated
to, engage a third party contractor to prepare or complete in proper form for
filing or recording any and all assignments of Mortgage, assignments of
Assignments of Leases and assignments of UCC Financing Statements to the Trustee
to be delivered pursuant to clauses (c), (e), (k) and (n) above (collectively,
the "Assignments"), to submit the Assignments for filing and recording, as the
case may be, in the applicable public filing and recording offices and to
deliver those Assignments to the Trustee (with a copy to the applicable Master
Servicer) or its designee as those Assignments (or certified copies thereof) are
received from the applicable filing and recording offices with evidence of such
filing or recording indicated thereon. In the event the Seller engages a third
party contractor as contemplated in the immediately preceding sentence, the
rights, duties and obligations of the Seller pursuant to this Agreement remain
binding on the Seller; and, if the Seller does not engage a third party as
contemplated by the immediately preceding sentence, then the Seller will still
be liable for recording and filing fees and expenses of the Assignments as and
to the extent contemplated by Section 13 hereof.
Within ten (10) Business Days after the Closing Date, the Seller
shall deliver the Servicer Files with respect to each of the Mortgage Loans to
the applicable Master Servicer (or, if applicable, to a Sub-Servicer at the
direction of the applicable Master Servicer, with a copy to the applicable
Master Servicer) under the Pooling and Servicing Agreement on behalf of the
Trustee in trust for the benefit of the Certificateholders. Each such Servicer
File shall contain all documents and records in the Seller's possession relating
to such applicable Mortgage Loans (including reserve and escrow agreements, cash
collateral control agreements, lock-box control agreements, rent rolls, leases,
environmental and engineering reports, third-party underwriting reports,
appraisals, surveys, legal opinions, estoppels, financial statements, operating
statements and any other information provided by the respective Borrower from
time to time, but excluding any draft documents, attorney/client communications,
which are privileged or constitute legal or other due diligence analyses, and
documents prepared by the Seller or any of its Affiliates solely for internal
communication, credit underwriting or due diligence analyses (other than the
underwriting information contained in the related underwriting memorandum or
asset summary report prepared by the Seller in connection with the preparation
of Exhibit A-1 to the Prospectus Supplement)) that are not required to be a part
of a Mortgage File in accordance with the definition thereof, together with
copies of all instruments and documents which are required to be a part of the
related Mortgage File in accordance with the definition thereof.
In addition, with respect to each Mortgage Loan as to which any
Additional Collateral is in the form of a letter of credit as of the Closing
Date, the Seller (within 30 days after the Closing Date) shall cause to be
prepared, executed and delivered to the issuer of each such letter of credit
such notices, assignments and acknowledgements as are required under such letter
of credit to assign, without recourse, to, and vest in, the Trustee (in care of
the applicable Master Servicer) (whether by actual assignment or by amendment of
the letter of credit) the Seller's rights as the beneficiary thereof and drawing
party thereunder. The designated beneficiary under each letter of credit
referred to in the preceding sentence shall be the Trustee (in care of the
applicable Master Servicer).
To the extent the Seller receives a notice on or after the Closing
Date with respect to a Mortgage Loan secured by a hospitality property for which
a franchisor comfort letter exists, the Seller shall promptly forward such
notice to the Trustee and advise the related franchisor of the Trustee's address
to which the franchisor shall deliver all future notices.
For purposes of this Section 3, and notwithstanding any contrary
provision hereof or of the definition of "Mortgage File," if there exists with
respect to any group of Crossed Mortgage Loans only one original or certified
copy of any document or instrument described in the definition of "Mortgage
File" which pertains to all of the Crossed Mortgage Loans in such group of
Crossed Mortgage Loans, the inclusion of the original or certified copy of such
document or instrument in the Mortgage File for any of such Crossed Mortgage
Loans and the inclusion of a copy of such original or certified copy in each of
the Mortgage Files for the other Crossed Mortgage Loans in such group of Crossed
Mortgage Loans, shall be deemed the inclusion of such original or certified
copy, as the case may be, in the Mortgage File for each such Crossed Mortgage
Loan.
The Seller shall, promptly after the Closing Date, but in all events
within three (3) Business Days after the Closing Date, cause all funds on
deposit in escrow accounts maintained with respect to the Mortgage Loans in the
name of the Seller or any other name, to be transferred to or at the direction
of the applicable Master Servicer (or, if applicable, a Sub-Servicer at the
direction of the applicable Master Servicer) for deposit into Servicing
Accounts.
The Trustee, as assignee or transferee of Depositor, shall be
entitled to all scheduled principal payments due after the Cut-off Date, all
other payments of principal due and collected after the Cut-off Date, and all
payments of interest on the Mortgage Loans due after the Cut-off Date, minus
that portion of any such payment which is allocable to the period on or prior to
the Cut-off Date. All scheduled payments of principal due on or before the
Cut-off Date and collected after the Cut-off Date, together with the
accompanying interest payments, shall belong to Seller.
Upon the sale of the Mortgage Loans from Seller to Depositor
pursuant hereto, the ownership of each Note, the related Mortgage and the
contents of the related Mortgage File shall be vested in Depositor and the
ownership of all records and documents with respect to the related Mortgage Loan
prepared by or which come into the possession of Seller as seller of the
Mortgage Loans hereunder, exclusive in each case of records and documents that
are not required to be delivered hereunder by Seller, shall immediately vest in
Depositor. All Monthly Payments, Principal Prepayments and other amounts
received by Seller and not otherwise belonging to Seller pursuant to this
Agreement shall be sent by Seller within three (3) Business Days after Seller's
receipt thereof to the applicable Master Servicer via wire transfer for deposit
by the applicable Master Servicer into the Collection Account.
Upon sale of Certificates representing at least 10% of the fair
value of all the Certificates to unaffiliated third parties, Seller shall, under
generally accepted accounting principles ("GAAP"), report its transfer of the
Mortgage Loans to the Depositor, as provided herein, as a sale of the Mortgage
Loans to the Depositor in exchange for the consideration specified in Section 2
hereof. In connection with the foregoing, upon sale of Certificates representing
at least 10% of the fair value of all the Certificates to unaffiliated third
parties, Seller shall cause all of its financial and accounting records to
reflect such transfer as a sale (as opposed to a secured loan). With respect to
its treatment of the transfer of the Mortgage Loans to the Depositor under GAAP,
Seller shall at all times following the Closing Date cause all of its records
and financial statements and any relevant consolidated financial statements of
any direct or indirect parent to clearly reflect that the Mortgage Loans have
been transferred to the Depositor and are no longer available to satisfy claims
of Seller's creditors.
After Seller's transfer of the Mortgage Loans to Depositor, as
provided herein, Seller shall not take any action inconsistent with Depositor's
ownership (or the ownership by any of the Depositor's assignees) of the Mortgage
Loans. Except for actions that are the express responsibility of another party
hereunder or under the Pooling and Servicing Agreement, and further except for
actions that Seller is expressly permitted to complete subsequent to the Closing
Date, Seller shall, on or before the Closing Date, take all actions required
under applicable law to effectuate the transfer of the Mortgage Loans by Seller
to Depositor.
Section 4. Depositor's Conditions to Closing. The obligations of
Depositor to purchase the Mortgage Loans and pay the Mortgage Loan Purchase
Price at the Closing Date under the terms of this Agreement are subject to the
satisfaction of each of the following conditions at or before the Closing:
(a) Each of the obligations of the Seller required to be performed
by it on or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with in all material respects; all
of the representations and warranties of Seller under this Agreement (subject to
the exceptions set forth in the Exception Report) shall be true and correct in
all material respects as of the Closing Date; no event shall have occurred with
respect to the Seller or any of the Mortgage Loans and related Mortgage Files
which, with notice or the passage of time, would constitute a material default
under this Agreement; and Depositor shall have received certificates to the
foregoing effect signed by authorized officers of Seller.
(b) Depositor, or if directed by Depositor, the Trustee or the
Depositor's attorneys or other designee, shall have received in escrow, all of
the following closing documents, in such forms as are agreed upon and reasonably
acceptable to the Depositor and the Seller, duly executed by all signatories
other than Depositor, as required pursuant to the respective terms thereof:
(i) the Mortgage Files, subject to the proviso to the first sentence
of Section 1 of this Agreement, which shall have been delivered to and
held by the Trustee on behalf of Seller;
(ii) the Mortgage Loan Schedule;
(iii) the certificate of the Seller confirming its representations
and warranties set forth in Section 6 (subject to the exceptions set forth
in the Exception Report) as of the Closing Date;
(iv) an opinion or opinions of Seller's counsel, dated the Closing
Date, covering various corporate matters and such other matters as shall
be reasonably required by the Depositor;
(v) such other certificates of Seller's officers or others and such
other documents to evidence fulfillment of the conditions set forth in
this Agreement as Depositor or its counsel may reasonably request; and
(vi) all other information, documents, certificates, or letters with
respect to the Mortgage Loans or Seller and its Affiliates as are
reasonably requested by the Depositor in order for the Depositor to
perform any of it obligations or satisfy any of the conditions on its part
to be performed or satisfied pursuant to any sale of Mortgage Loans by the
Depositor as contemplated herein.
(c) The Seller shall have performed or complied with all other terms
and conditions of this Agreement which it is required to perform or comply with
at or before the Closing and shall have the ability to perform or comply with
all duties, obligations, provisions and terms which it is required to perform or
comply with after the Closing.
(d) If requested, the Seller shall have delivered to the Trustee, on
or before the Closing Date, five limited powers of attorney in favor of the
Trustee and the Special Servicer empowering the Trustee and, in the event of the
failure or incapacity of the Trustee, the Special Servicer, to record, at the
expense of the Seller, any Mortgage Loan Documents required to be recorded and
any intervening assignments with evidence of recording thereon that are required
to be included in the Mortgage Files. If requested by the Trustee or the Special
Servicer after the Closing Date, the Seller shall deliver to the Trustee or the
Special Servicer, as applicable, the powers of attorney described in the prior
sentence in form and substance reasonably acceptable to the requesting party.
(e) The Seller shall have paid or caused to be paid upfront all the
annual fees of each Rating Agency allocable to the Mortgage Loans.
Section 5. Seller's Conditions to Closing. The obligations of Seller
under this Agreement shall be subject to the satisfaction, on the Closing Date,
of the following conditions:
(a) Each of the obligations of Depositor required to be performed by
it on or prior to the Closing Date pursuant to the terms of this Agreement
(including, without limitation, payment of the Mortgage Loan Purchase Price)
shall have been duly performed and complied with in all material respects; and
all of the representations and warranties of Depositor under this Agreement
shall be true and correct in all material respects as of the Closing Date; and
no event shall have occurred with respect to Depositor which, with notice or the
passage of time, would constitute a material default under this Agreement, and
Seller shall have received certificates to that effect signed by authorized
officers of Depositor.
(b) Seller shall have received all of the following closing
documents, in such forms as are agreed upon and reasonably acceptable to Seller
and Depositor, duly executed by all signatories other than Seller, as required
pursuant to the respective terms thereof:
(A) an officer's certificate of Depositor, dated as of the
Closing Date, with the resolutions of Depositor authorizing the
transactions set forth therein, together with copies of the charter,
by-laws and certificate of good standing dated as of a recent date
of Depositor; and
(B) such other certificates of its officers or others, such
opinions of Depositor's counsel and such other documents required to
evidence fulfillment of the conditions set forth in this Agreement
as Seller or its counsel may reasonably request.
(c) The Depositor shall have performed or complied with all other
terms and conditions of this Agreement which it is required to perform or comply
with at or before the Closing and shall have the ability to perform or comply
with all duties, obligations, provisions and terms which it is required to
perform or comply with after Closing.
Section 6. Representations and Warranties of Seller. (a) Seller
represents and warrants to Depositor as of the date hereof, as follows:
(i) Seller is duly organized and is validly existing as a national
banking association in good standing under the laws of the United States
of America. Seller has conducted and is conducting its business so as to
comply in all material respects with all applicable statutes and
regulations of regulatory bodies or agencies having jurisdiction over it,
except where the failure so to comply would not have a materially adverse
effect on the performance by Seller of this Agreement, and there is no
charge, investigation, action, suit or proceeding before or by any court,
regulatory authority or governmental agency or body pending or, to the
knowledge of Seller, threatened, which is reasonably likely to materially
and adversely affect the performance by Seller of this Agreement or the
consummation of transactions contemplated by this Agreement.
(ii) Seller has the full power, authority and legal right to hold,
transfer and convey the Mortgage Loans owned by it and to execute and
deliver this Agreement (and all agreements and documents executed and
delivered by Seller in connection herewith) and to perform all
transactions of Seller contemplated by this Agreement (and all agreements
and documents executed and delivered by Seller in connection herewith).
Seller has duly authorized the execution, delivery and performance of this
Agreement (and all agreements and documents executed and delivered by
Seller in connection herewith), and has duly executed and delivered this
Agreement (and all agreements and documents executed and delivered by
Seller in connection herewith). This Agreement (and each agreement and
document executed and delivered by Seller in connection herewith),
assuming due authorization, execution and delivery thereof by each other
party thereto, constitutes the legal, valid and binding obligation of
Seller enforceable in accordance with its terms, except as such
enforcement may be limited by bankruptcy, fraudulent transfer, insolvency,
reorganization, receivership, moratorium or other laws relating to or
affecting the rights of creditors generally, by general principles of
equity (regardless of whether such enforcement is considered in a
proceeding in equity or at law) and by considerations of public policy.
(iii) Neither the execution, delivery and performance of this
Agreement, nor the fulfillment of or compliance with the terms and
conditions of this Agreement by Seller, will (A) conflict with or result
in a breach of any of the terms, conditions or provisions of Seller's
organizational documents; (B) conflict with, result in a breach of, or
constitute a default or result in an acceleration under, any agreement or
instrument to which Seller is now a party or by which it (or any of its
properties) is bound if compliance therewith is necessary (1) to ensure
the enforceability of this Agreement or (2) for Seller to perform its
duties and obligations under this Agreement (or any agreement or document
executed and delivered by Seller in connection herewith); (C) conflict
with or result in a breach of any legal restriction if compliance
therewith is necessary (1) to ensure the enforceability of this Agreement
or (2) for Seller to perform its duties and obligations under this
Agreement (or any agreement or document executed and delivered by Seller
in connection herewith); (D) result in the violation of any law, rule,
regulation, order, judgment or decree to which Seller or its property is
subject if compliance therewith is necessary (1) to ensure the
enforceability of this Agreement or (2) for Seller to perform its duties
and obligations under this Agreement (or any agreement or document
executed and delivered by Seller in connection herewith); or (E) result in
the creation or imposition of any lien, charge or encumbrance that would
have a material adverse effect upon Seller's ability to perform its duties
and obligations under this Agreement (or any agreement or document
executed and delivered by Seller in connection herewith), or materially
impair the ability of the Depositor to realize on the Mortgage Loans owned
by Seller.
(iv) Seller is solvent and the sale of the Mortgage Loans (1) will
not cause Seller to become insolvent and (2) is not intended by Seller to
hinder, delay or defraud any of its present or future creditors. After
giving effect to its transfer of the Mortgage Loans, as provided herein,
the value of Seller's assets, either taken at their present fair saleable
value or at fair valuation, will exceed the amount of Seller's debts and
obligations, including contingent and unliquidated debts and obligations
of Seller, and Seller will not be left with unreasonably small assets or
capital with which to engage in and conduct its business. Seller does not
intend to, and does not believe that it will, incur debts or obligations
beyond its ability to pay such debts and obligations as they mature. No
proceedings looking toward liquidation, dissolution or bankruptcy of the
Seller are pending or contemplated.
(v) No consent, approval, authorization or order of, or registration
or filing with, or notice to, any court or governmental agency or body
having jurisdiction or regulatory authority over Seller is required for
(A) Seller's execution, delivery and performance of this Agreement (or any
agreement or document executed and delivered by Seller in connection
herewith), (B) Seller's transfer and assignment of the Mortgage Loans, or
(C) the consummation by Seller of the transactions contemplated by this
Agreement (or any agreement or document executed and delivered by Seller
in connection herewith) or, to the extent so required, such consent,
approval, authorization, order, registration, filing or notice has been
obtained, made or given (as applicable), except for the filing or
recording of assignments and other Mortgage Loan Documents contemplated by
the terms of this Agreement and except that Seller may not be duly
qualified to transact business as a foreign corporation or licensed in one
or more states if such qualification or licensing is not necessary to
ensure the enforceability of this Agreement (or any agreement or document
executed and delivered by Seller in connection herewith).
(vi) In connection with its sale of the Mortgage Loans, Seller is
receiving new value. The consideration received by Seller upon the sale of
the Mortgage Loans owned by it constitutes at least fair consideration and
reasonably equivalent value for the Mortgage Loans.
(vii) Seller does not believe, nor does it have any reason or cause
to believe, that it cannot perform each and every covenant of Seller
contained in this Agreement (or any agreement or document executed and
delivered by Seller in connection herewith).
(viii) There are no actions, suits or proceedings pending or, to
Seller's knowledge, threatened in writing against Seller which are
reasonably likely to draw into question the validity of this Agreement (or
any agreement or document executed and delivered by Seller in connection
herewith) or which, either in any one instance or in the aggregate, are
reasonably likely to materially impair the ability of Seller to perform
its duties and obligations under this Agreement (or any agreement or
document executed and delivered by Seller in connection herewith).
(ix) Seller's performance of its duties and obligations under this
Agreement (and each agreement or document executed and delivered by Seller
in connection herewith) is in the ordinary course of business of Seller
and Seller's transfer, assignment and conveyance of the Mortgage Loans
pursuant to this Agreement are not subject to the bulk transfer or similar
statutory provisions in effect in any applicable jurisdiction. The
Mortgage Loans do not constitute all or substantially all of Seller's
assets.
(x) Seller has not dealt with any Person that may be entitled, by
reason of any act or omission of Seller, to any commission or compensation
in connection with the sale of the Mortgage Loans to the Depositor
hereunder except for (A) the reimbursement of expenses as described herein
or otherwise in connection with the transactions described in Section 2
hereof and (B) the commissions or compensation owed to the Underwriters or
the Initial Purchaser.
(xi) Seller is not in default or breach of any agreement or
instrument to which Seller is now a party or by which it (or any of its
properties) is bound which breach or default would materially and
adversely affect the ability of Seller to perform its obligations under
this Agreement.
(xii) The representations and warranties contained in Exhibit A
hereto, subject to the exceptions set forth in the Exception Report, are
true and correct in all material respects as of the date hereof (or, in
each case, as of such other date specifically set forth in the subject
representation and warranty) with respect to the Mortgage Loans identified
on Schedule II.
(xiii) The information set forth in any Disclosure Information (as
defined in the KeyBank Indemnification Agreement), as last forwarded to
each prospective investor at or prior to the date on which a contract for
sale was entered into with such prospective investor, (i) does not contain
any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading and (ii) complies with the
requirements of and contains all of the applicable information required by
Regulation AB (as defined in the KeyBank Indemnification Agreement); but
only to the extent that (i) such information regards the Mortgage Loans
and is contained in the Loan Detail (as defined in the KeyBank
Indemnification Agreement) or, to the extent consistent therewith, the
Diskette (as defined in the KeyBank Indemnification Agreement) or (ii)
such information regarding the Seller or the Mortgage Loans was contained
in the Confidential Offering Circular or the Prospectus Supplement under
the headings "Summary of Prospectus Supplement--Relevant
Parties/Entities--Sponsors and Mortgage Loan Sellers," "Summary of
Prospectus Supplement--Relevant Parties/Entities--Originators," "Summary
of Prospectus Supplement--The Underlying Mortgage Loans--Source of the
Underlying Mortgage Loans," "Risk Factors," "Description of the Sponsors
and Mortgage Loan Sellers" and "Description of the Underlying Mortgage
Loans--Significant Mortgage Loans" and such information does not represent
an incorrect restatement or an incorrect aggregation of correct
information regarding the Mortgage Loans contained in the Loan Detail.
(b) The Seller hereby agrees that it shall be deemed to make, as of
the date of substitution, to and for the benefit of the Trustee as the holder of
the Mortgage Loan to be replaced, with respect to any replacement mortgage loan
(a "Replacement Mortgage Loan") that is substituted for a Mortgage Loan affected
by a Material Document Defect or a Material Breach, pursuant to Section 7 of
this Agreement, each of the representations and warranties set forth in Exhibit
A hereto (subject to exceptions disclosed at such time) (references therein to
"Closing Date" being deemed to be references to the "date of substitution" and
references therein to "Cut-off Date" being deemed to be references to the "most
recent due date for the subject Replacement Mortgage Loan on or before the date
of substitution"). From and after the date of substitution, each Replacement
Mortgage Loan, if any, shall be deemed to constitute a "Mortgage Loan" hereunder
for all purposes.
Section 7. Obligations of Seller. Each of the representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or qualified
endorsement on the Notes and notwithstanding subsequent termination of this
Agreement or the Pooling and Servicing Agreement. The representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall not be impaired by any review or examination of the
Mortgage Files or other documents evidencing or relating to the Mortgage Loans
or any failure on the part of Depositor to review or examine such documents and
shall inure to the benefit of the initial transferee of the Mortgage Loans from
Depositor including, without limitation, the Trustee for the benefit of the
Holders of the Certificates, notwithstanding (1) any restrictive or qualified
endorsement on any Note, assignment of Mortgage or reassignment of Assignment of
Leases or (2) any termination of this Agreement prior to the Closing, but shall
not inure to the benefit of any subsequent transferee thereafter.
If the Seller receives notice of a breach of any of the
representations or warranties contained in Exhibit A hereto and made by the
Seller with respect to any Mortgage Loan listed on Schedule II hereto, as of the
date hereof in Section 6(a)(xii) or as of the Closing Date pursuant to Section
4(b)(iii) (in either case, subject to the exceptions to such representations and
warranties set forth in the Exception Report), or with respect to any
Replacement Mortgage Loan, as of the date of substitution pursuant to Section
6(b) (in any such case, a "Breach"), or receives notice that (A) any document
required to be included in the Mortgage File related to any Mortgage Loan is not
in the Trustee's possession within the time period required herein or (B) such
document has not been properly executed or is otherwise defective on its face
(the circumstances in the foregoing clauses (A) and (B), in each case, a
"Defect" (including the "Defects" described below) in the related Mortgage
File), and if such Breach or Defect, as the case may be, materially and
adversely affects the value of the related Mortgage Loan or the interests of the
Certificateholders therein (any Breach or Defect that materially and adversely
affects the value of the related Mortgage Loan or the interests of the
Certificateholders therein, a "Material Breach" or a "Material Document Defect,"
respectively), then the Seller shall, upon request of the Depositor, the
Trustee, the applicable Master Servicer or the Special Servicer, not later than
90 days from the receipt by the Seller of such request (subject to the second
succeeding paragraph, the "Initial Resolution Period"): (i) cure such Material
Breach or Material Document Defect, as the case may be, in all material
respects; (ii) repurchase the affected Mortgage Loan at the applicable Purchase
Price (as defined in the Pooling and Servicing Agreement); or (iii) substitute,
in accordance with the Pooling and Servicing Agreement, one or more Qualified
Substitute Trust Mortgage Loans (as defined in the Pooling and Servicing
Agreement) for such affected Mortgage Loan (provided that in no event shall any
substitution occur later than the second anniversary of the Closing Date) and
pay the applicable Master Servicer for deposit into the Collection Account any
Substitution Shortfall Amount (as defined in the Pooling and Servicing
Agreement) in connection therewith; provided, however, that if (i) such Material
Breach or Material Document Defect is capable of being cured but not within the
Initial Resolution Period, (ii) such Material Breach or Material Document Defect
does not cause the related Mortgage Loan not to be a "qualified mortgage"
(within the meaning of Section 860G(a)(3) of the Code), (iii) the Seller has
commenced and is diligently proceeding with the cure of such Material Breach or
Material Document Defect within the Initial Resolution Period and (iv) the
Seller has delivered to the Rating Agencies, the applicable Master Servicer, the
Special Servicer and the Trustee an Officer's Certificate that describes the
reasons that the cure was not effected within the Initial Resolution Period and
the actions that it proposes to take to effect the cure and that states that it
anticipates the cure will be effected within the additional 90-day period, then
the Seller shall have an additional 90 days to cure such Material Document
Defect or Material Breach. If there exists a Breach of any representation or
warranty that the related Mortgage Loan Documents or any particular Mortgage
Loan Document requires the related Borrower to bear the costs and expenses
associated with any particular action or matter under such Mortgage Loan
Document(s), then the Seller shall cure such Breach within the Initial
Resolution Period by reimbursing the Trust Fund (by wire transfer of immediately
available funds to the Collection Account) the reasonable amount of any such
costs and expenses incurred by the applicable Master Servicer, the Special
Servicer, the Trustee or the Trust Fund that are the basis of such Breach and
have not been reimbursed by the related Borrower; provided, however, that in the
event that any such costs and expenses exceed $10,000, the Seller shall have the
option to either repurchase the related Mortgage Loan at the applicable Purchase
Price, replace such Mortgage Loan and pay any applicable Substitution Shortfall
Amount or pay such costs and expenses. Except as provided in the proviso to the
immediately preceding sentence, Seller shall remit the amount of such costs and
expenses and upon its making such remittance, Seller shall be deemed to have
cured such Breach in all respects. Provided such payment is made, the second
preceding sentence describes the sole remedy available to the Certificateholders
and the Trustee on their behalf regarding any such Breach, and Seller shall not
be obligated to repurchase, substitute or otherwise cure such Breach under any
circumstances. With respect to any repurchase of a Mortgage Loan hereunder or
with respect to any substitution of one or more Qualified Substitute Trust
Mortgage Loans for a Mortgage Loan hereunder, (A) no such substitution may be
made in any calendar month after the Determination Date for such month; (B)
scheduled payments of principal and interest due with respect to the Qualified
Substitute Trust Mortgage Loan(s) after the Due Date in the month of
substitution, and scheduled payments of principal and interest due with respect
to each Mortgage Loan being repurchased or replaced after the related Cut-off
Date and received by the applicable Master Servicer or the Special Servicer on
behalf of the Trust on or prior to the related date of repurchase or
substitution shall be part of the Trust Fund; and (C) scheduled payments of
principal and interest due with respect to each such Qualified Substitute Trust
Mortgage Loan on or prior to the Due Date in the month of substitution, and
scheduled payments of principal and interest due with respect to each Mortgage
Loan being repurchased or replaced and received by the applicable Master
Servicer or the Special Servicer on behalf of the Trust after the related date
of repurchase or substitution shall not be part of the Trust Fund, and the
Seller (or, if applicable, any person effecting the related repurchase or
substitution in the place of the Seller) shall be entitled to receive such
payments promptly following receipt by the applicable Master Servicer or Special
Servicer, as applicable, under the Pooling and Servicing Agreement.
Any of the following will cause a document in the Mortgage File to
be deemed to have a "Defect" and to be conclusively presumed to materially and
adversely affect the interests of Certificateholders in and the value of a
Mortgage Loan: (a) the absence from the Mortgage File of the original signed
Note, unless the Mortgage File contains a signed lost note affidavit and
indemnity; (b) the absence from the Mortgage File of the original signed
Mortgage, unless there is included in the Mortgage File a certified copy of the
Mortgage as recorded or as sent for recordation, together with a certificate
stating that the original signed Mortgage was sent for recordation, or a copy of
the Mortgage and the related recording information; (c) the absence from the
Mortgage File of the item called for by clause (i) of the definition of Mortgage
File in Section 3; (d) the absence from the Mortgage File of any intervening
assignments required to create an effective assignment to the Trustee on behalf
of the Trust, unless there is included in the Mortgage File a certified copy of
the intervening assignment and a certificate stating that the original
intervening assignments were sent for recordation; (e) the absence from the
Mortgage File of any required original letter of credit (unless such original
has been delivered to the applicable Master Servicer and copy thereof is part of
the Mortgage File), provided that such Defect may be cured by any substitute
letter of credit or cash reserve on behalf of the related Borrower; or (f) the
absence from the Mortgage File of the original or a copy of any required ground
lease. Notwithstanding anything herein to the contrary, the failure to include a
document checklist in a Mortgage File shall in no event constitute a Material
Document Defect.
Any Defect or Breach which causes any Mortgage Loan not to be a
"qualified mortgage" (within the meaning of Section 860G(a)(3) of the Code)
shall be deemed to materially and adversely affect the interest of
Certificateholders therein and the Initial Resolution Period for the affected
Mortgage Loan shall be 90 days following the earlier of (a) Seller's receipt of
notice to Seller of the discovery of such Defect or Breach by any party to the
Pooling and Servicing Agreement and (b) Seller's discovery of such Defect or
Breach (which period shall not be subject to extension).
If the Seller does not, as required by this Section 7, correct or
cure a Material Breach or a Material Document Defect in all material respects
within the applicable Initial Resolution Period (as extended pursuant to this
Section 7), or if such Material Breach or Material Document Defect is not
capable of being so corrected or cured within such period, then the Seller shall
repurchase or substitute for the affected Mortgage Loan as provided in this
Section 7. If (i) any Mortgage Loan is required to be repurchased or substituted
for as provided above, (ii) such Mortgage Loan is a Crossed Mortgage Loan that
is a part of a Mortgage Group (as defined below) and (iii) the applicable Breach
or Defect does not constitute a Breach or Defect, as the case may be, as to any
other Crossed Mortgage Loan in such Mortgage Group (without regard to this
paragraph), then the applicable Breach or Defect, as the case may be, will be
deemed to constitute a Breach or Defect, as the case may be, as to any other
Crossed Mortgage Loan in the Mortgage Group for purposes of the above
provisions, and the Seller will be required to repurchase or substitute for such
other Crossed Mortgage Loan(s) in the related Mortgage Group in accordance with
the provisions of this Section 7 unless the Crossed Mortgage Loan Repurchase
Criteria would be satisfied if Seller were to repurchase or substitute for only
the affected Crossed Mortgage Loans as to which a Material Breach or Material
Document Defect had occurred without regard to this paragraph, and in the case
of either such repurchase or substitution, all of the other requirements set
forth in the Pooling and Servicing Agreement applicable to a repurchase or
substitution, as the case may be, would be so satisfied. In the event that the
Crossed Mortgage Loan Repurchase Criteria would be so satisfied, the Mortgage
Loan Seller may elect either to repurchase or substitute for only the affected
Crossed Mortgage Loan as to which the Material Document Defect or Material
Breach exists or to repurchase or substitute for all of the Crossed Mortgage
Loans in the related Mortgage Group. The determination of the Special Servicer
as to whether the Crossed Mortgage Loan Repurchase Criteria have been satisfied
shall be conclusive and binding in the absence of manifest error. The Seller
shall be responsible for the cost of (and, if so directed by the Special
Servicer, obtaining) any Appraisal required for the Special Servicer to
determine if the Crossed Mortgage 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). For purposes of this paragraph,
a "Mortgage Group" is any group of Mortgage Loans identified as a Mortgage Group
on Schedule III to this Agreement.
Notwithstanding the foregoing, if there is a Material Breach or
Material Document Defect with respect to one or more Mortgaged Properties (but
not all of the Mortgaged Properties) with respect to a Mortgage Loan, the Seller
will not be obligated to repurchase or substitute for the entire Mortgage Loan
if the affected Mortgaged Property may, pursuant to the partial release
provisions of the related Mortgage Loan Documents, be released and the Mortgaged
Property remaining after such release satisfies the requirements, if any, set
forth in the Mortgage Loan Documents and (i) the Seller provides an opinion of
counsel to the effect that such partial release would not cause an Adverse REMIC
Event (as defined in the Pooling and Servicing Agreement) to occur, (ii) the
Seller pays (or causes to be paid) the applicable release price required under
the Mortgage Loan Documents and, to the extent not reimbursable out of the
release price pursuant to the related Mortgage Loan Documents, any additional
amounts necessary to cover all reasonable out-of-pocket expenses reasonably
incurred by the applicable Master Servicer, the Special Servicer, the Trustee or
the Trust Fund in connection therewith, including any unreimbursed advances and
interest thereon made with respect to the Mortgaged Property that is being
released, and (iii) such cure by release of such Mortgaged Property is effected
within the time periods specified for cure of a Material Breach or Material
Document Defect in this Section 7.
The Purchase Price or Substitution Shortfall Amount for any
repurchased or substituted Mortgage Loan shall be payable to the Depositor or,
subsequent to the assignment of the Mortgage Loans to the Trustee, the Trustee
as its assignee, by wire transfer of immediately available funds to the account
designated by the Depositor or the Trustee, as the case may be, and the
Depositor or the Trustee, as the case may be, upon receipt of such funds (and,
in the case of a substitution, the Mortgage File(s) for the related Qualified
Substitute Trust Mortgage Loans), shall promptly release the related Mortgage
File and Servicer File (and all other documents pertaining to such Mortgage Loan
possessed by the Depositor or the Trustee, as applicable, or on its behalf, but
excluding any draft documents, attorney/client privileged communications and
documents prepared by the Depositor or the Trustee (or by the applicable Master
Servicer or the Special Servicer on behalf of the Trust), as applicable, or any
of its Affiliates solely for internal communication) or cause them to be
released, to Seller and shall execute and deliver such instruments of transfer,
endorsement or assignment as shall be necessary to vest in the Seller the legal
and beneficial ownership of such Mortgage Loan (including any property acquired
in respect thereof or proceeds of any insurance policy with respect thereto) and
the related Mortgage Loan Documents and shall deliver to Seller any escrow
payments and reserve funds held by it, or on its behalf, with respect to such
repurchased or replaced Mortgage Loan.
It is understood and agreed that the obligations of the Seller set
forth in this Section 7 to cure, substitute for or repurchase a Mortgage Loan
listed on Schedule II hereto constitute the sole remedies available to the
Depositor and its successors and assigns against Seller respecting any Breach or
Defect affecting such Mortgage Loan.
Section 8. Crossed Mortgage Loans. With respect to any Crossed
Mortgage Loan conveyed hereunder, to the extent that the Seller repurchases or
substitutes for an affected Crossed Mortgage Loan in the manner prescribed above
while the Trustee continues to hold any related Crossed Mortgage Loans, the
Seller and the Depositor (on behalf of its successors and assigns) agree to
modify upon such repurchase or substitution, the related Mortgage Loan Documents
in a manner such that such affected Crossed Mortgage Loan repurchased or
substituted for by the Seller, on the one hand, and any related Crossed Mortgage
Loans still held by the Trustee, on the other, would no longer be
cross-defaulted or cross-collateralized with one another; provided, that the
Seller shall have furnished to the Trustee, at the Seller's expense, an opinion
of counsel that such modification shall not cause an Adverse REMIC Event;
provided, further, that if such opinion cannot be furnished, the Seller and the
Depositor hereby agree that such repurchase or substitution of only the affected
Crossed Mortgage Loans, notwithstanding anything to the contrary herein, shall
not be permitted (in which case, the Seller will be obligated to purchase or
substitute for all Crossed Mortgage Loans in the related Mortgage Group (defined
below)). Any reserve or other cash collateral or letters of credit securing the
affected Crossed Mortgage Loans shall be allocated between such Mortgage Loans
in accordance with the Mortgage Loan Documents. All other terms of the Mortgage
Loans shall remain in full force and effect, without any modification thereof
(unless otherwise modified in accordance with the Pooling and Servicing
Agreement).
Section 9. Rating Agency Fees; Costs and Expenses Associated with a
Defeasance. The Seller shall pay all Rating Agency fees associated with an
assumption of a Mortgage Loan to the extent such fees have not been paid by the
related Borrower and such Borrower is not required to pay them under the terms
of the related Mortgage Loan Documents in effect on or before the Closing Date,
the payment of which fees shall constitute the sole remedy of any breach by a
Seller of representation (xxviii)(1) set forth on Exhibit A hereto unless the
Seller elects to repurchase or substitute for such Mortgage Loan in accordance
with the second paragraph of Section 7. The Seller shall pay all reasonable
costs and expenses associated with a defeasance of a Mortgage Loan to the extent
such costs and expenses have not been paid by the related Borrower and such
Borrower is not required to pay them under the terms of the related Mortgage
Loan Documents in effect on or before the Closing Date, the payment of which
fees shall constitute the sole remedy of any breach by a Seller of
representation (liv)(F) set forth on Exhibit A hereto unless the Seller elects
to repurchase or substitute for such Mortgage Loan in accordance with the second
paragraph of Section 7.
Section 10. Representations and Warranties of Depositor. Depositor
hereby represents and warrants to Seller as of the date hereof, as follows:
(a) Depositor is duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with full
corporate power and authority to own its assets and conduct its business as it
is conducted, and is duly qualified as a foreign corporation in good standing in
all jurisdictions in which the ownership or lease of its property or the conduct
of its business requires such qualification (except where the failure to qualify
would not have a materially adverse effect on the consummation of any
transactions contemplated by this Agreement).
(b) The execution and delivery by Depositor of this Agreement and
the performance of Depositor's obligations hereunder are within the corporate
power of Depositor and have been duly authorized by Depositor and neither the
execution and delivery by Depositor of this Agreement nor the compliance by
Depositor with the provisions hereof, nor the consummation by Depositor of the
transactions contemplated by this Agreement, will (i) conflict with or result in
a breach of, or constitute a default under, the certificate of incorporation or
by-laws of Depositor or, after giving effect to the consents or taking of the
actions contemplated by clause (ii) of this paragraph (b), any of the provisions
of any law, governmental rule, regulation, judgment, decree or order binding on
Depositor or its properties, or any of the provisions of any material indenture
or mortgage or any other material contract or other instrument to which
Depositor is a party or by which it is bound or result in the creation or
imposition of any lien, charge or encumbrance upon any of its properties
pursuant to the terms of any such indenture, mortgage, contract or other
instrument or (ii) require the consent of, notice to or any filing with any
person, entity or governmental body, which has not been obtained or made by
Depositor, except where, in any of the instances contemplated by clause (i)
above or this clause (ii), the failure to do so will not have a material and
adverse effect on the consummation of any transactions contemplated by this
Agreement.
(c) This Agreement has been duly executed and delivered by Depositor
and this Agreement constitutes a legal, valid and binding instrument,
enforceable against Depositor in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting the rights of creditors generally and to
general principles of equity and the discretion of the court (regardless of
whether enforcement of such remedies is considered in a proceeding in equity or
at law) and, as to rights of indemnification hereunder, subject to limitations
of public policy under applicable securities laws.
(d) There is no litigation, charge, investigation, action, suit or
proceeding by or before any court, regulatory authority or governmental agency
or body pending or, to the knowledge of Depositor, threatened against Depositor
the outcome of which could be reasonably expected to materially and adversely
affect the consummation of any transactions contemplated by this Agreement.
Section 11. Survival of Certain Representations, Warranties and
Covenants. The respective representations and warranties set forth in or made
pursuant to this Agreement, and the respective obligations of the parties hereto
under Sections 7 and 9 of this Agreement, will remain in full force and effect,
regardless of any investigation or statement as to the result thereof made by or
on behalf of any party and will survive payment for the various transfers
referred to herein and delivery of the Certificates or termination of this
Agreement.
Section 12. Transaction Expenses. Whether or not this Agreement is
terminated, both the Depositor and the Seller agree to pay the transaction
expenses incurred in connection with the transactions herein contemplated as set
forth in the Closing Statement.
Section 13. Recording Costs. Seller agrees to reimburse the Trustee
or its designee all recording and filing fees and expenses incurred by the
Trustee or its designee in connection with the recording or filing of the
Mortgage Loan Documents listed in Section 3 of this Agreement, including
Assignments. In the event Seller elects to engage a third party contractor to
prepare, complete, file and record Assignments with respect to Mortgage Loans as
provided in Section 3 of this Agreement, Seller shall contract directly with
such contractor and shall be responsible for such contractor's compensation and
reimbursement of recording and filing fees and other reimbursable expenses
pursuant to their agreement.
Section 14. Notices. All demands, notices and communications
hereunder shall be in writing and effective only upon receipt, and, shall be
deemed to have been duly given if personally delivered to or mailed, by
registered mail, postage prepaid, by overnight mail or courier service, or
transmitted by facsimile and confirmed by similar mailed writing, if to the
Depositor, addressed to the Depositor at 00 Xxxxxxx Xxxxxx, 0xx Xxxxx, Xxx Xxxx,
Xxx Xxxx 00000, Attention: Xxxxxx Xxxxxx, Telecopy No.: (000) 000-0000 (with a
copy to Xxxxx XxXxxxxxxx, Esq., Legal & Compliance Department, Telecopy No.:
(000) 000-0000), or such other address or telecopy number as may be designated
by the Depositor to the Seller in writing, or, if to the Seller, addressed to
the Seller at KeyBank National Association c/o KeyBank Real Estate Capital, 000
Xxxx Xxxxxx, Xxxxx 0000, Xxxxxx Xxxx, Xxxxxxxx 00000, Attention: Xxxx X.
Xxxxxxx, Telecopy No.: (000) 000-0000 (with a copy to, KeyBank National
Association, 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000, Attention: Xxxxxx X.
Xxxxx, Telecopy No.: (000) 000-0000) (with an additional copy to, Polsinelli
Xxxxxxx Xxxxxxxx Suelthaus PC, 000 X. 00xx Xxxxxx, Xxxxx 0000, Xxxxxx Xxxx,
Xxxxxxxx 00000, Attention: Xxxxx Xxxxxxx, Telecopy No.: (000) 000-0000), or such
other address or telecopy number as may be designated by the Seller to the
Depositor in writing.
Section 15. Notice of Exchange Act Reportable Events. The Seller
hereby agrees to deliver to the Depositor and the Trustee any disclosure
information relating to any event reasonably determined in good faith by the
Depositor as required to be reported on Form 8-K, Form 10-D or Form 10-K by the
Trust Fund (in formatting reasonably appropriate for inclusion in such form),
including, without limitation, the disclosure required under Items 1117 and 1119
of Regulation AB and Item 1.03 to Form 8-K. The Seller shall use its best
efforts to deliver proposed disclosure language relating to any event described
under Items 1117 and 1119 of Regulation AB and Item 1.03 to Form 8-K to the
Trustee and the Depositor within one (1) business day and in any event no later
than two (2) Business Days of the Seller becoming aware of such event and shall
provide disclosure relating to any other event reasonably determined by the
Depositor as required to be disclosed on Form 8-K, Form 10-D or Form 10-K within
two (2) Business Days following the Depositor's request for such disclosure
language. The obligation of the Seller to provide the above referenced
disclosure materials will terminate upon notice from the Depositor or the
Trustee that the Trustee has filed a Form 15 with respect to the Trust Fund as
to that fiscal year in accordance with Section 11.10(a) of the Pooling and
Servicing Agreement. The Seller hereby acknowledges that the information to be
provided by it pursuant to this Section will be used in the preparation of
reports meeting the reporting requirements of the Trust under Section 13(a)
and/or Section 15(d) of the Securities Exchange Act of 1934, as amended.
Section 16. Examination of Mortgage Files. Upon reasonable notice,
Seller, prior to the Closing Date, will make the Mortgage Files available to
Depositor or its agent for examination during normal business hours at Seller's
offices or such other location as shall otherwise be agreed upon by Depositor
and Seller. The fact that Depositor or its agent has conducted or has failed to
conduct any partial or complete examination of the Mortgage Files shall not
affect the rights of Depositor or the Trustee (for the benefit of the
Certificateholders) to demand cure, repurchase, or other relief as provided
herein.
Section 17. Successors. This Agreement shall inure to the benefit of
and shall be binding upon Seller and Depositor and their respective successors
and permitted assigns, and nothing expressed in this Agreement is intended or
shall be construed to give any other person any legal or equitable right, remedy
or claim under or in respect of this Agreement, or any provisions herein
contained, this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such designated
persons and for the benefit of no other person; it being understood that the
rights of Depositor pursuant to this Agreement, subject to all limitations
herein contained, including those set forth in Section 7 of this Agreement, may
be assigned to the Trustee, for benefit of the Certificateholders, as may be
required to effect the purposes of the Pooling and Servicing Agreement and, upon
such assignment, the Trustee shall succeed to such rights of Depositor
hereunder, provided that the Trustee shall have no right to further assign such
rights to any other Person. No owner of a Certificate issued pursuant to the
Pooling and Servicing Agreement shall be deemed a successor or permitted assign
because of such ownership.
Section 18. Governing Law. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING
EFFECT TO CHOICE OF LAW PRINCIPLES.
Section 19. Severability. If any provision of this Agreement shall
be prohibited or invalid under applicable law, this Agreement shall be
ineffective only to such extent, without invalidating the remainder of this
Agreement.
Section 20. Further Assurances. Depositor and Seller agree to
execute and deliver such instruments and take such actions as the other party
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement.
Section 21. Counterparts. This Agreement may be executed in
counterparts (and by each of the parties hereto on different counterparts), each
of which when so executed and delivered will be an original, and all of which
together will be deemed to constitute but one and the same instrument.
Section 22. Treatment as Security Agreement. It is the express
intent of the parties hereto that the conveyance of the Mortgage Loans by Seller
to Depositor as provided in this Agreement be, and be construed as, a sale of
the Mortgage Loans by Seller to Depositor. It is, further, not the intention of
the parties that such conveyance be deemed a pledge of the Mortgage Loans by
Seller to Depositor to secure a debt or other obligation of Seller. However, in
the event that, notwithstanding the intent of the parties, the Mortgage Loans
are held to be property of Seller or if for any reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans:
(a) this Agreement shall hereby create a security agreement within
the meaning of Articles 8 and 9 of the Uniform Commercial Code in effect in the
applicable state;
(b) the conveyance provided for in this Agreement shall hereby grant
from Seller to Depositor a security interest in and to all of Seller's right,
title, and interest, whether now owned or hereafter acquired, in and to:
(i) all accounts, contract rights (including any guarantees),
general intangibles, chattel paper, instruments, documents, money, deposit
accounts, certificates of deposit, goods, letters of credit, advices of
credit and investment property consisting of, arising from or relating to
any of the property described in the Mortgage Loans, including the related
Notes, Mortgages and title, hazard and other insurance policies,
identified on the Mortgage Loan Schedule or that constitute Replacement
Mortgage Loans, and all distributions with respect thereto payable after
the Cut-off Date;
(ii) all accounts, contract rights, general intangibles, chattel
paper, instruments, documents, money, deposit accounts, certificates of
deposit, goods, letters of credit, advices of credit and investment
property arising from or by virtue of the disposition of, or collections
with respect to, or insurance proceeds payable with respect to, or claims
against other persons with respect to, all or any part of the collateral
described in clause (i) above (including any accrued discount realized on
liquidation of any investment purchased at a discount), in each case,
payable after the Cut-off Date; and
(iii) all cash and non-cash proceeds of the collateral described in
clauses (i) and (ii) above payable after the Cut-off Date;
(c) the possession by Depositor or its assignee of the Notes and
such other goods, letters of credit, advices of credit, instruments, money,
documents, chattel paper or certificated securities shall be deemed to be
possession by the secured party or possession by a purchaser or a person
designated by him or her, for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation, Sections
9-306, 9-313 and 9-314 thereof) as in force in the relevant jurisdiction; and
(d) notifications to persons holding such property, and
acknowledgments, receipts, confirmations from persons holding such property,
shall be deemed to be notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries, bailees or agents of, or persons
holding for (as applicable), Depositor or its assignee for the purpose of
perfecting such security interest under applicable law.
The Seller at the direction of the Depositor or its assignee, 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 and the proceeds thereof, such security interest
would be a perfected security interest of first priority under applicable law
and will be maintained as such throughout the term of this Agreement. In
connection herewith, Depositor and its assignee shall have all of the rights and
remedies of a secured party and creditor under the Uniform Commercial Code as in
force in the relevant jurisdiction and may prepare and file such UCC Financing
Statements as may be necessary or appropriate to accomplish the foregoing.
Section 23. Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation following the Closing
Date in all appropriate public offices for real property records in all the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by Seller at
Seller's expense at the direction of Depositor accompanied by an opinion of
counsel to the effect that such recordation materially and beneficially affects
the interests of Depositor.
* * *
IN WITNESS WHEREOF, the parties hereto have caused this Mortgage
Loan Purchase Agreement to be duly executed and delivered as of the date first
above written.
KEYBANK NATIONAL ASSOCIATION,
as Seller
By: /s/ Xxxx X. Xxxxxxx
--------------------------------------
Name: Xxxx X. Xxxxxxx
Title: Authorized Official
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.,
as Depositor
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Vice President
SCHEDULE I
SCHEDULE OF TRANSACTION TERMS
This Schedule of Transaction Terms is appended to and incorporated
by reference in the Mortgage Loan Purchase Agreement (the "Agreement"), dated as
of June 1, 2007, between KeyBank National Association (the "Seller" or
"KeyBank") and Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). Capitalized terms used herein without definition have the meanings
given them in or by reference in the Agreement or, if not defined in the
Agreement, in the Pooling and Servicing Agreement.
"Affiliate" means with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person.
"Assignments" has the meaning given set forth in Section 3 of this
Agreement.
"Borrower" means the borrower under a Mortgage Loan.
"Breach" has the meaning set forth in Section 7 of this Agreement.
"Certificate Purchase Agreement" means the Certificate Purchase
Agreement, dated June 19, 2007, between Depositor and the Initial Purchaser.
"Certificates" means the Credit Suisse First Boston Mortgage
Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2007-C3,
issued in multiple classes.
"Closing" has the meaning set forth in Section 2 of this Agreement.
"Closing Date" means June 29, 2007.
"Closing Statement" means the closing statement dated as of the
Closing Date and signed by, among others, the parties to this Agreement.
"Code" means the Internal Revenue Code of 1986, as amended.
"Crossed Mortgage Loan" means any Mortgage Loan which is
cross-defaulted and cross-collateralized with any other Mortgage Loan.
"Cut-off Date" means, individually and collectively, the applicable
Due Dates for the respective Mortgage Loans occurring in June 2007 (or with
respect to Mortgage Loans which had closing/funding dates in June 2007, the
respective closing/funding dates of such Mortgage Loans).
"Defect" has the meaning set forth in Section 7 of this Agreement.
"Exception Report" means exceptions with respect to the
representations and warranties made by the Seller as to the Mortgage Loans in
Section 6(a)(xii) and under the written certificate described in Section
4(b)(iii) of this Agreement, which exceptions are set forth in Schedule V
attached hereto and made a part hereof.
"Initial Purchaser" means Credit Suisse Securities (USA) LLC.
"Initial Resolution Period" has the meaning set forth in Section 7
of this Agreement.
"KeyBank Indemnification Agreement" means that certain
indemnification agreement, dated as of June 19, 2007, among the Underwriters,
the Initial Purchaser, KeyBank and the Depositor.
"Loan Agreement" means, with respect to any Mortgage Loan, the loan
agreement, if any, between the related Mortgage Loan Originator and the related
Borrower, pursuant to which such Mortgage Loan was made.
"Material Breach" has the meaning set forth in Section 7 of this
Agreement.
"Material Document Defect" has the meaning set forth in Section 7 of
this Agreement.
"Mortgage File" means, collectively, the documents and instruments
pertaining to a Mortgage Loan required to be included in the related Mortgage
File pursuant to Section 3 (subject to the proviso in Section 1 of this
Agreement).
"Mortgage Group" has the meaning set forth in Section 7 of this
Agreement.
"Mortgage Loan" and "Mortgage Loans" have the respective meanings
set forth in Recital II of this Agreement.
"Mortgage Loan Documents" means, collectively, the documents and
instruments pertaining to a Mortgage Loan to be included in either the related
Mortgage File or the related Servicer File.
"Mortgage Loan Originator" means any institution which originated a
Mortgage Loan for a related Borrower.
"Mortgage Loan Purchase Price" means the amount described in Section
2 of this Agreement.
"Mortgage Loan Schedule" has the meaning set forth in Recital II of
this Agreement.
"Offering Circular" means the confidential offering circular dated
June 19, 2007, describing certain classes of the Private Certificates.
"Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement creating the Trust Fund and the interests therein, dated as of June 1,
2007, among the Master Servicers, the Special Servicer, the Depositor and the
Trustee, including, without limitation, the exhibits and schedules annexed
thereto.
"Private Certificates" means the Certificates that are not Publicly
Offered Certificates.
"Prospectus" means the Prospectus, dated April 10, 2007, that is a
part of the Depositor's registration statement on Form S-3 (File No.
333-141613).
"Prospectus Supplement" means the Prospectus Supplement, dated June
19, 2007, relating to the Publicly Offered Certificates.
"Publicly Offered Certificates" means the Class A-1, Class X-0,
Xxxxx X-0, Class A-AB, Class A-4, Class A-1-A1, Class A-1-A2, Class A-M, Class
A-J, Class B and Class C Certificates.
"Servicer File" means, collectively, all documents, records and
copies pertaining to a Mortgage Loan which are required to be included in the
related Servicer File pursuant to Section 3 thereof.
"Trust Fund" has the meaning set forth in Recital II of this
Agreement.
"Underwriters" means Credit Suisse Securities (USA) LLC, KeyBanc
Capital Markets Inc., Greenwich Capital Markets, Inc. and Banc of America
Securities LLC.
"Underwriting Agreement" means the Underwriting Agreement, dated
June 19, 2007, between the Depositor and the Underwriters.
SCHEDULE II
MORTGAGE LOAN SCHEDULE
[see attached]
INFORMATION CONTAINED ON THIS DISKETTE DATED, TUESDAY, JUNE 19, 2007 IS SUBJECT
TO COMPLETION OR AMENDMENT.
This diskette relates to the Offered Certificates in the Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2007-C3. The information contained on this diskette is provied to
facilitate your review of the collateral underlying the Offered Certificates.
This free writing prospectus is being provided to you in response to your
specific request. The depositor has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in the registration statement
and the other doucments the depositor has filed with the SEC for more complete
information about the depositor, the issuing trust and this offering. You may
get these documents for free by visiting XXXXX on the SEC Web site at
xxx.xxx.xxx. Alternatively the depositor, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus after
filing if you request it by calling toll free 1-800-221-1037 or by email to the
following address: xxxxx.xxxxx@xxxxxx-xxxxxx.xxx. The information on this
diskette supersedes any and all information contained in any previously
furnished free writing prospectus and shall be superseded by any subsequently
furnished similar materials. The commercial mortgage backed securities to which
these materials relate, and the mortgage pool backing them, are subject to
modification or revision (including the possibility that one or more classes of
securities may be split, combined or eliminated at any time prior to the
issuance or availability of a final prospectus) and are offered on a "when, as
and if issued" basis. You understand that, when you are considering the purchase
of these securities, a contract of sale will come into being no sooner than the
date on which the relevant class has been priced and we have verified the
allocation of securities to be made to you; any "indications of interest"
expressed by you, and any "soft circles" generated by us, will not create
binding contractual obligations for you or us. Prospective investors are advised
to read carefully, the free writing prospectus and prospectus relating to the
Offered Certificates in making their investment decisions.
Credit Suisse First Boston Mortgage Securities Corp.
Commercial Mortgage Pass-Through Certificates Series 2007-C3
# Crossed # Property Name
----- ------- - -------------------------------------------------
12 1 The Villaggio Shopping Center
22 2 EDR - The Lofts
45 1 The Xxxxxxxxx Xxxxxx Xxxxxxxx
00 0 Xxxxxx Xxxxxx Cancer Center
70 1 The Packing House
74 1 Highline Medical Complex
75 1 Circuit City
80 2 Greenwood Apartments
00 0 Xxxxx Xxxxxx
00 0 Xxxxxx Hall Office
105 1 Executive Hills
105.1 College View
105.2 Granada Building
105.3 Building 36
108 1 Simpatica Industrial
113 0 Xxxxxxx Xxxxx Xxxxxxxx Xxxxxx
000 0 Xxxxxx Xxxx Apartments
124 1 Indianapolis Showplace 12
125 1 Xxxxxxxx Center Drive
126 1 Fashion Village and East Colonial Shopping Center
134 2 Yards at Union Station
143 1 HRubin Deerfield Warehouse
148 1 Wachovia Operations Center
152 1 Fortuna Walgreens
155 0 Xxxxxx Xxxxx Xxxxxx Xxxxxxxx
000 0 Xxxxxxxx Premium Outlet Site
171 1 Northern Tool
176 1 Xxxxx White Towne Center II
179 1 HRubin Sarasota Warehouse
189 1 0000 Xxxxxxx Xxxxxx
202 1 Xxxxx Fairview Self Storage
# Address City County State Code Type
----- ---------------------------------------------- --------------- ----------- ----- ----- ------------
12 0000-0000 Xxxxx Xxxxxxxxxx Xxxxxx Xxxxxx Xxxxxx XX 00000 Retail
22 0000 Xxxxxxx Xxxxxx Xxxxxxx Xxxxxx XX 00000 Multifamily
45 0000 Xxx Xxxxxx and 0000 Xxxxxxx Xxxxxxx Xxxxx Xxx Xxxxxxxxx Xxxxxxxxxx XX 00000 Office
69 000 Xxxxx 00xx Xxxxxx Xxxxx Xxxxxx Xxxxxx XX 00000 Office
70 000-000 Xxxx Xxxxx Xxxxxx Xxxxxxxxx Xxx Xxxxxxx XX 00000 Mixed Use
74 00000 Xxxxxxxxx Xxxx Xxxxxxxxx Xxxxxx Xxxx XX 00000 Office
75 000 Xxxxxxxxxxx Xxxxxx Xxxxxxx Xxxxxxxxx XX 00000 Retail
80 00000 Xxxxxxxxx Xxxxxx Xxxxx Xxxxxxx Xxxx XX 00000 Mixed Use
90 0000 Xxxxx Xxxxxx Xxxxxxxx Xxx Xxxxx XX 00000 Industrial
99 0000 Xxxxx Xxxxxxxxx Xxxxxx Xxxxxx Xxxxxxxx XX 00000 Office
105
105.1 0000 Xxxxxxx Xxxxxxxxx Xxxxxxxx Xxxx Xxxxxxx XX 00000 Office
105.2 00000 Xxxxxxx Xxxx Xxxxxxxx Xxxx Xxxxxxx XX 00000 Office
105.3 0000 Xxxx 000xx Xxxxxx Xxxxxxxx Xxxx Xxxxxxx XX 00000 Office
108 00000 Xxxxxxxxx Xxxxxx Xxxx Xxxxxx Xxxxxx XX 00000 Mixed Use
113 17237 Xxxxxxxxx 00xx Xxxxxx Xxxxx Xxxxxxx Xxxxx-Xxxx XX 00000 Retail
120 000 Xxxxx Xxxxx Xxxxxx Xxxxxx'x Xxxxx Xxxxx XX 00000 Multifamily
124 00000 Xxxx Xxxxxxxxxx Xxxxxx Xxxxxxxxxxxx Xxxxxx XX 00000 Retail
125 00000 Xxxxxxxx Xxxxx Xxx Xxxxx Xxx Xxxxx XX 00000 Industrial
126 0000-0000 Xxxx Xxxxxxxx Xxxxx Xxxxxxx Xxxxxx XX 00000 Retail
134 000 Xxxxxxxxx Xxxxx Xxxxxxx Xxxxxxxx Xxxxxxxxx XX 00000 Multifamily
143 0000 Xxxxxxxxx 00xx Xxxxxxx Xxxxxxxxx Xxxxx Xxxxxxx XX 00000 Industrial
148 0000 Xxxxxxxxx 0xx Xxxxxx Xxxxxxx Xxxxx Xxxxxxx XX 00000 Mixed Use
152 0000 Xxxxx Xxxxxxx Xxxxxxxxx Xxxxxxx Xxxxxxxx XX 00000 Retail
155 000 Xxxxxx Xxxxx Xxxxxxx Xxxx XX 00000 Office
168 0000 Xxxxxxxxxx Xxxx Xxxxx Xxxxxxxxxx Xxxxxxxx XX 00000 Retail
171 0000 Xxxx Xxx Xxxxx Xxxxxx Xxxxxxxxx Xxxxxxx XX 00000 Retail
176 0000 Xxxxx Xxxx Xxxxxxxxxxx Xxxx XX 00000 Retail
179 0000 00xx Xxxxx Xxxx Xxxxxxxx Xxxxxxx XX 00000 Industrial
189 0000 Xxxxxxx Xxxxxx Xxxxx Xxx Xxxxxx XX 00000 Industrial
202 0000 Xxxxxxxx Xxxx Xxxxx Xxxx Xxxxxx XX 00000 Self Storage
Units/
# Sub-type Property Seller Pads Balance Balance (1) Pool Balance
----- ------------------ ---------------------------- ------- ----------- ----------- ------------
12 Anchored KeyBank National Association 176,542 $44,500,000 $44,500,000 1.7%
22 Conventional KeyBank National Association 730 $27,000,000 $27,000,000 1.0%
00 Xxxxxxxx XxxXxxx National Association 135,758 $14,500,000 $14,500,000 0.5%
00 Xxxxxxxx XxxXxxx National Association 50,562 $9,660,000 $9,636,824 0.4%
70 Industrial/Retail KeyBank National Association 56,344 $9,550,000 $9,532,214 0.4%
00 Xxxxxxxx XxxXxxx National Association 35,558 $9,200,000 $9,200,000 0.3%
75 Anchored KeyBank National Association 33,790 $8,900,000 $8,900,000 0.3%
80 Multifamily/Retail KeyBank National Association 61 $8,500,000 $8,500,000 0.3%
90 N/A KeyBank National Association 104,298 $8,000,000 $8,000,000 0.3%
00 Xxxxxxxx XxxXxxx National Association 58,535 $6,850,000 $6,850,000 0.3%
105 KeyBank National Association $6,150,000 $6,150,000 0.2%
105.1 Suburban 26,415 $2,275,000 $2,275,000
105.2 Suburban 21,741 $1,875,000 $1,875,000
105.3 Suburban 29,651 $2,000,000 $2,000,000
108 Office/Industrial KeyBank National Association 61,622 $6,000,000 $6,000,000 0.2%
113 Anchored KeyBank National Association 93,478 $5,600,000 $5,595,285 0.2%
120 Conventional KeyBank National Association 240 $5,300,000 $5,289,503 0.2%
124 Unanchored KeyBank National Association 45,700 $5,125,000 $5,118,395 0.2%
125 N/A KeyBank National Association 48,000 $5,000,000 $5,000,000 0.2%
126 Unanchored KeyBank National Association 51,523 $5,000,000 $5,000,000 0.2%
134 Conventional KeyBank National Association 56 $4,800,000 $4,800,000 0.2%
143 N/A KeyBank National Association 52,844 $4,420,000 $4,420,000 0.2%
148 Office/Industrial KeyBank National Association 47,094 $4,150,000 $4,150,000 0.2%
152 Anchored KeyBank National Association 14,820 $3,850,000 $3,850,000 0.1%
000 Xxxxxxxx XxxXxxx National Association 33,876 $3,500,000 $3,496,881 0.1%
168 Unanchored KeyBank National Association 348,044 $3,100,000 $3,100,000 0.1%
171 Anchored KeyBank National Association 25,800 $3,000,000 $3,000,000 0.1%
176 Unanchored KeyBank National Association 29,926 $2,937,000 $2,937,000 0.1%
179 N/A KeyBank National Association 32,257 $2,800,000 $2,800,000 0.1%
189 N/A KeyBank National Association 45,411 $2,400,000 $2,400,000 0.1%
202 N/A KeyBank National Association 53,205 $2,125,000 $2,125,000 0.1%
Maturity/
# Balance (2) Leasehold Built Renovated U/W (3) Date (3) Value Ratio (1) (4) Ratio (2) (4)
----- ----------- --------- ----- --------- ------- --------- ----------- ------------- -------------
12 $44,500,000 Fee 2002 2007 99% 3/1/2007 $57,500,000 77.4% 77.4%
22 $26,308,240 Fee 2003 N/A 98% 3/9/2007 $40,500,000 66.7% 65.0%
45 $13,014,618 Fee 1991 N/A 98% 1/29/2007 $19,175,000 75.6% 67.9%
69 $8,300,017 Leasehold 2006 N/A 73% 2/1/2007 $15,500,000 62.2% 53.5%
70 $8,081,862 Fee 1911 2007 100% 3/1/2007 $13,520,000 70.5% 59.8%
74 $8,581,788 Leasehold 2005 N/A 96% 4/27/2007 $12,000,000 76.7% 71.5%
75 $8,288,415 Fee 1998 N/A 100% 3/31/2007 $14,300,000 62.2% 58.0%
80 $7,754,091 Fee 2006 N/A 98% 2/27/2007 $12,800,000 66.4% 60.6%
90 $8,000,000 Fee 1998 N/A 100% 3/31/2007 $13,800,000 58.0% 58.0%
99 $6,011,093 Fee 2006 N/A 89% 4/30/2007 $8,960,000 76.5% 67.1%
105 $5,517,645 $7,900,000 77.8% 69.8%
105.1 $2,041,080 Fee 1982 N/A 86% 3/31/2007 $2,800,000
105.2 $1,682,209 Fee 1980 N/A 100% 3/31/2007 $2,350,000
105.3 $1,794,356 Fee 1984 N/A 100% 3/31/2007 $2,750,000
108 $6,000,000 Fee 1991 2002 100% 3/1/2007 $10,500,000 57.1% 57.1%
113 $4,742,323 Fee 1991 2006 99% 3/6/2007 $8,500,000 65.8% 55.8%
120 $4,447,461 Fee 1967 1997 94% 3/13/2007 $11,300,000 46.8% 39.4%
124 $3,963,471 Fee 2004 N/A 100% 2/22/2007 $7,700,000 66.5% 51.5%
125 $5,000,000 Fee 1991 N/A 100% 3/1/2007 $7,770,000 64.4% 64.4%
126 $4,272,286 Fee 1966 2005 98% 5/1/2007 $8,100,000 61.7% 52.7%
134 $4,332,329 Fee 2003 N/A 95% 3/6/2007 $7,400,000 64.9% 58.5%
143 $4,122,369 Fee 2007 N/A 100% 3/31/2007 $6,800,000 65.0% 60.6%
148 $3,745,471 Fee 1974 1992 100% 1/1/2007 $5,950,000 69.7% 62.9%
152 $3,245,403 Fee 2007 N/A 100% 3/26/2007 $5,300,000 72.6% 61.2%
155 $2,944,412 Fee 1978 1994 88% 3/29/2007 $5,200,000 67.2% 56.6%
168 $2,890,486 Fee 1999 N/A 100% 6/1/2007 $4,125,000 75.2% 70.1%
171 $2,527,359 Fee 2006 N/A 100% 5/4/2007 $4,000,000 75.0% 63.2%
176 $2,644,040 Fee 1985 N/A 100% 3/26/2007 $4,450,000 66.0% 59.4%
179 $2,609,683 Fee 2006 N/A 100% 2/23/2007 $4,100,000 68.3% 63.7%
189 $2,235,652 Fee 1967 2005 100% 2/28/2007 $6,380,000 37.6% 35.0%
202 $930,575 Leasehold 2001 N/A 87% 4/25/2007 $6,850,000 31.0% 13.6%
# EGI Expenses NOI Period Ending EGI Expenses NOI Period Ending
----- ---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
12 $4,098,705 $733,114 $3,365,591 12/31/2006 $3,649,638 $555,264 $3,094,374 12/31/2005
22 $4,985,937 $2,148,131 $2,837,806 2/28/2007 $4,906,311 $2,139,595 $2,766,716 12/31/2006
45 $1,770,420 $805,602 $964,818 11/30/2006 $1,522,211 $612,483 $909,728 12/31/2005
00 X/X X/X X/X X/X X/X X/X X/X N/A
70 N/A N/A X/X X/X X/X X/X X/X X/X
74 $842,211 $299,932 $542,279 12/31/2006 N/A N/A N/A N/A
75 $927,582 $549,384 $378,198 2/28/2007 $1,138,527 $232,835 $905,692 12/31/2006
80 $582,637 $286,806 $295,831 2/28/2007 N/A N/A N/A N/A
90 N/A N/A N/A N/A N/A N/A N/A N/A
99 N/A N/A X/X X/X X/X X/X X/X X/X
105
105.1 $517,159 $250,880 $266,279 12/31/2006 $432,729 $269,794 $162,935 12/31/2005
105.2 $477,278 $275,798 $201,480 12/31/2006 $450,354 $213,785 $236,569 12/31/2005
105.3 $527,534 $343,126 $184,408 12/31/2006 $518,255 $315,196 $203,059 12/31/2005
000 X/X X/X X/X X/X X/X X/X X/X X/X
113 $1,350,843 $542,322 $808,521 12/31/2006 $1,107,396 $455,724 $651,672 12/31/2005
120 $1,941,848 $1,268,939 $672,909 12/31/2006 $1,938,042 $1,251,619 $686,423 12/31/2005
000 X/X X/X X/X X/X X/X X/X X/X X/X
125 N/A N/A X/X X/X X/X X/X X/X X/X
126 $768,025 $243,890 $524,135 12/31/2006 $752,115 $210,683 $541,432 12/31/2005
134 $611,714 $167,798 $443,916 12/31/2006 $564,384 $140,357 $424,028 12/31/2005
000 X/X X/X X/X X/X X/X X/X X/X X/X
148 N/A N/A X/X X/X X/X X/X X/X X/X
152 N/A N/A X/X X/X X/X X/X X/X X/X
155 $644,903 $246,394 $398,509 12/31/2006 $659,820 $252,647 $407,173 10/31/2005
168 $247,500 N/A $247,500 12/31/2006 $247,500 N/A $247,500 12/31/2005
171 $457,130 $188,440 $268,690 7/11/2006 N/A N/A N/A N/A
176 $265,190 $62,836 $202,353 12/31/2006 X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X X/X X/X X/X
189 $398,928 $61,312 $337,616 12/31/2006 $356,633 $52,810 $303,823 12/31/2005
202 $891,690 $311,178 $580,512 12/31/2006 $829,991 $309,369 $520,622 12/31/2005
# EGI Expenses NOI Period Ending EGI Expenses NOI NCF (5) DSCR (6)
----- ---------- ---------- ---------- ------------- ---------- ---------- ---------- ---------- --------
12 $3,271,122 $636,253 $2,634,869 12/31/2004 $4,891,854 $1,368,072 $3,523,782 $3,386,857 1.35x
22 $4,407,938 $1,901,018 $2,506,920 12/31/2005 $5,040,775 $2,149,765 $2,891,010 $2,810,710 1.51x
45 $1,478,939 $595,105 $883,834 12/31/2004 $2,260,436 $774,255 $1,486,181 $1,281,204 1.27x
00 X/X X/X X/X X/X $1,446,267 $457,077 $989,190 $901,271 1.24x
00 X/X X/X X/X X/X $1,213,025 $355,443 $857,582 $819,971 1.20x
00 X/X X/X X/X X/X $1,161,698 $329,769 $831,929 $780,974 1.21x
75 $1,091,346 $264,569 $826,777 12/31/2005 $1,088,450 $255,330 $833,120 $798,938 1.29x
00 X/X X/X X/X X/X $1,052,126 $332,490 $719,636 $707,436 1.20x
00 X/X X/X X/X X/X $1,018,636 $264,059 $754,577 $671,846 1.46x
00 X/X X/X X/X X/X $1,010,580 $335,550 $675,030 $610,264 1.30x
105 $1,513,869 $868,543 $645,326 $539,823 1.27x
105.1 $392,592 $233,254 $159,338 12/31/2004 $516,662 $250,062 $266,599 $227,757
105.2 $443,073 $201,197 $241,876 12/31/2004 $484,406 $275,846 $208,560 $173,533
105.3 $591,430 $309,828 $281,602 12/31/2004 $512,802 $342,635 $170,167 $138,533
000 X/X X/X X/X X/X $798,464 $219,954 $578,510 $536,178 1.55x
113 $1,048,370 $420,671 $627,699 12/31/2004 $1,229,266 $597,426 $631,840 $524,840 1.31x
120 $1,934,920 $1,174,819 $760,101 12/31/2004 $1,943,167 $1,263,216 $679,951 $619,831 1.69x
000 X/X X/X X/X X/X $830,006 $230,672 $599,334 $553,722 1.40x
000 X/X X/X X/X X/X $611,511 $125,296 $486,215 $444,935 1.55x
126 $693,980 $188,730 $505,250 12/31/2004 $822,902 $252,754 $570,148 $504,599 1.37x
134 $524,844 $176,631 $348,213 12/31/2004 $642,424 $242,604 $399,820 $388,620 1.13x
000 X/X X/X X/X X/X $685,864 $227,575 $458,289 $436,828 1.41x
000 X/X X/X X/X X/X $562,828 $173,605 $389,223 $363,558 1.23x
000 X/X X/X X/X X/X $330,634 $9,919 $320,715 $318,492 1.18x
155 $645,461 $256,203 $389,258 10/31/2004 $668,276 $251,344 $416,932 $365,816 1.50x
168 $247,500 N/A $247,500 12/31/2004 $278,080 $5,562 $272,518 $272,518 1.25x
000 X/X X/X X/X X/X $394,091 $128,950 $265,141 $253,838 1.21x
000 X/X X/X X/X X/X $375,421 $108,394 $267,027 $248,180 1.20x
000 X/X X/X X/X X/X $434,421 $145,704 $288,719 $275,506 1.41x
000 X/X X/X X/X X/X $410,351 $125,197 $285,154 $257,481 1.54x
000 X/X X/X X/X X/X $854,666 $364,249 $490,417 $482,496 2.30x
Contractual Annual U/W
# Origination Reserve/FF&E (7) Origination LC&TI (7) Reserve/FF&E LC&TI Escrows (7) Term
----- ----------- ---------------- ----------- --------- ------------ -------- ----------- ----
12 $0 $0 $0 $0 $23,756 $113,169 None 120
22 $0 $0 $0 $0 $80,300 $0 None 60
45 $0 $0 $9,600 $115,200 $33,940 $171,037 Both 36
69 $0 $13,440 $0 $0 $10,112 $77,807 Insurance 0
70 $0 $0 $0 $0 $8,452 $29,159 Both 0
74 $0 $0 $0 $0 $7,112 $43,843 Both 24
75 $0 $0 $0 $0 $7,516 $26,666 None 60
80 $0 $0 $0 $0 $12,200 $0 Both 12
90 $0 $0 $0 $0 $15,645 $67,086 None 84
99 $0 $11,850 $4,850 $58,200 $8,780 $55,986 Both 24
105 $0 $0 $150,000 $50,000 $16,465 $89,038 Tax 36
105.1 $5,283 $33,559
105.2 $4,348 $30,679
105.3 $6,834 $24,800
108 $0 $0 $0 $0 $9,243 $33,089 None 84
113 $0 $0 $0 $0 $33,841 $73,159 None 0
120 $0 $60,000 $0 $0 $60,120 $0 Both 0
124 $0 $9,055 $0 $0 $9,140 $36,472 None 0
125 $0 $0 $0 $0 $14,880 $26,400 None 84
126 $0 $12,101 $158,000 $0 $12,101 $53,448 Both 0
134 $0 $12,000 $0 $0 $11,200 $0 Tax 36
143 $0 $0 $0 $0 $5,284 $16,177 None 60
148 $0 $0 $0 $0 $9,606 $16,059 None 36
152 $10,000 $0 $0 $0 $2,223 $0 None 0
155 $0 $0 $0 $0 $12,873 $38,243 Both 0
168 $0 $0 $0 $0 $0 $0 None 60
171 $0 $3,870 $0 $0 $3,870 $7,433 None 0
176 $143,688 $4,489 $0 $20,004 $4,489 $14,358 Tax 36
179 $0 $12,000 $0 $0 $3,226 $9,987 None 60
189 $0 $0 $0 $0 $6,358 $21,315 None 60
202 $0 $0 $0 $0 $7,921 $0 Both 0
# Term Term (1) Maturity (9) Maturity (1) (9) Rate (30/360 / Actual/360) Payment (8)
----- ------------- ------------- ------------ ---------------- ------ --------------------- -----------
12 Interest Only Interest Only 120 118 5.5400% Actual/360 $208,295
22 360 360 84 83 5.5900% Actual/360 $154,831
45 360 360 120 115 5.6600% Actual/360 $83,791
69 360 357 120 117 6.4400% Actual/360 $60,677
70 360 358 120 118 5.9200% Actual/360 $56,767
74 360 360 84 84 5.7900% Actual/360 $53,923
75 360 360 120 119 5.6700% Actual/360 $51,487
80 420 420 120 118 6.1200% Actual/360 $49,153
90 Interest Only Interest Only 84 83 5.7500% 30/360 $38,333
99 360 360 120 119 5.5700% Actual/360 $39,195
105 360 360 120 119 5.6300% Actual/360 $35,422
105.1
105.2
105.3
108 Interest Only Interest Only 84 83 5.7500% 30/360 $28,750
113 360 359 120 119 5.9400% Actual/360 $33,359
120 360 358 120 118 5.6400% Actual/360 $30,560
124 300 299 120 119 5.9500% Actual/360 $32,864
125 Interest Only Interest Only 84 83 5.7500% 30/360 $23,958
126 360 360 120 120 6.2500% Actual/360 $30,786
134 360 360 120 119 5.9300% Actual/360 $28,563
143 360 360 120 120 5.7800% Actual/360 $25,878
148 360 360 120 118 5.9300% Actual/360 $24,695
152 360 360 120 120 5.7900% Actual/360 $22,565
155 360 359 120 119 5.7200% Actual/360 $20,358
168 360 360 120 118 5.7600% Actual/360 $18,110
171 360 360 120 120 5.7700% Actual/360 $17,545
176 360 360 120 119 5.8000% Actual/360 $17,233
179 360 360 120 118 5.7300% Actual/360 $16,304
189 360 360 120 118 5.6900% Actual/360 $13,914
202 180 180 120 120 5.5900% Actual/360 $17,465
Original Original
Original Yield Prepayment
# Date Date ARD (10) Seasoning (1) as of Origination (11) (Months) (Months) (Months)
----- -------- -------- -------- ------------- ---------------------- --- -------- -------- ----------
12 5/1/2007 4/1/2017 N/A 2 YM1/116_0.0%/4 0 116 0
22 6/1/2007 5/1/2014 N/A 1 Lock/59_0.0%/25 59 0 0
45 2/1/2007 1/1/2017 N/A 5 Lock/116_0.0%/4 116 0 0
69 4/1/2007 3/1/2017 N/A 3 Lock/83_0.0%/37 83 0 0
70 5/1/2007 4/1/2017 N/A 2 YM1/116_0.0%/4 0 116 0
74 7/1/2007 6/1/2014 N/A 0 Lock/80_0.0%/4 (28) 80 0 0
75 6/1/2007 5/1/2037 5/1/2017 1 YM1/116_0.0%/4 0 116 0
80 5/1/2007 4/1/2017 N/A 2 Lock/59_0.0%/61 59 0 0
90 6/1/2007 5/1/2014 N/A 1 Lock/1_YM1/58_0.0%/25 1 58 0
99 6/1/2007 5/1/2017 N/A 1 YM5/116_0.0%/4 0 116 0
105 6/1/2007 5/1/2017 N/A 1 YM1/116_0.0%/4 (30) 0 116 0
105.1
105.2
105.3
108 6/1/2007 5/1/2014 N/A 1 Lock/1_YM1/58_0.0%/25 1 58 0
113 6/1/2007 5/1/2017 N/A 1 Lock/35_YM1/81_0.0%/4 35 81 0
120 5/1/2007 4/1/2017 N/A 2 Lock/116_0.0%/4 116 0 0
124 6/1/2007 5/1/2017 N/A 1 Lock/118_0.0%/2 118 0 0
125 6/1/2007 5/1/2014 N/A 1 Lock/1_YM1/58_0.0%/25 1 58 0
126 7/1/2007 6/1/2017 N/A 0 YM1/114_0.0%/6 0 114 0
134 6/1/2007 5/1/2017 N/A 1 Lock/116_0.0%/4 116 0 0
143 7/1/2007 6/1/2037 6/1/2017 0 YM1/116_0.0%/4 0 116 0
148 5/1/2007 4/1/2037 4/1/2017 2 Lock/116_0.0%/4 116 0 0
152 7/1/2007 6/1/2037 6/1/2017 0 Lock/116_0.0%/4 116 0 0
155 6/1/2007 5/1/2017 N/A 1 Lock/116_0.0%/4 116 0 0
168 5/1/2007 4/1/2017 N/A 2 Lock/116_0.0%/4 116 0 0
171 7/1/2007 6/1/2037 6/1/2017 0 Lock/116_0.0%/4 116 0 0
176 6/1/2007 5/1/2017 N/A 1 Lock/116_0.0%/4 116 0 0
179 5/1/2007 4/1/2037 4/1/2017 2 YM1/116_0.0%/4 0 116 0
189 5/1/2007 4/1/2017 N/A 2 Lock/113_0.0%/7 113 0 0
202 7/1/2007 6/1/2017 N/A 0 Lock/116_0.0%/4 116 0 0
Original Yield Prepayment
# (Months) Defeasance (12) Date Date Date Spread Fees Pays Elevators
----- -------- --------------- --------- -------- ---------- ------ ------- -------------------- ---------
12 4 No N/A 1/1/2017 N/A T-Flat 0.05084% N/A N/A
22 25 Yes 5/1/2012 N/A N/A N/A 0.05084% Electric/Gas/Sewer 0
45 4 Yes 10/1/2016 N/A N/A N/A 0.05084% N/A N/A
69 37 Yes 3/1/2014 N/A N/A N/A 0.05084% X/X X/X
00 0 Xx X/X 1/1/2017 N/A T-Flat 0.10084% N/A N/A
74 4 Yes 3/1/2014 N/A N/A N/A 0.05084% X/X X/X
00 0 Xx X/X 2/1/2017 N/A T-Flat 0.10084% N/A N/A
80 61 Yes 4/1/2012 N/A N/A N/A 0.05084% Electric/Gas 1
90 25 No 7/1/2007 5/1/2012 N/A T-Flat 0.05084% X/X X/X
00 0 Xx X/X 2/1/2017 N/A T-Flat 0.10084% X/X X/X
000 0 Xx X/X 2/1/2017 N/A T-Flat 0.05084%
105.1 N/A N/A
105.2 N/A N/A
105.3 N/A N/A
108 25 No 7/1/2007 5/1/2012 N/A T-Flat 0.05084% N/A N/A
113 4 No 5/1/2010 2/1/2017 N/A T-Flat 0.05084% N/A N/A
120 4 Yes 1/1/2017 N/A N/A N/A 0.05084% Electric 0
124 2 Yes 4/1/2017 N/A N/A N/A 0.05084% N/A N/A
125 25 No 7/1/2007 5/1/2012 N/A T-Flat 0.05084% X/X X/X
000 0 Xx X/X 1/1/2017 N/A T-Flat 0.05084% N/A N/A
134 4 Yes 2/1/2017 N/A N/A N/A 0.05084% Electric/Water/Sewer 0
143 4 No N/A 3/1/2017 N/A T-Flat 0.05084% N/A N/A
148 4 Yes 1/1/2017 N/A N/A N/A 0.10084% N/A N/A
152 4 Yes 3/1/2017 N/A N/A N/A 0.10084% N/A N/A
155 4 Yes 2/1/2017 N/A N/A N/A 0.05084% N/A N/A
168 4 Yes 1/1/2017 N/A N/A N/A 0.10084% N/A N/A
171 4 Yes 3/1/2017 N/A N/A N/A 0.05084% N/A N/A
176 4 Yes 2/1/2017 N/A N/A N/A 0.05084% X/X X/X
000 0 Xx X/X 1/1/2017 N/A T-Flat 0.05084% N/A N/A
189 7 Yes 10/1/2016 N/A N/A N/A 0.05084% N/A N/A
202 4 Yes 3/1/2017 N/A N/A N/A 0.05084% X/X X/X
# Xxxxx Xxx. Rent Max. Rent Units Avg. Rent Max. Rent Units Avg. Rent Max. Rent Units Avg. Rent
----- ----- --------- --------- ----- --------- --------- ----- --------- --------- ----- ---------
12 N/A N/A N/A N/A N/A N/A N/A N/A N/A X/X X/X
00 X/X X/X X/X 40 $945 $1,009 136 $584 $599 90 $549
45 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
69 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
70 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
74 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
75 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
80 6 $865 $905 25 $989 $1,150 30 $1,269 $1,695 X/X X/X
00 X/X X/X X/X X/X N/A N/A N/A N/A N/A N/A N/A
99 N/A N/A N/A N/A X/X X/X X/X X/X X/X X/X X/X
105
105.1 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X N/A
105.2 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X N/A
105.3 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
108 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
113 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
120 4 $553 $555 152 $676 $780 84 $825 $895 N/A N/A
124 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
125 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
126 N/A N/A N/A N/A N/A N/A N/A N/A X/X X/X X/X
000 X/X X/X X/X 42 $847 $1,200 14 $1,150 $1,250 N/A N/A
143 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
148 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
152 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
155 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
168 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
171 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
176 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
179 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
189 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X X/X
202 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
# Max. Rent Units Avg. Rent Max. Rent Name Sq. Ft. Expiration Date
----- --------- ----- --------- --------- ------------------------------------------ ------- ---------------
12 N/A N/A N/A N/A Nordstrom Inc. 32,000 4/30/2012
22 $569 464 $518 $599 X/X X/X X/X
00 X/X X/X X/X X/X Chart Inc. 29,158 6/30/2011
69 N/A N/A N/A N/A Public Hospital District 24,934 11/30/2016
70 N/A N/A N/A N/A Claremont Museum of Art 7,252 2/28/2012
74 N/A N/A N/A N/A Highline Medical Enterprises 7,599 5/31/2010
00 X/X X/X X/X X/X Xxxxxxx Xxxx 33,790 1/31/2019
80 N/A N/A N/A N/A 1 Earth 1 Design 2,965 11/30/2011
90 N/A N/A N/A N/A Xxxx Xxxxxxx Corporation 70,315 11/30/2011
99 N/A N/A N/A N/A Whitten, Nelson, Xxxxxxx, Xxxxx & Xxxxxxxx 19,327 6/30/2016
105
105.1 N/A N/A N/A N/A Fieldstone Mortgage Company 5,545 8/31/2008
105.2 N/A N/A N/A N/A Xxxxx Communications, Inc. 21,741 3/31/2009
105.3 N/A N/A N/A N/A Data Systems International 29,651 9/30/2007
000 X/X X/X X/X X/X General Monitors, Inc. 61,622 11/30/2016
000 X/X X/X X/X X/X Xxxx Xxxxx 44,000 5/22/2011
000 X/X X/X X/X X/X X/X X/X X/X
124 N/A N/A N/A N/A SPG Washington Square, LLC 45,700 4/30/2020
000 X/X X/X X/X X/X D & K Engineering, Inc. 48,000 12/14/2011
000 X/X X/X X/X X/X Xxxxxxx Xxxxxxxx Community Church 9,500 5/31/2009
000 X/X X/X X/X X/X X/X X/X X/X
143 N/A N/A N/A N/A Suncoast Roofers Supply 52,844 4/30/2017
000 X/X X/X X/X X/X Wachovia Bank, NA 47,094 12/31/2012
000 X/X X/X X/X X/X Xxxxxxxxx 14,820 3/31/2082
000 X/X X/X X/X X/X XX Bank 10,689 12/31/2009
000 X/X X/X X/X X/X Ground Lease - Strip Space & Xxxxx Xxxxxx 348,044 1/15/2029
000 X/X X/X X/X X/X Northern Tool 25,800 1/31/2022
000 X/X X/X X/X X/X Safelite Group, Inc. 10,400 1/31/2012
000 X/X X/X X/X X/X Suncoast Roofers Supply 32,257 10/31/2016
000 X/X X/X X/X X/X X.X. Xxxxxxxx 45,411 6/30/2011
000 X/X X/X X/X X/X X/X X/X N/A
# Name Sq. Ft. Expiration Date Name Sq. Ft.
----- ----------------------------- ------- --------------- ------------------------------- -------
12 Homegoods, Inc. 25,000 6/30/2013 Xxxxxx & Xxxxx 25,000
22 N/A N/A N/A N/A N/A
45 XxXxxx USA 25,649 7/31/2008 Newpark Resources, Inc. 16,844
69 Pacific Northwest Cardiology 12,104 10/31/2021 N/A N/A
70 Xxxxxxx X. Xxxxxxxxx 5,003 2/28/2012 Xxxxx Xxxxx 3,500
74 Highline Medical Center 5,861 4/30/2010 Highline Sleep Disorder Center 4,718
00 X/X X/X X/X X/X X/X
80 Xxxxxx X. Xxxxx 888 2/28/2012 N/A N/A
90 Xxxxxxx Companies, Inc. 33,983 12/31/2007 N/A N/A
99 Advance Brands, LLC 8,245 10/31/2011 Wachovia Securities, LLC 7,791
105
105.1 Kansas City Psychiatric, P.C. 3,707 4/30/2011 Insurance Management 2,856
105.2 N/A N/A N/A N/A N/A
105.3 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
113 Rainbow Apparel 12,000 1/31/2010 Foot Locker 6,720
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
126 Xxxxx, Xxxx & Xxxxxx, Inc. 8,283 10/31/2007 Eye Care Centers of America 8,000
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
155 Park Towne Dev. Corp. 4,288 4/30/2019 Southern Care Hospice 3,200
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
176 Dollar Outlet Plus 9,800 3/31/2017 Xxxxx-Xxxxx Paint Company, Inc. 9,726
000 X/X X/X X/X X/X X/X
000 X/X X/X X/X X/X X/X
202 N/A N/A N/A N/A N/A
# Expiration Date Reserve
----- --------------- ----------
12 6/30/2012 $0
22 N/A $0
45 2/28/2014 $190,899
69 N/A $500,000
70 3/1/2017 $51,000
74 5/31/2010 $285,370
75 N/A $0
80 N/A $1,400,000
90 N/A $0
99 6/1/2013 $105,175
105 $0
105.1 11/30/2010
105.2 N/A
105.3 N/A
108 N/A $0
113 1/31/2008 $31,500
120 N/A $0
124 N/A $0
125 N/A $0
126 7/31/2012 $0
134 N/A $0
143 N/A $0
148 N/A $0
152 N/A $55,116
155 5/31/2011 $0
168 N/A $0
171 N/A $49,810
176 5/31/2009 $0
179 N/A $0
189 N/A $0
202 N/A $0
# Description Reserve Description
----- ------------------------------------------------------------------------ ------- -----------
12 N/A $0 N/A
22 N/A $0 N/A
45 Rental Reserve $0 N/A
69 Holdback Escrow for TILC $0 N/A
70 Lease Up Escrow $0 N/A
74 Occupancy Escrow $0 N/A
75 N/A $0 N/A
80 Lease Up Escrow $0 N/A
90 N/A $0 N/A
99 Rent Escrow Wachovia $25,000.00, Rent Escrow Unfinished Space $80,175.00 $0 N/A
105 N/A $0 N/A
105.1
105.2
105.3
108 N/A $0 N/A
113 Escrow Holdback for Tenant Improvements $0 N/A
120 N/A $0 N/A
124 N/A $0 N/A
125 N/A $0 N/A
126 N/A $0 N/A
134 N/A $0 N/A
143 N/A $0 N/A
148 N/A $0 N/A
152 Holdback Escrow $0 N/A
155 N/A $0 N/A
168 N/A $0 N/A
171 Holdback Escrow $0 N/A
176 N/A $0 N/A
179 N/A $0 N/A
189 N/A $0 N/A
202 N/A $0 N/A
# Credit Description Reserve Description Amount Event Date
----- ------ ----------- ------- ----------- ---------- ----------
12 $0 N/A $0 N/A N/A N/A
22 $0 N/A $0 N/A N/A N/A
45 $0 N/A $0 N/A N/A N/A
69 $0 N/A $0 N/A $500,000 2/19/2010
70 $0 N/A $0 N/A N/A N/A
74 $0 N/A $0 N/A N/A N/A
75 $0 N/A $0 N/A N/A N/A
80 $0 N/A $0 N/A $1,400,000 3/22/2010
90 $0 N/A $0 N/A N/A N/A
99 $0 N/A $0 N/A N/A N/A
105 $0 N/A $0 N/A N/A N/A
105.1
105.2
105.3
108 $0 N/A $0 N/A N/A N/A
113 $0 N/A $0 N/A N/A N/A
120 $0 N/A $0 N/A N/A N/A
124 $0 N/A $0 N/A N/A N/A
125 $0 N/A $0 N/A N/A N/A
126 $0 N/A $0 N/A N/A N/A
134 $0 N/A $0 N/A N/A N/A
143 $0 N/A $0 N/A N/A N/A
148 $0 N/A $0 N/A N/A N/A
152 $0 N/A $0 N/A N/A N/A
155 $0 N/A $0 N/A N/A N/A
168 $0 N/A $0 N/A N/A N/A
171 $0 N/A $0 N/A N/A N/A
176 $0 N/A $0 N/A N/A N/A
179 $0 N/A $0 N/A N/A N/A
189 $0 N/A $0 N/A N/A N/A
202 $0 N/A $0 N/A N/A N/A
# Description
----- -----------------------------------------------------------------------------------------
12 N/A
22 N/A
45 N/A
69 If property is fully leased within 36 months, the escrow will be released to the borrower
70 N/A
74 N/A
75 N/A
80 Within 36 months, borrower must provide trailing 3-month operating statement reflecting a
minimum annualized NOI of $707,436 and an EGI of $1,052,126 based on an occupancy of no
more than 95%
00 X/X
00 X/X
000 X/X
105.1
105.2
105.3
108 N/A
113 N/A
120 N/A
124 N/A
125 N/A
126 N/A
134 N/A
143 N/A
148 N/A
152 N/A
155 N/A
168 N/A
171 N/A
176 N/A
179 N/A
189 N/A
202 N/A
# Secondary Financing Secured Secondary Financing Lock Box Reserve
----- ------------------- -------------------------------------------------- --------- -------
12 N/A N/A Springing $0
22 N/A N/A N/A $0
45 $3,716,250 Mezzanine Debt N/A $0
69 N/A N/A Hard $1,120
70 N/A N/A N/A $0
74 $600,000 Secured Note -CBA - Mezzanine Capital Finance, LLC Springing $0
75 N/A N/A Hard $0
80 N/A N/A N/A $0
90 N/A N/A N/A $0
99 N/A N/A Springing $988
105 N/A N/A N/A $0
105.1
105.2
105.3
108 N/A N/A N/A $0
113 N/A N/A Springing $0
000 X/X X/X X/X $5,000
124 N/A N/A Hard $755
000 X/X X/X X/X $0
000 X/X X/X X/X $1,008
134 $800,000 Secured Subordinate Debt N/A $1,000
143 N/A N/A Springing $0
148 N/A N/A Hard $0
152 N/A N/A Hard $0
000 X/X X/X X/X $0
000 X/X X/X X/X $0
171 N/A N/A Hard $323
176 N/A N/A Springing $374
179 N/A N/A Springing $1,000
189 N/A N/A Springing $0
000 X/X X/X X/X $0
SCHEDULE III
MORTGAGE LOANS CONSTITUTING MORTGAGE GROUPS
None
SCHEDULE IV
MORTGAGE LOANS WITH LOST NOTES
[None]
SCHEDULE V
EXCEPTIONS TO SELLER'S
REPRESENTATIONS AND WARRANTIES
Reference is made to the Representations and Warranties set forth in
Exhibit A attached hereto corresponding to the paragraph numbers set forth
below:
EXCEPTION REPORT
CSMC 2007-C3
Exception to Representation (iv):
---------------------------------
Correspondent Fees are payable with respect to the following Mortgage Loans:
10032836 Fortuna Walgreens
10032976 Circuit City
10033843 Wachovia Operations Center
10034094 Carolina Premium Outlet Site
10034172 The Packing House
10034304 Xxxxxx Xxxx Office
Exception to Representation (xx)
--------------------------------
Correspondent Fees are payable with respect to the following Mortgage Loans:
10032836 Fortuna Walgreens
10032976 Circuit City
10033843 Wachovia Operations Center
10034094 Carolina Premium Outlet Site
10034172 The Packing House
10034304 Xxxxxx Xxxx Office
Exception to Representation (xxiii)
-----------------------------------
The insurer that issued the fire and extended perils insurance policy is either
not rated by S & P or has an S & P rating of less than "A-":
Loan No. 10032222/Northern Tool
Loan No. 10032548/Xxxxxx Place
Loan No. 10033442/Sarasota Warehouse
Loan No. 10034971/Xxxxx Fairview
With respect to Loan No. 10032836/Fortuna Walgreens, the sole tenant self
insures.
Exception to Representation (xxvii):
------------------------------------
With respect to Loan Xx. 00000000/Xxxxxxx Xxxxx Xxxxxxxx Xxxxxx, the Phase I
Environmental Site Assessment dated March 2007 indicated that a dry cleaner
previously operating on the Mortgaged Property reported a release to the Florida
Department of Environmental Protection, and the dry cleaner was entered into the
Florida Dry Cleaner Solvent Cleanup Program, which program purportedly
exculpates the current and any subsequent property owner from liability to clean
up the property. The related Borrower was required to obtain an owner's policy
of environmental insurance from AIG, naming the lender as an additional insured,
with $1,000,000 in aggregate and per occurrence policy limits.
Exception to Representation (xxxi):
-----------------------------------
With respect to (B):
The ground lease for Loan No. 10034971/Xxxxx Fairview provides that there
shall be no modification or cancellation without Landlord consent and also
provides for notice and cure rights in favor of lender prior to a termination,
but it does not expressly provide that no amendment, modification, cancellation
or termination is binding upon lender, its successors or assigns.
With respect to (C):
The term of the ground lease for Loan No. 10034971/Xxxxx Fairview extends
16 years and 8 months beyond the stated maturity date of the related Mortgage
Loan.
With respect to (E):
The ground lease for Loan No., 10030334/Skagit Valley Medical Center is
assignable to the lender without consent, but may not be further assigned by
lender after foreclosure or assignment in lieu of foreclosure without lessor's
consent which will not be unreasonably withheld.
The ground lease for Loan No. 10030721/Highline Medical Complex is
assignable to the lender without consent, but is not further assignable by
lender without lessor's consent, which will not be unreasonably withheld or
delayed.
With respect to (J):
The ground lease for Loan No. 10034971/Xxxxx Fairview provides that the
lessee must re-build except during the last five years of the term of the ground
lease when the lessee's obligation to rebuild is not mandatory. If lessee elects
not to rebuild, all insurance proceeds shall be the property of the lessor.
With respect to (K):
The ground lease for Loan No. 10030334/Skagit Valley requires that
proceeds be used for restoration.
The ground lease for Loan No. 10034971/Xxxxx Fairview provides that the
lessee must re-build except during the last five years of the term of the ground
lease when the lessee's obligation to rebuild is not mandatory. If lessee elects
not to rebuild, all insurance proceeds shall be the property of the lessor.
Exception to Representation (xxxvi):
------------------------------------
With respect to Loan No. 10033179/Yards at Union Station, a subordinate mortgage
securing debt of $800,000.00 in favor of Portland Development Commission
encumbers the related Mortgaged Property.
With respect to Loan No. 10033359/Woodlands Office Building, there is existing
mezzanine financing with current principal balance of $3,716,250.00.
The related Mortgage for Loan No. 10030721/Highline Medical Complex also secures
the CBA B-Note Companion Loan
Exception to Representation (xxxvii):
-------------------------------------
With respect to Loan Nos. 10034423/15890 Xxxxxxxx Center, 10034424/2840 Xxxxx
and 10034425/26776 Simpatica, the related Borrower was not required to be a
single purpose entity.
Exception to Representation (xxxviii):
--------------------------------------
With respect to Loan No. 10034423/15890 Xxxxxxxx Center, 10034424/2840 Xxxxx and
10034425/26776 Simpatica, the related Borrower is not prohibited from carrying
unsecured debt.
Exception to Representation (xxxix):
------------------------------------
With respect to Loan Nos. 10034423/15890 Xxxxxxxx Center, 10034424/2840 Xxxxx
and 10034425/26776 Simpatica, the related Borrower does not covenant that it
shall remain in material compliance with all material licenses, permits and
other legal requirements necessary and required to conduct its business, but it
does covenant to strictly comply with all laws, ordinances and regulations
governing the use of the Mortgaged Property.
Exception to Representation (xlviii):
-------------------------------------
With respect to Loan No. 10033359/Woodlands Office Building, either of the two
parcels comprising the Mortgaged Property may be released upon partial
defeasance and satisfaction of specified criteria.
With respect to Loan No. 10033886/Xxxxx White Xxxxx Center, the related Borrower
has the right to obtain the partial release of (i) one or both of two specified
parcels, without payment of any release price, upon satisfaction of specified
criteria, and (ii) an unimproved parcel in connection with a lot line
adjustment, without payment of any release price, upon satisfaction of specified
criteria.
Exception to Representation (lvi):
----------------------------------
Loan Nos. 10032976/Norwalk Circuit City, 10033442/Sarasota Warehouse and
100338431/Wachovia Operations Center, are each ARD Loans that provide for an
initial interest only period before such Mortgage Loan commences amortizing.
EXHIBIT A
REPRESENTATIONS AND WARRANTIES OF SELLER
REGARDING THE MORTGAGE LOANS
Except as disclosed in the Exception Report to this Agreement:
(i) Immediately prior to the sale, transfer and assignment to the
Depositor, no Note or Mortgage was subject to any assignment (other than
assignments which show a complete chain of assignment to the Seller),
participation or pledge, and the Seller had good and marketable title to, and
was the sole owner of, the related Mortgage Loan;
(ii) Each Mortgage Loan was either:
(A) originated by a savings and loan association, savings bank,
commercial bank, credit union, or insurance company, which is supervised
and examined by a Federal or State authority, or by a mortgagee approved
by the Secretary of Housing and Urban Development pursuant to Sections 203
and 211 of the National Housing Act (any of the foregoing, including
Seller, a "Qualified Originator"); or
(B) if originated by a person which is not a Qualified Originator
(any such person, a "Non-Qualified Originator"), then:
1. such Mortgage Loan was underwritten in accordance with standards
established by a Qualified Originator, using application forms and related
credit documents approved by the Qualified Originator;
2. the Qualified Originator approved each application and related
credit documents before a commitment by the Non-Qualified Originator was issued,
and no such commitment was issued until the Qualified Originator agreed to fund
such Mortgage Loan;
3. the Mortgage Loan was originated by the Non-Qualified Originator
pursuant to an ongoing, standing relationship with the Qualified Originator; and
4. the closing documents for the Mortgage Loan were prepared on
forms approved by the Qualified Originator, and, pursuant to the Non-Qualified
Originator's ongoing, standing relationship with the Qualified Originator,
either:
(x) such closing documents reflect the Qualified Originator as
the original mortgagee, and such Mortgage Loan was actually
funded by the Qualified Originator at the closing thereof;
(y) such closing documents reflect the Non-Qualified
Originator as the original mortgagee, but include assignment
documents executed by the Non-Qualified Originator in favor of
the Qualified Originator at the time of the closing of the
Mortgage Loan, reflecting the Qualified Originator as the
successor and assign to the Non-Qualified Originator, and the
Mortgage Loan was funded initially by the Non-Qualified
Originator at the closing thereof and then acquired by the
Qualified Originator from such Non-Qualified Originator; or
(z) such closing documents reflect the Non-Qualified
Originator as the original mortgagee, but include assignment
documents executed by the Non-Qualified Originator in favor of
the Qualified Originator at the time of the closing of the
Mortgage Loan, reflecting the Qualified Originator as the
successor and assign to the Non-Qualified Originator, and the
Mortgage Loan was funded initially by the Qualified Originator
at the closing thereof and then acquired by the Qualified
Originator from such Non-Qualified Originator.
(iii) The Seller has full right and authority to sell, assign and
transfer such Mortgage Loan and the assignment to the Depositor constitutes a
legal, valid and binding assignment of such Mortgage Loan;
(iv) 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, except for interests in servicing rights created
or granted under the Pooling and Servicing Agreement, subservicing agreements
and/or servicing rights purchase agreements being executed and delivered in
connection herewith;
(v) As of origination, to Seller's knowledge, based on the related
Borrower's representations and covenants in the related Mortgage Loan Documents,
the Borrower, lessee and/or operator was in possession of all licenses, permits,
and authorizations then required for use of the Mortgaged Property which were
valid and in full force and effect as of the origination date;
(vi) Each related Note, Mortgage, Assignment of Leases (if any) and
other agreement executed by or for the benefit of the related Borrower, any
guarantor or their successors or assigns in connection with such Mortgage Loan
is the legal, valid and binding obligation of such signatory, enforceable in
accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting the
enforcement of creditors' rights or by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at
law); and there is no valid offset, defense, counterclaim, or right of
rescission available to the related Borrower with respect to such Note,
Mortgage, Assignment of Leases and other agreements, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other laws affecting the enforcement of creditors' rights or by general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law);
(vii) Each related Assignment of Leases creates a valid first
priority collateral assignment of, or a valid first priority lien or security
interest in, certain rights under the related lease or leases, subject only to a
license granted to the related Borrower to exercise certain rights and to
perform certain obligations of the lessor under such lease or leases, including
the right to operate the related leased property, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or
other laws affecting the enforcement of creditors' rights or by general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law); no person other than the related Borrower
owns any interest in any payments due under such lease or leases that is
superior to or of equal priority with the lender's interest therein;
(viii) Each related assignment of Mortgage from the Seller to the
Depositor and related assignment of the Assignment of Leases, if any, or
assignment of any other agreement executed by or for the benefit of the related
Borrower, any guarantor or their successors or assigns in connection with such
Mortgage Loan from the Seller to the Depositor constitutes the legal, valid and
binding assignment from the Seller to the Depositor, except as the enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, liquidation,
receivership, moratorium or other laws relating to or affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law);
(ix) Since origination (A) except as set forth in the related
mortgage file, such Mortgage Loan has not been modified, altered, satisfied,
canceled, subordinated or rescinded and (B) each related Mortgaged Property has
not been released from the lien of the related Mortgage in any manner which
materially interferes with the security intended to be provided by such
Mortgage;
(x) Each related Mortgage is a valid and enforceable first lien on
the related Mortgaged Property (subject to Permitted Encumbrances (as defined
below)), except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law); and such
Mortgaged Property is free and clear of any mechanics' and materialmen's liens
which are prior to or equal with the lien of the related Mortgage, except those
which are bonded over, escrowed for or insured against by a lender's title
insurance policy (as described below). A UCC Financing Statement has been filed
and/or recorded (or sent for filing or recording) in all places necessary to
perfect a valid security interest in the personal property necessary to operate
the Mortgaged Property; any security agreement, chattel mortgage or equivalent
document related to and delivered in connection with the Mortgage Loan
establishes and creates a valid and enforceable lien on property described
therein, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or other laws affecting the enforcement of creditors'
rights or by general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law);
(xi) The Seller has not taken any action that would cause the
representations and warranties made by the related Borrower in the related
Mortgage Loan Documents not to be true;
(xii) The Seller has no knowledge that the material representations
and warranties made by the related Borrower in the related Mortgage Loan
Documents are not true in any material respect;
(xiii) The lien of each related Mortgage is a first priority lien on
the fee and/or leasehold interest of the related Borrower in the principal
amount of such Mortgage Loan or allocated loan amount of the portions of the
Mortgaged Property covered thereby (as set forth in the related Mortgage) after
all advances of principal and is insured by an ALTA lender's title insurance
policy, or its equivalent as adopted in the applicable jurisdiction, provided
that if such policy is yet to be issued, such insurance may be evidenced by a
"marked-up" commitment for title insurance, a pro forma or specimen title
insurance policy or signed escrow instructions, which in any case are binding on
the subject title insurer, insuring the Seller and its successors and assigns as
to such lien, subject only to (A) the lien of current real property taxes,
ground rents, water charges, sewer rents and assessments not yet delinquent or
accruing interest or penalties, (B) covenants, conditions and restrictions,
rights of way, easements and other matters of public 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 Borrower's ability to pay its obligations when they become due or
the value of the Mortgaged Property, (C) the exceptions (general and specific)
and exclusions set forth in such policy, none of which, individually or in the
aggregate, materially interferes with the current general use of the Mortgaged
Property or materially interferes with the security intended to be provided by
such Mortgage or with the related Borrower's ability to pay its obligations when
they become due or the value of the Mortgaged Property, (D) the rights of
tenants, as tenants only, under leases, including subleases, pertaining to the
related Mortgaged Property, (E) if the related Mortgage Loan is
cross-collateralized with any other Mortgage Loan in the trust fund, the lien of
the Mortgage for that other Mortgage Loan and (F) if the related Mortgaged
Property is a unit in a condominium, the related condominium declaration (items
(A), (B), (C), (D), (E) and (F), collectively "Permitted Encumbrances"), and
with respect to each Mortgage Loan, such Permitted Encumbrances do not,
individually or in the aggregate, materially interfere with the security
intended to be provided by the related Mortgage, the current principal use of
the related Mortgaged Property, the value of the related Mortgaged Property or
the current ability of the related Mortgaged Property to generate income
sufficient to service such Mortgage Loan; the premium for such policy was paid
in full; such policy (or if it is yet to be issued, the coverage to be afforded
thereby) is issued by a title insurance company licensed to issue policies in
the state in which the related Mortgaged Property is located (unless such state
is Iowa) and is assignable (with the related Mortgage Loan) to the Depositor and
the Trustee without the consent of or any notification to the insurer, and is in
full force and effect upon the consummation of the transactions contemplated by
this Agreement; no claims have been made under such policy and the Seller has
not undertaken any action or omitted to take any action, and has no knowledge of
any such act or omission, which would impair or diminish the coverage of such
policy;
(xiv) The proceeds of such Mortgage Loan have been fully disbursed
and there is no requirement for future advances thereunder, and no future
advances have been made which are not reflected in the related mortgage file;
(xv) Except as set forth in a property inspection report or
engineering report prepared in connection with the origination of the Mortgage
Loan, as of the later of the date of origination of such Mortgage Loan or the
most recent inspection of the related Mortgaged Property by the Seller, as
applicable, and to the knowledge of Seller as of the date hereof, each related
Mortgaged Property is free of any material damage that would affect materially
and adversely the use or value of such Mortgaged Property as security for the
Mortgage Loan (normal wear and tear excepted) or reserves or a letter of credit
have been established to cover the costs to remediate such damage or the
reasonable estimation of the costs to remediate such damage was no more than
$50,000, and, as of the closing date for each Mortgage Loan and, to the Seller's
knowledge, as of the date hereof, there is no proceeding pending for the total
or partial condemnation of such Mortgaged Property that would have a material
adverse effect on the use or value of the Mortgaged Property;
(xvi) The Seller has inspected or caused to be inspected each
related Mortgaged Property within the past twelve months, or the originator of
the Mortgage Loan inspected or caused to be inspected each related Mortgaged
Property within three months of origination of the Mortgage Loan;
(xvii) No Mortgage Loan has a shared appreciation feature, any other
contingent interest feature or a negative amortization feature other than the
ARD Loans which may have negative amortization from and after the Anticipated
Repayment Date;
(xviii) Each Mortgage Loan is a whole loan and contains no equity
participation by Seller;
(xix) The Mortgage Rate (exclusive of any default interest, late
charges, or prepayment premiums) of such Mortgage Loan complied as of the date
of origination with, or was exempt from, applicable state or federal laws,
regulations and other requirements pertaining to usury. Except to the extent any
noncompliance did not materially and adversely affect the value of the related
Mortgaged Property, the security provided by the Mortgage or the related
Borrower's operations at the related Mortgaged Property, any and all other
requirements of any federal, state or local laws, including, without limitation,
truth-in-lending, real estate settlement procedures, equal credit opportunity or
disclosure laws, applicable to such Mortgage Loan have been complied with as of
the date of origination of such Mortgage Loan;
(xx) Neither the Seller nor to the Seller's knowledge, any
originator, committed any fraudulent acts during the origination process of any
Mortgage Loan, and no other person has been granted or conveyed the right to
service the Mortgage Loans or receive any consideration in connection therewith,
except as provided in the Pooling and Servicing Agreement, any permitted
subservicing agreements and/or servicing rights purchase agreements being
executed and delivered in connection therewith;
(xxi) All taxes and governmental assessments that became due and
owing prior to the date hereof with respect to each related Mortgaged Property
and that are or may become a lien of priority equal to or higher than the lien
of the related Mortgage have been paid or an escrow of funds has been
established and such escrow (including all escrow payments required to be made
prior to the delinquency of such taxes and assessments) is sufficient to cover
the payment of such taxes and assessments;
(xxii) All escrow deposits and payments required to be in the
possession or under the control of the Seller pursuant to each Mortgage Loan are
in the possession, or under the control, of the Seller or its agent and there
are no deficiencies (subject to any applicable grace or cure periods) in
connection therewith and all such escrows and deposits are being conveyed by the
Seller to the Depositor and identified as such with appropriate detail;
(xxiii) Each related Mortgaged Property is insured by a fire and
extended perils insurance policy, issued by an insurer meeting the requirements
of the Pooling and Servicing Agreement, in an amount not less than the lesser of
the principal amount of the related Mortgage Loan and the replacement cost (with
no deduction for physical depreciation) and not less than the amount necessary
to avoid the operation of any co-insurance provisions with respect to the
related Mortgaged Property; each related Mortgaged Property is also covered by
business interruption or rental loss insurance which covers a period of not less
than 12 months and comprehensive general liability insurance in amounts
generally required by prudent commercial mortgage lenders for similar
properties; all premiums on such insurance policies required to be paid as of
the date hereof have been paid; such insurance policies require prior notice to
the insured of termination or cancellation, and no such notice has been received
by the Seller; such insurance names the lender under the Mortgage Loan and its
successors and assigns as a named or additional insured; each related Mortgage
Loan obligates the related Borrower to maintain all such insurance and, at such
Borrower's failure to do so, authorizes the lender to maintain such insurance at
the Borrower's cost and expense and to seek reimbursement therefor from such
Borrower;
(xxiv) There is no monetary default (other than payments due but not
yet 30 days or more past due), breach, violation or event of acceleration
existing under the related Mortgage Loan; and, to the Seller's knowledge, there
is no (A) non-monetary default, breach, violation or event of acceleration
existing under the related Mortgage Loan or (B) event (other than payments due
but not yet 30 days or more past due) which, with the passage of time or with
notice and the expiration of any grace or cure period, would and does constitute
a default, breach, violation or event of acceleration, which default, breach,
violation or event of acceleration, in the case of either (A) or (B) materially
and adversely affects the use or value of the Mortgage Loan or the related
Mortgaged Property; provided, however, that this representation and warranty
does not address or otherwise cover any default, breach, violation or event of
acceleration that specifically pertains to any matter otherwise covered by any
other representation or warranty made by the Seller in any of the other
paragraphs of this Exhibit A; and provided, further that a breach by the
Borrower of any representation or warranty contained in any Mortgage Loan
Document shall not constitute a non-monetary default, breach, violation or event
of acceleration for purposes of this representation and warranty if the subject
matter of such representation or warranty contained in any Mortgage Loan
Document is also covered by any other representation or warranty made by the
Seller in this Exhibit A;
(xxv) No Mortgage Loan has been more than 30 days delinquent in
making required payments since origination and as of the Cut-off Date no
Mortgage Loan is 30 or more days delinquent in making required payments;
(xxvi) (A) Each related Mortgage contains provisions so as to render
the rights and remedies of the holder thereof adequate for the practical
realization against the Mortgaged Property of the principal benefits of the
security, including realization by judicial or, if applicable, non-judicial
foreclosure or, subject to applicable state law requirements, appointment of a
receiver, and (B) there is no exemption available to the Borrower which would
interfere with such right to foreclose, except, in the case of either (A) or (B)
as the enforcement of the Mortgage may be limited by bankruptcy, insolvency,
reorganization, moratorium, redemption or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law). To the
Seller's knowledge, no Borrower is a debtor in a state or federal bankruptcy or
insolvency proceeding;
(xxvii) At origination, each Borrower represented and warranted in
all material respects that to its knowledge, except as set forth in certain
environmental reports and, except as commonly used in the operation and
maintenance of properties of similar kind and nature to the Mortgaged Property,
in accordance with prudent management practices and applicable law, and in a
manner that does not result in any contamination of the Mortgaged Property, it
has not used, caused or permitted to exist and will not use, cause or permit to
exist on the related Mortgaged Property any hazardous materials in any manner
which violates federal, state or local laws, ordinances, regulations, orders,
directives or policies governing the use, storage, treatment, transportation,
manufacture, refinement, handling, production or disposal of hazardous materials
or other environmental laws; the related Borrower or an affiliate thereof agreed
to indemnify, defend and hold the mortgagee and its successors and assigns
harmless from and against losses, liabilities, damages, injuries, penalties,
fines, expenses, and claims of any kind whatsoever (including attorneys' fees
and costs) paid, incurred or suffered by, or asserted against, any such party
resulting from a breach of the foregoing representations, warranties or
covenants given by the Borrower in connection with such Mortgage Loan. A Phase I
environmental report (or, with respect to residential cooperative loans with an
original principal balance of $350,000 or less, a transaction screen process
report meeting ASTM standards) and, with respect to certain Mortgage Loans, a
Phase II environmental report, was conducted by a reputable environmental
consulting firm in connection with such Mortgage Loan, which report (or
transaction screen) did not indicate any material non-compliance with applicable
environmental laws or material existence of hazardous materials or, if any
material non-compliance or material existence of hazardous materials was
indicated in any such report, then at least one of the following statements is
true: (A) funds reasonably estimated to be sufficient to cover the cost to cure
any material non-compliance with applicable environmental laws or material
existence of hazardous materials have been escrowed, or a letter of credit in
such amount has been provided, by the related Borrower and held by the related
mortgagee; (B) an operations or maintenance plan has been required to be
obtained by the related Borrower; (C) the environmental condition identified in
the related environmental report was remediated or abated in all material
respects prior to the date hereof; (D) a no further action or closure letter was
obtained from the applicable governmental regulatory authority (or the
environmental issue affecting the related Mortgaged Property was otherwise
listed by such governmental authority as "closed"); (E) such conditions or
circumstances identified in the Phase I environmental report were investigated
further and based upon such additional investigation, an environmental
consultant recommended no further investigation or remediation; (F) a party with
financial resources reasonably estimated to be adequate to cure the condition or
circumstance provided a guaranty or indemnity to the related Borrower to cover
the costs of any required investigation, testing, monitoring or remediation; (G)
the expenditure of funds reasonably estimated to be necessary to effect such
remediation is not greater than two percent (2%) of the outstanding principal
balance of the related Mortgage Loan; or (H) a lender's environmental insurance
policy was obtained and is a part of the related mortgage file. Notwithstanding
the preceding sentence, with respect to certain Mortgage Loans with an original
principal balance of less than $4,000,000, no environmental report may have been
obtained, but (in such cases where a Phase I environmental report was not
obtained) a lender's environmental insurance policy was obtained with respect to
each such Mortgage Loan and is a part of the related mortgage file. Each of such
environmental insurance policies is in full force and effect, the premiums for
such policies have been paid in full and the Trustee is named as an insured
under each of such policies. To the best of the Seller's knowledge, in reliance
on such environmental reports and except as set forth in such environmental
reports, each Mortgaged Property is in material compliance with all applicable
federal, state and local environmental laws, and to the best of the Seller's
knowledge, no notice of violation of such laws has been issued by any
governmental agency or authority, except, in all cases, as indicated in such
environmental reports or other documents previously provided to the Rating
Agencies; and the Seller has not taken any action which would cause the
Mortgaged Property to not be in compliance with all federal, state and local
environmental laws pertaining to environmental hazards;
(xxviii) (1) Each Mortgage Loan contains provisions for the
acceleration of the payment of the unpaid principal balance of such Mortgage
Loan if, without the consent of the holder of the Mortgage (and the Mortgage
requires the mortgagor to pay all fees and expenses associated with obtaining
such consent), the related Mortgaged Property is directly or indirectly
transferred or sold, and (2) except with respect to transfers of certain
interests in the related Borrower to persons already holding interests in such
Borrower, their family members, affiliated companies and other estate planning
related transfers that satisfy certain criteria specified in the related
Mortgage (which criteria is consistent with the practices of prudent commercial
mortgage lenders) or, if the related Mortgaged Property is a residential
cooperative property, transfers of stock of the related Borrower in connection
with the assignment of a proprietary lease for a unit in the related Mortgaged
Property by a tenant-shareholder of the related Borrower to other persons who by
virtue of such transfers become tenant-shareholders in the related Borrower,
each Mortgage Loan with a Stated Principal Balance of over $20,000,000 also
contains the provisions for the acceleration of the payment of the unpaid
principal balance of such Mortgage Loan if, without the consent of the holder of
the Mortgage (and the Mortgage requires the mortgagor to pay all fees and
expenses associated with obtaining such consent), a majority interest in the
related Borrower is directly or indirectly transferred or sold;
(xxix) All improvements included in the related appraisal are within
the boundaries of the related Mortgaged Property, except for encroachments onto
adjoining parcels for which the Seller has obtained title insurance against
losses arising therefrom or that do not materially and adversely affect the use
or value of such Mortgaged Property. No improvements on adjoining parcels
encroach onto the related Mortgaged Property except for encroachments that do
not materially and adversely affect the value of such Mortgaged Property, the
security provided by the Mortgage, the current use of the Mortgaged Property or
the related Borrower's operations at the Mortgaged Property;
(xxx) The information pertaining to the Mortgage Loans which is set
forth in the mortgage loan schedule attached as an exhibit to this Agreement is
complete and accurate in all material respects as of the dates of the
information set forth therein (or, if not set forth therein, as of the Cut-off
Date);
(xxxi) With respect to any Mortgage Loan where all or a material
portion of the estate of the related Borrower therein is a leasehold estate, and
the related Mortgage does not also encumber the related lessor's fee interest in
such Mortgaged Property, based upon the terms of the ground lease and any
estoppel received from the ground lessor, the Seller represents and warrants
that:
(A) The ground lease or a memorandum regarding such ground lease has
been duly recorded. The ground lease permits the interest of the lessee to
be encumbered by the related Mortgage and does not restrict the use of the
related Mortgaged Property by such lessee, its successors or assigns in a
manner that would adversely affect the security provided by the related
Mortgage. To the best of Seller's knowledge, there has been no material
change in the terms of the ground lease since its recordation, except by
any written instruments which are included in the related mortgage file;
(B) The lessor under such ground lease has agreed in a writing
included in the related mortgage file that the ground lease may not be
amended, modified, canceled or terminated without the prior written
consent of the lender and that any such action without such consent is not
binding on the lender, its successors or assigns;
(C) The ground lease has an original term (or an original term plus
one or more optional renewal terms, which, under all circumstances, may be
exercised, and will be enforceable, by the lender) that extends not less
than 20 years beyond the stated maturity of the related Mortgage Loan;
(D) Based on the title insurance policy (or binding commitment
therefor) obtained by the Seller, the ground lease is not subject to any
liens or encumbrances superior to, or of equal priority with, the
Mortgage, subject to Permitted Encumbrances and liens that encumber the
ground lessor's fee interest;
(E) The ground lease is assignable to the lender and its assigns
without the consent of the lessor thereunder;
(F) As of the Closing Date, the ground lease is in full force and
effect, and the Seller has no actual knowledge that any default beyond
applicable notice and grace periods has occurred or that there is any
existing condition which, but for the passage of time or giving of notice,
would result in a default under the terms of the ground lease;
(G) The ground lease or an ancillary agreement between the lessor
and the lessee, which is part of the Mortgage File, requires the lessor to
give notice of any default by the lessee to the lender;
(H) A lender is permitted a reasonable opportunity (including, where
necessary, sufficient time to gain possession of the interest of the
lessee under the ground lease through legal proceedings, or to take other
action so long as the lender is proceeding diligently) to cure any default
under the ground lease which is curable after the receipt of notice of any
default, before the lessor may terminate the ground lease. All rights of
the lender under the ground lease and the related Mortgage (insofar as it
relates to the ground lease) may be exercised by or on behalf of the
lender;
(I) The ground lease does not impose any restrictions on subletting
that would be viewed as commercially unreasonable by a prudent commercial
mortgage lender. The lessor is not permitted, in absence of an uncured
default, to disturb the possession, interest or quiet enjoyment of any
subtenant of the lessee in the relevant portion of the Mortgaged Property
subject to the ground lease for any reason, or in any manner, which would
adversely affect the security provided by the related Mortgage;
(J) Under the terms of the ground lease and the related Mortgage,
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 lender or a trustee appointed by it having
the right to hold and disburse such proceeds as repair or restoration
progresses (except in any case where a provision entitling another party
to hold and disburse such proceeds would not be viewed as commercially
unreasonable by a prudent commercial mortgage lender), or to the payment
of the outstanding principal balance of the Mortgage Loan, together with
any accrued interest, except that in the case of condemnation awards, the
ground lessor may be entitled to a portion of such award;
(K) Under the terms of the ground lease and the related Mortgage,
any related insurance proceeds, or condemnation award in respect of a
total or substantially total loss or taking of the related Mortgaged
Property will be applied first to the payment of the outstanding principal
balance of the Mortgage Loan, together with any accrued interest (except
as provided by applicable law or in cases where a different allocation
would not be viewed as commercially unreasonable by a prudent 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). Until the principal balance and accrued interest are paid
in full, neither the lessee nor the lessor under the ground lease will
have an option to terminate or modify the ground lease without the prior
written consent of the lender as a result of any casualty or partial
condemnation, except to provide for an abatement of the rent; and
(L) Provided that the lender cures any defaults which are
susceptible to being cured, the lessor has agreed to enter into a new
lease upon termination of the ground lease for any reason, including
rejection of the ground lease in a bankruptcy proceeding;
(xxxii) With respect to any Mortgage Loan where all or a material
portion of the estate of the related Borrower therein is a leasehold estate, but
the related Mortgage also encumbers the related lessor's fee interest in such
Mortgaged Property: (A) such lien on the related fee interest is evidenced by
the related Mortgage, (B) such Mortgage does not by its terms provide that it
will be subordinated to the lien of any other mortgage or encumbrance upon such
fee interest, (C) upon the occurrence of a default under the terms of such
Mortgage by the related Borrower, any right of the related lessor to receive
notice of, and to cure, such default granted to such lessor under any agreement
binding upon the Seller would not be considered commercially unreasonable in any
material respect by prudent commercial mortgage lenders, (D) the related lessor
has agreed in a writing included in the related mortgage file that the related
ground lease may not be amended or modified without the prior written consent of
the lender and that any such action without such consent is not binding on the
lender, its successors or assigns, and (E) the related ground lease is in full
force and effect, and the Seller has no actual knowledge that any default beyond
applicable notice and grace periods has occurred or that there is any existing
condition which, but for the passage of time or giving of notice, would result
in a default under the terms of such ground lease;
(xxxiii) With respect to Mortgage Loans that are
cross-collateralized or cross-defaulted, all other loans that are
cross-collateralized or cross-defaulted with such Mortgage Loans are being
transferred to the Depositor hereunder;
(xxxiv) Neither Seller nor any affiliate thereof has any obligation
to make any capital contribution to any Borrower under a Mortgage Loan, other
than contributions made on or prior to the date hereof;
(xxxv) (A) The Mortgage Loan is directly secured by a Mortgage on a
commercial property or multifamily residential property, and (B) the fair market
value of such real property, as evidenced by an appraisal satisfying the
requirements of FIRREA conducted within 12 months of the origination of the
Mortgage Loan, was at least equal to 80% of the principal amount of the Mortgage
Loan (1) at origination (or if the Mortgage Loan has been modified in a manner
that constituted a deemed exchange under Section 1001 of the Code at a time when
the Mortgage Loan was not in default or default with respect thereto was not
reasonably foreseeable, the date of the last such modification) or (2) at the
date hereof; provided that the fair market value of the real property must first
be reduced by (X) the amount of any lien on the real property interest that is
senior to the Mortgage Loan and (Y) a proportionate amount of any lien that is
in parity with the Mortgage Loan (unless such other lien secures a Mortgage Loan
that is cross-collateralized with such Mortgage Loan, in which event the
computation described in (1) and (2) shall be made on an aggregated basis);
(xxxvi) There are no subordinate mortgages encumbering the related
Mortgaged Property, nor are there any preferred equity interests held by the
Seller or any mezzanine debt related to such Mortgaged Property, except as set
forth in the Prospectus Supplement;
(xxxvii) Except in cases where the related Mortgaged Property is a
residential cooperative property, the Mortgage Loan Documents executed in
connection with each Mortgage Loan having an original principal balance in
excess of $4,000,000 require that the related Borrower be a single-purpose
entity (for this purpose, "single-purpose entity" shall mean an entity, other
than an individual, having organizational documents which provide substantially
to the effect that it is formed or organized solely for the purpose of owning
and operating one or more Mortgaged Properties, is prohibited from engaging in
any business unrelated to such property and the related Mortgage Loan, does not
have any assets other than those related to its interest in the related
Mortgaged Property or its financing, or any indebtedness other than as permitted
under the related Mortgage Loan);
(xxxviii) Each Mortgage Loan prohibits the related Borrower from
mortgaging or otherwise encumbering the Mortgaged Property without the prior
written consent of the mortgagee or the satisfaction of debt service coverage or
similar criteria specified therein and, except in connection with trade debt and
equipment financings in the ordinary course of Borrower's business, from
carrying any additional indebtedness, except, in each case, liens contested in
accordance with the terms of the Mortgage Loans or, with respect to each
Mortgage Loan having an original principal balance of less than $4,000,000, any
unsecured debt;
(xxxix) Each Borrower covenants in the Mortgage Loan Documents that
it shall remain in material compliance with all material licenses, permits and
other legal requirements necessary and required to conduct its business;
(xl) Each Mortgaged Property (A) is located on or adjacent to a
dedicated road, or has access to an irrevocable easement permitting ingress and
egress, (B) is served by public utilities and services generally available in
the surrounding community or otherwise appropriate for the use in which the
Mortgaged Property is currently being utilized, and (C) constitutes one or more
separate tax parcels or is covered by an endorsement with respect to the matters
described in (A), (B) or (C) under the related title insurance policy (or the
binding commitment therefor);
(xli) Based solely on a flood zone certification or a survey of the
related Mortgaged Property, if any portion of the improvements on the Mortgaged
Property is located in an area identified by the Federal Emergency Management
Agency or the Secretary of Housing and Urban Development as having special flood
hazards categorized as Zone "A" or Zone "V" and flood insurance is available,
the terms of the Mortgage Loan require the Borrower to maintain flood insurance,
or at such Borrower's failure to do so, authorizes the Lender to maintain such
insurance at the cost and expense of the Borrower;
(xlii) To the knowledge of the Seller, with respect to each Mortgage
which is a deed of trust, a trustee, duly qualified under applicable law to
serve as such, currently so serves and is named in the deed of trust or has been
substituted in accordance with applicable law or may be substituted in
accordance with applicable law by the related mortgagee, and except in
connection with a trustee's sale after a default by the related Borrower, no
fees are payable to such trustee;
(xliii) RESERVED.
(xliv) To the knowledge of the Seller as of the date hereof, there
was no pending action, suit or proceeding, arbitration or governmental
investigation against any Borrower or Mortgaged Property, an adverse outcome of
which would materially and adversely affect such Borrower's ability to perform
under the related Mortgage Loan;
(xlv) No advance of funds has been made by the Seller to the related
Borrower (other than mezzanine debt and the acquisition of preferred equity
interests by the preferred equity interest holder, as disclosed in the
Prospectus Supplement), and no funds have, to the Seller's knowledge, been
received from any person other than, or on behalf of, the related Borrower, for,
or on account of, payments due on the Mortgage Loan;
(xlvi) To the extent required under applicable law, as of the
Cut-off Date or as of the date that such entity held the Note, each holder of
the Note was authorized to transact and do business in the jurisdiction in which
each related Mortgaged Property is located, or the failure to be so authorized
did not materially and adversely affect the enforceability of such Mortgage
Loan;
(xlvii) All collateral for the Mortgage Loans is being transferred
as part of the Mortgage Loans;
(xlviii) Except as disclosed in the Prospectus Supplement with
respect to the Crossed Mortgage Loans and Mortgage Loans secured by multiple
Mortgaged Properties, no Mortgage Loan requires the lender to release any
portion of the Mortgaged Property from the lien of the related Mortgage except
upon (A) payment in full or defeasance of the related Mortgage Loan, (B) the
satisfaction of certain legal and underwriting requirements that would be
customary for prudent commercial mortgage lenders, (C) releases of unimproved
out-parcels or (D) releases of portions of the Mortgaged Property which will not
have a material adverse effect on the use or value of the collateral for the
related Mortgage Loan;
(xlix) Except as provided in paragraphs (xxxi)(J) and (K) above, any
insurance proceeds or condemnation awards in respect of a casualty loss or
taking will be applied either to (A) the repair or restoration of all or part of
the related Mortgaged Property, with, in the case of all casualty losses or
takings in excess of a specified amount or percentage that a prudent commercial
lender would deem satisfactory and acceptable, the lender (or a trustee
appointed by it) having the right to hold and disburse such proceeds as the
repair or restoration progresses (except in any case where a provision entitling
another party to hold and disburse such proceeds would not be viewed as
commercially unreasonable by a prudent commercial mortgage lender) or (B) to the
payment of the outstanding principal balance of such Mortgage Loan together with
any accrued interest thereon;
(l) Each Form UCC-1 financing statement, if any, filed with respect
to personal property constituting a part of the related Mortgaged Property and
each Form UCC-2 or UCC-3 assignment, if any, of such financing statement to the
Seller was, and each Form UCC-3 assignment, if any, of such financing statement
in blank which the Trustee or its designee is authorized to complete (but for
the insertion of the name of the assignee and any related filing information
which is not yet available to the Seller) is, in suitable form for filing in the
filing office in which such financing statement was filed;
(li) To the Seller's knowledge, (A) each commercial lease covering
more than 10% (20% in the case of any Mortgage Loan having an original principal
balance less than $2,500,000) of the net leaseable area of the related Mortgaged
Property is in full force and effect and (B) there exists no default under any
such commercial lease either by the lessee thereunder or by the related Borrower
that could give rise to the termination of such lease;
(lii) Based upon an opinion of counsel and/or other due diligence
considered reasonable by prudent commercial mortgage lenders in the lending area
where the subject Mortgaged Property is located, the improvements located on or
forming part of each Mortgaged Property comply with applicable zoning laws and
ordinances, or constitute a legal non-conforming use or structure or, if any
such improvement does not so comply, such non-compliance does not materially and
adversely affect the value of the related Mortgaged Property. With respect to
any Mortgage Loan with a Stated Principal Balance as of the Closing Date of over
$10,000,000, if the related Mortgaged Property does not so comply, to the extent
the Seller is aware of such non-compliance, it has required the related Borrower
to obtain law and ordinance insurance coverage in amounts customarily required
by prudent commercial mortgage lenders;
(liii) Each Mortgage Loan constitutes a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in
Treasury Regulation Section 1.860G-2(f)(2) that treats a defective obligation as
a qualified mortgage or any substantially similar successor provision) and all
Prepayment Premiums and Yield Maintenance Charges constitute "customary
prepayment penalties" within the meaning of Treasury Regulation Section
1.860G-1(b)(2);
(liv) With respect to any Mortgage Loan that pursuant to the
Mortgage Loan Documents can be defeased, (A) the Mortgage Loan cannot be
defeased within two years after the Closing Date, (B) the Borrower can pledge
only "government securities" (within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, as amended) in an amount sufficient to make all
scheduled payments under the Mortgage Loan when due, (C) the Borrower is
required to provide independent certified public accountant's certification that
the collateral is sufficient to make such payments, (D) the loan may be required
to be assumed by a single-purpose entity designated by the holder of the
Mortgage Loan, (E) the Borrower is required to provide an opinion of counsel
that the Trustee has a perfected security interest in such collateral prior to
any other claim or interest, (F) the Borrower is required to pay all Rating
Agency fees associated with defeasance (if rating confirmation is a specific
condition precedent thereto) and all other reasonable expenses associated with
defeasance, including, but not limited to, accountant's fees and opinions of
counsel, (G) with respect to any Significant Trust Mortgage Loan (as defined in
the Pooling and Servicing Agreement), the Borrower is required to provide an
opinion of counsel that such defeasance will not cause any REMIC created under
the Pooling and Servicing Agreement to fail to qualify as a REMIC for federal or
applicable state tax purposes and (H) with respect to any Significant Trust
Mortgage Loan (as defined in the Pooling and Servicing Agreement), the Borrower
must obtain Rating Agency confirmation from each Rating Agency that the
defeasance would not result in such Rating Agency's withdrawal, downgrade or
qualification of the then current rating of any class of Certificate rated by
such Rating Agency;
(lv) The Mortgage Loan Documents for each Mortgage Loan provide that
the related Borrower thereunder shall be liable to the Seller for any losses
incurred by the Seller due to (A) the misapplication or misappropriation of
rents, insurance proceeds or condemnation awards, (B) any willful act of
material waste, (C) any breach of the environmental covenants contained in the
related Mortgage Loan Documents, and (D) fraud by the related Borrower; provided
that, with respect to clause (C) of this sentence, an indemnification against
losses related to such violations or environmental insurance shall satisfy such
requirement; and provided, further, that if the related Mortgaged Property is a
residential cooperative property, then the subject Mortgage Loan is fully
recourse to the related Borrower;
(lvi) If such Mortgage Loan is an ARD Loan, it commenced amortizing
on its initial scheduled Due Date and provides that: (A) its Mortgage Rate will
increase by no more than two percentage points in connection with the passage of
its Anticipated Repayment Date and so long as the Mortgage Loan is an asset of
the Trust Fund; (B) its Anticipated Repayment Date is not less than seven years
following the origination of such Mortgage Loan; (C) no later than the related
Anticipated Repayment Date, if it has not previously done so, the related
Borrower is required to enter into a "lockbox agreement" whereby all revenue
from the related Mortgaged Property shall be deposited directly into a
designated account controlled by the applicable Master Servicer; and (D) any
cash flow from the related Mortgaged Property that is applied to amortize such
Mortgage Loan following its Anticipated Repayment Date shall, to the extent such
net cash flow is in excess of the Monthly Payment payable therefrom, be net of
budgeted and discretionary (servicer approved) capital expenditures;
(lvii) Except as disclosed in the Prospectus Supplement, no Mortgage
Loan, and no group of Mortgage Loans made to the same Borrower and to Borrowers
that are affiliates, accounted for more than 5.0% of the aggregate of the Stated
Principal Balances of all of the Mortgage Loans and all the mortgage loans sold
to the Depositor by Column Financial, Inc. ("Column") pursuant to that certain
Mortgage Loan Purchase Agreement, dated as of June 1, 2007 between the Depositor
and Column;
(lviii) The Seller has delivered to the Trustee or a custodian
appointed thereby, with respect to each Mortgage Loan, in accordance with
Section 3 of this Agreement, a complete Mortgage File; and
(lix) With respect to each Mortgage Loan secured by a hospitality
property with respect to which a franchisor comfort letter exists, (A) (i) such
comfort letter is freely assignable and (ii) all steps necessary for the Trust
to have the full benefit of the comfort letter have been taken or shall be taken
by the Seller within the timeframes contemplated under such comfort letter,
including, without limitation, notification by the Seller to the franchisor of
any such assignment, or (B) the related franchisor has delivered to the Trustee
a replacement comfort letter in favor of the Trust containing the same terms and
conditions as the original comfort letter.
EXHIBIT B
AFFIDAVIT OF LOST NOTE
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
_________________________________, being duly sworn, deposes and
says:
1. that he is an authorized signatory of KeyBank National
Association ("KeyBank");
2. that KeyBank is the owner and holder of a mortgage loan in the
original principal amount of $__________________ secured by a mortgage (the
"Mortgage") on the premises known as ___________________________ located in
_________________ ;
3. (a) that KeyBank, after having conducted a diligent investigation
of its records and files, has been unable to locate the following original note
and believes that said original note has been lost, misfiled, misplaced or
destroyed due to a clerical error:
a note in the original sum of $_____________ made by
____________ , to KeyBank National Association, under date of
______________ (the "Note");
4. that the Note is now owned and held by KeyBank;
5. that the Note has not been paid off, satisfied, assigned,
transferred, encumbered, endorsed, pledged, hypothecated, or otherwise disposed
of and that the original Note has been either lost, misfiled, misplaced or
destroyed;
6. that no other person, firm, corporation or other entity has any
right, title, interest or claim in the Note except KeyBank; and
7. upon assignment of the Note by KeyBank to Credit Suisse First
Boston Mortgage Securities Corp. (the "Depositor") and subsequent assignment by
the Depositor to the trustee for the benefit of the holders of the Credit Suisse
First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through
Certificates, Series 2007-C3 (the "Trustee") (which assignment may, at the
discretion of the Depositor, be made directly by KeyBank to the Trustee) KeyBank
covenants and agrees (a) promptly to deliver to the Trustee the original Note if
it is subsequently found, and (b) to indemnify and hold harmless the Trustee and
its successors and assigns from and against any and all costs, expenses and
monetary losses arising as a result of KeyBank's failure to deliver said
original Note to the Trustee.
KEYBANK NATIONAL ASSOCIATION,
By:____________________________________
Name:
Title:
Sworn to before me
this ________ day of [___________], 200[__]