MORTGAGE LOAN PURCHASE AGREEMENT
This Mortgage Loan Purchase Agreement, dated as of September 22, 2006
(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 September 1, 2006 (the "Pooling and Servicing
Agreement"), among the Purchaser as depositor, Capmark Finance Inc. and Midland
Loan Services, Inc. as master servicers (each, in such capacity, a "Master
Servicer"), ING Clarion Partners, LLC as special servicer (the "Special
Servicer") and LaSalle Bank National Association as trustee (the "Trustee").
Capitalized terms used but not defined herein (including the schedules attached
hereto) have the respective meanings set forth in the Pooling and Servicing
Agreement.
The Purchaser has entered into an Underwriting Agreement, dated as of
September 22, 2006 (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 Markets"), Xxxxxxx, Sachs & Co. ("Xxxxxxx Xxxxx") and
Xxxxxx Xxxxxxx & Co. Incorporated ("Xxxxxx Xxxxxxx"); Xxxxxxx Xxxxx, Countrywide
Securities, PNC Capital Markets, Xxxxxxx Sachs and Xxxxxx Xxxxxxx 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 September 22, 2006 (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
$1,077,900,362 (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 $2,425,022,033 (subject to a variance of plus or
minus 5%). The purchase and sale of the Mortgage Loans shall take place on
September 29, 2006 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) 104.4374% of the
MLML__Mortgage Loan Balance as of the Cut-off Date, plus (ii) $5,117,427, 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.
The Purchaser hereby directs the Seller to deliver, and the Seller
shall deliver, the Closing Date Deposit (in the amount of $594,248.33) to the
applicable Master Servicer on the Closing Date. The Closing Date Deposit shall
be delivered to the account specified by the applicable Master Servicer by wire
transfer of immediately available funds.
SECTION 2. Conveyance of Mortgage Loans.
(a) Effective as of the Closing Date, subject only to 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 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 and all of the Seller's right, title and interest in and to
the Closing Date Deposit. The Mortgage Loan Schedule, as it may be amended,
shall conform to the requirements set forth in this Agreement and the Pooling
and Servicing Agreement.
(b) The Purchaser or its assignee shall be entitled to receive all
scheduled payments of principal and interest due after the Cut-off Date, and all
other recoveries of principal and interest collected after the Cut-off Date
(other than in respect of principal and interest on the Mortgage Loans due on or
before the Cut-off Date). All scheduled payments of principal and interest due
on or before the Cut-off Date but collected after the Cut-off Date, and
recoveries of principal and interest collected on or before the Cut-off Date
(only in respect of principal and interest on the Mortgage Loans due on or
before the Cut-off Date and principal prepayments thereon), shall belong to, and
be promptly remitted to, the Seller.
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(c) The Seller hereby represents and warrants that it has or will
have, on behalf of the Purchaser, delivered to the Trustee (i) on or before the
Closing Date, the documents and instruments specified below with respect to each
Mortgage Loan that are Specially Designated Mortgage Loan Documents and (ii) on
or before the date that is 30 days after the Closing Date, the remaining
documents and instruments specified below that are not Specially Designated
Mortgage Loan Documents with respect to each Mortgage Loan (the documents and
instruments specified below and referred to in clauses (i) and (ii) preceding,
collectively, a "Mortgage File"). All Mortgage Files so delivered will be held
by the Trustee in escrow for the benefit of the Seller at all times prior to the
Closing Date. The Mortgage File with respect to each Mortgage Loan that is a
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 2006-3, Commercial Mortgage Pass-Through
Certificates, Series 2006-3, 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 (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 2006-3, Commercial Mortgage Pass-Through
Certificates, Series 2006-3 (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 2006-3, Commercial Mortgage
Pass-Through Certificates, Series 2006-3, 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
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of LaSalle Bank National Association, as trustee for the registered holders
of ML-CFC Commercial Mortgage Trust 2006-3, Commercial Mortgage
Pass-Through Certificates, Series 2006-3 (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 2006-3,
Commercial Mortgage Pass-Through Certificates, Series 2006-3, and in its
capacity as lead lender on behalf of the holder 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
2006-3, Commercial Mortgage Pass-Through Certificates, Series 2006-3, 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 2006-3, Commercial Mortgage Pass-Through
Certificates, Series 2006-3, and in its capacity as lead lender on behalf
of the holder of the related Non-Trust Loan(s)), or in blank;
(ix) an original or a copy of any Ground Lease, guaranty or ground
lessor estoppel;
(x) an original or a copy of any 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 from to the Trustee, but rather to the
applicable Master Servicer), in each case relating to the subject
Mortgage Loan;
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(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 90 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 Trustee) cause to be submitted for recording or
filing, as the case may be, in the appropriate public office for real property
records or UCC Financing Statements, each assignment of Mortgage, assignment of
Assignment of Leases and any other recordable documents relating to each such
Mortgage Loan in favor of the Trustee that is referred to in clause (iv) of the
definition of "Mortgage File" and each UCC Financing Statement assignment in
favor of the Trustee that is referred to in clause (viii) of the definition of
"Mortgage File." Each such assignment and UCC Financing Statement assignment
shall reflect that the recorded original should be returned by the public
recording office to the Trustee following recording, and each such assignment
and UCC Financing Statement assignment shall reflect that the file copy thereof
should be returned to the Trustee following filing; provided, that in those
instances where the public recording office retains the original assignment of
Mortgage or assignment of Assignment of Leases, the Recording/Filing Agent shall
obtain therefrom a certified copy of the recorded original. If any such document
or instrument is lost or returned unrecorded or unfiled, as the case may be,
because of a defect therein, then the Seller shall prepare a substitute therefor
or cure such defect or cause such to be done, as the case may be, and the Seller
shall deliver such substitute or corrected document or instrument to the Trustee
(or, if the Mortgage Loan is then no longer subject to the Pooling and Servicing
Agreement, to the then holder of such Mortgage Loan).
The Seller shall bear the out-of-pocket costs and expenses of all such
recording, filing and delivery contemplated in the preceding paragraph,
including, without limitation, any costs and expenses that may be incurred by
the Trustee in connection with any such recording, filing or delivery performed
by the Trustee at the Seller's request and the fees of the Recording/Filing
Agent.
(e) All such other relevant documents and records that (a) relate to
the administration or servicing of the Mortgage Loans, (b) are reasonably
necessary for the ongoing administration and/or servicing of such Mortgage Loans
by the applicable Master Servicer in connection with its duties under the
Pooling and Servicing Agreement, and (c) are in the possession or under the
control of the Seller, together with all unapplied escrow amounts and reserve
amounts in the possession or under the control of the Seller that relate to the
Mortgage Loans, shall be delivered or caused to be delivered by the Seller to
the applicable Master Servicer (or, at the direction of such 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
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briefs or memoranda or other internal approval documents or data or internal
worksheets, memoranda, communications or evaluations.
The Seller agrees to use reasonable efforts to deliver to the Trustee, for
its administrative convenience in reviewing the Mortgage Files, a mortgage loan
checklist for each Mortgage Loan. The foregoing sentence notwithstanding, the
failure of the Seller to deliver a mortgage loan checklist or a complete
mortgage loan checklist shall not give rise to any liability whatsoever on the
part of the Seller to the Purchaser, the Trustee or any other person because the
delivery of the mortgage loan checklist is being provided to the Trustee solely
for its administrative convenience.
(f) The Seller shall take such actions as are reasonably necessary to
assign or otherwise grant to the Trust Fund the benefit of any letters of credit
in the name of the Seller, which secure any Mortgage Loan.
(g) On or before the Closing Date, the Seller shall provide to the
applicable Master Servicer, the initial data (as of the Cut-off Date or the most
recent earlier date for which such data is available) contemplated by the CMSA
Loan Setup File, the CMSA Loan Periodic Update File, the CMSA Operating
Statement Analysis Report and the CMSA Property File.
SECTION 3. Representations, Warranties and Covenants of Seller.
(a) The Seller hereby represents and warrants to and covenants with
the Purchaser, as of the date hereof, that:
(i) The Seller is a corporation duly organized, validly existing and
in good standing under the laws of the State of Delaware and the Seller has
taken all necessary corporate action to authorize the execution, delivery
and performance of this Agreement by it, and has the power and authority to
execute, deliver and perform this Agreement and all transactions
contemplated hereby.
(ii) This Agreement has been duly and validly authorized, executed and
delivered by the Seller, all requisite action by the Seller's directors and
officers has been taken in connection therewith, and (assuming the due
authorization, execution and delivery hereof by the Purchaser) this
Agreement constitutes the valid, legal and binding agreement of the Seller,
enforceable against the Seller in accordance with its terms, except as such
enforcement may be limited by (A) laws relating to bankruptcy, insolvency,
fraudulent transfer, reorganization, receivership, 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 if compliance therewith is necessary (1) to ensure the
enforceability of this Agreement or (2) for the Seller to perform its
duties and obligations under this Agreement, or (C) constitute a
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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
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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 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.
Sections 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, 1,531 (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 discovers or receives written notice of a Document
Defect or a Breach relating to a Mortgage Loan pursuant to Section 2.03(a) of
the Pooling and Servicing Agreement, then the Seller shall, not later than 90
days from such discovery or receipt of such notice (or, in the case of a
Document Defect or Breach relating to a Mortgage Loan not being a "qualified
mortgage" within the meaning of the REMIC Provisions (a "Qualified Mortgage"),
not later than 90 days from any party to the Pooling and Servicing Agreement
discovering such Document Defect or Breach, provided the Seller receives such
notice in a timely manner), if such Document Defect or Breach materially and
adversely affects the value of the related Mortgage Loan or the interests of the
Certificateholders therein, cure such Document Defect or Breach, as the case may
be, in all material respects, which shall include payment of losses and any
Additional Trust Fund Expenses associated therewith or, if such Document Defect
or Breach (other than omissions due solely to a document not having been
returned by the related recording office) cannot be cured within such 90-day
period, (i) repurchase the affected Mortgage Loan (which, for the purposes of
this clause (i), shall include an REO Loan) at the applicable Purchase Price (as
defined in the Pooling and Servicing Agreement) not later than the end of such
90-day period or (ii) substitute a Qualified Substitute Mortgage Loan for such
affected Mortgage Loan (which, for purposes of this clause (ii), shall include
an REO Loan) not later than the end of such 90-day period (and in no event later
than the second anniversary of the Closing Date) and pay the 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,
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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 (i) the delivery by the Seller to the Trustee, at the expense
of the Seller, of an Opinion of Counsel to the effect that such release would
not cause either of REMIC I or REMIC II to fail to qualify as a REMIC under the
Code or result in the imposition of any tax on "prohibited transactions" or
"contributions" after the Startup Day under the REMIC Provisions and (ii) the
consent of the Controlling Class Representative (if one is then acting), which
consent shall not be unreasonably withheld or delayed. In the event that one or
more of such other Crossed Loans satisfy the aforementioned criteria, the Seller
may elect either
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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 that existed as of the Closing Date, the Seller shall
provide, once every 90 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. The delivery of a
commitment to issue a policy of lender's title insurance as described in
representation 8 set forth on Schedule I hereto in lieu of the delivery of the
actual policy of lender's title insurance shall not be considered a Document
Defect or Breach with respect to any Mortgage File if such actual policy of
insurance is delivered to the Trustee or a Custodian on its behalf not later
than the 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.
10
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 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
11
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 Trustee and certify that the substitute Mortgage
Loan is a Qualified Substitute Mortgage Loan.
No substitution of a Qualified Substitute Mortgage Loan or Qualified
Substitute Mortgage Loans may be made in any calendar month after the
Determination Date for such month. Periodic Payments due with respect to any
Qualified Substitute Mortgage Loan after the related date of substitution shall
be part of REMIC I, as applicable. No substitution of a Qualified Substitute
Mortgage Loan for a deleted Mortgage Loan shall be permitted under this
Agreement if, after such substitution, the aggregate of the Stated Principal
Balances of all Qualified Substitute Mortgage Loans which have been substituted
for deleted Mortgage Loans exceeds 10% of the aggregate Cut-off Date Balance of
all the Mortgage Loans and the Other Mortgage Loans. Periodic Payments due with
respect to any Qualified Substitute Mortgage Loan on or prior to the related
date of substitution shall not be part of the Trust Fund or REMIC I.
(e) This Section 3 provides the sole remedies available to the
Purchaser, the Certificateholders, or the Trustee on behalf of the
Certificateholders, respecting any Document Defect in a Mortgage File or any
Breach of any representation or warranty set forth in or required to be made
pursuant to 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
12
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 if compliance therewith is necessary (1) to ensure the enforceability of
this Agreement or (2) for the Purchaser to perform its duties and obligations
under this Agreement 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
13
other) or operations of the Purchaser or its properties or might have
consequences that would materially and adversely affect its performance
hereunder.
SECTION 5. Closing. The closing of the sale of the Mortgage Loans (the
"Closing") shall be held at the offices of Sidley Austin LLP on the Closing
Date. The Closing shall be subject to each of the following conditions:
(a) All of the representations and warranties of the Seller set forth
in or made pursuant to Sections 3(a) and 3(b) of this Agreement and all of the
representations and warranties of the Purchaser set forth in Section 4 of this
Agreement shall be true and correct in all material respects as of the Closing
Date;
(b) All documents specified in Section 6 of this Agreement (the
"Closing Documents"), in such forms as are agreed upon and acceptable to the
Purchaser, the Seller, the Underwriters and their respective counsel in their
reasonable discretion, shall be duly executed and delivered by all signatories
as required pursuant to the respective terms thereof;
(c) The Seller shall have delivered and released to the Trustee (or a
Custodian on its behalf) and the applicable Master Servicer, respectively, all
documents represented to have been or required to be delivered to the Trustee
and such 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 (as defined in Section 6(d) of this Agreement) and Prospectus
Supplement (as defined in Section 6(d) of this Agreement), respectively; and
(g) The Seller shall have executed and delivered concurrently herewith
that certain Indemnification Agreement, dated as of September 22, 2006, among
the Seller, Countrywide Commercial Real Estate Finance, Inc., PNC Bank, National
Association, the Purchaser, the Underwriters and the Initial Purchasers. Both
parties agree to use their best reasonable efforts to perform their respective
obligations hereunder in a manner that will enable the Purchaser to purchase the
Mortgage Loans on the Closing Date.
SECTION 6. Closing Documents. The Closing Documents shall consist of
the following:
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(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 or collectively, as the case may be, "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) An officer's certificate from an officer of the Seller (signed in
his/her capacity as an officer), dated the Closing Date, and upon which the
Purchaser, the Underwriters and Initial Purchasers may rely, to the effect that
(i) such officer has carefully examined the Specified Portions (as defined
below) of the Free Writing Prospectus and nothing has come to his/her attention
that would lead him/her to believe that the Specified Portions of the Free
Writing Prospectus, as of the Time of Sale or as of the Closing Date, included
or include any untrue statement of a material fact relating to the Mortgage
Loans or omitted or omit to state therein a material fact necessary in order to
make the statements therein relating to the Mortgage Loans, in light of the
circumstances under which they were made, not misleading, (ii) such officer has
carefully examined the Specified Portions (as defined below) of the Prospectus
Supplement and nothing has come to his/her attention that would lead him/her to
believe that the Specified Portions of the Prospectus Supplement, as of the date
of the Prospectus Supplement or as of the Closing Date, included or include any
untrue statement of a material fact relating to the Mortgage Loans or omitted or
omit to state therein a material fact necessary in order to make the statements
therein relating to the Mortgage Loans, in light of the circumstances under
which they were made, not misleading, and (iii) such officer has carefully
examined the Specified Portions (as defined below) of the Memorandum (pursuant
to which certain classes of the Private Certificates are being privately
offered) and nothing has come to his/her attention that would lead him/her to
believe that the Specified Portions of the Memorandum, as of the date thereof or
as of the Closing Date, included or include any untrue statement of a material
fact relating to the Mortgage Loans or omitted or omit to state therein a
material fact necessary in order to make the statements therein related to the
Mortgage Loans, in the light of the circumstances under which they were made,
not misleading.
15
The "Specified Portions" of the Free Writing Prospectus shall consist
of Annex A-1 (as contained in each of the September 13, 2006 Free Writing
Prospectus and the September 15, 2006 Revised Annex A-1 Free Writing Prospectus)
thereto, entitled "Certain Characteristics of the Mortgage Loans" (insofar as
the information contained in Annex A-1 relates to the Mortgage Loans sold by the
Seller hereunder), Annex A-2 to the Free Writing Prospectus, entitled "Certain
Statistical Information Regarding the Mortgage Loans" (insofar as the
information contained in Annex A-2 relates to the Mortgage Loans sold by the
Seller hereunder), Annex A-3 to the Free Writing Prospectus, entitled "Sonic
Automotive I Amortization Schedule", Annex A-4 to the Free Writing Prospectus,
entitled "Memorial Regional MOB III Amortization Schedule", Annex B to the Free
Writing Prospectus entitled "Certain Characteristics Regarding Multifamily
Properties" (insofar as the information contained in Annex B relates to the
Mortgage Loans sold by the Seller hereunder), Annex C to the Free Writing
Prospectus, entitled "Preliminary Structural and Collateral Term Sheet" (as
modified by the September 15, 2006 Term sheet and insofar as the information
contained in Annex C relates to the Mortgage Loans sold by the Seller
hereunder), the CD-ROM which accompanies the Free Writing Prospectus (insofar as
such CD-ROM is consistent with Annex X-0, Xxxxx X-0, Xxxxx X-0, Annex A-4 and/or
Annex B), and the following sections of the Free Writing Prospectus (only to the
extent that any such information relates to the Seller or the Mortgage Loans
sold by the Seller hereunder and exclusive of any statements in such sections
that purport to describe the servicing and administration provisions of the
Pooling and Servicing Agreement and exclusive of aggregated numerical
information that includes the Other Mortgage Loans): "Summary of Offering
Prospectus--Relevant Parties--Sponsors/Mortgage Loan Sellers", "Summary of
Offering Prospectus--The Mortgage Loans and the Mortgaged Real Properties",
"Risk Factors--Risks Related to the Mortgage Loans", "Description of the
Mortgage Pool", "Transaction Participants--The Sponsors" and "Affiliations and
Certain Relationships and Related Transactions".
The "Specified Portions" of the Prospectus Supplement shall consist of
Annex A-1 thereto, entitled "Certain Characteristics of the Mortgage Loans"
(insofar as the information contained in Annex A-1 relates to the Mortgage Loans
sold by the Seller hereunder), Annex A-2 to the Prospectus Supplement, entitled
"Certain Statistical Information Regarding the Mortgage Loans" (insofar as the
information contained in Annex A-2 relates to the Mortgage Loans sold by the
Seller hereunder), Annex A-3 to the Prospectus Supplement, entitled "Sonic
Automotive I Amortization Schedule", Annex A-4 to the Prospectus Supplement,
entitled "Memorial Regional MOB III Amortization Schedule", Annex B to the
Prospectus Supplement entitled "Certain Characteristics Regarding Multifamily
Properties" (insofar as the information contained in Annex B relates to the
Mortgage Loans sold by the Seller hereunder), Annex C to the Prospectus
Supplement, entitled "Description of the Ten Largest Mortgage Loans or Groups of
Cross-Collateralized Mortgage Loans" (insofar as the information contained in
Annex C relates to the Mortgage Loans sold by the Seller hereunder), the CD-ROM
which accompanies the Prospectus Supplement (insofar as such CD-ROM is
consistent with Annex X-0, Xxxxx X-0, Xxxxx X-0 Annex A-4 and/or Annex B), and
the following sections of the Prospectus Supplement (only to the extent that any
such information relates to the Seller or the Mortgage Loans sold by the Seller
hereunder and exclusive of any statements in such sections that purport to
describe the servicing and administration provisions of the Pooling and
Servicing Agreement and exclusive of aggregated numerical information that
includes the Other Mortgage Loans): "Summary of Prospectus Supplement--Relevant
Parties--Sponsors/Mortgage Loan Sellers", "Summary of
16
Prospectus Supplement--The Mortgage Loans and the Mortgaged Real Properties",
"Risk Factors--Risks Related to the Mortgage Loans", "Description of the
Mortgage Pool", "Transaction Participants--The Sponsors" and "Affiliations and
Certain Relationships and Related Transactions".
The "Specified Portions" of the Memorandum shall consist of the
Specified Portions of the Prospectus Supplement (as attached as an exhibit to
the Memorandum).
For purposes of this Section 6(d) and this Agreement, the following
terms have the meanings set forth below:
"Free Writing Prospectus" means the Offering Prospectus dated
September 13, 2006 (the "September 13, 2006 Free Writing Prospectus"), and
relating to the Publicly-Offered Certificates, as supplemented and amended by
those certain free writing prospectuses (the first pages of which are attached
hereto as Schedule III) comprised of a revised Annex A-1 to the Offering
Prospectus that was distributed to potential investors in the Publicly-Offered
Certificates by e-mail on September 15, 2006 (the "September 15, 2006 Revised
Annex A-1 Free Writing Prospectus") and a revised preliminary and structural
term sheet that was distributed to potential investors in the Publicly Offered
Certificates by e-mail on September 15, 2006 (the "September 15, 2006 Term
Sheet");
"Memorandum" means the confidential Private Placement Memorandum dated
September 22, 2006, and relating to the Private Certificates;
"Prospectus" means the prospectus dated September 13, 2006.
"Prospectus Supplement" means the prospectus supplement dated
September 22, 2006, that supplements the Prospectus and relates to the
Publicly-Offered Certificates; and
"Time of Sale" means September 22, 2006, at 11:15 a.m.
(e) (e) Each of: (i) the resolutions of the Seller's board of
directors or a committee thereof authorizing the Seller's entering into the
transactions contemplated by this Agreement, (ii) the certificate of
incorporation and bylaws of the Seller, and (iii) a certificate of good standing
of the Seller issued by the State of Delaware not earlier than thirty (30) days
prior to the Closing Date;
(f) A written opinion of counsel for the Seller relating to
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 Underwriters, the Initial
Purchasers and each of the Rating Agencies, together with such other written
opinions, including as to insolvency matters, as may be required by the Rating
Agencies; and
(g) Such further certificates, opinions and documents as the Purchaser
may reasonably request prior to the Closing Date.
17
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
18
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 Fund
(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,
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 (2) 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 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 meeting the reporting
requirements of the Trust under Section 13(a) and/or Section 15(d) of the 1934
Act.
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) 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 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.
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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,
20
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]
21
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: Executive Vice President,
Chief Officer in Charge of
Commercial Mortgage Securitization
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
MLML MORTGAGE LOAN PURCHASE AGREEMENT
EXHIBIT A
Seller:
Address for Notices:
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
Attention: Xxxxx X. Xxxxxxx
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 Securitizations
and with a copy to:
Xxxxxxx Xxxxx Mortgage Lending, Inc.
4 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
Purchaser:
Address for Notices:
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
Attention: Xxxxx X. Xxxxxxx
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 Securitizations
and
Xxxxxxx Xxxxx Mortgage Investors, Inc.
4 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
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 September 2006, 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 or a "marked-up" commitment binding upon the title insurer); (c)
exceptions and exclusions specifically referred to in such lender's title
insurance policy (or, if not yet issued, referred to in a pro forma title policy
or "marked-up" commitment binding upon the title insurer); (d) other matters to
which like properties are commonly subject; (e) the rights of tenants (as
tenants only) under leases (including subleases) pertaining to the related
Mortgaged Property; (f) if such Mortgage Loan constitutes a Cross-Collateralized
Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in
the same Crossed Group; (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 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
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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, (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) September 8, 2006 and (b) the
closing date of such Mortgage Loan, the Seller has not executed any written
instrument that (i) impaired, satisfied, canceled, subordinated or rescinded
such Mortgage Loan, (ii) waived, modified or altered any material term of such
Mortgage Loan, (iii) released the Mortgaged Property or any material portion
thereof from the lien of the related Mortgage, or (iv) released the related
Mortgagor from its obligations under such Mortgage Loan in whole or material
part. For avoidance of doubt, the preceding sentence does not relate to any
release of escrows by the Seller or a servicer on its behalf.
7. Condition of Property; Condemnation. In the case of each Mortgage
Loan, except as set forth in an engineering report prepared by an independent
engineering consultant in connection with the origination of such Mortgage Loan,
the related Mortgaged Property is, to the Seller's knowledge, in good repair and
free and clear of any damage that would materially and adversely affect its
value as security for such Mortgage Loan (except in any such case where an
escrow of funds, letter of credit or insurance coverage exists sufficient to
effect the necessary repairs and maintenance). As of the date of origination of
the Mortgage Loan, there was no proceeding pending for the condemnation of all
or any material part of the related Mortgaged Property. As of the Closing Date,
the Seller has not received notice and has no knowledge of any proceeding
pending for the condemnation of all or any material portion of the Mortgaged
Property securing any Mortgage Loan. As of the date of origination of each
Mortgage Loan and, to the Seller's knowledge, as of the date hereof, (a) none of
the material improvements on the related Mortgaged Property encroach upon the
boundaries and, to the extent in effect at the time of construction, do not
encroach upon the building restriction lines of such property, and none of the
material improvements on the related Mortgaged Property encroached over any
easements, except, in each case, for encroachments that are insured against by
the lender's title insurance policy referred to in representation 8 below or
that do not materially and adversely affect the Value or current use of such
Mortgaged Property and (b) no improvements on adjoining properties encroached
upon such Mortgaged Property so as to materially and adversely affect the Value
of such Mortgaged Property, except those encroachments that are insured against
by the lender's title insurance policy referred to in representation 8 below.
8. Title Insurance. Each Mortgaged Property securing a Mortgage Loan
is covered by an American Land Title Association (or an equivalent form of)
lender's title insurance policy (the "Title Policy") (or, if such policy has yet
to be issued, by a pro forma policy or a "marked up" commitment binding on the
title insurer) in the original principal
I-3
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 exclusion for whether, or it affirmatively insures (unless the
related Mortgaged Property is located in a jurisdiction where such affirmative
insurance is not available) that, (a) the related Mortgaged Property has access
to a public road, and (b) the area shown on the survey, if any, reviewed or
prepared in connection with the origination of the related Mortgage Loan is the
same as the property legally described in the related Mortgage.
9. No Holdback. The proceeds of each Mortgage Loan have been fully
disbursed (except in those cases where the full amount of the Mortgage Loan has
been disbursed but a portion thereof is being held in escrow or reserve accounts
documented as part of the Mortgage Loan documents and the rights to which are
transferred to the Trustee, pending the satisfaction of certain conditions
relating to leasing, repairs or other matters with respect to the related
Mortgaged Property), and there is no obligation for future advances with respect
thereto.
10. Mortgage Provisions. The Mortgage Loan documents for each Mortgage
Loan, together with applicable state law, contain customary and, subject to the
limitations and exceptions set forth in representation 13 below, enforceable
provisions such as to render the rights and remedies of the holder thereof
adequate for the practical realization against the related Mortgaged Property of
the principal benefits of the security intended to be provided thereby,
including, without limitation, 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
I-4
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
I-5
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
I-6
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 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
I-7
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. 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-8
(i) such Ground Lease or a memorandum thereof has been or will be duly
recorded; such Ground Lease permits the interest of the lessee thereunder
to be encumbered by the related Mortgage; and there has been no material
change in the terms of such Ground Lease since its recordation, with the
exception of material changes reflected in written instruments which are a
part of the related Mortgage File; and if required by such Ground Lease,
the lessor thereunder has received notice of the lien of the related
Mortgage in accordance with the provisions of such Ground Lease;
(ii) the related lessee's leasehold interest in the portion of the
related Mortgaged Property covered by such Ground Lease is not subject to
any liens or encumbrances superior to, or of equal priority with, the
related Mortgage, other than the related Fee Interest and Permitted
Encumbrances;
(iii) upon foreclosure of such Mortgage Loan (or acceptance of a deed
in lieu thereof), the Mortgagor's interest in such Ground Lease is
assignable to, and is thereafter further assignable by, the Purchaser upon
notice to, but without the consent of, the lessor thereunder (or, if such
consent is required, it has been obtained); provided that such Ground Lease
has not been terminated and all amounts owed thereunder have been paid;
(iv) such Ground Lease is in full force and effect, and, to the
Seller's knowledge, no material default has occurred under such Ground
Lease;
(v) such Ground Lease requires the lessor thereunder to give notice of
any default by the lessee to the mortgagee under such Mortgage Loan; and
such Ground Lease further provides that no notice of termination given
under such Ground Lease is effective against the mortgagee under such
Mortgage Loan unless a copy has been delivered to such mortgagee in the
manner described in such Ground Lease;
(vi) the mortgagee under such Mortgage Loan is permitted a reasonable
opportunity (including, where necessary, sufficient time to gain possession
of the interest of the lessee under such Ground Lease) to cure any default
under such Ground Lease, which is curable after the receipt of notice of
any such default, before the lessor thereunder may terminate such Ground
Lease;
(vii) such Ground Lease either (i) has an original term which extends
not less than twenty (20) years beyond the Stated Maturity Date of such
Mortgage Loan, or (ii) has an original term which does not end prior to the
5th anniversary of the Stated Maturity Date of such Mortgage Loan and has
extension options that are exercisable by the lender upon its taking
possession of the Mortgagor's leasehold interest and that, if exercised,
would cause the term of such Ground Lease to extend not less than twenty
(20) years beyond the Stated Maturity Date of such Mortgage Loan;
(viii) such Ground Lease requires the lessor to enter into a new lease
with a mortgagee upon termination of such Ground Lease for any reason,
including as a result of a rejection of such Ground Lease in a bankruptcy
proceeding involving the related Mortgagor, unless the mortgagee under such
Mortgage Loan fails to cure a default of the
I-9
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
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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) a portion
of the cash flow generated by such Mortgaged Property will be applied each month
to pay down the principal balance thereof in addition to the principal portion
of the related monthly payment.
22. Legal Proceedings. To the Seller's knowledge, there are no pending
actions, suits, proceedings or governmental investigations by or before any
court or governmental authority against or affecting the Mortgagor under any
Mortgage Loan or the related Mortgaged Property that, if determined adversely to
such Mortgagor or Mortgaged Property, would materially and adversely affect the
value of the Mortgaged Property as security for such Mortgage Loan or the
current ability of the Mortgagor to pay principal, interest or any other amounts
due under such Mortgage Loan.
23. Other Mortgage Liens. None of the Mortgage Loans permits the
related Mortgaged Property to be encumbered by any mortgage lien junior to or of
equal priority with the lien of the related Mortgage without the prior written
consent of the holder thereof or the satisfaction of debt service coverage or
similar criteria specified therein. To the Seller's knowledge, except for cases
involving other Mortgage Loans, none of the Mortgaged Properties securing the
Mortgage Loans is encumbered by any mortgage liens junior to or of equal
priority with the liens of the related Mortgage. The related Mortgage Loan
documents require the Mortgagor under each Mortgage Loan to pay all reasonable
costs and expenses related to any required consent to an encumbrance, including
any applicable Rating Agency fees, or would permit the related mortgagee to
withhold such consent if such costs and expenses are not paid by a party other
than such mortgagee.
24. No Mechanics' Liens. As of the date of origination, each Mortgaged
Property securing a Mortgage Loan (exclusive of any related personal property)
was free and clear of any and all mechanics' and materialmen's liens that were
prior or equal to the lien of the related Mortgage and that were not bonded or
escrowed for or covered by title insurance. As of the Closing Date, to the
Seller's knowledge: (i) each Mortgaged Property securing a Mortgage Loan
(exclusive of any related personal property) is free and clear of any and all
mechanics' and materialmen's liens that are prior or equal to the lien of the
related Mortgage and that are not bonded or escrowed for or covered by title
insurance, and (ii) no rights are outstanding that under
I-11
law could give rise to any such lien that would be prior or equal to the lien of
the related Mortgage and that is not bonded or escrowed for or covered by title
insurance.
25. Compliance. Each Mortgage Loan complied with, or was exempt from,
all applicable usury laws in effect at its date of origination.
26. Licenses and Permits. To the Seller's knowledge, as of the date of
origination of each Mortgage Loan and based on any of: (i) a letter from
governmental authorities, (ii) a legal opinion, (iii) an endorsement to the
related Title Policy, (iv) a representation of the related Mortgagor at the time
of origination of such Mortgage Loan, (v) a zoning report from a zoning
consultant, or (vi) other due diligence that a commercially 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
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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.
32. Inspection. The Seller or an affiliate thereof inspected, or
caused the inspection of, the related Mortgaged Property within the preceding
twelve (12) months.
33. No Material Default. To the Seller's knowledge, there exists no
material default, breach, violation or event of acceleration under the Mortgage
Note or Mortgage for any Mortgage Loan (other than payments due but not yet 30
days or more delinquent); provided, however, that this representation and
warranty does not cover any default, breach, violation or event of acceleration
that pertains to or arises out of the subject matter otherwise covered by any
other representation and warranty made by the Seller in this Schedule I.
34. Due-on-Sale. The Mortgage, Mortgage Note or loan agreement for
each Mortgage Loan contains a "due-on-sale" clause, which provides for the
acceleration of the payment of the unpaid principal balance of such Mortgage
Loan if, without the prior written consent of the holder of such Mortgage,
either the related Mortgaged Property, or any direct controlling equity interest
in the related Mortgagor, is transferred or sold, other than by reason of family
and estate planning transfers, transfers by devise or descent or by operation of
law upon death, transfers of less than a controlling interest in the Mortgagor,
transfers of shares in public companies, issuance of non-controlling new equity
interests, transfers to an affiliate meeting the requirements of the Mortgage
Loan, transfers among existing members, partners or shareholders in the
Mortgagor, transfers among affiliated Mortgagors with respect to
cross-collateralized Mortgage Loans or multi-property Mortgage Loans, transfers
among co-Mortgagors, transfers of worn-out or obsolete furniture, furnishings
and equipment or transfers of a similar nature to the foregoing meeting the
requirements of the Mortgage Loan.
35. Single Purpose Entity. The Mortgagor on each Mortgage Loan with a
Cut-off Date Balance of $5,000,000 or more, was, as of the origination of the
Mortgage Loan, a Single Purpose Entity. For this purpose, a "Single Purpose
Entity" shall mean an entity, other than an individual, whose organizational
documents provide substantially to the effect that it was formed or organized
solely for the purpose of owning and operating one or more of the Mortgaged
Properties securing the Mortgage Loans and prohibit it from engaging in any
business unrelated to such Mortgaged Property or Properties, and whose
organizational
I-13
documents further provide, or which entity represented in the related Mortgage
Loan documents, substantially to the effect that it does not have any material
assets other than those related to its interest in and operation of such
Mortgaged Property or Properties, or any indebtedness other than as permitted by
the related Mortgage(s) or the other related Mortgage Loan documents, that it
has its own books and records and accounts separate and apart from any other
person, that it holds itself out as a legal entity (separate and apart from any
other person), that it will not guarantee or assume the debts of any other
person, that it will not commingle assets with affiliates, and that it will not
transact business with affiliates (except to the extent required by any cash
management provisions of the related Mortgage Loan documents) except on an
arm's-length basis.
36. Whole Loan. Each Mortgage Loan is a whole loan and not a
participation interest in a mortgage loan.
37. Tax Parcels. Each Mortgaged Property constitutes one or more
complete separate tax lots or is subject to an endorsement under the related
Title Policy insuring same, or in certain instances an application has been made
to the applicable governing authority for creation of separate tax lots, which
shall be effective for the next tax year.
38. ARD Loans. Each ARD Loan requires scheduled monthly payments of
principal 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 or recording
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
I-14
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 or recording 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 or, in the case of an ARD Loan,
prior to its Anticipated Repayment Date.
42. Servicing Rights. Except as provided in the Pooling and Servicing
Agreement, any permitted subservicing agreements and servicing rights purchase
agreements pertaining thereto, no Person has been granted or conveyed the right
to service any Mortgage Loan or receive any consideration in connection
therewith which will remain in effect after the Closing Date.
43. Recourse. The related Mortgage Loan documents contain provisions
providing for recourse against the related Mortgagor, a principal of such
Mortgagor or an entity controlled by a principal of such Mortgagor, for damages,
liabilities, expenses or claims sustained in connection with the Mortgagor's
fraud, material (or, alternatively, intentional) misrepresentation, waste or
misappropriation of any tenant security deposits (in some cases, only after
foreclosure or an action in respect thereof), rent (in some cases, only after an
event of default), insurance proceeds or condemnation awards. The related
Mortgage Loan documents contain provisions pursuant to which the related
Mortgagor, a principal of such Mortgagor or an entity controlled by a principal
of such Mortgagor, has agreed to indemnify the mortgagee for damages resulting
from violations of any applicable environmental laws.
44. Assignment of Collateral. There is no material collateral securing
any Mortgage Loan that is not being assigned to the Purchaser.
45. Fee Simple Interest. Unless such Mortgage Loan is secured in whole
or in 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
(identified on Annex D) 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
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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 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;
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the appraisal, or a letter from the appraiser, states that such appraisal
satisfies the requirements of the "Uniform Standards of Professional Appraisal
Practice" as adopted by the Appraisal Standards Board of the Appraisal
Foundation, all as in effect on the date the Mortgage Loan was originated.
53. Origination of the Mortgage Loans. The Seller originated all of
the Mortgage Loans.
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ANNEX A (TO SCHEDULE I)
EXCEPTIONS TO THE REPRESENTATIONS AND WARRANTIES
ML-CFC 2006-3
SCHEDULE OF EXCEPTIONS
Representation #2- Ownership of Mortgage Loan
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Representation #4-Lien; Valid Assignment
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
15; 50; 73 Carmax of Tennessee; Upon satisfaction of extensive property
Carmax of Texas; Carmax substitution provisions in the related
of Glencoe Mortgage Loan documents, the lender may
permit the Borrower to permit purchase
by tenant Carmax of mortgaged property
and substitution with a comparable
property as mortgaged property pursuant
to a Substitution Agreement to which
the Borrower's predecessor-in-interest
and tenant is a party
77 Sonic Automotive I Upon satisfaction of certain property
substitution provisions in the related
Mortgage Loan documents, Borrower has
the right to permit the purchase of all
or a portion of the mortgaged property
by one or both of the tenants of the
mortgaged property and substitute the
same with comparable property as
mortgaged property in accordance with
the terms of the applicable leases to
which the Borrower's
predecessor-in-interest and such
tenants are a party.
0 Xxxxxxxxxx Xxxx The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Representation #5- Assignment of Leases and Rents
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Representation #6- Mortgage Status; Waivers and Modifications
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Representation #8-Title Insurance
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Only the right, title and interest of
the Seller in the mortgage loan
identified on the Mortgage Loan
Schedule is being conveyed to the
Purchaser.
Representation #12-Environmental Conditions
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
000 Xxxxxxxxxx Xxxxx - The dry cleaner located at the
Sunrise Mortgaged Property is listed as a
priority cleaner's site and thus the
Mortgaged Property may be impacted with
solvents. The site has been accepted
into the Florida Drycleaning Solvent
Cleanup Program and thus, as long as
compliance with the requirements of the
program is maintained, the cost of
cleaning up
the solvents will be paid for by the
program, subject to a $1,000.00 per
event deductible payable by the
Borrower. The related Mortgage Loan
documents require the Borrower to
comply with all of the requirements of
the Florida Drycleaning Solvent Cleanup
Program and the Borrower has deposited
with lender at closing $1,000.00 to
cover the deductible under the program.
Representation #14-Insurance
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
23 Ariso City Lofts The related Mortgage Loan documents
provide that the Borrower shall only be
obligated to purchase as much terrorism
insurance coverage as is available at a
rate not to exceed two times the cost
as of the date of a separate insurance
policy providing such coverage.
0 Xxxxxxxxxx Xxxx The related Mortgage Loan documents
provide for business interruption
insurance for the period of the
restoration plus an extended period of
indemnity of 90 days. The business
interruption insurance has to be in an
amount equal to 100% of the projected
annual net operating income plus fixed
expenses (including debt service).
The related Mortgage Loan documents
provide that earthquake insurance will
be in amount not less than the product
of the probable maximum loss multiplied
by the replacement cost of the
improvements as may be reasonably
estimated by the lender. The deductible
is not to exceed 5% of the total
insured value at risk.
The related Mortgage Loan documents
provide for flood hazard insurance in
amount equal to the lesser of (a) the
outstanding principal balance of the
Stonestown Mall Loan or (2) the maximum
amount available under federal flood
insurance program.
The related Mortgage Loan documents
provide that borrower may maintain (a)
commercial general liability insurance
through a syndicate of insurers whereby
at least 60% of the coverage is with
carriers having a rating by S&P of not
lower than "BBB" or a rating by am best
of "A-X and (b) all-risk, business
income, builder's risk, boiler and
machinery and terrorism insurance
through a syndicate of insurers through
which at least 60% of the coverage (if
there are 4 or fewer members of the
syndicate) or at least 50% of the
coverage (if there are 5 or more
members of the syndicate) is with
carriers having a rating by S&P of not
lower than "A-"or a rating by am best
of "A-X" and the balance of the
coverage is, in each case, with
carriers having a rating by S&P of not
lower than "BBB" or a rating by am best
of "A-X", provided that the first-loss
risk is borne by the carriers having a
rating by S&P of not lower than "A-."
Risk and which syndicate may include
factory mutual insurance company so
long as factory mutual insurance
company maintains a claims paying
ability of "AA" by Fitch and "A+ XV" by
am best and a claims paying ability
rating of BBBPI by S&P.
Representation #17- Local Law Compliance
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
000 Xxxxxxx Xxxx Shopping Per the City of Emporia, the Borrower
Center is to remedy certain fire violations at
the Mortgaged Property and the Borrower
delivered an undertaking for same.
Representation #18-Leasehold Estate
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
1 The Atrium Hotel (iii) With respect to the ground lease
Portfolio for the property located in Portland,
Oregon and the sublease for the
property located in Tampa, Florida, a
transfer in connection with a
foreclosure or deed in lieu thereof is
permitted without the consent of the
lessor, however, any subsequent
transfer requires the consent of
lessor, which consent shall not be
unreasonably withheld or delayed. In
addition, the lessor with respect to
the Tampa
sublease agreed that its consent shall
not be required for transfers by lender
to an assignee that has a net worth of
at least $15,000,000 and substantial
experience, or if such assignee retains
a property manager that has substantial
experience, in operating hotel
properties of similar size and type as
the Tampa property.
Representation #23-Other Mortgage Provisions
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Representation #26- Licenses and Permits
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
67 De La Fuente 2006 The Borrower did not deliver a
Portfolio certificate of occupancy for the 0000
Xxxxxxxxx Xxxxx Mortgaged Property. The
Borrower represents and warrants under
the related Mortgage Loan documents
that all certificates of occupancy
required for the legal use, occupancy
and operation of the related Mortgaged
Properties have been obtained and are
valid and in full force and effect. The
Borrower and the related guarantor are
personally liable under the related
Mortgage Loan documents for any losses
incurred by lender resulting in any
failure of the valid and unconditional
certificate of occupancy to exist with
respect to such Mortgaged Property.
24 The Seasons Certificates of occupancy with respect
to certain commercial units at the
Mortgaged Property undergoing
construction will be issued upon
completion of construction. 41 Haier
Building A permanent certificate of
occupancy for the space leased to
Gotham Hall, LLC has not been issued;
however, conditional use permits have
been obtained for all events held in
the leased premises and the Borrower is
required to continue to cause the
tenant under the Gotham Hall lease to
obtain conditional use permits for all
future events until such time that a
permanent certificate of occupancy
permitting the leased premises to be
used as a "place of assembly" is
obtained.
63 Ashlan Village Shopping As of the closing date, a permanent
Center certificate of occupancy for the
property has not been issued, however,
the tenants are occupying their spaces
under a "Safe to Occupy" status which,
according to the City of Fresno
Building Department, is equivalent to a
temporary certificate of occupancy. The
borrower is obligated to complete any
work required to be completed so that a
permanent certificate of occupancy can
be issued and upon issuance, the
borrower is required to deliver a copy
of same to lender.
Representation #28-Release of Mortgaged Properties
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
1 The Atrium Hotel The related Borrower is permitted to
Portfolio substitute a property without obtaining
a rating agency confirmation, however,
the related Borrower must meet all of
the conditions set forth in the Atrium
Hotel Portfolio Loan documents, which
include an LTV and DSCR test.
0 Xxxxxxxxxx Xxxx A rating agency confirmation is not
required as the parcels permitted to be
substituted must be vacant, non-income
producing and unimproved or improved
only by landscaping, utility facilities
that are easily relocateable or surface
parking.
The Mortgage Loan documents provide
that the Borrower may obtain a release
of an improved parcel of land (an
anchor parcel) that was acquired after
the closing of the loan and therefore
is not included in the underwriting of
the loan.
Representation #30-Defeasance and Assumption Costs
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The Borrower is required to pay all of
lender's out-of-pocket costs and
expenses reasonably incurred in
connection with the defeasance.
Representation #34-Due on Sale
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
1 The Atrium Hotel Certain transfers of the related
Portfolio Mortgaged Properties and controlling
interests in the related Borrower are
permitted, however, the related
Borrower must meet all of the
conditions set forth in the Atrium
Hotel Portfolio Loan documents, which
include an LTV and DSCR test.
77; 32; 15; Sonic Automotive I; The related Mortgage Loan documents
50; 73 Whitehall Tech Center I permit transfers to multiple borrowers
& II; Carmax of as tenants in common, subject to
Tennessee; Carmax of satisfaction of the conditions set
Texas; Carmax of Glencoe forth in the related Loan Agreement.
00 Xxxxxxxxx Xxxxxxxxxx Xxxxxxx 5.2.13 of the related Loan
Agreement permits transfers of more
than 49% of the direct and/or indirect
equity interests in the Borrower
subject to the satisfaction of the
conditions set forth in the related
Loan Agreement.
1; 3; 41; The Atrium Hotel The indirect and/or direct interests in
132; 133; Portfolio; Wilton the related mortgage borrower have been
63; 64; Portfolio Pool 1; Haier or may be pledged as security for
109; 15; Building; Bandara at mezzanine financing.
50; 73; Mainland Shopping
148; 71; Center; Bandara Place
72; 89; 122 Shopping Center; Ashlan
Village Shopping Center;
Winston Plaza; Main
Street Plaza; Carmax of
Tennessee; Carmax of
Texas; Carmax of
Glencoe; Emporia West
Shopping Center; RLJ -
Fairfield Inn San
Antonio Airport; RLJ -
Residence Inn Salt Lake
City; RLJ - Courtyard
Xxxxxxx; RLJ - Courtyard
Goshen
2 Stonestown Mall Provided that the conditions contained
in the loan documents are satisfied,
(a) transfers of the property and
equity interests the mortgagor are
permitted, (b) certain affiliates of
the mortgagor are permitted to pledge
their direct and indirect interests in
the mortgagor to each other or to a
qualified pledgee (as defined in the
Stonestown Mall Loan documents), and
(c) a new mezzanine loan may be
obtained provided that the existing
mezzanine loan has been paid in full.
Representation #35-Single Purpose Entity
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
3 Wilton Portfolio Pool 1 None of the Borrowers are true single
purpose entities. None of the Borrowers
have independent directors. Some
Borrowers have existing debt, and own
additional properties and additional
businesses and the Borrowers are
permitted to give purchase money
mortgages up to $2,000,000, in the
aggregate. Additionally, The Wilton
Companies, LLC and The Wilton
Companies, Inc. are permitted to incur
debt in the future, acquire additional
properties and acquire additional
businesses. Please see Loan Agreement
for details. Furthermore, they do not
have single purpose entity covenants in
their organizational documents.
Representation #36-Whole Loan
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured by the same
mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
Representation #37-Tax Parcels
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
3 Wilton Portfolio Pool 1 The Mortgaged Properties known as
Quiocassin Shopping Center, The Shoppes
at Crossridge, Lauderdale Shopping
Center and Xxxxxxx Hills Shopping
Center will not be assessed as separate
tax lots until January 1, 2007.
Representation #39-Security Interests
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The related Mortgage Loan that will be
included in the trust is a senior loan
in a multiple loan (A/B) structure
comprised of two mortgage loans, each
of which is secured
by the same mortgage instrument and is
cross-defaulted with the other. The
B-Note loan will not be part of the
Trust Fund.
The security interests created by the
related UCC financing statement are for
the benefit of the holder of the
Mortgage Loan that will be included in
the trust and the holders of the
mortgage loans that will not be
included in the trust.
Representation #43 Recourse
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
2 Stonestown Mall The Stonestown Mortgage Loan documents
provide that such principal is liable
for damages, liabilities, expenses or
claims sustained in connection with the
Mortgagor's waste only after an event
of default.
Representation #45 Fee Simple Interest
Loan Number Loan Name Description of Exception
----------- ------------------------ ---------------------------------------
19 Autumn Park Apartments The Autumn Park Loan is secured by a
mortgage that encumbers both the fee
estate in the subject property owned by
the borrower under the Autumn Park Loan
documents as well as the
lesser-included-estate created by a
'master lease' of the subject property
to an affiliate of the fee
owner/borrower. Both the fee
owner/borrower and the tenant have
joined in the mortgage to encumber all
estates in the subject property. As the
Autumn Park Loan is secured by a
mortgage of the fee interest, the
encumbrance of the subordinate
leasehold estate is simply a
"lesser-included-estate" derivative of
the fee estate, the entirety of which
constitutes security for the Autumn
Park Loan. As such, concerns relating
to the 'ground lease mortgages' are not
relevant to the Autumn Park Loan
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.
ANNEX D (TO SCHEDULE I)
GROUND LEASES NOT COVERED BY REPRESENTATION 18
(REPRESENTATION 45)
None.
SCHEDULE II
MORTGAGE LOAN SCHEDULE
[Attached]
MLCFC 2006-3: MORTGAGE LOAN SCHEDULE (MLML)
PROPERTY
LOAN # PROPERTY NAME ORIGINATOR TYPE STREET ADDRESS
------------------------------------------------------------------------------------------------------------------------------------
1 The Atrium Hotel Portfolio MLML Hospitality Various
1.01 Embassy Suites Xxxxxxx Xxxxxx MLML Hospitality 000 Xxxxxxxx Xxxx Xxxxxxxxx
1.02 Embassy Suites Portland Airport MLML Hospitality 0000 Xxxxxxxxx 00xx Xxxxxx
1.03 Embassy Suites Tampa MLML Hospitality 0000 Xxxxxxxx Xxxxxxxxx
1.04 Embassy Suites Charleston MLML Hospitality 000 Xxxxx Xxxxxx
1.05 Embassy Suites on Monterey Bay MLML Hospitality 0000 Xxxxxx Xxx Xxx Xxxxxxxxx
1.06 Topeka Capitol Plaza Hotel MLML Hospitality 0000 Xxxxxxxxx Xxxxxx Xxxxxxxxx
2 Stonestown Mall MLML Retail 0000 Xxxxxxxxx Xxxxxx
3 Wilton Portfolio Pool 1 MLML Various Various
3.01 Xxxx Xxxxx Commons MLML Retail 2200-2100 Xxxx Xxxxx Parkway
3.02 Tuckahoe Village Shopping Center MLML Retail 11200-11280 Xxxxxxxxx Avenue & 0000-0000
Xxxxxxxxx Xxxxx
3.03 Hermitage Industrial Center MLML Industrial 0000-0000 Xxxxxxxx Xxxxx & 0000-0000
Xxxxxxxxxx Xxxxx
3.04 The Shoppes of CrossRidge MLML Retail 00000 Xxxxxxx Xxxx Xxxx
3.05 Montpelier Shopping Center MLML Retail 16601-16655 Xxxxxxxx Xxxx
0.00 Xxxxxxxx Shopping Center MLML Retail 0000-0000 Xxxx Xxxxx Xxxxxx
3.07 Lauderdale Square Shopping Center MLML Retail 3151-3171 & 0000-0000 Xxxxxxxxxx Xxxxx
3.08 Stratford Hills Shopping Center MLML Retail 0000-0000 Xxxxxx Xxxx Xxxxxx and 2801-2837 &
0000-0000 Xxxxxxxx Xxxx
3.09 Xxxxxxx Hills Shopping Center MLML Retail 0000-0000 Xxxxxxxxx Xxxxxx
3.1 Canterbury Shopping Center MLML Retail 10600-10624 Xxxxxxxxx Avenue
3.11 Ridgefield Walgreens MLML Retail 00000 Xxxxxxxxxx Xxxxxxx
3.12 Maybuery North Complex MLML Retail 0000-0000 Xxxxxxxxx Xxxxxx
3.13 Xxxxxx Business Center MLML Industrial 12107-12115 Ridgefield Parkway & 0000-0000
Xxxxxx Xxxxxx Xxxxx
3.14 Maybuery Xxxxx Xxxxxxxx Xxxxxx XXXX Xxxxxx 0000-0000 and 0000 Xxxxxxxxx Xxxxxx
3.15 Atack-Eagle Building MLML Office 0000 Xxxxxxxx Xxxxx
3.16 Wilton Park MLML Office 0000 Xxxxxxx Xxxx
3.17 Atlee Commerce Center III MLML Industrial 9432, 9436, 9440, 0000 Xxxxx Xxxxxxxx
Xxxxxx Xxxxxxxxx
3.18 Atlee Commons II MLML Industrial 0000 Xxxxx Xxxxxxxx Xxxxxx Xxxxxxxxx
3.19 Xxxxxxx Place MLML Industrial 6401 A-F, 6403 A-G, and 6405 X-X Xxxxxxx Place
3.2 Quioccasin Square Shopping Center MLML Retail 9025-9035 and 0000-0000 Xxxxxxxxxx Xxxx
3.21 Tuckahoe Village Merchants Square MLML Retail 0000-0000 Xxxxxxxxx Xxxxx
3.22 Westland East Shopping Center MLML Retail 0000 Xxxx Xxxxx Xxxxxx
3.23 Canterbury Green Shopping Center MLML Retail 00000 Xxxxxxxxx Xxxxxx
3.24 Genito Station Shopping Center MLML Retail 13601-13625 Xxxxxx Xxxx
0.00 Xxxxxxx Green Shopping Center MLML Retail 12341-12395 Xxxxxx Road
3.26 Brookside Convenience Center MLML Retail 0000 Xxxxx Xxxx
3.27 0000 Xxxxxxxx Xxxxxx MLML Industrial 0000 Xxxxxxxx Xxxxxx
3.28 0000-00 Xxxx Xxxx MLML Industrial 0000-00 Xxxx Xxxx
3.29 0000-00 X. Xxxxx Xxxxxx XXXX Industrial 0000-00 Xxxx Xxxxx Xxxxxx & 0000 Xxxx
Xxxx Xxxxxx
3.3 The Xxxxxx & Xxxxxxxxx Bldg. MLML Office 0000 Xxxxxxxxx Xxxxxx
3.31 Children's World Learning Center MLML Retail 000 Xxxxxx Xxxxx Xxxx
3.32 0000 Xxxxxx Xxxx MLML Industrial 0000 Xxxxxx Xxxx
3.33 Crofton Green - Nova Complex MLML Retail 00000 Xxxxxx Xxxx
3.34 Canterbury Green MLML Office 00000 Xxxxxxxxx Xxxxxx
3.35 0000 Xxxxxxxxxxxx Xxxxxx MLML Industrial 0000 Xxxxxxxxxxxx Xxxxxx
3.36 0000-00 Xxxx Xxxx Xxxxxx MLML Industrial 0000-00 Xxxx Xxxx Xxxxxx
3.37 Canterbury Building MLML Office 00000 Xxxxxxxxx Xxxx
3.38 0000 Xxxxxx Xxxxxx MLML Industrial 0000 Xxxxxx Xxxxxx
3.39 0000 Xxxx Xxxx Xxxxxx MLML Industrial 0000 Xxxx Xxxx Xxxxxx
3.4 0000-00 Xxxxxxxxx Xxxx MLML Industrial 0000-00 Xxxxxxxxx Xxxx
3.41 Wilton Building MLML Office 0000 Xxxxxxxxxx Xxxxx
3.42 0000-00 Xxxxxxxxx Xxxx MLML Industrial 0000-00 Xxxxxxxxx Xxxx
3.43 0000 Xxxx Xxxx Xxxxxx MLML Industrial 0000 Xxxx Xxxx Xxxxxx
3.44 0000 Xxxx Xxxx Xxxxxx MLML Industrial 0000 Xxxx Xxxx Xxxxxx
3.45 4905-4907 Xxxx Xxxx Xxxxxx XXXX Xxxxxxxxxx 0000-0000 Xxxx Xxxx Xxxxxx
00 Xxxxx Xxxxx Xxxxxx XXXX Retail Various
10.01 00-00 Xxxxx Xxxxx Xxxxxx XXXX Xxxxxx 00-00 Xxxxx Xxxxx Street
10.02 00 Xxxxx Xxxxx Xxxxxx XXXX Xxxxxx 00 Xxxxx Xxxxx Street
13 00000 Xxxxxxx Xxxxxxxxx XXXX Xxxxxx 00000 Xxxxxxx Xxxxxxxxx
00 Xxxxxxxxx Xxxxxx Apartments MLML Multifamily 000 Xxxxxxxxx Xxxxxx Xxxxxxxxx
15 Carmax of Tennessee MLML Retail Various
15.01 Carmax - Nashville MLML Retail 0000 Xxxxxx Xxxxxx
15.02 Carmax - Memphis MLML Retail 0000 Xxxxxxx 00
19 Autumn Park Apartments MLML Multifamily 0000 Xxxxxx Xxxx
21 Walnut Hill Plaza MLML Retail 0000 Xxxxxxx Xxxx Xxxx
23 Arioso City Lofts MLML Multifamily 0000 Xxxxx 00xx Xxxxxx
24 The Seasons MLML Multifamily 000 Xxxx Xxxxxxx Xxxx
32 Whitehall Tech Center I & II MLML Industrial 2745 & 0000 Xxxxxxxxx Xxxx Xxxxx
41 Haier Building MLML Office 1356 Broadway
44 Well Luck Portfolio MLML Industrial Various
44.01 0000 Xxxxxxxxx Xxxxxx MLML Industrial 0000 Xxxxxxxxx Xxxxxx
44.02 000 Xxxxxx Xxxxx MLML Industrial 000 Xxxxxx Xxxxx
44.03 West 73rd Street MLML Industrial 0000 Xxxx 00xx Xxxxxx
44.04 00000 Xxxxxxxx Xxxx Xxxxx XXXX Xxxxxxxxxx 00000 Westfair East Drive
44.05 1585 Market Drive MLML Industrial 0000 Xxxxxx Xxxxx Xxxxxxxxx
45 Campus Quad Phase I MLML Multifamily 000 Xxxxxxxx Xxxxx
49 Portofino Apartments MLML Multifamily 0000 Xxxxxxxxx Xxxxx
50 Carmax of Texas MLML Retail Various
50.01 0000 Xxxxx Xxxxxxx MLML Retail 0000 Xxxx Xxxxx Xxxxxxx
50.02 00000 Xxxxxxxxx Xxxxxxx MLML Retail 00000 Xxxxxxxxx Xxxxxxx
00 Xxxxxxxxx Xxxxxxxxxx XXXX Multifamily 10960 Southgate Manor Drive
Vlessing Portfolio MLML Retail Various
65 Ashlan Village Shopping Center MLML Retail 0000-0000 Xxxx Xxxxxx Xxxxxx
66 Winston Plaza MLML Retail 235 - 000 Xxxxxxxxx Xxxxxx
67 De La Fuente 2006 Portfolio MLML Various Various
67.01 5424, 5440 & 0000 Xxxxxxxxx Xxxxx XXXX Mixed Use 5424, 5440 & 0000 Xxxxxxxxx Xxxxx
67.02 8101- 0000 Xxxxxx Xxxxxx & 4465-4475 Mercury Street MLML Retail 8101- 0000 Xxxxxx Xxxxxx & 0000-0000
Xxxxxxx Xxxxxx
67.03 0000 Xxxxxx Xxxx Xxxx XXXX Retail 0000 Xxxxxx Xxxx Xxxx
71 RLJ - Fairfield Inn San Antonio Airport MLML Hospitality 00 Xxxxxxxxx Xxxx 410
72 RLJ - Residence Inn Salt Lake City MLML Hospitality 4883 Xxxxxxx Xxxxxxxx Way
73 Carmax of Glencoe MLML Retail 0000 Xxxx Xxxxxxxx Xxxx
77 Sonic Automotive I MLML Retail Various
77.01 Momentum Volkswagen MLML Retail 0000 Xxxxxxxx Xxxxxx
77.02 Momentum Audi MLML Retail 0000 Xxxxxxxx Xxxxxx
83 Watermill Apartments MLML Multifamily 0000 Xxxx Xxxxxx Xxxxx Xxxx Xxxx
86 Memorial Regional MOB III MLML Office 0000 Xxxxx Xxxx
88 The Xxxxxxxxx MLML Office 000 Xxxxxxxxx Xxxxxxxx Xxxxxx
89 RLJ - Courtyard Xxxxxxx MLML Hospitality 0000 Xxxxxxx Xxxxx
91 Bel Villaggio Shopping Center MLML Retail 41555-41577 Xxxxxxxxx Xxxx
00 Dependable Self Storage Portfolio MLML Self Storage Various
93.01 Dependable Airline MLML Self Storage 00000 Xxxxxxx Xxxxxxx
93.02 Dependable West Park MLML Self Storage 0000 Xxxx Xxxx Xxxxxx
97 Hampton Inn - Birmingham MLML Hospitality 00 Xxxxx Xxxx Xxxxxxx
00 Xxxxxxxxx Xxxxxxx II MLML Office 000 Xxxxxxxxx Xxxxxxxxx
100 Paseo del Sol MLML Multifamily 0000 Xxxxx 00xx Xxxxxx
104 Bonanza Square MLML Retail 0000 Xxxx Xxxxxxx Xxxx
108 University Plaza - Sunrise MLML Retail 0000 Xxxxx Xxxxxxxxxx Xxxxx
000 Xxxx Xxxxxx Xxxxx XXXX Retail 000-000 Xxxx Xxxx Xxxxxx
113 CVS-Ft. Xxxxx MLML Retail 00000 Xxxxx Xxxxxxxxx Xxxxxx
119 Shadowridge Shopping Center MLML Retail 000-000 Xxxxxxxx Xxxxxx
120 Hampton Inn - Smyrna MLML Hospitality 0000 Xxxxxxxx Xxxxxxxxx
121 Flamingo Lakes MLML Office 2820, 2840, 2860 and 0000 Xxxx Xxxxxxxx Xxxx
122 RLJ - Courtyard Goshen MLML Hospitality 0000 Xxxxxxxxxx Xxxx
123 Preserve Plaza MLML Retail 0000 Xxxxx Xxxxxxxx Xxxx
130 Shops at Spectrum MLML Retail 0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
000 Xxxxx Xxxxxx Xxxxxxxx Xxxxxx XXXX Xxxxxx 0000-0000 & 0000 Xxxxx Xxxxxxx Xxxxxxxxx
Xxxxxxx XX MLML Retail Various
132 Bandera at Mainland Shopping Center MLML Retail 0000 Xxxxxxxx Xxxxx
000 Xxxxxxx Xxxxx Xxxxxxxx Xxxxxx MLML Retail 0000 Xxxxxxx Xxxx
138 RPT Office Building MLML Mixed Use 00000 Xxxxxxxxxx Xxxxxx
140 Sorrento Crossroads MLML Retail 00000 Xxxxxxx Xxxxxxx Xxxxxxxxx
143 Best Buy West Dundee MLML Retail 000 Xxxx Xxxx Xxxxxx
147 Preston Highlands MLML Retail 0000 Xxxxxxx Xxxx
000 Xxxxxxx Xxxx Xxxxxxxx Xxxxxx XXXX Xxxxxx 0000-0000 Industrial Road
155 000 Xxxx Xxxxxxx Xxxx XXXX Retail 000 Xxxx Xxxxxxx Xxxx
158 Mountain View Plaza MLML Retail 7405 and 0000 Xxxxxxxx Xxx
160 University Shopping Center MLML Retail 0000 Xxxxx Xxxxxxxxxx Xxxxx
166 Villager Apartments MLML Multifamily 000 Xxxxx Xxxxxx
000 Xxxx 4 & 5 MLML Industrial 0000-0000 Xxxx Xxxx Xxxxx
189 Center at Memorial MLML Retail 000 Xxxxxxx 0 Xxxxx
CUT-OFF DATE ORIGINAL MONTHLY P&I DEBT ANNUAL P&I DEBT
LOAN # CITY COUNTY STATE ZIP CODE BALANCE ($) BALANCE ($) SERVICE ($) SERVICE ($)
------------------------------------------------------------------------------------------------------------------------------
1 Various Various Various Various 247,200,000 247,200,000 1,529,327.36 18,351,928.32
1.01 Cary Xxxx XX 00000 58,200,000 58,200,000
1.02 Xxxxxxxx Xxxxxxxxx XX 00000 48,000,000 48,000,000
1.03 Tampa Xxxxxxxxxxxx XX 00000 48,000,000 48,000,000
1.04 Xxxxxxxxxx Xxxxxxx XX 00000 43,000,000 43,000,000
1.05 Seaside Xxxxxxxx XX 00000 33,000,000 33,000,000
1.06 Topeka Xxxxxxx XX 00000 17,000,000 17,000,000
2 Xxx Xxxxxxxxx Xxx Xxxxxxxxx XX 00000 155,600,000 155,600,000 769,049.92 9,228,599.04
3 Various Various VA Various 135,000,000 135,000,000 870,425.92 10,445,111.04
3.01 Xxxxxxxx Xxxxxxx XX 00000 24,000,000 24,000,000
3.02 Xxxxxxxx Xxxxxxx XX 00000 13,710,000 13,710,000
3.03 Xxxxxxxx Xxxxxxx XX 00000 12,000,000 12,000,000
3.04 Xxxx Xxxxx Xxxxxxx XX 00000 8,760,000 8,760,000
3.05 Montpelier Xxxxxxx XX 00000 8,000,000 8,000,000
3.06 Xxxxxxxx Xxxxxxx XX 00000 7,850,000 7,850,000
3.07 Xxxxxxxx Xxxxxxx XX 00000 6,700,000 6,700,000
3.08 Richmond Xxxxxxxx Xxxx XX 00000 5,100,000 5,100,000
3.09 Xxxxxxxx Xxxxxxx XX 00000 5,080,000 5,080,000
3.1 Xxxxxxxx Xxxxxxx XX 00000 3,590,000 3,590,000
3.11 Xxxxxxxx Xxxxxxx XX 00000 3,530,000 3,530,000
3.12 Xxxxxxxx Xxxxxxx XX 00000 3,100,000 3,100,000
3.13 Xxxxxxxx Xxxxxxx XX 00000 3,000,000 3,000,000
3.14 Xxxxxxxx Xxxxxxx XX 00000 2,600,000 2,600,000
3.15 Xxxx Xxxxx Xxxxxxx XX 00000 2,500,000 2,500,000
3.16 Xxxxxxxx Xxxxxxx XX 00000 2,400,000 2,400,000
3.17 Ashland Xxxxxxx XX 00000 2,000,000 2,000,000
3.18 Ashland Xxxxxxx XX 00000 2,000,000 2,000,000
3.19 Xxxxxxxx Xxxxxxx XX 00000 2,000,000 2,000,000
3.2 Xxxxxxxx Xxxxxxx XX 00000 1,970,000 1,970,000
3.21 Xxxxxxxx Xxxxxxx XX 00000 1,800,000 1,800,000
3.22 Xxxxxxxx Xxxxxxx XX 00000 1,800,000 1,800,000
3.23 Xxxxxxxx Xxxxxxx XX 00000 1,500,000 1,500,000
3.24 Midlothian Xxxxxxxxxxxx XX 00000 1,500,000 1,500,000
3.25 Xxxxxxxx Xxxxxxx XX 00000 1,400,000 1,400,000
3.26 Xxxxxxxx Xxxxxxx XX 00000 650,000 650,000
3.27 Xxxxxxxx Xxxxxxx XX 00000 600,000 600,000
3.28 Xxxxxxxx Xxxxxxx XX 00000 570,000 570,000
3.29 Xxxxxxxx Xxxxxxx XX 00000 550,000 550,000
3.3 Xxxxxxxx Xxxxxxx XX 00000 500,000 500,000
3.31 Newport News Xxxxxxx Xxxx Xxxx XX 00000 480,000 480,000
3.32 Xxxxxxxx Xxxxxxx XX 00000 440,000 440,000
3.33 Xxxxxxxx Xxxxxxx XX 00000 405,000 405,000
3.34 Xxxxxxxx Xxxxxxx XX 00000 400,000 400,000
3.35 Xxxxxxxx Xxxxxxx XX 00000 380,000 380,000
3.36 Xxxxxxxx Xxxxxxx XX 00000 380,000 380,000
3.37 Xxxxxxxx Xxxxxxx XX 00000 340,000 340,000
3.38 Xxxxxxxx Xxxxxxx XX 00000 280,000 280,000
3.39 Xxxxxxxx Xxxxxxx XX 00000 230,000 230,000
3.4 Xxxxxxxx Xxxxxxx XX 00000 200,000 200,000
3.41 Xxxxxxxx Xxxxxxx XX 00000 200,000 200,000
3.42 Xxxxxxxx Xxxxxxx XX 00000 175,000 175,000
3.43 Xxxxxxxx Xxxxxxx XX 00000 150,000 150,000
3.44 Xxxxxxxx Xxxxxxx XX 00000 140,000 140,000
3.45 Xxxxxxxx Xxxxxxx XX 00000 40,000 40,000
10 Xxxxxxx Xxxx XX 00000 29,590,000 29,590,000 149,479.84 1,793,758.13
10.01 Xxxxxxx Xxxx XX 00000 17,990,000 17,990,000
10.02 Xxxxxxx Xxxx XX 00000 11,600,000 11,600,000
13 Xxxxxx Xxx Xxxxxxx XX 00000 28,000,000 28,000,000 168,576.86 2,022,922.32
14 Xxxxxxx Xxxxxx XX 00000 27,500,000 27,500,000 156,303.85 1,875,646.20
15 Various Various TN Various 26,850,000 26,850,000 167,175.55 2,006,106.60
15.01 Xxxxxxxxx Xxxxxxxx XX 00000 14,315,434 14,315,434
15.02 Memphis Xxxxxx XX 00000 12,534,566 12,534,566
19 Xxxxxxxxxxxxx Xxxxxx XX 00000 24,000,000 24,000,000 141,769.72 1,701,236.64
00 Xxxxxxxxxx Xxxxxxxxxx XX 0000 23,500,000 23,500,000 141,847.62 1,702,171.44
23 Xxxxxxx Xxxxxxxx XX 00000 21,250,000 21,250,000 108,156.60 1,297,879.20
00 Xxxxxx Xxxx XX 00000 20,500,000 20,500,000 124,560.16 1,494,721.92
00 Xxxxxxxxx Xxxxxxxxxxx XX 00000 18,740,000 18,740,000 114,837.50 1,378,050.00
00 Xxx Xxxx Xxx Xxxx XX 00000 14,800,000 14,800,000 92,332.75 1,107,993.00
44 Various Various Various Various 14,100,000 14,100,000 97,418.53 1,169,022.36
44.01 Commerce Xxx Xxxxxxx XX 00000 4,569,870 4,569,870
44.02 Xxxxxx Xxxx Xxxxxx XX 0000 4,133,550 4,133,550
44.03 Xxxxxxx Xxxx Xxxx XX 00000 2,009,365 2,009,365
44.04 Xxxxxxx Xxxxxx XX 00000 1,951,954 1,951,954
44.05 Xxxxxxx Xxxxxx XX 00000 1,435,261 1,435,261
45 Xxxxxxxxxx Xxxxxxx XX 00000 14,000,000 14,000,000 85,909.25 1,030,911.00
49 Xxxxxxx Xxxxxx XX 00000 13,050,000 13,050,000 80,054.27 960,651.24
50 Various Various TX Various 12,850,000 12,850,000 80,007.67 960,092.04
50.01 Xxxxx Xxxxxx XX 00000 7,625,275 7,625,275
50.02 Xxxxxxx Xxxxxx XX 00000 5,224,725 5,224,725
61 Xxxxxxxxxx Xxxxxxxxx XX 00000 10,725,000 10,725,000 48,378.69 580,544.28
Various Various CA Various 10,500,000 10,500,000 64,418.30 773,019.63
00 Xxxxxx Xxxxxx XX 00000 5,600,000 5,600,000 34,356.43 412,277.16
66 Hemet Xxxxxxxxx XX 00000 4,900,000 4,900,000 30,061.87 360,742.47
00 Xxx Xxxxx Xxx Xxxxx XX Various 10,000,000 10,000,000 50,846.53 610,158.36
67.01 Xxx Xxxxx Xxx Xxxxx XX 00000 4,333,333 4,333,333
67.02 Xxx Xxxxx Xxx Xxxxx XX 00000 3,375,000 3,375,000
67.03 Xxx Xxxxx Xxx Xxxxx XX 00000 2,291,667 2,291,667
00 Xxx Xxxxxxx Xxxxx XX 00000 9,510,000 9,510,000 58,827.12 705,925.44
72 Xxxx Xxxx Xxxx Xxxx Xxxx XX 00000 9,504,726 9,504,726 58,794.50 705,534.00
73 Xxxxxxx Xxxx XX 00000 9,500,000 9,500,000 59,149.64 709,795.68
00 Xxxxxxx Xxxxxx XX 00000 9,079,990 9,100,000 59,270.65 711,247.80
77.01 Xxxxxxx Xxxxxx XX 00000 7,956,332 7,973,866
77.02 Xxxxxxx Xxxxxx XX 00000 1,123,657 1,126,134
83 Xxxxxxxxxxx Xxxxxx XX 00000 8,463,471 8,470,000 52,266.99 627,203.88
86 Mechanicsville Xxxxxxx XX 00000 8,093,267 8,100,000 48,506.32 582,075.84
88 Xxxxxxxx Xxxxxxxxx XX 00000 8,000,000 8,000,000 45,981.09 551,773.08
89 Xxxxxxx Xxxx XX 00000 7,956,000 7,956,000 49,214.36 590,572.32
91 Temecula Xxxxxxxxx XX 00000 7,590,000 7,590,000 46,624.39 559,492.68
93 Various Various LA Various 7,400,000 7,400,000 45,895.68 550,748.16
93.01 Xxxxxxxxxxxx Xxxxxxxxx XX 00000 3,894,737 3,894,737
93.02 Xxxxx Xxxxxxxxxx XX 00000 3,505,263 3,505,263
00 Xxxxxxxxxx Xxxxxxxxx XX 00000 7,100,000 7,100,000 60,452.18 725,426.16
00 Xxxxxxx Xxxx XX 00000 6,889,608 6,900,000 43,006.42 516,077.04
100 Xxxxxxx Xxxxxxxx XX 00000 6,825,000 6,825,000 42,650.57 511,806.84
000 Xxx Xxxxx Xxxxx XX 00000 6,500,000 6,500,000 38,954.07 467,448.84
000 Xxxxxxx Xxxxxxx XX 00000 6,400,000 6,400,000 40,057.52 480,690.24
000 Xxxxxxxx Xxx Xxxxxxx XX 00000 6,300,000 6,300,000 38,185.81 458,229.72
000 Xxxx Xxxxx Xxx XX 00000 6,200,000 6,200,000 36,020.44 432,245.28
000 Xxxxx Xxx Xxxxx XX 00000 5,860,000 5,860,000 35,250.54 423,006.48
000 Xxxxxx Xxxxxxxxxx XX 00000 5,795,666 5,800,000 36,218.60 434,623.20
000 Xxx Xxxxx Xxxxx XX 00000 5,700,000 5,700,000 34,773.99 417,287.88
000 Xxxxxx Xxxxxxx XX 00000 5,661,634 5,661,634 35,021.83 420,261.96
000 Xxxxxxxx Xxxxxxxx XX 00000 5,600,000 5,600,000 34,728.21 416,738.52
000 Xxx Xxxxx Xxx Xxxxx XX 00000 5,450,000 5,450,000 33,517.61 402,211.32
000 Xxxxxxxx Xxxxxxx Xx Xxxx XX 00000 5,400,000 5,400,000 33,157.47 397,889.64
San Antonio Bexar TX Various 5,240,000 5,240,000 32,900.13 394,801.56
000 Xxx Xxxxxxx Xxxxx XX 00000 3,150,000 3,150,000 19,777.75 237,333.00
000 Xxx Xxxxxxx Xxxxx XX 00000 2,090,000 2,090,000 13,122.38 157,468.56
000 Xxxxxxxxx Xxxxxxxxx XX 00000 5,000,000 5,000,000 31,010.59 372,127.08
000 Xxx Xxxxx Xxx Xxxxx XX 00000 5,000,000 5,000,000 30,776.10 369,313.20
000 Xxxx Xxxxxx Xxxx XX 00000 4,780,000 4,780,000 28,969.64 347,635.68
000 Xxxxx Xxxxxx XX 00000 4,640,000 4,640,000 28,397.49 340,769.85
000 Xxxxxxx Xxxx XX 00000 4,480,000 4,480,000 26,575.38 318,904.56
000 Xxxxxx Xxxxxx Xxxxxxxx XX 00000 4,000,000 4,000,000 24,698.97 296,387.64
000 Xxxxxxx Xxxxxxxxx XX 00000 3,800,000 3,800,000 23,199.90 278,398.80
000 Xxxx Xxxxx Xxxxxxx XX 00000 3,700,000 3,700,000 23,432.77 281,193.23
000 Xxxxxxxx Xxxxxxx XX 00000 3,600,000 3,600,000 21,787.92 261,455.04
000 Xxxxxxx Xxxxxx XX 00000 2,875,000 2,875,000 17,767.36 213,208.32
000 Xxxxxxx Xxxxxx XX 00000 2,251,000 2,251,000 13,047.30 156,567.60
NET MONTHLY
INTEREST PRIMARY MASTER TRUSTEE AND SUB SERVICING ADMIN. MORTGAGE PAYMENT REM.
LOAN # RATE % SERVICING FEE SERVICING FEE PAYING AGENT FEE FEE RATE FEE % RATE % ACCRUAL TYPE TERM DATE TERM
-----------------------------------------------------------------------------------------------------------------------------------
1 6.2952 0.010 0.010 0.001 0.021 6.27420 Actual/360 120 1 120
1.01
1.02
1.03
1.04
1.05
1.06
2 5.8497 0.010 0.010 0.001 0.021 5.82873 Actual/360 60 1 60
3 6.0075 0.010 0.001 0.0400 0.051 5.95650 Actual/360 120 1 120
3.01
3.02
3.03
3.04
3.05
3.06
3.07
3.08
3.09
3.1
3.11
3.12
3.13
3.14
3.15
3.16
3.17
3.18
3.19
3.2
3.21
3.22
3.23
3.24
3.25
3.26
3.27
3.28
3.29
3.3
3.31
3.32
3.33
3.34
3.35
3.36
3.37
3.38
3.39
3.4
3.41
3.42
3.43
3.44
3.45
10 5.9790 0.010 0.010 0.001 0.021 5.95800 Actual/360 120 1 120
10.01
10.02
13 6.0390 0.010 0.010 0.001 0.021 6.01800 Actual/360 121 1 121
14 5.9730 0.010 0.010 0.001 0.021 5.95200 Actual/360 121 1 121
15 6.3560 0.010 0.010 0.001 0.021 6.33500 Actual/360 120 1 119
15.01
15.02
19 5.8620 0.010 0.010 0.001 0.021 5.84100 Actual/360 120 1 120
21 6.0630 0.010 0.010 0.001 0.021 6.04200 Actual/360 121 1 121
23 6.0240 0.010 0.010 0.001 0.021 6.00300 Actual/360 120 1 119
24 6.1250 0.010 0.010 0.001 0.021 6.10400 Actual/360 120 1 120
32 6.2050 0.010 0.010 0.001 0.021 6.18400 Actual/360 120 1 118
41 6.3750 0.010 0.010 0.001 0.021 6.35400 Actual/360 120 1 119
44 6.7500 0.010 0.010 0.001 0.021 6.72900 Actual/360 121 1 121
44.01
44.02
44.03
44.04
44.05
45 6.2180 0.010 0.010 0.001 0.021 6.19700 Actual/360 121 1 121
49 6.2150 0.010 0.001 0.1000 0.111 6.10400 Actual/360 120 1 117
50 6.3560 0.010 0.010 0.001 0.021 6.33500 Actual/360 120 1 119
50.01
50.02
61 5.4130 0.010 0.010 0.001 0.021 5.39200 30/360 120 1 116
6.2160 0.010 0.010 0.001 0.021 6.19500 Actual/360 120 1 120
65 6.2160 0.010 0.010 0.001 0.021 6.19500 Actual/360 120 1 120
66 6.2160 0.010 0.010 0.001 0.021 6.19500 Actual/360 120 1 120
67 6.0180 0.010 0.001 0.0800 0.091 5.92700 Actual/360 120 1 117
67.01
67.02
67.03
71 6.2940 0.010 0.010 0.001 0.021 6.27300 Actual/360 120 1 118
72 6.2940 0.010 0.010 0.001 0.021 6.27300 Actual/360 120 1 118
73 6.3560 0.010 0.010 0.001 0.021 6.33500 Actual/360 120 1 119
77 6.7910 0.010 0.010 0.001 0.021 6.77000 Actual/360 120 1 117
77.01
77.02
83 6.2710 0.010 0.010 0.001 0.021 6.25000 Actual/360 120 1 119
86 5.9890 0.010 0.001 0.0200 0.031 5.95800 Actual/360 120 1 119
88 6.0680 0.010 0.001 0.1000 0.111 5.95700 Actual/360 120 1 120
89 6.2940 0.010 0.010 0.001 0.021 6.27300 Actual/360 120 1 118
91 6.2280 0.010 0.010 0.001 0.021 6.20700 Actual/360 120 1 120
93 6.3190 0.010 0.010 0.001 0.021 6.29800 Actual/360 120 1 120
93.01
93.02
97 6.1400 0.010 0.001 0.0800 0.091 6.04900 Actual/360 60 1 60
99 6.3660 0.010 0.010 0.001 0.021 6.34500 Actual/360 120 1 118
100 6.3910 0.010 0.010 0.001 0.021 6.37000 Actual/360 120 1 119
104 5.9960 0.010 0.001 0.1000 0.111 5.88500 Actual/360 120 1 120
108 6.4060 0.010 0.010 0.001 0.021 6.38500 Actual/360 120 1 120
110 6.1020 0.010 0.010 0.001 0.021 6.08100 Actual/360 120 1 119
113 6.1600 0.010 0.010 0.001 0.021 6.13900 Actual/360 120 1 120
119 6.0310 0.010 0.010 0.001 0.021 6.01000 Actual/360 120 1 118
120 6.3840 0.010 0.001 0.0600 0.071 6.31300 Actual/360 120 1 119
121 6.1630 0.010 0.001 0.0700 0.081 6.08200 Actual/360 120 1 118
122 6.2940 0.010 0.010 0.001 0.021 6.27300 Actual/360 120 1 118
123 6.3180 0.010 0.010 0.001 0.021 6.29700 Actual/360 120 1 118
130 6.2390 0.010 0.010 0.001 0.021 6.21800 Actual/360 120 1 120
131 6.2240 0.010 0.010 0.001 0.021 6.20300 Actual/360 120 1 119
6.4360 0.010 0.010 0.001 0.021 6.41500 Actual/360 120 1 118
132 6.4360 0.010 0.010 0.001 0.021 6.41500 Actual/360 120 1 118
133 6.4360 0.010 0.010 0.001 0.021 6.41500 Actual/360 120 1 118
138 6.3190 0.010 0.010 0.001 0.021 6.29800 Actual/360 121 1 121
140 6.2470 0.010 0.010 0.001 0.021 6.22600 Actual/360 120 1 120
143 6.1010 0.010 0.010 0.001 0.021 6.08000 Actual/360 120 1 120
147 6.1930 0.010 0.001 0.0600 0.071 6.12200 Actual/360 120 1 120
148 5.9010 0.010 0.010 0.001 0.021 5.88000 Actual/360 120 1 120
155 6.2770 0.010 0.010 0.001 0.021 6.25600 Actual/360 120 1 120
158 6.1700 0.010 0.010 0.001 0.021 6.14900 Actual/360 121 1 121
160 6.5190 0.010 0.001 0.1000 0.111 6.40800 Actual/360 120 1 120
166 6.0880 0.010 0.010 0.001 0.021 6.06700 Actual/360 120 1 119
178 6.2850 0.010 0.010 0.001 0.021 6.26400 Actual/360 120 1 118
189 6.1400 0.010 0.001 0.0500 0.061 6.07900 Actual/360 120 1 120
MATURITY/ AMORT ARD ENVIRONMENTAL CROSS CROSS
LOAN # ARD DATE TERM REM. AMORT TITLE TYPE ARD LOAN STEP UP INSURANCE DEFAULTED COLLATERALIZED
-----------------------------------------------------------------------------------------------------------------------------------
1 9/1/2016 360 360 Fee/Leasehold No
1.01 Fee No
1.02 Leasehold No
1.03 Leasehold No
1.04 Fee No
1.05 Leasehold No
1.06 Fee No
2 9/1/2011 0 0 Fee No
3 9/1/2016 300 300 Fee No
3.01 Fee No
3.02 Fee No
3.03 Fee No
3.04 Fee No
3.05 Fee No
3.06 Fee No
3.07 Fee No
3.08 Fee No
3.09 Fee No
3.1 Fee No
3.11 Fee No
3.12 Fee No
3.13 Fee No
3.14 Fee No
3.15 Fee No
3.16 Fee No
3.17 Fee No
3.18 Fee No
3.19 Fee No
3.2 Fee No
3.21 Fee No
3.22 Fee No
3.23 Fee No
3.24 Fee No
3.25 Fee No
3.26 Fee No
3.27 Fee No
3.28 Fee No
3.29 Fee No
3.3 Fee No
3.31 Fee No
3.32 Fee No
3.33 Fee No
3.34 Fee No
3.35 Fee No
3.36 Fee No
3.37 Fee No
3.38 Fee No
3.39 Fee No
3.4 Fee No
3.41 Fee No
3.42 Fee No
3.43 Fee No
3.44 Fee No
3.45 Fee No
10 9/1/2016 0 0 Fee No
10.01 Fee No
10.02 Fee No
13 10/1/2016 360 360 Fee No
14 10/1/2016 420 420 Fee No
15 8/1/2016 360 360 Fee No
15.01 Fee No
15.02 Fee No
19 9/1/2016 360 360 Fee/Leasehold No
21 10/1/2016 360 360 Fee No
23 8/1/2016 0 0 Fee No
24 9/1/2016 360 360 Fee No
32 7/1/2016 360 360 Fee No
41 8/1/2016 360 360 Fee No
44 10/1/2016 300 300 Fee No
44.01 Fee No
44.02 Fee No
44.03 Fee No
44.04 Fee No
44.05 Fee No
45 10/1/2016 360 360 Fee No
49 6/1/2016 360 360 Fee No
50 8/1/2016 360 360 Fee No
50.01 Fee No
50.02 Fee No
61 5/1/2016 0 0 Fee No
9/1/2016 360 360 Fee 0 0 Yes Yes
65 9/1/2016 360 360 Fee No Yes Yes
66 9/1/2016 360 360 Fee No Yes Yes
67 6/1/2016 0 0 Fee No
67.01 Fee No
67.02 Fee No
67.03 Fee No
71 7/1/2016 360 360 Fee No
72 7/1/2016 360 360 Fee No
73 8/1/2016 360 360 Fee Yes 2% + > of (i) Initial Rate No
-OR- (ii) Treas. Rate +5%;
77 6/1/2016 360 357 Fee No
77.01 Fee No
77.02 Fee No
83 8/1/2016 360 359 Fee No
86 8/1/2016 360 360 Leasehold No
88 9/1/2016 420 420 Fee No
89 7/1/2016 360 360 Fee No
91 9/1/2016 360 360 Fee No
93 9/1/2016 360 360 Fee No
93.01 Fee No
93.02 Fee No
97 9/1/2011 180 180 Fee No
99 7/1/2016 360 358 Fee No
100 8/1/2016 360 360 Fee No
104 9/1/2016 360 360 Fee No
108 9/1/2016 360 360 Fee No
110 8/1/2016 360 360 Fee Yes 2.00% No
113 9/1/2016 420 420 Fee No
119 7/1/2016 360 360 Fee No
120 8/1/2016 360 359 Fee No
121 7/1/2016 360 360 Fee No
122 7/1/2016 360 360 Fee No
123 7/1/2016 360 360 Fee No
130 9/1/2016 360 360 Fee No
131 8/1/2016 360 360 Fee No
1/0/1900 360 360 0 0 Yes Yes
132 7/1/2016 360 360 Fee No Yes Yes
133 7/1/2016 360 360 Fee No Yes Yes
138 10/1/2016 360 360 Fee No
140 9/1/2016 360 360 Fee No
143 9/1/2016 360 360 Fee No
147 9/1/2016 360 360 Fee No
148 9/1/2016 360 360 Fee No
155 9/1/2016 360 360 Fee No
158 10/1/2016 360 360 Fee No
160 9/1/2016 360 360 Fee No
166 8/1/2016 360 360 Fee No
178 7/1/2016 360 360 Fee No
189 9/1/2016 420 420 Fee No
PARTIAL UPFRONT UPFRONT UPFRONT UPFRONT
DEFEASANCE LETTER OF LOCKBOX HOLDBACK ENGINEERING CAPEX TI/LC RE TAX
LOAN # ALLOWED CREDIT TYPE AMOUNT RESERVE ($) RESERVE ($) RESERVE ($) RESERVE ($)
-----------------------------------------------------------------------------------------------------------------------------
1 Yes Hard
1.01
1.02
1.03
1.04
1.05
1.06
2 Soft at Closing, Springing Hard
3 Yes Yes Soft at Closing, Springing Hard 453,526
3.01
3.02
3.03
3.04
3.05
3.06
3.07
3.08
3.09
3.1
3.11
3.12
3.13
3.14
3.15
3.16
3.17
3.18
3.19
3.2
3.21
3.22
3.23
3.24
3.25
3.26
3.27
3.28
3.29
3.3
3.31
3.32
3.33
3.34
3.35
3.36
3.37
3.38
3.39
3.4
3.41
3.42
3.43
3.44
3.45
10 Yes Hard 539,158 63,460
10.01
10.02
13 59,625 40,390 450,000 52,212
14 306,887
15 Hard
15.01
15.02
19
21 99,750 92,901
23 89,368
24 57,500
32 8,750 287,000 798,000 115,129
41 Soft at Closing, Springing Hard 30,000 107,310
44 Hard 150,000 149,490
44.01
44.02
44.03
44.04
44.05
45 Yes 13,656
49 Yes 75,668
50 Hard
50.01
50.02
61
0 1,034,857 35,163
65 34,857 18,460
66 1,000,000 16,703
67
67.01
67.02
67.03
71 Yes Hard 66,709
72 Yes Hard 69,212
73 Hard
77 Yes Hard 16,875
77.01
77.02
83 52,500
86
88 33,557
89 Yes Hard 3,500 27,190
91 Yes 48,115
93 46,667
93.01
93.02
97 8,320 67,000
99 240,000
100 114,000 5,187
104
108 141,003
110 Soft at Closing, Springing Hard 19,470
113 Hard
119 54,375
120 Hard 24,439
121
122 Yes Hard 13,731
123 4,594
130 23,499
131 13,239
0 0 1,015,000 12,076
132 610,000 7,741
133 405,000 4,335
138 222,729 22,860
140 46,477 50,000 9,269
143 Hard
147 15,972 40,340
148 186,160 48,815
155 Hard 22,654
158 3,744
160 51,366
166 59,000 97,923
178 44,808 46,130
189 25,934
UPFRONT UPFRONT MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY MONTHLY
INS. OTHER CAPEX CAPEX TI/LC TI/LC RE TAX INS.
LOAN # RESERVE ($) RESERVE ($) RESERVE ($) RESERVE CAP ($) RESERVE ($) RESERVE CAP ($) RESERVE ($) RESERVE ($)
---------------------------------------------------------------------------------------------------------------------------
1
1.01
1.02
1.03
1.04
1.05
1.06
2
3 11,275,204 113,337
3.01
3.02
3.03
3.04
3.05
3.06
3.07
3.08
3.09
3.1
3.11
3.12
3.13
3.14
3.15
3.16
3.17
3.18
3.19
3.2
3.21
3.22
3.23
3.24
3.25
3.26
3.27
3.28
3.29
3.3
3.31
3.32
3.33
3.34
3.35
3.36
3.37
3.38
3.39
3.4
3.41
3.42
3.43
3.44
3.45
10 53,570 90,116 317 11,412 3,175 114,300 28,588 6,696
10.01
10.02
13 8,808 51,917 2,305 450,000 8,702 2,936
14 84,449 27,899 9,383
15
15.01
15.02
19
21 35,984 17,030 46,451
23 23,883 4,680 112,320 17,874 3,980
24 30,068 1,500,000 3,550 9,583 3,758
32 57,845 227,952 500,000 16,447 5,061
41 1,723 238,000 1,958.33 100,000 1,021 53,655 1,723
44 150,149 1,000,000 35,926 21,450
44.01
44.02
44.03
44.04
44.05
45 24,268 2,000,000 3,600 9,188 4,854
49 2,878 430,000 4,175 10,810 1,439
50
50.01
50.02
61
4,032 1,034,857 608 21,888 2,416 145,000 5,861 899
65 1,851 34,857 333 11,988 1,333 80,000 3,077 463
66 2,181 1,000,000 275 9,900 1,083 65,000 2,784 436
67 2,500,000
67.01
67.02
67.03
71 6,113 11,118 1,528
72 5,535 1,103,381 8,652 1,384
73
77 534,607 336 20,180
77.01
77.02
83 1,687 3,417 82,000 5,250 1,687
86 1,486 1,486
88 13,194 1,024 6,250 150,000 3,051 1,613
89 5,707 108,884 4,532 1,427
91 5,125 1,348,000 2,300 250,000 4,812 732
93 10,480 1,072 4,667 2,096
93.01
93.02
97 4% of gross
annual revenue 5,863 2,605
99 7,875 112,500 844 6,448 875
100 14,121 4,031 1,037 3,530
104
108 80,759 23,628 1,182 2,664 14,100 8,973
110 1,485 597 6,490 742
113 36,205 185
119 135,000 476 5,710 1,192 42,900 5,504 447
120 10,592 4,710 #VALUE! 4,073 1,765
121
122 4,492 1,085,694 4,577 1,123
123 1,356 386,000 551 1,833 110,000 4,594 1,356
130 556 10,800 166 5,556 200,000 7,833 556
131 2,829 873 1,250 75,000 6,620 943
285 6,048 1,375 66,000 6,043
132 168 6,048 750 36,000 3,870
133 117 4,212 625 30,000 2,172
138 243,585 7,620
140 2,361 9,664 46,477 50,000 4,635 262
143 28,970
147 5,738 228 28,284 1,083 39,000 5,042 638
148 1,685 688 1,542 111,000 8,136
155 1,895 41,577 728 2,928 105,417 11,327 1,895
158 2,133 269,528 178 1,000 36,000 624 533
160 16,240 200,000 162 1,250 45,000 6,421 1,804
166 1,958 59,000 10,992 1,958
178 2,119 28,008 2,083 75,000 7,688 726
189 380,813 125 667 40,000 3,242 329
MONTHLY
OTHER GRACE
LOAN # RESERVE ($) PERIOD
---------------------------
1 0
1.01
1.02
1.03
1.04
1.05
1.06
2 0
3 5
3.01
3.02
3.03
3.04
3.05
3.06
3.07
3.08
3.09
3.1
3.11
3.12
3.13
3.14
3.15
3.16
3.17
3.18
3.19
3.2
3.21
3.22
3.23
3.24
3.25
3.26
3.27
3.28
3.29
3.3
3.31
3.32
3.33
3.34
3.35
3.36
3.37
3.38
3.39
3.4
3.41
3.42
3.43
3.44
3.45
10 5
10.01
10.02
13 5
14 5
15 5
15.01
15.02
19 5
21 5
23 5
24 5
32 15
41 5
44 5
44.01
44.02
44.03
44.04
44.05
45 5
49 5
50 5
50.01
50.02
61 5
5
65 5
66 5
67 5
67.01
67.02
67.03
71 0
72 0
73 5
77 5
77.01
77.02
83 5
86 5
88 5
89 0
91 5
93 5
93.01
93.02
97
5
99 5
100 5
104 5
108 5
110 5
113 5
119 5
120 5
121 5
122 0
123 5
130 5
131 5
5
132 5
133 5
138 5
140 5
143 5
147 5
148 5
155 5
158 5
160 5
166 5
178 5
189 5
SCHEDULE III
FIRST PAGES OF THE SEPTEMBER 15, 2006 TERM SHEET AND THE SEPTEMBER 15, 2006
REVISED ANNEX A-1 FREE WRITING PROSPECTUS
[Attached]
The depositor has filed a registration statement (including a prospectus) with
the SEC (SEC File No. 333-130408) for the offering to which this communication
relates. Before you invest, you should read the prospectus in that registration
statement and other documents the depositor has filed with the SEC for more
complete information about the depositor, the issuing entity and this offering.
You may get these documents for free by visiting XXXXX on the SEC Web site at
xxx.xxx.xxx. Alternatively, the depositor, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you
request it by calling toll free 000-000-0000.
[LOGO] Xxxxxxx Xxxxx [LOGO] Countrywide(R)
-------------------------------------
SECURITIES CORPORATION
A Countrywide Capital Markets Company
[LOGO] PNC
REVISED PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
$2,246,176,000 (APPROXIMATE)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-3
CLASS A-1, CLASS X-0, XXXXX X-0, CLASS A-SB, CLASS A-4, CLASS A-1A, CLASS AM,
CLASS AJ, CLASS B, CLASS C AND CLASS D
--------------------------------------------------------------------------------
ML-CFC COMMERCIAL MORTGAGE TRUST 2006-3
Issuing Entity
XXXXXXX XXXXX MORTGAGE INVESTORS, INC.
Depositor
XXXXXXX XXXXX MORTGAGE LENDING, INC.
COUNTRYWIDE COMMERCIAL REAL ESTATE FINANCE, INC.
PNC BANK, NATIONAL ASSOCIATION
Mortgage Loan Sellers & Sponsors
MIDLAND LOAN SERVICES, INC.
CAPMARK FINANCE INC.
Master Servicers
ING CLARION PARTNERS, LLC
Special Servicer
LASALLE BANK NATIONAL ASSOCIATION
Trustee
SEPTEMBER 15, 2006
This material is being provided by Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated, Countrywide Securities Corporation, PNC Capital Markets LLC,
Xxxxxxx, Sachs & Co. and Xxxxxx Xxxxxxx & Co. Incorporated (collectively, the
"Underwriters") for your information. This material is not to be construed as an
offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal. The
information contained in this material may pertain to securities that ultimately
are not sold. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected herein.
The Underwriters make no representation regarding the likelihood that any of
such assumptions will coincide with actual market conditions or events. The
Underwriters and their affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned herein or derivatives thereof (including options).
Information contained in this material is current as of the date appearing in
this material only. INFORMATION IN THIS MATERIAL REGARDING ANY ASSETS BACKING
ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR INFORMATION REGARDING SUCH
ASSETS. ANY INFORMATION IN THIS MATERIAL, WHETHER REGARDING THE ASSETS BACKING
ANY SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE
INFORMATION CONTAINED IN ANY PROSPECTUS DELIVERED TO YOU PRIOR TO THE TIME OF
SALE. The Underwriters are acting as underwriters and not acting as agents for
the issuer in connection with the proposed transaction.
NOTICE RELATING TO AUTOMATICALLY GENERATED E-MAIL DISCLAIMERS
Any legends, disclaimers or other notices or language that may appear in the
text of, at the bottom of, or attached to, an email communication to which this
material may have been attached are not applicable to these materials and should
be disregarded. Such legends, disclaimers or other notices have been
automatically generated as a result of these materials having been sent via
Bloomberg or another e-mail system.
XXXXXXX XXXXX & CO. COUNTRYWIDE SECURITIES CORPORATION
PNC CAPITAL MARKETS LLC
XXXXXXX, SACHS & CO. XXXXXX XXXXXXX
XX-CFC COMMERCIAL MORTGAGE TRUST 2006-3
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-3
--------------------------------------------------------------------------------
STRUCTURAL OVERVIEW
--------------------------------------------------------------------------------
OFFERED CERTIFICATES
INITIAL APPROX.
CERTIFICATE APPROX. PERCENTAGE
EXPECTED RATINGS PRINCIPAL BALANCE TOTAL INITIAL OF INITIAL WEIGHTED PRINCIPAL ASSUMED FINAL
---------------- OR NOTIONAL CREDIT MORTGAGE AVERAGE WINDOW DISTRIBUTION
CLASS FITCH XXXXX'X AMOUNT(1) SUPPORT POOL BALANCE LIFE (YEARS)(2) (MO./YR.)(2) DATE(2) RATE TYPE
----------------------------------------------------------------------------------------------------------------------------------
A-1 AAA Aaa $ 66,580,000 30.000 2.746 2.951 10/06-08/11 August 2011 (3)
----------------------------------------------------------------------------------------------------------------------------------
A-2 AAA Aaa $ 163,000,000 30.000 6.722 4.953 08/11-10/11 October 2011 (3)
----------------------------------------------------------------------------------------------------------------------------------
A-3 AAA Aaa $ 34,000,000 30.000 1.402 6.787 07/13-08/13 August 2013 (3)
----------------------------------------------------------------------------------------------------------------------------------
A-SB AAA Aaa $ 118,000,000 30.000 4.866 7.176 10/11-12/15 December 2015 (3)
----------------------------------------------------------------------------------------------------------------------------------
A-4 AAA Aaa $ 971,780,000 30.000 40.073 9.740 12/15-08/16 August 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
A-1A AAA Aaa $ 344,155,000 30.000 14.192 9.167 10/06-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
AM AAA Aaa $ 242,502,000 20.000 10.000 9.953 09/16-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
AJ AAA Aaa $ 190,971,000 12.125 7.875 9.953 09/16-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
B AA Aa2 $ 48,500,000 10.125 2.000 9.953 09/16-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
C AA-- Aa3 $ 18,188,000 9.375 0.750 9.953 09/16-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
D A A2 $ 48,500,000 7.375 2.000 9.953 09/16-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
NON-OFFERED CERTIFICATES(4)
INITIAL APPROX.
CERTIFICATE APPROX. PERCENTAGE
EXPECTED RATINGS PRINCIPAL BALANCE TOTAL INITIAL OF INITIAL WEIGHTED PRINCIPAL ASSUMED FINAL
---------------- OR NOTIONAL CREDIT MORTGAGE AVERAGE WINDOW DISTRIBUTION
CLASS FITCH XXXXX'X AMOUNT(1) SUPPORT POOL BALANCE LIFE (YEARS)(2) (MO./YR.)(2) DATE(2) RATE TYPE
----------------------------------------------------------------------------------------------------------------------------------
E A-- A3 $ 21,219,000 6.500 0.875 9.953 09/16-09/16 September 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
F BBB+ Baa1 $ 36,375,000 5.000 1.500 10.020 09/16-10/16 October 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
G BBB Baa2 $ 24,251,000 4.000 1.000 10.036 10/16-10/16 October 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
H BBB-- Baa3 $ 21,219,000 3.125 0.875 10.036 10/16-10/16 October 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
J BB+ Ba1 $ 12,125,000 2.625 0.500 10.036 10/16-10/16 October 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
K BB Ba2 $ 6,062,000 2.375 0.250 10.036 10/16-10/16 October 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
L BB-- Ba3 $ 9,094,000 2.000 0.375 10.036 10/16-10/16 October 2016 (3)
----------------------------------------------------------------------------------------------------------------------------------
M B+ B1 $ 6,063,000 1.750 0.250 10.265 10/16-02/17 February 2017 (3)
----------------------------------------------------------------------------------------------------------------------------------
N B B2 $ 6,062,000 1.500 0.250 10.369 02/17-02/17 February 2017 (3)
----------------------------------------------------------------------------------------------------------------------------------
P B-- B3 $ 3,031,000 1.375 0.125 10.369 02/17-02/17 February 2017 (3)
----------------------------------------------------------------------------------------------------------------------------------
Q NR NR $ 33,345,032 0.000 1.375 11.980 02/17-07/24 July 2024 (3)
----------------------------------------------------------------------------------------------------------------------------------
X AAA Aaa $ 2,425,022,032 N/A N/A N/A N/A July 2024 (3)
----------------------------------------------------------------------------------------------------------------------------------
__________________________________
(1) In the case of each such class, subject to a permitted variance of plus or
minus 5.0%. The class X certificates will not have a certificate principal
balance and their holders will not receive distributions of principal.
(2) As of the cut-off date. The weighted average life, principal window and
assumed final distribution date were calculated assuming no prepayments
will be made on the mortgage loans prior to their related maturity dates
(except in the case of loans with anticipated repayment dates (ARD loans),
which are assumed to prepay on their anticipated repayment dates) and the
other Modeling Assumptions that will be described in the offering
prospectus.
(3) The pass-through rates on the class X-0, X-0, X-0, X-XX, X-0, A-1A, AM,
AJ, B, C, D, E, F, G, H, J, K, L, M, N, P, Q, and X certificates will
equal any one of (i) a fixed rate, (ii) the weighted average of certain
net mortgage rates on the mortgage loans (in each case adjusted, if
necessary, to accrue on the basis of a 360-day year consisting of twelve
30-day months), (iii) a rate equal to the lesser of a specified
pass-through rate and the weighted average of certain net mortgage rates
on the mortgage loans (in each case adjusted, if necessary, to accrue on
the basis of a 360-day year consisting of twelve 30-day months), (iv) the
weighted average of certain net mortgage rates on the mortgage loans (in
each case adjusted, if necessary, to accrue on the basis of a 360-day year
consisting of twelve 30-day months) less a specified percentage, or (v) in
the case of a class of certificates that does not have a principal balance
but has a notional amount, the weighted average of the respective rates at
which interest accrues from time to time on the respective components of
that notional amount.
(4) Not offered pursuant to the offering prospectus. Any information provided
herein regarding the characteristics of these classes of certificates is
provided only to enhance your understanding of the offered certificates.
This material is being provided by Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated, Countrywide Securities Corporation, PNC Capital Markets, LLC,
Xxxxxxx, Sachs & Co. and Xxxxxx Xxxxxxx & Co. Incorporated (collectively, the
"Underwriters") for your information. This material is not to be construed as an
offer to sell or the solicitation of any offer to buy any security in any
jurisdiction where such an offer or solicitation would be illegal. The
information contained in this material may pertain to securities that ultimately
are not sold. The information contained in this material may be based on
assumptions regarding market conditions and other matters as reflected herein.
The Underwriters make no representation regarding the likelihood that any of
such assumptions will coincide with actual market conditions or events. The
Underwriters and their affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned herein or derivatives thereof (including options).
Information contained in this material is current as of the date appearing in
this material only. INFORMATION IN THIS MATERIAL REGARDING ANY ASSETS BACKING
ANY SECURITIES DISCUSSED HEREIN SUPERSEDES ALL PRIOR INFORMATION REGARDING SUCH
ASSETS. ANY INFORMATION IN THIS MATERIAL, WHETHER REGARDING THE ASSETS BACKING
ANY SECURITIES DISCUSSED HEREIN OR OTHERWISE, WILL BE SUPERSEDED BY THE
INFORMATION CONTAINED IN ANY PROSPECTUS DELIVERED TO YOU PRIOR TO THE TIME OF
SALE. The Underwriters are acting as underwriters and not acting as agents for
the issuer in connection with the proposed transaction.
1
ANNEX A-1
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
LOAN
GROUP
LOAN # 1 OR 2 ORIGINATOR(1) PROPERTY NAME STREET ADDRESS
------------------------------------------------------------------------------------------------------------------------------------
1 1 MLML The Atrium Hotel Portfolio Various
1.01 0 XXXX Xxxxxxx Xxxxxx Xxxxxxx Xxxxxx 000 Xxxxxxxx Xxxx Xxxxxxxxx
1.03 0 XXXX Xxxxxxx Xxxxxx Xxxxx 0000 Spectrum Boulevard
1.02 1 MLML Embassy Suites Portland Airport 0000 Xxxxxxxxx 00xx Xxxxxx
1.04 1 MLML Embassy Suites Charleston 000 Xxxxx Xxxxxx
1.05 1 MLML Embassy Suites on Xxxxxxxx Xxx 0000 Xxxxxx Xxx Xxx Xxxxxxxxx
1.06 0 XXXX Xxxxxx Xxxxxxx Xxxxx Hotel 0000 Xxxxxxxxx Xxxxxx Xxxxxxxxx
2 1 MLML Stonestown Mall 0000 Xxxxxxxxx Xxxxxx
3 1 MLML Wilton Portfolio Pool 1 Various
3.01 1 MLML Xxxx Xxxxx Commons 0000 Xxxx Xxxxx Xxxxxxx #0000
3.02 1 MLML Tuckahoe Village Shopping Center 11200-11280 Xxxxxxxxx Avenue & 0000-0000 Xxxxxxxxx Xxxxx
3.03 1 MLML Hermitage Industrial Center 0000-0000 Xxxxxxxx Xxxxx & 0000-0000 Xxxxxxxxxx Xxxxx
3.04 1 MLML The Shoppes of CrossRidge 00000 Xxxxxxx Xxxx Xxxx
3.05 1 MLML Montpelier Shopping Center 16601-16655 Xxxxxxxx Xxxx
0.00 0 XXXX Xxxxxxxx Shopping Center 0000-0000 Xxxx Xxxxx Xxxxxx
3.07 1 MLML Lauderdale Square Shopping Center 3151-3171 & 0000-0000 Xxxxxxxxxx Xxxxx
3.08 0 XXXX Xxxxxxxxx Xxxxx Shopping Center 0000-0000 Xxxxxx Xxxx Xxxxxx & 2801-2837 & 0000-0000
Xxxxxxxx Xxxx
3.09 1 MLML Xxxxxxx Hills Shopping Center 0000-0000 Xxxxxxxxx Xxxxxx
3.10 1 MLML Canterbury Shopping Center 10600-10624 Xxxxxxxxx Avenue
3.11 0 XXXX Xxxxxxxxxx Xxxxxxxxx 00000 Xxxxxxxxxx Xxxxxxx
3.12 1 MLML Maybuery North Complex 0000-0000 Xxxxxxxxx Xxxxxx
3.13 1 MLML Xxxxxx Business Center 12107-12115 Ridgefield Parkway & 0000-0000 Xxxxxx Xxxxxx
Xxxxx
3.14 1 MLML Maybuery South Shopping Center 8901-8917 & 0000 Xxxxxxxxx Xxxxxx
3.15 1 XXXX Xxxxx-Xxxxx Xxxxxxxx 0000 Xxxxxxxx Xxxxx
3.16 0 XXXX Xxxxxx Xxxx 0000 Xxxxxxx Xxxx
3.17 1 MLML Atlee Commerce Center III 9432, 9436, 9440 & 9444 Atlee Commerce Center Boulevard
3.18 0 XXXX Xxxxx Xxxxxxx II 9424 Atlee Commerce Center Boulevard
3.19 1 MLML Xxxxxxx Place 6401 A-F, 6403 A-G, & 6405 X-X Xxxxxxx Place
3.20 1 MLML Quioccasin Square Shopping Center 9025-9035 & 0000-0000 Xxxxxxxxxx Xxxx
3.21 0 XXXX Xxxxxxxx Xxxxxxx Xxxxxxxxx Xxxxxx 0000-0000 Xxxxxxxxx Xxxxx
3.22 0 XXXX Xxxxxxxx Xxxx Shopping Center 0000 Xxxx Xxxxx Xxxxxx
3.23 1 MLML Canterbury Green Shopping Center 00000 Xxxxxxxxx Xxxxxx
3.24 1 MLML Genito Station Shopping Center 13601-13625 Xxxxxx Xxxx
0.00 0 XXXX Xxxxxxx Xxxxx Shopping Center 12341-12395 Xxxxxx Xxxx
0.00 0 XXXX Xxxxxxxxx Convenience Center 0000 Xxxxx Xxxx
3.27 1 MLML 0000 Xxxxxxxx Xxxxxx 0000 Xxxxxxxx Xxxxxx
3.28 1 MLML 0000-00 Xxxx Xxxx 0000-0000 Xxxx Xxxx
3.29 1 MLML 0000-00 X. Xxxxx Xxxxxx 0000-0000 Xxxx Xxxxx Xxxxxx & 0000 Xxxx Xxxx Xxxxxx
3.30 1 MLML The Xxxxxx & Xxxxxxxxx Bldg. 0000 Xxxxxxxxx Xxxxxx
3.31 1 MLML Children's World Learning Center 000 Xxxxxx Xxxxx Xxxx
3.32 1 MLML 0000 Xxxxxx Xxxx 0000 Xxxxxx Xxxx
3.33 1 MLML Xxxxxxx Xxxxx - Xxxx Xxxxxxx 00000 Xxxxxx Xxxx
3.34 0 XXXX Xxxxxxxxxx Xxxxx 00000 Xxxxxxxxx Xxxxxx
3.35 1 MLML 0000 Xxxxxxxxxxxx Xxxxxx 0000 Xxxxxxxxxxxx Xxxxxx
3.36 1 MLML 0000-00 Xxxx Xxxx Xxxxxx 0000-0000 Xxxx Xxxx Xxxxxx
3.37 1 XXXX Xxxxxxxxxx Xxxxxxxx 00000 Xxxxxxxxx Xxxx
3.38 1 MLML 0000 Xxxxxx Xxxxxx 0000 Xxxxxx Xxxxxx
3.39 1 MLML 0000 Xxxx Xxxx Xxxxxx 0000 Xxxx Xxxx Xxxxxx
3.40 1 MLML 0000-00 Xxxxxxxxx Xxxx 0000-0000 Xxxxxxxxx Xxxx
3.41 0 XXXX Xxxxxx Xxxxxxxx 0000 Xxxxxxxxxx Xxxxx
3.42 1 MLML 0000-00 Xxxxxxxxx Xxxx 0000-0000 Xxxxxxxxx Xxxx
3.43 1 MLML 0000 Xxxx Xxxx Xxxxxx 0000 Xxxx Xxxx Xxxxxx
3.44 1 MLML 0000 Xxxx Xxxx Xxxxxx 0000 Xxxx Xxxx Xxxxxx
3.45 1 MLML 0000-0000 Xxxx Xxxx Xxxxxx 0000-0000 Xxxx Xxxx Xxxxxx
4 0 XXX Xxxxxx Xxxxxxxxx Xxxxxxx 000 Xxxxx Xxxxx Xxxx
5 1 CRF Farmers Market I, II and III 1727 & 0000 00xx Xxxxxx, 0000 Xxxxxxxx Xxxxxxxxx & 0000
Xxxxx Xxxxxx
6 1 CRF Valdosta - Colonial Mall 0000 Xxxxxx Xxxxx
7 1 CRF Exel Logistics 0000 Xxxxx Xxxxxxxxx
8 1 CRF Lufkin Mall 0000 Xxxxx Xxxxxxx Xxxxx
9 1 PNC Cool Springs Commons 0000 Xxxxxxxx Xxx
10 0 XXXX Xxxxx Xxxxx Xxxxxx Various
10.01 1 MLML 00-00 Xxxxx Xxxxx Xxxxxx 00-00 Xxxxx Xxxxx Street
10.02 1 MLML 00 Xxxxx Xxxxx Xxxxxx 00 Xxxxx Xxxxx Street
11 1 CRF Whippletree Village MHP 000 Xxxxx XxXxxxx Xxxx
12 1 PNC Covance Business Center 0000 Xxxxxx Xxxxx
13 1 MLML 00000 Xxxxxxx Xxxxxxxxx 16661 Xxxxxxx Xxxxxxxxx
00 0 XXXX Xxxxxxxxx Xxxxxx Apartments 000 Xxxxxxxxx Xxxxxx Xxxxxxxxx
15 1 MLML Carmax of Tennessee Various
15.01 1 MLML Carmax - Nashville 0000 Xxxxxx Xxxxxx
15.02 1 MLML Carmax - Memphis 7771 Highway 64
16 2 PNC Preserve at Colony Lakes 0000 Xxxxxx Xxxx
17 1 CRF Town Center Xxxxx 0 & 0 000 & 000 Xxxxxxx Xxxx Xxxxxx
00 1 PNC Middle Atlantic Products 000 Xxxxxxxxx Xx
19 2 MLML Autumn Park Apartments 0000 Xxxxxx Xxxx
20 1 CRF Xxxxxxx Town Square 1030 - 0000 Xxxxx Xxxxxxx Xxxx
21 1 MLML Walnut Hill Plaza 1500 Diamond Hill Road
22 2 PNC The Heritage Apartment Homes 7828 Xxx Xxxxxx Xxxx
00 0 XXXX Xxxxxx Xxxx Lofts 0000 Xxxxx 00xx Xxxxxx
24 2 MLML The Seasons 000 Xxxx Xxxxxxx Xxxx
1 PNC Xxxxxxxx Portfolio Various
25 1 PNC Eastgate Marketplace 000 Xxxxx Xxxxxx Xxx.
26 1 PNC Ellensburg Square 000-000 Xxxxx Xxxx Xxxxxx
27 1 PNC Pasco Retail Center 0000 Xxxxx Xxxx 68
28 1 PNC Union Gap 0000 Xxxx Xxxxxxxxxx Xxx
29 1 PNC Canyon Lakes Center 0000 Xxxx 00xx Xxxxxx
30 1 PNC Xxxxxxxx Xxxxx 0000 Xxxxxxxx Xxxxx
00 0 PNC Xxxx Xxxxx 0000 Xxxxx Xxxxxxx Xxxxxx
32 1 MLML Whitehall Tech Center I & II 2745 & 0000 Xxxxxxxxx Xxxx Xxxxx
33 1 CRF Hemet Valley Center 0000-0000 Xxxxxxx Xxxxxx
34 1 CRF Sportmart/Westwood Storage 1901-1919 Xxxxxxxxx Xxxxxxxxx
00 0 XXX Xxxxxxx Xxxxx 00000 Xxxxxx Xxxxx Road
36 1 CRF Home Center Murrieta 39809, 39745, 39729, 39681, 39665 Xxxxxxx Xxxxxxx
00 0 XXX Xxxxxxxx Apartment Homes 000 Xxxx Xxxxxxx Xxxxxx Xxxxxxxxx
38 0 XXX Xxxxxxxx Xxxxx Apartments 0000 Xxxx Xxx Xxxxxxxxxx Xxxxx
39 1 CRF Regents Court Medical Office 4120 & 0000 Xx Xxxxx Xxxxxxx Xxxxx
40 1 CRF The Clay Hotel 0000-0000 Xxxxxxxxxx Xxxxxx & 000 Xxxxxxxx Xxx
41 1 MLML Haier Building 0000 Xxxxxxxx
42 2 PNC Leeward Apartment Homes 000 Xxxx Xxxxxxx Xxxxxx Xxxxxxxxx
43 1 CRF DDLLP Self Storage Portfolio Various
43.01 0 XXX Xxxxxxx Xxxx Self Storage 0000 Xxxxxxx Xxxx
43.02 1 CRF Morada Self Storage 00000 Xxxxx Xxxxxxx 00
43.03 0 XXX Xxxxxxx 88 Self Storage 00000 Xxxxxxx Xxxxx
43.04 0 XXX Xxxxxxx 99 Self Storage 000 Xxxxxxxxxx Xxxx
43.05 0 XXX Xxxxx Xxxx Xxxx Self Storage 00000 Xxxxx Xxxxxxx 00
44 1 MLML Well Luck Portfolio Various
44.01 1 MLML 0000 Xxxxxxxxx Xxxxxx 0000 Xxxxxxxxx Xxxxxx
44.02 1 MLML 000 Xxxxxx Xxxxx 000 Xxxxxx Xxxxx
44.03 0 XXXX Xxxx 00xx Xxxxxx 0000 Xxxx 00xx Xxxxxx
44.04 1 MLML 13888 Xxxxxxxx Xxxx Xxxxx 00000 Xxxxxxxx Xxxx Xxxxx
44.05 1 MLML 0000 Xxxxxx Xxxxx 0000 Xxxxxx Xxxxx Xxxxxxxxx
45 2 MLML Campus Quad Phase I 000 Xxxxxxxx Xxxxx
46 1 CRF Woodland Hills Village 00000 Xxxxxxx Xxxxxxxxx
47 1 CRF Hilton Garden Inn - Orlando, FL 0000 Xxxxxxxx Xxx
48 1 CRF Courtyard - Little Rock 000 Xxxxxxxxx Xxxxxxx Xxxxxx
49 2 MLML Portofino Apartments 0000 Xxxxxxxxx Xxxxx
50 1 MLML Carmax of Texas Various
50.01 1 MLML 0000 Xxxxx Xxxxxxx 0000 Xxxx Xxxxx Xxxxxxx
50.02 1 MLML 00000 Xxxxxxxxx Xxxxxxx 00000 Xxxxxxxxx Xxxxxxx
51 1 CRF Homewood Suites - Bakersfield 0000 Xxxx Xxxx Xxx
52 1 PNC DaVita Portfolio Various
52.01 1 PNC Davita - Richmond, VA 5270 Chamberlayne Road
52.02 0 XXX Xxxxxx - Xxxxx Xxxxxx, XX 000 Xxxxxx Xxxxxx
52.03 1 PNC Davita - Goldsboro, NC 2609 Hospital Road
52.04 1 PNC Davtia - Edison, NJ 00 Xxxxxxxx Xxxx
52.05 1 PNC Davita - Philadelphia, PA 0000 Xxxxx 00xx Xxxxxx
52.06 1 PNC Davita - Lancaster, PA 0000 Xxxx Xxxx Xxxxxx
52.07 1 PNC Davita - Santee, SC 000 Xxxxxxxx Xxxx
52.08 1 PNC Davita - Pittsburgh, PA 0000 Xxxx Xxxxxx
52.09 1 PNC Xxxxxx - Portsmouth, VA 2000 High Xxxxxx
00 0 XXX Xxxxxxx Xxxx Press Office Building 0000 Xxxxxxxxxx Xxxx
54 1 CRF Valley Fair Retail 000 Xxxx Xxxxxxxx Xxxxxx
55 0 XXX Xxxxxxx Xxxxxx Apartments 0000 Xxxxxxxxx Xxxxxx
56 1 CRF Westview Shoppes 0000-0000 Xxxxxxxx Xxxxx
57 1 CRF Storage Plus 00-00 Xxxxxx Xxxxxx & 00-00 Xxxxxxxxxx Xxxxxx
58 2 CRF Mariner Village Mobile Home Park 000 000xx Xxxxxx XX
59 1 CRF Jefferson Office Park 000-000 Xxxxxxxx Xxxxxx
60 1 CRF Walmart Shadow Anchor Portfolio Various
60.01 1 CRF Shippensburg Shopping Center 000-000 Xxxxx Xxxxxxxxx Xxxxx
60.02 1 CRF Edinboro Shopping Center 000-000 Xxxxxxxxxx Xxxxx Xxxxxxxxx
60.03 1 CRF Bradford Shopping Center (Xxxxxx Xxxxx
Plaza) 14-46 Xxxxxx Xxxxx Xxxxxxxxx
00 0 XXXX Xxxxxxxxx Apartments 00000 Xxxxxxxxx Xxxxx Xxxxx
62 1 PNC Noble Hotel Portfolio Various
62.01 1 PNC Holiday Inn - Russellville, AR 0000 Xxxxx Xxxxxxxx Xxx
62.02 1 PNC Ramada Inn - Glenwood CO 000 Xxxx 0xx Xxxxxx
62.03 1 PNC Xxxxxx Xxx - Xxxxxxxx XX 00000 West Xxx 0
00 0 XXX Xxxxxxxxxx Xxxx 0000 Xxxxxxxxxx Xxxx
64 1 CRF Springhill Suites - Annapolis 189 Admiral Cochrane Drive
1 MLML Vlessing Portfolio Various
65 1 MLML Ashlan Village Shopping Center 0000-0000 Xxxx Xxxxxx Xxxxxx
66 1 MLML Winston Plaza 235 - 000 Xxxxxxxxx Xxxxxx
67 1 MLML De La Fuente 2006 Portfolio Various
67.01 1 MLML 5424, 5440 & 0000 Xxxxxxxxx Xxxxx 5424, 5440 & 0000 Xxxxxxxxx Xxxxx
67.02 1 MLML 8101- 0000 Xxxxxx Xxxxxx & 0000-0000
Xxxxxxx Xxxxxx 8101- 0000 Xxxxxx Xxxxxx & 0000-0000 Xxxxxxx Xxxxxx
67.03 1 MLML 0000 Xxxxxx Xxxx Xxxx 0000 Xxxxxx Xxxx Xxxx
68 1 CRF Stanford Center 0000 Xxxxxxxx Xxxxxx
69 2 CRF Colonia Tepeyac Apartments 0000 Xxxxxx Xxxxx
70 1 CRF 0000 Xxxxx Xxxx Xxxxxx 0000-0000 Xxxxx Xxxx Xxxxxx
00 0 XXXX XXX - Fairfield Inn San Antonio Airport 00 Xxxxxxxxx Xxxx 000
00 0 XXXX XXX - Residence Inn Salt Lake City 4883 Xxxxxxx Xxxxxxxx Xxx
00 0 XXXX Xxxxxx of Glencoe 0000 Xxxx Xxxxxxxx Xxxx
74 0 XXX Xxxx Xxxxx/Xxxxx Xxxxxx Center Various
74.01 0 XXX Xxxxx Xxxxxx Xxxxxx 000 Xxxx Xxxxx Street
74.02 1 CRF Xxxx Xxxxx 000 Xxxxx Xxxx Xxxxxxxxx
75 2 PNC Villas of Cordoba 0000 Xxxx Xxxxxxxx Xxxx
76 1 CRF Global Plaza West 0000 Xxxxx Xxxxxxx Xxxxx
77 1 MLML Sonic Automotive I Various
77.01 1 MLML Momentum Volkswagen 0000 Xxxxxxxx Xxxxxx
77.02 1 MLML Momentum Audi 0000 Xxxxxxxx Xxxxxx
78 1 PNC Xxxxxxxxx Xxxxx Xxxxxxxx Xxxxxx 000-000 Xxxxx Xxxxxxx 65
79 1 CRF Holiday Inn - St. Louis 0000 Xxxxx Xxxxxxxxx Xxxxxxxxx
80 1 CRF Fairfield Inn and Suites- Clearwater 3070 Gulf to Bay Boulevard
81 1 PNC Asian Village 0000 Xxxxx Xxxxxx
82 1 CRF 00000 Xxxxxxx Xxxx 00000 Xxxxxxx Xxxxxxxxx
83 2 MLML Watermill Apartments 0000 Xxxx Xxxxxx Xxxxx Xxxx Xxxx
84 0 XXX XX Xxxxxxx - Xxxxxx, XX 00 Xxxxx Xxxxxx
85 1 CRF Bloomfield Retail 00 Xxxxxxxxxx Xxxxxx
86 1 MLML Memorial Regional MOB III 0000 Xxxxx Xxxx
87 1 CRF GSA Perris Office/Warehouse 23123 Xxxxxxx Xxxx
00 0 MLML The Xxxxxxxxx 000 Xxxxxxxxx Xxxxxxxx Xxxxxx
89 1 MLML RLJ - Courtyard Xxxxxxx 0000 Xxxxxxx Xxxxx
90 1 CRF Xxxxxxx Distribution 0000 Xxxxxx Xxxx
91 1 MLML Bel Villaggio Shopping Center 41555-41577 Xxxxxxxxx Xxxx
00 1 CRF Town Center - South Retail 000 Xxxxxxx Xxxx Xxxxxx
93 1 MLML Dependable Self Storage Portfolio Various
93.01 1 MLML Dependable Airline 16068 Airline Highway
93.02 0 XXXX Xxxxxxxxxx Xxxx Xxxx 0000 Xxxx Xxxx Xxxxxx
94 2 CRF Xxxxx Adobes 0000 Xxxxx Xxxxxx Xxxx
95 1 PNC Southgate Center I 0000-0000 Xxxxx Xxxxxxx Xxxxxx
96 1 CRF New York Classic Retail 0 Xxxxxxx Xxxxxx & 000 Xxxx 00xx Xxxxxx
97 1 MLML Hampton Inn - Birmingham 00 Xxxxx Xxxx Xxxxxxx
98 1 PNC Greenrich Building 0000 Xxxxxxxx Xxxxxx
99 0 XXXX Xxxxxxxxx Xxxxxxx II 000 Xxxxxxxxx Xxxxxxxxx
100 2 MLML Paseo del Sol 0000 Xxxxx 00xx Xxxxxx
101 1 CRF Mayors Plaza 5850 & 0000 Xxxxx Xxxxxx Xxxx
102 1 CRF Intermountain-Homewood Suites 000 Xxxxxxxxxx Xxxxx Xxxx
103 1 CRF Cummins, Inc 0000 Xxxxxxxx Xxxxxxxx Xxxxxxx
104 1 MLML Bonanza Square 0000 Xxxx Xxxxxxx Xxxx
105 1 CRF Dupont Medical Office Building II 0000 Xxxx XxXxxx Xxxx
106 1 PNC Marketplace at Xxxxxxx Xxxxx 000-000 Xxxxxxx Xxxxx
107 1 PNC Hampton Inn & Suites - Yuma 0000 Xxxx 00xx Xxxxxx
108 1 MLML University Plaza - Sunrise 0000 Xxxxx Xxxxxxxxxx Xxxxx
109 0 XXX Xxxxxxx Self Storage 0000 Xxxxx Xxxxx
110 0 XXXX Xxxx Xxxxxx Plaza 000-000 Xxxx Xxxx Xxxxxx
111 1 PNC Julian Xxxxxxxx 000 & 000 X Xxxxxx
112 2 PNC Xxxxxxxx Xxxxxxx Xxxxxxxxxx - XX 000 Xxxxxx Xxxx
113 1 MLML CVS-Ft. Xxxxx 00000 Xxxxx Xxxxxxxxx Xxxxxx
114 1 CRF Perimeter Point 5125 & 0000 Xxxxx Xxxx, 0000 Xxxxxxxxx Way, 2170 & 2175
Business Center Drive, 2165 Xxxxxx Cove
115 1 CRF Xxxxxxxxx Xxxxxxxx Xxxxxx 0000-0000 Xxxxxxxxxx Xxxxx
116 1 PNC Southgate Center II 000 Xxxx Xxxxxxxx Xxxx
117 1 CRF Hampton Inn @ Thousand Oaks 0000 Xxxxxxx Xxxx Xxxxx
000 1 PNC Gateway North Shopping Center 000 Xxxxxxx Xxxxxx
000 0 XXXX Xxxxxxxxxxx Shopping Center 000-000 Xxxxxxxx Xxxxxx
120 1 MLML Hampton Inn - Smyrna 0000 Xxxxxxxx Xxxxxxxxx
121 1 MLML Flamingo Lakes 2820, 2840, 2860 & 0000 Xxxx Xxxxxxxx Xxxx
122 0 XXXX XXX - Xxxxxxxxx Xxxxxx 0000 Lincolnway East
123 1 MLML Preserve Plaza 0000 Xxxxx Xxxxxxxx Xxxx
124 1 CRF Office Court at Saint Michael's 000 Xxxxx Xxxxxxx'x Xxxxx
125 1 CRF Liberty Self Storage 000-00 Xxxxxxx Xxxxxx
126 1 CRF Sandhill Square 4130 - 0000 Xxxxx Xxxxxxxx Xxxx
127 1 CRF Xxxxxxxxxxxxxx Xxx & Xxxxxx 000 Xxxxx Xxxxxxxxxx
128 1 CRF Quality Inn - Fort Xxx 0000 Xxxxxxx Xxxxxxxxx
129 1 CRF Trader Joes/Smart & Final 0000 Xxxx Xxxx Xxxx
130 1 MLML Shops at Spectrum 0000 Xxxxxxxxxx Xxxx Xxxxxxxxx
131 1 MLML Union Square Shopping Center 5035-5085 & 0000 Xxxxx Xxxxxxx Xxxxxxxxx
0 XXXX Xxxxxxx XX Various
132 1 MLML Bandera at Mainland Shopping Center 0000 Xxxxxxxx Xxxxx
133 1 MLML Bandera Place Shopping Center 0000 Xxxxxxx Xxxx
134 1 PNC Pelican Place 0000-0000 Xxxx Xxxxx Xxxx
135 1 CRF Hampton Inn & Suites - Texarkana 0000 Xxxxxxx Xxxxx Xxxx
136 1 PNC Xxxxxxx Center 0000 Xxxxx 00xx Xxxxxx
138 1 MLML RPT Office Building 00000 Xxxxxxxxxx Xxxxxx
140 1 MLML Sorrento Crossroads 00000 Xxxxxxx Xxxxxxx Xxxxxxxxx
139 1 CRF Sailhouse Lofts 000 Xxxxxx Xxxxxx
137 1 CRF All Right Storage 0000 Xxx Xxxx Xxxxxxxxx
141 1 CRF Store America - Cicero & Syracuse Various
141.01 1 CRF Store America - Syracuse 314 - 000 Xxxxxxx Xxxxx
141.02 1 CRF Store America - Cicero 5666 Route 31
142 1 CRF 0000 Xxxx 00xx Xxxxxx 0000 Xxxx 00xx Xxxxxx
143 1 MLML Best Buy West Dundee 000 Xxxx Xxxx Xxxxxx
144 2 CRF Bayberry Cove Apartments 4363 Bayberry Cove
145 1 CRF Storage Center of Valencia 00000 Xxxxxxx Xxxxxx Xxxx
146 1 PNC Vitesse Semiconductor 0000 Xxxxx Xxxxx
000 0 XXXX Xxxxxxx Xxxxxxxxx 0000 Xxxxxxx Xxxx
000 0 XXXX Xxxxxxx West Shopping Center 0000-0000 Xxxxxxxxxx Xxxx
149 1 CRF 47th & Kedzie Retail Center 0000 Xxxxx Xxxxxx Xxxxxx
150 2 PNC Lakepointe Apartments - Lincoln City 000 XX Xxxx Xxxxxx
151 1 PNC Big Lots - Whittier 00000 Xxxxxxxx Xxxxxxxxx
152 1 CRF La Xxxxx xx Xxxxxxxx 000 Xxxxx Xxxxxxxx Xxxxxx
000 0 CRF 0000 Xxxxxxxx Xxxx Xxxx 0000 Xxxxxxxx Xxxx Xxxx
000 1 CRF Fedex Ground Illinois 000 Xxxx Xxxxxxxx Xxxxxx
155 1 MLML 000 Xxxx Xxxxxxx Xxxx 000 Xxxx Xxxxxxx Xxxx
156 1 CRF Safe Lock Storage 801 & 000 Xxxxxxxx Xxxxx
157 1 CRF Petco & Big 5 30682 & 00000 Xxxxx Xxxxxxxxx Xxxxxxx
158 1 MLML Mountain View Plaza 7405 & 0000 Xxxxxxxx Xxx
159 1 CRF Bristol Xxxxx Xxxxx Xxxxxx 0000 Xxxxxxx Xxx
