EXHIBIT 10.1
MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement, dated as of June 1, 2007
(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, 2007 (the "Pooling and Servicing
Agreement"), among the Purchaser as depositor, Midland Loan Services, Inc. as
master servicer no. 1 (in such capacity, "Master Servicer No. 1" and, also a
"Master Servicer") and as special servicer (in such capacity, the "Special
Servicer"), Wachovia Bank, National Association as master servicer no. 2
("Master Servicer No. 2" and, also a "Master Servicer") and LaSalle Bank
National Association as trustee (in such capacity, the "Trustee") and custodian
(in such capacity, the "Custodian"). 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 May 31, 2007 (the "Underwriting Agreement"), with Xxxxxxx Lynch, Pierce,
Xxxxxx & Xxxxx Incorporated ("Xxxxxxx Xxxxx") for itself and as representative
of Countrywide Securities Corporation ("Countrywide Securities"), PNC Capital
Markets LLC ("PNC Capital"), Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx
Xxxxxxx") and Xxxxxxx, Xxxxx & Co. ("Xxxxxxx Sachs", Xxxxxxx Xxxxx, Countrywide
Securities, PNC Capital, Xxxxxx Xxxxxxx and Xxxxxxx Xxxxx, 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 May 31, 2007 (the "Certificate Purchase Agreement"), with
Xxxxxxx Xxxxx for itself and as representative of Countrywide Securities
(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 $746,788,574 (the "MLML 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 MLML 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
$2,785,502,677 (subject to a variance of plus or minus 5%).
The purchase and sale of the Mortgage Loans shall take place on June
13, 2007 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) 99.1795% of the
MLML Mortgage Loan Balance as of the Cut-off Date, plus (ii) $1,435,987, which
amount represents the amount of interest accrued on the MLML Mortgage Loan
Balance, as agreed to by the Seller and the Purchaser. The Purchase
Consideration shall be paid to the Seller or its designee by wire transfer in
immediately available funds on the Closing Date.
SECTION 2. Conveyance of Mortgage Loans.
(a) Effective as of the Closing Date, subject only to the Seller's
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 (subject to certain agreements regarding servicing
as provided in the Pooling and Servicing Agreement, sub-servicing agreements
permitted thereunder and the Servicing Rights Purchase Agreement (as defined in
Section 6(a)(iii) hereof)), 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. 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 Custodian (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
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 Custodian in escrow for the benefit of the Seller at all times prior to
the Closing Date. The Mortgage File with respect to each Mortgage Loan that is a
Serviced Trust Mortgage Loan 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
LaSalle Bank National Association, as trustee for the registered holders
of ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
Pass-Through Certificates, Series 2007-7, or in blank, and (B) in the case
of a Loan Combination, a copy of the executed Mortgage Note for each
related Non-Trust Loan;
(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 and address (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 LaSalle
Bank National Association, as trustee for the registered holders of ML-CFC
Commercial Mortgage Trust 2007-7, Commercial Mortgage Pass-Through
Certificates, Series 2007-7 (or, in the case of a Loan Combination, in
favor of LaSalle Bank National Association, as trustee for the registered
holders of ML-CFC Commercial Mortgage Trust 2007-7, Commercial Mortgage
Pass-Through Certificates, Series 2007-7, and in its capacity as lead
lender on behalf of the holder(s) 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 LaSalle Bank National Association, as trustee for
the registered holders of ML-CFC Commercial Mortgage Trust 2007-7,
Commercial Mortgage Pass-Through Certificates, Series 2007-7 (or, in the
case of a Loan Combination, in favor of LaSalle Bank National Association,
as trustee for the registered holders of ML-CFC Commercial Mortgage Trust
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7, and
in its capacity as lead lender on behalf of the holder(s) of the related
Non-Trust Loan(s)), or in blank;
(vi) originals or copies of any consolidation, assumption,
substitution and modification agreements in those instances where the
terms or provisions of the Mortgage or Mortgage Note have been
consolidated or modified or the 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 LaSalle Bank National Association, as
trustee for the registered holders of ML-CFC Commercial Mortgage Trust
2007-7, Commercial Mortgage Pass-Through Certificates, Series 2007-7, as
assignee (or, in the case of a Loan Combination, in favor of LaSalle Bank
National Association, as trustee for the registered holders of ML-CFC
Commercial Mortgage Trust 2007-7, Commercial Mortgage Pass-Through
Certificates, Series 2007-7, and in its capacity as lead lender on behalf
of the holder(s) of the related Non-Trust Loan(s)), or in blank;
(ix) an original or a copy of any Ground Lease, guaranty or ground
lessor estoppel;
(x) an original or a copy of an intercreditor agreement relating to
permitted debt of the Mortgagor 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 (which letter of credit
shall not be delivered in original form to the Trustee but rather to the
applicable Master Servicer), in each case relating to the subject Mortgage
Loan;
(xii) with respect to a Mortgage Loan secured by a hospitality
property, a signed copy of any franchise agreement and/or franchisor
comfort letter; and
(xiii) if such Trust Mortgage Loan is part of a Loan Combination, an
original or a copy of the related Loan Combination Intercreditor
Agreement.
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 180 days following the later of the Closing Date and the
delivery of each Mortgage, Assignment of Leases, recordable document and UCC
Financing Statement to the Custodian) 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 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 Custodian following recording, and each such assignment
and UCC Financing Statement assignment shall reflect that the file copy thereof
should be returned to the Custodian 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
Custodian (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 Custodian in connection with any such recording, filing or delivery
performed by the Custodian 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 applicable Master Servicer (which, for purposes of this Agreement, shall
be Midland Loan Services, Inc. with respect to all of the Mortgage Loans) 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 applicable Master Servicer (or, at
the direction of the applicable 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, legal
or other 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
Custodian, 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 Custodian or any
other person because the delivery of the mortgage loan checklist is being
provided to the Custodian solely for its administrative convenience.
(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.
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 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, conservatorship 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 (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.
(x) The prospectus supplement dated May 31, 2007 (the "Prospectus
Supplement"), which supplements the base prospectus dated May 10, 2007
(the "Prospectus"), contains all the information that is required to be
provided in respect of the Seller (that arise from its role as "sponsor"
(within the meaning of Regulation AB)), the Mortgage Loans, the related
Mortgagors and the related Mortgaged Properties pursuant to Regulation AB.
For purpose of this Agreement, "Regulation AB" shall mean Subpart 229.1100
- Asset Backed Securities (Regulation AB), 17 C.F.R.
ss.ss.229.1100-229.1123, as such may be amended from time to time, and
subject to such clarification and interpretation as have been provided by
the Commission in the adopting release (Asset-Backed Securities,
Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506-1,631 (Jan. 7,
2005)) or by the staff of the Commission, or as may be provided by the
Commission or its staff from time to time.
(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.
(c) If the Seller 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
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 applicable Master Servicer for deposit into its
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 the Specially Designated Mortgage Loan
Documents) 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 Mortgagor
or third party with respect to the Mortgage Loan, establishing the validity or
priority of any lien or 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 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
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. 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 Mortgagor.
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 second and third provisos 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 (for the avoidance of
doubt, the foregoing two-year period shall not be deemed to be a time limitation
on Seller's right to cure a Document Defect or Breach as set forth in this
Section 3). 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 Custodian not later than the
180th 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 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 or some other mutually agreed
upon accommodation can be reached. Any reserve or other cash collateral or
letters of credit securing the Crossed Loans shall be allocated between such
Crossed Loans in accordance with the Mortgage Loan documents, or, if 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), and to the extent not covered by the
applicable release price (if any) required under the related Mortgage Loan
documents, the Seller pays (or causes to be paid) any additional amounts
necessary to cover all reasonable out-of-pocket expenses reasonably incurred by
the applicable Master Servicer, the Special Servicer, the Trustee, the Custodian
or the Trust Fund in connection with such release, (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 applicable 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 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 applicable Master Servicer's
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 applicable Master Servicer, respectively, (i) the Trustee
shall be required to execute and deliver such endorsements and assignments as
are provided to it by the applicable 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 applicable 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 applicable 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 Custodian 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 this Section 3.
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, conservatorship 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 certificate of incorporation, 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.
(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 Cadwalader, Xxxxxxxxxx & 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 Custodian
and the applicable Master Servicer, respectively, all documents represented to
have been or required to be delivered to the Custodian and the applicable 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;
(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, shall have been delivered;
and
(g) The Seller shall have executed and delivered concurrently
herewith that certain Indemnification Agreement, dated as of May 31, 2007, among
the Seller, Countrywide Commercial Real Estate Finance, Inc., Artesia Mortgage
Capital Corporation, 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 agreement(s) pursuant to which the servicing rights with
respect to the Mortgage Loans are being sold to the applicable Master Servicer
(such agreement(s), individually and/or collectively, the "Servicing Rights
Purchase Agreement");
(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) 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;
(e) A written opinion of counsel for the Seller relating to
organizational 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 Custodian, 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
(f) 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 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 an affiliate 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 applicable Master Servicer's 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. Notice of Exchange Act Reportable Events. The Seller
hereby agrees to deliver to the Purchaser any disclosure information relating to
any event, specifically relating to the Seller, reasonably determined in good
faith by the Purchaser as required to be reported on Form 8-K, Form 10-D or Form
10-K by the Trust (in formatting reasonably appropriate for inclusion in such
form) insofar as such disclosure is required under Item 1117 or 1119 of
Regulation AB or Item 1.03 to Form 8-K. The Seller shall use reasonable efforts
to deliver proposed disclosure language relating to any event, specifically
relating to the Seller (in its role as Sponsor), described under Item 1117 or
1119 of Regulation AB or Item 1.03 to Form 8-K to the Purchaser as soon as
reasonably practicable after the Seller becomes aware of such event and in no
event more than two business days following the occurrence of such event if such
event is reportable under Item 1.03 to Form 8-K. The obligation of the Seller to
provide the above referenced disclosure materials in any fiscal year of the
Trust will terminate upon the Trustee's filing of a Form 15 with respect to the
Trust as to that fiscal year in accordance with Section 8.16 of the Pooling and
Servicing Agreement or the reporting requirements with respect to the Trust
under the Securities Exchange Act of 1934, as amended (the "1934 Act"), have
otherwise automatically suspended. The Seller hereby acknowledges that the
information to be provided by it pursuant to this Section 9 will be used in the
preparation of reports on Form 8-K, Form 10-D or Form 10-K with respect to the
Trust as required under the 1934 Act and any applicable rules promulgated
thereunder and as required under Regulation AB.
SECTION 10. Notices. All notices, copies, requests, consents,
demands and other communications required hereunder shall be in writing and sent
either by certified mail (return receipt requested) or by courier service (proof
of delivery requested) and also by facsimile transmission to the intended
recipient at the "Address for Notices" specified for such party on Exhibit A
hereto, 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 received (in the case of a notice sent by mail or courier
service) or transmitted (in the case of a faxed notice), in each case given or
addressed as aforesaid.
SECTION 11. Representations, Warranties and Agreements to Survive
Delivery. All representations, warranties and agreements contained in this
Agreement, incorporated herein by reference or contained in the certificates of
officers of the Seller submitted pursuant hereto, shall remain operative and in
full force and effect and shall survive delivery of the Mortgage Loans by the
Seller to the Purchaser (and by the Purchaser to the Trustee).
SECTION 12. Severability of Provisions. Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or
which is held to be void or 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 13. Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original, but which together
shall constitute one and the same agreement.
SECTION 14. GOVERNING LAW; WAIVER OF TRIAL BY JURY 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. THE PARTIES HERETO
HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR
OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.
SECTION 15. Attorneys' Fees. If any legal action, suit or proceeding
is commenced between the Seller and the Purchaser regarding their respective
rights and obligations under this Agreement, the prevailing party shall be
entitled to recover, in addition to damages or other relief, costs and expenses,
attorneys' fees and court costs (including, without limitation, expert witness
fees). As used herein, the term "prevailing party" shall mean the party 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 16. Further Assurances. The Seller and the Purchaser agree
to execute and deliver such instruments and take such further actions as the
other party may, from time to time, reasonably request in order to effectuate
the purposes and to carry out the terms of this Agreement.
SECTION 17. Successors and Assigns. The rights and obligations of
the Seller under this Agreement shall not be assigned by the Seller without the
prior written consent of the Purchaser, except that any person into which the
Seller may be merged or consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Seller is a party, or any
person succeeding to all or substantially all of the business of the Seller,
shall be the successor to the Seller hereunder. The Purchaser has the right to
assign its interest under this Agreement, in whole or in part, as may be
required to effect the purposes of the Pooling and Servicing Agreement, and the
assignee shall, to the extent of such assignment, succeed to the rights and
obligations hereunder of the Purchaser. Subject to the foregoing, this Agreement
shall bind and inure to the benefit of and be enforceable by the Seller, the
Purchaser, the Underwriters (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 18. Amendments. No term or provision of this Agreement may
be waived or modified unless such waiver or modification is in writing and
signed by a duly authorized officer of the party 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 19. 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 20. 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 21. 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 21. 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.
[SIGNATURE PAGES TO FOLLOW]
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/ Xxxxx X. Xxxxxxx
--------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Vice President
PURCHASER
XXXXXXX XXXXX MORTGAGE INVESTORS,
INC.
By: /s/ Xxxxx X. Xxxxxxx
--------------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Executive Vice President, Chief
Officer in Charge of Commercial
Mortgage Securitization
EXHIBIT A
Seller:
Address for Notices:
Xxxxxxx Xxxxx Mortgage Lending, Inc.
c/o Global Commercial Real Estate
Four World Financial Center, 16th Floor
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx X. Xxxxxxx
Telecopier No.: (000) 000-0000
with a copy to:
Xxxxxxx Xxxxx Mortgage Lending, Inc.
c/o Global Commercial Real Estate
4 World Financial Center, 16th Floor
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Director of CMBS Securitization
Facsimile No.: 000-000-0000
and
Xxxxxxx Xxxxx Mortgage Lending, Inc.
Four World Financial Center, 12th Floor
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel for Global
Commercial Real Estate in the Office
of the General Counsel
Telecopier No.: (000) 000-0000
Purchaser:
Address for Notices:
Xxxxxxx Xxxxx Mortgage Investors, Inc.
c/o Global Commercial Real Estate
Four World Financial Center, 16th Floor
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx X. Xxxxxxx
Telecopier No.: (000) 000-0000
with a copy to:
Xxxxxxx Xxxxx Mortgage Investors, Inc.
c/o Global Commercial Real Estate
4 World Financial Center, 16th Floor
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Director of CMBS Securitization
Facsimile No.: 000-000-0000
and
Xxxxxxx Xxxxx Mortgage Investors, Inc.
Four World Financial Center, 12th Floor
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel for Global
Commercial Real Estate in the Office
of the General Counsel
Telecopier No.: (000) 000-0000
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 and the rights of a holder of a related Non-Trust
Loan pursuant to a Loan Combination Intercreditor Agreement). 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/or interest
under any Mortgage Loan was 30 days or more past due as of the Due Date for such
Mortgage Loan in June 2007, without giving effect to any applicable grace
period, nor was any such payment 30 days or more delinquent since the date of
origination of any Mortgage Loan, 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, a "marked-up"
commitment binding upon the title insurer or escrow instructions binding on the
title insurer and irrevocably obligating the title insurer to issue such title
insurance policy); (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, a "marked-up" commitment binding upon the title insurer
or escrow instructions binding on the title insurer and irrevocably obligating
the title insurer to issue such title insurance policy); (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; (g) if the related Mortgaged Property consists of one or
more units in a condominium, the related condominium declaration; and (h) the
rights of the holder of any Non-Trust Loan that is part of a related Loan
Combination to which any such Mortgage Loan belongs. 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 for the holder
of any related Non-Trust Loan that is part of a related Loan Combination to
which any such Mortgage Loan belongs, 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 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 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 of the related Mortgaged Property to collect
the rents or provides for rents to be paid directly to the related mortgagee, if
there is an event of default beyond applicable notice and grace periods. Except
for the holder of the related Non Trust Loan with respect to any Mortgage Loan
that is part of a Loan Combination, 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 amendments or supplements thereto included in
the related Mortgage File) has not been impaired, waived, modified, altered,
satisfied, canceled, subordinated or rescinded in any material manner, (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, 2007
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 based upon surveys and/or the title
insurance policy referred to in representation 8 below, 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, a "marked up" commitment binding on the
title insurer or escrow instructions binding on the title insurer irrevocably
obligating the title insurer to issue such title insurance policy) 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 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 material 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
(pending the satisfaction of certain conditions relating to leasing, repair or
other matters with respect to the related Mortgaged Property) documented as part
of the Mortgage Loan documents and the rights to which are transferred to the
Trustee) 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, judicial or non-judicial 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 or will become 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 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 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 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 one form of
action law 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 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).
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. Material Leasehold Estate. 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
promptly submitted for recordation; 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;
(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 a term, if with extension options that are
exercisable by the lender upon its taking possession of the Mortgagor's
leasehold interest are 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 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,
modified, cancelled or terminated 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 (a) amounts paid by the tenant as specifically provided under a
related lease or by the property manager or (b) application and commitment fees,
escrow funds, points and reimbursements for fees and expenses incurred in
connection with the origination and funding of the Mortgage Loan), 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 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) subject to
available funds, 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. Except with respect to another Mortgage
Loan (which will also be an asset of the Trust Fund) cross-collateralized with a
Mortgage Loan, none of the Mortgage Loans permits the related Mortgaged Property
to be encumbered by any other 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 as indicated in the
preceding sentence and 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. Other than any default interest or late charges,
each Mortgage Loan (other than ARD Loans after their respective Anticipated
Repayment Dates) 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 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, the related lessee, franchise
or operator 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.
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, late charge or prepayment premium.
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 or other publicly traded interests,
issuance of non-controlling new equity interests, transfers to an affiliate or
to another pre-approved person, types of persons or categories of persons
meeting the requirements of the Mortgage Loan, transfers among existing direct
or indirect 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 $10,000,000 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 during the term of the
Mortgage Loan it may only own and operate 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 generally 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 (other than
co-obligors under the Mortgage Loan documents), 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.
36. Whole Loan. Each Mortgage Loan is a whole loan (which term
includes any Mortgage Loan that is part of a Loan Combination, but does not
include any related Non-Trust 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 and/or interest. 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 for filing and/or recording pursuant to escrow instructions), in
all places necessary to perfect (to the extent that the filing or recording 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 and/or recorded (or
have been sent for filing or recording or submitted to a title company for
filing or recording 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).
41. Commencement of Amortization. Unless such Mortgage Loan provides
for interest only payments prior to its Stated Maturity Date or, in the case of
an ARD Loan, prior to its Anticipated Repayment Date, each Mortgage Loan begins
to amortize prior to its Stated Maturity 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 or affiliate
of such Mortgagor or an entity controlled by a principal or affiliate of such
Mortgagor, for damages, liabilities, expenses or claims sustained in connection
with the Mortgagor's fraud, material, intentional misrepresentation, material
intentional physical 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 or affiliate of such
Mortgagor or an entity controlled by a principal or affiliate of such Mortgagor,
has agreed to indemnify the mortgagee for damages resulting from violations of
any applicable environmental laws relating to hazardous material at the related
Mortgaged Property.
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 material 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, except for any portion of such Mortgaged Property
that consists of a leasehold estate that is not a material ground lease, which
ground lease is not the subject of representation 18.
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 applicable 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.
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 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.
ANNEX A (TO SCHEDULE I)
EXCEPTIONS TO THE REPRESENTATIONS AND WARRANTIES*
Representation 4
Ashton Lake Apartments The related Mortgage Loan that will be included in
the trust is a senior loan in a multiple loan
structure comprised of two mortgage loans, each of
which (whether or not included in the trust) is
secured by the same mortgage instrument and is
cross defaulted with the other. There is an A/B
structure in place with the B Note held by Mezz
Cap Finance, LLC in the original principal amount
of $320,000. The B Note is secured by the same
Mortgage as the A Note.
Xxxxxxxxx Portfolio The related Mortgage Loan that will be included in
the trust is a senior loan in a multiple loan
structure comprised of two mortgage loans, each of
which (whether or not included in the trust) is
secured by the same mortgage instrument and is
cross defaulted with the other. There is an A/B
structure in place with the B Note held by Mezz
Cap Finance, LLC in the original principal amount
of $760,000. The B Note is secured by the same
Mortgage as the A Note.
Norcross Industrial With respect to clause (e), two tenants have a
right of first refusal to purchase the related
Mortgaged Property pursuant to the terms of their
respective leases. With respect to one such
tenant, it has agreed that such right will not
apply to a sale of the Mortgaged Property pursuant
to a foreclosure or deed in lieu of foreclosure
and to one subsequent sale thereafter. With
respect to the other such tenant, the related
borrower is required to obtain a similar waiver
from such tenant post-closing.
Radisson Indianapolis With respect to clause (e), the franchisor has a
right of first refusal to purchase the Mortgaged
Property pursuant to the terms of the franchise
agreement. However, such tenant has agreed that
such right will not apply to a sale of the
Mortgaged Property pursuant to a foreclosure or
deed in lieu of foreclosure.
Orlando Airport Industrial With respect to clause (e), the sole tenant has a
right of first refusal to purchase the Mortgaged
Property pursuant to the terms of its lease.
However, such tenant has agreed that such right
will not apply to a sale of the Mortgaged Property
pursuant to a foreclosure or deed in lieu of
foreclosure.
Xxxxxxxxx Portfolio With respect to clause (e), Northern Video, a
tenant at the Cincinnati Avenue Property has a
right of first refusal to purchase the Mortgaged
Property pursuant to the terms of its lease.
However, such tenant has agreed that such right
will not apply to a sale of the Mortgaged Property
pursuant to a foreclosure or deed in lieu of
foreclosure.
000 Xxxxxxxxxxxx Xxx With respect to clause (e), Xxxxxxx and Xxxxxxx, a
tenant at the related Mortgaged Property, has a
right of first refusal to purchase the Mortgaged
Property pursuant to the terms of its lease.
However, such tenant has agreed that such right
will not apply to a sale of the Mortgaged Property
pursuant to a foreclosure, REO sale or deed in
lieu of foreclosure.
Springhill Suites - Katy With respect to clause (e), Xxxx Xxxxx Residual
Limited Partnership, the entity that sold the
related Mortgaged Property to the related
borrower, has a right of first refusal to purchase
the Mortgaged Property. However, such entity has
agreed that such right will not apply to a sale of
the Mortgaged Property pursuant to a foreclosure
or deed in lieu of foreclosure.
Rite Aid - Frostburg With respect to clause (e), the sole tenant has a
right of first refusal to purchase the Mortgaged
Property pursuant to the terms of its lease.
However, such tenant has agreed that such right
will not apply to a sale of the Mortgaged Property
pursuant to a foreclosure, REO sale or deed in
lieu of foreclosure.
Representation 8
Orlando Airport Industrial The title policy for the related Mortgaged
Property does not contain an access endorsement,
however, the related survey depicts that the
Mortgaged Property has access to a public road.
Representation 10
Orlando Airport Industrial For so long as the Chrysler lease is in effect at
the related Mortgaged Property, the general
liability and business interruption insurance
required to be maintained by the related borrower
may exclude coverage for losses resulting from
acts of terrorism.
CVS - Philadelphia South At no time will the related borrower be required
00xx Xxxxxx to incur a cost for a terrorism insurance policy
that is in excess of $10,000 per year.
Schooner Cove Apartments The related borrower is not required to procure
liability terrorism insurance only, provided, that
upon the request of the lender, and provided
further that a prudent lender would require a
borrower similarly situated to obtain such
liability terrorism insurance, then the related
borrower will be required to promptly obtain (or
cause to be obtained) liability terrorism
insurance in accordance with the Mortgage Loan
documents.
Eastbrooke Apartments The related borrower is not required to procure
liability terrorism insurance only, provided, that
upon the request of the lender, and provided
further that a prudent lender would require a
borrower similarly situated to obtain such
liability terrorism insurance, then the related
borrower will be required to promptly obtain (or
cause to be obtained) liability terrorism
insurance in accordance with the Mortgage Loan
documents.
One Pacific Plaza The related borrower is required to maintain
insurance for losses resulting from terrorism on
terms consistent with those required under the
related Mortgage Loan documents at all times
during the term of the related Mortgage Loan as
long as and to the extent that terrorism insurance
is commonly maintained for similarly situated
properties in the same geographic market as the
related Mortgaged Property.
XxXxxxxx Xxxxx Center The related borrower is not required to procure
liability terrorism insurance only, provided, that
upon the request of the lender, and provided
further that a prudent lender would require a
borrower similarly situated to obtain such
liability terrorism insurance, then the related
borrower will be required to promptly obtain (or
cause to be obtained) liability terrorism
insurance in accordance with the Mortgage Loan
documents.
Representation 12
4220 Xxx Xxxxxx With respect to the related Mortgaged Property,
the related borrower has delivered to the lender
an environmental insurance policy in the amount of
$2,000,000 in lieu of an environmental indemnity.
Representation 14
Orlando Airport Industrial For so long as the Chrysler lease is in effect at
the related Mortgaged Property, the general
liability and business interruption insurance
required to be maintained by the related borrower
may exclude coverage for losses resulting from
acts of terrorism.
CVS - Philadelphia South At no time will the related borrower be required
00xx Xxxxxx to incur a cost for a terrorism insurance policy
that is in excess of $10,000 per year.
Schooner Cover Apartments The related borrower is not required to procure
liability terrorism insurance only, provided, that
upon the request of the lender, and provided
further that a prudent lender would require a
borrower similarly situated to obtain such
liability terrorism insurance, then the related
borrower will be required to promptly obtain (or
cause to be obtained) liability terrorism
insurance in accordance with the Mortgage Loan
documents.
Eastbrooke Apartments The related borrower is not required to procure
liability terrorism insurance only, provided, that
upon the request of the lender, and provided
further that a prudent lender would require a
borrower similarly situated to obtain such
liability terrorism insurance, then the related
borrower will be required to promptly obtain (or
cause to be obtained) liability terrorism
insurance in accordance with the Mortgage Loan
documents.
One Pacific Plaza The related borrower is required to maintain
insurance for losses resulting from terrorism on
terms consistent with those required under the
related Mortgage Loan documents at all times
during the term of the related Mortgage Loan as
long as and to the extent that terrorism insurance
is commonly maintained for similarly situated
properties in the same geographic market as the
related Mortgaged Property.
XxXxxxxx Xxxxx Center The related borrower is not required to procure
liability terrorism insurance only, provided, that
upon the request of the lender, and provided
further that a prudent lender would require a
borrower similarly situated to obtain such
liability terrorism insurance, then the related
borrower will be required to promptly obtain (or
cause to be obtained) liability terrorism
insurance in accordance with the Mortgage Loan
documents.
Representation 17
Boca West The related Mortgaged Property constitutes a legal
non-conforming use or structure provided, that the
related borrower will only be required to obtain
and maintain in effect law and ordinance coverage
of $9,443,000 for the related Mortgaged Property,
so long as such law and ordinance coverage is
available at a commercially reasonable cost and
premium. If the law and ordinance coverage is
available but the cost and premiums of a policy
and coverage of $9,443,000 is not a commercially
reasonable cost, then the related borrower will be
required to obtain law and ordinance coverage in a
reduced amount such that the premiums therefor are
a commercially reasonable cost. The related
borrower is personally liable to lender for losses
due to borrower's failure to obtain and maintain
law and ordinance coverage of $9,443,000 for the
related Mortgaged Property, less any payments,
proceeds and recoveries under any law and
ordinance coverage actually in effect for the
Mortgaged Property, if any, provided, however,
that the borrower's obligations and liabilities
shall not exceed $9,443,000.
Sawgrass Apartments The related Mortgaged Property constitutes a legal
non-conforming use or structure provided, that the
related borrower will only be required to obtain
and maintain in effect law and ordinance coverage
of $7,500,000 for the related Mortgaged Property,
so long as such law and ordinance coverage is
available at a commercially reasonable cost and
premium. If the law and ordinance coverage is
available but the cost and premiums of a policy
and coverage of $7,500,000 is not a commercially
reasonable cost, then the related borrower will be
required to obtain law and ordinance coverage in a
reduced amount such that the premiums therefor are
a commercially reasonable cost. The related
borrower is personally liable to lender for losses
due to borrower's failure to obtain and maintain
law and ordinance coverage of $7,500,000 for the
related Mortgaged Property, less any payments,
proceeds and recoveries under any law and
ordinance coverage actually in effect for the
Mortgaged Property, if any, provided, however,
that the borrower's obligations and liabilities
shall not exceed $7,500,000.
Westdale Court Apartments Parking at the related Mortgaged Property is
deficient by approximately 190 parking spaces of
the required 944 parking spaces.
Representation 18
Radisson Indianapolis With respect to clause (v), the related ground
Airport lease does not provide that notice of termination
is not effective unless delivered to the related
mortgagee.
With respect to clause (vii), the related ground
lease expires 17 years after the stated maturity
date of the related Mortgage Loan.
With respect to clause (xi), the related ground
lease does not provide (a) that the ground lease
cannot be terminated without the related
mortgagee's consent and (b) that any amendment or
termination without the related mortgagee's
consent is not binding on mortgagee.
Xxxxxxxx Xxxxxxx The ground lessor provided the lender with an
accommodation mortgage on its fee simple interest
to the Mortgaged Property.
One Turnberry The ground lessor provided the lender with an
accommodation mortgage on its fee simple interest
to the Mortgaged Property.
Representation 23
Ashton Lake Apartments The related Mortgage Loan that will be included in
the trust is a senior loan in a multiple loan
structure comprised of two mortgage loans, each of
which (whether or not included in the trust) is
secured by the same mortgage instrument and is
cross defaulted with the other. There is an A/B
structure in place with the B Note held by Mezz
Cap Finance, LLC in the original principal amount
of $320,000. The B Note is secured by the same
Mortgage as the A Note.
Xxxxxxxxx Portfolio The related Mortgage Loan that will be included in
the trust is a senior loan in a multiple loan
structure comprised of two mortgage loans, each of
which (whether or not included in the trust) is
secured by the same mortgage instrument and is
cross defaulted with the other. There is an A/B
structure in place with the B Note held by Mezz
Cap Finance, LLC in the original principal amount
of $760,000. The B Note is secured by the same
Mortgage as the A Note.
Representation 26
Xxxxxxxxx Portfolio The related borrower is obligated to deliver to
the related lender a certificate of occupancy for
one of the tenant spaces at the Cincinnati Ave
Property. In addition, because the Granite Drive
Property was still under construction as of the
closing date, the related borrower deposited
$703,051 with the lender which will not be
disbursed to the borrower until delivery of, among
other things, evidence that all of the
construction has been completed and final
certificates of occupancy have been issued.
Norcross Industrial With respect to the individual property located at
Portfolio 0000 Xxxxxxx Xxxxx, the related borrower is
obligated to deliver evidence to the related
lender that the expired building permit is
properly closed out and any violation is removed
of record. Any losses the lender suffers as a
result of the related borrower's failure to comply
with the post closing obligation will result in
recourse liability to the borrower and guarantor.
Eastbrooke Apartments At the time of closing, the related borrower was
not in possession of the required permit to
operate the swimming pool at the related Mortgaged
Property. The related borrower provided
confirmation from the local municipality that the
permit had been issued and is in the process of
being delivered.
New Castle Apartments At the time of closing, the related borrower was
not in possession of the required permit to
operate the swimming pool at the related Mortgaged
Property. The related borrower is obligated to
deliver evidence that a permit to operate such
swimming pool at the related Mortgaged Property
was issued post closing.
Inverrary Plaza West As of the closing date, the use made of the
portion of the related Mortgaged Property demised
to Bio-Medical Applications of Florida, Inc. did
not have a classification under the current zoning
code for use as a Dialysis Center. According to
the report prepared by Zoning Analysis Group, the
City of Lauderhill plans to retroactively adopt an
amendment to the zoning code to allow the use of
the Dialysis Center. Also, as of the closing date,
the use made of the portion of the related
Mortgaged Property demised to Inverrary Grocery is
only permitted per the special exception process
under the zoning code. According to the report
prepared by Zoning Analysis Group, the planning
department agreed to work with the related
borrower to approve the special exception
application for such use. Under the related
Mortgage Loan documents, the related borrower is
personally liable for any losses as a result of
both such uses not being permitted under the
zoning code and the related guarantor guarantees
such personal liability.
XxXxxxxx Xxxxx Center A certificate of occupancy for the tenant, Bar
Louie, was not issued as of the closing date of
the related Mortgage Loan. A reserve was
established at closing, and a condition of
releasing the related reserve fund is the delivery
of a final, unconditional certificate of occupancy
code for use as
One Pacific Plaza The related borrower has a post-closing obligation
to deliver a certificate of occupancy for certain
tenant spaces which were not provided at closing.
Southpark Shopping Center Certificates of occupancy were not received for
all tenant spaces at the related Mortgaged
Property. The missing certificates of occupancy
are due to a loss of records and will not
constitute a violation and not give rise to an
enforcement action.
Representation 32
Rite Aid - Ground Lease No engineering inspection of the Mortgaged
Property was performed as the collateral for the
related Mortgage Loan is the land and not the
improvements thereon.
Representation 43
4220 Xxx Xxxxxx With respect to the related Mortgaged Property,
the related borrower has delivered to the lender
an environmental insurance policy in the amount of
$2,000,000 in lieu of an environmental indemnity.
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
Environmental Insurance Policies
(Representations 12 and 49)
None.
SCHEDULE II
Mortgage Loan Schedule
MLCFC 2007-7: Mortgage Loan Schedule
Property
Loan # Loan Group Property Name Loan / Property Originator Type
------ ---------- --------------------------------------------- --------------- ---------- ------------
1 1 One Pacific Plaza Loan MLML Office
3 1 10 Milk Street Loan MLML Office
4 1 Residence Inn Bethesda Loan MLML Hospitality
6 2 Millbridge Apartments Loan MLML Multifamily
8 1 Scottsdale Center Loan MLML Retail
9 1 Orlando Airport Industrial Loan MLML Industrial
14 2 Boca West Loan MLML Multifamily
14.1 2 Savannah Place Apartments Property MLML Multifamily
14.2 2 Somerset Apartments Property MLML Multifamily
22 1 Carlsbad Corporate Plaza Loan MLML Office
23 2 Sawgrass Apartments Loan MLML Multifamily
32 1 Xxxxxxxxx Portfolio Loan MLML Various
32.1 1 3625 Cincinnati Property MLML Industrial
32.2 0 Xxxxxxx Xxxxx Retail Property MLML Retail
32.3 1 Xxxxxxx Controls Property XXXX Xxxxxxxxxx
00.0 0 Xxxxx Xxxxxxxx Xxxx Property MLML Industrial
32.5 0 Xxxxxx Xxxxx Xxxxxxxx Xxxx Property MLML Industrial
35 1 Norcross Industrial Portfolio Loan MLML Various
35.1 1 Corporate Campus at the Xxxxxxx Property XXXX Xxxxxx
00.0 0 XXX Xxxxxxxxxx Xxxx Property MLML Industrial
35.3 1 Colony Center Property XXXX Xxxxxxxxxx
00 0 Xxxxxxxxxxx Xxxxx Loan MLML Retail
48 1 One Turnberry Place Loan MLML Office
52 1 Gristmill Village Loan MLML Mixed Use
53 1 4000 Venture Drive Loan MLML Retail
54 2 Verano Terrace Apartments Loan MLML Multifamily
70 2 Westdale Court Apartments Loan MLML Multifamily
81 1 Encino Sunrise Loan MLML Xxxxxx
00 0 Xxxxxx Xxxxx Xxxxxx Loan MLML Retail
91 2 Monarch Terrace Apartments Loan MLML Multifamily
92 2 Schooner Cove Apartments Loan MLML Multifamily
98 1 Del Amo Loan MLML Office
103 1 Capistrano Collection Loan MLML Retail
108 1 600 Bicentennial Way Loan MLML Office
112 2 Xxxxxxxx Xxxxxxx Loan MLML Multifamily
117 1 Northbrook Business Park Loan MLML Industrial
124 1 Lompoc Retail Loan MLML Retail
125 1 Santa Fe Art Colony Loan MLML Mixed Use
128 1 Hemet Mountain View Plaza Loan MLML Retail
131 1 4220 Von Karman Loan XXXX Xxxxxx
000 0 XxXxxxxx Xxxx Center Loan MLML Retail
143 2 Eastbrooke Apartments Loan MLML Multifamily
145 2 Tall Grass Apartments Loan MLML Multifamily
146 1 Chimney Corners Loan MLML Retail
147 1 Springhill Suites - Katy Loan MLML Hospitality
166 1 000 Xxxxx Xxxxxx Loan MLML Office
172 2 Ashton Lake Apartments Loan MLML Multifamily
177 1 Downey Medical Loan MLML Office
178 1 Radisson Indianapolis Airport Loan MLML Hospitality
182 1 Old Glory Loan MLML Office
190 1 Maple Plain Industrial Loan MLML Industrial
192 1 935 River Road Loan MLML Office
193 1 Xxxxxxxx Building Loan MLML Office
198 1 Pocono Green Plaza Loan MLML Retail
200 1 517 & 000 X. Xxxxxxx Xxx. (Trolley Buildings) Loan MLML Office
202 2 New Castle Apartments Loan MLML Multifamily
208 1 Encore Office Loan MLML Office
212 1 197 Eighth Street Loan MLML Mixed Use
214 1 Inverrary Plaza West Loan MLML Retail
219 1 4800 Xxxxx Memorial Park Loan MLML Xxxxxx
000 0 Xxxxxxxxx Xxxxxxxx Xxxxxx Loan MLML Retail
229 1 Palmdale Self Storage Loan MLML Self Storage
243 1 Citibank Retail Condo Loan MLML Retail
250 1 CVS - Philadelphia South 70th Street Loan MLML Retail
269 1 0000 Xxxx Xxxxxxx Xxxxxx Loan MLML Office
283 1 Rite Aid - Ground Lease Loan MLML Retail
285 2 Cypress Village Apartments Loan MLML Multifamily
290 1 Xxxx Plaza Loan MLML Office
292 1 Eastern Heights Plaza Loan MLML Office
301 1 Rite-Aid Frostburg Loan MLML Retail
302 1 Village at Parker I Loan MLML Retail
Loan # Street Address City County State Zip Code
------ -------------------------------------------------- ------------------- ------------- ------- --------
1 7755, 7711, 7777, 7979, 0000 Xxxxxx Xxxxxx Xxxxxxxxxx Xxxxx Xxxxxx XX 00000
3 00 Xxxx Xxxxxx Xxxxxx Xxxxxxx XX 0000
4 0000 Xxxxxxxxx Xxxxxx Xxxxxxxx Xxxxxxxxxx XX 00000
6 0000 Xxxxxxxxx Xxxxxxxxx Xxxx Xxxxxxxxx Xxxxxx XX 0000
8 000 Xxxxx 00xx Xxxxxx Xxxxxx Xxxxxx XX 00000
9 00000 Xxxxx Xxxxx Xxxx Xxxxxxx Xxxxxx XX 00000
14 Xxxxxxx Xxxx Xxxxx Xxxx Xxxxx XX 00000
14.1 00000 Xxxxxxx Xxxxx Xxxx Xxxxx Xxxx Xxxxx XX 00000
14.2 0000 Xxxxxxxxx Xxxx Xxxxx Xxxx Xxxxx Xxxx Xxxxx XX 00000
22 0000-0000 Xxxxx Xxx Xxxxx Xxxxxxxx Xxx Xxxxx XX 00000
23 0000 Xxxxxxxxx 000xx Xxxxx Xxxxxxx Xxxxxxx XX 00000
32 Various Various Various Various Various
32.1 0000 Xxxxxxxxxx Xxxxxx Xxxxxxx Xxxxxx XX 00000
32.2 0000 Xxxxxxx Xxxxx Xxxxxxx Xxxxxx XX 00000
32.3 0000 Xxxxxxxx Xxxxx Xx Xxxx Xx Xxxx XX 00000
32.4 00000 Xxxx 00xx Xxxxxx Xxxxx Xxxxx XX 00000
32.5 0000 Xxxxx Xxxxx Xxxxxx Xxxxxx Xxxxx Xxxxx XX 00000
35 Various Various Various GA Various
35.1 0000 Xxxxxx Xxxx Xxxxxxxxxx Xxxxxxx XX 00000
35.2 000 Xxxxxxxx Xxxxxxxxxx Xxxxx Xxxxxxxx Xxxxxxxx XX 00000
35.3 0000 Xxxxxxx Xxxxx Xxxxxxxx Xxxxxxxx XX 00000
37 0000 Xxxx Xxxx Xxxx Xxxxxxxxx Xxx Xxxxx Xxxxx XX 00000
48 00000 Xxxxxxxx Xxxxxxxxx Xxxxxxxx Xxxxx-Xxxx XX 00000
00 0000-0000 Fedle Drive & 0000-0000 Xxxxx Xxxx Xxxxxxxxxxx Xxxx XX 00000
53 0000 Xxxxxxx Xxxxx Xxxxxx Xxxxxxxx XX 00000
54 00000 Xxxxxxxxx Xxxxxxxxx Xxxxxx Xxxxxx Xxxxxxxxx XX 00000
70 0000 Xxxxxxxx Xxxxx Xxxxxxxxx Xxxxx Xxxxxx Xxxx XX 00000
81 00000 Xxxxxxx Xxxxxxxxx Xxx Xxxxxxx Xxx Xxxxxxx XX 00000
87 00000-00000 Xxxxxx Xxxxxxx Xxxxx Xxxxxxx Xxx Xxxxxxx XX 00000
91 00000 Xxxxxxxx Xxxxxx Xxxxxx Xxxxxx Xxxxxxxxx XX 00000
92 0000 Xxxxxxxx Xxxx Xxxxxxxxx Xxxxxxxxx Xxxxxxxx Xxxxxxxxx XX 00000
98 0000 Xxx Xxx Xxxxxxxxx Xxxxxxxx Xxx Xxxxxxx XX 00000
103 00000 Xxxxxx Xxxxxxx Xxx Xxxx Xxxxxxxxxx Xxxxxx XX 00000
108 000 Xxxxxxxxxxxx Xxx Xxxxx Xxxx Xxxxxx XX 00000
112 0000 Xxxxxxx XxXxxxxx Xxxx Xxxxxxx Xxxxxx XX 00000
117 000 Xxxxxx Xxxx Xxx Xxxxxxx Xxxxx XX 00000
124 000-000 Xxxxx X Xxxxxx Xxxxxx Xxxxx Xxxxxxx XX 00000
125 2345, 2349, 2401, 2421, 0000 Xxxxx Xxxxx Xx Xxxxxx Xxx Xxxxxxx Xxx Xxxxxxx XX 00000
128 43372-43430 Xxxx Xxxxxxx Xxxxxx Xxxxx Xxxxxxxxx XX 00000
131 0000 Xxx Xxxxxx Xxxxxx Xxxxxxx Xxxxx Xxxxxx XX 00000
134 000 Xxxx Xxxxxxx Xxxxxx Xxx Xxxxx Xxxxxxxxx XX 00000
143 00000 Xxxx 00 Xxxx Xxxx Xxxxxx Xxxxxx XX 00000
145 0000 Xxxx Xxxxxxxxxxx Xxxxxxxxxxx Xxxxxx XX 00000
146 0000 Xxxx Xxxxx Xxxx Xxxxxxxx Xxxxxxxxx XX 0000
147 0000 Xxxxxxx Xxxxx Xxxx Xxxxxx XX 00000
166 000 Xxxxx Xxxxxx Xxxxx Xxxx Xxxxxx XX 00000
172 0000 Xxxxxxx Xxxx Xxxx Xxxxxxx Xxxxxx XX 00000
177 00000 Xxxxxxxxx Xxxxxxxxx Xxxxxx Xxx Xxxxxxx XX 00000
178 0000 Xxxxx Xxxx Xxxxxx Xxxx Xxxxxxxxxxxx Xxxxxx XX 00000
182 00 0xx Xxxxxx Xxx Xxxx Xxx Xxxx XX 00000
190 0000 Xxxxxxxxxx Xxxxxx & 0000 Xxxx Xxxxxx Xxxxx Xxxxx Xxxxxxxx XX 00000
192 000 Xxxxx Xxxx Xxxxxxxxx Xxxxxx XX 0000
193 0000 Xxxxxxx Xxxxxx Xxxxxx Xxxxxx XX 00000
198 00000 Xxxxxxxxxx Xxxxxxxx Xxxxxxxx Xxxxxxxxxxxx XX 00000
200 517 & 000 Xxxxx Xxxxxxx Xxxxxx Xxxxxxxx Xxxxxxx Xx Xxxx XX 00000
202 0000 Xxxxx Xxxxxx Xxxx Xxxxx Xxxxxxxx XX 00000
208 00000 Xxxxxx Xxxx Xxxxxxxx Xxxxxxxx XX 00000
212 000 Xxxxxx Xxxxxx Xxxxxxxxxxx Xxxxxxx XX 00000
214 7301-7329 Xxxx Xxxxxxx Xxxx Xxxxxxxxx Xxxxxxxxxx Xxxxxxx XX 00000
219 0000 Xxxxx Xxxxxxxx Xxxxxxx Xxxxxx Xxxxxx Xxxxxxxx XX 00000
220 000-000 Xxxx Xxxxxx Xxxx Xxxx Xxxxxxxxx Xxxxxxxx XX 00000
229 0000 Xxxx Xxxxxxxx Xxxxxxxxx Xxxxxxxx Xxx Xxxxxxx XX 00000
243 0000 Xxxxxx Xxxxxx Xxxxxxxxxxxx Xxxxxxxxxxxx XX 00000
250 0000 Xxxxx 00xx Xxxxxx Xxxxxxxxxxxx Xxxxxxxxxxxx XX 00000
269 0000 Xxxx Xxxxxxx Xxxxxx Xxxxxxxxx Xxxxxx XX 00000
283 000 Xxxxxx Xxxxxxx Xxxx Xxxx Xxxx XX 00000
285 0000 Xxxx 0xx Xxxxxx Xxxxxxxxxxx Xxxxx XX 00000
290 0000 Xxxxxxxxx Xxxxxx Xxxxxxxxxxxx Xxxxxxxxxxxx XX 00000
292 0000 Xxxxxxx Xxxxxxxxx Xxxxxxxx Xxxxxxxxxx XX 00000
301 000 Xxxxxx Xxxxxx Xxxxx Xxxxxxxxx Xxxxxxxx XX 00000
302 10530 & 00000 Xxxxx Xxxxxxxx Xxx Xxxxxx Xxxxxxx XX 00000
Cut-Off Date Original Monthly P&I Debt Annual P&I Debt Interest Primary Master
Loan # Balance ($) Balance ($) Service ($) Service ($) Rate % Servicing Fee Servicing Fee
------ ------------ ----------- ---------------- --------------- -------- ------------- -------------
1 105,000,000 105,000,000 506,083.96 6,073,007.52 5.6890 0.010
3 58,000,000 58,000,000 300,975.69 3,611,708.28 6.1250 0.010 0.010
4 46,250,000 46,250,000 232,713.94 2,792,567.28 5.9390 0.010 0.010
6 40,000,000 40,000,000 184,423.33 2,213,079.96 5.4420 0.010 0.010
8 38,000,000 38,000,000 185,053.67 2,220,644.04 5.7480 0.010 0.010
9 35,000,000 35,000,000 166,826.53 2,001,918.36 5.6260 0.010 0.010
14 28,860,922 29,000,000 163,024.63 1,956,295.56 5.8800 0.010 0.010
14.1 18,470,990 18,560,000
14.2 10,389,932 10,440,000
22 21,250,000 21,250,000 103,627.99 1,243,535.88 5.7560 0.010
23 21,146,288 21,250,000 118,480.28 1,421,763.36 5.8110 0.010 0.010
32 17,260,000 17,260,000 101,746.69 1,220,960.28 5.8430 0.010 0.010
32.1 5,196,000 5,196,000
32.2 4,800,000 4,800,000
32.3 3,584,000 3,584,000
32.4 1,880,000 1,880,000
32.5 1,800,000 1,800,000
35 16,369,661 16,400,000 92,138.49 1,105,661.88 5.8750 0.010 0.010
35.1 5,988,900 6,000,000
35.2 5,589,640 5,600,000
35.3 4,791,120 4,800,000
37 16,000,000 16,000,000 86,826.15 1,041,913.80 5.5860 0.010 0.010
48 14,486,381 14,500,000 82,429.51 989,154.12 5.5110 0.010 0.010
52 14,000,000 14,000,000 79,543.17 954,518.04 5.5060 0.010 0.010
53 13,840,000 13,840,000 80,073.26 960,879.12 5.6710 0.010 0.010
54 13,825,000 13,825,000 64,707.62 776,491.44 5.5245 0.010 0.010
70 11,250,000 11,250,000 67,088.22 805,058.64 5.9500 0.010 0.010
81 10,000,000 10,000,000 54,668.40 656,020.80 5.6470 0.010 0.010
87 9,482,343 9,482,343 59,480.26 713,763.12 6.3410 0.010 0.010
91 9,130,000 9,130,000 44,608.55 535,302.60 5.7670 0.010 0.010
92 9,040,000 9,040,000 55,760.82 669,129.84 6.2670 0.010 0.010
98 8,500,000 8,500,000 48,224.74 578,696.88 5.4930 0.010 0.010
103 8,075,000 8,075,000 38,927.11 467,125.32 5.6900 0.010 0.010
108 7,900,000 7,900,000 47,019.67 564,236.04 5.9320 0.010 0.010
112 7,600,000 7,600,000 44,423.98 533,087.76 5.7650 0.010 0.010
117 7,500,000 7,500,000 45,570.79 546,849.48 6.1250 0.010 0.010
124 7,300,000 7,300,000 43,556.21 522,674.52 5.9550 0.010 0.010
125 7,300,000 7,300,000 33,904.65 406,855.80 5.4820 0.010 0.010
128 7,200,000 7,200,000 34,879.80 418,557.60 5.7180 0.010 0.010
131 7,000,000 7,000,000 38,037.13 456,445.56 5.5970 0.010 0.010
134 6,900,000 6,900,000 40,398.12 484,777.44 5.7800 0.010 0.010
143 6,340,000 6,340,000 39,114.85 469,378.20 6.2690 0.010 0.010
145 6,094,606 6,100,000 35,597.94 427,175.28 5.7500 0.010 0.010
146 5,996,645 6,000,000 33,709.21 404,510.52 5.8750 0.010 0.010
147 5,992,342 6,000,000 38,658.08 463,896.96 6.0000 0.010 0.010
166 5,546,800 5,550,000 30,851.98 370,223.76 5.7860 0.010 0.010
172 5,280,000 5,280,000 29,979.26 359,751.12 5.5000 0.010 0.010
177 5,100,000 5,100,000 29,516.45 354,197.40 5.6740 0.010 0.010
178 5,048,042 5,060,000 38,859.94 466,319.28 6.1740 0.010 0.010
182 4,990,065 5,000,000 28,782.82 345,393.84 5.6250 0.010 0.010
190 4,750,000 4,750,000 30,102.00 361,224.00 6.4722 0.010 0.010
192 4,700,000 4,700,000 27,637.28 331,647.36 5.8200 0.010 0.010
193 4,700,000 4,700,000 27,614.82 331,377.84 5.8125 0.010 0.010
198 4,500,000 4,500,000 26,731.47 320,777.64 5.9140 0.010 0.010
200 4,400,000 4,400,000 25,747.13 308,965.56 5.7750 0.010 0.010
202 4,360,000 4,360,000 21,616.64 259,399.68 5.8520 0.010 0.010
208 4,150,000 4,150,000 24,548.82 294,585.84 5.8750 0.010 0.010
212 4,000,000 4,000,000 22,201.11 266,413.32 5.7730 0.010 0.010
214 4,000,000 4,000,000 23,312.43 279,749.16 5.7380 0.010 0.010
219 3,942,806 3,950,000 23,733.06 284,796.72 6.0200 0.010 0.010
220 3,900,000 3,900,000 23,590.99 283,091.88 6.0830 0.010 0.010
229 3,600,000 3,600,000 20,988.04 251,856.48 5.7410 0.010 0.010
243 3,350,000 3,350,000 20,018.44 240,221.28 5.9690 0.010 0.010
250 3,148,175 3,150,000 17,481.28 209,775.36 5.7720 0.010 0.010
269 2,600,000 2,600,000 15,548.22 186,578.64 5.9760 0.010 0.010
283 2,296,948 2,300,000 14,539.02 174,468.24 5.8000 0.010 0.010
285 2,260,000 2,260,000 13,549.84 162,598.08 6.0000 0.010 0.010
290 2,200,000 2,200,000 12,229.61 146,755.32 5.7860 0.010 0.010
292 2,150,000 2,150,000 12,833.72 154,004.64 5.9590 0.010
301 1,976,550 1,980,000 12,148.74 145,784.88 6.2170 0.010
302 1,950,000 1,950,000 11,341.30 136,095.60 5.7190 0.010 0.010
Net Monthly
Trustee and Sub Servicin Admin. Mortgage Payment Maturity/ Amort
Loan # Paying Agent Fee Fee Rate Fee % Rate % Accrual Type Term Date Rem. Term ARD Date Term
------ ---------------- ------------ ------- -------- ------------ ---- ------- --------- --------- -----
1 0.00071 0.0200 0.03071 5.65829 Actual/360 72 8 72 6/8/2013 0
3 0.00071 0.02071 6.10429 Actual/360 120 8 119 5/8/2017 0
4 0.00071 0.02071 5.91829 Actual/360 60 8 59 5/8/2012 0
6 0.00071 0.02071 5.42129 Actual/360 120 8 119 5/8/2017 0
8 0.00071 0.02071 5.72729 Actual/360 120 8 119 5/8/2017 0
9 0.00071 0.02071 5.60529 Actual/360 120 8 119 5/8/2017 0
14 0.00071 0.02071 5.85929 Actual/360 120 1 113 11/1/2016 420
14.1
14.2
22 0.00071 0.0500 0.06071 5.69529 Actual/360 60 8 59 5/8/2012 0
23 0.00071 0.02071 5.79029 Actual/360 120 1 113 11/1/2016 420
32 0.00071 0.02071 5.82229 Actual/360 120 8 119 5/8/2017 360
32.1
32.2
32.3
32.4
32.5
35 0.00071 0.02071 5.85429 Actual/360 120 8 117 3/8/2017 420
35.1
35.2
35.3
37 0.00071 0.02071 5.56529 Actual/360 120 8 120 6/8/2017 420
48 0.00071 0.02071 5.49029 Actual/360 120 8 119 5/8/2017 360
52 0.00071 0.02071 5.48529 Actual/360 120 8 118 4/8/2017 360
53 0.00071 0.02071 5.65029 Actual/360 120 8 118 4/8/2017 360
54 0.00071 0.02071 5.50379 Actual/360 60 8 59 5/8/2012 0
70 0.00071 0.02071 5.92929 Actual/360 120 8 120 6/8/2017 360
81 0.00071 0.02071 5.62629 Actual/360 120 8 119 5/8/2017 420
87 0.00071 0.02071 6.32029 Actual/360 111 1 111 9/1/2016 351
91 0.00071 0.02071 5.74629 Actual/360 60 8 58 4/8/2012 0
92 0.00071 0.02071 6.24629 Actual/360 120 8 119 5/8/2017 360
98 0.00071 0.02071 5.47229 Actual/360 120 8 118 4/8/2017 360
103 0.00071 0.02071 5.66929 Actual/360 120 8 118 4/8/2017 0
108 0.00071 0.02071 5.91129 Actual/360 120 8 120 6/8/2017 360
112 0.00071 0.02071 5.74429 Actual/360 84 8 81 3/8/2014 360
117 0.00071 0.02071 6.10429 Actual/360 120 8 120 6/8/2017 360
124 0.00071 0.02071 5.93429 Actual/360 120 8 120 6/8/2017 360
125 0.00071 0.02071 5.46129 Actual/360 120 8 120 6/8/2017 0
128 0.00071 0.02071 5.69729 Actual/360 120 8 118 4/8/2017 0
131 0.00071 0.02071 5.57629 Actual/360 120 8 120 6/8/2017 420
134 0.00071 0.02071 5.75929 Actual/360 120 8 120 6/8/2017 360
143 0.00071 0.02071 6.24829 Actual/360 120 8 119 5/8/2017 360
145 0.00071 0.02071 5.72929 Actual/360 120 8 119 5/8/2017 360
146 0.00071 0.02071 5.85429 Actual/360 120 8 119 5/8/2017 420
147 0.00071 0.02071 5.97929 Actual/360 120 8 119 5/8/2017 300
166 0.00071 0.02071 5.76529 Actual/360 120 8 119 5/8/2017 420
172 0.00071 0.02071 5.47929 Actual/360 120 8 118 4/8/2017 360
177 0.00071 0.02071 5.65329 Actual/360 120 8 119 5/8/2017 360
178 0.00071 0.02071 6.15329 Actual/360 120 8 119 5/8/2017 216
182 0.00071 0.02071 5.60429 Actual/360 120 8 118 4/8/2017 360
190 0.00071 0.02071 6.45151 Actual/360 120 8 118 4/8/2017 354
192 0.00071 0.02071 5.79929 Actual/360 120 8 119 5/8/2017 360
193 0.00071 0.02071 5.79179 Actual/360 120 8 120 6/8/2017 360
198 0.00071 0.02071 5.89329 Actual/360 120 8 116 2/8/2017 360
200 0.00071 0.02071 5.75429 Actual/360 120 8 119 5/8/2017 360
202 0.00071 0.02071 5.83129 Actual/360 84 8 83 5/8/2014 0
208 0.00071 0.02071 5.85429 Actual/360 120 8 120 6/8/2017 360
212 0.00071 0.02071 5.75229 Actual/360 120 8 118 4/8/2017 420
214 0.00071 0.02071 5.71729 Actual/360 120 8 119 5/8/2017 360
219 0.00071 0.02071 5.99929 Actual/360 120 8 118 4/8/2017 360
220 0.00071 0.02071 6.06229 Actual/360 120 8 120 6/8/2017 360
229 0.00071 0.02071 5.72029 Actual/360 120 8 118 4/8/2017 360
243 0.00071 0.02071 5.94829 Actual/360 96 8 95 5/8/2015 360
250 0.00071 0.02071 5.75129 Actual/360 120 8 119 5/8/2017 420
269 0.00071 0.02071 5.95529 Actual/360 120 8 120 6/8/2017 360
283 0.00071 0.02071 5.77929 Actual/360 120 8 119 5/8/2017 300
285 0.00071 0.02071 5.97929 Actual/360 120 8 120 6/8/2017 360
290 0.00071 0.02071 5.76529 Actual/360 120 8 120 6/8/2017 420
292 0.00071 0.0700 0.08071 5.87829 Actual/360 120 8 118 4/8/2017 360
301 0.00071 0.0500 0.06071 6.15629 Actual/360 120 8 118 4/8/2017 360
302 0.00071 0.02071 5.69829 Actual/360 120 1 113 11/1/2016 360
Partial
ARD Environmental Cross Cross Defeasance Letter of
Loan # Rem. Amort Title Type ARD Loan Step Up Insurance Defaulted Collateralized Allowed Credit
------ ---------- ------------- -------- ------- ------------- --------- -------------- ---------- ---------
1 0 Fee No Yes
3 0 Fee No
4 0 Fee No
6 0 Fee No
8 0 Fee No
9 0 Fee No
14 413 Fee No Yes Yes
14.1 Fee No
14.2 Fee Xx
00 0 Xxx Xx
00 000 Xxx Xx Yes Yes
32 360 Fee No
32.1 Fee No
32.2 Fee No
32.3 Fee No
32.4 Fee No
32.5 Fee No
35 417 Fee No
35.1 Fee No
35.2 Fee No
35.3 Fee No
37 420 Fee No
48 359 Fee/Leasehold No
52 360 Fee No
53 360 Fee No
54 0 Fee No
70 360 Fee No
81 420 Fee No
87 351 Fee No
91 0 Fee No
92 360 Fee No
98 360 Fee No
103 0 Fee No
108 360 Fee No
112 360 Fee/Leasehold No
117 360 Fee No Yes
124 360 Fee Xx
000 0 Xxx Xx
000 0 Xxx Xx
131 420 Fee No
134 360 Fee No
143 360 Fee No
145 359 Fee No
146 419 Fee No
147 299 Fee No
166 419 Fee No
172 360 Fee No
177 360 Fee No
178 215 Leasehold No
182 358 Fee No
190 354 Fee No
192 360 Fee No
193 360 Fee No
198 360 Fee No
200 360 Fee Xx
000 0 Xxx Xx
000 000 Xxx Xx
212 420 Fee No
214 360 Fee No
219 358 Fee No
220 360 Fee No
229 360 Fee No
243 360 Fee No
250 419 Fee No
269 360 Fee No
283 299 Fee No
285 360 Fee No
290 420 Fee No
292 360 Fee No Yes
301 358 Leasehold No
302 360 Fee No
Upfront Upfront Upfront Upfront Upfront
Lockbox Holdback Engineering Capex TI/LC RE Tax Ins.
Loan # Type Amount Reserve ($) Reserve ($) Reserve ($) Reserve ($) Reserve ($)
------ ------------------------------- --------- ----------- ----------- ----------- ----------- -----------
1 Soft at Closing, Springing Hard 130,588 133,849
3 Soft at Closing, Springing Hard 110,539 104,095
4 Soft at Closing, Springing Hard 1,600,000 265,460
6 100,780 14,387
8 6,000,000 64,088
9 Hard
14 6,750,000 625,202
14.1
14.2
22 Soft at Closing, Springing Hard 3,550
23 3,525,000 514,001
32
32.1
32.2
32.3
32.4
32.5
35 14,987
35.1
35.2
35.3
37 361,941 5,761 12,641
48 357,500 18,831
52 31,175
53 Soft at Closing, Springing Hard 69,699
54 60,000 18,731 20,243
70 150,000 34,958
81 22,247 100,000 25,145
87 124,988 175,000 46,290
91
92 71,599 128,814
98 Hard
103 125,000 1,366
108 10,131 3,917
112 48,110 153,000
117 16,180 #VALUE! #VALUE! 27,007 4,518
124 31,944 44,959 150,000 23,789 14,423
125 2,667 4,316
128 None at Closing, Springing Hard
131 Soft at Closing, Springing Hard 25,823 6,029
134 41,417 621
143 100,789 97,812
145 28,161 27,919
146 23,000 3,238
147 Soft at Closing, Springing Hard 34,036 30,070
166 Soft at Closing, Springing Hard 13,976 1,904
172 64,413
177 3,595
178 Soft at Closing, Springing Hard 62,719 65,561 43,610
182 100,064
190 150,000 5,314 12,258
192 150,000 7,578
193 None at Closing, Springing Hard 25,924 9,684
198 1,500,000 10,360 2,315
200 4,550
202 29,000
208 9,999
212 3,326
214 60,000 47,546 55,395
219 75,000 11,259 1,326
220
229 3,686 1,996
243 Hard
250 Hard
269 23,209 150,000 4,292 821
283 Hard 273
285 11,500 13,368
290 250,000 14,578 2,098
292 #VALUE! #VALUE! 3,413 1,105
301 Hard
302 50,000 46,865 190
Upfront Monthly Monthly Monthly Monthly Monthly Monthly Monthly
Other Capex Capex TI/LC TI/LC RE Tax Ins. Other
Loan # Reserve ($) Reserve ($) Reserve Cap ($) Reserve ($) Reserve Cap ($) Reserve ($) Reserve ($) Reserve ($)
------ ----------- ----------- --------------- ----------- --------------- ----------- ----------- -----------
1 4,508,479 31,833 1,146,000 133,849
3 2,608,130 22,630 678,910 110,539 9,108
4 0 29,496
6 17,667 1,060,020 100,780 14,387
8 6,041,944 2,635 94,860 5,270 24,122 6,409
9
14 5,445 78,150 21,290
14.1
14.2
22 1,257 15,084 4,167 150,000 23,520 1,183
23 3,278 46,727 25,000
32 703,051 3,360 5,000 120,000 23,446 6,534
32.1
32.2
32.3
32.4
32.5
35 330,363 31,616 1,362
35.1
35.2
35.3
37 38,304 5,761 1,806
48 200,000 59,583 18,831
52 482,900 1,337 28,306 10,392
53 9,957
54 2,357 15,052 2,892
70 9,833 37,500 5,826
81 600 100,000 8,382
87 250,000 1,084 35,000 175,000 9,258 1,702
91 1,625 10,175 2,012
92 4,750 17,204 3,491
98 48,225
103 188,380 348 1,700 61,200 15,344 683
108 540 5,066 979
112 6,330 227,874
117 1,764 4,469 13,503 2,259
124 63,441 1,047 150,000 7,930 2,404
125 1,219 29,256 2,975 2,158
128 684 7,876
131 75,149 2,083 8,608 1,005
134 665,931 168 15,112 621
143 3,667 9,739 2,695
145 3,250 150,000 5,632 2,792
146 150,000 280 10,083 2,236 80,513 3,833 1,619
147 6,500 7,340 8,509 2,631
166 606 6,988 635
172 2,500 16,103 2,188
177 474 3,595
178 566,419 23,049 10,927 7,268
182 33,355
190 1,430 4,583 5,314 1,751
192 30,000 387 150,000 8,449 663
193 5,185 847
198 2,382,900 850 5,180 1,158
200 511 18,171 2,500 70,000 3,250 910
202 3,021 108,750
208 151,875 713 2,791 6,000 4,999
212 2,455 88,374 8,489 302
214 553 19,907 7,924 4,616
219 493 2,574 11,259 663
220 114,000 11,118 903
229 654 23,544 3,686 665
243 65,852
250 149
269 588 150,000 4,292 411
283 58,838 137
285 25,500 500 1,917 1,671
290 338 12,154 4,859 699
292 52,500 3,413 276
301
302 180 4,313 50,000 6,695 190
Xxxxx Xxxxx
Loan # to Late to Default
------ ------- ----------
1 0 0
3 0 0
4 0 0
6 0 0
8 0 0
9 0 0
14 5 5
14.1
14.2
22 5 0
23 5 5
32 0 0
32.1
32.2
32.3
32.4
32.5
35 0 0
35.1
35.2
35.3
37 0 0
48 0 0
52 0 0
53 0 0
54 0 0
70 0 0
81 0 0
87 5 5
91 0 0
92 0 0
98 0 0
103 0 0
108 0 0
112 0 0
117 0 0
124 0 0
125 0 0
128 0 0
131 0 0
134 0 0
143 0 0
145 0 0
146 0 0
147 0 0
166 0 0
172 0 0
177 0 0
178 0 0
182 0 0
190 0 0
192 5 0
193 0 0
198 0 0
200 0 0
202 0 0
208 0 0
212 0 0
214 0 0
219 0 0
220 0 0
229 0 0
243 0 0
250 0 0
269 0 0
283 0 0
285 0 0
290 0 0
292 0 0
301 0 0
302 5 5
