EXECUTION VERSION
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement, dated as of June 21, 2005 (this
"Agreement"), is entered into between Xxxxxxx Xxxxx Mortgage Lending, Inc. (the
"Seller") and Xxxxxxx Xxxxx Mortgage Investors, Inc. (the "Purchaser").
The Seller intends to sell and the Purchaser intends to purchase
certain multifamily, commercial and manufactured housing community mortgage
loans (the "Mortgage Loans") identified on the schedule (the "Mortgage Loan
Schedule") annexed hereto as Schedule II. The Purchaser intends to deposit the
Mortgage Loans, along with certain other mortgage loans (the "Other Mortgage
Loans"), into a trust fund (the "Trust Fund"), the beneficial ownership of which
will be evidenced by multiple classes of mortgage pass-through certificates (the
"Certificates"). One or more "real estate mortgage investment conduit" ("REMIC")
elections will be made with respect to most of the Trust Fund. The Trust Fund
will be created and the Certificates will be issued pursuant to a Pooling and
Servicing Agreement, dated as of June 1, 2005 (the "Pooling and Servicing
Agreement"), among the Purchaser as depositor, Midland Loan Services, Inc. as
master servicer (in such capacity, the "Master Servicer") and as special
servicer (in such capacity, the "Special Servicer"), and Xxxxx Fargo Bank, N.A.,
as trustee (the "Trustee"). Capitalized terms used but not defined herein
(including the schedules attached hereto) have the respective meanings set forth
in the Pooling and Servicing Agreement.
The Purchaser has entered into an Underwriting Agreement, dated as of
June 21, 2005 (the "Underwriting Agreement"), with Xxxxxxx Lynch, Pierce, Xxxxxx
& Xxxxx Incorporated ("Xxxxxxx Xxxxx"), for itself and as representative of
Countrywide Securities Corporation ("Countrywide") and PNC Capital Markets, Inc.
("PNC"; Xxxxxxx Xxxxx, Countrywide and PNC, collectively, in such capacity, the
"Underwriters"), whereby the Purchaser will sell to the Underwriters all of the
Certificates that are to be registered under the Securities Act of 1933, as
amended (such Certificates, the "Publicly-Offered Certificates"). The Purchaser
has also entered into a Certificate Purchase Agreement, dated as of June 21,
2005 (the "Certificate Purchase Agreement"), with Xxxxxxx Xxxxx, for itself and
as representative of Countrywide (together in such capacity, the "Initial
Purchasers"), whereby the Purchaser will sell to the Initial Purchasers all of
the remaining Certificates (such Certificates, the "Private Certificates").
Now, therefore, in consideration of the premises and the mutual
agreements set forth herein, the parties agree as follows:
SECTION 1. Agreement to Purchase.
The Seller agrees to sell, and the Purchaser agrees to purchase, the
Mortgage Loans identified on the Mortgage Loan Schedule. The Mortgage Loan
Schedule may be amended to reflect the actual Mortgage Loans delivered to the
Purchaser pursuant to the terms hereof. The Mortgage Loans are expected to have
an aggregate principal balance of $979,944,449 (the "Merrill Mortgage Loan
Balance") (subject to a variance of plus or minus 5.0%) as of the close of
business on the Cut-off Date, after giving effect to any payments due on or
before such date, whether or not such payments are received. The Merrill
Mortgage Loan Balance, together with the aggregate principal balance of the
Other Mortgage Loans as of the
Cut-off Date (after giving effect to any payments due on or before such date,
whether or not such payments are received), is expected to equal an aggregate
principal balance (the "Cut-off Date Pool Balance") of $1,737,992,952 (subject
to a variance of plus or minus 5%). The purchase and sale of the Mortgage Loans
shall take place on June 29, 2005 or such other date as shall be mutually
acceptable to the parties to this Agreement (the "Closing Date"). The
consideration (the "Purchase Consideration") for the Mortgage Loans shall be
equal to (i) 102.9496% of the Merrill Mortgage Loan Balance as of the Cut-off
Date, plus (ii) $3,999,190, which amount represents the amount of interest
accrued on the Merrill Mortgage Loan Balance at the related Net Mortgage Rate
for the period from and including the Cut-off Date up to but not including the
Closing Date.
The Purchase Consideration shall be paid to the Seller or its designee
by wire transfer in immediately available funds on the Closing Date.
The Purchaser hereby directs the Seller to deliver, and the Seller
shall deliver, the Closing Date Deposit (in the amount of $365,172.54) to the
Master Servicer on the Closing Date. The Closing Date Deposit shall be delivered
to the account specified by the Master Servicer by wire transfer of immediately
available funds.
SECTION 2. Conveyance of Mortgage Loans.
(a) Effective as of the Closing Date, subject only to receipt of the
Purchase Consideration and the satisfaction or waiver of the conditions to
closing set forth in Section 5 of this Agreement (which conditions shall be
deemed to have been satisfied or waived upon the Seller's receipt of the
Purchase Consideration), the Seller does hereby sell, transfer, assign, set over
and otherwise convey to the Purchaser, without recourse (except as set forth in
this Agreement), all the right, title and interest of the Seller in and to the
Mortgage Loans identified on the Mortgage Loan Schedule as of such date, on a
servicing released basis, together with all of the Seller's right, title and
interest in and to the proceeds of any related title, hazard, primary mortgage
or other insurance proceeds and all of the Seller's right, title and interest in
and to the Closing Date Deposit. The Mortgage Loan Schedule, as it may be
amended, shall conform to the requirements set forth in this Agreement and the
Pooling and Servicing Agreement.
(b) The Purchaser or its assignee shall be entitled to receive all
scheduled payments of principal and interest due after the Cut-off Date, and all
other recoveries of principal and interest collected after the Cut-off Date
(other than in respect of principal and interest on the Mortgage Loans due on or
before the Cut-off Date). All scheduled payments of principal and interest due
on or before the Cut-off Date but collected after the Cut-off Date, and
recoveries of principal and interest collected on or before the Cut-off Date
(only in respect of principal and interest on the Mortgage Loans due on or
before the Cut-off Date and principal prepayments thereon), shall belong to, and
be promptly remitted to, the Seller.
(c) The Seller hereby represents and warrants that it has or will
have, on behalf of the Purchaser, delivered to the Trustee (i) on or before the
Closing Date, the documents and instruments specified below with respect to each
Mortgage Loan that are Specially Designated Mortgage Loan Documents and (ii) on
or before the date that is 30 days after the Closing Date, the remaining
documents and instruments specified below that are not Specially Designated
Mortgage Loan Documents with respect to each Mortgage Loan (the documents and
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instruments specified below and referred to in clauses (i) and (ii) preceding,
collectively, a "Mortgage File"). All Mortgage Files so delivered will be held
by the Trustee in escrow for the benefit of the Seller at all times prior to the
Closing Date. Each Mortgage File shall contain the following documents:
(i) (A) the original executed Mortgage Note for the subject Mortgage
Loan, including any power of attorney related to the execution thereof (or
a lost note affidavit and indemnity with a copy of such Mortgage Note
attached thereto), together with any and all intervening endorsements
thereon, endorsed on its face or by allonge attached thereto (without
recourse, representation or warranty, express or implied) to the order of
Xxxxx Fargo Bank, N.A., as trustee for the registered holders of Xxxxxxx
Xxxxx Mortgage Trust 2005-MCP1, Commercial Mortgage Pass-Through
Certificates, Series 2005-MCP1, or in blank, and (B) in the case of a Loan
Combination , a copy of the executed Mortgage Note for the each Non-Trust;
(ii) an original or copy of the Mortgage, together with originals or
copies of any and all intervening assignments thereof, in each case (unless
not yet returned by the applicable recording office) with evidence of
recording indicated thereon or certified by the applicable recording
office;
(iii) an original or copy of any related Assignment of Leases (if such
item is a document separate from the Mortgage), together with originals or
copies of any and all intervening assignments thereof, in each case (unless
not yet returned by the applicable recording office) with evidence of
recording indicated thereon or certified by the applicable recording
office;
(iv) an original executed assignment, in recordable form (except for
completion of the assignee's name (if the assignment is delivered in blank)
and any missing recording information or a certified copy of that
assignment as sent for recording), of (a) the Mortgage, (b) any related
Assignment of Leases (if such item is a document separate from the
Mortgage) and (c) any other recorded document relating to the subject
Mortgage Loan otherwise included in the Mortgage File, in favor of Xxxxx
Fargo Bank, N.A., as trustee for the registered holders of Xxxxxxx Xxxxx
Mortgage Trust 2005-MCP1, Commercial Mortgage Pass-Through Certificates,
Series 2005-MCP1 (or, in the case of a Loan Combination, in favor of Xxxxx
Fargo Bank, N.A., as trustee for the registered holders of Xxxxxxx Xxxxx
Mortgage Trust 2005-MCP1, Commercial Mortgage Pass-Through Certificates,
Series 2005-MCP1, and in its capacity as lead lender on behalf of the
holder of the related Non-Trust Loan(s), or in blank;
(v) an original assignment of all unrecorded documents relating to the
Mortgage Loan (to the extent not already assigned pursuant to clause (iv)
above) in favor of Xxxxx Fargo Bank, N.A., as trustee for the registered
holders of Xxxxxxx Xxxxx Mortgage Trust 2005-MCP1, Commercial Mortgage
Pass-Through Certificates, Series 2005-MCP1 (or, in the case of a Loan
Combination, in favor of Xxxxx Fargo Bank, N.A., as trustee for the
registered holders of Xxxxxxx Xxxxx Mortgage Trust 2005-MCP1, Commercial
Mortgage Pass-Through Certificates, Series 2005-MCP1, and in its capacity
as lead lender on behalf of the holder of the related Non-Trust Loan(s), or
in blank;
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(vi) originals or copies of any consolidation, assumption,
substitution and modification agreements in those instances where the terms
or provisions of the Mortgage or Mortgage Note have been consolidated or
modified or the subject Mortgage Loan has been assumed;
(vii) the original or a copy of the policy or certificate of lender's
title insurance or, if such policy has not been issued or located, an
original or copy of an irrevocable, binding commitment (which may be a pro
forma policy or a marked version of the policy that has been executed by an
authorized representative of the title company or an agreement to provide
the same pursuant to binding escrow instructions executed by an authorized
representative of the title company) to issue such title insurance policy;
(viii) any filed copies or other evidence of filing of any prior UCC
Financing Statements in favor of the originator of the subject Mortgage
Loan or in favor of any assignee prior to the Trustee (but only to the
extent the Seller had possession of such UCC Financing Statements prior to
the Closing Date) and, if there is an effective UCC Financing Statement in
favor of the Seller on record with the applicable public office for UCC
Financing Statements, a UCC Financing Statement assignment, in form
suitable for filing in favor of Xxxxx Fargo Bank, N.A., as trustee for the
registered holders of Xxxxxxx Xxxxx Mortgage Trust 2005-MCP1, Commercial
Mortgage Pass-Through Certificates, Series 2005-MCP1, as assignee (or, in
the case of a Loan Combination, in favor of Xxxxx Fargo Bank, N.A., as
trustee for the registered holders of Xxxxxxx Xxxxx Mortgage Trust
2005-MCP1, Commercial Mortgage Pass-Through Certificates, Series 2005-MCP1,
and in its capacity as lead lender on behalf of the holder of the related
Non-trust Loan(s), or in blank;
(ix) an original or copy of any Ground Lease, guaranty or ground
lessor estoppel;
(x) any intercreditor agreement relating to permitted debt of the
Mortgagor (including, in the case of a Mortgage Loan that is part of a Loan
Combination, any related Loan Combination Intercreditor Agreement) and any
intercreditor agreement relating to mezzanine debt related to the
Mortgagor;
(xi) an original or a copy of any loan agreement, any escrow or
reserve agreement, any security agreement, any management agreement, any
agreed upon procedures letter, any lockbox or cash management agreements,
any environmental reports or any letter of credit, in each case relating to
the subject Mortgage Loan; and
(xii) with respect to a Mortgage Loan secured by a hospitality
property, a signed copy of any franchise agreement and/or franchisor
comfort letter.
The foregoing Mortgage File delivery requirement shall be subject to
Section 2.01(c) of the Pooling and Servicing Agreement.
(d) The Seller shall retain an Independent third party (the
"Recording/Filing Agent") that shall, as to each Mortgage Loan, promptly (and in
any event within 90 days following the later of the Closing Date and the
delivery of each Mortgage, Assignment of
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Leases, recordable document and UCC Financing Statement to the Trustee) cause to
be submitted for recording or filing, as the case may be, in the appropriate
public office for real property records or UCC Financing Statements, each
assignment of Mortgage, assignment of Assignment of Leases and any other
recordable documents relating to each such Mortgage Loan in favor of the Trustee
that is referred to in clause (iv) of the definition of "Mortgage File" and each
UCC Financing Statement assignment in favor of the Trustee and that is referred
to in clause (viii) of the definition of "Mortgage File." Each such assignment
and UCC Financing Statement assignment shall reflect that the recorded original
should be returned by the public recording office to the Trustee following
recording, and each such assignment and UCC Financing Statement assignment shall
reflect that the file copy thereof should be returned to the Trustee following
filing; provided, that in those instances where the public recording office
retains the original assignment of Mortgage or assignment of Assignment of
Leases, the Recording/Filing Agent shall obtain therefrom a certified copy of
the recorded original. If any such document or instrument is lost or returned
unrecorded or unfiled, as the case may be, because of a defect therein, then the
Seller shall prepare a substitute therefor or cure such defect or cause such to
be done, as the case may be, and the Seller shall deliver such substitute or
corrected document or instrument to the Trustee (or, if the Mortgage Loan is
then no longer subject to the Pooling and Servicing Agreement, to the then
holder of such Mortgage Loan).
The Seller shall bear the out-of-pocket costs and expenses of all such
recording, filing and delivery contemplated in the preceding paragraph,
including, without limitation, any costs and expenses that may be incurred by
the Trustee in connection with any such recording, filing or delivery performed
by the Trustee at the Seller's request and the fees of the Recording/Filing
Agent.
(e) All such other relevant documents and records that (a) relate to
the administration or servicing of the Mortgage Loans, (b) are reasonably
necessary for the ongoing administration and/or servicing of such Mortgage Loans
by the Master Servicer in connection with its duties under the Pooling and
Servicing Agreement, and (c) are in the possession or under the control of the
Seller, together with all unapplied escrow amounts and reserve amounts in the
possession or under the control of the Seller that relate to the Mortgage Loans,
shall be delivered or caused to be delivered by the Seller to the Master
Servicer (or, at the direction of the Master Servicer, to the appropriate
sub-servicer); provided that the Seller shall not be required to deliver any
draft documents, privileged or other communications, credit underwriting or due
diligence analyses, credit committee briefs or memoranda or other internal
approval documents or data or internal worksheets, memoranda, communications or
evaluations.
The Seller agrees to use reasonable efforts to deliver to the Trustee,
for its administrative convenience in reviewing the Mortgage Files, a mortgage
loan checklist for each Mortgage Loan. The foregoing sentence notwithstanding,
the failure of the Seller to deliver a mortgage loan checklist or a complete
mortgage loan checklist shall not give rise to any liability whatsoever on the
part of the Seller to the Purchaser, the Trustee or any other person because the
delivery of the mortgage loan checklist is being provided to the Trustee solely
for its administrative convenience.
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(f) The Seller shall take such actions as are reasonably necessary to
assign or otherwise grant to the Trust Fund the benefit of any letters of credit
in the name of the Seller, which secure any Mortgage Loan.
(g) On or before the Closing Date, the Seller shall provide to the
Master Servicer, the initial data (as of the Cut-off Date or the most recent
earlier date for which such data is available) contemplated by the CMSA Loan
Setup File, the CMSA Loan Periodic Update File, the CMSA Operating Statement
Analysis Report and the CMSA Property File.
SECTION 3. Representations, Warranties and Covenants of Seller.
(a) The Seller hereby represents and warrants to and covenants with
the Purchaser, as of the date hereof, that:
(i) The Seller is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware and the Seller has
taken all necessary corporate action to authorize the execution, delivery
and performance of this Agreement by it, and has the power and authority to
execute, deliver and perform this Agreement and all transactions
contemplated hereby.
(ii) This Agreement has been duly and validly authorized, executed and
delivered by the Seller, all requisite action by the Seller's directors and
officers has been taken in connection therewith, and (assuming the due
authorization, execution and delivery hereof by the Purchaser) this
Agreement constitutes the valid, legal and binding agreement of the Seller,
enforceable against the Seller in accordance with its terms, except as such
enforcement may be limited by (A) laws relating to bankruptcy, insolvency,
fraudulent transfer, reorganization, receivership or moratorium, (B) other
laws relating to or affecting the rights of creditors generally, or (C)
general equity principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law).
(iii) The execution and delivery of this Agreement by the Seller and
the Seller's performance and compliance with the terms of this Agreement
will not (A) violate the Seller's certificate of incorporation or bylaws,
(B) violate any law or regulation or any administrative decree or order to
which it is subject or (C) constitute a default (or an event which, with
notice or lapse of time, or both, would constitute a default) under, or
result in the breach of, any material contract, agreement or other
instrument to which the Seller is a party or by which the Seller is bound,
which default might have consequences that would, in the Seller's
reasonable and good faith judgment, materially and adversely affect the
condition (financial or other) or operations of the Seller or its
properties or materially and adversely affect its performance hereunder.
(iv) The Seller is not in default with respect to any order or decree
of any court or any order, regulation or demand of any federal, state,
municipal or other governmental agency or body, which default might have
consequences that would, in the Seller's reasonable and good faith
judgment, materially and adversely affect the condition
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(financial or other) or operations of the Seller or its properties or
materially and adversely affect its performance hereunder.
(v) The Seller is not a party to or bound by any agreement or
instrument or subject to any certificate of incorporation, bylaws or any
other corporate restriction or any judgment, order, writ, injunction,
decree, law or regulation that would, in the Seller's reasonable and good
faith judgment, materially and adversely affect the ability of the Seller
to perform its obligations under this Agreement or that requires the
consent of any third person to the execution of this Agreement or the
performance by the Seller of its obligations under this Agreement (except
to the extent such consent has been obtained).
(vi) No consent, approval, authorization or order of any court or
governmental agency or body is required for the execution, delivery and
performance by the Seller of or compliance by the Seller with this
Agreement or the consummation of the transactions contemplated by this
Agreement except as have previously been obtained, and no bulk sale law
applies to such transactions.
(vii) None of the sale of the Mortgage Loans by the Seller, the
transfer of the Mortgage Loans to the Trustee, and the execution, delivery
or performance of this Agreement by the Seller, results or will result in
the creation or imposition of any lien on any of the Seller's assets or
property that would have a material adverse effect upon the Seller's
ability to perform its duties and obligations under this Agreement or
materially impair the ability of the Purchaser to realize on the Mortgage
Loans.
(viii) There is no action, suit, proceeding or investigation pending
or to the knowledge of the Seller, threatened against the Seller in any
court or by or before any other governmental agency or instrumentality
which would, in the Seller's good faith and reasonable judgment, prohibit
its entering into this Agreement or materially and adversely affect the
validity of this Agreement or the performance by the Seller of its
obligations under this Agreement.
(ix) Under generally accepted accounting principles ("GAAP") and for
federal income tax purposes, the Seller will report the transfer of the
Mortgage Loans to the Purchaser as a sale of the Mortgage Loans to the
Purchaser in exchange for consideration consisting of a cash amount equal
to the Purchase Consideration. The consideration received by the Seller
upon the sale of the Mortgage Loans to the Purchaser will constitute at
least reasonably equivalent value and fair consideration for the Mortgage
Loans. The Seller will be solvent at all relevant times prior to, and will
not be rendered insolvent by, the sale of the Mortgage Loans to the
Purchaser. The Seller is not selling the Mortgage Loans to the Purchaser
with any intent to hinder, delay or defraud any of the creditors of the
Seller.
(b) The Seller hereby makes the representations and warranties
contained in Schedule I hereto for the benefit of the Purchaser and the Trustee
for the benefit of the Certificateholders as of the Closing Date (unless a
different date is specified therein), with respect to (and solely with respect
to) each Mortgage Loan, subject, however, to the exceptions set forth on Annex A
to Schedule I of this Agreement.
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(c) If the Seller discovers or receives written notice of a Document
Defect or a Breach relating to a Mortgage Loan pursuant to Section 2.03(a) of
the Pooling and Servicing Agreement, then the Seller shall, not later than 90
days from such discovery or receipt of such notice (or, in the case of a
Document Defect or Breach relating to a Mortgage Loan not being a "qualified
mortgage" within the meaning of the REMIC Provisions (a "Qualified Mortgage"),
not later than 90 days from any party to the Pooling and Servicing Agreement
discovering such Document Defect or Breach, provided the Seller receives such
notice in a timely manner), if such Document Defect or Breach materially and
adversely affects the value of the related Mortgage Loan or the interests of the
Certificateholders therein, cure such Document Defect or Breach, as the case may
be, in all material respects, which shall include payment of losses and any
Additional Trust Fund Expenses associated therewith or, if such Document Defect
or Breach (other than omissions due solely to a document not having been
returned by the related recording office) cannot be cured within such 90-day
period, (i) repurchase the affected Mortgage Loan (which, for the purposes of
this clause (i), shall include an REO Loan) at the applicable Purchase Price (as
defined in the Pooling and Servicing Agreement) not later than the end of such
90-day period or (ii) substitute a Qualified Substitute Mortgage Loan for such
affected Mortgage Loan (which, for purposes of this clause (ii), shall include
an REO Loan) not later than the end of such 90-day period (and in no event later
than the second anniversary of the Closing Date) and pay the Master Servicer for
deposit into the Collection Account any Substitution Shortfall Amount in
connection therewith; provided, however, that, unless the Document Defect or
Breach would cause the Mortgage Loan not to be a Qualified Mortgage, if such
Document Defect or Breach is capable of being cured but not within such 90-day
period and the Seller has commenced and is diligently proceeding with the cure
of such Document Defect or Breach within such 90-day period, the Seller shall
have an additional 90 days to complete such cure (or, failing such cure, to
repurchase or substitute the related Mortgage Loan (which, for purposes of such
repurchase or substitution, shall include an REO Loan)); and provided, further,
that with respect to such additional 90-day period, the Seller shall have
delivered an officer's certificate to the Trustee setting forth the reason(s)
such Document Defect or Breach is not capable of being cured within the initial
90-day period and what actions the Seller is pursuing in connection with the
cure thereof and stating that the Seller anticipates that such Document Defect
or Breach will be cured within the additional 90-day period; and provided,
further, that no Document Defect (other than with respect to a Specially
Designated Mortgage Loan Document) shall be considered to materially and
adversely affect the interests of the Certificateholders or the value of the
related Mortgage Loan unless the document with respect to which the Document
Defect exists is required in connection with an imminent enforcement of the
mortgagee's rights or remedies under the related Mortgage Loan, defending any
claim asserted by any borrower or third party with respect to the Mortgage Loan,
establishing the validity or priority of any lien on any collateral securing the
Mortgage Loan or for any immediate servicing obligations.
A Document Defect or Breach (which Document Defect or Breach
materially and adversely affects the value of the related Mortgage Loan or the
interests of the Certificateholders therein) as to a Mortgage Loan that is
cross-collateralized and cross-defaulted with one or more other Mortgage Loans
(each, a "Crossed Loan" and such Crossed Loans, collectively, a "Crossed Loan
Group"), which Document Defect or Breach does not constitute a Document Defect
or Breach, as the case may be, as to any other Crossed Loan in such Crossed Loan
Group (without regard to this paragraph) and is not cured as provided for above,
shall be deemed to constitute a Document Defect or Breach, as the case may be,
as to each other Crossed Loan in the subject
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Crossed Loan Group for purposes of this paragraph and the Seller shall be
required to repurchase or substitute all such Crossed Loans unless (1) the
weighted average debt service coverage ratio for all the remaining Crossed Loans
for the four calendar quarters immediately preceding such repurchase or
substitution is not less than the weighted average debt service coverage ratio
for all such Crossed Loans, including the affected Crossed Loan, for the four
calendar quarters immediately preceding such repurchase or substitution, and (2)
the weighted average loan to-value ratio for the remaining Crossed Loans
determined at the time of repurchase or substitution based upon an appraisal
obtained by the Special Servicer at the expense of the Seller shall not be
greater than the weighted average loan-to-value ratio for all such Crossed
Loans, including the affected Crossed Loan determined at the time of repurchase
or substitution based upon an appraisal obtained by the Special Servicer at the
expense of the Seller; provided, that if such debt service coverage and
loan-to-value criteria are satisfied, any other Crossed Loan (that is not the
Crossed Loan directly affected by the subject Document Defect or Breach), shall
be released from its cross-collateralization and cross-default provision so long
as such Crossed Loan (that is not the Crossed Loan directly affected by the
subject Document Defect or Breach) is held in the Trust Fund; and provided,
further, that the repurchase or replacement of less than all such Crossed Loans
and the release of any Crossed Loan from a cross-collateralization and
cross-default provision shall be further subject to (i) the delivery by the
Seller to the Trustee, at the expense of the Seller, of an Opinion of Counsel to
the effect that such release would not cause either of REMIC I or REMIC II to
fail to qualify as a REMIC under the Code or result in the imposition of any tax
on "prohibited transactions" or "contributions" after the Startup Day under the
REMIC Provisions and (ii) the consent of the Controlling Class Representative
(if one is then acting), which consent shall not be unreasonably withheld or
delayed. In the event that one or more of such other Crossed Loans satisfy the
aforementioned criteria, the Seller may elect either to repurchase or substitute
for only the affected Crossed Loan as to which the related Document Defect or
Breach exists or to repurchase or substitute for all of the Crossed Loans in the
related Crossed Loan Group. All documentation relating to the termination of the
cross-collateralization provisions of a Crossed Loan being repurchased shall be
prepared at the expense of the Seller and, where required, with the consent of
the related borrower. For a period of two years from the Closing Date, so long
as there remains any Mortgage File relating to a Mortgage Loan as to which there
is any uncured Document Defect or Breach known to the Seller, the Seller shall
provide, once every ninety days, the officer's certificate to the Trustee
described above as to the reason(s) such Document Defect or Breach remains
uncured and as to the actions being taken to pursue cure; provided, however,
that, without limiting the effect of the foregoing provisions of this Section
3(c), if such Document Defect or Breach shall materially and adversely affect
the value of such Mortgage Loan or the interests of the holders of the
Certificates therein (subject to the last proviso in the sole sentence of the
preceding paragraph), the Seller shall in all cases on or prior to the second
anniversary of the Closing Date either cause such Document Defect or Breach to
be cured or repurchase or substitute for the affected Mortgage Loan. The
delivery of a commitment to issue a policy of lender's title insurance as
described in representation 8 set forth on Schedule I hereto in lieu of the
delivery of the actual policy of lender's title insurance shall not be
considered a Document Defect or Breach with respect to any Mortgage File if such
actual policy of insurance is delivered to the Trustee or a Custodian on its
behalf not later than the 90th day following the Closing Date.
To the extent that the Seller is required to repurchase or substitute
for a Crossed Loan hereunder in the manner prescribed above in this Section 3(c)
while the Trustee continues
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to hold any other Crossed Loans in such Crossed Loan Group, the Seller and the
Purchaser shall not enforce any remedies against the other's Primary Collateral
(as defined below), but each is permitted to exercise remedies against the
Primary Collateral securing its respective Crossed Loan(s), so long as such
exercise does not materially impair the ability of the other party to exercise
its remedies against the Primary Collateral securing the Crossed Loan(s) held
thereby.
If the exercise by one party would materially impair the ability of
the other party to exercise its remedies with respect to the Primary Collateral
securing the Crossed Loan(s) held by such party, then the Seller and the
Purchaser shall forbear from exercising such remedies until the Mortgage Loan
documents evidencing and securing the relevant Crossed Loans can be modified in
a manner consistent with this Agreement to remove the threat of material
impairment as a result of the exercise of remedies. Any reserve or other cash
collateral or letters of credit securing the Crossed Loans shall be allocated
between such Crossed Loans in accordance with the Mortgage Loan documents, or,
if the related Mortgage Loan documents do not so provide, then on a pro rata
basis based upon their outstanding Stated Principal Balances. Notwithstanding
the foregoing, if a Crossed Loan is modified to terminate the related
cross-collateralization and/or cross-default provisions, the Seller shall
furnish to the Trustee an Opinion of Counsel that such modification shall not
cause an Adverse REMIC Event.
For purposes hereof, "Primary Collateral" shall mean the Mortgaged
Property directly securing a Crossed Loan and excluding any property as to which
the related lien may only be foreclosed upon by exercise of
cross-collateralization provisions of such Mortgage Loans.
Notwithstanding any of the foregoing provisions of this Section 3(c),
if there is a Document Defect or Breach (which Document Defect or Breach
materially and adversely affects the value of the related Mortgage Loan or the
interests of the Certificateholders therein) with respect to one or more
Mortgaged Properties with respect to a Mortgage Loan, the Seller shall not be
obligated to repurchase or substitute the Mortgage Loan if (i) the affected
Mortgaged Property(ies) may be released pursuant to the terms of any partial
release provisions in the related Mortgage Loan documents (and such Mortgaged
Property(ies) are, in fact, released), (ii) the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan
documents and the Seller provides an opinion of counsel to the effect that such
release would not cause either of REMIC I or REMIC II to fail to qualify as a
REMIC under the Code or result in the imposition of any tax on "prohibited
transactions" or "contributions" after the Startup Day under the REMIC
Provisions and (iii) each Rating Agency then rating the Certificates shall have
provided written confirmation that such release would not cause the then-current
ratings of the Certificates rated by it to be qualified, downgraded or
withdrawn.
The foregoing provisions of this Section 3(c) notwithstanding, the
Purchaser's sole remedy (subject to the last sentence of this paragraph) for a
breach of representation 30 set forth on Schedule I hereto shall be the cure of
such breach by the Seller, which cure shall be effected through the payment by
the Seller of such costs and expenses (without regard to whether such costs and
expenses are material or not) specified in such representation that have not, at
the time of such cure, been received by the Master Servicer or the Special
Servicer from the related Mortgagor and not a repurchase or substitution of the
related Mortgage Loan. Following the Seller's remittance of funds in payment of
such costs and expenses, the Seller shall be deemed to
10
have cured the breach of representation 30 in all respects. To the extent any
fees or expenses that are the subject of a cure by the Seller are subsequently
obtained from the related Mortgagor, the cure payment made by the Seller shall
be returned to the Seller. Notwithstanding the prior provisions of this
paragraph, the Seller, acting in its sole discretion, may effect a repurchase or
substitution (in accordance with the provisions of this Section 3(c) setting
forth the manner in which a Mortgage Loan may be repurchased or substituted) of
a Mortgage Loan, as to which representation 30 set forth on Schedule I has been
breached, in lieu of paying the costs and expenses that were the subject of the
breach of representation 30 set forth on Schedule I.
(d) In connection with any permitted repurchase or substitution of one
or more Mortgage Loans contemplated hereby, upon receipt of a certificate from a
Servicing Officer certifying as to the receipt of the applicable Purchase Price
(as defined in the Pooling and Servicing Agreement) or Substitution Shortfall
Amount(s), as applicable, in the Collection Account, and, if applicable, the
delivery of the Mortgage File(s) and the Servicing File(s) for the related
Qualified Substitute Mortgage Loan(s) to the Custodian and the Master Servicer,
respectively, (i) the Trustee shall be required to execute and deliver such
endorsements and assignments as are provided to it by the Master Servicer or the
Seller, in each case without recourse, representation or warranty, as shall be
necessary to vest in the Seller the legal and beneficial ownership of each
repurchased Mortgage Loan or substituted Mortgage Loan, as applicable, (ii) the
Trustee, the Custodian, the Master Servicer and the Special Servicer shall each
tender to the Seller, upon delivery to each of them of a receipt executed by the
Seller, all portions of the Mortgage File and other documents pertaining to such
Mortgage Loan possessed by it, and (iii) the Master Servicer and the Special
Servicer shall release to the Seller any Escrow Payments and Reserve Funds held
by it in respect of such repurchased or deleted Mortgage Loan(s).
At the time a substitution is made, the Seller shall deliver the
related Mortgage File to the Trustee and certify that the substitute Mortgage
Loan is a Qualified Substitute Mortgage Loan.
No substitution of a Qualified Substitute Mortgage Loan or Qualified
Substitute Mortgage Loans may be made in any calendar month after the
Determination Date for such month. Periodic Payments due with respect to any
Qualified Substitute Mortgage Loan after the related date of substitution shall
be part of REMIC I, as applicable. No substitution of a Qualified Substitute
Mortgage Loan for a deleted Mortgage Loan shall be permitted under this
Agreement if, after such substitution, the aggregate of the Stated Principal
Balances of all Qualified Substitute Mortgage Loans which have been substituted
for deleted Mortgage Loans exceeds 10% of the aggregate Cut-off Date Balance of
all the Mortgage Loans and the Other Mortgage Loans. Periodic Payments due with
respect to any Qualified Substitute Mortgage Loan on or prior to the related
date of substitution shall not be part of the Trust Fund or REMIC I.
(e) This Section 3 provides the sole remedies available to the
Purchaser, the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Document Defect in a Mortgage File or any
Breach of any representation or warranty set forth in or required to be made
pursuant to Section 3 of this Agreement.
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SECTION 4. Representations, Warranties and Covenants of the Purchaser.
In order to induce the Seller to enter into this Agreement, the Purchaser hereby
represents, warrants and covenants for the benefit of the Seller as of the date
hereof that:
(a) The Purchaser is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and the Purchaser
has taken all necessary corporate action to authorize the execution, delivery
and performance of this Agreement by it, and has the power and authority to
execute, deliver and perform this Agreement and all transactions contemplated
hereby.
(b) This Agreement has been duly and validly authorized, executed and
delivered by the Purchaser, all requisite action by the Purchaser's directors
and officers has been taken in connection therewith, and (assuming the due
authorization, execution and delivery hereof by the Seller) this Agreement
constitutes the valid, legal and binding agreement of the Purchaser, enforceable
against the Purchaser in accordance with its terms, except as such enforcement
may be limited by (A) laws relating to bankruptcy, insolvency, fraudulent
transfer, reorganization, receivership or moratorium, (B) other laws relating to
or affecting the rights of creditors generally, or (C) general equity principles
(regardless of whether such enforcement is considered in a proceeding in equity
or at law).
(c) The execution and delivery of this Agreement by the Purchaser and
the Purchaser's performance and compliance with the terms of this Agreement will
not (A) violate the Purchaser's articles of incorporation or bylaws, (B) violate
any law or regulation or any administrative decree or order to which it is
subject or (C) constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the breach of,
any material contract, agreement or other instrument to which the Purchaser is a
party or by which the Purchaser is bound, which default might have consequences
that would, in the Purchaser's reasonable and good faith judgment, materially
and adversely affect the condition (financial or other) or operations of the
Purchaser or its properties or have consequences that would materially and
adversely affect its performance hereunder.
(d) The Purchaser is not a party to or bound by any agreement or
instrument or subject to any articles of association, bylaws or any other
corporate restriction or any judgment, order, writ, injunction, decree, law or
regulation that would, in the Purchaser's reasonable and good faith judgment,
materially and adversely affect the ability of the Purchaser to perform its
obligations under this Agreement or that requires the consent of any third
person to the execution of this Agreement or the performance by the Purchaser of
its obligations under this Agreement (except to the extent such consent has been
obtained).
(e) Except as may be required under federal or state securities laws
(and which will be obtained on a timely basis), no consent, approval,
authorization or order of, registration or filing with, or notice to, any
governmental authority or court, is required, under federal or state law, for
the execution, delivery and performance by the Purchaser of, or compliance by
the Purchaser with, this Agreement, or the consummation by the Purchaser of any
transaction described in this Agreement.
12
(f) Under GAAP and for federal income tax purposes, the Purchaser will
report the transfer of the Mortgage Loans by the Seller to the Purchaser as a
sale of the Mortgage Loans to the Purchaser in exchange for consideration
consisting of a cash amount equal to the aggregate Purchase Consideration.
(g) There is no action, suit, proceeding or investigation pending or
to the knowledge of the Purchaser, threatened against the Purchaser in any court
or by or before any other governmental agency or instrumentality which would
materially and adversely affect the validity of this Agreement or any action
taken in connection with the obligations of the Purchaser contemplated herein,
or which would be likely to impair materially the ability of the Purchaser to
enter into and/or perform under the terms of this Agreement.
(h) The Purchaser is not in default with respect to any order or
decree of any court or any order, regulation or demand of any federal, state,
municipal or other governmental agency or body, which default might have
consequences that would, in the Purchaser's reasonable and good faith judgment,
materially and adversely affect the condition (financial or other) or operations
of the Purchaser or its properties or might have consequences that would
materially and adversely affect its performance hereunder.
SECTION 5. Closing. The closing of the sale of the Mortgage Loans (the
"Closing") shall be held at the offices of Sidley Xxxxxx Xxxxx & Xxxx LLP on the
Closing Date. The Closing shall be subject to each of the following conditions:
(a) All of the representations and warranties of the Seller set forth
in or made pursuant to Sections 3(a) and 3(b) of this Agreement and all of the
representations and warranties of the Purchaser set forth in Section 4 of this
Agreement shall be true and correct in all material respects as of the Closing
Date;
(b) All documents specified in Section 6 of this Agreement (the
"Closing Documents"), in such forms as are agreed upon and acceptable to the
Purchaser, the Seller, the Underwriters and their respective counsel in their
reasonable discretion, shall be duly executed and delivered by all signatories
as required pursuant to the respective terms thereof;
(c) The Seller shall have delivered and released to the Trustee (or a
Custodian on its behalf) and the Master Servicer, respectively, all documents
represented to have been or required to be delivered to the Trustee and the
Master Servicer pursuant to Section 2 of this Agreement;
(d) All other terms and conditions of this Agreement required to be
complied with on or before the Closing Date shall have been complied with in all
material respects and the Seller and the Purchaser shall have the ability to
comply with all terms and conditions and perform all duties and obligations
required to be complied with or performed after the Closing Date;
(e) The Seller shall have paid all fees and expenses payable by it to
the Purchaser or otherwise pursuant to this Agreement as of the Closing Date;
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(f) One or more letters from the independent accounting firm of Ernst
& Young LLP, in form satisfactory to the Purchaser and relating to certain
information regarding the Mortgage Loans and Certificates as set forth in the
Prospectus and Prospectus Supplement, respectively; and
(g) The Seller shall have executed and delivered concurrently herewith
that certain Indemnification Agreement, dated as of June 21, 2005, among the
Seller, Countrywide Commercial Real Estate Finance, Inc., PNC Bank, National
Association, the Purchaser, the Underwriters and the Initial Purchasers. Both
parties agree to use their best reasonable efforts to perform their respective
obligations hereunder in a manner that will enable the Purchaser to purchase the
Mortgage Loans on the Closing Date.
SECTION 6. Closing Documents. The Closing Documents shall consist of
the following:
(a) (i) This Agreement duly executed by the Purchaser and the Seller,
(ii) the Pooling and Servicing Agreement duly executed by the parties thereto
and (iii) the Servicing Rights Purchase Agreement, dated as of June 29, 2005,
between the Seller and Midland Loan Services, Inc., duly executed by such
parties;
(b) An officer's certificate of the Seller, executed by a duly
authorized officer of the Seller and dated the Closing Date, and upon which the
Purchaser, the Underwriters and the Initial Purchasers may rely, to the effect
that: (i) the representations and warranties of the Seller in this Agreement are
true and correct in all material respects at and as of the Closing Date with the
same effect as if made on such date; and (ii) the Seller has, in all material
respects, complied with all the agreements and satisfied all the conditions on
its part that are required under this Agreement to be performed or satisfied at
or prior to the Closing Date;
(c) An officer's certificate from an officer of the Seller (signed in
his/her capacity as an officer), dated the Closing Date, and upon which the
Purchaser may rely, to the effect that each individual who, as an officer or
representative of the Seller, signed this Agreement, the Indemnification
Agreement or any other document or certificate delivered on or before the
Closing Date in connection with the transactions contemplated herein or therein,
was at the respective times of such signing and delivery, and is as of the
Closing Date, duly elected or appointed, qualified and acting as such officer or
representative, and the signatures of such persons appearing on such documents
and certificates are their genuine signatures;
(d) An officer's certificate from an officer of the Seller (signed in
his/her capacity as an officer), dated the Closing Date, and upon which the
Purchaser, the Underwriters and Initial Purchasers may rely, to the effect that
(i) such officer has carefully examined the Specified Portions (as defined
below) of the Prospectus Supplement and nothing has come to his attention that
would lead him to believe that the Specified Portions of the Prospectus
Supplement, as of the date of the Prospectus Supplement or as of the Closing
Date, included or include any untrue statement of a material fact relating to
the Mortgage Loans or omitted or omit to state therein a material fact necessary
in order to make the statements therein relating to the Mortgage Loans, in light
of the circumstances under which they were made, not misleading, and (ii) such
officer has carefully examined the Specified Portions of the Private Placement
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Memorandum, dated as of June 21, 2005 (the "Memorandum") (pursuant to which
certain classes of the Private Certificates are being privately offered) and
nothing has come to his attention that would lead him to believe that the
Specified Portions of the Memorandum, as of the date thereof or as of the
Closing Date, included or include any untrue statement of a material fact
relating to the Mortgage Loans or omitted or omit to state therein a material
fact necessary in order to make the statements therein related to the Mortgage
Loans, in the light of the circumstances under which they were made, not
misleading. The "Specified Portions" of the Prospectus Supplement shall consist
of Annex A-1 thereto, entitled "Certain Characteristics of the Mortgage Loans"
(insofar as the information contained in Annex A-1 relates to the Mortgage Loans
sold by the Seller hereunder), Annex A-2 to the Prospectus Supplement, entitled
"Certain Statistical Information Regarding the Mortgage Loans" (insofar as the
information contained in Annex A-2 relates to the Mortgage Loans sold by the
Seller hereunder), Annex B to the Prospectus Supplement entitled "Certain
Characteristics Regarding Multifamily Properties" (insofar as the information
contained in Annex B relates to the Mortgage Loans sold by the Seller
hereunder), Annex C to the Prospectus Supplement, entitled "Structural and
Collateral Term Sheet" (insofar as the information contained in Annex C relates
to the Mortgage Loans sold by the Seller hereunder), the diskette which
accompanies the Prospectus Supplement (insofar as such diskette is consistent
with Annex X-0, Xxxxx X-0 and/or Annex B), and the following sections of the
Prospectus Supplement (only to the extent that any such information relates to
the Seller or the Mortgage Loans sold by the Seller hereunder and exclusive of
any statements in such sections that purport to describe the servicing and
administration provisions of the Pooling and Servicing Agreement and exclusive
of aggregated numerical information that includes the Other Mortgage Loans):
"Summary of Prospectus Supplement--Relevant Parties--Mortgage Loan Sellers,"
"Summary of Prospectus Supplement--The Mortgage Loans And The Mortgaged Real
Properties," "Risk Factors" and "Description of the Mortgage Pool". The
"Specified Portions" of the Memorandum shall consist of the Specified Portions
of the Prospectus Supplement (as attached as an exhibit to the Memorandum);
(e) Each of: (i) the resolutions of the Seller's board of directors or
a committee thereof authorizing the Seller's entering into the transactions
contemplated by this Agreement, (ii) the certificate of incorporation and bylaws
of the Seller, and (iii) a certificate of good standing of the Seller issued by
the State of Delaware not earlier than thirty (30) days prior to the Closing
Date;
(f) A written opinion of counsel for the Seller relating to corporate
and enforceability matters (which opinion may be from in-house counsel, outside
counsel or a combination thereof), reasonably satisfactory to the Purchaser, its
counsel and the Rating Agencies, dated the Closing Date and addressed to the
Purchaser, the Trustee, the Underwriters, the Initial Purchasers and each of the
Rating Agencies, together with such other written opinions, including as to
insolvency matters, as may be required by the Rating Agencies; and
(g) Such further certificates, opinions and documents as the Purchaser
may reasonably request prior to the Closing Date.
SECTION 7. Costs. Whether or not this Agreement is terminated, both
the Seller and the Purchaser shall pay their respective share of the transaction
expenses incurred in connection with the transactions contemplated herein as set
forth in the closing statement
15
prepared by the Purchaser and delivered to and approved by the Seller on or
before the Closing Date, and in the memorandum of understanding to which the
Seller and the Purchaser (or affiliates thereof) are parties with respect to the
transactions contemplated by this Agreement.
SECTION 8. Grant of a Security Interest. It is the express intent of
the parties hereto that the conveyance of the Mortgage Loans by the Seller to
the Purchaser as provided in Section 2 of this Agreement be, and be construed
as, a sale of the Mortgage Loans by the Seller to the Purchaser and not as a
pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt or
other obligation of the Seller. However, if, notwithstanding the aforementioned
intent of the parties, the Mortgage Loans are held to be property of the Seller,
then, (a) it is the express intent of the parties that such conveyance be deemed
a pledge of the Mortgage Loans by the Seller to the Purchaser to secure a debt
or other obligation of the Seller, and (b) (i) this Agreement shall also be
deemed to be a security agreement within the meaning of Article 9 of the UCC of
the applicable jurisdiction; (ii) the conveyance provided for in Section 2 of
this Agreement shall be deemed to be a grant by the Seller to the Purchaser of a
security interest in all of the Seller's right, title and interest in and to the
Mortgage Loans, and all amounts payable to the holder of the Mortgage Loans in
accordance with the terms thereof, and all proceeds of the conversion, voluntary
or involuntary, of the foregoing into cash, instruments, securities or other
property, including without limitation, all amounts, other than investment
earnings (other than investment earnings required by Section 3.19(a) of the
Pooling and Servicing Agreement to offset Prepayment Interest Shortfalls), from
time to time held or invested in the Collection Account, the Distribution
Account or, if established, the REO Account whether in the form of cash,
instruments, securities or other property; (iii) the assignment to the Trustee
of the interest of the Purchaser as contemplated by Section 1 of this Agreement
shall be deemed to be an assignment of any security interest created hereunder;
(iv) the possession by the Trustee or any of its agents, including, without
limitation, the Custodian, of the Mortgage Notes, and such other items of
property as constitute instruments, money, negotiable documents or chattel paper
shall be deemed to be possession by the secured party for purposes of perfecting
the security interest pursuant to Section 9-313 of the UCC of the applicable
jurisdiction; and (v) notifications to persons (other than the Trustee) holding
such property, and acknowledgments, receipts or confirmations from persons
(other than the Trustee) holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the secured party for the
purpose of perfecting such security interest under applicable law. The Seller
and the Purchaser shall, to the extent consistent with this Agreement, take such
actions as may be necessary to ensure that, if this Agreement were deemed to
create a security interest in the Mortgage Loans, such security interest would
be deemed to be a perfected security interest of first priority under applicable
law and will be maintained as such throughout the term of this Agreement and the
Pooling and Servicing Agreement. The Seller does hereby consent to the filing by
the Purchaser of financing statements relating to the transactions contemplated
hereby without the signature of the Seller.
SECTION 9. Notices. All notices, copies, requests, consents, demands
and other communications required hereunder shall be in writing and sent by
facsimile or delivered to the intended recipient at the "Address for Notices"
specified beneath its name on the signature pages hereof or, as to either party,
at such other address as shall be designated by such party in a notice hereunder
to the other party. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when transmitted by
facsimile or
16
personally delivered or, in the case of a mailed notice, upon receipt, in each
case given or addressed as aforesaid.
SECTION 10. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, incorporated herein by reference or contained in the certificates of
officers of the Seller submitted pursuant hereto, shall remain operative and in
full force and effect and shall survive delivery of the Mortgage Loans by the
Seller to the Purchaser (and by the Purchaser to the Trustee).
SECTION 11. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or
which is held to be void or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof. Any part, provision, representation, warranty or covenant of
this Agreement that is prohibited or unenforceable or is held to be void or
unenforceable in any particular jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereto waive any provision of law that prohibits
or renders void or unenforceable any provision hereof.
SECTION 12. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but which together shall
constitute one and the same agreement.
SECTION 13. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS, DUTIES,
OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF NEW YORK. THE PARTIES HERETO
INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS AGREEMENT.
SECTION 14. Attorneys' Fees. If any legal action, suit or proceeding
is commenced between the Seller and the Purchaser regarding their respective
rights and obligations under this Agreement, the prevailing party shall be
entitled to recover, in addition to damages or other relief, costs and expenses,
attorneys' fees and court costs (including, without limitation, expert witness
fees). As used herein, the term "prevailing party" shall mean the party that
obtains the principal relief it has sought, whether by compromise settlement or
judgment. If the party that commenced or instituted the action, suit or
proceeding shall dismiss or discontinue it without the concurrence of the other
party, such other party shall be deemed the prevailing party.
SECTION 15. Further Assurances. The Seller and the Purchaser agree to
execute and deliver such instruments and take such further actions as the other
party may, from time to time, reasonably request in order to effectuate the
purposes and to carry out the terms of this Agreement.
17
SECTION 16. Successors and Assigns. The rights and obligations of the
Seller under this Agreement shall not be assigned by the Seller without the
prior written consent of the Purchaser, except that any person into which the
Seller may be merged or consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Seller is a party, or any
person succeeding to all or substantially all of the business of the Seller,
shall be the successor to the Seller hereunder. The Purchaser has the right to
assign its interest under this Agreement, in whole or in part, as may be
required to effect the purposes of the Pooling and Servicing Agreement, and the
assignee shall, to the extent of such assignment, succeed to the rights and
obligations hereunder of the Purchaser. Subject to the foregoing, this Agreement
shall bind and inure to the benefit of and be enforceable by the Seller, the
Purchaser, the Underwriters (as intended third party beneficiaries hereof), the
Initial Purchasers (also as intended third party beneficiaries hereof) and their
permitted successors and assigns. This Agreement is enforceable by the
Underwriters, the Initial Purchasers and the other third party beneficiaries
hereto in all respects to the same extent as if they had been signatories
hereof.
SECTION 17. Amendments. No term or provision of this Agreement may be
waived or modified unless such waiver or modification is in writing and signed
by a duly authorized officer of the party hereto against whom such waiver or
modification is sought to be enforced. The Seller's obligations hereunder shall
in no way be expanded, changed or otherwise affected by any amendment of or
modification to the Pooling and Servicing Agreement, including, without
limitation, any defined terms therein, unless the Seller has consented to such
amendment or modification in writing.
SECTION 18. Accountants' Letters. The parties hereto shall cooperate
with Ernst & Young LLP in making available all information and taking all steps
reasonably necessary to permit such accountants to deliver the letters required
by the Underwriting Agreement and the Certificate Purchase Agreement.
SECTION 19. Knowledge. Whenever a representation or warranty or other
statement in this Agreement (including, without limitation, Schedule I hereto)
is made with respect to a Person's "knowledge," such statement refers to such
Person's employees or agents who were or are responsible for or involved with
the indicated matter and have actual knowledge of the matter in question.
SECTION 20. Cross-Collateralized Mortgage Loans. Each Crossed Loan
Group is identified on the Mortgage Loan Schedule. For purposes of reference,
the Mortgaged Property that relates or corresponds to any of the Mortgage Loans
in a Crossed Loan Group shall be the property identified in the Mortgage Loan
Schedule as corresponding thereto. The provisions of this Agreement, including,
without limitation, each of the representations and warranties set forth in
Schedule I hereto and each of the capitalized terms used herein but defined in
the Pooling and Servicing Agreement, shall be interpreted in a manner consistent
with this Section 20. In addition, if there exists with respect to any Crossed
Loan Group only one original of any document referred to in the definition of
"Mortgage File" in this Agreement and covering all the Mortgage Loans in such
Crossed Loan Group, the inclusion of the original of such document in the
Mortgage File for any of the Mortgage Loans in such Crossed Loan Group shall be
deemed an inclusion of such original in the Mortgage File for each such Mortgage
Loan.
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IN WITNESS WHEREOF, the Seller and the Purchaser have caused their
names to be signed hereto by their respective duly authorized officers as of the
date first above written.
SELLER
XXXXXXX XXXXX MORTGAGE LENDING, INC.
By: /s/ Xxxxxx X. Xxx
------------------------------------
Name: Xxxxxx X. Xxx
Title: Senior Vice President
Address for Notices:
Xxxxxxx Xxxxx Mortgage Lending, Inc.
Four World Financial Center
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: (000) 000-0000
Telephone No.: (000) 000-0000
Attention: Xxxxx X. Xxxxxxx
with a copy to:
Xxxxxx X. Xxxxxxxx, Esq.
Xxxxxxx Xxxxx Mortgage Investors, Inc.
Four World Financial Center
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: (000) 000-0000
Telephone No.: (000) 000-0000
PURCHASER
XXXXXXX XXXXX MORTGAGE INVESTORS, INC.
By: /s/ Xxxxxx X. Xxx
------------------------------------
Name: Xxxxxx X. Xxx
Title: Vice President
Address for Notices:
Xxxxxxx Xxxxx Mortgage Investors, Inc.
Four World Financial Center
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: (000) 000-0000
Telephone No.: (000) 000-0000
Attention: Xxxxx X. Xxxxxxx
with a copy to:
Xxxxxx X. Xxxxxxxx, Esq.
Xxxxxxx Xxxxx Mortgage Investors, Inc.
Four World Financial Center
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Telecopier No.: (000) 000-0000
Telephone No.: (000) 000-0000
MLML MORTGAGE LOAN PURCHASE AGREEMENT
SCHEDULE I
MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
For purposes of this Schedule I, the "Value" of a Mortgaged Property
shall mean the value of such Mortgaged Property as determined by the appraisal
(and subject to the assumptions set forth in the appraisal) performed in
connection with the origination of the related Mortgage Loan.
1. Mortgage Loan Schedule. The information set forth in the Mortgage
Loan Schedule with respect to the Mortgage Loans is true and correct in all
material respects (and contains all the items listed in the definition of
"Mortgage Loan Schedule") as of the dates of the information set forth therein
or, if not set forth therein, and in all events no earlier than, as of the
respective Cut-off Dates for the Mortgage Loans.
2. Ownership of Mortgage Loans. Immediately prior to the transfer of
the Mortgage Loans to the Purchaser, the Seller had good title to, and was the
sole owner of, each Mortgage Loan. The Seller has full right, power and
authority to transfer and assign each Mortgage Loan to or at the direction of
the Purchaser free and clear of any and all pledges, liens, charges, security
interests, participation interests and/or other interests and encumbrances
(except for certain servicing rights as provided in the Pooling and Servicing
Agreement, any permitted subservicing agreements and servicing rights purchase
agreements pertaining thereto). The Seller has validly and effectively conveyed
to the Purchaser all legal and beneficial interest in and to each Mortgage Loan
free and clear of any pledge, lien, charge, security interest or other
encumbrance (except for certain servicing rights as provided in the Pooling and
Servicing Agreement, any permitted subservicing agreements and servicing rights
purchase agreements pertaining thereto); provided that recording and/or filing
of various transfer documents are to be completed after the Closing Date as
contemplated hereby and by the Pooling and Servicing Agreement. The sale of the
Mortgage Loans to the Purchaser or its designee does not require the Seller to
obtain any governmental or regulatory approval or consent that has not been
obtained. Each Mortgage Note is, or shall be as of the Closing Date, properly
endorsed to the Purchaser or its designee and each such endorsement is, or shall
be as of the Closing Date, genuine.
3. Payment Record. No scheduled payment of principal and interest
under any Mortgage Loan was 30 days or more past due as of the Due Date for such
Mortgage Loan in June 2005 without giving effect to any applicable grace period,
nor was any such payment 30 days or more delinquent in the twelve-month period
immediately preceding the Due Date for such Mortgage Loan in June 2005, without
giving effect to any applicable grace period.
4. Lien; Valid Assignment. Each Mortgage related to and delivered in
connection with each Mortgage Loan constitutes a valid and, subject to the
limitations and exceptions set forth in representation 13 below, enforceable
first priority lien upon the related Mortgaged Property, prior to all other
liens and encumbrances, and there are no liens and/or encumbrances that are pari
passu with the lien of such Mortgage, in any event subject, however, to the
following (collectively, the "Permitted Encumbrances"): (a) the lien for current
real estate 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 that are of public record and/or are referred
to in the related lender's title insurance policy (or, if not yet issued,
referred to in a pro forma title policy or a "marked-up" commitment binding upon
the title insurer); (c) exceptions and exclusions specifically referred to in
such lender's title insurance policy (or, if not yet issued, referred to in a
pro forma title policy or "marked-up" commitment binding upon the title
insurer); (d) other matters to which like properties are commonly subject; (e)
the rights of tenants (as tenants only) under leases (including subleases)
pertaining to the related Mortgaged Property; (f) if such Mortgage Loan
constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for
another Mortgage Loan contained in the same Crossed Group; and (g) if the
related Mortgaged Property consists of one or more units in a condominium, the
related condominium declaration. The 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 Mortgaged Property or the current ability
of the related Mortgaged Property to generate income sufficient to service such
Mortgage Loan. The related assignment of such Mortgage executed and delivered in
favor of the Trustee is in recordable form (but for insertion of the name and
address of the assignee and any related recording information which is not yet
available to the Seller) and constitutes a legal, valid, binding and, subject to
the limitations and exceptions set forth in representation 13 below, enforceable
assignment of such Mortgage from the relevant assignor to the Trustee.
5. Assignment of Leases and Rents. There exists, as part of the
related Mortgage File, an Assignment of Leases (either as a separate instrument
or as part of the Mortgage) that relates to and was delivered in connection with
each Mortgage Loan and that establishes and creates a valid, subsisting and,
subject to the limitations and exceptions set forth in representation 13 below,
enforceable first priority lien on and security interest in, subject to
applicable law, the property, rights and interests of the related Mortgagor
described therein, except for Permitted Encumbrances and except that a license
may have been granted to the related Mortgagor to exercise certain rights and
perform certain obligations of the lessor under the relevant lease or leases,
including, without limitation, the right to operate the related leased property
so long as no event of default has occurred under such Mortgage Loan; and each
assignor thereunder has the full right to assign the same. The related
assignment of any Assignment of Leases not included in a Mortgage, executed and
delivered in favor of the Trustee is in recordable form (but for insertion of
the name of the assignee and any related recording information which is not yet
available to the Seller), and constitutes a legal, valid, binding and, subject
to the limitations and exceptions set forth in representation 13 below,
enforceable assignment of such Assignment of Leases from the relevant assignor
to the Trustee. The related Mortgage or related Assignment of Leases, subject to
applicable law, provides for the appointment of a receiver for the collection of
rents or for the related mortgagee to enter into possession to collect the rents
or provides for rents to be paid directly to the related mortgagee, if there is
an event of default. No person other than the related Mortgagor owns any
interest in any payments due under the related leases on which the Mortgagor is
the landlord, covered by the related Assignment of Leases.
6. Mortgage Status; Waivers and Modifications. In the case of each
Mortgage Loan, except by a written instrument which has been delivered to the
Purchaser or its designee as a part of the related Mortgage File, (a) the
related Mortgage (including any
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amendments or supplements thereto included in the related Mortgage File) has not
been impaired, waived, modified, altered, satisfied, canceled, subordinated or
rescinded, (b) neither the related Mortgaged Property nor any material portion
thereof has been released from the lien of such Mortgage and (c) the related
Mortgagor has not been released from its obligations under such Mortgage, in
whole or in material part. With respect to each Mortgage Loan, since the later
of (a) May 31, 2005 and (b) the closing date of such Mortgage Loan, the Seller
has not executed any written instrument that (i) impaired, satisfied, canceled,
subordinated or rescinded such Mortgage Loan, (ii) waived, modified or altered
any material term of such Mortgage Loan, (iii) released the Mortgaged Property
or any material portion thereof from the lien of the related Mortgage, or (iv)
released the related Mortgagor from its obligations under such Mortgage Loan in
whole or material part. For avoidance of doubt, the preceding sentence does not
relate to any release of escrows by the Seller or a servicer on its behalf.
7. Condition of Property; Condemnation. In the case of each Mortgage
Loan, except as set forth in an engineering report prepared by an independent
engineering consultant in connection with the origination of such Mortgage Loan,
the related Mortgaged Property is, to the Seller's knowledge, in good repair and
free and clear of any damage that would materially and adversely affect its
value as security for such Mortgage Loan (except in any such case where an
escrow of funds, letter of credit or insurance coverage exists sufficient to
effect the necessary repairs and maintenance). As of the date of origination of
the Mortgage Loan, there was no proceeding pending for the condemnation of all
or any material part of the related Mortgaged Property. As of the Closing Date,
the Seller has not received notice and has no knowledge of any proceeding
pending for the condemnation of all or any material portion of the Mortgaged
Property securing any Mortgage Loan. As of the date of origination of each
Mortgage Loan and, to the Seller's knowledge, as of the date hereof, (a) none of
the material improvements on the related Mortgaged Property encroach upon the
boundaries and, to the extent in effect at the time of construction, do not
encroach upon the building restriction lines of such property, and none of the
material improvements on the related Mortgaged Property encroached over any
easements, except, in each case, for encroachments that are insured against by
the lender's title insurance policy referred to in representation 8 below or
that do not materially and adversely affect the Value or current use of such
Mortgaged Property and (b) no improvements on adjoining properties encroached
upon such Mortgaged Property so as to materially and adversely affect the Value
of such Mortgaged Property, except those encroachments that are insured against
by the lender's title insurance policy referred to in representation 8 below.
8. Title Insurance. Each Mortgaged Property securing a Mortgage Loan
is covered by an American Land Title Association (or an equivalent form of)
lender's title insurance policy (the "Title Policy") (or, if such policy has yet
to be issued, by a pro forma policy or a "marked up" commitment binding on the
title insurer) in the original principal amount of such Mortgage Loan after all
advances of principal, insuring that the related Mortgage is a valid first
priority lien on such Mortgaged Property, subject only to the Permitted
Encumbrances, except that in the case of a Mortgage Loan as to which the related
Mortgaged Property is made up of more than one parcel of property, each of which
is secured by a separate Mortgage, such Mortgage (and therefore the related
Title Policy) may be in an amount less than the original principal amount of the
Mortgage Loan, but is not less than the allocated amount of subject parcel
constituting a portion of the related Mortgaged Property. Such Title Policy (or,
if
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it has yet to be issued, the coverage to be provided thereby) is in full force
and effect, all premiums thereon have been paid, no material claims have been
made thereunder and no claims have been paid thereunder. No holder of the
related Mortgage has done, by act or omission, anything that would materially
impair the coverage under such Title Policy. Immediately following the transfer
and assignment of the related Mortgage Loan to the Trustee, such Title Policy
(or, if it has yet to be issued, the coverage to be provided thereby) inures to
the benefit of the Trustee as sole insured without the consent of or notice to
the insurer. Such Title Policy contains no exclusion for whether, or it
affirmatively insures (unless the related Mortgaged Property is located in a
jurisdiction where such affirmative insurance is not available) that, (a) the
related Mortgaged Property has access to a public road, and (b) the area shown
on the survey, if any, reviewed or prepared in connection with the origination
of the related Mortgage Loan is the same as the property legally described in
the related Mortgage.
9. No Holdback. The proceeds of each Mortgage Loan have been fully
disbursed (except in those cases where the full amount of the Mortgage Loan has
been disbursed but a portion thereof is being held in escrow or reserve accounts
documented as part of the Mortgage Loan documents and the rights to which are
transferred to the Trustee, pending the satisfaction of certain conditions
relating to leasing, repairs or other matters with respect to the related
Mortgaged Property), and there is no obligation for future advances with respect
thereto.
10. Mortgage Provisions. The Mortgage Loan documents for each Mortgage
Loan, together with applicable state law, contain customary and, subject to the
limitations and exceptions set forth in representation 13 below, enforceable
provisions such as to render the rights and remedies of the holder thereof
adequate for the practical realization against the related Mortgaged Property of
the principal benefits of the security intended to be provided thereby,
including, without limitation, foreclosure or similar proceedings (as applicable
for the jurisdiction where the related Mortgaged Property is located). None of
the Mortgage Loan documents contains any provision that expressly excuses the
related Mortgagor from obtaining and maintaining insurance coverage for acts of
terrorism.
11. Trustee under Deed of Trust. If the Mortgage for any Mortgage Loan
is a deed of trust, then (a) a trustee, duly qualified under applicable law to
serve as such, has either been properly designated and currently so serves or
may be substituted in accordance with the Mortgage and applicable law, and (b)
no fees or expenses are payable to such trustee by the Seller, the Purchaser or
any transferee thereof except in connection with a trustee's sale after default
by the related Mortgagor or in connection with any full or partial release of
the related Mortgaged Property or related security for such Mortgage Loan.
12. Environmental Conditions. Except in the case of the Mortgaged
Properties identified on Annex B hereto (as to which properties the only
environmental investigation conducted in connection with the origination of the
related Mortgage Loan related to asbestos-containing materials and lead-based
paint), (a) an environmental site assessment meeting ASTM standards and covering
all environmental hazards typically assessed for similar properties including
use, type and tenants of the related Mortgaged Property, a transaction screen
meeting ASTM standards or an update of a previously conducted environmental site
assessment (which update may have been performed pursuant to a database update),
was performed by an independent third-party environmental consultant (licensed
to the extent required by applicable
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state law) with respect to each Mortgaged Property securing a Mortgage Loan in
connection with the origination of such Mortgage Loan, (b) the report of each
such assessment, update or screen, if any (an "Environmental Report"), is dated
no earlier than (or, alternatively, has been updated within) twelve (12) months
prior to the date hereof, (c) a copy of each such Environmental Report has been
delivered to the Purchaser, and (d) either: (i) no such Environmental Report, if
any, reveals that as of the date of the report there is a material violation of
applicable environmental laws with respect to any known circumstances or
conditions relating to the related Mortgaged Property; or (ii) if any such
Environmental Report does reveal any such circumstances or conditions with
respect to the related Mortgaged Property and the same have not been
subsequently remediated in all material respects, then one or more of the
following are true--(A) one or more parties not related to the related Mortgagor
and collectively having financial resources reasonably estimated to be adequate
to cure the violation was identified as the responsible party or parties for
such conditions or circumstances, and such conditions or circumstances do not
materially impair the Value of the related Mortgaged Property, (B) the related
Mortgagor was required to provide additional security reasonably estimated to be
adequate to cure the violations and/or to obtain and, for the period
contemplated by the related Mortgage Loan documents, maintain an operations and
maintenance plan, (C) the related Mortgagor, or other responsible party,
provided a "no further action" letter or other evidence that would be acceptable
to a reasonably prudent commercial mortgage lender, that applicable federal,
state or local governmental authorities had no current intention of taking any
action, and are not requiring any action, in respect of such conditions or
circumstances, (D) such conditions or circumstances were investigated further
and based upon such additional investigation, a qualified environmental
consultant recommended no further investigation or remediation, (E) the
expenditure of funds reasonably estimated to be necessary to effect such
remediation is not greater than 2% of the outstanding principal balance of the
related Mortgage Loan, (F) there exists an escrow of funds reasonably estimated
to be sufficient for purposes of effecting such remediation, (G) the related
Mortgaged Property is insured under a policy of insurance, subject to certain
per occurrence and aggregate limits and a deductible, against certain losses
arising from such circumstances and conditions or (H) a responsible party
provided a guaranty or indemnity to the related Mortgagor to cover the costs of
any required investigation, testing, monitoring or remediation and, as of the
date of origination of the related Mortgage Loan, such responsible party had
financial resources reasonably estimated to be adequate to cure the subject
violation in all material respects. To the Seller's actual knowledge and without
inquiry beyond the related Environmental Report, there are no significant or
material circumstances or conditions with respect to such Mortgaged Property not
revealed in any such Environmental Report, where obtained, or in any Mortgagor
questionnaire delivered to the Seller in connection with the issue of any
related environmental insurance policy, if applicable, that would require
investigation or remediation by the related Mortgagor under, or otherwise be a
material violation of, any applicable environmental law. The Mortgage Loan
documents for each Mortgage Loan require the related Mortgagor to comply in all
material respects with all applicable federal, state and local environmental
laws and regulations. Each of the Mortgage Loans identified on Annex C hereto is
covered by a secured creditor impaired property environmental insurance policy
and each such policy is noncancellable during its term, is in the amount at
least equal to 125% of the principal balance of the Mortgage Loan, has a term
ending no sooner than the date which is five years after the maturity date of
the Mortgage Loan to which it relates and either does not provide for a
deductible or the deductible amount is held in escrow and all premiums have been
paid in
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full. Each Mortgagor represents and warrants in the related Mortgage Loan
documents that except as set forth in certain environmental reports and to its
knowledge 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. The related Mortgagor (or affiliate thereof) has agreed to
indemnify, defend and hold the Seller and its successors and assigns harmless
from and against any and all losses, liabilities, damages, injuries, penalties,
fines, out-of-pocket 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 environmental representations,
warranties or covenants given by the Mortgagor in connection with such Mortgage
Loan.
13. Loan Document Status. Each Mortgage Note, Mortgage, and each other
agreement executed by or on behalf of the related Mortgagor with respect to each
Mortgage Loan is the legal, valid and binding obligation of the maker thereof
(subject to any non-recourse provisions contained in any of the foregoing
agreements and any applicable state anti-deficiency or market value limit
deficiency legislation), enforceable in accordance with its terms, except as
such enforcement may be limited by (i) bankruptcy, insolvency, reorganization,
receivership, fraudulent transfer and conveyance or other similar laws affecting
the enforcement of creditors' rights generally, (ii) general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law) and (iii) public policy considerations underlying applicable
securities laws, to the extent that such public policy considerations limit the
enforceability of provisions that purport to provide indemnification from
liabilities under applicable securities laws, and except that certain provisions
in such loan documents may be further limited or rendered unenforceable by
applicable law, but (subject to the limitations set forth in the foregoing
clauses (i) and (ii)) such limitations or unenforceability will not render such
loan documents invalid as a whole or substantially interfere with the
mortgagee's realization of the principal benefits and/or security provided
thereby. There is no valid defense, counterclaim or right of offset or
rescission available to the related Mortgagor with respect to such Mortgage
Note, Mortgage or other agreements that would deny the mortgagee the principal
benefits intended to be provided thereby, except in each case, with respect to
the enforceability of any provisions requiring the payment of default interest,
late fees, additional interest, prepayment premiums or yield maintenance
charges.
14. Insurance. Except in certain cases where tenants, having a net
worth of at least $50,000,000 or an investment grade credit rating (and, if
rated by Fitch, a credit rating of at least "A-" by Fitch) and obligated to
maintain the insurance described in this paragraph, are allowed to self-insure
the related Mortgaged Properties, all improvements upon each Mortgaged Property
securing a Mortgage Loan are insured under a fire and extended perils insurance
(or the equivalent) policy, in an amount at least equal to the lesser of the
outstanding principal balance of such Mortgage Loan and 100% of the full
insurable replacement cost of the improvements located on the related Mortgaged
Property, and if applicable, the related hazard insurance policy contains
appropriate endorsements to avoid the application of co-insurance and does not
permit reduction in insurance proceeds for depreciation. Each Mortgaged Property
is also covered by comprehensive general liability insurance in amounts
customarily required by prudent commercial mortgage lenders for properties of
similar types. Each Mortgaged Property securing
I-6
a Mortgage Loan is the subject of a business interruption or rent loss insurance
policy providing coverage for at least twelve (12) months (or a specified dollar
amount which is reasonably estimated to cover no less than twelve (12) months of
rental income), unless such Mortgaged Property constitutes a manufactured
housing community. If any portion of the improvements on a Mortgaged Property
securing any Mortgage Loan was, at the time of the origination of such Mortgage
Loan, in an area identified in the Federal Register by the Flood Emergency
Management Agency as a special flood hazard area (Zone A or Zone V), and flood
insurance was available, a flood insurance policy is in effect with a generally
acceptable insurance carrier, in an amount representing coverage not less than
the least of: (1) the minimum amount required, under the terms of coverage, to
compensate for any damage or loss on a replacement basis, (2) the outstanding
principal balance of such Mortgage Loan, and (3) the maximum amount of insurance
available under the applicable federal flood insurance program. Each Mortgaged
Property located in California or in seismic zones 3 and 4 is covered by seismic
insurance to the extent such Mortgaged Property has a probable maximum loss of
greater than twenty percent (20%) of the replacement value of the related
improvements, calculated using methodology acceptable to a reasonably prudent
commercial mortgage lender with respect to similar properties in the same area
or earthquake zone. Each Mortgaged Property located within Florida or within 25
miles of the coast of North Carolina, South Carolina, Georgia, Alabama,
Mississippi, Louisiana or Texas is insured by windstorm insurance in an amount
at least equal to the lesser of (i) the outstanding principal balance of the
related Mortgage Loan and (ii) 100% of the insurable replacement cost of the
improvements located on such Mortgaged Property (less physical depreciation).
All such hazard and flood insurance policies contain a standard mortgagee clause
for the benefit of the holder of the related Mortgage, its successors and
assigns, as mortgagee, and are not terminable (nor may the amount of coverage
provided thereunder be reduced) without at least ten (10) days' prior written
notice to the mortgagee; and no such notice has been received, including any
notice of nonpayment of premiums, that has not been cured. Additionally, for any
Mortgage Loan having a Cut-off Date Balance equal to or greater than
$20,000,000, the insurer for all of the required coverages set forth herein has
a claims paying ability or financial strength rating from S&P or Xxxxx'x of not
less than A-minus (or the equivalent), or from A.M. Best Company of not less
than "A-minus: V" (or the equivalent) and, if rated by Fitch, of not less than
"A-" from Fitch (or the equivalent). With respect to each Mortgage Loan, the
related Mortgage Loan documents require that the related Mortgagor or a tenant
of such Mortgagor maintain insurance as described above or permit the related
mortgagee to require insurance as described above. Except under circumstances
that would be reasonably acceptable to a prudent commercial mortgage lender or
that would not otherwise materially and adversely affect the security intended
to be provided by the related Mortgage, the Mortgage Loan documents for each
Mortgage Loan provide that proceeds paid under any such casualty insurance
policy will (or, at the lender's option, will) be applied either to the repair
or restoration of all or part of the related Mortgaged Property or to the
payment of amounts due under such Mortgage Loan; provided that the related
Mortgage Loan documents may entitle the related Mortgagor to any portion of such
proceeds remaining after the repair or restoration of the related Mortgaged
Property or payment of amounts due under the Mortgage Loan; and provided,
further, that, if the related Mortgagor holds a leasehold interest in the
related Mortgaged Property, the application of such proceeds will be subject to
the terms of the related Ground Lease (as defined in representation 18 below).
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Each Mortgaged Property is insured by an "all-risk" casualty insurance
policy that does not contain an express exclusion for (or, alternatively, is
covered by a separate policy that insures against property damage resulting
from) acts of terrorism.
15. Taxes and Assessments. There are no delinquent property taxes or
assessments or other outstanding charges affecting any Mortgaged Property
securing a Mortgage Loan that are a lien of priority equal to or higher than the
lien of the related Mortgage and that have not been paid or are not otherwise
covered by an escrow of funds sufficient to pay such charge. For purposes of
this representation and warranty, real property taxes and assessments and other
charges shall not be considered delinquent until the date on which interest
and/or penalties would be payable thereon.
16. Mortgagor Bankruptcy. No Mortgagor under a Mortgage Loan is a
debtor in any state or federal bankruptcy, insolvency or similar proceeding.
17. Local Law Compliance. To the Seller's knowledge, based upon a
letter from governmental authorities, a legal opinion, a zoning consultant's
report or an endorsement to the related Title Policy, or based on such other due
diligence considered reasonable by prudent commercial mortgage lenders in the
lending area where the subject Mortgaged Property is located (including, without
limitation, when commercially reasonable, a representation of the related
Mortgagor at the time of origination of the subject Mortgage Loan), the
improvements located on or forming part of each Mortgaged Property securing a
Mortgage Loan are in material compliance with applicable zoning laws and
ordinances or constitute a legal non-conforming use or structure (or, if any
such improvement does not so comply and does not constitute a legal
non-conforming use or structure, such non-compliance and failure does not
materially and adversely affect the Value of the related Mortgaged Property). In
the case of each legal non-conforming use or structure, the related Mortgaged
Property may be restored or repaired to the full extent of the use or structure
at the time of such casualty or law and ordinance coverage has been obtained in
an amount that would be required by prudent commercial mortgage lenders (or, if
the related Mortgaged Property may not be restored or repaired to the full
extent of the use or structure at the time of such casualty and law and
ordinance coverage has not been obtained in an amount that would be required by
prudent commercial mortgage lenders, such fact does not materially and adversely
affect the Value of the related Mortgaged Property).
18. Leasehold Estate Only. If any Mortgage Loan is secured by the
interest of a Mortgagor as a lessee under a ground lease of all or a material
portion of a Mortgaged Property (together with any and all written amendments
and modifications thereof and any and all estoppels from or other agreements
with the ground lessor, a "Ground Lease"), but not by the related fee interest
in such Mortgaged Property or such material portion thereof (the "Fee
Interest"), then:
(i) such Ground Lease or a memorandum thereof has been or will be duly
recorded; such Ground Lease permits the interest of the lessee thereunder
to be encumbered by the related Mortgage; and there has been no material
change in the terms of such Ground Lease since its recordation, with the
exception of material changes reflected in written instruments which are a
part of the related Mortgage File; and if required by such Ground Lease,
the lessor thereunder has received notice of the lien of the related
Mortgage in accordance with the provisions of such Ground Lease;
I-8
(ii) the related lessee's leasehold interest in the portion of the
related Mortgaged Property covered by such Ground Lease is not subject to
any liens or encumbrances superior to, or of equal priority with, the
related Mortgage, other than the related Fee Interest and Permitted
Encumbrances;
(iii) upon foreclosure of such Mortgage Loan (or acceptance of a deed
in lieu thereof), the Mortgagor's interest in such Ground Lease is
assignable to, and is thereafter further assignable by, the Purchaser upon
notice to, but without the consent of, the lessor thereunder (or, if such
consent is required, it has been obtained); provided that such Ground Lease
has not been terminated and all amounts owed thereunder have been paid;
(iv) such Ground Lease is in full force and effect, and, to the
Seller's knowledge, no material default has occurred under such Ground
Lease;
(v) such Ground Lease requires the lessor thereunder to give notice of
any default by the lessee to the mortgagee under such Mortgage Loan; and
such Ground Lease further provides that no notice of termination given
under such Ground Lease is effective against the mortgagee under such
Mortgage Loan unless a copy has been delivered to such mortgagee in the
manner described in such Ground Lease;
(vi) the mortgagee under such Mortgage Loan is permitted a reasonable
opportunity (including, where necessary, sufficient time to gain possession
of the interest of the lessee under such Ground Lease) to cure any default
under such Ground Lease, which is curable after the receipt of notice of
any such default, before the lessor thereunder may terminate such Ground
Lease;
(vii) such Ground Lease either (i) has an original term which extends
not less than twenty (20) years beyond the Stated Maturity Date of such
Mortgage Loan, or (ii) has an original term which does not end prior to the
5th anniversary of the Stated Maturity Date of such Mortgage Loan and has
extension options that are exercisable by the lender upon its taking
possession of the Mortgagor's leasehold interest and that, if exercised,
would cause the term of such Ground Lease to extend not less than twenty
(20) years beyond the Stated Maturity Date of such Mortgage Loan;
(viii) such Ground Lease requires the lessor to enter into a new lease
with a mortgagee upon termination of such Ground Lease for any reason,
including as a result of a rejection of such Ground Lease in a bankruptcy
proceeding involving the related Mortgagor, unless the mortgagee under such
Mortgage Loan fails to cure a default of the lessee that is susceptible to
cure by the mortgagee under such Ground Lease following notice thereof from
the lessor;
(ix) under the terms of such Ground Lease and the related Mortgage or
related Mortgage Loan documents, taken together, any related casualty
insurance proceeds (other than de minimis amounts for minor casualties)
with respect to the leasehold interest will be applied either (i) to the
repair or restoration of all or part of the related Mortgaged Property,
with the mortgagee or a trustee appointed by it having the right to hold
and disburse such proceeds as the repair or restoration progresses (except
in such cases where
I-9
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 (ii) to the payment of the outstanding principal
balance of the Mortgage Loan together with any accrued interest thereon;
(x) such Ground Lease does not impose any restrictions on subletting
which would be viewed as commercially unreasonable by a prudent commercial
mortgage lender in the lending area where the related Mortgaged Property is
located at the time of the origination of such Mortgage Loan; and
(xi) such Ground Lease provides that (i) it may not be amended or
modified without the prior written consent of the mortgagee under such
Mortgage Loan, and (ii) any such action without such consent is not binding
on such mortgagee, its successors or assigns.
19. Qualified Mortgage. Each Mortgage Loan is a "qualified mortgage"
within the meaning of Section 860G(a)(3) of the Code and Treasury Regulations
Section 1.860G-2(a) (but without regard to the rule in Treasury Regulations
Section 1.860G-2(a)(3) or Section 1.860G-2(f)(2) that treats a defective
obligation as a qualified mortgage under certain circumstances). Each Mortgage
Loan is directly secured by an interest in real property (within the meaning of
Treasury Regulations Section 1.856-3(c) and 1.856-3(d)), and either (1) the fair
market value of the interest in real property which secures such Mortgage Loan
was at least equal to 80% of the principal amount of such Mortgage Loan at the
time the Mortgage Loan was (a) originated or modified (within the meaning of
Treasury Regulations Section 1.860G-2(b)(1)) or (b) contributed to the Trust
Fund, or (2) substantially all of the proceeds of such Mortgage Loan were used
to acquire, improve or protect an interest in real property and such interest in
real property was the only security for the Mortgage Loan at the time such
Mortgage Loan was originated or modified. For purposes of the previous sentence,
the fair market value of the referenced interest in real property shall first be
reduced by (1) the amount of any lien on such interest in real property that is
senior to the Mortgage Loan, and (2) a proportionate amount of any lien on such
interest in real property that is in parity with the Mortgage Loan.
20. Advancement of Funds. In the case of each Mortgage Loan, neither
the Seller nor, to the Seller's knowledge, any prior holder of such Mortgage
Loan has advanced funds or induced, solicited or knowingly received any advance
of funds from a party other than the owner of the related Mortgaged Property
(other than amounts paid by the tenant as specifically provided under a related
lease or by the property manager), for the payment of any amount required by
such Mortgage Loan, except for interest accruing from the date of origination of
such Mortgage Loan or the date of disbursement of the Mortgage Loan proceeds,
whichever is later, to the date which preceded by 30 days the first due date
under the related Mortgage Note.
21. No Equity Interest, Equity Participation or Contingent Interest.
No Mortgage Loan contains any equity participation by the mortgagee thereunder,
is convertible by its terms into an equity ownership interest in the related
Mortgaged Property or the related Mortgagor, provides for any contingent or
additional interest in the form of participation in the cash flow of the related
Mortgaged Property, or provides for the negative amortization of
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interest, except that, in the case of an ARD Loan, such Mortgage Loan provides
that, during the period commencing on or about the related Anticipated Repayment
Date and continuing until such Mortgage Loan is paid in full, (a) additional
interest shall accrue and may be compounded monthly and shall be payable only
after the outstanding principal of such Mortgage Loan is paid in full, and (b) a
portion of the cash flow generated by such Mortgaged Property will be applied
each month to pay down the principal balance thereof in addition to the
principal portion of the related monthly payment.
22. Legal Proceedings. To the Seller's knowledge, there are no pending
actions, suits, proceedings or governmental investigations by or before any
court or governmental authority against or affecting the Mortgagor under any
Mortgage Loan or the related Mortgaged Property that, if determined adversely to
such Mortgagor or Mortgaged Property, would materially and adversely affect the
value of the Mortgaged Property as security for such Mortgage Loan or the
current ability of the Mortgagor to pay principal, interest or any other amounts
due under such Mortgage Loan.
23. Other Mortgage Liens. None of the Mortgage Loans permits the
related Mortgaged Property to be encumbered by any mortgage lien junior to or of
equal priority with the lien of the related Mortgage without the prior written
consent of the holder thereof or the satisfaction of debt service coverage or
similar criteria specified therein. To the Seller's knowledge, except for cases
involving other Mortgage Loans, none of the Mortgaged Properties securing the
Mortgage Loans is encumbered by any mortgage liens junior to or of equal
priority with the liens of the related Mortgage. The related Mortgage Loan
documents require the Mortgagor under each Mortgage Loan to pay all reasonable
costs and expenses related to any required consent to an encumbrance, including
any applicable Rating Agency fees, or would permit the related mortgagee to
withhold such consent if such costs and expenses are not paid by a party other
than such mortgagee.
24. No Mechanics' Liens. As of the date of origination, each Mortgaged
Property securing a Mortgage Loan (exclusive of any related personal property)
was free and clear of any and all mechanics' and materialmen's liens that were
prior or equal to the lien of the related Mortgage and that were not bonded or
escrowed for or covered by title insurance. As of the Closing Date, to the
Seller's knowledge: (i) each Mortgaged Property securing a Mortgage Loan
(exclusive of any related personal property) is free and clear of any and all
mechanics' and materialmen's liens that are prior or equal to the lien of the
related Mortgage and that are not bonded or escrowed for or covered by title
insurance, and (ii) no rights are outstanding that under law could give rise to
any such lien that would be prior or equal to the lien of the related Mortgage
and that is not bonded or escrowed for or covered by title insurance.
25. Compliance. Each Mortgage Loan complied with, or was exempt from,
all applicable usury laws in effect at its date of origination.
26. Licenses and Permits. To the Seller's knowledge, as of the date of
origination of each Mortgage Loan and based on any of: (i) a letter from
governmental authorities, (ii) a legal opinion, (iii) an endorsement to the
related Title Policy, (iv) a representation of the related Mortgagor at the time
of origination of such Mortgage Loan, (v) a zoning report from a zoning
consultant, or (vi) other due diligence that a commercially
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reasonable originator of similar mortgage loans in the jurisdiction where the
related Mortgaged Property is located customarily performs in the origination of
comparable mortgage loans, the related Mortgagor was in possession of all
material licenses, permits and franchises required by applicable law for the
ownership and operation of the related Mortgaged Property as it was then
operated or such material licenses, permits and franchises have otherwise been
issued.
27. Cross-Collateralization. No Mortgage Loan is cross-collateralized
with any loan which is outside the Mortgage Pool. With respect to any group of
cross-collateralized Mortgage Loans, the sum of the amounts of the respective
Mortgages recorded on the related Mortgaged Properties with respect to such
Mortgage Loans is at least equal to the total amount of such Mortgage Loans.
28. Releases of Mortgaged Properties. No Mortgage Note or Mortgage
requires the mortgagee to release all or any material portion of the related
Mortgaged Property from the lien of the related Mortgage except upon (i) payment
in full of all amounts due under the related Mortgage Loan or (ii) delivery of
"government securities" within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the "Investment Company Act"), in connection
with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans
that are Crossed Loans, and the other individual Mortgage Loans secured by
multiple parcels, may require the respective mortgagee(s) to grant releases of
portions of the related Mortgaged Property or the release of one or more related
Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting
requirements or (ii) the payment of a release price in connection therewith; and
provided, further, that certain Crossed Groups or individual Mortgage Loans
secured by multiple parcels may permit the related Mortgagor to obtain the
release of one or more of the related Mortgaged Properties by substituting
comparable real estate property, subject to, among other conditions precedent,
receipt of confirmation from each Rating Agency that such release and
substitution will not result in a qualification, downgrade or withdrawal of any
of its then-current ratings of the Certificates; and provided, further, that any
Mortgage Loan may permit the unconditional release of one or more unimproved
parcels of land to which the Seller did not give any material value in
underwriting the Mortgage Loan.
29. Defeasance. Each Mortgage Loan that contains a provision for any
defeasance of mortgage collateral permits defeasance (i) no earlier than two
years following the Closing Date and (ii) only with substitute collateral
constituting "government securities" within the meaning of Section 2(a)(16) of
the Investment Company Act. To the Seller's knowledge, the provisions of each
such Mortgage Loan, if any, permitting defeasance are only for the purpose of
facilitating the disposition of a Mortgaged Property and are not part of an
arrangement to collateralize a REMIC offering with obligations that are not real
estate mortgages.
30. Defeasance and Assumption Costs. If any Mortgage Loan permits
defeasance, then the related Mortgage Loan documents provide that the related
Mortgagor is responsible for the payment of all reasonable costs and expenses
associated with defeasance incurred by the related mortgagee, including Rating
Agency fees. If any Mortgage Loan permits assumptions, then the related Mortgage
Loan documents provide that the related Mortgagor is responsible for all
reasonable costs and expenses associated with an assumption incurred by the
related mortgagee.
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31. Fixed Rate Loans. Each Mortgage Loan bears interest at a rate that
remains fixed throughout the remaining term of such Mortgage Loan, except in the
case of an ARD Loan after its Anticipated Repayment Date and except for the
imposition of a default rate.
32. Inspection. The Seller or an affiliate thereof inspected, or
caused the inspection of, the related Mortgaged Property within the preceding
twelve (12) months.
33. No Material Default. To the Seller's knowledge, there exists no
material default, breach, violation or event of acceleration under the Mortgage
Note or Mortgage for any Mortgage Loan (other than payments due but not yet 30
days or more delinquent); provided, however, that this representation and
warranty does not cover any default, breach, violation or event of acceleration
that pertains to or arises out of the subject matter otherwise covered by any
other representation and warranty made by the Seller in this Schedule I.
34. Due-on-Sale. The Mortgage, Mortgage Note or loan agreement for
each Mortgage Loan contains a "due-on-sale" clause, which provides for the
acceleration of the payment of the unpaid principal balance of such Mortgage
Loan if, without the prior written consent of the holder of such Mortgage,
either the related Mortgaged Property, or any direct controlling equity interest
in the related Mortgagor, is transferred or sold, other than by reason of family
and estate planning transfers, transfers by devise or descent or by operation of
law upon death, transfers of less than a controlling interest in the Mortgagor,
transfers of shares in public companies, issuance of non-controlling new equity
interests, transfers to an affiliate meeting the requirements of the Mortgage
Loan, transfers among existing members, partners or shareholders in the
Mortgagor, transfers among affiliated Mortgagors with respect to
cross-collateralized Mortgage Loans or multi-property Mortgage Loans, transfers
among co-Mortgagors, transfers of worn-out or obsolete furniture, furnishings
and equipment or transfers of a similar nature to the foregoing meeting the
requirements of the Mortgage Loan.
35. Single Purpose Entity. The Mortgagor on each Mortgage Loan with a
Cut-off Date Balance of $5,000,000 or more, was, as of the origination of the
Mortgage Loan, a Single Purpose Entity. For this purpose, a "Single Purpose
Entity" shall mean an entity, other than an individual, whose organizational
documents provide substantially to the effect that it was formed or organized
solely for the purpose of owning and operating one or more of the Mortgaged
Properties securing the Mortgage Loans and prohibit it from engaging in any
business unrelated to such Mortgaged Property or Properties, and whose
organizational documents further provide, or which entity represented in the
related Mortgage Loan documents, substantially to the effect that it does not
have any material assets other than those related to its interest in and
operation of such Mortgaged Property or Properties, or any indebtedness other
than as permitted by the related Mortgage(s) or the other related Mortgage Loan
documents, that it has its own books and records and accounts separate and apart
from any other person, that it holds itself out as a legal entity (separate and
apart from any other person), that it will not guarantee or assume the debts of
any other person, that it will not commingle assets with affiliates, and that it
will not transact business with affiliates (except to the extent required by any
cash management provisions of the related Mortgage Loan documents) except on an
arm's-length basis.
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36. Whole Loan. Each Mortgage Loan is a whole loan and not a
participation interest in a mortgage loan.
37. Tax Parcels. Each Mortgaged Property constitutes one or more
complete separate tax lots or is subject to an endorsement under the related
Title Policy insuring same, or in certain instances an application has been made
to the applicable governing authority for creation of separate tax lots, which
shall be effective for the next tax year.
38. ARD Loans. Each ARD Loan requires scheduled monthly payments of
principal. If any ARD Loan is not paid in full by its Anticipated Repayment
Date, and assuming it is not otherwise in default, (i) the rate at which such
ARD Loan accrues interest will increase by at least two (2) percentage points
and (ii) the related Mortgagor is required to enter into a lockbox arrangement
on the ARD Loan whereby all revenue from the related Mortgaged Property shall be
deposited directly into a designated account controlled by the applicable
servicer.
39. Security Interests. A UCC financing statement has been filed
and/or recorded, or submitted for filing and/or recording (or submitted to a
title company pursuant to escrow instructions), in all places necessary to
perfect (to the extent that the filing of such a UCC financing statement can
perfect such a security interest) a valid security interest in the personal
property of the related Mortgagor granted under the related Mortgage. If any
Mortgaged Property securing a Mortgage Loan is operated as a hospitality
property, then (a) the security agreements, financing statements or other
instruments, if any, related to the Mortgage Loan secured by such Mortgaged
Property establish and create a valid security interest in all items of personal
property owned by the related Mortgagor which are material to the conduct in the
ordinary course of the Mortgagor's business on the related Mortgaged Property,
subject only to purchase money security interests, personal property leases and
security interests to secure revolving lines of credit and similar financing;
and (b) one or more UCC financing statements covering such personal property
have been filed or recorded (or have been sent for filing or recording or
submitted to a title company pursuant to escrow instructions) wherever necessary
to perfect under applicable law such security interests (to the extent a
security interest in such personal property can be perfected by the filing of a
UCC financing statement under applicable law). The related assignment of such
security interest (but for insertion of the name of the assignee and any related
information which is not yet available to the Seller) executed and delivered in
favor of the Trustee constitutes a legal, valid and, subject to the limitations
and exceptions set forth in representation 13 hereof, binding assignment thereof
from the relevant assignor to the Trustee. Notwithstanding any of the foregoing,
no representation is made as to the perfection of any security interest in rents
or other personal property to the extent that possession or control of such
items or actions other than the filing of UCC Financing Statements are required
in order to effect such perfection.
40. Prepayment Premiums and Yield Maintenance Charges. Prepayment
Premiums and Yield Maintenance Charges payable with respect to each Mortgage
Loan, if any, constitute "customary prepayment penalties" within meaning of
Treasury Regulations Section 1.860G-1(b)(2).
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41. Commencement of Amortization. Except as disclosed in the
Prospectus Supplement, each Mortgage Loan begins to amortize prior to its Stated
Maturity Date or, in the case of an ARD Loan, prior to its Anticipated Repayment
Date.
42. Servicing Rights. Except as provided in the Pooling and Servicing
Agreement, any permitted subservicing agreements and servicing rights purchase
agreements pertaining thereto, no Person has been granted or conveyed the right
to service any Mortgage Loan or receive any consideration in connection
therewith which will remain in effect after the Closing Date.
43. Recourse. The related Mortgage Loan documents contain provisions
providing for recourse against the related Mortgagor, a principal of such
Mortgagor or an entity controlled by a principal of such Mortgagor, for damages,
liabilities, expenses or claims sustained in connection with the Mortgagor's
fraud, material (or, alternatively, intentional) misrepresentation, waste or
misappropriation of any tenant security deposits (in some cases, only after
foreclosure or an action in respect thereof), rent (in some cases, only after an
event of default), insurance proceeds or condemnation awards. The related
Mortgage Loan documents contain provisions pursuant to which the related
Mortgagor, a principal of such Mortgagor or an entity controlled by a principal
of such Mortgagor, has agreed to indemnify the mortgagee for damages resulting
from violations of any applicable environmental laws.
44. Assignment of Collateral. There is no material collateral securing
any Mortgage Loan that is not being assigned to the Purchaser.
45. Fee Simple Interest. Unless such Mortgage Loan is secured in whole
or in part by a Ground Lease and is therefore the subject of representation 18,
the interest of the related Mortgagor in the Mortgaged Property securing each
Mortgage Loan is a fee simple interest in real property and the improvements
thereon.
46. Escrows. All escrow deposits (including capital improvements and
environmental remediation reserves) relating to any Mortgage Loan that were
required to be delivered to the lender under the terms of the related Mortgage
Loan documents, have been received and, to the extent of any remaining balances
of such escrow deposits, are in the possession or under the control of Seller or
its agents (which shall include the Master Servicer). All such escrow deposits
are being conveyed hereunder to the Purchaser. Any and all material requirements
under each Mortgage Loan as to completion of any improvements and as to
disbursement of any funds escrowed for such purpose, which requirements were to
have been complied with on or before the date hereof, have been complied with in
all material respects or, if and to the extent not so complied with, the
escrowed funds (or an allocable portion thereof) have not been released except
in accordance with the terms of the related loan documents.
47. Operating Statements. In the case of each Mortgage Loan, the
related Mortgage or another Mortgage Loan document requires the related
Mortgagor, in some cases at the request of the lender, to provide the holder of
such Mortgage Loan with at least quarterly operating statements and rent rolls
(if there is more than one tenant) for the related Mortgaged Property and annual
financial statements of the related Mortgagor, and with such other information
as may be required therein.
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48. Grace Period. With respect to each Mortgage Loan, the related
Mortgage, Mortgage Note or loan agreement provides a grace period for delinquent
monthly payments no longer than fifteen (15) days from the applicable Due Date
or five (5) days from notice to the related Mortgagor of the default.
49. Disclosure to Environmental Insurer. If the Mortgaged Property
securing any Mortgage Loan identified on Annex C as being covered by a secured
creditor impaired property policy, then the Seller:
(i) has disclosed, or is aware that there has been disclosed, in the
application for such policy or otherwise to the insurer under such policy the
"pollution conditions" (as defined in such policy) identified in any
environmental reports related to such Mortgaged Property which are in the
Seller's possession or are otherwise known to the Seller; or
(ii) has delivered or caused to be delivered to the insurer under such
policy copies of all environmental reports in the Seller's possession related to
such Mortgaged Property;
in each case to the extent that the failure to make any such disclosure or
deliver any such report would materially and adversely affect the Purchaser's
ability to recover under such policy.
50. No Fraud. No fraud with respect to a Mortgage Loan has taken place
on the part of the Seller or any affiliated originator in connection with the
origination of any Mortgage Loan.
51. Servicing. The servicing and collection practices used with
respect to each Mortgage Loan in all material respects have met customary
standards utilized by prudent commercial mortgage loan servicers with respect to
whole loans.
52. Appraisal. In connection with its origination or acquisition of
each Mortgage Loan, the Seller obtained an appraisal of the related Mortgaged
Property, which appraisal is signed by an appraiser, who, to the Seller's
knowledge, had no interest, direct or indirect, in the Mortgaged Property or the
Mortgagor or in any loan made on the security thereof, and whose compensation is
not affected by the approval or disapproval of the Mortgage Loan; the appraisal,
or a letter from the appraiser, states that such appraisal satisfies the
requirements of the "Uniform Standards of Professional Appraisal Practice" as
adopted by the Appraisal Standards Board of the Appraisal Foundation, all as in
effect on the date the Mortgage Loan was originated.
53. Origination of the Mortgage Loans. The Seller originated all of
the Mortgage Loans.
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ANNEX A (TO SCHEDULE I)
EXCEPTIONS TO THE REPRESENTATIONS AND WARRANTIES
Representation #2 - Ownership of the Mortgage Loans
<TABLE>
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Loan Number Loan Name Description of Exception
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8, 32, 23, 48, Prium Office Portfolio II, Each Mortgage Loan that will be included in the
51 and 1 000 Xxxxx Xxxxxx, Xxxxxx Trust is, individually or together with another
Garden Inn - Fairfax, Hilton mortgage loan with which it is pari passu (in the
Garden Inn - Boca Raton, case of The Westchester) in right of payment, a
Hilton Garden Inn - Miramar senior loan in a multiple loan structure comprised
and The Westchester of two or more mortgage loans that will be
included in the Trust, all of which (whether or
not included in the Trust) are secured by the same
mortgage instrument and are cross-defaulted.
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</TABLE>
Representation #4 - Lien; Valid Assignment
<TABLE>
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Loan Number Loan Name Description of Exception
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8, 32, 23, 48, Prium Office Portfolio II, Each Mortgage Loan that will be included in the
51 and 1 000 Xxxxx Xxxxxx, Xxxxxx Trust is, individually or together with another
Garden Inn - Fairfax, Hilton mortgage loan with which it is pari passu (in the
Garden Inn - Boca Raton, case of The Westchester) in right of payment, a
Hilton Garden Inn - Miramar senior loan in a multiple loan structure comprised
and The Westchester of two or more mortgage loans that will be
included in the Trust, all of which (whether or
not included in the Trust) are secured by the same
mortgage instrument and are cross-defaulted.
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2 000 Xxxxx Xxxxxx The Mortgage constitutes a first priority lien
upon the subleasehold estate of the related
Mortgaged Property, subject to the Permitted
Encumbrances, one of which is a mortgage on the
leasehold estate of the related Mortgaged Property
currently held by an affiliate of the related
Mortgagor, which leasehold mortgage has been
collaterally assigned to the Seller and
constitutes a portion of the collateral for
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</TABLE>
<TABLE>
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the related Mortgage Loan.
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</TABLE>
Representation #5 - Assignment of Leases and Rents
<TABLE>
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Loan Number Loan Name Description of Exception
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8, 32, 23, 48, Prium Office Portfolio II, Each Mortgage Loan that will be included in the
51 and 1 000 Xxxxx Xxxxxx, Xxxxxx Trust is, individually or together with another
Garden Inn - Fairfax, Hilton mortgage loan with which it is pari passu (in the
Garden Inn - Boca Raton, case of The Westchester) in right of payment, a
Hilton Garden Inn - Miramar senior loan in a multiple loan structure comprised
and The Westchester of two or more mortgage loans that will be
included in the Trust, all of which (whether or
not included in the Trust) are secured by the same
mortgage instrument and are cross-defaulted.
In each case, the security interest created by the
related Mortgage and any separate security
instrument are for the benefit of the holder of
the senior Mortgage Loan that will be included in
the Trust and the holders of the other mortgage
loan(s) in the related multiple note structure,
which will not be included in the Trust.
In each case, the security interest created by any
Assignment of Leases (whether as a separate
document or as part of the related Mortgages) are
for the benefit of the holders of the senior
Mortgage Loan that will be included in the Trust
and the holders of the other mortgage loan(s) in
the related multiple note structure, which will
not be included in the Trust.
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</TABLE>
Representation #7 - Condition of Property; Condemnation
<TABLE>
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Loan Number Loan Name Description of Exception
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5 U-Haul Center Xxxxx Blvd. The North Carolina Department of Transportation
(NCDOT) informed the borrower by letter dated June
13, 2002, that the subject property was included
in a Transportation Improvement Program (TIP)
(which, according to the letter is a 7-
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</TABLE>
<TABLE>
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year plan developed by the NCDOT every 2 years)
that identifies the transportation needs of the
state. The TIP outlines proposed improvements to
existing facilities as well as new facilities to
be constructed. The borrower was notified that
engineers, surveyors, geologists and others
representing NCDOT would be working on or near the
borrower's property for the next several months
collecting data necessary for the design of the
transportation facility identified. The letter
also stated that the specific area in which NCDOT
representatives would work does not necessarily
indicate the final location or extent of the
proposed improvement. The borrower has informed
the Seller that they have not received any further
notices or correspondence from NCDOT since the
initial letter.
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5 U-Haul Circle City The City has requested for an easement to maintain
improvements in connection with its street
revitalization project. The City is in the design
phase project. No additional information has been
provided in connection with the proposed easement
(for example, size, location etc).
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</TABLE>
Representation #8 - Title Insurance
<TABLE>
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Loan Number Loan Name Description of Exception
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8, 32, 23, 48, Prium Office Portfolio II, Each Mortgage Loan that will be included in the
51 and 1 000 Xxxxx Xxxxxx, Xxxxxx Trust is, individually or together with another
Garden Inn - Fairfax, Hilton mortgage loan with which it is pari passu (in the
Garden Inn - Boca Raton, case of The Westchester) in right of payment, a
Hilton Garden Inn - Miramar senior loan in a multiple loan structure comprised
and The Westchester of two or more mortgage loans that will be
included in the Trust, all of which (whether or
not included in the Trust) are secured by the same
mortgage instrument and are cross-defaulted. In
each case, only the right, title and interest of
the Seller in the senior Mortgage Loan identified
on the Mortgage Loan Schedule
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</TABLE>
<TABLE>
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is being conveyed to the Purchaser.
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</TABLE>
Representation #10 - Mortgage Provisions
<TABLE>
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Loan Number Loan Name Description of Exception
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17, 70, 00, Xxxxx'x Xxxxx, Xxxxxxx The loan documents provide that the Borrower shall
22, and 76 Village at Rockrimmon, only be obligated to purchase as much terrorism
Aurora Square, North Hills insurance coverage as is available at a rate not
Shopping Center and to exceed two times the cost as of the date of
Walgreens - New Brunswick closing of a separate insurance policy providing
such coverage.
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</TABLE>
Representation #14 - Insurance
<TABLE>
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Loan Number Loan Name Description of Exception
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78, 107 and 76 Walgreens - Xxxxxxxx, The Mortgage Loan documents provide that Walgreens
Walgreens Houston and & Co. may self-insure with respect to the related
Walgreens - New Brunswick Mortgage Property provided certain conditions set
forth in the Mortgage are met. Walgreens is in
fact self-insuring with respect to this property
therefore, a separate policy of terrorism
insurance was not required.
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50 Carmax Louisville Kentucky The related Mortgagor is not expressly required to
obtain and maintain terrorism insurance. However,
the related Mortgagor is required to obtain such
other insurance coverages as may from time to time
be required by the lender and which are
customarily required by institutional lenders for
similar properties, similarly situated which, at
the time are commonly insured against and
generally available, as determined by the lender
in its reasonable discretion. Additionally, the
related Mortgagor is obligated to carry such
insurance coverage as the lender may from time to
time require if the failure to carry such
insurance shall result in a downgrade,
qualification or withdrawal of any class of
securities issued in connection with a
securitization of the related Mortgage Loan.
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85 1401 Walnut The related Mortgaged Property is a
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</TABLE>
<TABLE>
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subject to a Declaration of Estates (the
"Declaration"). The related Mortgage Loan
Documents provide that to the extent the
Facilities Manager (as defined in the Declaration)
in accordance with the Declaration is maintaining
insurance of the type described in the related
Mortgage Loan Documents, on a primary and
non-concurrent basis and such insurance complies
with the requirements of the related Mortgage Loan
Documents and is otherwise acceptable to Lender,
the related Mortgagor shall be deemed to be in
compliance with the related Mortgage Loan
Documents so long as the Facilities Manager
maintains such insurance in accordance with the
Declaration and the Related Mortgage Loan
Documents and Lender receives evidence
satisfactory to Lender of the terms and conditions
of such coverage. In the event the insurance which
is maintained by the Facilities Manager does not
comply with the related Mortgage Loan Documents,
the related Mortgagor is obligated to cause the
Facilities Manager to make the necessary changes
in order to bring all insurance policies into
compliance with the related Mortgage Loan
Documents. In the event any such policy(ies)
cannot be brought into compliance with the related
Mortgage Loan Documents, the related Mortgagor
must obtain an additional policy(ies) on an excess
and contingent basis (the "Excess Insurance")
which will insure any gaps in coverage between the
coverage obtained under the insurance policies
obtained by the Facilities Manger and the
insurance required under the related Mortgage Loan
Documents which such Excess Insurance shall be
acceptable to Lender in its sole and absolute
discretion. Lender must receive evidence
satisfactory to Lender of the terms and conditions
of such coverage. Lender must further receive
confirmation in writing from the insurance carrier
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</TABLE>
<TABLE>
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issuing the Excess Insurance that such Excess
Insurance is on an excess and contingent basis.
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17, 70, 49, 00 Xxxxx'x Xxxxx, Xxxxxxx The loan documents provide that the related
and 76 Village at Rockrimmon, borrower shall only be obligated to purchase as
Aurora Square, North Hills much terrorism insurance coverage as is available
Shopping Center and at a rate not to exceed two times the cost as of
Walgreens - New Brunswick the date of closing of a separate insurance policy
providing such coverage.
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</TABLE>
Representation #18 - Leasehold Estate Only
<TABLE>
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Loan Number Loan Name Description of Exception
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2 000 Xxxxx Xxxxxx (ii) Ground Lease: Leasehold mortgage is currently
held by an affiliate of the related Mortgagor, and
collaterally assigned to Seller.
Ground Sublease: Subject to the ground lease and
the ground lease mortgage currently held by an
affiliate of the related Mortgagor, and
collaterally assigned to Seller.
(iii) Ground Lease and Ground Sublease: In
addition to notice to lessor, other conditions
precedent to assignment include: (i) there is no
existing event of default under the lease; (ii)
the assignee unconditionally assumes the
applicable lease and lessee's obligations
thereunder; (iii) a duplicate original of the
assumption agreement is delivered to lessor and
(iv) lessor is delivered proof of the recording of
such assignment and assumption promptly after the
recording of same.
(v) Ground Lease and Ground Sublease: Neither
expressly contains the second clause of the
representation. Both provide, however, that no
notice of default shall be deemed to have been
duly given to tenant unless a copy shall be sent
to
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
mortgagee.
(vii) Ground Lease: Initial term expires in June
28, 2033 (18 years beyond the stated maturity
date); provided, however, term is subject to 5
10-year extension options, exercisable by tenant.
Ground Sublease: Initial term expires in June 30,
2023 (8 years beyond the stated maturity date); no
extension options. The related Mortgagor has the
right under the Ground Sublease to cause the an
affiliate to purchase the leasehold interest in
the Ground Lease during the one-year period
commencing on June 30, 2010 at price equal to
$46,000,000, of which $1 million may be paid in
certain limited partnership interests in such
affiliate. At closing, the related Mortgagor will
be required to deposit with Seller, in the form of
cash or a letter of credit, the amount by which
the exercise price is greater than the outstanding
leasehold mortgage debt on the Ground Lease
(xi) Ground Lease and Ground Sublease: Neither
expressly contains the second clause of the
representation. The loan documents, however,
prohibit amendments and modifications to the
Ground Lease and the Ground Sublease without the
consent of the mortgagee.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #23 - Other Mortgage Liens
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
8, 32, 23, 48, Prium Office Portfolio II, Each Mortgage Loan that will be included in the
51 and 1 000 Xxxxx Xxxxxx, Xxxxxx Trust is, individually or together with another
Garden Inn - Fairfax, Hilton mortgage loan with which it is pari passu (in the
Garden Inn - Boca Raton, case of The Westchester) in right of payment, a
Hilton Garden Inn - Miramar senior loan in a multiple loan structure comprised
and The Westchester of two or more mortgage loans that will be
included in the Trust, all of which (whether or
not included in the Trust) are
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
secured by the same mortgage instrument and are
cross-defaulted.
--------------------------------------------------------------------------------------------------
All Loans While not specifically referring to rating
agency fees, the related Mortgage Loan documents
require that the Mortgagor pay the lender's costs
in connection with the related Mortgagor seeking
the lender's consent to an encumbrance.
--------------------------------------------------------------------------------------------------
000 Xxxxx Xxxxxx Xxxxxx The Loan was split into two separate loans in the
following amounts: $9,974,000 ("Loan A") and
$1,776,000 ("Loan B"). Yorba Canyon Partners, LLC
and Wailea Property Partners, LLC, jointly and
severally as tenants in common, are the Borrowers
under both Loans. Loan A is secured by Parcels 2,
4 and 6 of the Yorba Canyon Shopping Center, which
consist of three separate buildings containing
office and retail uses. Loan B is secured by
Parcel 5, which consists of one office building.
Loan A and Loan B are cross-defaulted and
cross-collateralized pursuant to a Cross-Default,
Cross-Collateralization and Contribution Agreement
(the "Cross Agreement") executed as one of the
Loan Documents. The Cross Agreement provides,
inter alia, that a default under either Loan A or
Loan B is a default under the under each Loan, and
permits Lender to enforce its remedies against
either or both Properties and all other collateral
securing the Loans.
--------------------------------------------------------------------------------------------------
76 Walgreens - New Brunswick The ground lessor's fee interest is encumbered by
a mortgage that is subordinated to the ground
lease.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #26 - Licenses and Permits
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
000 Xxxxx Xxxxxx Xxxxxx Borrower did not produce certificates of occupancy
for four tenants prior to closing. The four
tenants are Xx. Xxxx, D&E Xxxxxx Enterprises,
Xxxxxxxxx & Xxxxxx, Optometrists, and Xxxx Xxx &
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
Xxxxx Xxx. Pursuant to an Undelivered Items Letter
Agreement, Borrower is obligated to use its best
efforts to obtain and deliver to Lender the four
certificates of occupancy. Borrower and Xxxxx Xxx
are and remain personally liable for any losses
incurred by Lender as a result of a failure to
obtain and deliver the certificates of occupancy.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #30 - Defeasance and Assumption of Costs
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
All loans All Loans (except 711 Third While not specifically referring to rating agency
except loan Avenue) fees, the related Mortgage Loan documents require
number 2 that the Mortgagor pay the lender's costs in
connection with a defeasance.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #34 - Due-on-Sale
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
50 Carmax Louisville Kentucky The related Mortgage Loan documents provide for
Permitted Transfers to up to 10 tenants-in-common
post-closing provided each tenant in common
executes the lender's form of Loan Assumption and
Modification Agreement and each principal of each
such tenant in common executes the lender's form
of Indemnity and Guaranty Agreement limited to
acts of applicable tenant in common borrower.
--------------------------------------------------------------------------------------------------
1 The Westchester The loan documents permit the property or direct
or indirect interests to be sold to a Permitted
Owner (defined as certain institutions that have
specified net worth tests and other requirements.
--------------------------------------------------------------------------------------------------
2 000 Xxxxx Xxxxxx The related Mortgage Loan documents permit the
following transfers: (a) transfers in the ordinary
course of business of limited partnership units in
the operating partnership sponsor of the related
Mortgagor, (b) a merger, or sale of all or
substantially all of the assets, of the REIT
parent entity of the related Mortgagor or such
operating partnership
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
so long as prior notice is given, and all
requested information is delivered, to such
holder, rating agency confirmation is obtained and
the related Mortgagor pays all reasonable
out-of-pocket expenses incurred by such holder and
(c) a merger of such parent or such operating
partnership with an approved merging entity
(defined as certain persons that meet certain
management, experience, total assets and capital
surplus tests), provided that, other than rating
agency confirmation, the conditions of clause (b)
above are satisfied.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #35 - Single Purpose Entity
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
15 and 00 Xxxxxx Xxxx Xxxxxxx and The organizational documents of the borrowing
Serendipity entity do not limit the purpose of the entity to
the ownership and operation of the Mortgaged
Property and provide that the entity may engage in
any or all lawful business for which corporations
may be incorporated under the Florida statutes.
The borrowing entity covenanted in the loan
documents that it shall not engage in any business
other than the ownership and operating of the
Mortgaged Property.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #37 - Tax Parcels
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
76 Walgreens - New Brunswick The Mortgaged Property shares a tax parcel with
adjacent parcels (owned by affiliates of the
mortgage borrower) which will be developed in the
future pursuant to a Redevelopment Agreement with
the City of New Brunswick and the Mortgaged
Property is subject to a PILOT Agreement. The
payments in lieu of taxes ("PILOT payments")
attributable to the Mortgaged Property are set
forth in the PILOT Agreement, however, if the
PILOT
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
payments or taxes attributable to the other
parcels were not paid by their respective owners,
presumably the Mortgaged Property could be sold in
a tax sale by the City. At the time of closing,
the PILOT payments that will be due with respect
to the other parcels after they are developed
could not be determined with certainty. The
Mortgage Loan documents obligate the borrower to
pay or cause to be paid all taxes that are due
with respect to the entire tax parcel (i.e.,
including the adjacent parcels). The Mortgage Loan
documents require the borrower to cause the
separation of the tax parcels as soon as the City
of New Brunswick permits such separation, which
may not occur until the other parcels are
developed. A monthly tax escrow with required
monthly deposits was established for the Mortgaged
Property only (i.e., excluding the adjacent
parcels), with credit against such deposit
obligations for any sums which the Walgreen's
tenant is obligated to pay (or reimburse the
Mortgage Borrower for) and does pay (or reimburse
the Mortgage Borrower for), so long as the
Walgreen's maintains at least an "A+" rating by
Standard & Poor's Rating Service, no Event of
Default exists under the loan documents or the
Walgreen's lease and the lender receives proof of
payment of taxes for the entire tax parcel (i.e.,
including the adjacent parcels) at least 15 days
prior to the date same become due. An additional
escrow of $95,781.28 was established as additional
security for the Mortgage Borrower's obligation to
pay taxes under the loan documents (i.e., with
respect to the entire tax parcel). In addition,
the loan guarantor (with significant net worth)
has guaranteed the payment of all taxes with
respect to the entire tax parcel. Finally, the
ground lessor's interest in the Mortgaged Property
and the other adjacent parcels are encumbered by a
mortgage
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
(which fee mortgage is subordinated to the ground
lease) and the lender holding such mortgage has an
interest in ensuring that taxes are paid with
respect to the entire tax parcel.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #39 - Security Interests
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
8, 32, 23, 48, Prium Office Portfolio II, Each Mortgage Loan that will be included in the
51 and 1 000 Xxxxx Xxxxxx, Xxxxxx Trust is, individually or together with another
Garden Inn - Fairfax, Hilton mortgage loan with which it is pari passu (in the
Garden Inn - Boca Raton, case of The Westchester) in right of payment, a
Hilton Garden Inn - Miramar senior loan in a multiple loan structure comprised
and The Westchester of two or more mortgage loans that will be
included in the Trust, all of which (whether or
not included in the Trust) are secured by the same
mortgage instrument and are cross-defaulted
The security interests created by the UCC
financing statement are for the benefit of the
holders of the senior Mortgage Loan that will be
included in the Trust and other mortgage loans
(that will not be included in the Trust) that are
part of the related multiple loan structure.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #43 - Recourse
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
All loans All Loans (except 12800- The related Mortgage Loan documents provide for
except 79, 39 12830 Seal Beach Blvd., Van recourse for damages, liabilities, expenses or
and 00 Xxxxx Xxxxx and Holiday Inn claims in connection with the Borrower's
Express - Xxxxxx) intentional misconduct or gross negligence conduct
with respect to waste.
--------------------------------------------------------------------------------------------------
48, 51 and 23 Hilton Garden Inn - Boca Non-recourse carveout for fraud and material
Raton, Hilton Garden Inn - misrepresentation is limited if such fraud or
Miramar and Hilton Garden material misrepresentation is committed by an
Inn - Fairfax agent or employee of the borrower or any
affiliate, then the borrower is liable so long as
the lender
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
--------------------------------------------------------------------------------------------------
reasonably relied on the actions of such agent or
employee.
--------------------------------------------------------------------------------------------------
</TABLE>
Representation #47 - Operating Statements
<TABLE>
--------------------------------------------------------------------------------------------------
Loan Number Loan Name Description of Exception
--------------------------------------------------------------------------------------------------
All loans All Loans (except 12800- The related Mortgage Loan documents require annual
except 79, 39 12830 Seal Beach Blvd., Van operating statements and rent roll "and such
and 00 Xxxxx Xxxxx and Holiday Inn other information as may be requested"
Express - Xxxxxx)
--------------------------------------------------------------------------------------------------
</TABLE>
ANNEX B (TO SCHEDULE I)
MORTGAGED PROPERTIES AS TO WHICH THE ONLY ENVIRONMENTAL INVESTIGATIONS
CONDUCTED IN CONNECTION WITH THE ORIGINATION OF THE RELATED MORTGAGE LOAN WERE
WITH RESPECT TO ASBESTOS-CONTAINING MATERIALS AND LEAD-BASED PAINT.
(REPRESENTATION 12)
None.
ANNEX C (TO SCHEDULE I)
MORTGAGE LOANS COVERED BY SECURED CREDITOR IMPAIRED PROPERTY
ENVIRONMENTAL INSURANCE POLICIES
(REPRESENTATIONS 12 AND 49)
None.
SCHEDULE II
MORTGAGE LOAN SCHEDULE
[ATTACHED]
SCHEDULE II (MLML MLPA)
<TABLE>
MORTGAGE
LOAN # PROPERTY NAME LOAN SELLER PROPERTY TYPE
----------- ------------- ----------- -------------
1 The Westchester MLML Retail
2 000 Xxxxx Xxxxxx XXXX Xxxxxx
3 Queen Ka'ahumanu Center MLML Retail
5 U-Haul Self Storage Portfolio I MLML Self Storage
5.01 U-Haul Center Nanuet MLML Self Storage
5.02 U-Haul Mission Ave MLML Self Storage
5.03 U-Haul Center Fairbanks MLML Self Storage
5.04 U-Haul Ctr El Cajon MLML Self Storage
5.05 U-Haul Ctr Lakewood MLML Self Storage
5.06 U-Haul Rolling Acres MLML Self Storage
5.07 U-Haul West Maple MLML Self Storage
5.08 U-Haul Center Midlothian MLML Self Storage
5.09 U-Haul Ctr Xxxxxx MLML Self Storage
5.10 U-Haul Center Xxxxx Blvd MLML Self Storage
5.11 U-Haul Ct Hillsboro MLML Self Storage
5.12 U-Haul Park Forest MLML Self Storage
5.13 U-Haul Ct Good Hope MLML Self Storage
5.14 U-Haul Waterford MLML Self Storage
5.15 U-Haul Ctr Ridge Rd MLML Self Storage
5.16 U-Haul Center Of Xxxxxxxxx MLML Self Storage
5.17 U-Haul Xxxxxxxxx Drive MLML Self Storage
5.18 U-Haul Center Watertown MLML Self Storage
5.19 U-Haul Ctr Main St MLML Self Storage
5.20 U-Haul Schererville MLML Self Storage
5.21 U-Haul Xxxxxx I-70 MLML Self Storage
5.22 U-Haul Berrien MLML Self Storage
5.23 X-Xxxx Xxxxxx Xx 00 Xxxx XXXX Self Storage
5.24 U-Haul Little Creek MLML Self Storage
5.25 U-Haul Center Waukegan MLML Self Storage
5.26 U-Haul University MLML Self Storage
5.27 U-Haul Ct Genesee MLML Self Storage
5.28 U-Haul Academy Blvd MLML Self Storage
5.29 U-Haul Ctr Tustin MLML Self Storage
5.30 U-Haul Ct Main St MLML Self Storage
5.31 U-Haul Circle City MLML Self Storage
5.32 U-Haul Ctr Xxxx MLML Self Storage
5.33 U-Haul Keystone Pla MLML Self Storage
5.34 U-Haul Greenfield MLML Self Storage
5.35 U-Haul Frenchtown MLML Self Storage
5.36 U-Haul Transit Road MLML Self Storage
5.37 U-Haul Xxxxxxxx Xx MLML Self Storage
5.38 U-Haul Eastview MLML Self Storage
5.39 U-Haul Niagara Fall MLML Self Storage
5.40 U-Haul Ctr Cache Rd MLML Self Storage
5.41 U-Haul Ctr Midway MLML Self Storage
5.42 U-Haul Shadeland Av MLML Self Storage
5.43 U-Haul Ctr Columbia MLML Self Storage
5.44 U-Haul Ctr of Rome MLML Self Storage
5.45 U-Haul Ctr Baseline MLML Self Storage
5.46 U-Haul Ct Of Auburn MLML Self Storage
5.47 U-Haul Center N Freeway MLML Self Storage
5.48 U-Haul Ct Queen Cty MLML Self Storage
5.49 U-Haul Ctr Anmoore MLML Self Storage
5.50 U-Haul Center Janesville MLML Self Storage
5.51 U-Haul Ctr Fairview MLML Self Storage
5.52 U-Haul Center La Crosse MLML Self Storage
5.53 U-Haul Ct Roswell MLML Self Storage
5.54 U-Haul Crossroads MLML Self Storage
7 Norfolk Waterside Marriott MLML Hospitality
8 Prium Office Portfolio II MLML Office
8.01 Lacey DSHS MLML Office
8.02 Lacey Revenue MLML Office
8.03 Capitol Building MLML Office
8.04 Attorney General Building MLML Office
8.05 Wenatchee II MLML Office
8.06 Moses Lake Building MLML Office
8.07 Department of Corrections MLML Office
8.08 Seattle West MLML Office
8.09 Wenatchee I MLML Office
8.10 Chehalis Building MLML Office
8.11 Department of Licensing XXXX Xxxxxx
00 Xxxxxx Xxxx Xxxxxxx MLML Manufactured Housing
17 Penney's Plaza MLML Retail
18 Missouri Falls MLML Office
19 Willow Creek Retail Center MLML Retail
20 Xxxxxx'x Gate at Woodbridge MLML Multifamily
22 North Hills Shopping Center MLML Retail
23 Hilton Garden Inn - Fairfax MLML Hospitality
24 8501 West Xxxxxxx MLML Office
26 Maricopa Fiesta Shopping Center MLML Retail
32 000 Xxxxx Xxxxxx XXXX Retail
34 Park N Go MLML Other
37 The Village at Schneithorst's MLML Mixed Use
39 Van Buren Plaza MLML Retail
40 Serendipity MLML Manufactured Housing
42 Big Curve Shopping Center MLML Retail
43 Occidental Business Center MLML Office
44 Holiday Inn Express - Hauppauge MLML Hospitality
47 Yorba Canyon Center - Retail MLML Retail
48 Hilton Garden Inn - Boca Raton MLML Hospitality
49 Aurora Square MLML Retail
50 Carmax Louisville Kentucky MLML Retail
51 Hilton Garden Inn - Miramar MLML Hospitality
58 Plaza Del Mar MLML Retail
61 Decatur Xxxxx Shopping Center MLML Retail
62 Halekuai Center MLML Mixed Use
00 Xxxxxxxx Xxxx XXXX Multifamily
00 Xxxxx Xxxx Xxxxxx XXXX Retail
69 Olympia Plaza MLML Retail
70 Safeway Village at Rockrimmon XXXX Xxxxxx
00 Xxxxxxxxx - Xxx Xxxxxxxxx MLML Retail
78 Walgreens - Xxxxxxxx MLML Retail
79 12800-12830 Seal Beach Boulevard MLML Retail
80 Ontario Marketplace MLML Retail
83 Mega Play Plaza MLML Retail
84 Meridian Marketplace MLML Retail
85 1401 Walnut MLML Retail
00 Xxxx Xxxxxx Center MLML Retail
93 Holiday Inn Express - Xxxxxx MLML Hospitality
101 Wal-Mart Las Cruces MLML Retail
000 Xxxxxxxx Xxxx Self Storage MLML Self Storage
105 0000 Xxxxx Xxxxxxx Xxxxxx XXXX Retail
000 Xxxxxxxxx Xxxxxxx MLML Retail
000 Xxxxx Xxxxxx Xxxxxx - Xxxxxx XXXX Xxxxxx
</TABLE>
<TABLE>
LOAN # ADDRESS CITY COUNTY
----------- ------- ---- ------
1 000 Xxxxxxxxxxx Xxxxxx Xxxxx Xxxxxx Xxxxxxxxxxx
2 000 Xxxxx Xxxxxx Xxx Xxxx Xxx Xxxx
3 000 Xxxx Xx'xxxxxxx Xxxxxx Kahului Maui
5 Various Various Various
5.01 000 0xx Xxxxxx Xxxxxx Xxxxxxxx
5.02 000 Xxxx Xxxxxxx Xxxxxx Xxxxxxxxx San Diego
5.03 000 Xxxxxxx Xxxx Fairbanks Fairbanks North Star
5.04 0000 Xxxx Xxxx Xxxxxx Xx Xxxxx San Diego
5.05 0000 Xxxxxxxxx Xxxxxxxxx Xxxx Xxxxx Xxx Xxxxxxx
5.06 1570 X. Xxxx Boulevard Akron Summit
5.07 0000 Xxxxx Xxxxxx Xxxxx Xxxxxxx
5.08 0000 Xxxxxxxxxx Xxxxxxxx Xxxxxxxx Xxxxxxxxxxxx
5.09 0000 Xxxxxxx 00 XX Xxxxxx Anoka
5.10 0000 Xxxxx Xxxxxxxxx Xxxxxxxxxxxx Xxxxxxxxxx
5.11 0000 XX Xxxxxxx Xxxx Xxxxxxxxx Xxxxxxxxxx
5.12 0000 Xxxxxxx Xxxxxx Xxxx Xxxxxx Xxxx
5.13 0000 Xxxx Xxxx Xxxx Xxxx Xxxxxxxxx Milwaukee
5.14 0000 Xxxxxxxxx Xxxx Xxxx Xxxxxxxxx Xxxxxxx
5.15 0000 Xxxxx Xxxx Xxxx Xxxxxxxxx Xxxxxx
5.16 0000 Xxxxxxx Xxxxxx Xxxxxxxxx Union
5.17 0000 Xxxxxxxxx Xxxxx Xxxxxxxxxxx Sangamon
5.18 19153 US Route 11 Watertown Jefferson
5.19 0000 Xxxx Xxxxxx Xxxxxxxx Yellowstone
5.20 0000 XX Xxxxx 00 Xxxxxxxxxxxx Xxxx
5.21 0000 Xxxxx Xxxxxx Xxxx Independence Xxxxxxx
5.22 0000 X 000 Xxxxxxx Xxxxxx Xxxxxx Berrien
5.23 0000 Xxx Xxxx Xxxxxx Raleigh Wake
5.24 0000 Xxxxx Xxxxxxxx Xxxxxxx Xxxxxxx Xxxxxxx City
5.25 0000 Xxxxx Xxxxx Xxxxxx Xxxxxxxx Xxxx
5.26 0000 Xxxxx Xxxxxx Xxxx Xxxxxxxxxx Xxxx Xxxxx Xxxxx
5.27 0000 Xxxxxxx Xxxxxx Buffalo Erie
5.28 0000 Xxxxx Xxxxxxx Xxxxxxxxx Xxxxxxxx Xxxxxxx El Paso
5.29 0000 Xx Xxxxxx Xxxx Tustin Orange
5.30 0000 Xxxx Xxxxxx Buffalo Erie
5.31 000 Xxxx 0xx Xxxxxx Xxxxxx Xxxxxxxxx
5.32 0000 Xxxx Xxxxx Xxxx Xxxxxxx
5.33 0000 Xxxxx Xxxxxxxx Xxxxxx Indianapolis Xxxxxx
5.34 000 Xxxxx 000xx Xxxxxx Xxxx Xxxxx Milwaukee
5.35 0000 Xxxxx Xxxxxxxxx Xxxx Xxxxxx Xxxxxx
5.36 0000 Xxxxxxx Xxxx Xxxxx Erie
5.37 0000 Xxxxxxxx Xxxx Xxxxxxxxx Xxxxxxx Cuyahoga
5.38 0000 Xxxxxxxxx Xxxxxx Xxxxxx Xxxxxxx
5.39 0000 Xxxxxxxx Xxxx Xxxxxxx Xxxxx Niagara
5.40 0000 XX Xxxxx Xxxx Xxxxxx Comanche
5.41 0000 Xxxx 00xx Xxxxxx Xxxxxxx Xxxx
5.42 0000 Xxxxx Xxxxxxxxx Xxxxxx Indianapolis Xxxxxx
5.43 000 Xxxxxxxx Xxxx 00 Xxxx Xxxxxxxx Xxxxx
5.44 000 Xxxx Xxxxxxxxx Xxxx Rome Oneida
5.45 0000 Xxxx Xxxx Xxxx Xxxxxx Xxx Xxxxxxxxxx San Bernardino
5.46 000 Xxxxxx Xxx Xxxxx Xxxxxx King
5.47 0000 Xxxxx Xxxxxxx Xxxx Pueblo Pueblo
5.48 000 Xxxxx Xxxxxxxx Xxxx Xxxxxxxx Xxxxxxxxxx
5.49 XX 0 Xxx 000 Xxxxxxxxxx Xxxxxxxx
5.50 0000 Xxxx Xxxxxxxxx Xxxxxx Xxxxxxxxxx Xxxx
5.51 00000 Xxxxxxxx Xxxxxx Xxxxxx Xxxxx Xxxxxx
5.52 0000 Xxxx Xxxxxx Xx Xxxxxx Xx Crosse
5.53 0000 Xxxxx Xxxxxxxx Xxxxxx Xxxxxxx Xxxxxx
5.54 0000 Xxxxx Xxxx Xxxxxx Xxxxxxxx City Oklahoma
7 000 Xxxx Xxxx Xxxxxx Xxxxxxx Xxxxxxx Xxxx
8 Various Various Various
8.01 000 Xxxxxxxx Xxxxxx Xxxx XX Xxxxx Xxxxxxxx
8.02 0000 0xx Xxxxxx XX Xxxxx Xxxxxxxx
8.03 0000 Xxxxxxx Xxxxxxxxx XX Tumwater Xxxxxxxx
8.04 000 Xxxxxxxx Xxxxxx Xxxx XX Xxxxx Xxxxxxxx
8.05 000 Xxxxx Xxxxxxx Xxxxxx Wenatchee Chelan
8.06 0000 Xxxxx Xxxxxxx Xxx Moses Lake Grant
8.07 000 Xxxxxxxx Xxxxxx Xxxx XX Xxxxx Xxxxxxxx
8.08 0000 00xx Xxxxxx XX Seattle King
8.09 000 Xxxxxx Xxxxxx Xxxxxxxxx Xxxxxx
8.10 0000 XX Xxxxxx Xxxxxx Chehalis Xxxxx
8.11 000 Xxxxxxxx Xxxxxx Xxxx XX Xxxxx Xxxxxxxx
15 6429 Forest Lake Drive Zephyrhills Pasco
17 0000-00 Xxxxxxxxxx Xxxxxx Pleasanton Alameda
18 000 Xxxx Xxxxxxxx Xxxxxx Xxxxxxx Maricopa
19 00000 Xxxx Xxxx Xxxxxx Xxxxx
00 000 Xxxxxx Xxxxxx Xxxxxxxxxx Xxxxxxxxx
22 00000 Xxxxxxxxxx Xxxxxx Xxxxxxx Xxxxx Xxx Xxxxxxx
23 0000 Xxxx Xxxxx Xxxxx Xxxxxxx Xxxxxxx
24 0000 Xxxx Xxxxxxx Xxxx Xxxxxxx Xxxx
00 00000, 21104, 21116, 00000 Xxxxx Xxxx Xxxxx Xxxxxxx Maricopa Pinal
32 000 Xxxxx Xxxxxx Lahaina Maui
34 790 Camp Xxxxx Road Xxxxxxxxx Xxxx Arundel
37 0000 Xxxxx Xxxxxxxxx Xxxxxxxxx Xxxxx Xxxxx Saint Louis
39 5600-5750 Van Buren Boulevard Riverside Riverside
40 29081 US Highway 19 Clearwater Pinellas
42 0000-0000 Xxxxx 0xx Xxxxxx; 000-000 Xxxx Xxxxxxxx Xxxxx; Yuma Yuma
000-000 Xxxx 00xx Xxxxxx; 000 Xxxx 00xx Xxxxxx
43 9400, 9410, 9420 and 0000 Xxxxxxx Xxxxxx Xxxxxxxxx Xxxxxxxxxx Los Angeles
44 2050 Express Drive South Hauppauge Suffolk
47 21430-21560 Xxxxx Xxxxx Boulevard Xxxxx Xxxxx Orange
48 0000 Xxxxxxxx Xxxxxx Xxxx Xxxxx Xxxx Xxxxx
49 00000-000 Xxxxxxxxxxx Xxx Xxxxx Xxxxxxxxx Xxxx
50 0000 Xxxxxxxxx Xxxxxxx Xxxxxxxxxx Jefferson
51 14501 Hotel Road Miramar Broward
58 0000 Xxxxx Xxxxxxx Xxxxxxx Xxxx Xxxxxxxxxx Broward
61 0000 Xxxxx Xxxxxxx Xxxxxxxxx Xxx Xxxxx Xxxxx
62 000-000 Xxxxxxxxxx Xxxxxxx Xxxxxxx Xxxxxxxx
00 0000 Xxxx 00xx Xxxxxx Xxxxxxxxxxxx Xxxxxx
65 00000 Xxxx Xxxxxxxx Xxxxx Xxxxx Orange
69 000 Xxxx Xxx Xxx Xxxx Xxxxxxx Heights Xxxx
70 000-000 Xxxxxxx Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx El Paso
76 00 Xxxxxx Xxxxxx Xxx Xxxxxxxxx Middlesex
78 5373 Peachtree Industrial Boulevard Xxxxxxxx DeKalb
79 12800-12830 Seal Beach Boulevard Seal Beach Orange
80 000-000 Xxxx Xxxx Xxxxxxx Xxxxxxx
83 5269 West Irlo Xxxxxxx Highway Kissimmee Osceola
84 0000 Xxxxx Xxxxxxxx Xxxxxx Xxxxxxxxxxxx Xxxxxx
85 0000 Xxxxxx Xxxxxx Xxxxxxxxxxxx Philadelphia
88 000 Xxxxx Xxxx Xxxxxx Xxxxx Xxxx Xxxxxxxxxx
93 000 Xxxxx Xxxx Xxxxxx Xxxxxx Xxxx
101 0000 Xxxx Xxxxxx Xxxxxx Las Cruces Xxxx Xxx
102 3737 Southeast Xxxxxxxx Road Port Saint Lucie Saint Lucie
105 0000 Xxxxx Xxxxxxx Xxxxxx Xxx Xxxxx Xxxxx
107 12702 Xxxxxx-North Houston Road Houston Xxxxxx
109 21580 Xxxxx Xxxxx Boulevard Xxxxx Xxxxx Orange
</TABLE>
<TABLE>
CUTOFF BALANCE IO MONTHLY IO ANNUAL DEBT
LOAN # STATE ZIP CODE (6/1/2005) ORIGINAL BALANCE DEBT SERVICE SERVICE
--------- ----- -------- -------------- ---------------- ------------ -------------
0 XX 00000 200,000,000.00 200,000,000.00 792,540.05 9,510,480.56
2 XX 00000 120,000,000.00 120,000,000.00 505,930.56 6,071,166.67
3 HI 96732 92,000,000.00 92,000,000.00 374,821.20 4,497,854.44
5 Various Various 74,988,000.00 74,988,000.00 260,383.33
5.01 XX 00000 4,127,435.58 4,127,435.58
5.02 XX 00000 2,896,709.33 2,896,709.33
5.03 XX 00000 2,776,638.48 2,776,638.48
5.04 XX 00000 2,701,594.20 2,701,594.20
5.05 XX 00000 2,476,461.35 2,476,461.35
5.06 XX 00000 2,476,461.35 2,476,461.35
0.00 XX 00000 2,157,523.14 2,157,523.14
5.08 VA 23225 2,093,735.50 2,093,735.50
5.09 XX 00000 2,026,195.65 2,026,195.65
5.10 NC 28303 1,969,912.43 1,969,912.43
5.11 OR 97124 1,966,160.22 1,966,160.22
5.12 IL 60466 1,951,151.36 1,951,151.36
5.13 XX 00000 1,906,124.79 1,906,124.79
5.14 XX 00000 1,838,584.94 1,838,584.94
5.15 XX 00000 1,703,505.23 1,703,505.23
5.16 XX 0000 1,696,000.80 1,696,000.80
5.17 IL 62703 1,635,965.37 1,635,965.37
5.18 XX 00000 1,575,929.95 1,575,929.95
5.19 XX 00000 1,463,363.52 1,463,363.52
5.20 IN 46375 1,425,841.38 1,425,841.38
5.21 MO 64055 1,388,319.24 1,388,319.24
5.22 XX 00000 1,350,797.10 1,350,797.10
5.23 XX 00000 1,332,036.03 1,332,036.03
5.24 VA 23518 1,305,770.53 1,305,770.53
5.25 IL 60085 1,275,752.81 1,275,752.81
5.26 MO 63130 1,256,991.74 1,256,991.74
5.27 XX 00000 1,230,726.24 1,230,726.24
5.28 CO 80909 1,200,708.53 1,200,708.53
5.29 XX 00000 1,178,195.25 1,178,195.25
5.30 XX 00000 1,178,195.25 1,178,195.25
5.31 XX 00000 1,170,690.82 1,170,690.82
5.32 XX 00000 1,125,664.25 1,125,664.25
5.33 IN 46220 1,118,159.82 1,118,159.82
5.34 XX 00000 1,088,142.11 1,088,142.11
5.35 XX 00000 1,013,097.82 1,013,097.82
5.36 XX 00000 964,319.04 964,319.04
5.37 OH 44118 945,557.97 945,557.97
5.38 XX 00000 930,549.11 930,549.11
5.39 XX 00000 923,044.68 923,044.68
5.40 XX 00000 900,531.40 900,531.40
5.41 IL 60632 848,000.40 848,000.40
5.42 IN 46219 832,991.54 832,991.54
5.43 MO 65203 802,973.83 802,973.83
5.44 XX 00000 802,973.83 802,973.83
5.45 XX 00000 750,442.83 750,442.83
5.46 XX 00000 712,920.69 712,920.69
5.47 CO 81008 675,398.55 675,398.55
5.48 XX 00000 645,380.84 645,380.84
5.49 WV 26330 592,849.84 592,849.84
5.50 XX 00000 592,849.84 592,849.84
5.51 XX 00000 592,849.84 592,849.84
5.52 XX 00000 562,832.12 562,832.12
5.53 XX 00000 525,309.98 525,309.98
5.54 XX 00000 307,681.56 307,681.56
7 VA 23510 40,508,044.25 41,000,000.00
8 WA Various 40,353,238.51 40,700,000.00
8.01 XX 00000 11,202,733.25 11,299,000.03
8.02 XX 00000 8,678,425.00 8,753,000.02
8.03 XX 00000 5,443,225.55 5,490,000.01
8.04 XX 00000 4,181,071.43 4,217,000.01
8.05 XX 00000 2,998,235.72 3,024,000.01
8.06 XX 00000 2,209,017.58 2,228,000.00
8.07 XX 00000 1,814,408.51 1,830,000.00
8.08 XX 00000 1,341,472.52 1,353,000.00
8.09 XX 00000 946,863.47 955,000.01
8.10 XX 00000 827,885.76 834,999.91
8.11 XX 00000 709,899.72 716,000.00
00 XX 00000 23,980,756.80 24,000,000.00
00 XX 00000 21,000,000.00 21,000,000.00 94,322.08 1,131,865.00
00 XX 00000 20,000,000.00 20,000,000.00 93,007.41 1,116,088.89
00 XX 00000 19,600,000.00 19,600,000.00 88,017.38 1,056,208.61
20 XX 0000 18,955,549.61 19,000,000.00
00 XX 00000 17,400,000.00 17,400,000.00 78,617.15 943,405.77
00 XX 00000 16,379,039.21 16,400,000.00
00 XX 00000 15,985,823.45 16,000,000.00
00 XX 00000 14,900,000.00 14,900,000.00 63,952.73 767,432.78
00 XX 00000 12,339,030.93 12,350,000.00
00 XX 00000 11,967,334.78 12,000,000.00
00 XX 00000 11,586,595.83 11,600,000.00
00 XX 00000 11,360,000.00 11,360,000.00 50,505.46 606,065.47
00 XX 00000 11,000,000.00 11,000,000.00
00 XX 00000 10,910,001.94 10,920,000.00
00 XX 00000 10,880,000.00 10,880,000.00 48,683.97 584,207.64
00 XX 00000 10,868,713.05 10,900,000.00
00 XX 00000 9,974,000.00 9,974,000.00 43,568.14 522,817.69
00 XX 00000 9,787,474.65 9,800,000.00
49 XX 00000 9,750,000.00 9,750,000.00 43,967.04 527,604.46
50 XX 00000 9,600,000.00 9,600,000.00 51,059.44 612,713.33
00 XX 00000 9,537,794.18 9,550,000.00
00 XX 00000 8,053,311.14 8,070,000.00
61 XX 00000 7,526,508.26 7,550,000.00
00 XX 00000 7,500,000.00 7,500,000.00 32,932.38 395,188.54
64 IN 46260 7,250,000.00 7,250,000.00
00 XX 00000 7,167,274.21 7,200,000.00
00 XX 00000 5,992,023.45 6,000,000.00
70 CO 80919 5,800,000.00 5,800,000.00 26,903.05 322,836.62
76 XX 00000 5,544,818.41 5,550,000.00
00 XX 00000 5,330,000.00 5,330,000.00
00 XX 00000 5,200,000.00 5,200,000.00
00 XX 00000 5,127,227.41 5,150,000.00
00 XX 00000 4,525,000.00 4,525,000.00
84 IN 46217 4,500,000.00 4,500,000.00 21,067.34 252,808.13
00 XX 00000 4,450,000.00 4,450,000.00 21,494.99 257,939.92
00 XX 00000 4,280,000.00 4,280,000.00
00 XX 00000 4,000,000.00 4,000,000.00
000 XX 00000 2,862,451.87 2,900,000.00
000 XX 00000 2,800,000.00 2,800,000.00 12,301.85
000 XX 00000 2,598,437.04 2,612,000.00
000 XX 00000 2,050,000.00 2,050,000.00
000 XX 00000 1,776,000.00 1,776,000.00 7,757.87 93,094.47
</TABLE>
<TABLE>
PRIMARY MASTER TRUSTEE & BROKER
MONTHLY P&I ANNUAL P&I DEBT INTEREST SERVICING SERVICING PAYING STRIP
LOAN # DEBT SERVICE SERVICE RATE(%) FEE RATE FEE RATE AGENT FEE RATE
----------- ------------ --------------- -------- --------- --------- ---------- ------
1 4.6901 0.02000 0.01000 0.00130
2 4.9900 0.02000 0.01000 0.00130
3 4.8220 0.02000 0.01000 0.00130
5 468,677.77 5,624,133.24 5.6820 0.02000 0.01000 0.00130
5.01
5.02
5.03
5.04
5.05
5.06
5.07
5.08
5.09
5.10
5.11
5.12
5.13
5.14
5.15
5.16
5.17
5.18
5.19
5.20
5.21
5.22
5.23
5.24
5.25
5.26
5.27
5.28
5.29
5.30
5.31
5.32
5.33
5.34
5.35
5.36
5.37
5.38
5.39
5.40
5.41
5.42
5.43
5.44
5.45
5.46
5.47
5.48
5.49
5.50
5.51
5.52
5.53
5.54
7 273,386.30 3,280,635.60 6.3650 0.02000 0.01000 0.00130
8 229,814.95 2,757,779.40 5.4500 0.02000 0.01000 0.00130
8.01
8.02
8.03
8.04
8.05
8.06
8.07
8.08
8.09
8.10
8.11
15 145,826.53 1,749,918.36 6.1250 0.02000 0.01000 0.00130
17 116,822.72 1,401,872.64 5.3160 0.02000 0.01000 0.00130
18 113,608.00 1,363,296.00 5.5040 0.02000 0.01000 0.00130
19 109,022.36 1,308,268.32 5.3150 0.00000 0.01000 0.00130
20 100,296.00 1,203,552.00 4.8530 0.02000 0.01000 0.00130
22 97,137.98 1,165,655.76 5.3476 0.02000 0.01000 0.00130
23 105,595.27 1,267,143.24 5.9930 0.02000 0.01000 0.00130
24 93,295.44 1,119,545.28 5.7425 0.02000 0.01000 0.00130
26 80,716.50 968,598.00 5.0800 0.02000 0.01000 0.00130
32 71,937.93 863,255.16 5.7330 0.02000 0.01000 0.00130
34 77,389.54 928,674.48 6.0100 0.02000 0.01000 0.00130
37 71,894.10 862,729.20 5.8555 0.02000 0.01000 0.00130
39 62,814.80 753,777.60 5.2620 0.02000 0.01000 0.00130
40 63,322.20 759,866.40 5.6250 0.02000 0.01000 0.00130
42 62,778.97 753,347.64 5.6130 0.02000 0.01000 0.00130
43 60,390.12 724,681.44 5.2960 0.02000 0.01000 0.00130
44 68,250.21 819,002.52 5.7010 0.02000 0.01000 0.00130
47 54,583.62 655,003.44 5.1700 0.02000 0.01000 0.00130
48 63,099.61 757,195.32 5.9930 0.02000 0.01000 0.00130
49 54,367.66 652,411.92 5.3372 0.02000 0.01000 0.00130
50 59,390.10 712,681.20 6.2950 0.02000 0.01000 0.00130
51 61,489.93 737,879.16 5.9930 0.02000 0.01000 0.00130
58 45,517.24 546,206.88 5.4400 0.02000 0.01000 0.00130
61 42,042.79 504,513.48 5.3250 0.02000 0.01000 0.00130
62 41,169.42 494,033.04 5.1970 0.02000 0.01000 0.00130
64 43,822.29 525,867.48 6.0760 0.00000 0.01000 0.00130
65 40,160.97 481,931.64 5.3400 0.02000 0.01000 0.00130
69 37,891.55 454,698.60 5.7900 0.02000 0.01000 0.00130
70 32,895.02 394,740.24 5.4899 0.02000 0.01000 0.00130
76 31,634.27 379,611.24 5.5350 0.02000 0.01000 0.00130
78 30,298.61 363,583.32 5.5106 0.02000 0.01000 0.00130
79 28,611.61 343,339.32 5.2180 0.02000 0.01000 0.00130
80 29,202.37 350,428.44 5.4880 0.02000 0.01000 0.00130
83 25,715.17 308,582.04 5.5080 0.00000 0.01000 0.00130
84 25,666.38 307,996.56 5.5410 0.02000 0.01000 0.00130
85 5.7170 0.02000 0.01000 0.00130
88 23,676.75 284,121.00 5.2660 0.00000 0.01000 0.00130
93 26,386.78 316,641.36 6.2500 0.02000 0.01000 0.00130
101 30,405.85 364,870.20 4.7500 0.02000 0.01000 0.00130
102 15,375.10 184,501.20 5.2000 0.02000 0.01000 0.00130
105 15,464.93 185,579.16 5.5590 0.02000 0.01000 0.00130
107 11,932.01 143,184.12 5.7260 0.02000 0.01000 0.00130
109 9,719.32 116,631.84 5.1700 0.02000 0.01000 0.00130
</TABLE>
<TABLE>
NET
MORTGAGE
INTEREST ACCRUAL REMAINING MATURITY/ AMORT REMAINING
LOAN # ADMIN. FEE RATE TYPE TERM TERM ARD DATE TERM AMORT TERM
----------- ---------- ------- ---------- ------ --------- ---------- ------ ----------
1 0.03130 4.6588 Actual/360 60 60 6/1/2010 0 0
2 0.03130 4.9587 Actual/360 120 120 6/1/2015 0 0
3 0.03130 4.7907 Actual/360 60 60 6/8/2010 0 0
5 0.03130 5.6507 Actual/360 121 121 7/1/2015 300 300
5.01 121 121 300 300
5.02 121 121 300 300
5.03 121 121 300 300
5.04 121 121 300 300
5.05 121 121 300 300
5.06 121 121 300 300
5.07 121 121 300 300
5.08 121 121 300 300
5.09 121 121 300 300
5.10 121 121 300 300
5.11 121 121 300 300
5.12 121 121 300 300
5.13 121 121 300 300
5.14 121 121 300 300
5.15 121 121 300 300
5.16 121 121 300 300
5.17 121 121 300 300
5.18 121 121 300 300
5.19 121 121 300 300
5.20 121 121 300 300
5.21 121 121 300 300
5.22 121 121 300 300
5.23 121 121 300 300
5.24 121 121 300 300
5.25 121 121 300 300
5.26 121 121 300 300
5.27 121 121 300 300
5.28 121 121 300 300
5.29 121 121 300 300
5.30 121 121 300 300
5.31 121 121 300 300
5.32 121 121 300 300
5.33 121 121 300 300
5.34 121 121 300 300
5.35 121 121 300 300
5.36 121 121 300 300
5.37 121 121 300 300
5.38 121 121 300 300
5.39 121 121 300 300
5.40 121 121 300 300
5.41 121 121 300 300
5.42 121 121 300 300
5.43 121 121 300 300
5.44 121 121 300 300
5.45 121 121 300 300
5.46 121 121 300 300
5.47 121 121 300 300
5.48 121 121 300 300
5.49 121 121 300 300
5.50 121 121 300 300
5.51 121 121 300 300
5.52 121 121 300 300
5.53 121 121 300 300
5.54 121 121 300 300
7 0.03130 6.3337 Actual/360 120 111 9/1/2014 300 291
8 0.03130 5.4187 Actual/360 120 112 10/1/2014 360 352
8.01 120 112 360 352
8.02 120 112 360 352
8.03 120 112 360 352
8.04 120 112 360 352
8.05 120 112 360 352
8.06 120 112 360 352
8.07 120 112 360 352
8.08 120 112 360 352
8.09 120 112 360 352
8.10 120 112 360 352
8.11 120 112 360 352
15 0.03130 6.0937 Actual/360 120 119 5/1/2015 360 359
17 0.03130 5.2847 Actual/360 120 120 6/1/2015 360 360
18 0.03130 5.4727 Actual/360 120 119 5/1/2015 360 360
19 0.06130 5.2537 Actual/360 120 119 5/1/2015 360 360
20 0.03130 4.8217 Actual/360 120 118 4/1/2015 360 358
22 0.03130 5.3163 Actual/360 120 117 3/1/2015 360 360
23 0.03130 5.9617 Actual/360 120 119 5/1/2015 300 299
24 0.03130 5.7112 Actual/360 60 59 5/1/2010 360 359
26 0.03130 5.0487 Actual/360 120 116 2/1/2015 360 360
32 0.03130 5.7017 Actual/360 120 119 5/1/2015 360 359
34 0.03130 5.9787 Actual/360 120 118 4/1/2015 300 298
37 0.03130 5.8242 Actual/360 120 119 5/1/2015 318 317
39 0.03130 5.2307 Actual/360 60 60 6/1/2010 360 360
40 0.03130 5.5937 Actual/360 120 120 6/1/2015 360 360
42 0.03130 5.5817 Actual/360 120 119 5/1/2015 360 359
43 0.03130 5.2647 Actual/360 60 59 5/1/2010 360 360
44 0.03130 5.6697 Actual/360 120 118 4/1/2015 300 298
47 0.03130 5.1387 Actual/360 120 119 5/1/2015 360 360
48 0.03130 5.9617 Actual/360 120 119 5/1/2015 300 299
49 0.03130 5.3059 Actual/360 120 120 6/1/2015 360 360
50 0.03130 6.2637 Actual/360 120 119 5/1/2015 360 360
51 0.03130 5.9617 Actual/360 120 119 5/1/2015 300 299
58 0.03130 5.4087 Actual/360 120 118 4/1/2015 360 358
61 0.03130 5.2937 Actual/360 120 117 3/1/2015 360 357
62 0.03130 5.1657 Actual/360 120 119 5/1/2015 360 360
64 0.06130 6.0147 Actual/360 84 84 6/1/2012 360 360
65 0.03130 5.3087 Actual/360 120 116 2/1/2015 360 356
69 0.03130 5.7587 Actual/360 120 119 5/1/2015 300 299
70 0.03130 5.4586 Actual/360 120 119 5/1/2015 360 360
76 0.03130 5.5037 Actual/360 120 119 5/1/2015 360 359
78 0.03130 5.4793 Actual/360 120 120 6/1/2015 360 360
79 0.03130 5.1867 Actual/360 120 120 6/1/2015 360 360
80 0.03130 5.4567 Actual/360 120 116 2/1/2015 360 356
83 0.11130 5.3967 Actual/360 120 120 6/1/2015 360 360
84 0.03130 5.5097 Actual/360 120 117 3/1/2015 360 360
85 0.03130 5.6857 Actual/360 96 94 4/1/2013 0 0
88 0.11130 5.1547 Actual/360 120 120 6/1/2015 360 360
93 0.03130 6.2187 Actual/360 120 120 6/1/2015 300 300
101 0.03130 4.7187 Actual/360 120 118 4/1/2015 120 118
102 0.03130 5.1687 Actual/360 121 121 7/1/2015 360 360
105 0.03130 5.5277 Actual/360 120 116 2/1/2015 330 326
107 0.03130 5.6947 Actual/360 120 120 6/1/2015 360 360
109 0.03130 5.1387 Actual/360 120 119 5/1/2015 360 360
</TABLE>
<TABLE>
ENVIRONMENTAL ENVIRONMENTAL CROSS- CROSS-
LOAN # TITLE TYPE ARD (Y/N) ARD STEP UP (%) REPORT TYPE INSURANCE (Y/N) DEFAULTED COLLATERALIZED
--------- ---------- --------- --------------- ------------- --------------- --------- --------------
1 Fee/Leasehold No Phase I No
2 Fee/Leasehold No Phase I No
3 Fee No Phase I No
5 Fee No Phase I No
5.01 Fee Phase I No
5.02 Fee Phase I No
5.03 Fee Phase I No
5.04 Fee Phase I No
5.05 Fee Phase I No
5.06 Fee Phase I No
5.07 Fee Phase I No
5.08 Fee Phase I No
5.09 Fee Phase I No
5.10 Fee Phase I No
5.11 Fee Phase I No
5.12 Fee Phase I No
5.13 Fee Phase I No
5.14 Fee Phase I No
5.15 Fee Phase I No
5.16 Fee Phase I No
5.17 Fee Phase I No
5.18 Fee Phase I No
5.19 Fee Phase I No
5.20 Fee Phase I No
5.21 Fee Phase I No
5.22 Fee Phase I No
5.23 Fee Phase I No
5.24 Fee Phase I No
5.25 Fee Phase I No
5.26 Fee Phase I No
5.27 Fee Phase I No
5.28 Fee Phase I No
5.29 Fee Phase I No
5.30 Fee Phase I No
5.31 Fee Phase I No
5.32 Fee Phase I No
5.33 Fee Phase I No
5.34 Fee Phase I No
5.35 Fee Phase I No
5.36 Fee Phase I No
5.37 Fee Phase I No
5.38 Fee Phase I No
5.39 Fee Phase I No
5.40 Fee Phase I No
5.41 Fee Phase I No
5.42 Fee Phase I No
5.43 Fee Phase I No
5.44 Fee Phase I No
5.45 Fee Phase I No
5.46 Fee Phase I No
5.47 Fee Phase I No
5.48 Fee Phase I No
5.49 Fee Phase I No
5.50 Fee Phase I No
5.51 Fee Phase I No
5.52 Fee Phase I No
5.53 Fee Phase I No
5.54 Fee Phase I No
7 Leasehold No Phase I No
8 Fee No Phase I No
8.01 Fee Phase I No
8.02 Fee Phase I No
8.03 Fee Phase I No
8.04 Fee Phase I No
8.05 Fee Phase I No
8.06 Fee Phase I No
8.07 Fee Phase I No
8.08 Fee Phase I No
8.09 Fee Phase I No
8.10 Fee Phase I No
8.11 Fee Phase I No
15 Fee No Phase I No
17 Fee No Phase I No
18 Fee/Leasehold No Phase I No
19 Fee No Phase I No
20 Fee No Phase I No
22 Fee No Phase I No
23 Fee No Phase I No
24 Fee No Phase I No
26 Fee No Phase I No
32 Fee No Phase I No
34 Fee No Phase I No
37 Fee No Phase I No
39 Fee No Phase I No
40 Fee No Phase I No
42 Fee No Phase I No
43 Fee No Phase I No
44 Fee No Phase I No
47 Fee No Phase I No Yes Yes
48 Fee No Phase I No
49 Fee No Phase I No
50 Fee Yes Interest Rate plus 2% Phase I No
51 Fee No Phase I No
58 Fee No Phase I No
61 Fee No Phase I No
62 Leasehold No Phase I No
64 Fee No Phase I No
65 Fee No Phase I No
69 Fee No Phase I No
70 Fee No Phase I No
76 Leasehold No Phase I No
78 Fee Yes Interest Rate plus 2% Phase I No
79 Fee No Phase I No
80 Fee No Phase I No
83 Fee No Phase I No
84 Fee No Phase I No
85 Fee No Phase I No
88 Fee No Phase I No
93 Fee No Phase I No
101 Fee No Phase I No
102 Fee No Phase I No
105 Fee No Phase I No
107 Fee No Phase I No
109 Fee No Phase I No Yes Yes
</TABLE>
<TABLE>
UPFRONT UPFRONT UPFRONT UPFRONT
DEFEASANCE LETTER OF LOCKBOX HOLDBACK ENG. CAPEX ENVIR. TI/LC
LOAN # ALLOWED CREDIT IN-PLACE AMT RESERVE RESERVE RESERVE RESERVE
--------- ---------- --------- -------- -------- --------- ------- ------- -------
1 Yes No Yes No
2 Yes No Yes No 409,227.50
3 Yes No Yes No 280,000.00
5 Yes No Yes No 800,091.88 412,991.00
5.01 No
5.02 No
5.03 No
5.04 No
5.05 No
5.06 No
5.07 No
5.08 No
5.09 No
5.10 No
5.11 No
5.12 No
5.13 No
5.14 No
5.15 No
5.16 No
5.17 No
5.18 No
5.19 No
5.20 No
5.21 No
5.22 No
5.23 No
5.24 No
5.25 No
5.26 No
5.27 No
5.28 No
5.29 No
5.30 No
5.31 No
5.32 No
5.33 No
5.34 No
5.35 No
5.36 No
5.37 No
5.38 No
5.39 No
5.40 No
5.41 No
5.42 No
5.43 No
5.44 No
5.45 No
5.46 No
5.47 No
5.48 No
5.49 No
5.50 No
5.51 No
5.52 No
5.53 No
5.54 No
7 Yes No Yes No
8 Yes No Yes No 250,000.00
8.01
8.02
8.03
8.04
8.05
8.06
8.07
8.08
8.09
8.10
8.11
15 Yes No Yes No
17 Yes No No No 30,375.00
18 Yes No No No 938.00
19 Yes No Yes Yes
20 Yes No No No
22 Yes No No No 43,157.50 100,000.00
23 Yes No Yes No
24 Yes No Yes No 62,481.04
26 Yes No No No 100,000.00
32 Yes No Yes No
34 Yes No Yes No 26,250.00
37 Yes Yes No No
39 Yes No No No 57,827.50 245,674.50
40 Yes No No No
42 Yes No No No 12,500.00 200,000.00
43 Yes No No No 250,000.00
44 Yes Yes Yes No
47 Yes No No No 7,812.50 47,700.00
48 Yes No Yes No
49 Yes No No No 13,238.00 184,235.00
50 Yes No Yes No 8,628.00
51 Yes No Yes No
58 Yes No Yes No 68,414.00
61 Yes No No No 69,025.00 237,000.00
62 Yes No Yes No
64 Yes No No No 25,625.00
65 Yes No No No 50,000.00
69 Yes No No No 90,875.00 30,000.00 100,000.00 75,000.00
70 Yes No No No 16,950.00 161,660.00
76 Yes No Yes No 50,000.00
78 Yes No Yes No 11,812.50
79 Yes No Yes No
80 Yes No No Yes
83 Yes No No No 80,000.00
84 Yes No No No
85 Yes No Yes No
88 Yes No No No 150,000.00
93 Yes No Yes No
101 Yes No Yes No
102 Yes No No No
105 Yes No No No
107 Yes No Yes No
109 Yes No No No 12,500.00 12,300.00
</TABLE>
<TABLE>
UPFRONT
UPFRONT RE INSURANCE UPFRONT OTHER
LOAN # TAX RESERVE RESERVE RESERVE UPFRONT OTHER DESCRIPTION
----------- ----------- --------- -------------- -------------------------
1
2 3,212,062.01 266,348.08 5,006,453.42 Ground Rent Escrow (130,166.67); Newport News Deferral Reserve
(175,000.00); SLF Leasehold Mortgage Debt Service Reserve
(293,317.67); Prime Lease Purchase Option Reserve (4,407,969.08)
3
5 388,607.61 26,304.83
5.01
5.02
5.03
5.04
5.05
5.06
5.07
5.08
5.09
5.10
5.11
5.12
5.13
5.14
5.15
5.16
5.17
5.18
5.19
5.20
5.21
5.22
5.23
5.24
5.25
5.26
5.27
5.28
5.29
5.30
5.31
5.32
5.33
5.34
5.35
5.36
5.37
5.38
5.39
5.40
5.41
5.42
5.43
5.44
5.45
5.46
5.47
5.48
5.49
5.50
5.51
5.52
5.53
5.54
7 23,025.54 833,438.58 Seasonality Reserve
8
8.01
8.02
8.03
8.04
8.05
8.06
8.07
8.08
8.09
8.10
8.11
15 49,578.53 22,046.06 899,415.05 Debt Service Reserve
17 34,349.71 29,787.98 500,000.00 Room With a Cue Reserve
18 19,188.16 4,169.03
19 207,083.33
20
22 14,623.35 91,703.00 T-Mobile Reserves ($40,962) and Fatburger Reserves ($50,741)
23 47,704.28
24 54,583.33 10,532.00 Prepaid Rent
26 14,501.75 1,316.79 258,000.00 Four Tenant Reserves
32 7,835.59 66,500.00 Activities 4 Less Rent Reserve ($51,500.00) and Tenant Estoppel
Reserve ($15,000.00)
34 124,536.58 18,770.95
37 29,309.08 2,500.00 L/C Transfer Fee
39 18,395.16
40 11,753.38
42 17,654.46 3,026.45 14,816.00 Rollover Reserve
43 42,612.00 6,012.30
44 138,805.76 16,251.79 71,699.55 Seasonality Reserve
47 22,082.37 2,590.30
48 91,636.13
49 20,082.25 7,158.90 350,000.00 Rent-A-Center Reserve
50
51 143,325.00 600,000.00 Performance Reserve
58 12,072.20 13,393.00
61 3,995.51
62 19,552.88 5,056.10 200,000.00 Tan Hawaii Golf Reserve
64 15,760.91 3,008.43
65 10,007.69 18,503.65
69 4,971.75 60,000.00 Country Squire Reserve
70 1,736.26
76 95,781.28
78 30,298.61 Debt Service Reserve
79 6,594.12 5,037.90
80 9,238.72
83 18,721.60
84 17,959.88 12,031.25
85 30,080.96 26,503.75 38,891.40 Debt Service
88 23,807.00 6,751.50
93 13,537.11 8,603.16 110,000.00 Seasonality Reserve ($74,300.00) and Bed Replacement Reserve
($35,700.00)
101
102 19,269.10 4,844.74 110,000.00 DSCR Reserve
105 2,555.06 4,812.41
107 12,056.01 Debt Service
109 8,576.80 518.05
</TABLE>
<TABLE>
MONTHLY MONTHLY MONTHLY MONTHLY
ENVIR. TI/LC MONTHLY RE INSURANCE OTHER
LOAN # MONTHLY CAPEX RESERVE RESERVE RESERVE TAX RESERVE RESERVE RESERVE
---------- ---------------------- ------- ------- ----------- -------- -------
1
2 401,507.75 29,594.23 423,484.34
3
5 13,547.34 129,535.87
5.01
5.02
5.03
5.04
5.05
5.06
5.07
5.08
5.09
5.10
5.11
5.12
5.13
5.14
5.15
5.16
5.17
5.18
5.19
5.20
5.21
5.22
5.23
5.24
5.25
5.26
5.27
5.28
5.29
5.30
5.31
5.32
5.33
5.34
5.35
5.36
5.37
5.38
5.39
5.40
5.41
5.42
5.43
5.44
5.45
5.46
5.47
5.48
5.49
5.50
5.51
5.52
5.53
5.54
7 4% of Gross Revenues 55,603.13 17,816.14 83,343.86
8 4,269.42 14,000.00 31,082.28 4,627.09
8.01
8.02
8.03
8.04
8.05
8.06
8.07
8.08
8.09
8.10
8.11
15 4,858.00 24,789.27 4,409.21
17 2,043.00 17,174.86 4,964.66
18 3,909.00 78.17 12,766.00 19,188.16 2,084.51
19 1,389.58 7,817.00 29,583.33 1,708.26
20 5,149.00
22 2,310.50 4,167.00 13,006.05 4,874.45
23 4% of Gross Revenues 11,926.07
24 4,840.42 15,627.58 54,583.33
26 1,157.00 4,167.00 20,299.65 1,316.79
32 204.00 3,500.00 3,917.79 3,356.63
34 6,388.00 17,790.94 3,754.19
37 482.00 5,500.00 5,861.82 1,996.40
39 2,228.00 6,500.00 3,065.86 1,568.53
40 1,771.00 3,917.79 2,994.34
42 3,160.00 6,500.00 17,654.46 1,513.23
43 1,546.00 9,500.00 14,204.00 2,004.10
44 15,362.00 27,761.15 8,125.89 23,899.85
47 468.93 7,360.79 1,295.15
48 4% of Gross Revenues 13,090.88
49 822.00 10,041.12 1,193.15
50 719.00
51 4% of Gross Revenues 20,475.00
58 629.00 2,266.00 12,072.20 1,420.39
61 908.00 4,000.00 3,874.02 1,331.84
62 322.00 2,917.00 4,888.22 2,528.05
64 3,330.00 7,880.46 1,504.21
65 1,284.00 5,783.00 10,007.69 3,700.73
69 2,660.00 6,385.00 30,622.57 2,485.88
70 741.00 2,084.00 5,627.08 1,736.26
76
78
79 3,297.06
80 367.00 2,500.00 3,079.57 908.16
83 368.00 2,763.80 1,598.45
84 4,489.97 1,093.75
85 15,040.48 2,650.38
88 371.00 5,951.75 675.15
93 4% of Gross Revenues 3,384.28
101 30,405.85
102 450.00 2,752.73 2,422.37
105 127.00 533.00 894.27 534.71
107 124.00
109 120.73 2,858.93 259.03
</TABLE>
<TABLE>
TOTAL UNIT OF GRACE LOAN
LOAN # OTHER MONTH DESCRIPTION SF/UNITS MEASURE PERIOD GROUP
---------- ----------------------- -------- ------- ------ -----
1 831,841 SF 6 1
2 Ground Rent Escrow ($130,166.67) and SLG 550,651 SF 0 1
Leasehold Mortgage Debt Service Reserve
($293,317.67)
3 556,511 SF 0 1
5 1,083,787 SF 5 1
5.01 27,575 SF 1
5.02 29,100 SF 1
5.03 44,020 SF 1
5.04 19,594 SF 1
5.05 23,000 SF 1
5.06 48,830 SF 1
5.07 25,336 SF 1
5.08 32,650 SF 1
5.09 39,430 SF 1
5.10 27,685 SF 1
5.11 25,860 SF 1
5.12 37,200 SF 1
5.13 27,800 SF 1
5.14 28,525 SF 1
5.15 23,564 SF 1
5.16 13,850 SF 1
5.17 25,690 SF 1
5.18 20,957 SF 1
5.19 34,930 SF 1
5.20 30,850 SF 1
5.21 20,979 SF 1
5.22 19,350 SF 1
5.23 20,339 SF 1
5.24 12,260 SF 1
5.25 19,104 SF 1
5.26 13,750 SF 1
5.27 24,310 SF 1
5.28 24,275 SF 1
5.29 8,764 SF 1
5.30 14,288 SF 1
5.31 11,355 SF 1
5.32 13,665 SF 1
5.33 17,317 SF 1
5.34 16,300 SF 1
5.35 19,010 SF 1
5.36 17,176 SF 1
5.37 7,413 SF 1
5.38 8,750 SF 1
5.39 14,030 SF 1
5.40 24,300 SF 1
5.41 10,152 SF 1
5.42 20,136 SF 1
5.43 15,500 SF 1
5.44 13,648 SF 1
5.45 8,378 SF 1
5.46 9,095 SF 1
5.47 19,258 SF 1
5.48 10,350 SF 1
5.49 13,725 SF 1
5.50 10,703 SF 1
5.51 5,230 SF 1
5.52 13,300 SF 1
5.53 10,331 SF 1
5.54 10,800 SF 1
7 Seasonality Reserve 405 Rooms 7 1
8 341,558 SF 0 1
8.01 85,238 SF 1
8.02 66,596 SF 1
8.03 46,080 SF 1
8.04 33,269 SF 1
8.05 28,383 SF 1
8.06 25,307 SF 1
8.07 18,104 SF 1
8.08 9,385 SF 1
8.09 10,800 SF 1
8.10 12,650 SF 1
8.11 5,746 SF 1
15 1,164 Pads 5 2
17 163,467 SF 5 1
18 187,648 SF 5 1
19 166,746 SF 5 1
20 228 Units 5 2
22 95,608 SF 5 1
23 149 Rooms 5 1
24 165,957 SF 5 1
26 92,937 SF 5 1
32 12,038 SF 0 1
34 1,553 Units 5 1
37 38,451 SF 5 1
39 93,956 SF 5 1
40 425 Pads 5 1
42 126,402 SF 5 1
43 92,749 SF 5 1
44 Seasonality Reserve 133 Rooms 5 1
47 37,514 SF 5 1
48 149 Rooms 5 1
49 65,733 SF 5 1
50 50,736 SF 5 1
51 149 Rooms 5 1
58 32,076 SF 5 1
61 49,807 SF 5 1
62 25,753 SF 5 1
64 148 Units 5 2
65 126,168 SF 5 1
69 127,694 SF 5 1
70 44,464 SF 5 1
76 14,480 SF 5 1
78 14,560 SF 5 1
79 19,316 SF 5 1
80 30,000 SF 5 1
83 29,400 SF 5 1
84 41,167 SF 5 1
85 18,491 SF 5 1
88 30,980 SF 0 1
93 66 Rooms 0 1
101 Debt Service 100,774 SF 5 1
102 47,910 SF 5 1
105 8,000 SF 5 1
107 14,820 SF 5 1
109 9,658 SF 5 1
</TABLE>
